The 4 best Forex Brokers and platforms in Myanmar – Comparison and reviews
Table of Contents
Forex trading is for ready, open-minded, and consistent traders. To understand and excel in forex trading, it is vital to research how the forex market operates and the best strategies.
If you are a new forex trader seeking to start trading in Myanmar, here is vital information to guide you.
See the list of the best Forex Brokers in Myanmar:
Forex Broker: | Review: | REgulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. BlackBull Markets  | FSPR, FSCL | Starting 0.0 pips & negotiable commission per 1 lot | 500+ (64+ currency pairs) | + ECN Broker + Deep pool execution + High liquidity + Best execution + Leverage 1:500 + MT4/MT5 | Live-account from $ 200(Risk warning: 78.1% of retail CFD accounts lose money) | |
2. RoboForex  | IFSC | Starting 0.0 pips & $ 4.0 commission per 1 lot traded | 9,000+ (50+ currency pairs) | + Huge variety + Micro accounts + Free bonus program + Leverage up to 1:2000 + ECN accounts + MT4/MT5/cTrader | Live-account from $ 10(Risk warning: 78.1% of retail CFD accounts lose money) | |
3. Pepperstone  | FCA, ASIC, DSFA, SCB | Starting 0.0 pips & $ 3.5 commission per 1 lot | 1,000+ (40+ currency pairs) | + Fast execution + Large FX Broker + Good service + MT4/MT5/cTrader + TradingView Charts | Live-account from $ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) | |
4. IQ Option  | CySEC | Starting 0.1 pips variable & no commission | 500+ (25+ currency pairs) | + Easy to use + Binary Trading + Support 24/7 + Min. Deposit 10$ + Lowest spreads on main trading hours | Live-account from $ 10(Risk warning: Your capital might be at risk.) |
(5 / 5)
(4.9 / 5)
(4.8 / 5)Top 4 Forex Brokers and platforms in Myanmar
1. BlackBull Markets
BlackBull Markets is an authorized foreign exchange broker verified for its quality delivery. It has its headquarters in Auckland, New Zealand.
The cost of trade is average. Its spread in 2021 for a standard account was 1.25 pips. BlackBull Markets is based on a YouTube instructional channel called the Whiteboard Wizards Playlist. The Trading commission on this platform is free (Standard account) and per lot is $3.00 (Prime account).
Nine currencies, including EUR, USD, and GBP, may be used to make deposits. The method of withdrawal has to correspond with the deposit approach. The demo simulator furnished is 30 days with a virtual fund of $100,000.
Upsides of trading with BlackBull Markets
- Low forex and CFD costs are available at BlackBull Markets;
- The account opening process is simple and fast
- The web platform doesn’t need to be installed.
Downsides of trading with BlackBull Markets
- There is a charge for withdrawals;
- Low currency isn’t traded.
BlackBull Markets permits traders from Myanmar, the United Kingdom, South Africa, Italy, UAE, and other international locations. Be aware that US investors aren’t typical.
To create an account with BlackBull Markets, fill out an application form online, verify your identity, confirm your email address and wait for permission. A demo account is created by filling out an application form online and setting your account parameters.
(Risk Warning: Your capital can be at risk)
2. RoboForex
The International Business Magazine Awards recognized RoboForex as the Most Trusted Broker in 2021. It has been operating since 2009. For every newly registered person that signs up, RoboForex provides a bonus of $30 in initial funds.
The minimum deposit is $10 with a spread starting from 0 pips. To open a RoboForex account, sign up, fill out an application form, and make an initial deposit.
There are different deposit methods and withdrawal options to select. Forex traders using this platform can trade these approved five currencies: USD, EUR, RUB, GOLD, and CNY.
RoboForex is known for its recognized trading experience, significant technological provisions, and exceptional quality service. A RoboForex demo account can verify the conditions offered before creating a real account.
Importance of RoboForex
The benefits of trading with the RoboForex platform include; immediate fund withdrawal and favorable trading terms with a low minimum deposit.
RoboForex has clients from 170 countries and supports 18 languages. RoboForex operates a rule of negative balance protection, which protects clients’ deposits from losses. With various clients, RoboForex offers excellent help throughout the process with educational tools, customer support, and analytical research.
(Risk Warning: Your capital can be at risk)
3. Pepperstone
Pepperstone is recognized for its quality research and multiple platforms for copy trading. They founded it in 2010. It has a low risk with a total Trust score of 93 over 99.
Pepperstone provides security to its clients by segregating the clients’ funds from their funds. Withdrawal of funds in Pepperstone takes up to 1-3 business days, with various withdrawal options.
The minimum deposit for Pepperstone is $200. It trades over 72 currencies. Pepperstone provides easy admission to the markets. Pepperstone is suitable for buyers that prefer low-cost offerings, account types, and satisfactory customer service.
US traders aren’t permitted. It is featured on daily market commentary and on an economic calendar. Pepperstone started working in Myanmar after getting its license from SECM.
Pepperstone account commencing involves; registering your email and password, confirming your electronic mail, and shifting to the secured area for customers.
Advantages of Pepperstone
- Top-notch customer service;
- Low cost of commission and low spreads; and
- PepperStone gives types of accounts, particularly standard accounts, and razor accounts. The razor account is suggested for investors who need to decrease costs.
Disadvantages of Pepperstone
- No minimum withdrawal amount for Bank wire transfers; and
- No banking licenses.
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. IQ Option
IQ Option started in 2013, and traders are allowed to deposit a minimum of $10. IQ Option has a consumer-pleasant platform.
The forex trading tools include; multi-chart layouts, technical evaluation, economic calendars, volatility alerts, and market updates. The IQ Option is available in 13 languages.
IQ Option affords competitive spreads and currency pairs along with EUR/USD, USD/JPY, GBP/USD, USD/CAD, AUD/USD, NZD/USD, and USD/CHF. These days, IQ Option has 25 Forex pairs on its platform.
IQ. Option presents a free demo account with virtual money of $10,000. Demo accounts may be used as long as required to assess trading strategies and become familiarized with the platform before depositing real money.
Benefits of IQ Option
- An IQ Option trader doesn’t have to fill in any personal details as a way to use the demo account. However, some different brokers require you to fill in some information to enter their demo accounts
- No processing fees are charged for funds deposits. Withdrawal on IQ Option takes up to 3 days to verify the client’s identity. The option of withdrawal must correspond with the deposit or payment option;
- Spreads in the IQ Option depend on volatility, time, and liquidity; and
- Countries such as Myanmar, Qatar, Kuwait, Italy, Thailand, UAE, Luxembourg, and more.
Disadvantages of IQ Option
- MT4 and MT5 trading platforms are not available.
- Customers from the US, Japan, Canada, Australia, and other countries are not allowed to trade.
(Risk warning: Your capital might be at risk.)
What are the financial regulations in Myanmar?
The following are forex regulatory commissions in Myanmar. Central Bank of Myanmar (CBM), Regulatory and monetary branch (FRD), Securities and Exchange Commission of Myanmar (SECM), and Yangon Stock Exchange (YSX).
The CBM controlled by the junta has identified the names of those excluded from the arguable law, which states that residents’ foreign exchange has to be changed into karts within 24 working hours at the stipulated professional price.
Diplomat-stage foreign teams of workers under the ICRC, ILO, and different foreign non-governmental corporations and development organizations, including the Japan multinational Cooperation corporation, and foreign airlines, are also excluded.
Certified banks need to ensure that permissions are given successfully, the CBM, which mandates banks to submit every request for exemption.
On the 3rd of April, the Central Bank of Myanmar stated that foreign currencies should be paid into accounts of licensed banks and converted at the rate of 1,850 Myanmar karts in keeping with dollars within 1 working day. Where the conversion price is over 2,000 Myanmar karts.
The union missions of Singapore, Japan, and Europe requested the law to exclude their residents’ agencies and Non Governmental Organizations, asserting that it would restrict their trade ability.
Commercial enterprises owned by residents and ventures partnered with foreigners are not excluded from this law.
Myanmar abolished more than one foreign exchange rate, which had hindered its economic improvement, in April 2012, adopting a managed floating exchange rate gadget, which limits fluctuations to a sure variety.
Foreign exchange earned by locals in Myanmar should be deposited in money owed at licensed banks and exchanged for the neighborhood currency inside one running day, the significant financial institution stated, as the United States of America’s army authorities are seeking extra manipulation over overseas currency flows.
In March, the Myanmar government announced a plan to begin accepting the Thai baht forex for settling border change transactions to lessen dependence on the greenback and reduce inflation pressures.
That announcement, issued via the ministries of records and investment, also said there was a comparable plan to apply the Indian rupee for such change after an earlier agreement to accept China’s renminbi.
The modern-day critical bank order caused questions in a collection on social media utilized by Myanmar residents to facilitate exchange in currencies over whether or not cash transformed into kyat might be installed in individual accounts and whether these might be accessed.
According to the dollar, the kart’s legitimate, relevant bank trade charge is presently 1,850, but this tends to be appropriately underneath the unofficial black market charge.
Security for traders – How to stay safe as a Myanmarian Forex trader
The newly created Norwegian Refugee Council (NRC) will coordinate numerous measures to sustain financial increase and overseas boom investment in Myanmar’s largely nation-controlled economy. Although, policy implementation will, in all likelihood, strengthen piecemeal at some point in 2020.
The NRC accommodates the Ministry of Finance representatives, the EIC – based totally within the state head’s workplace – and the National bank of Myanmar (NBE).
The NRC will want to cope with the piecemeal development made on financial reforms by overlapping committees that have been established inside the prime minister’s workplace because the new government was appointed in April 2018. High Minister Abiy Ahmed’s ‘New Horizon of hope’ approach, which underpins the authorities’ economic method, is the handiest one-web page lengthy.
The most powerful encryption method of information is the SSL 128-bit. Foreign exchange buyers and agents are advocated to use strong and complicated passwords, most importantly, while dealing with money. It’s far too discouraging to repeat passwords for all websites.
While researching a brokerage organization, do correctly go to the review web page to have a complete evaluation of their carrier issuer. This enables them to make knowledgeable choices.
The KYC (Know Your Customers) approach is recommended to every foreign exchange brokerage platform to verify your capacity clients’ intentions and identity before rendering any carrier to them.
Is it legal to trade Forex in Myanmar?
Forex trading in Myanmar is subsidized via law and regulatory bodies regionally and globally. Trading foreign exchange is critical to the imports and exports of Myanmar. The critical component is that you choose a regulated, safe and reliable broker once trading forex.
As Myanmar’s economic slump deepens after February’s army coup and components of its monetary gadget freeze up, many in the strife-torn US are turning to online agencies to skip authentic channels to exchange currencies.
The fragility of the financial system became similarly exposed this week when the kyat currency sank to new lows after the significant bank gave up on trying to prop it up. Many licensed money exchanges and gold shops closed their doorways in turmoil.
The online corporations, which run mainly on Facebook, have ended up a manner for customers and dealers of currencies to attach, regularly counting on trust while arranging bodily exchanges of notes.
How to trade Forex in Myanmar
Open a Forex trading account
The first step is to register with either a global broker or a Myanmar broker. The advantage of using a worldwide dealer is to keep away from fraud or cybersecurity issues.
Likewise, the blessings of handling a Myanmar dealer encompass; the provision of yearly financial statements when submitting tax returns and the expertise and enjoyment of using Myanmar policies.
In this step, forex investors are recommended to research the pleasant forex dealer and make a marketplace analysis of the United States’s economic system you wish to function.
Start with a demo account or real account
Clients who wish to trade Forex in Myanmar are advised to open a demo account first. Here, virtual funds are used.
Some Forex brokers don’t need any of your details for you to access this account. Newbies in Forex trading are encouraged to learn the basics and spot the best Broker using this account.
Forex trading doesn’t just end in opening an account. This is just the first phase. You also need to do a lot of research on your trading strategies.
A real account is then opened with proper registration and minimum deposits made. Here, real money is deposited, and real money is earned and withdrawn.
Examples of real accounts include; standard or classic, cent and, premium or professional.
Deposit money
Exceptional forex agents have their fashionable minimum deposit price in addition to commissions which may be free or no longer. The initial deposit is excessive for a few brokers, while some are low.
There are a wide variety of deposit options. They include; bank-wire transfer, Fasapay, bank card, broker transfer, Qiwi, bitcoins, and Neteller.
The initial deposit option must tally with the withdrawal method for most brokers. Different currencies such as EUR, USD, RUB, GOLD, GBP, JPY, CAD, AUD, NZD, CHF, CNY, and others are used to make payments.
Notice:
The payment methods are depending on your country of residence. Forex Brokers are offering all kinds of methods separately for each country.
Use analysis and techniques
In Myanmar, two analyses and strategies are used, including the:
- The fundamental analysis; and
- The technical analysis.
The fundamental strategy analyzes the economy of countries and the strength of their trade. The countries with the highest tendency to increase the value of their currencies are selected. This is more of a short-term form of trade.
The technical analysis involves a careful observation of price data and charts. Forex traders adopting this strategy pay little attention to the economic or political situation of the countries under observation. Factors to consider in this analysis method include; resistance levels, reversal signals, and breakout points.
Make profit
An average Forex trader in Myanmar earns approximately $83,798. A skilled currency trader with deep pockets and the right strategies can profit considerably.
Myanmar Forex traders enjoy certain privileges, unlike other countries’ traders. Kyat, the local currency of Myanmar, is a currency to trade with.
Myanmar having one of the best banking systems globally makes it even more secure against loss. Withdrawals can be made using different options, such as; credit and debit cards, wired transfers, and e-wallets.
Conclusion: The best Forex Brokers are available in Myanmar
The poor digitization in Myanmar has led to more fraudulent activities and given unlicensed and doubtful platforms the foothold to trick clueless forex traders.
Many emphases have continually been laid on the need for forex traders to verify the Broker they intend to buy and sell with and prove if they are legitimate, regulated, and meet Myanmar standards.
Be very well informed as forex trading is not for the oblivious. It is usually cautioned at your starting stage to open a demo account. That gives you a variety of room to grasp the fundamentals and policies of forex trading.
FAQ – The most asked questions about Forex Broker Myanmar :
How can I choose the best forex broker in Myanmar?
Here is the list you should check while choosing the best forex brokers. Let’s have a look over them.
1. Check for the broker license and regulations.
2. Request for a demo account.
3. It should cover all assets.
4. It should provide ease to trade with mobile.
5. It should offer you a convenient and simple deposit and withdrawal policy.
6. Should provide you with convenient and effective customer service.
What strategies are available in forex broker Myanmar?
Three different strategies are available in trading for forex brokers in Myanmar.
1. Day Trading – Day trading is characterized by investments that move quickly and by quick responses. As a day trader, you will likely be considerably less bothered about political unrest and economic downturns than you will be with the bid/ask spread and daily trading volume.
2. Swing Trading – Swing traders balance their attention between following the most recent news cycle and researching chart patterns. The news may impact how the chart patterns work out as the swing trade builds over days or weeks.
3. Position Trading – The forex position trader frequently holds a position for several months or even years. This period allows a currency’s position to develop into a balanced state.
How to make money with a forex broker in Myanmar?
Your chances of success are greatest when you match your preferred trading method with a profitable investing strategy. Here are just a few of the key tactics that frequently employed in the forex market are short selling, CFD, and binary options.
Last Updated on October 20, 2023 by Andre Witzel
