Forex trading in Myanmar can be a lucrative endeavor, but investors need to take care when choosing a broker. The country has an underground forex market, and the central bank cannot upend this market without upending its official currency. While the government has taken steps to stabilize the market, it is still working on updating its Foreign Exchange Management Law.
It is essential for forex traders in Myanmar to have a license. The central bank has not yet responded to requests for comment. A number of money changers have shut down. Official exchange rates are often out of line with market rates. Many people are making their transactions through online sites and personal deals. A real estate agent in Myanmar named Ye Yint Tun became an unofficial currency broker after losing his job.
Before starting your Myanmar forex trading, make sure you choose a broker with access to the interbank market. Choose one with a mobile or web trading application and easy deposit/withdrawal methods. You will also need to choose a payment method that is accepted in Myanmar. Using Skrill or Neteller is a good choice, and Visa and Master Cards work well, too.
You should remember that you can lose money very quickly if you are not careful. Invest with small amounts and start with a small stake. Moreover, you should understand the terminology used by Forex traders. For instance, you can go short or long, which means buying one currency and selling another. A long position means buying the other currency at a higher price, while a short position means selling it at a lower price.
You should select a broker that is licensed and regulated. A regulated broker should have at least five years of experience. A regulated broker puts the protection of your funds as the number one priority. Before starting forex trading, make sure you have opened a brokerage account. Funding your forex trading account online is much easier today than it was in the past.
