Myanmar has a fast-growing economy that enables more Burmese Forex traders to join the global trend of adding Forex trading as an income stream.
Myanmar has a well-regulated financial sector, and Forex Trading in Myanmar (Burma) continues to expand. Trading with the top brokers in Myanmar will offer Forex traders mobile apps, copy trading services, low trading fees, and convenient deposit and withdrawal methods. Here is my listing of the best Forex brokers in Myanmar.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- FP Markets, ECN trading with leverage up to 1:500.
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsI rank AvaTrade among the best Forex brokers in Myanmar due to its beginner tools, including the MT4 Guardian Angel plugin and the fee-based Ava Protect insurance policy, protecting against trading losses. Traders get a well-balanced asset selection featuring options, futures, ETFs, and cryptocurrencies. AvaTrade also has a high-paying partnership program featuring 70,000+ partners and $250M+ in paid-out commissions for passive income seekers.
AvaTrade offers its user-friendly, proprietary WebTrader and mobile app AvaTradeGO, which includes Trading Central, MT4/MT5 for algorithmic traders, and the specialized alternatives Ava Option, Ava Futures, and Ava Social. ZuluTrade and DupliTrade cater to copy traders.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
FP Markets
In Summary ECN trading with leverage up to 1:500Traders get MT4/MT5 upgraded with 12 plugins and services by Trading Central and Autochartist, or cTrader. Commission-based Forex fees start with raw spreads from 0.0 pips for a $6.00 commission per 1.0 standard lot. Copy traders can diversify their strategies via the well-known Myfxbook Autotrade service, fee-based Signal Start, or the proprietary FP Markets alternative. Social traders can connect with 50M+ peers at TradingView. Therefore, I rank FP Markets among the best Forex brokers in Myanmar.
Beginner traders receive quality education and research, plus daily market reports via the FP Markets newsletter. A multi-tier partnership program also exists.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
| | |
Regulators | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, CMA, CySEC, FSCA |
Year Established | 2006 | 2005 |
Execution Type(s) | Market Maker | ECN/STP |
Minimum Deposit | ||
Average Trading Cost EUR/USD | 0.9 pips | 1.2 pips |
Average Trading Cost GBP/USD | 1.5 pips | 1.4 pips |
Average Trading Cost Gold | $0.29 | $0.16 |
Trading Platform(s) | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | ||
Negative Balance Protection | ||
| Visit Website | Visit Website |
What to Look for in a Forex Broker from Myanmar
The requirements and preferences differ among Forex traders, but the best Forex brokers in Myanmar share similarities. My Forex brokers in Myanmar review focused on the criteria below.
All competitive Myanmar Forex brokers should offer the following:
- Regulation - A clean regulatory track spanning 10+ years.
- Low trading fees - Competitive Forex fees and swap rates, including positive ones. The EUR/USD should not exceed $9.00 per 1.0 standard round lot or 0.9 pips.
- Trading platforms - A user-friendly mobile app with copy trading support. Algorithmic trading is a plus, as are the MT4 and MT5, trading platforms, which remain industry leaders as they cover all requirements.
- Asset diversity - Traders require a balanced choice of liquid assets for increased trading opportunities and profit potential.
- Deposits/Withdrawals - No internal transaction fees and low minimum requirements with a choice of e-wallets and, ideally, cryptocurrency deposits and withdrawals.
Forex Trading Regulations in Myanmar
Myanmar has a well-regulated financial sector, regulated by the Central Bank of Myanmar (CBM) and the Financial Regulatory Department (FRD), but lacks notable domestic Forex brokers. The best Forex brokers in Myanmar operate from business-friendly off-shore jurisdictions.
Myanmar does not require off-shore brokers to obtain a license, and there are no restrictions on Burmese Forex traders from opening off-shore Forex brokers.
How Much is Forex Leverage in Myanmar?
The best trading platforms in Myanmar offer the industry standard leverage of 1:500 for major currency pairs, automatic stop-outs, and negative balance protection that ensures traders cannot lose more than they deposit.
Despite 1:500 leverage, deployed leverage in portfolios is notably smaller, a concept most traders and regulators fail to differentiate. Forex traders must always use proper risk management when trading leveraged accounts and understand the relationship between leverage and risk management.
How to Start Forex Trading in Myanmar?
I recommend beginners consider my tips below to shorten their learning curve and highlight areas of study to focus on.
Here are my Forex trading tips:
- Begin with in-depth education.
- Respect Forex trading as a highly skilled profession.
- Trading psychology separates up to 90% of unprofitable traders from profitable ones.
- Learn the leverage-risk management relationship.
- Leverage magnifies profits and losses.
- Risk management ranks on par with the trading strategy.
- Your trading strategy should reflect your personality.
- Low trading fees determine a competitive trading environment.
- Master the correct placement of take profit and stop loss orders.
Forex Trading Taxation in Myanmar
I found no verifiable information about Forex taxation in Myanmar, but Myanmar has a 10% capital gains tax and progressive income taxes between 1% and 25% with personal tax relief available. Therefore, I urge Forex traders to consult a legal professional to seek tax advice in Myanmar to ensure compliance with local rules and regulations.
Pros and Cons of Forex Trading in Myanmar
Before opening an account with the best Forex brokers in Myanmar, Forex traders should consider the pros and cons of Forex trading in Myanmar.
The pros of Forex trading in Myanmar are:
- Most Forex brokers accept traders from Myanmar
- Competitive trading conditions by off-shore Forex brokers
- A fast-growing economy that can enable Forex trading
The cons of Forex trading in Myanmar are:
- The time zone is not ideal for trading during the most liquid periods
- The availability of domestic assets is non-existent
- Most Forex brokers do not offer services in Burmese
- No local presence by Forex brokers
- Forex education requires more focus
- A fragile economy dependent on the informal economy with limited disposable income
- Political instability that can impact Internet usage
- Power sector challenges can impact electricity
- Mobile apps are the primary tech for Forex trading
Bottom Line
Myanmar has a fast-growing economy that makes Forex trading viable. The best Forex brokers in Myanmar are well-regulated off-shore Forex brokers who offer quality education and copy trading services via mobile apps. Beginners should start with in-depth education before funding an account with the best trading platforms in Myanmar.
