Jakarta. Malaysians are doing more things online than ever before.
Through a combination of increased mobile connectivity and public sector initiatives, the country is rapidly going digital. According to a 2019 report by ASEAN Up, online shopping and online payments are among the leading economic drivers.
Looking at the data, 75% of those surveyed purchased a product or service online in January 2019. Of those that shopped online, 44% were most active on desktop devices, while 58% browsed via their mobiles.
Malaysians Trading Off the Online Revolution
It’s not just e-commerce that’s flourished in recent years. As the number of internet users in Malaysia surpassed the 27 million mark in 2020, a variety of online activities have become popular. One seemingly unexpected area of growth is online trading.
Today, online trading platforms such as MetaTrader 4 (MT4) have opened up the financial markets to millions. By downloading MetaTrader 4 for Mac or PC browsers, including Safari, Google Chrome and Mozilla Firefox, prospective traders can connect to the IG brokerage service.
From here, members can browse 170,000+ financial markets and execute trades via MT4. The process is not only quick, but simple enough that novices can do it. In fact, alongside the ability to trade forex, commodities and shares, consumers can learn from experts.
Guides, blog posts, virtual seminars and statistical updates give inexperienced traders the ability to refine their picks and, in theory, improve over time. In support of the idea that more Malaysians are embracing online trading is an uptick in financial competence. In 2019, a YouGov survey found that 32% of Malaysians were confident in the country’s financial position.
An illustration of forex trading. (Pixabay Photo)
Statistics Support the Rise of Online Trading in Malaysia
That stat alone suggests that more people are aware of the financial markets and, in turn, economics. Further support for the increase in trading activity across the country is also apparent in the study. Although 48% of traders still make investments through their bank, online trading sites have become the go-to option for 47%. Given trends in other sectors, the use of online trading platforms such as MT4 is only going to increase in the coming years. The Modern Trader report showed that the number of online forex traders in 2019 was 9.6 million. Of that figure, 3.2 million were based in Asia.
When other trading options, such as CFDs, commodities and shares, are added to the mix, the number of active online traders is well above 10 million. When you combine this with projections that internet usage in Malaysia will top 29.4 million users in 2023, it’s clear the market is growing.
Through a combination of access and information, the average person can now become a professional trader. In fact, this isn’t unique to trading. Shopping, entertainment, education and almost anything else you can imagine has been made easier by the internet. For many Malaysians, these trends have opened up a world of financial opportunities in the trading world.