Since last two years ago, there are been several companies in Myanmar which provide foreign exchange market service. It is called Forex in short-term format. Beside foreign exchange service, there are also other types of exchange which exchange gold and gas. But Forex is more popular among Myanmar.
Is it legal?
Government haven’t issue yet the law and policy for exchange market in Myanmar. The world business experts predict Myanmar is going to have stock exchange market in near future. But we don’t know when it can really be happened. So now, foreign exchange market seem to be active as a legal by registering under service company policy in Myanmar. So the companies which run Forex service can have office, employees and active operations in Myanmar. It just cost about 1500 USD to register a service company in Myanmar.
Does the law support you?
Companies gives you a mobile app or desktop app by which you can exchange and play around. If you clicked by mistake, you will lose the money. I have some friends who lost thousands of USD by human error. So if you lost the money, whom will be you asking to undo your action? Or sometime there may be technical mistakes which can lose your money in trading. Companies claims it hasn’t happened yet and won’t happened. But who knows? In case of problem occurs, will the local and international law help you? No. As I said, Myanmar government haven’t issue yet law and policy about any kind of exchanges in Myanmar. If you are cheated, you will lose your money.
So shall you do it or not
It depends on you. People do gambling a lot in Myanmar. Mostly people who live in urban regions bet on Thailand two and three digit lottery. People just watch TV and gamble by predicting the numbers. Neither Thailand government nor lottery organisation don’t have any hands on it. There are just wagers playing in communities in each regions in Myanmar. Football betting is also one of the most popular betting. So Forex and others any types of exchange which are not set under government law are to be titled under betting. If you meet the right service provider who is trustworthy, you will be safe. But if you didn’t, you will be cheated. To be an exchange player, the price starts from thousands of USD. Of course they let you play in Myanmar Kyat as well because companies will covert it to USD.
Any successful exchanging trading based on the skills and knowledge. It doesn’t based on luck and faith. But still luck and faith are to be used in making decision but emotion doesn’t help you much. The main skill you need is understanding the market you are playing. So do you think you understand it? Professional players need to go deep inside the market. If he or she move forward for the money without filling up the knowledge, it will be too risky.