Best Forex Brokers in Malaysia 2024

Top Regulated Brokers For Malaysians Traders

Broker Our Rating Regulation Standard
EUR/USD Spread
Standard
GBP/USD Spread
Standard
AUD/USD Spread
Raw
EUR/USD Spread
Raw
GBP/USD Spread
Raw
AUD/USD Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
98 SCB, ASIC
FCA, CySEC
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
72 FMA, FSA 1.20 1.4 1.7 0.23 0.72 0.65 $3.00 72ms $0 64+ 11+ 500:1 500:1 Visit Site
66 ASIC, MAS, FCA 0.70 1.1 2.2 0.07 0.011 0.8 $2.50 95ms $150 84+ 25+ 30:1 500:1 Visit Site
57 ASIC, CySEC, MAS
FCA, FMA, DFSA
EFSA, FSA, FSCA
1.70 2.3 1.4 - - - - 140ms $100 71+ 15+ 30:1 300:1 Visit Site
43 ASIC, CySEC, MFSA
FCA, FSA, FINRA
GFSC
1.0 2.0 1.0 - - - - 130ms $200 (Australia), $50-$100 (EU) 49+ 46+ 30:1 400:1 Visit Site
71 ASIC, FCA, BaFin
FINMA, NFA/CFTC, MAS
CySEC, DFSA, FMA
JFSA, BMA, FSCA
1.13 1.66 1.01 0.16 0.59 0.29 $6.00 174ms $450 100+ 12+ 30:1 200:1 Visit Site
82 ASIC, VFSA, FSA-S 0.93 1.08 0.92 0.13 0.21 0.12 $2.25 79ms $0 90+ 10+ 500:1 500:1 Visit Site
 

In this article, we recommend the Forex brokers we think offer the top trading services for clients in Malaysia. To select the brokers considered several important factors regulatory compliance, safety measures, trading platforms and tools along with broker reputation.

Read on to see which brokers we rate highly to trade with

1. Pepperstone Best MT4 Broker

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader, TradingView, Capitalise.ai

Minimum Deposit

$0

Why We Recommend Pepperstone

Pepperstone earns our recommendation for traders in Malaysia for its swift execution speed, diverse trading platforms, and competitive spreads.

Our tests done by Ross Collins found Pepperstone Razor account RAW spreads average 0.1 pips for EUR/USD and have an execution speed of 77 for limit orders. This combined with a choice of MT4, MT5, cTrader and TradingView platforms and top customer service adds to Pepperstone’s appeal.

We gave Pepperstone an impressive 98 out of 100, solidifying its position as the highest-rated broker in our assessment.

Pros & Cons

  • Tight spreads for both standard and raw accounts.
  • Excellent resources for automated trading, including Capitalise.ai.
  • Our winner for fastest execution speeds.
  • Fast and easy account opening.
  • Swap-free account charges an administration fee.
  • Educational materials are less comprehensive than expected.
  • 24/5 customer support, rather than 24/7.

Broker Details

We Rated Pepperstone The Best With A Score Of 98/100

To ensure a fair assessment of the brokers we rate, we devised a methodology for scoring brokers objectively across 10 categories which we consider crucial components of a good trading experience. Overall, Pepperstone scored 98 out of 100, cementing itself as the top scorer of all brokers assessed.

We like Pepperstone for its fast execution speed, range of trading platforms and social trading tools and of course competitive spreads. We also rate Pepperstone highly for trust with the broker holding licences in countries with some of the most stringent financial regulations, a strong sign of the broker’s credibility.

Why We Named Pepperstone Best Overall:

  • Competitive spreads and commissions
  • Limit and market orders are executed with exceptional speed, taking less than 100ms.
  • Choice of 5 trading platforms
  • Easy sign-up for demo and live account
  • Recognised by Investment Trends for outstanding customer service.
  • A diverse selection of trading markets

Pros of Pepperstone

  • Excellent resources for automated trading, including Capitalise.ai
  • Our winner for fastest execution speeds
  • Fast and easy account opening

Cons of Pepperstone

  • Swap-free account charges an administration fee
  • Educational materials less comprehensive than expected
  • 24/5 customer support, rather than 24/7

Cons of Pepperstone

Why Pepperstone did do so well?

1. Swift limit order execution

The importance of obtaining desirable spreads when engaging in variable spread trading can’t be overstated. Faster execution speed reduces risks associated with negative slippage and gives you a better chance of getting the desired spread when you place a limit with your order.

We conducted tests on the execution speed of 20 brokers to identify which brokers execute your orders fastest. Our findings revealed that Pepperstone ranked second for limit order speed with an execution time of 77 milliseconds. This means when you use a buy limit, sell limit, buy stop, or sell stop, your chances of getting your desired price when your conditions are met are increased.

We also tested market order execution and found Pepperstone averaging 100 milliseconds, placing them 5th overall.

2. Account Opening

We examined the account opening process of 20 brokers to assess how easy it was to set up.

For us, the Pepperstone account opening process was seamless, standing out as one of the most user-friendly options. We particularly liked that there was no requirement to disclose funding details or provide identification when creating a demo account, allowing for the immediate commencement of trading activities on the demo.

While it is necessary to upload identification documents and answer a Forex questionnaire when setting up a live account, the process can be completed pretty swiftly, enabling traders to start trading within a day.

Another positive aspect we noted was that funding is not mandatory until an actual trade is executed, and Pepperstone provides a dedicated account manager to assist with the process.

Considering the combination of fast execution and an effortless account opening process, we confidently assign a rating of 9 out of 10 for the trading experience.

3. Trading Accounts and Platforms

When trading Forex, you can choose between a spread-only account and a spread-plus-commission account.

The Standard account includes commission in the spread which starts from 1.12 pips for major pairs. This account is available with MetaTrader 4 and MetaTrader 5 platforms.

The Razor Account has variable or floating spreads from 0 pips and if using MetaTrader 4 or MetaTrader 5 commission of $7.00 per lot round-turn. Should you use cTrader or TradingView spreads with $6.00 per lot?

Automation is possible with MetaTrader 4 and 5 with Expert Advisors or in the case of MetaTrader 4 by integrating Capitalise.ai. This product has the advantage of allowing you to create algorithms using plain English rather than code.

Social trading is also possible via Myfxbook and copy trading with DupliTrade and with Signals if using MetaTrader 4 or 5.

Pepperstone makes up our top forex brokers in Malaysia with its VPS hosting program that offers connectivity to its trading environment to enjoy advanced trading conditions and low latency.

pepperstone accounts and platforms malaysia

Our Verdict On Pepperstone

Considering Pepperstone’s exceptional performance in our scoring methodology, it comes as no surprise that we regard this broker as the best overall. Pepperstone is also one of the best trading platforms including MetaTrader 4, MetaTrader 5, TradingView, and cTrader, and social trading tools including MetaTrader Signals.

2. IC Markets Best Lowest Spread Broker

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$200

Why We Recommend IC Markets

Among the 20 brokers we tested, IC Markets stands out as one of the best choices for low spreads in Malaysia.

Whether opting for their standard or RAW spread account, IC Markets consistently offers tight spreads. Our testing done by Ross Collins revealed IC Markets to have the 2nd lowest average standard spread (0.76 pips) and the lowest RAW spread (0.16 pips) overall across 5 major currency pairs. Trading is available with MT4, MT5 and cTrader.

If you are seeking competitive spreads, IC Markets proves to be an excellent option.

Pros & Cons

  • Very low trading fees.
  • Offers all four popular third-party trading platforms.
  • Does not charge any minimum deposit.
  • Excellent customer support and knowledge base.
  • Slow execution speeds.
  • They are licensed by very few regulators.
  • Their educational materials are poor.

Broker Details

Our Test Shows IC Markets Has Tight Standard Account Spreads

IC Markets is an Australian-based broker with offices in Cyprus and Seychelles and is one of the largest brokers in the world when it comes to trading volume per day.

We tested the spreads of 20 brokers and found that IC Markets are one of the best choices you can make if you wish to save on trading costs. IC Markets is not only one of the tightest spreads brokers in Malaysia for their standard accounts but also their RAW spread account.

Key Features Of IC Markets

  • Top broker for low spreads for all account types
  • Choose between MT4, MT5, cTrader Platform
  • ZuluTrade and MyfxBook for social trading

Pros of IC Markets

  • Wide range of no-fee deposit and withdrawal options
  • Excellent leverage – 1000:1
  • One of the world’s most popular, well-known brokers

Cons of IC Markets

  • Limited range of trading products
  • Web and desktop trading apps need a design update
  • Slower than average responses on live chat

Our Test Prove IC Markets Standard Account Has Low Spreads

Regardless of whether you’re a novice or an experienced trader, if you want to avoid the mental gymnastics that come with manually calculating your trading costs, then trading through a standard account is your best option. With this account, your commission costs are included in the spread.

To test performance and cost-effectiveness, we conducted a thorough analysis of standard account spreads offered by 15 of the most popular brokers.

Our evaluation focused on six major currency pairs: AUD/USD, EUR/USD, GBP/USD, USD/CAD, USD/CHF, and USD/JPY. By combining the average results from these currency pairs, we were able to identify the brokers with the most competitive spreads overall.

From our testing, IC Markets emerged as the broker with the lowest average spread of 0.98 pips. This translates to an average trading cost of 9.63 USD. IC Markets averages 0.74 pips for the EUR/USD pair (placing them 1st), 0.82 pips for AUD/USD (2nd) and 1.15 pips for GBPUSD (3rd).

Other strong performers included CMC Markets, with an average spread of 1.11 pips, and Fusion Markets, with an average spread of 1.19 pips.

Broker Average Spread Average Spread Cost (USD)
IC Markets 1.03 $9.63
CMC Markets 1.11 $10.10
FusionMarkets 1.19 $11.07
TMGM 1.21 $11.18
Admiral Markets 1.31 $11.96
FXCM 1.47 $13.49
Pepperstone 1.46 $13.52
FP Markets 1.47 $13.60
Go Markets 1.49 $13.87
EightCap 1.51 $13.97
OandA 1.54 $14.23
Axi 1.71 $15.99
City Index 1.79 $16.52
Blackbull Markets 1.82 $16.95
FXPro 2.22 $20.83

It’s important to keep in mind that the spread represents the minimum amount that your trade needs to move to realize a profit.

For example, when trading a single lot with IC Markets, the trade will need to gain a value of USD 9.63 for you to achieve a profit. In contrast, our least favourable broker would require the trade to gain a value of USD 20.83.

In terms of individual currency pairs IC Markets averaged the following spreads.

Broker Average Spread EURUSD AUDUSD USDCAD USDJPY GBPUSD USDCHF
IC Markets 0.32 0.19 0.23 0.45 0.24 0.27 0.57
Pepperstone 0.36 0.19 0.19 0.61 0.36 0.41 0.39
FP Markets 0.41 0.20 0.31 0.51 0.39 0.31 0.71
EightCap 0.50 0.20 0.48 0.64 0.47 0.44 0.76
CMC Markets 0.73 0.44 0.68 0.75 0.64 0.90 0.94
Admiral Markets 0.79 0.21 0.70 1.46 0.58 0.73 1.08
BlackBull Markets 0.94 0.46 0.85 1.01 0.43 0.96 1.31

IC Markets also did very well in our RAW account testing, with the broker finishing second with an average spread across our 6 tested currency pairs with 0.32 pips (second to Fusion Markets).

Our Verdict On the IC Market

Based on our tests, IC Markets has demonstrated the most favourable spreads for commission-free trading. With IC Markets, you have access to 61 currency pairs, and our evaluations yielded the following average spreads for each of the pairs we tested.

IC Markets Account Types and Products for Malaysian Traders

IC Markets also offers 17 commodities markets including precious metals like gold and silver, 11 bonds, and over 160,000 stocks.

All these trading instruments can be accessed via MetaTrader 4, MetaTrader 5, and cTrader. Or by social trading with Myfxbook Autotrade and ZuluTrader.

3. BlackBull Markets Best Broker for High Execution Speeds

BlackBull Markets

Forex Panel Score

72

Average Spread

EUR/USD = 0.23
GBP/USD = 0.72
AUD/USD = 0.65

Trading Platforms

MT4, MT5, cTrader, TradingView, BlackBull CopyTrader

Minimum Deposit

$0

Why We Recommend BlackBull Markets

We recommend BlackBull because they use a no-dealing desk model and implement ECN execution, resulting in very fast execution speeds.

We tested the execution speeds for market and limit orders using both a no-dealing desk and market makers style brokers offering the MT4 trading platform, BlackBull Markets emerged as the clear winner, boasting an impressive execution speed of 72 ms for market orders and 90 ms for limit orders. These speeds make BlackBull the best choice for scalp trading.

To trade with BlackBull Markets you can use MT4, MT5, cTrader and TradingView.

Pros & Cons

  • Fastest overall execution speed, according to our tests.
  • Good range of trading products, including shares.
  • Solid Standard spreads.
  • Good commission of $3 per side.
  • High minimum deposit for Raw account ($2000).
  • Less well-known than comparable brokers.
  • No cTrader of TradingView.

Broker Details

Blackbull Has The Fasted Tested Execution Speed

Headquartered in New Zealand, BlackBull Markets operates under the regulatory oversight of the Financial Markets Authority (FMA). The broker is also regulated by the Financial Services Authority (FCA).

The broker uses a no-dealing desk model and implements ECN (Electronic Communication Network) execution, resulting in very fast execution speeds and tight spreads. In addition to MetaTrader 4 and 5, BlackBull Markets also has TradingView for Forex trading and Myfxbook and Zulu Trade for social trading.

Key Features Of BlackBull Markets

  • Fastest Execution Speed For Trade
  • A large range of trading platforms
  • Good Social Trading Options
  • Leverage of 500:1

Pros of BlackBull

  • Fastest overall execution speed, according to our tests
  • Good range of trading products, including shares
  • Solid copy-trading tools

Cons of BlackBull

  • Limited research tools
  • High minimum deposit
  • Less well-known than comparable brokers

BlackBull Won Our Execution Speed Tests

If your trading strategy involves capitalising on small market fluctuations, then you must select a broker that has fast order execution and minimal slippage. This ensures your orders fill at or as close to the quoted price as possible.

Likewise, if you manage risk by utilising combinations of limit orders, you want these orders to close your positions out at the price you set. In times of heightened volatility, this isn’t always the case, so it’s important when selecting a broker that execution speeds are fast.

Using various EAs on the MetaTrader 4 platform, Ross Collins (our chief researcher at CompareForexBrokers) tested the execution speeds for market and limit orders across various forex brokers to identify the top performers.

The tests were run using both market-making and no-dealing desk brokers, and the results were fascinating.

BlackBull Markets emerged as the clear and undisputed winner, boasting an impressive execution speed of 72 ms for market orders and 90 ms for limit orders.

Broker Overall Limit Order Speed Market Order Speed
BlackBull Markets 1 72 90
Fusion Markets 2 79 77
Pepperstone 3 77 100
HugosWay 4 104 94
TMGM 5 94 129
FXCM 6 108 123
City Index 6 95 131
Axi 8 90 164
Eightcap 9 143 139
FP Markets 10 225 96
IC Markets 10 134 153
FxPro 12 151 138
Markets.com 13 150 141
GO Markets 13 144 145
Admiral Markets 15 132 182
CMC Markets 16 138 180
IG 17 174 141
easyMarkets 18 155 155
XM 19 148 184
ThinkMarkets 20 161 248

Our Verdict on BlackBull Markets

As mentioned, we like the sizeable leverage on offer, and the integration with popular trading platforms such as MetaTrader 4, MetaTrader 5, and TradingView is a big plus.

BlackBull Markets Account Types and Products for Malaysian Traders

This, combined with the fact that BlackBull offers a suite of social trading tools, including the BlackBull Copy app, Myfxbook, and DupliTrade, positions the broker well as an attractive venue for all sorts of trading styles and strategies.

4. City Index Broker with the Best Trading Tools

City Index

Forex Panel Score

66

Average Spread

EUR/USD = 0.07
GBP/USD = 0.011
AUD/USD = 0.8

Trading Platforms

MT4, TradingView, Web Trader

Minimum Deposit

$0

Why We Recommend City Index

We recommend City Index because the City Index Web Trader platform includes a guaranteed stop-loss order. They also include bonus tools like “Performance Analytics” to provide coaching tips and help you improve and ‘Smart Signals’ to alert you to trading opportunities.

Other important features we like include the broker offering a comprehensive education library and commission-free trading. And the availability of MT4 and TradingView platforms.

Pros & Cons

  • Tight spreads and low commission.
  • Excellent customer support with a dedicated account manager.
  • Good execution speeds.
  • Does not offer swap-free accounts.
  • Does not accept Paypal or Neteller.
  • Only 24/5 customer support.
  • Does not offer MT5 or cTrader.

Broker Details

We Found City Index Has Good Risk Management For New Traders

City Index operatives under the trading name StoneX Financial Pte. Ltd. (“SFP”) and is owned by StoneX Group Inc. which is listed on NASDAQ as SNEX. Malaysian traders trade with SFP which is a derivatives trading and clearing member of the Singapore Exchange (“SGX”).

Most traders with City Index will sign up with the brokers’ Standard account meaning commission-free trading. It is a good idea to use the brokers’ City Index Web Trader platform as it includes a guaranteed stop-loss.

Key Features of City Index

  • City Index Platform has a guaranteed stop-loss
  • Trade 6,300 Global markets
  • Unique analytical tools

Pros of City Index

  • No minimum deposit required
  • Tight spreads
  • Well-designed web trader

Cons of City Index

  • Charges an inactivity fee
  • Limited customer support with slow response times
  • Only three base currency options

Trading often involves a learning process that includes a degree of trial and error. As such, most beginners require safeguards to protect their capital while refining their strategies.

A guaranteed stop-loss, sometimes referred to as a G-stop, ensures that your position is automatically closed when the market reaches a specified level.

Unlike regular stop orders, which may suffer from slippage, a G-stop obligates your broker to execute the order precisely at the price you have set.

In some cases, forex brokers will charge a fee for using this order type, or simply won’t offer them at all given they cap the amount of profit a broker can make from any losses incurred by traders during times of market volatility.

Other important features traders should consider include whether the broker offers a comprehensive education library to ensure their trading knowledge is well-rounded, and an easy-to-use trading platform that facilitates the smooth execution of trades.

city index account types malaysia

Our Verdict On City Index

For novice traders, we recommend City Index as an ideal broker given they offer guaranteed stop-loss orders to safeguard your trades. While a small premium is required for this feature, we believe it is a worthwhile investment.

Additionally, we found their available webinars and tutorials to be highly informative and easily accessible for traders of all experience levels. As such, their resources received top marks in both the intermediate and beginner categories and we consequently scored them an impressive 25/30.

5. Plus500 Best CFD Provider

Plus500

Forex Panel Score

57

Average Spread

EUR/USD = 1.7
GBP/USD = 2.3
AUD/USD = 1.4

Trading Platforms

Plus500 Trading Platform

Minimum Deposit

$100

Why We Recommend Plus500

We recommend Plus500 because it offers a robust and user-friendly app that boasts an impressive range of trading tools and a simplified user interface. We particularly like that the Plus500 mobile app incorporates the same comprehensive charting and analysis tools as its web-based counterpart.

We thoroughly tested the advanced charting and drawing tools and found them to deliver a comprehensive experience for users on the go. We found Plus500 spreads for the EUR/USD pair to average 1.7 pips.

Pros & Cons

  • Responsive customer support.
  • Easy account opening process.
  • Good selection of trading products.
  • Highly rated mobile trading app.
  • No commission-based account.
  • Lack-lustre research tools.
  • Minimum deposit required.

Broker Details

We Found Plus500 Offers The Best Mobile Trading Experience

Plus500 prefers to call themselves a CFD provider rather than a Forex broker and why not, their range of CFD products is impressive. To help you trade their range of Forex, Cryptos, Indices, Shares and Commodities the broker has their trading app (and platform) with an intuitive user interface to help you organise your trading instruments.

Key Features Of Plus500

  • Good range of CFD products
  • Highly rated in-house developed trading platform
  • Guaranteed stop-loss available

Pros of Plus500

  • Responsive customer support
  • Easy account opening process
  • Good selection of trading products

Cons of Plus500

  • Wider spreads than comparable brokers
  • Lacklustre research tools
  • Minimum deposit required

Regardless of whether you predominantly trade from a desktop or use a mobile app while on the move, it’s important to choose a broker that delivers a well-rounded service across multiple platforms and devices.

While it has become almost obligatory for forex brokers to offer a mobile app, not all of them are created equally. Better brokers will likely offer enhanced and bespoke functionality when it comes to mobile trading while others will just offer diluted versions of their desktop applications.

When choosing a mobile app, it is crucial to consider certain essential aspects including the user experience (UX), and whether a demo account is available for testing purposes.

During testing, it is recommended to evaluate features such as advanced charting, the ability to switch between different charts, and the availability of various order types like stop orders, trailing stops, and one-click trading. Additionally, it is important to determine whether the app allows for screen size adjustments.

Lastly, one should consider whether the app seamlessly integrates with web and desktop versions.

Fortunately, Plus500 has all the features you should look for in a trading platform. A user-friendly interface, the ability to sort your charts and instruments in an easy-to-navigate matter, customisable charts and integration of the trading app with web trader. The app also has a guaranteed stop loss, a risk management feature only a few brokers offer.

plus500 trading platform mobile

Once you’ve decided on a broker, simply head to the App Store or Google Play Store to install the app. From there, you can register an account, and you’ll be ready to start trading.

Our Verdict On Plus500

Plus500 offers a robust and user-friendly app that boasts an impressive range of trading tools and a simplified user interface. We particularly like that the Plus500 mobile app incorporates the same comprehensive charting and analysis tools as its web-based counterpart.

We thoroughly tested the advanced charting and drawing tools and found them to deliver a comprehensive experience for users on the go. Below we have captured some of the key features and benefits that Plus500 offers.

6. eToro Best Copy Trading Platform

eToro

Forex Panel Score

43

Average Spread

EUR/USD = 1
GBP/USD = 2
AUD/USD = 1

Trading Platforms

eToro Trading Platform

Minimum Deposit

$50

Why We Recommend eToro

We recommend eToro because they provide the best copy trading service. eToro’s trading platform is built from scratch with social trading in mind. If you’re new and don’t have the time to learn how to trade, this broker allows you to leverage the knowledge of its huge trading community not just within Malaysia but across the globe for your benefit.

Key features of eToro:

  • Large social trading community.
  • Indices are created based on the best traders to follow.
  • Algorithms that create indices based on the most traded shares.

Pros & Cons

  • Wide variety of markets to trade, including crypto.
  • Unique social and copy trading tools developed in-house.
  • Accessible trading experience suitable for casual traders.
  • Only one trading account type.
  • Only offers in-house trading platform.
  • Emphasis on copy and social trading can limit skill development.

Broker Details

eToro Has The Largest Social Trading Community

eToro trading platform is built from scratch with social trading in mind. If you don’t want to put in the hard yards, learning how to trade, this broker allows you to leverage to the knowledge of its huge trading community (hopefully) for your benefit.

Key Features Of eToro

  • Large social trading community
  • Indices are created based on the best traders to follow
  • Algorithms that create indices based on the most traded shares

Pros of eToro

  • Wide variety of markets to trade, including crypto
  • Unique social and copy trading tools developed in-house
  • Accessible trading experience suitable for casual traders

Cons of eToro

  • Only one trading account type
  • Only offers in-house trading platform
  • Emphasis on copy and social trading can limit skill development

For individuals who are new to trading, social and copy-trading strategies present a great opportunity to leverage the experience and skills of more experienced traders. Social trading involves emulating the trading actions of a group of individuals with similar interests whereas copy trading enables a direct replication of someone else’s portfolio.

etoro trading account for malaysian traders

Both approaches can be valuable for testing and exploring new trading strategies however, it is important to note that not all platforms provide the necessary integrations. If you want to make use of these strategies, it’s important to look for whether MetaTrader Signals, Duplitrade, or ZuluTrade are included in a broker’s offering. If they’re not, it might be necessary to consider alternative options.

Our Verdict on eToro

eToro is a well-known broker which fully embraces social and copy trading.

It is renowned for its innovative approach to trading, which incorporates gamification and social elements.
The platform’s interface resembles a social media wall and provides users with direct access to ideas from popular traders and investors.

Additionally, eToro offers a unique feature called ‘thematic investing’ which enables users to invest in Smart Portfolios, focused on specific industries or asset classes.

Below we have taken various screenshots of the interface which demonstrates how closely the platform resembles a social media network.

7. IG Group Best Range of Products

IG Group

Forex Panel Score

71

Average Spread

EUR/USD = 0.16
GBP/USD = 0.59
AUD/USD = 0.29

Trading Platforms

MT4, IG Trading Platform, L2 Dealer, ProRealTime

Minimum Deposit

$0

Why We Recommend IG Group

We recommend IG because it boasts over 17,000 markets to trade. Markets include 12,000+ shares 13 cryptos, 80+ Forex pairs and even futures, options, ETFs and sectors.

IG is one of the world’s oldest and largest Forex brokers, and you can trade using IG WebTrader and mobile which includes a guaranteed stop loss, ProRealTime and MT4. Spreads for the EUR/USD average 1/13 pips which we think is competitive.

Pros & Cons

  • Safe broker to trade through.
  • Very wide range of products.
  • No minimum deposit for the Standard account.
  • Very high commission of $6 per side.
  • Clunky account opening process.
  • Few forex pairs on MT4

Broker Details

Based On Marketcap IG Is One Of The Biggest Broker For Forex

Founded in 1974, IG is one of the world’s oldest and largest forex brokers and is licenced by local financial regulators to operate in more countries than most brokers. For this reason, IG scored a 10 out of 10 for broker trust.

IG has one of the most extensive collections of CFD trading instruments of any broker along with top-quality CFD trading platforms to choose from.

Key Features Of IG

  • Largest range of CFD products
  • Largest and oldest CFD brokers
  • Choose from four leading trading platforms

Pros of IG

  • Low trading costs – no withdrawal or deposit fees
  • Excellent selection of products to trade
  • Extensive collection of educational tools and resources

Cons of IG

  • Wider spreads than comparable brokers
  • The account opening process needs streamlining

IG currently boats 313,000 active traders which unsurprisingly puts it comfortably in the top ten brokers by trading volume with US $8.6 billion in Average Daily Volume Transactions (ADVT).

Broker Average Daily Transaction Volume (Billion USD)
IC Markets 18.9
Forex.com 15.5
XM 13.4
Saxo Bank 12.3
HF Markets 11.5
OANDA 10.7
AvaTrade 7.8
IG 6.8
Pepperstone 6.7
FxPro 6.5

We mentioned previously that having a well-balanced and diverse portfolio can yield substantial benefits and therefore, it can be beneficial to use a broker with a broad range of markets.

Generally, we think it’s a good idea to look for a broker that offers a minimum of 50 currency pairs, along with a selection of indices, options, shares, and exchange-traded funds.

From all the brokers we have reviewed, IG Markets boasts one of the largest ranges of trading products we’ve seen, making it very attractive for traders who want access to a wide universe of assets to trade.

Our Verdict On IG

We mentioned previously that having a well-balanced and diverse portfolio can yield substantial benefits and therefore, it can be beneficial to use a broker with a broad range of markets.

Generally, we think it’s a good idea to look for a broker that offers a minimum of 50 currency pairs, along with a selection of indices, options, shares, and exchange-traded funds.

From all the brokers we have reviewed, IG Markets boasts one of the largest ranges of trading products we’ve seen, making it very attractive for traders who want access to a wide universe of assets to trade.

8. Fusion Markets Lowest Commission Broker

Fusion Markets

Forex Panel Score

82

Average Spread

EUR/USD = 0.13
GBP/USD = 0.21
AUD/USD = 0.12

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$0

Why We Recommend Fusion Markets

We recommend Fusion Markets as our tests done by Ross Collins proved they have some of the lowest spreads and lowest commission costs with the Zero Account. This allows you to save on trading costs in two different ways.

Our tests found Fusion Markets averages 0.22 pips and has a commission of $2.25. Just as impressive is their average execution speed of 77 for market orders and 79 for limit orders. If you wish to scalp trade and use MT4, MT5 or cTrader, you can’t go past Fusion Markets.

Pros & Cons

  • Very low spreads and commission.
  • User-friendly mobile app with great design.
  • Responsive, knowledgeable customer service.
  • Fast, fully digital account opening.
  • Desktop app challenging to use.
  • Limited selection of educational resources.
  • Very few licenses from financial regulators.

Broker Details

Fusion Markets Offers Low Spreads

You most likely have not heard of Australian-based Fusion Markets, the broker prefers to save on marketing so they can keep spreads and commission costs low. And low they are, our test shows this.

Not only do Fusion Markets have among the lowest spreads with their commission-based Zero account but their commission costs are lower than most, if not all brokers we have reviewed. This allows you to save on trading costs in two different ways.

Key Features Of Fusion Markets

  • The lowest commission costs of all brokers we tested
  • Winner of RAW spreads in our spreads testing
  • Large range of Forex pairs.

Pros of Fusion Markets

  • User-friendly mobile app with great design
  • Responsive, knowledgeable customer service
  • Fast, fully-digital account opening

Cons of Fusion Markets

  • Only accepts major currencies as account base currencies
  • Desktop app challenging to use
  • Limited selection of educational resources

When selecting a RAW account that uses an electronic communication network (ECN) or straight-through-processing (STP) for trade execution, it’s crucial to closely consider two factors when it comes to trading expenses. The first is the commission while the second is the average spread.

A fixed commission refers to a predetermined fee that brokers charge when executing trades. We analysed the commission costs of 40 Forex brokers and found that Fusion Markets with a round-turn commission per lot of US$4.50 is 45 to 55% lower than the $6.00  or $7.00 commission brokers typically charge.

Amount (round-Turn) Broker 1 Broker 2 Broker 3 Broker 4
$4.00 Tickmill RoboForex FXTM
$4.50 Fusion Markets London Capital Group
$5.00 Fair Markets Go Markets BD Swiss AMarkets
$6.00 VT Markets FIBO Group Admiral BlackBull Markets
$6.00 FP Markets HF Markets MultiBank Group TradersWay
$7.00 XM Pepperstone Eightcap Axi
$7.00 IC Markets TMGM FxPro OctaFx
$8.00 HYCM

It is not just the saving on commission costs you will get with Fusion Markets but also among the lowest spreads.

We tested 20 RAW (or ECN) accounts and found that Fusion came out on top for low spreads. The most popular pair to trade is the EUR/USD, Fusion markets averaged 0.16 pips (placing them 3rd behind TMGM and Tickmill with 0.15 pips). While Fusion Markets might have been pipped for this pair, they were the best choice with 0.09 for AUD/USD with the next best being TMGM with 0.15 pips.

When trading, we don’t usually trade just one currency pair so to provide a better reflection across the board and an element of fairness, we averaged the results of the 6 pairs we tested with – AUDUSD, EURUSD, GBPUSD, USDCAD, USDCHF and USDJPY. In this test, we found that Fusion Markets came out on top with 0.22 pips ahead of City Index (Australia) and IC Markets.

Broker Average Spread
Fusion Markets 0.22
City Index 0.25
IC Markets 0.32
TMGM 0.32
Pepperstone 0.36
FP Markets 0.41
Blueberry Markets 0.43
ThinkMarkets 0.46
Go Markets 0.46
Tickmill 0.47
EightCap 0.50
Axi 0.73
CMC Markets 0.73
Admirals 0.79
Blackbull Markets 0.94

Our Verdict on Fusion Markets

Fusion Markets is an Australian-based broker that spends very little on marketing and instead, channels much of its attention and capital into developing a superior product – and it shows.

fusion trading accounts malaysia

With competitive spreads, rapid trade execution, and hassle-free account opening, there’s plenty to like about Fusion Markets.

To trade with them, you can choose between MetaTrader 4 or MetaTrader 5, and both their standard and raw accounts deliver excellent value.