We have compared low-spread forex brokers based on their published average spreads and cross-referenced them with our own spread testing. By combining this data we were able to determine the lowest spread forex broker for Malaysian traders.
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The best forex brokers with the lowest spreads are.
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.00 | ASIC, SCB, CySEC | 1.0 | 1.0 | 1.2 | 0.06 | 0.73 | 0.27 | $3.50 |
|
|
|
143ms |
$250 (Raw) $500 (Standard) |
40+ | 250+ | 500:1 | 500:1 |
|
|
9.33 |
ASIC, FCA CySEC, DFSA |
1.12 | 1.69 | 1.22 | 0.17 | 0.59 | 0.24 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
8.50 |
ASIC, FSA CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
|
|
|
134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
|
|
8.17 | ASIC, CySEC | 1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
|
|
|
225ms | $100 | 63+ | 4+ | 30:1 | 500:1 |
|
|
8.33 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
|
7.93 |
ASIC, FSCA FCA, CIRO AMF, ISA, CySEC |
1.3 | 1.4 | 1.7 | 0.30 | 0.90 | 0.40 | $3.00 |
|
|
|
150ms | $300 | 42+ | 7+ | 30:1 | 500:1 |
|
|
8.17 | ASIC, VFSA | 0.93 | 1.08 | 0.92 | 0.13 | 0.21 | 0.12 | $2.25 |
|
|
|
79ms | $0 | 90+ | 10+ | 500:1 | 500:1 |
|
For many forex traders, tight spreads are a key consideration when choosing an online forex broker. In this guide, we’ll review the top online forex brokers for Malaysian traders with the tightest spreads. We’ll cover the key features, including account types and execution speeds, as well as commissions and other trading costs. Whether you’re a beginner or an experienced trader, we’ll help you find the SCM-regulated broker for your needs.
Eightcap Has The Lowest Published RAW Account Spreads
Having the lowest Forex spreads for ECN-like accounts and a huge range of cryptocurrencies is why Eightcap is our best broker. This includes average spreads of under 0.3 of a pip for 5 of the 7 major currency pairs measured against the USD, the EUR/USD being the tightest.
Eightcap also boasts the lowest spreads and most diverse range of cryptocurrencies when compared to other brokers. The tight spreads are due to Eightcap being a no-dealing desk broker, therefore sourcing their own liquidity. Given the execution servers share the same data centers as the institutions, Eightcap can also achieve fast execution speeds and less risk of slippage for forex traders.
As a Malaysian trader, one key benefit is having access to higher leverage for Forex trading (up to 1:500) meaning more purchasing power in the market but be aware that the use of leverage does come with greater risk. Lastly, Eightcap features world-class multilingual support to suit Malay speakers with English as their second language.
Trading Accounts
Eightcap offers two account types: Standard Account and Raw Account.
Spreads start from 1.0 pips for a standard account and 0 pips for a raw account. The difference is that you pay a commission of $7 (round-trip) for a raw account and no commission but slightly wider spreads for a standard account.
If you are a beginner trader, the standard account is a good introductory account. Once you gain experience, you will want to use the RAW account as this account has the lowest trading costs. Funding is very accessible with a full array of e-payment options (including Skrill and Neteller). These funding methods come with no funding fees when making deposits or withdrawals.
To open either account, you only require $100. However, to begin trading you may need more to meet minimum margin requirements.
Eigthcap’s RAW account (also known as an ECN account) has the best-published spreads as shown below. We update this data below by visiting each broker’s website, collecting their published average spread results, and combing it into the module.
|
ECN Broker Spreads
|
|||||
|---|---|---|---|---|---|
|
0.06 | 0.23 | 0.20 | 0.42 | 0.27 |
|
0.10 | 0.20 | 0.30 | 0.30 | 0.20 |
|
0.12 | 0.47 | 0.50 | 0.40 | 0.22 |
|
0.30 | 0.50 | 0.60 | 0.50 | 0.50 |
|
0.30 | 0.30 | N/A | 0.50 | 0.40 |
|
0.44 | 0.20 | 0.83 | 0.40 | 0.42 |
|
0.17 | 0.24 | N/A | 0.54 | 0.30 |
|
0.20 | 0.30 | 0.70 | 0.50 | 0.40 |
|
n/a | n/a | 0.30 | 0.60 | 0.50 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Trading Products
In terms of foreign exchange, Eightcap offers 46 major, minor, and exotic Forex markets to trade.
Where Eightcap stands out is in the crypto market, with over 250 cryptocurrencies available, including over 120 paired against the USD. This gives Eightcap the most diverse range and lowest spreads of cryptos compared to all other brokers on this list.
Another solid offering is in the choice of over 400 stocks you can trade. And if you want to maximize your leverage, you can get up to 500:1 exposure with forex derivatives.
Breaking down the cryptocurrencies further, Eightcap offers by far the best choice and tightest spreads when compared to other brokers, as highlighted below. The most notable distinction is in bitcoins, averaging 12-point spreads per coin, the nearest best, IC Markets, at 18.2 before spreads widen significantly after that.
In addition to the impressive selection of cryptocurrencies against the USD, 20 of these cryptocurrencies can also be traded against other currencies including AUD, GBP, EUR, CAN, and MXN. You can even cross-pair these cryptos against Bitcoin.
Trading Platforms
The two trading platforms Eightcap offers are MetaTrader 4 and 5. MetaTrader 5 is slightly more versatile, offering WebTrader, while both MT4 and MT5 have desktop and mobile trading options.
To have access to the full range of financial instruments, you’ll need to use MT5 given it is built for centralized and decentralized trading. This means it is good for products that have a central exchange, like shares.
Eightcap does offer a unique selling point for the MT4 trading platform though. Capitalise.ai is a trading tool that allows beginners with no programming expertise to automate their trading, ‘code-free’.
Pepperstone Has The Best Standard Account Spreads
Having recently dropped their minimum spreads for standard accounts from 1.0 pips to as low as 0.6 pips, Pepperstone offers the best standard account type, despite not being a market maker.
Sourcing pricing from multiple Tier 1 banks, each of the 62 Forex markets available with Pepperstone has tight spreads across the board. This is due to better liquidity and no dealing desk, meaning prices are similar to what the institutions get themselves.
As a Malaysian trader, you can lock in prices at speeds of under 30ms due to Pepperstone having servers in the same data centers as the liquidity providers at NY4 Equinix, meaning less risk of slippage. Pepperstone customers can also enjoy trading an extensive range of 1000+ financial instruments to choose from, amongst most brokers.
On the trading tools front, Pepperstone offers SmartTrader which is a MetaTrader enhancement. SmartTrader features 28 trading apps with a range of EAs (expert advisers) and charting indicators, in addition to a range of social trading tools, each with a specific set of features, highlighted below.
Lastly, Pepperstone offers the most coverage of customer support, with 24-hour support during the week and 18-hour support on weekends.
Trading Accounts
Pepperstone offers two account types, Standard and Razor. The cTrader platform is available but only with Razor due to the platform having a commission-pay structure.
A Standard account will suit those with less trading experience who prefer long-term trades while a Razor account is for scalpers and algorithmic traders who prefer to have more analytical tools and depth of market at their disposal.
The swap-free account is a unique feature of an Islamic country like Malaysia. This account is interest-free but incurs administration fees if a trade is held for more than 10 days.
A feature of Pepperstone accounts is no minimum deposit (recommended USD 200) and a demo account is also available for both MetaTrader platforms and cTrader.
Standard Account Spreads
When comparing average Forex spreads to different brokers, Pepperstone has amongst the best spreads for standard accounts, highlighted below.
Pepperstone’s spreads are even competitive against market makers such as IG Markets and XTB, achieving tighter spreads across three USD base currency pairs, EUR, GBP, and JPY, for no commission accounts.
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
|
1.12 | 1.22 | 1.40 | 1.69 | 1.47 |
|
0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
|
|
1.10 | 1.30 | 1.30 | 1.30 | 1.30 |
|
0.90 | 1.10 | 1.50 | 1.50 | 1.00 |
|
1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
|
1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
|
1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
|
|
1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
|
1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
|
1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Trading Products
Pepperstone has over 1200 trading derivatives across Forex, cryptos, commodities, indices, stocks, and ETFs (exchange-traded funds) to choose from. This includes 62 Forex pairs with access to leverage of up to 200:1 for retail clients and 500:1 for professional accounts.
A large range of stock and ETF CFD trading options from 35 countries gives Pepperstone that extra diversity in its trading products.
Trading Platforms
Pepperstone has three trading platforms: MetaTrader 4 and 5 as well as cTrader.
MetaTrader 5 is the most robust platform, designed for experienced traders. MetaTrader 4 also has a range of customisable features including Smart Trader and Autochartist. Both have access to Smart Trader Tools.
cTrader is an extra platform that specializes in market depth and algorithmic trading, the latter of which it delivers via an intuitive tool called cTrader Automate.
For additional trading tools, Pepperstone’s social trading tools include MetaTrader Signals, Myfxbook (copy trading) and DupliTrade (marketplace signals) which can be integrated with the MT4 platform. These allow you access to trading signals and strategies used by other traders.
IC Markets In Testing Has Superior Spreads
Providing multiple platforms packed full of intuitive trading tools and features, IC Markets is our choice for top trading platforms overall.
The competitive advantage for IC Markets is in the advanced MetaTrader 4 trading tools available. These include economic calendars, alert managers, sentiment tools, and custom trading terminals for a sophisticated trading experience.
As well as exclusive MT4 and MT5 features, IC Markets also offers MT platforms for web trading, your iPhone, Android, or Mac to suit your trading style and location. This applies to the cTrader platforms too which also has an exclusive cAlgo platform for algorithmic traders.
Boasting the tag of the largest Forex broker on trading volume data, IC Markets offers deep liquidity meaning it is a good choice for competitive spreads.
For those who prefer automated trading, IC Markets has low latency due to the Equinix NY4 data center location with two-thirds of their trading coming from automated trading systems.
Trading Accounts
The two account types IC Markets offers are Standard and Raw Spread, with Raw Spread providing the option of MetaTrader or cTrader platforms.
Their unique Raw Spread account sources top liquidity providers to offer superior trading conditions which suit those who prefer day trading and scalping. Commissions for this account are USD 3.50/$7.00 for each standard lot. $200 is recommended to open an account unless you can meet margin requirements to open for less.
Trading Products
IC Markets has amongst the biggest range of trading products with 64 currency pairs, 22 commodities, 11 bonds, 18 cryptos, 4 global futures, and over 1600 stocks to choose from.
This includes good leverage available for commodities (500:1), bonds (200:1), and indices (200:1) for higher buying power and risk exposure.
One caveat, you have to use the MT5 trading platform to trade ASX, NASDAQ, and NYSE stocks.
Trading Platforms
Like Pepperstone, IC offers three main platform options in MetaTrader 4, 5, and cTrader.
MT4 is the most popular trading platform, while MT5 has more advanced features as well as the ability to trade more markets.
The MT4 platform has the best range of trading tools, featuring 20 exclusive tools to give your trading experience a competitive edge.
For additional trading tools, IC Market’s social trading tools include MetaTrader Signals, Myfxbook (copy trading) and DupliTrade (marketplace signals) which can be integrated with the MT4 platform. These allow you access to trading signals and strategies used by other traders.
FP Markets Offers Up to 500:1 Leverage
Our pick for top high-leverage broker, FP Markets offers up to 500:1 for Forex and Gold, up to 200:1 for major indices, and up to 100:1 for minor indices and other commodities. This gives you more freedom in risk exposure with the potential to maximize your returns.
On the trading side, Forex spreads are competitive, starting from 0 pips due to deep liquidity from top-tier institutions. FP Markets also has robust risk management tools, particularly Traders Toolbox and Autochartist, for real-time market analysis and powerful technical analysis. A unique benefit includes access to pre-open market price movements so you can get in on the action before the bell.
Another tool, Forex Trading Calendar, lets you assess market risks right there on their website to calculate margin requirements, convert live exchange rates and project your profit or loss.
Lastly, FP Markets features unique education resources in their demo account, including charting tools and volatility analysis, to develop your Forex strategy before you trade live. Multilingual customer support is another great benefit for Malay speakers.
Trading Accounts
The main two account types with this brokerage are the Standard and Raw Accounts. FP Markets also offers an Islamic account for Muslim clients in accordance with Islamic Finance Law.
The minimum deposit is just $100 AUD (or 300 Malaysian Ringgit) to open an account.
With ECN pricing, there is no dealing desk, meaning the spreads are similar to the prices liquidity providers set as the market price.
Trading Products
FP Markets offers over 60 Forex currency pairs with leverage of up to 500:1. There is also a range of indices, commodities, shares, and crypto instruments, albeit a little light compared to some other brokers.
One major selling point of using FP Markets as a broker is the maximum leverage available across the board, particularly Forex (500:1), major indices (200:1), and gold (500:1).
This means you can trade major forex pairs such as GBP/USD, USD/JPY, and AUD/USD as well as minor pairs such as EUR/GBP, EUR/AUD, and CHF/JPY with the maximum leverage.
For crypto traders, FP Markets has only a limited variety of products compared to other brokers. Also, the majority of share CFDs are only available using the MT5 trading platform for Malaysian traders.
Trading Platforms
FP Markets offers two main trading platforms, MT4 and MT5. Their Traders Toolbox can be integrated with MT4 and is suited for day traders as it houses a suite of 12 online trading tools.
Features include news feeds with trader toolbox connect, a correlation trader to find correlations between trading symbols, and an alarm manager for trading notifications.
AutoChartist allows advanced charting for MT4, while Myfxbook AutoTrade is for copy trading. FP Markets’ own Trading Platform is available should you wish to social trade via your mobile.
AvaTrade Offers Unique Risk Management Features
Don’t just take brand ambassador Usain Bolt’s word for it, AvaTrade is a bonafide fixed spread broker specialist, winning both the best fixed and lowest spread broker for 2021.
AvaTrade also has a great range of social trading tools including DupliTrade, ZuluTrade, and AvaSocial. DupliTrade and ZuluTrade offer a mixed array of trading robots you can utilize which integrate directly with MT4 while AvaSocial allows you to connect with successful traders via the intuitive AvaSocial app.
AVATradeGo is another useful in-house mobile trading app that gives access to up-to-date market news and movements. This includes a unique risk management tool called AvaProtect, which protects you from potential trading losses of up to a million dollars, for a small hedging fee cost.
Trading Accounts
AvaTrade’s main account type is specifically designed for retail investors. You can also open an Islamic account as AvaTrade is Sharia-compliant.
Like FP Markets, it’s only $100 (300 ringgit) to open an account (across all major currencies) which you can deposit using a range of E-Payment deposit options including Neteller and Skrill.
AvaTrade Spreads
The module below highlights that AvaTrade’s fixed spreads are the best in the Forex markets across most currency pairs, even better than some standard account spreads as shown in the Pepperstone section.
Trading Products
There is something for everyone with AvaTrade. Trading products encompass the full spectrum of Forex, stocks, commodities, bonds, indices, cryptos, and ETFs. The unique offering is in the Forex options available to trade using their AvaOptions platform.
These trading products can all be easily traded using their user-friendly trading platforms.
While AvaTrade is a fixed spread broker, please note that these spreads are not always entirely fixed and can vary depending on market conditions.
Trading Platforms
AvaTrade offers one of the largest ranges of trading platforms to suit your trading style and market preferences.
Along with the MT4 and MT5 trading platforms, you can use WebTrader, designed for all levels of trading with it’s easy-to-use and modern interface, as well as the AVATradeGo app which boasts advanced features for a more customized trading experience.
AvaOptions is an additional platform, not offered by other brokers, to trade call and put options which gives you access to a bigger range of financial instruments.
AvaTrade also has a good range of copy trading and social trading signals.
Overall, fixed spreads are designed for beginner traders or low-risk traders and AvaTrade is the best in this category based on spreads and trading platforms offered.
FXCM Offers The Best Trading Rebates
FXCM’s competitive advantage comes in the form of a robust rebate program which is tiered based on a notional volume per USD 10 million, suited for high-volume trading.
FXCM also has one of the fastest execution speeds of any broker on our list. This is in large part due to Trading Station (launched in 1999), one of the first platforms to give traders direct access to Forex markets.
As such, Trading Station has evolved over the last 20 years to become a powerful platform. Designed for any level of trader, it features robust charting tools for technical analysis as well as preloaded metrics that measure volume, market depth, and trader sentiment.
Winning awards for best zero commission and best FX broker in 2021, FXCM specializes in Forex with the MT4 platform integrating seamlessly for Forex trading.
Trading Account
FXCM keeps it simple with one account option that is set up according to your country of residence and platform of choice. This tailors your account to your specific trading needs.
With a minimum deposit of $50 for Malaysian traders, FXCM has a range of funding methods to start trading whilst working with some of the biggest global liquidity providers.
Leverage of up to 400:1 is available but only if you have an account balance of $50,000 or under.
Trading Products
FXCM has a smaller range of markets to trade across Forex, indices, commodities, shares, and cryptos’ It also offers over 400 stocks to trade as well as baskets in FX and stocks where you can speculate on a broader sector rather than just individual markets.
A benefit of FXCM is having the freedom in placing stop and limit orders with no restrictions due to an improved execution system. This means better control of your risk portfolio.
Trading Platforms
FXCM’s Trading Station is the big selling point, which allows you to trade using multiple trading platforms across Mac, Android, and iOS devices, particularly their Web 2.0 platform, which is designed for HTML5 and perfect for Mac users.
The platform offers powerful analytical tools including charting indicators, news and calendar alerts, and the ability to store your profile in the platform cloud.
Capitalise.ai is a new and interesting platform that allows you to automate your trading with no programming knowledge. The platform uses AI and machine learning to find the best trading opportunities and execute the trades. The platform can be used as a standalone or integrated with Trading Station.
Other trading platforms include MetaTrader 4, NinjaTrader (for more advanced analytics and charting), and the social platform, ZuluTrade as well as the social network platform, TraderView Pro.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
Fusion Offers $2.25 Commission Per 100,000 Units Traded
Featuring zero commissions for their classic account and as low as $4.50 (round turn) for their zero accounts, Fusion Markets has the lowest commissions of any Forex broker.
Fusion Markets also offers over 90 Forex currency pairs to trade, the most compared to the brokers on this list, with leverage of up to 500:1.
Trading Accounts
Offering a choice of classic or zero account types, the trading account features is where Fusion Markets stands out. In addition to having the lowest commissions, Fusion Markets also boasts no deposit fees. In addition to multiple e-payment options, Fusion Markets’ funding methods feature includes local transfers from Malaysian bank accounts.
Trading Products
With over 90 Forex Pairs, Fusion Markets has amongst the highest offering of foreign exchange markets to trade.
While not extensive, Fusion Markets also offers a good balance of other trading product options across Indices, Shares, Commodities, and Cryptos.
Please be aware though, you can only trade share CFDs with MT5.
Trading Platforms
Fusion Markets only offers the two standard trading platforms, MetaTrader 4 and 5, but they both have different but unique features.
MT4 has 30 trading indicators, 33 analytical tools, and the ability to hedge.
Their MT5 platform is provided by MetaQuotes and powered by Fusion Markets itself, giving the broker a competitive advantage when it comes to multi-asset trading and additional features, including 33 trading indicators, 68 analytical tools, and one-click trading.
There is also Myfxbook for auto trading, DupliTrade for copy trading, and the bonus option for virtual trading using a Sponsored VPS.
As a Malaysian trader, there’s a lot to consider when comparing the lowest spread forex brokers. For a start, each broker will offer a different range and volume of markets to trade. This means some brokers might offer tighter spreads across certain currency pairs.
Also, most brokers on the list have Electronic Communication Network (ECN) ‘like’ pricing due to having no dealing desk. This usually means you will see brokers give you the choice of an account with commissions or no commissions. Some brokers are market makers (i.e. they use their own liquidity to create a market) so they don’t have a commission (e.g. Eightcap). For those brokers that aren’t market makers (e.g. Pepperstone), they may offer other advantages in addition to competitive spreads.
As such, we have separated each broker on our list into an area of specialty. Quite often brokers will have at least one point of difference to give them a competitive advantage over other brokers. For our broker reviews, we not only break down this competitive advantage but identify other key features that factor into your trading experience and preferences.
To see a full range of key considerations for Malaysian brokers, you can check out the homepage of Compare Forex Brokers.
Not All Brokers Accept Malaysian Clients
All brokers on this list accept Malaysian clients. However, if you choose brokers outside this list, you should check if they accept Malaysian clients. FBS for example does not accept Malaysian clients. You can usually find this information on the broker’s website.
Note For Traders Outside Malaysia
While this page is targeted at Malaysian traders. It is worth noting that regardless of which country you are in, it is highly recommended you trade with a broker (or more specifically the broker’s subsidiary) that is using oversite from your country’s financial regulator.
Using Pepperstone as an example: If you are in Australia, you should be trading with Pepperstone Group Limited which is regulated by ASIC. Traders in the UK should be trading with Pepperstone Limited which is regulated by the FCA. If you are in the UAE then you should trade with Pepperstone Financial Services (DIFC) Limited, this subsidiary has oversite from DFSA.
Pepperstone at this time does not have an entity regulated by the Markets Authority Of Singapore (MAS), so traders in Singapore should consider other brokers with a Singapore-based subsidiary. Brokers with Singapore subsidiaries include OANDA, CMC Markets, IG Markets, City Index, Saxo Bank, and Plus500.
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