Best MT4 Brokers In Malaysia

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.

FOREX.com is a strong MetaTrader pick for Malaysian traders who want a heavily regulated broker. It is regulated by the FCA, ASIC, CFTC and CySEC among others and is owned by the NYSE-listed StoneX group. You can run MetaTrader 4 and MetaTrader 5 for automated trading and EAs, or TradingView for advanced charting, across 80+ currency pairs plus indices, commodities and shares, with spread-only or RAW pricing.

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.

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. Malaysian traders are served by Raw Trading Ltd., regulated by the Financial Services Authority (FSA) of Seychelles, where forex leverage can reach up to 1:1000.

We tested the spreads of 20 brokers and found that IC Markets is the best choice to save on trading costs. IC Markets not only has the tightest spreads for Standard accounts but also for its RAW spread account.

Lowest Standard Account Spreads

With commission costs included in the spread minimising your trading cost variables, we recommend the Standard account for any trader.

To test who had the most competitive Standard account spreads, we conducted a thorough analysis of 15 top brokers using six major currency pairs: AUD/USD, EUR/USD, GBP/USD, USD/CAD, USD/CHF, and USD/JPY.

Our results highlighted IC Markets as the broker with the lowest average spread of 1.03 pips. This translates to an average trading cost of USD 9.63. IC Markets averages 0.73 pips for the EUR/USD pair (placing them 1st), 0.82 pips for AUD/USD (2nd) and 1.08 pips for GBPUSD (3rd).

The industry average was 1.49 pips, highlighting how competitive IC Markets’ spreads are.

It’s important to keep in mind that the spread represents the minimum amount that your trade needs to move to realise 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:

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).

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.

Headquartered in New Zealand, BlackBull Markets operates under the regulatory oversight of the Financial Markets Authority (FMA). As a Malaysian trader, you’ll be onboarded through the broker’s offshore regulator, the Financial Services Authority in Seychelles (FSA).

From our testing, BlackBull Markets stood out with the fastest execution speeds we’ve seen. We also like BlackBull Markets’ range of platforms which include MT4, MT5, cTrader and TradingView and a solid selection of social trading tools.

Fastest Execution Speeds

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.

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

Other Benefits of BlackBull Markets

Other notable features we appreciated include the huge leverage of 1:500 on offer, a solid range of trading platforms (MT4, MT5, cTrader and TradingView) and a huge range of over 23,000 physical shares on its own, proprietary share trading platform.

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.

MetaTrader 4, MT5 And TradingView

FOREX.com gives Malaysian traders the full MetaTrader line-up plus TradingView and its own Web Trader. MT4 remains the go-to for Expert Advisors and automated strategies, MT5 adds more order types and asset classes, and TradingView brings professional charting. The standard account is commission-free with the cost in the spread, while the RAW account tightens spreads and adds a commission.

FOREX.com operates under the NYSE-listed StoneX Group, one of the world’s largest financial services firms. For Malaysian traders that means the backing of a heavily capitalised, multi-regulated parent, with oversight from the FCA, ASIC, CFTC and CySEC among others.

We recommend IG because it boasts over 17,000 markets to trade. Markets include 11,000+ shares, 31 cryptos, 97 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.

Founded in 1974, IG is one of the world’s oldest and largest forex brokers and is licensed by local financial regulators to operate in more countries than most brokers. From our broker analysis, 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.

Largest Range of Products

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.

From all the brokers we have reviewed, IG Markets boasts over 13,000 trading products, the largest we’ve seen, making it very attractive for Malaysian traders who want to diversify their portfolios. Not only is the product selection wide, the range of asset classes is diverse, ranging from forex, shares, indices and commodities to complex derivatives such as ETFs and options.

Solid Proprietary Platform Experience

IG Group offers a solid range of platforms, including MT4, ProRealTime, L2 Dealer and its own proprietary platform. L2 Dealer and ProRealTime are more advanced platforms, offering direct market access trading (L2 Dealer) and more sophisticated tools for market analysis (ProRealTime).

We found IG Group stands out, however, with its proprietary platform. When we signed up for a demo account to test the IG trading platform, we found it has 22 timeframes, 20 drawing tools and 5 chart types. With a user base of 300,000 clients, we also found the client sentiment data allowed us to predict trend reversal as it shows the percentage of traders buying and selling currency pairs.

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.

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

Lowest Commission Costs

When selecting a RAW account that uses an electronic communication network (ECN) or straight-through-processing (STP) for trade execution, it’s crucial to choose a broker with low commission costs and competitive spreads.

Fortunately, Fusion Markets offers both, from our analysis. We analysed the commission costs of 40 Forex brokers and found that Fusion Markets, with a round-turn commission per lot of USD $4.50, is 45 to 55% lower than the $6.00 or $7.00 commission brokers typically charge.

You can see how low Fusion Markets’ commissions are below, compared to a range of other top brokers.

Competitive Spreads

It is not just the saving on commission costs you will get with Fusion Markets but also 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 FOREX.com (Australia) and IC Markets.