The top trading software in Malaysia can use robot, algo and copy or social trading. Find the best platforms in 2023 to automate your trading and free up your time to do other things.
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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.33 |
SCG, ASIC FCA, CySEC |
1.12 | 1.69 | 1.22 | 0.1 | 0.6 | 0.3 | $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 |
|
|
8.50 | FMA, FSA | 1.20 | 1.4 | 1.7 | 0.23 | 0.72 | 0.65 | $3.00 |
|
|
|
72ms | $0 | 64+ | 11+ | 500:1 | 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 |
|
|
7.17 |
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 |
|
|
7 |
ASIC, FCA, CySEC FSCA, FSC BVI |
1.6 | 1.6 | 1.9 | - | - | - | - |
|
|
|
150ms | $100 | 54+ | 24+ | 30:1 | 300:1 |
|
The trading platform is your gateway to the forex markets. Nowadays, you have a choice of trading platforms that can make your trading processes easier for you. However, choosing which one is best can be confusing. This is why we have tested and ranked the best trading platforms in Malaysia and recommended a broker to use the platform with.
MetaTrader 4 Is our preferred trading platform
We rate The MetaTrader 4 platform as the best in the market for its versatility and reliability. MT4 is an all-in-one solution – it has a solid range of customisable charts for technical analysis, automation capability through bots known as Expert Advisors and copy trading by signing up to MQL4 Signals. Other features include the ability to create your own indicators and algo scripts and integrate with a walth of 3rd party apps.
Key MT4 Highlights
Released in 2005, MetaTrader 4 was one of the first trading platforms available that retails traders can download and use to trade with from home.
Why we like MetaTrader 4
According to MetaQuotes (the parent company to MetaTrader 4), in 2021, MT4 generated 74.9% of the forex trading volume. This shows that traders worldwide prefer to trade using the MT4 platform to access these features. [1]https://www.financemagnates.com/forex/metatrader-4-or-5-which-one-is-the-king-of-forex-trading/
With such a large trading community, you know you are going to be getting one of the most reliable trading platforms available.
We recommend the MetaTrader 4 for its customisation tools and the simplified interface that works with any trader. You can customise every aspect of the MT4 charts and UI, from the 9 timeframes, 23 graphical objects and 30+ indicators to colours and number of charts showing. These feature ensure you can set up your page how you like to take advantage of all the technical analysis tools MT4 provides to make trading decisions.
Another reason we like MT4 is for its Expert Advisors (EAs). These are bots or scripts you can buy, build yourself or have someone create for you (from the large MT4 trading community) to automate your trading or create custom indicators. EAs use algorithms to help monitor financial markets and open or close trading positions based on your filters.
Pepperstone Is Our Pick For MetaTrader
In our Best Forex Broker ratings, Pepperstone scored 91/100. With tight spreads, 4 trading platforms to choose from, 3 social trading apps and 1200+ trading instruments Pepperstone provides solution for all traders.
Pepperstone Has The Best Execution Speed For Limit Orders
When it comes to limit order execution speed, Pepperstone average 77 ms, which placed them 2nd in our speed testing. Limit orders include the following types of orders – buy limit, sell limit, buy stop and sell stop. Pepperstone also finished in top 5 for market execution speed with an average 100 ms.
As a trader, getting your trade at a level that is more favourable than the market price will better help you achieve your profit goals and a fast limit order speed will help you achieve this.
Pepperstone has Excellent Tools to use with MT4
One of the appealing aspects of MT4 is that it allows you to integrate the platform with extra plugging and 3rd party apps.
Pepperstone Smart Trader Tools
MetaTrader 4 feature-packed in its own right but Pepperstone provides you with a suite of MT4 plug-ins known as Smart Trader Tools. These plug-ins give you even more functionality with MT4.
Smart Trader Tools features include:
We think this additional MT4 plugin improves the MT4 platform for all traders because there are features that can benefit each trading style.
Other tools with MT4
Capitalise.ai is a worthy alternative to EAs should you wish to automate your trading and the software integrates with MT4. The advantages of Capitalise.ai is that you can create your own algos and backtesting using everyday english rather than code.
For social trading, Myfxbook can integrate with MT4. Myfxbook helps you find the most successful traders (all who are vetted and verified) in its 90,000 strong community to automatically copy.
DupliTrade is similar to Myfxbook but has a focus on copy trading rather than social trading. This software uses filters to help you find traders to copy based on your trading style or preferences.
Best at opening your account
Getting started with a broker should be as frictionless as possible. If you want to open an account with a broker, chances are you would like to get funded and trade on the same day.
We tested 20 brokers by opening an account with them to determine how long this account process would take. In this test, we had 15 checks to be met to be considered a fast account opening process. Pepperstone scores of 15/15 and was one of the only brokers that allowed us to open an account and get it funded on the same day.
Pepperstone Accounts Types
Pepperstone has two account typed, a commission-based trading account (Razor Account) and a spread-only trading account (Standard Account).
If you are new to trading, the Standard Account is ideal as the trading costs are easy to account for. Since there are no commissions, you will only need to pay the spread, allowing you to more easily see your true PnL. Spreads with this account start from 1.0 pips.
With a Razer account, you pay your commission and a small spread (as low as 0.0 pips). The commission is $7 per lot round trade. Pepperstone achieves these low spreads because they are an STP (straight-through processing) broker.
The Razor account is suitable for scalpers because of how they trade, and they need to have fast execution and the tightest spreads possible.
CompareForexBroker’s Verdict on Pepperstone for MetaTrader 4:
Pepperstone is a top choice for all traders. I recommend Pepperstone for the MetaTrader 4 platform specifically because they have tight spreads, fast execution times, are easy to use and provide helpful tools that can improve your trading.
View Pepperstone ReviewVisit Pepperstone
MT5 allows trading with the all CFD Financial products
The MT5 platform is our recommended choice if you want a true multi-asset experience without sacrificing the familiarity of the MetaTrader 4 platform.
Being a newer and more powerful version of the MetaTrader 4 platform, MT5 can offer more technical indicators and processing capabilities. Plus, the ability to trade shares and certain cryptos which MT5 cannot.
Key MT5 Highlights
MetaTrader 5 Is An Upgrade On MetaTrader 4
MT5 adopts many features from the MT4 platform and improves on them. These features include depth of market (DoM) data, an upgraded programming MQL5 language for better EA development, 64 bit processing for more powerful backtesting and these are not the most notable changes.
Unlike MT4, MT5 is built for trading products like shares and certain cryptocurrencies which require a central exchange as well as decentralised products like Forex. For this reason we think you will appreciate powerful analysis tools like 38 technical indicators, 44 analytical objects, 21 timeframes, 1 minute history and unlimited charts. Along with 6 pending order types these changes represent a big increase on MT4 and thus, better opportunities to identify trading opportunities.
MetaTrader 5 Pros and Cons
Pros
Cons
IC Markets has the Lowest MetaTrader 5 Spreads
Lowering your spreads is one way of increasing your profit margins. In our test to find the lowest spread brokers, our Chief Technology Researcher, Ross Collins, ranked IC Markets 1st place for the lowest Standard Account spreads and for Raw spreads..
Ross found that IC Markets had an average spread of 1.03 pips when we combined the average spread for the 6 currency pairs we tested (AUD/USD, EUR/USD, GBP/USD, USD/CAD, USD/CHF and USDJPY). All up this equates to an average spread cost of $9.63 per lot, far outperforming its competitors. IC Market finished in the top 2 for each tested pair. For the most popular pair – the EUR/USD, the broker averaged 0.73 pips (1st overall).
| Broker | Average Spread | EURUSD | AUDUSD | USDCAD | USDJPY | GBPUSD | USDCHF |
|---|---|---|---|---|---|---|---|
| IC Markets | 1.03 | 0.73 | 0.82 | 1 | 1.09 | 1.15 | 1.4 |
| CMC Markets | 1.11 | 0.8 | 0.77 | 1.5 |
1.17 | 1.08 | 1.31 |
| Fusion Markets | 1.19 | 1.01 | 1.02 | 1.17 | 1.27 | 1.23 | 1.44 |
| TMGM | 1.21 | 1 | 1.03 | 1.31 | 1.26 | 1.21 | 1.43 |
| Admiral Markets | 1.31 | 0.74 | 1.1 | 1.83 | 1.32 | 1.11 | 1.75 |
| FXCM | 1.47 | 0.93 | 1.31 | 1.96 | 1.38 | 1.39 | 1.84 |
| Pepperstone | 1.46 | 1.21 | 1.24 | 1.6 | 1.55 | 1.5 | 1.67 |
IC Markets also finished top for best spreads for RAW commission based accounts in our tests. The broker has an average of 0.32 pips for the same currency pairs and a tight 0.19 pips for EUR/USD.
| 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 Trading Accounts
IC markets provide two accounts that can be used with the MetaTrader 5 platform. These are the Standard Account and the RAW Spread Account.
Like with Pepperstone, the Standard account is good for beginner traders since it has no commission. Spreads start from 0.6 pips.
The RAW spread account is spreads from 0.0 pips for major pairs with commission being USD$6.00 per lot. This account is the preferred choice of advanced traders.
CompareForexBroker’s Verdict on IC Markets for MetaTrader 5:
IC Markets is our recommended broker for MetaTrader 5 because of their wide range of trading products, backed with tight spreads.
TradingView has over 100 trading indicators
TradingView is the perfect trading platform if you demand powerful trading indicators and tools to help improve your trading. With over 100+ trading indicators and unique features like the asset screener, we recommend TradingView for the more experienced traders who wish for deeper analysis tools.
Key TradingView Highlights
Key Features Of TradingView
If you day trader or swing trader then charting will be important to you. With
TradingView in our opinion is the best technical analysis charting software in the market.
We think you will find the Asset Screener tool useful. This tool helps you sort through thousands of assets based on the criteria you define in the filters. Filters can be data based or even using technical indicators like candlestick and chart patterns.
TradingView Pros and Cons
Pros
Cons
BlackBull Markets has Fast Execution and High Leverage.
When trading using third-party platforms, the time it takes to send the order from the platform to the broker is essential.
BlackBull Markets offer the fastest execution speeds available according to the test done by our colleague Ross Collins. The broker finished top in our tests for limit orders with 72 ms and second for market order speeds with 90 ms.
What this means for you as a trader is that you can be confident that you are getting the best execution for your orders without the uncertainty of a missed fill or slippage.
The Highest Leverage with BlackBull Markets
The FMA (New Zealand Financial Markets Authority) regulates BlackBull Markets. The FMA are more relaxed with leverage than its counterparts, such as the ASIC and FCA where leverage is limited to 1:30.
BlackBull Markets offer up to 1:500 leverage when trading forex. While leverage is beneficial when used right, it can lead to oursized losses, if movement are unfavourable. With this in mind, we think its a good thing BlackBull Markets has such fast execution speed as this reduces the chances of negative slippage.
BlackBull Markets Trading Accounts
BlackBull Markets offers three trading accounts with exceptional execution speeds and tight spreads.
Most traders will use the Standard or Prime account due to the deposit requirements.
CompareForexBroker’s Verdict on BlackBull Markets for TradingView:
We recommend BlackBull Markets for its exceptional execution speeds and high-leverage options. You can take advantage of the fast market executions to ensure their trades are filled and reduce the chances of slippage (which can be costly).
They also give you enough leverage to take control of larger positions with lower deposits, which more risk-taking traders want. The features and TradingView make BlackBull Markets a strong choice for a more experienced trader.
cTrader is our choice for Scalpers or traders who analyse order blocks through the Depth of Market tool. The platform provides an easy-to-access tool showing the depth of markets and a built-in ladder, ready for you to submit your orders at the price levels you want.
Key Highlights
cTrader is a multi-asset trading platform that works with ECN/STP brokers to maximise execution speeds. Its integration with ECN brokers allows it to connect to multiple liquidity providers and display the depth of markets directly in cTrader.
In many respects, cTrader is a polished version of the MetaTrader platforms with its ability to:
We think the depth of the market tool is a useful feature as it means you know what the true market price should be.
In particular, the price ladder is much more intuitive than what the MetaTrader 5 platform offers. We like that the price ladder gives the last four pips as digits instead of displaying the total price. Because, as a scalper, these are the figures you care about, and you can tell that cTrader understood this when designing the platform.
As you can see in the image above, you can see the markets’ prices with current orders. This information can be invaluable for trading, depending on your trading strategies. You will benefit from the depth of market access if you are the following:
cTrader Pros and Cons
Pros
Cons
FP Markets Just Started Offering cTrader
To take advantage of what cTrader offers, I recommend FP Markets, which provides the following:
Interestingly, FP Markets allows you to choose between a standard and RAW account with cTrader. Many brokers only have a commission based account with cTrader. Commissions are USD $6.00 per lot with the RAW account.
CompareForexBroker’s Verdict on FP Markets for cTrader:
We recommend FP Markets because you can use both Standard and RAW accounts with cTrader. You can also get free tools like AutoChartist, which provides trading ideas within cTrader.
eToro Allows Collaboration with Expert Traders
Our top platform for social and copy traders is eToro. While most brokers allow integration with 3rd party software for social trading, eToro is one of the few platforms with traditional and social trading. Social trading is useful if you are new to trading since you can leverage the expertise of other traders while learning how to trade.
Key Highlights
While eToro has a host unique features that make them stand out, we liked the CopyTrader feature of eToro (after all, that is what they are best known for). eToro has made the entire trader database searchable through filters.
So you can find traders that meet your criteria. E.g.:
As you can see, based on these criteria, it narrowed 145,900 traders down to 463. Now, all I have to do is click Copy to Invest, and then I will follow my selected trader’s trades automatically.
Not only can you search for a trader you want to copy with a click of a button, but it also tells you in plain English how much you are investing and how much your investment value has to drop before it closes.
eToro Account Type
Unlike other brokers, eToro is both the platform and broker. They offer an extensive range of assets and attract traders who want to use the CopyTrade features.
eToro only has one Standard Account, granting access to all its features. You do not get a choice of how to pay like other brokers. eToro standard accounts are spread-based fees only.
There is no commission even when trading stocks, which is a bonus. The spreads start from 1 pip but are not the lowest compared to the other brokers on this list.
CompareForexBroker’s Verdict on eToro:
eToro is ideal if you prefer to leverage expert traders’ experience. You can access and review the performance of a wide range of experts on the platform, providing transparency to choose the right traders to follow.
Capitalise.ai helps you create algos with no code
Automating your trading has several advantages but can be intimidating as many tools require some knowledge of coding. Capitalise.ai solves this by allowing you to create algo even if you have computer programming skills.
Key Features
Capitalise.ai allows you to create automation instructions using plain English. We think this tool is fascinating because programming tools on MT4 and TradingView using MQ4 and Pine scripts, can take a while to learn.
With Capitalise.ai, you simply type your idea into the chat box, and it’ll work with you step by step to output a trading strategy for you to use. Then you can backtest it to see how it performs.
We set up an account to test Capitalise.ai using Eightcap’s trading account. You simply enter your Eightcap MT4 details, and you get instant access.
When we tested the program, we are impressed how simple it was to create a strategy. All we needed to do was tell the AI what we wanted it to do and we had out scrip up and running in less than 10 minutes.
Then testing the new strategy was just as easy. You can also test the strategy using past data before making it live.
I like the concept of Capatilise.ai, and it’s an excellent platform for novice traders who want to automate their strategy but do not know any code.
Capitalise.ai Pros and Cons
Pros
Cons
Eightcap has a Huge Range of Cryptos for Trading
We recommend Eightcap as the best broker for Capitalise.ai, thanks to its extensive range of cryptocurrencies and Forex pairs. Just know that you will need an MT4 account to use Capitalise.ai.
Eightcap Trading Account Types
You can choose from two account types on Eightcap. These are a Standard Account and a RAW account.
CompareForexBroker’s Verdict on EightCap for Capitalise.ai:
Eightcap is a low-spread broker that offers an extensive range of trading products with the broadest range of tradeable crypto assets and Forex pairs available. Through Capitalise.ai, they simplify strategy generation and testing, allowing anyone to create an automated trading strategy.
| Platform | Devices | Indicators | Assets | Customisable Charts | Trade on Charts | Automated Trading |
|---|---|---|---|---|---|---|
| MetaTrader 4 | Web Windows Mac Linux iOS Android |
30+ pre-built in. Can create your own. | Forex Crypto Indices Commodities |
Yes | Yes | Yes |
| MetaTrader 5 | Web Windows Mac Linux iOS Android |
38+ pre-built in. You can make your own. | Forex CFDs Indices Crypto Bonds Commodities |
Yes | Yes | Yes |
| TradingView | Web Windows Mac Linux iOS Android |
100+ pre-built in. Can create your own. | Forex CFDs Indices Crypto Commodities |
Yes | Yes | No |
| cTrader | Windows Mac Linux iOS Android |
50+ pre-built in. Can create your own. | Forex CFDs Indices Crypto Commodities |
Yes | Yes | Yes |
| eToro | Web | 100+ indicators (uses TradingView Charts) | Forex CFDs Indices Crypto Commodities |
Yes | No | Yes through Copy trading |
| Capitalise.ai | Web | Eight technical indicators and 4 Price Action Indicators | Forex Indices Crypto Commodities |
No | No | Yes |
MetaTrader 4 offers an overall comprehensive trading experience from which most traders can benefit out of the box. For traders who want to customise their platforms, you can customise everything from charts to indicators.
For beginners who want to avoid taking the time to learn to trade, eToro is the best trading platform in Malaysia for beginners. You can cut out the learning phase by copying verified and experienced traders on the eToro platform for free. All you have to do is pay the spread.
If you want to trade manually, then the MT4 platform would be best because it has a large community of traders from which you can interact and learn. As well as, having a beginner-friendly user interface makes the MT4 platform easy to understand.
Malaysia accounts for approximately 5.5% of the global currency markets but it’s responsible for generating the most forex trading volume in Africa. At the same time, according to a recent study, 92% of all trading operations in the foreign exchange market were algorithmic trading.
With automated trading, Malaysian traders can start building a passive income stream. However, you need to choose the right automated trading software and a known programming language so that you can automate your trading strategies.
Our team of industry experts at Compare Forex Brokers has put together a list of the Legit Automated Trading Software for traders with different levels of trading experience. Whether you want to take advantage of the auto trading feature or the copy trading feature or you simply want to start backtesting a new trading idea, you can choose from these automated trading platforms:
How Many Types Of Automated Trading Are There?
Three broad categories can be distinguished among automated trading applications:
Why Use Auto Trading?
Automated trading comes with several advantages that retail forex traders in Malaysia can fully take advantage of. With the help of automated trading platforms, FX traders can:
How To Start Automated Forex Trading In Malaysia
The first step you need to take before you start algorithmic trading is to choose a forex broker that allows automated trading. Some of the best brokers that allow automated trading systems and are fully regulated by the FSCA are Pepperstone, Markets.com, IG Markets and AvaTrade.
Once your trading account gets approved, use the automated trading software provided by your brokerage trading firm to build your own algorithms or simply start copy trading via trading signals. To become an algorithmic trader you only need to have 3 skills: programming skills, financial markets knowledge and a proven trading edge.
Finance Magnates MT4 vs MT5 guide.
Ask an Expert
I want to open an account with you to trade with your automated trading facility.
We don’t personally offer an automated trading facility, however, feel free to sign up with any of the recommended brokers on this page. A new broker to consider is eightcap. They have Capitalise.ai which is a very good platform to automate your trading.
Sorry, we don’t have an automated trading facility. We compare forex brokers, we do not provide trading services ourselves.