This page looks at the best Forex brokers for traders in Malaysia. When choosing a broker, one needs to consider features such as trading accounts, spreads, trading platforms, and products. See the best brokers in our forex broker comparison for Malaysia.
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The accounts to trade with virtual currency in Malaysia is.
| 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 |
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 |
|
|
8.17 | 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 |
|
|
7.17 |
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 |
|
|
6.67 |
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 |
|
|
7.28 |
FCA, CySEC, CIMA NFA/CFTC, CIRO, JFSA |
1.2 | 1.6 | 1.4 | - | - | - | $6.00 |
|
|
|
30 ms (May 2023) | $100 | 80+ | 8+ | 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 |
|
We created the best Malaysian Forex brokers review based on love accounts but understand that demo account can be different. We refined this list based on accounts that offered a free environment to find the best forex trading platform in this category.
Forex Panel Score
Average Spread
EUR/USD = 0.06
GBP/USD = 0.73
AUD/USD = 0.27
Trading Platforms
MT4, MT5, TradingView, Capitalise.ai
Minimum Deposit
$100
Why We Recommend Eightcap
Eightcap is a broker that offers a wide range of trading products, narrow spreads, a selection of financing alternatives (from bank transfers to e-payment solutions), and larger leverage (up to 500:1). Eightcap is an excellent choice if you wish to trade cryptocurrency. With the fantastic trading tools for the MT4 and MT5 trading platforms, these trading advantages are further increased. With 24/7 multilingual customer service, Eightcap is also client-friendly.
Pros & Cons
Broker Details
Eightcap has a range of features that make it our best broker overall
A diverse array of trading products, tight spreads, a range of funding methods (from bank transfer to e-payment options) as well as higher leverage (up to 500:1) means Eightcap has multiple trading advantages. If you want to trade cryptocurrencies then Eightcap should definitely be your number 1 choice.
Those trading advantages are enhanced further with great trading tools for the MT4 and MT5 trading platforms explained below.
Eightcap is also customer friendly, with multilingual customer support 24/5.
Trading Accounts
There are two account types, Standard and Raw. You will get tighter spreads from the Raw Account due to paying a $7 commission (round turn) whereas there is $0 commission for a Standard account but slightly wider spreads on average.
The initial deposit is $100 in the base currency of which there are multiple deposit and withdrawal methods, including e-payment.
Trading Products
While slightly light on Forex pairs (40 in total) in comparison to other brokers, Eightcap has a larger range of cryptocurrencies (250) and stocks (over 400). Eightcap also offers higher leverage for Forex and hard commodities markets at 500:1.
Cryptocurrencies are where Eightcap truly shines with over 250 derivatives to choose from including Bitcoin, Etherium and dogecoin CFDs. Not only do they offer over 120 cryptos matched to the USD, but you can also trade 20 cryptos with other fiats such as AUD, EUR, GBP, CAD and even MAX (Mexican Piso) and BTC.
With such a large range, Eightcap surely offers the most extensive range of any CFD broker in the market. Not only is the crypto range extensive but they compare favourably to other CFD brokers when it comes to spread costs.
Trading Platforms
While Eightcapt only offers the two MetaTrader trading platforms, MT4 and MT5, there is a range of added trading tools, making them more robust.
Both platforms are available to trade via desktop and mobile but only MT5 can use WebTrader with Eightcap. MT4 is an excellent platform in its own right, so much so that it is the most used platform in the world for forex trading but if you want more trading tools for better fundamental and technical analysis then MT5 is the way to go.
If you wish to trade shares and cryptocurrencies, then you should use MT5 since this platform allows access to the full range of these crypto products, compared to MT4 which is still substantial but not all-encompassing.
Lastly, one unique platform with Eightcap is Capitalise.ai which allows you to automate your trading with no programming ability. To use this feature, you will need to use MT4.
Verdict On Eightcap’s Demo Platform
We lived the diversity of trading platform, ease of opening and tight spreads offered by the broker which is why we named it the best in the category.
Forex Panel Score
Average Spread
EUR/USD = 0.1
GBP/USD = 0.6
AUD/USD = 0.3
Trading Platforms
MT4, MT5, cTrader, TradingView, Capitalise.ai
Minimum Deposit
$0
Why We Recommend Pepperstone
Pepperstone offers three trading platforms for traders of all experience levels. The most widely used trading platform is MetaTrader 4, whereas MetaTrader 5 is more powerful and adaptable for more seasoned traders. Pepperstone also offers cTrader for those seeking something unique. If you wish to trade forex and need depth of market (DoM) and additional charting features, cTrader is a fantastic choice.
Pros & Cons
Broker Details
Pepperstone Offers No Commission Accounts With The Best Spreads
Market Maker brokers tend to offer the best spreads when it comes to no commission accounts, while Pepperstone is no market maker, they recently dropped their spread for standard accounts. So much so that with a minimum spread of 1.0 pips for EUR/USD, their spreads match or are superior to market makers.
Pepperstone combines multiple factors well, ranging from competitive spreads, robust trading tools, and around-the-clock customer support (including weekends).
With 62 foreign exchange markets to trade, Pepperstone has amongst the tightest spreads across all currency pairs due to getting pricing from multiple Tier 1 banks. Using tier 1 banks means better liquidity with no dealing desk. Also by using servers in the same data centres as the liquidity providers, Pepperstone can achieve speeds of less than 30ms, meaning less right of slippage.
To optimise your strategy once you start trading, Pepperstone offers a robust set of trading tools, particularly, Smart Trader, which has 28 trading apps with a range of expert advisers and indicators.
For Malaysian investors, Pepperstone is licensed and regulated by the Securities Commission of the Bahamas (SCB). Having an offshore regulator means the ability to trade with higher leverage (up to 500:1 for professionals, and 200:1 for retail investors).
As well as 24-hour customer support on weekdays, Pepperstone is unique in offering 18-hour support on weekends.
Trading Accounts
Similar to Eightcap, the two options you have are Standard and Razor accounts. Standard is for beginners and Razor is for more advanced traders. A standard account will have slightly wider spreads (0.6 pips on average) but no commission. The Razor account gives the lowest possible costs making it good for experienced traders such as scalpers and algorithmic traders.
There is no minimum deposit to open an account. However, 200 USD is suggested (or roughly 600 Malaysian Ringgit). You also have the option of a free demo account. As an Islamic country, Malaysian investors also have the added benefit of a swap-free account, which is interest-free but incurs administration fees if a trade is held for more than 10 days.
Standard Account Spreads
For standard accounts, Pepperstone has amongst the best spreads in Forex compared to other brokers as highlighted below. This module captures the average spreads that brokers publish on their websites and updated them each month.
What is especially notable is that Pepperstone’s no-commission account spreads match or are superior to their competitors across all currency pairs.
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
1.12 | 1.22 | 1.40 | 1.69 | 1.47 |
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
|
0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
|
0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
|
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 |
|
1.10 | 1.30 | 1.30 | 1.30 | 1.30 |
|
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 |
|
1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
|
1.12 | 1.64 | 0.86 | 1.30 | 1.38 |
|
1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
|
1.20 | 1.30 | 1.50 | 1.30 | 1.20 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Trading Products
As a dedicated CFD broker, Pepperstone offers trading CFDs for a diverse range of indices, commodities, ETFs, individual shares, and of course, cryptocurrency markets.
If having a diversified portfolio is important to you, Pepperstone has plenty of options to spread your risk across multiple financial instruments.
Trading Platforms
Pepperstone offers three trading platforms for all levels of traders.
MetaTrader 4 is the most popular trading platform whilst MetaTrader 5 is for more experienced traders, with advanced and flexible customising options.
For something different, Pepperstone also offers cTrader. cTrader is a good option if you want to trade forex, and want depth of market (DoM) and extra charting features. It is also faster, making it a preferred choice for traders.
Pepperstone also has some useful social trading tools for your MT4 platform, MetaTrader Signals, Myfxbook, and DupliTrade. These allow you access to trading signals and strategies used by other traders.
Forex Panel Score
Average Spread
EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17
Trading Platforms
MT4, MT5, cTrader
Minimum Deposit
$0
Why We Recommend IC Markets
IC Markets is the top MT4 broker because it offers cutting-edge trading tools for MT4, including 20 more exclusive trading tools to enhance your trading experience. ZuluTrade and Myfxbook Autotrade are further tools for social trading and copy trading that interact with MT4.
Pros & Cons
Broker Details
IC Markets’ MT4 Comes With Advanced Tools To Enhance Trading
IC Markets has the distinction of being the largest Forex broker in trading volume, which simply means it is a trusted broker, globally. Where IC Markets stands out is in its range of trading products with 64 currency pairs, 22 commodities, 11 bonds, 18 cryptos, 4 global futures, and over 1600 stocks to choose from.
Their unique Raw Spread account sources top liquidity providers to offer superior trading conditions, including low latency due to the NY server location.
We chose IC Markets as the best MT4 broker since it comes with advanced MT4 trading tools available which consist of 20 extra exclusive trading tools to supercharge your trading experience. Other tools that integrate with MT4 include ZuluTrade and Myfxbook Autotrade for social trading and copy trading.
Trading Accounts
The two types of accounts you can open are Standard and Raw. Standard is the option for discretionary traders whilst Raw is for the day traders and scapers. IC Markets recommends a minimum deposit of $200 to open an account. You can open with less but you will need to meet margin requirements to open a position. You can minimise potential losses with a 50% stop-out level.
The commission is on the cheaper side ($0 for Standard, $7 round turn for Raw) and a free demo account is available to test out the platform.
Trading Products
As mentioned, IC Markets has one of the more diverse ranges of trading products compared to other brokers. This includes higher leverage on average for commodities (500:1), bonds (200:1), and indices (200:1) meaning more buying power in the market.
One important point to highlight: you can only use the MT5 trading platform for ASX, NASDAQ, and NYSE stocks.
Trading Platforms
The three main options are MetaTrader 4, 5, and cTrader. All trading accounts are safe choices but MetaTrader 4 and 5 are among the most popular platforms. Having access to advanced MT4 trading tools gives IC Markets a competitive advantage. These tools include economic calendars, alert managers, sentiment tools, and custom trading terminals to further enhance your trading experience.
Those looking for account mirroring (the ability to copy trades) can use MyFxBook AutoTrade and ZuluTrader is available for social trading.
Forex Panel Score
Average Spread
EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.2
Trading Platforms
MT4, MT5
Minimum Deposit
$50
Why We Recommend FP Markets
FP Markets is a broker that excels in low spreads, powerful risk management tools, and excellent customer assistance. The broker provides excellent liquidity from top-tier suppliers along with continuously tight spreads in forex (starting at 0 pip). FP Markets offers a demo account with educational materials on Forex market basics, such as charting tools and volatility, for those wishing to create a strategy prior to trading live.
Pros & Cons
Broker Details
FP Markets Offers Tight Forex Spreads And Low Minimum Deposit
FP Markets has three things it does well: low spreads, robust risk management tools, and great customer support. The broker offers consistently tight spreads in Forex (from 0 pips) with great liquidity from top-tier providers. For those wanting to develop a strategy before trading live, FP Markets offers a demo account with educational resources on Forex market fundamentals including charting tools and volatility.
Their Traders Toolbox which you can use with MT4 and MT5 is perfect for day traders as it includes a suite of 12 online trading tools with real-time market analysis. With multilingual customer support, FP Markets caters to Malay speakers if English is your second language.
Trading Accounts
Similar to IC Markets, FP Markets offers Standard and Raw trading account options with only a $100 AUD minimum deposit required to open. Being ECN-style accounts, there is no dealing desk, the spreads are comparable to the prices institutions get themselves.
‘ECN’ Like Spreads With FP Markets
When compared to other ECN-style accounts, FP’s spreads stack up well as highlighted by the broker comparison below. These spreads are the average spreads brokers publish on their websites.
|
ECN Broker Spreads
|
|||||
|---|---|---|---|---|---|
|
|
0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
|
|
0.47 | 0.50 | 0.12 | 0.40 | 0.22 |
|
0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
|
|
0.50 | 0.60 | 0.30 | 0.50 | 0.50 |
|
0.30 | N/A | 0.30 | 0.50 | 0.40 |
|
|
0.20 | 0.83 | 0.44 | 0.40 | 0.42 |
|
|
0.24 | N/A | 0.17 | 0.54 | 0.30 |
|
0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
|
0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
|
n/a | 0.30 | n/a | 0.60 | 0.50 |
|
0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Trading Products
For Forex, FP Markets offers over 60 currency pairs, the same as IC and Pepperstone. The indices, commodities, shares, and crypto markets are available but light. One downside of FP Markets is the limited variety of cryptocurrency products compared to other brokers.
For those wishing to trade share CFDs however, FP Markets gives access to over 10,000 markets. This is due to having DMA (direct market access) pricing using the powerful Iress trading platform.
Trading Platforms
FP Markets only offers the MetaTrader trading platforms, MT4 and MT5. However, it includes Traders Toolbox which is 12 extra trading tools like news feeds with trader toolbox connect, correlation trader to find correlations between trading symbols, and an alarm manager for trading notifications.
If you want advanced charting, AutoChartist is available with MT4 and Myfxbook auto-trade and FP Market’s own best social trading platform for mobile is available if you wish to social trade.
Forex Panel Score
Average Spread
EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.1
Trading Platforms
MT4, MT5, AvaTradeGo, AvaOptions
Minimum Deposit
$100
Why We Recommend AvaTrade
AvaTrade was recognized as the top fixed and lowest spread broker for 2023. The broker has a solid reputation for customer service based on several 5-star Trust Pilot reviews. AvaTrade provides AVATradeGo, a proprietary mobile trading software, which provides access to the most recent market news and movements. AvaProtect is a risk management product that can shield you from losses from a single deal of up to $1 million for a hedging cost fee.a
Pros & Cons
Broker Details
AvaTrade Was Awarded 2023’s Best Fixed Spread Broker
AvaTrade is an award-winning fixed spread broker specialist, winning both the best fixed and lowest spread broker for 2023. Several 5-star Trust Pilot ratings suggest that AvaTrade has a good reputation for customer support.
AvaTrade also offers an in-house mobile trading app called AVATradeGo which gives access to up-to-date market news and movements. For a hedging cost fee, AvaProtect is a risk management tool designed to protect you from losses from a specific trade of up to a million dollars.
Trading Accounts
The account options are more limited due to being a fixed spread broker. Retail investors can open a retail account. Professional trading accounts are likewise available (subject to strict criteria, including a portfolio of over 500,000 Euros). Similar to FP Markets, the minimum deposit is low at $100 across all currencies for both account types.
You can also open an Islamic account as AvaTrade is Sharia-compliant according to Muslim religious guidelines. AvaTrade is also notable for its range of E-Payment deposit options including Neteller and Skrill.
AvaTrade Spreads
In comparison to other brokers, AvaTrade’s fixed spreads are the best in the markets, some are even better than some standard account spreads as shown in the Pepperstone section.
|
Fixed Spread
|
|||||
|---|---|---|---|---|---|
|
1.00 | 2.00 | 0.90 | 1.50 | 1.10 |
|
1.00 | 2.00 | 0.70 | 1.50 | 1.20 |
|
|
1.83 | 2.05 | 1.94 | 2.11 | 2.36 |
|
1.60 | 1.80 | 1.60 | 1.70 | 1.90 |
|
|
1.80 | 2.00 | 1.50 | 2.00 | 1.80 |
|
4.00 | 5.00 | 4.00 | 3.00 | 4.00 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Trading Products
AvaTrade has a good range of trading products that covers all bases. The unique offering is in the 59 ETFs (exchange traded funds) available to trade.
While competitive across Forex currency pairs, it’s important to note that even though AvaTrade have fixed spreads, they can vary depending on market conditions.
All trading instruments are easily accessible from each of the trading platforms AvaTrade offers.
Trading Platforms
What sets AvaTrade apart is the number of trading platforms to suit your trading personality and skill set.
As well as offering the standard MT4 and MT5 trading platforms, AvaTrade has a WebTrading option that requires no download and quick to set-up. There is also the AVATradeGo app which is easy to use and boasts advanced features if you like a more customised trading experience.
Lastly, AvaTrade has automation covered, with three auto-trading platforms to choose from, including its own social trading platform, AvaSocial.
Overall, the fixed spread option, risk management features, and trading platform make AvaTrade the most suited to either beginner or risk-averse traders looking for advanced features.
Forex Panel Score
Average Spread
EUR/USD = 1.0
GBP/USD = 2.0
AUD/USD = 1.0
Trading Platforms
eToro Trading Platform
Minimum Deposit
$50
Why We Recommend eToro
eToro is our top pick for social trading brokers. The platform offers a more social trading experience by mimicking top traders using CopyTrader and providing the option to connect with other traders. With 2631 stocks available for trading, all of which have 0% commission, stocks are the main focus. eToro also provides Negative Balance Protection, which is a significant advantage over other brokers. In the event that your equity turns negative, eToro will cover your loss.
Pros & Cons
Broker Details
eToro Has The Best Social Network for Mirror Trading
eToro is our choice for the best social trading broker out there. Using CopyTrader, the platform replicates top traders with the ability to connect with other traders for a more social trading experience.
There is a clear focus on stocks with 2631 available to trade, all with 0% commission. The other major benefit you get with eToro over other brokers is Negative Balance Protection. This means eToro will absorb your loss should your equity go negative.
Trading Accounts
Like AvaTrade, eToro separates its accounts by Retail and Professional clients. The main difference between accounts is in leverage and ESMA protections. Professional clients receive higher leverage but aren’t protected by the Investor Compensation Fund like a Retail client is.
A unique feature of an eToro account is the ability to directly copy another trader from an individual trade or broader portfolio basis using CopyTrader and/or CopyPortfolios. To open an account, a minimum deposit of $50 is required unless through bank transfer, which is $500. A slight drawback is the flat $5 fee for any withdrawal.
Trading Products
With slightly fewer Forex currency pairs (49) than other brokers, eToro still has a healthy range of trading products.
eToro really stands out in stocks (2631) and ETFs (263), the latter of which is the most offered by any Malaysian broker.
Trading Platforms
eToro only offers one trading platform for a one-size-fits-all approach. The benefit here is everything you need is in one place including multiple asset classes, trading tools, and social trading options.
For those with less trading experience, $100,000 is credited into a virtual portfolio when you open an account so you can practice trading in real-time.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
Forex Panel Score
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
$300
Why We Recommend IG Markets
IG stands out for its extensive volume and variety of trading goods. It offers access to more than 17,000 financial markets, including 100 Forex currency pairs, which is the highest among all brokers. IG’s platform is fast, user-friendly, and adaptable, winning the ADVFN Best Finance App award in 20201. IG provides 24-hour customer service and its own Online Community for peer help from other traders. Additionally, IG Academy offers free trading courses and webinars.
Pros & Cons
Broker Details
IG Has An Impressive Array Of Trading Products And User-Friendly Platform
When it comes to volume and range of trading products, IG stands out. Over 17,000 financial markets are available to trade, including 100 Forex currency pairs, the most of any broker. Winning the ADVFN best finance app in 2020, IG’s platform is fast, easy to use, and versatile.
IG also has 24-hour customer support in addition to IG’s own Online Community for peer support from fellow traders and IG Academy for free trading courses and webinars.
Trading Accounts
The options are simple, either a live or a demo trading account. The live trading account requires no minimum deposit unless you’re paying by credit card or PayPal. A live account is the only one compatible with MetaTrader 4 as well as a variety of other trading platforms.
Trading Products
With 17,000 markets between 9 different instruments, IG has the top range of trading products compared with the other brokers. Overall the spreads are very competitive, but Forex spreads rank among the top-performing brokers. IG also offers 100 currency pairs, the most of any broker.
Trading Platforms
IG has two types of trading platforms based on the type of device used (web, tablet, and mobile trading) and specialist trading platforms. The device-based platforms are suited to beginners due to being more user-friendly because it includes a guaranteed stop-loss which means you cannot lose more on a position than you are prepared to lose.
The specialist platforms are designed for more experienced traders: shares specialists (L2 Trader), technical chart users (ProRealTime), and Forex traders (MetaTrader 4). Unfortunately, you can’t use MetaTrader 5 which will be a setback for some.
Forex Panel Score
Average Spread
EUR/USD = 0.8
GBP/USD = 0.8
AUD/USD = 1.7
Trading Platforms
MT4, MT5, FOREX.com Trading Platform
Minimum Deposit
$100
Why We Recommend FOREX.com
FOREX.com offers the best trading education resources compared to other brokers, thanks to improved charting, professional analysis, and video tutorials. FOREX.com provides access to over 80 Forex currency pairings and more than 500 marketplaces through MetaTrader 5. Spreads start at 0.8 pips and may vary depending on the market. FOREX.com has modernized the platform and provided a competitive edge for those who prefer MT5. Additionally, you can participate in the Active Trader program to receive good rebates and individualized expert assistance.
Pros & Cons
Broker Details
FOREX.com’s Trading Education Resources Build Confidence in Forex Trading
With enhanced charting, expert analysis, and video guides, FOREX.com has the best trading education tools against other brokers. FOREX.com also boasts a solid offering of markets to trade, including over 80 Forex currency pairs. The ability to trade over 500 markets using the MetaTrader 5 is another big tick.
Spreads start from 0.8 pips but can vary depending on the market. For those who prefer MT5, FOREX.com has gone out on a limb to upgrade the platform and offer a competitive advantage. There is also the Active Trader program in which you can earn good rebates and one-on-one professional support.
Trading Accounts
The three options you have are a Standard, Commission, and DMA (Direct Market Access) account, which is unique to FOREX.com.
The Standard account also includes the option to open an MT5-specific account while a Commission account locks in a fixed commission for tighter spreads.
For those of you who are high-volume FX traders, the DMA account is perfect given the minimum trade size is $100,000. One downside is that DMA accounts aren’t available on MetaTrader.
Trading Products
There are over 4500 markets available to trade, the bulk of which are stocks, but there are also Forex, indices, commodities, and cryptocurrency options.
For Forex, you can trade 91 currency pairs with competitive spreads starting at 0.8 pips.
Trading Platforms
You can only use the MetaTrader 4 and 5 trading platforms but FOREX.com specialises in MT5. They have upgraded their MT5 platform to incorporate all the features of MT4 for a better trading experience. Web and app trading options are also supported.
While they do offer MT4, we recommend you use MT5 given its enhanced trading tools and markets to trade on FOREX.com.
Forex Panel Score
Average Spread
EUR/USD = 0.3
GBP/USD = 0.9
AUD/USD = 0.4
Trading Platforms
MT4, TradingView, Trading Station, Capitalise.ai
Minimum Deposit
$300
Why We Recommend FXCM
FXCM is our top choice for brokers with the fastest trading execution. The Trading Station platform, which provides access to robust analytical and charting tools, is responsible for this. FXCM is also an expert in foreign exchange and won awards for best zero commission and best FX broker in 2021. This is due, in part, to the MT4 platform’s smooth integration with forex trading. Additionally, FXCM requires only a $50 minimum deposit to start an account.
Pros & Cons
Broker Details
FXCM Provides Access to Superior Trading Platform For Speed Of Execution
FXCM is our choice for the best trading execution speed broker. This is due to top trading platforms, particularly Trading Station, which allows access to powerful analytical and charting tools. The broker is also a Forex specialist, winning awards for best zero commission and best FX broker in 2021. One of the reasons for this is that the MT4 platform integrates seamlessly with Forex trading. And it’s only a $50 minimum deposit to open an account with FXCM.
Trading Account
Being a client specialist, FXCM tailors your account based on your country. Once your application is approved, your CFD Trading account is quick and easy to set up to start trading straight away.
The minimum deposit varies between regions. For a Malaysian trader, it is $50. FXCM also works with some of the biggest liquidity providers globally, including UBS, Citi, and Barclays.
Trading Products
FFXCM has a decent range of 1000 Forex, indices, commodities, shares, and cryptos markets. It also allows you to trade baskets in FX and stocks. This makes it possible for you to speculate on a certain sector and not open yourself up to unnecessary exposure to any one instrument.
With an improved execution system and no restrictions on stop and limit orders, you can also trade with full control of your risk portfolio.
Trading Platforms
FXCM has the benefit of a proprietary FX and CFD platform, Trading Station which allows you to trade using multiple trading platforms. Specific trading platforms include MetaTrader 4, NinjaTrader (for more advanced analytics and charting) and the social platform, ZuluTrade.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
We have looked at the best brokers that accept Malaysian clients. When reviewing the brokers we look at some of the standard trading considerations important to you as a trader which include:
While some considerations are similar from broker to broker, each broker has a competitive advantage that distinguishes it from the others. As a forex broker comparison, we’ve picked our favourite overall broker and a broker that specialises in one particular area so there is something for everyone.
Most of the brokers on the list have no dealing desk meaning they have Electronic Communication Network (ECN) ‘like’ pricing. These brokers will usually have the option of an account with commissions or no commissions. Some brokers are market makers, these brokers include AvaTrade, IG and eToro. These brokers don’t have a commission as they are using their own liquidity to create their own markets.
While Bank Negara Malaysia is Malaysia’s Central Bank, technically, forex brokers offering trading services to Malaysia should be regulated and licenced by the country’s financial regulatory body for derivatives trading known as the Securities Commission Malaysia (SCM).
With that said, there are no major forex brokers with SCM regulation. For this reason, the use of a forex broker that has regulation from another regulator is tolerated.
Many of the brokers reviewed are multi-regulated so they may also be regulated in other countries such as Australia (Australian Securities and Investment Commission or ASIC), The UK (Financial Conduct Authority or FCA), or Cyprus/Europe (Cyprus Securities Exchange Commissions or CySEC), Dubai (Dubai Financial Sector Authority or DFSA) and South Africa (Financial Sector Conduct Authority or FSCA).
Brokers having multiple tier-1 regulators can be seen as an indicator of trustworthiness. All the brokers in our list are major brokers with multiple tier-1 regulators. That said, being in Malaysia and outside the region of the tier-1 regulator’s territory, these brokers default you to their offshore regulator. So all the brokers are using a regulator such as IFSC (Belize), FSC (Mauritius), VFSC (Vanuatu), FSA (Seychelles) and SCB (Bahamas). With this understanding, it is important to be aware that you are not getting tier-1 regulation but the broker does have a reputation to uphold, so these are factors to consider.
On a side note, this same logic applies to traders in countries in a similar situation to Malaysia, Traders in the Phillipines or Thailand will also default to the subsidiary hosting an offshore regulator. We looked at the best-regulated forex brokers and based our review on the broker’s subsidiary that Malaysian traders will default to.
Since these brokers have an offshore regulator, most of these brokers offer higher leverage (up to 500:1) compared to tier-1 regulators. Higher leverage means you are trading with a higher level of risk, so this is a consideration to be aware of (especially since you won’t get negative balance protection). Some brokers in this list place caps on the amount of leverage for accounts with larger funding amounts.
While our page focuses on the broker’s subsidiary, you will default to a Malaysian trader, most brokers do allow you to choose a broker’s subsidiary using a tier 1 regulator.
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