The Forex market in Malaysia is continuously changing, and there are many platforms competing for traders’ attention. User-friendliness, the variety of trading instruments available, mobile capability, and other aspects are considered while selecting the best Forex Brokers in Malaysia. The top Malaysian Forex Brokers for 2023 are listed here.
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Welcome to the world of forex trading, a place full of amazing possibilities and serious risks. This high stakes and foreign exchange market is humming with activity, and with the appropriate advice, you can also enter this fascinating world. Over the years, the forex market in Malaysia has expanded rapidly, reflecting the rapid growth of the international currency market. Your understanding and trading methods must change as the currency market does. This article will assist you in navigating the intricate maze of Malaysian forex trading by providing information on the best platforms, the significance of selecting the best forex trading platforms, and how to set up a Malaysian forex trading account.
Overview of Forex Trading in Malaysia
In recent years, Malaysia has seen a rise in the popularity of forex trading, drawing more and more investors. The activity was initially unregulated, but it is now subject to more strict regulatory oversight. The Securities Commission of Malaysia (SCM), commonly known as the regulatory body, overseas forex trading in Malaysia. A Capital Markets Services Licence (CMSL), which is necessary to offer forex trading services legally in the nation, is issued by this organization. Having a CMSL is advantageous even though many internationally regulated forex brokers welcome clients from Malaysia.
The rapid expansion of forex brokers in Malaysia has also resulted in an increase in the number of forex brokers, both domestically and abroad. Some of the leading forex brokers in Malaysia are XTB, AvaTrade, XM Group, FOREX.com, IG, Saxo Bank, FOREX.com, FOREX.com, FOREX.com, and Pepperstone. Each has distinctive services that are tailored to particular kinds of traders. Finding the best forex trading platforms in Malaysia is therefore crucial to the success of this endeavor. It’s important to note that the Bank Negara Malaysia (BNM), Malaysia’s central bank, has an official list of forex warnings to guard investors from fraud and scams.
Top-Rated Forex Brokers for Beginners Compared
|Platform||Min. Online Brokerage Fees||Trading Limit||Payment Method||Special Offers/Features||Rate for – RM100k & below||Rate for – Above RM100k|
|eToro||0.0% commission||No limit||Credit Card, PayPal, Bank Transfer, Neteller, Skrill||Social trading platform, CopyTrading, wide range of assets||N/A||N/A|
|FXTM||From $0.4 per lot (Forex)||Depends on the account type and financial instrument||Credit Cards, Bank Wire, Skrill, Neteller, Bitcoin||Tight spreads, fast execution, range of account types||N/A||N/A|
|OctaFX||From $0.4 per lot (Forex)||Depends on the account type and financial instrument||Credit Cards, Bank Wire, Skrill, Neteller, Bitcoin||Low spreads, copy trading service, range of account types||N/A||N/A|
|IG||From $10 for UK stocks||Up to available account balance||Credit Card, Bank Wire Transfer, Paypal||Wide range of assets, in-house developed trading platform, educational resources||N/A||N/A|
|XM Group||From $5 per lot (Forex)||Depends on the account type and financial instrument||Credit Cards, Bank Wire, Skrill, Neteller||Tight spreads, fast execution, range of account types||N/A||N/A|
|Saxo Bank||From $1.25 per contract||Depends on the account type and financial instrument||Credit Card, Bank Transfer, Neteller, Skrill||Wide range of assets, in-house developed trading platform, educational resources||N/A||N/A|
|AvaTrade||$2.6 per lot||Depends on the account type and financial instrument||Credit Card, Bank Transfer, Neteller, Skrill||Low spreads, educational resources, social trading platform, reliable customer support||N/A||N/A|
|IC Market||$3.5 per lot||No limit||Credit Card, PayPal, Bank Transfer, Neteller, Skrill||Educational resources, social trading platform, reliable customer support||N/A||N/A|
|Pepperstone||$3.5 per lot||100 lots||Credit Card, PayPal, Bank Transfer, Neteller, Skrill||Educational resources, social trading platform, reliable customer support||N/A||N/A|
|Plus 500||$3.5 per lot||Depends on the account type and financial instrument||Credit Card, PayPal, Bank Transfer, Neteller, Skrill||Wide range of assets, demo account offered, reliable customer support||N/A||N/A|
Due to the fact that these platforms allow for leveraged trading, the rates for amounts below and above RM100k are not available (N/A), and the price is more heavily influenced by the type of financial instrument, the type of trading account, the amount of leverage applied, and other variables than the actual investment amount.
Top 10 Best Forex Brokers Malaysia Reviewed
In recent years, forex trading has become increasingly popular in Malaysia. The capacity to purchase and sell currencies has grown in importance as the world economy becomes more integrated, impacting both private persons and institutional financial management. But trading foreign exchange calls for serious thought, diligence, and a solid grasp of the markets. You can use this tutorial to orient yourself in Malaysia’s forex trading platform environment.
One of eToro’s unique features is the CopyTrader tool, which gives both new and experienced traders the opportunity to mimic the investments of top performers in real-time.
eToro is governed by several of the leading regulatory bodies in the globe, solidifying its reputation as a trustworthy broker for Malaysian traders. For individuals who select to register an eToro forex trading account in Malaysia, this guarantees security and dependability. eToro nonetheless makes sure that client funds are stored in segregated accounts and that regular reports of finances and operations are submitted, even if Malaysian residents trade under the Seychelles-based company.
A large range of financial instruments are also available on eToro, including over 2000 stock CFDs, 96 cryptocurrencies, and 31 commodities. One of the top forex trading platforms in Malaysia is eToro thanks to its adaptability. Notably, the CopyTrader tool offers user-friendly and automatic replication of transactions, enabling consumers to utilize the know-how of seasoned traders without paying extra. This service has a big positive impact on forex trading in Malaysia.
The minimum deposit amount for an eToro account is 200 USD, making it accessible to most traders. The eToro Club, which has a tier system and offers perks like free market research and access to the Trading Signals platform, is available to traders with larger minimum deposits.
Furthermore, eToro has been named the top platform overall for copy trading in a review done by other platforms. This recognition is a result of eToro’s user-friendly interface and distinctive combination of self-directed trading and copy trading, which makes it the best option for those wishing to trade forex in Malaysia.
eToro is a widely used online trading platform that offers various pros.
- Multi-Asset Platform: Access to a range of financial assets, such as stocks, cryptocurrencies, ETFs, indices, currencies, and commodities, is made available to users of eToro. Because of this, traders and investors can diversify their portfolio and pick investments that will help them achieve their short-, mid-, or long-term financial objectives.
- Innovative Features: The unique features of the eToro platform, such CopyTrader, which lets users mimic the trades of seasoned investors, and Ready-Made Investment Portfolios (Smart Portfolios), which group various assets based on a predetermined theme or approach, set it apart from other platforms. This not only makes investing more approachable but also enables consumers to take advantage of other people’s success and experience.
- Social Investing Platform: Users can follow and connect with other investors on the social investing platform of eToro to learn about their approaches and techniques. This encourages a sense of fellowship and mutual learning among investors.
- Protection of Funds and Personal Information: To protect its customers’ money, eToro maintains segregated accounts and adheres to strict cybersecurity requirements. Additionally, the site abides by stringent guidelines set forth by numerous authorities, thus increasing its security.
- Virtual Trading: Every account on eToro comes with a $100,000 virtual trading account to practise trading without having to risk real money.
The following are some potential drawbacks of using the eToro platform:
- Forex Trading Limitation: eToro has fewer forex trading currency pairs available than some other platforms. This can be a drawback if you’re interested in trading a wide variety of currency pairs.
- Withdrawal Fee: Starting from 2021, eToro will charge a fixed withdrawal fee. If you consistently withdraw money, this might matter.
- Minimum Withdrawal Amount: There is a minimum withdrawal amount, which may not be suitable for people who only want to take a modest sum of money.
- CFD Trading: The fact that eToro is a CFD trading platform should be noted. Due to leverage, CFDs carry a significant risk of losing money very quickly. You should think about your understanding of CFDs’ operation and your ability to bear the substantial risk of financial loss.
- Customer Service: Customers have complained that eToro’s customer service might be delayed, which could be a problem if you require immediate help.
One of the top forex trading platforms in Malaysia, ForexTime (FXTM) provides forex traders with a wealth of tools and advantages. Since its establishment in 2011, FXTM has enjoyed a quick rise in popularity as a result of its emphasis on the needs of its customers and provision of services catered to both inexperienced and seasoned traders.
The wide variety of trading instruments offered by FXTM is one of the main advantages of utilising it for forex trading. More than 250 financial instruments are available, including 59 currency pairings, 5 spot metals, and a sizable number of Contract for Differences (CFDs) on equities, indices, and commodities. The wide range of instruments available to Malaysian forex traders enables them to diversify their trading approaches.
The versatility of account options offered by FXTM is another benefit. To accommodate traders’ various needs, the platform provides a number of different types of trading accounts. Standard Accounts, Cent Accounts, Shares Accounts, ECN Accounts, and ECN Zero Accounts are a few examples. With so many options, traders may find a Malaysian forex trading account that matches their trading preferences and risk tolerance.
For traders, FXTM also offers a wealth of educational materials. This covers educational resources including webinars, conferences, in-depth publications, and trading tools like the Forex News Timeline and Forex Market Analysis.
FXTM has several pros that make it an appealing choice for traders looking for a reliable and efficient forex trading platform.
- Excellent Customer Service: The timely and bilingual customer service offered by FXTM is well-known. Traders can get in touch with us by phone, email, or live chat.
- Variety of Financial Instruments: 59 currency pairs, 5 spot metals, and Contract for Differences (CFDs) on commodities, indices, and equities are just a few of the many trading instruments that FXTM provides. Due to the wide range, traders can diversify their methods and portfolios.
- Regulated Broker: FXTM is a licensed broker who holds licences from numerous international regulatory organisations. Knowing that the broker abides by particular norms and laws gives traders an added sense of security and trust.
- Multiple Account Types: Traders can select the account type that best suits their trading style, level of experience, and risk tolerance from a selection of account kinds offered. FXTM offers a variety of trading accounts, from Cent Accounts for novices to ECN Accounts for seasoned traders.
- Strong Educational Support: FXTM makes significant educational investments and offers a wealth of educational materials. These include trading tutorials, trading guides, webinars, seminars, and eBooks that can help traders of all experience levels advance their trading knowledge and abilities.
Here are some potential drawbacks:
- Limited Products Range for Certain Entities: The selection of products supplied may be constrained depending on the FXTM company a trader is registered with. For instance, certain corporations might not allow CFD trading on equities and cryptocurrencies.
- High Stock CFD Fees: When compared to some other brokers, traders wishing to trade Stock CFDs may find FXTM’s commissions to be on the higher side.
- Inactivity Fees: For accounts that are inactive for a predetermined amount of time, FXTM imposes a fee. For traders who don’t actively use their accounts, this might pile up over time.
- Withdrawal Fees: In accordance with the chosen payment method, FXTM may impose withdrawal costs. For traders who frequently withdraw their profits, this is a disadvantage.
- Limited Platforms Structure: While the reputable MetaTrader 4 and MetaTrader 5 platforms are available through FXTM, traders searching for other platforms, such as cTrader or proprietary platforms, may be dissatisfied.
The reputable and well-known OctaFX forex trading platform is regarded as one of the top trading platforms in Malaysia. It has a solid reputation for providing outstanding user-friendly services that are geared towards both inexperienced and seasoned forex traders, simplifying forex trading in Malaysia.
Numerous forex trading platforms (MetaTrader 4, MetaTrader 5, and cTrader), competitive spreads, copy trading services, and strong round-the-clock customer support are just a few of the many things that OctaFX provides to assist traders. To accommodate traders’ various trading techniques and degrees of experience, the platform offers three different account types: Micro, Pro, and ECN.
OctaFX makes a wide range of educational tools available to its traders in order to promote lifelong learning and development. This includes online courses, webinars, and tutorials that can assist people hone their forex trading abilities. By providing Islamic swap-free accounts that adhere to Sharia law, OctaFX has additionally demonstrated its appreciation for its diversified clientele.
The OctaFX Trading App, which offers the complete functionality of the desktop forex trading platform in a mobile format, complements these services by enabling traders to stay connected to the forex market whenever and wherever they choose.
OctaFX has several key advantages that have contributed to its growing popularity in Malaysia, there are:
- Comprehensive Trading Platforms: Three of the most popular forex trading platforms are accessible through OctaFX: MetaTrader 4, MetaTrader 5, and cTrader. These systems provide cutting-edge technical analysis tools, automated trading options, and mobile trading capabilities.
- Competitive Spreads: Traders can lower transaction costs and boost potential earnings by taking advantage of OctaFX’s incredibly competitive spreads. For individuals who often trade or deal with significant volumes, this is a huge bonus.
- Education and Training Resources: OctaFX offers a selection of instructional resources, such as video lessons, webinars, and articles, making it simpler for both inexperienced and seasoned traders to learn new information and advance their trading abilities.
- Excellent Customer Support: The organisation provides strong customer service that is available 24/7, offers prompt support, and makes sure that traders’ problems are immediately fixed.
- Islamic Accounts: By providing Islamic swap-free accounts that adhere to Sharia law, OctaFX shows respect for its diversified clients. For Muslim business people in Malaysia, this is a big benefit.
There are a few areas where OctaFX might not meet every trader’s needs in Malaysia.
- Limited Asset Variety: OctaFX offers a constrained range of assets and largely concentrates on trading Forex. Although they do provide various indices, commodities, and cryptocurrencies, traders looking to diversify their portfolio with other assets like specific stocks or ETFs may find their platform to be too restrictive.
- No Regulatory Oversight from Top-tier Authorities: Even though OctaFX is subject to CySEC regulation, it is not overseen by certain other prestigious agencies, such as the FCA in the UK or the ASIC in Australia. Some traders may get concerned about the platform’s dependability and security as a result of this.
- Limited Deposit and Withdrawal Options: While OctaFX supports a number of deposit mechanisms, including PayPal, it does not. Additionally, there may be few withdrawal choices, which some traders may find inconvenient.
- Customer Service: Despite offering customer care, the platform is not always open. For traders who require rapid support after business hours, this can be a problem.
- No Direct Market Access: As a market maker, OctaFX establishes markets on behalf of its clients and offers buy and sell prices. A direct market access ECN broker is preferred by certain traders because it could give better pricing and transparency.
IG provides strong and dependable access to a broad range of markets and is a recognised pioneer in online trading. It is also a long-standing member of the FTSE 250. Since its founding in 1974, it has been a leader in the sector. IG is a well-liked option among traders in Malaysia looking to register a forex trading account, with more than 178,000 active clients worldwide.
Trading over 17,000 markets, including forex, indices, shares, commodities, and cryptocurrencies, is made possible for Malaysian traders using IG, one of the top forex trading platforms. Particularly, IG’s forex trading platform stands out for its in-house developed technology, amazing speed, enhanced dependability, and wide range of features.
One advantage of IG is its excellent regulatory position. Leading financial regulators including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK oversee its operations. This gives Malaysian merchants more assurance about the integrity of the platform.
The abundance of educational tools offered by IG is another strength. All levels of traders can improve their trading abilities by utilising its extensive collection of training resources, which includes webinars, in-depth tutorials, and customised coaching. Additionally, IG offers cutting-edge risk management tools so that traders may plan their trades strategically while limiting potential losses.
Furthermore, IG’s customer service is famous for being effective and quick to respond, giving traders the support they require when they need it.
Here are some of the key advantages of using IG:
- Extensive Market Access: Over 17,000 markets, including FX, indices, equities, commodities, and cryptocurrencies, are available on IG. In order to diversify their investing portfolios, traders now have a wide range of possibilities.
- Regulatory Protection: IG is governed by a number of prestigious financial regulators, including the Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA). This gives traders in Malaysia a sense of security and assurance because they know they are working with a reliable platform.
- High-Quality Trading Platform: The proprietary platform used by IG is renowned for its rapidity, dependability, and breadth of functionality. Beginners will find it simple to use, but more seasoned traders will also value the extensive tools and charts it offers.
- Comprehensive Educational Resources: IG offers a wide selection of instructional resources, such as webinars, thorough guides, and individualised coaching. As a result, it serves as an excellent platform for both experienced traders and beginner traders who want to hone their trading techniques.
- Effective Customer Support: When traders need it most, IG’s customer service is renowned for its effectiveness and reactivity, offering assistance.
Here are some cons that potential users should be aware of:
- Higher Minimum Deposit: Compared to several other brokers, IG has a rather high initial deposit requirement. For novice traders or those operating on a tighter budget, this might be a barrier.
- Limited MetaTrader Support: The popular MetaTrader 4 platform is available from IG, but MetaTrader 5 is not supported. This may be a drawback for traders that favour utilising MT5.
- Complex Pricing Structure: Particularly for novice traders, the pricing structure of IG might be fairly complicated. It can be difficult to appreciate all the costs associated with trading, and it might take some time to do so.
- Limited Customization: Although IG’s proprietary platform is generally regarded favourably, some users have complained that it does not offer as many customising choices as some other platforms.
- Withdrawal Fees: In some situations, IG charges withdrawal fees, which can reduce your winnings. Always make sure you are familiar with the rules and regulations governing withdrawals.
5. XM Group
A user-friendly and adaptable platform for trading forex, equities indices, precious metals, and energy is offered by the online brokerage The XM Group. It is now regarded as one of the best forex trading platforms in Malaysia as it gains popularity there.
Users of the XM Group have access to the well-known MetaTrader 4 and MetaTrader 5 platforms, which offer a variety of tools and features to assist traders in analysing the markets and putting their plans into practice. Because of its accessibility, XM Group is a desirable option for anyone looking to open a forex trading account Malaysia.
The comprehensive educational materials offered by the XM Group are one of its key advantages. XM Group offers free webinars, video lessons, and market research that can improve your trading knowledge and abilities, whether you’re a novice in forex trading Malaysia or an experienced trader looking to brush up on advanced tactics.
Additionally, XM Group sets itself apart with its adaptable trading conditions, which include minimal re-quotes, adjustable lot sizes, and tight spreads. By providing negative balance protection, the platform makes sure that traders cannot lose more money on transactions than their account balance.
Additionally, XM Group offers a reliable and straightforward platform for trading a diverse selection of assets. For individuals engaged in forex trading Malaysia or searching for the best forex trading platforms in the nation, it is a desirable alternative due to its dedication to customer care, educational support, and transparent trading conditions.
There are some pros of using XM Group in Malaysia:
- Diverse Trading Platforms: MetaTrader 4 and MetaTrader 5, two of the most dependable and flexible forex trading platforms on the market, are both available from XM Group. They include sophisticated charting capabilities, a wide range of technical indicators, and an interface that is quite configurable.
- Wide Range of Financial Instruments: A wide variety of financial instruments, such as Forex pairings, commodities, indices, equities, and cryptocurrencies, are offered by XM Group. With such a large assortment, traders can diversify their holdings on a single platform.
- Flexible Trading Conditions: Tight spreads, adjustable lot sizes, and a policy of no re-quotes and no hidden costs are all provided by XM Group, which can greatly improve trading efficiency.
- Security and Regulation: The fact that XM Group is overseen by numerous financial regulators throughout the world offers traders a level of protection and transparency that may be essential.
- Negative Balance Protection: With the use of this feature, traders are protected against losses greater than their account balance.
Other than the pros, it is important to highlight some potential drawbacks of XM Group in Malaysia.
- Limited Product Portfolio for Non-European Clients: It’s possible that not all financial products offered on the XM platform are accessible to traders outside of Europe. Compared to other brokers or what is provided to European clients, the product selection for Malaysian clients may be more limited.
- Inactivity Fee: If there are no trading actions for a predetermined amount of time on the account, XM Group assesses an inactivity fee. For investors who are not making trades right now, this can be a drawback.
- No fixed Spreads: Although XM Group provides spreads that are somewhat competitive, they do not offer set spreads. This implies that the spread may widen during times of significant market volatility, increasing trading expenses.
- Customer Support: Although XM Group does provide customer service, there may be occasions when wait times exceed expectations or when customer care is not as prompt or efficient as traders might anticipate.
- Limited Research Tools: XM Group’s selection of research resources and market analysis is more constrained than that of certain other platforms. For traders who extensively rely on these sources to inform their trading decisions, this can be a drawback.
6. Saxo Bank
Saxo Bank is a well-known online broker with a focus on forex trading. It provides a powerful platform that appeals to a wide range of traders globally, including those seeking to trade forex in Malaysia. Saxo Bank, which was established in Denmark and is closely supervised by reputable financial regulators, is a reliable broker for Malaysian traders. The Monetary Authority of Singapore (MAS), one of the harshest regulators in the world, oversees the bank, ensuring secure trading environments for its customers.
Due to its wide selection of financial assets, including access to over 185 Forex pairings across major, minor, and exotic currency pairs, as well as crypto and spot metals, Saxo Bank is frequently regarded as one of the best forex trading platforms Malaysia. This adaptability extends to their forex trading platform, SaxoTraderGO, which is robust yet user-friendly and made to accommodate both inexperienced and seasoned traders. It may be accessed from a variety of devices, allowing traders to transact at any time and from any location.
The procedure is quite simple to open a Saxo Bank forex trading account in Malaysia. The bank does have a somewhat large minimum deposit requirement, though, which can be a drawback for certain traders. The spread, which changes depending on the account tier and degree of activity, includes the trading charges.
The bank has some restrictions, despite providing an exceptional selection of trading instruments and superior market analysis. For instance, the lack of a swap-free account option may cause certain Malaysian traders discomfort, especially those who prefer to follow Islamic financial principles.
Here are the major pros of using Saxo Bank:
- Strong Regulation: Saxo Bank is under strict regulation from agencies including the Monetary Authority of Singapore (MAS). Its credibility is increased by a lengthy history of responsible behaviour and stringent international regulation. The MAS regulation restricts leverage to a maximum of 20:1 on significant Forex pairs and offers negative balance protection to all traders, assuring that they can never lose more money than is currently in their trading accounts.
- Wide Range of Financial Assets: 190 Forex pairs and more than 9,000 CFD trading instruments are among the many investing and trading solutions available through Saxo Bank. This assortment consists of bonds, commodities, indexes, stocks, options, and shares. In addition, they provide trading on 20 commodities and more than 9,000 share CFDs, which is helpful for experienced traders looking for a particular instrument.
- Innovative Trading Platforms: Through its SaxoTraderPro platform, Saxo Bank provides high-performance order management and execution capabilities with comprehensive market analysis features. These resources include advanced trading tickets, algorithmic orders, a charting package, time and sales data, depth trader, and option chains.
- Excellent Market Analysis: Saxo Bank also provides thorough market analysis, which is helpful for making defensible trading choices.
- Competitive Pricing: Saxo Bank costs are reasonable with extremely competitive spreads and commissions across all asset classes and even better rates as volume rises. Depending on the level of your account, they provide three different pricing categories with tight, all-inclusive FX spreads.
There are some disadvantage have been identified for Saxo Bank in Malaysia:
- Inactivity Fee: Saxo Bank has an inactivity fee, like many other brokerage services. After a quarter of inactivity, it costs £25 in the UK, and after six months of inactivity, it can cost up to $150 in non-UK nations. This implies that additional costs would apply if an account holder did not execute any trades for a predetermined amount of time, which could be a turnoff for occasional traders or investors.
- High fees for options and futures: In comparison to certain other brokerage platforms, Saxo Bank charges greater commissions for trading options and futures. Due to this, it might not be as appealing to traders who focus on these particular financial products.
- Limited Demo Account: Saxo Bank’s demo account has a cap, in contrast to certain other forex trading platforms that provide limitless demo accounts. This may reduce the opportunity for new users to become completely familiar with the functionality of the platform before committing to actual trading.
- No swap-free account option: There is no option for a swap-free account with Saxo Bank. This may not be suitable for customers who need swap-free or Islamic trading accounts that do not charge or earn interest on positions maintained overnight according to their religious convictions (such as Muslims who adhere to Sharia law).
- High Minimum Deposit: Saxo Bank has a high minimum deposit requirement for new accounts. For instance, a minimum deposit of 3,000 SGD (Singapore Dollars) is needed for the entry-level account. For retail traders or those starting out with little funds, this may be a barrier.
AvaTrade is a well-known and authorised online broker that provides its customers with a wide selection of trading assets. It offers an ideal atmosphere for forex trading for both new and experienced traders as one of the top platforms in Malaysia. The platform is simple to use and easy for new traders, with a minimal minimum deposit requirement that makes it available to a variety of traders. In addition to accessibility, AvaTrade is praised for its broad selection of trading products.
AvaTrade offers a wide range of asset types, including bonds, indexes, cryptocurrencies, forex, commodities, and ETFs. The specific instruments AvaTrade offers, including vanilla options, which are uncommon on other platforms, set it apart from other brokers. For instance, they provide two bonds, 59 exchange-traded funds, 13 cryptocurrencies, and 55 vanilla options that are only traded on their AvaOptions platform. This gives traders a great opportunity to diversify their assets, which is a quality that attracts those who wish to register a forex trading account in Malaysia.
AvaTrade offers major, minor, and exotic currency pairs for Forex trading, with a range that is similar to the industry average. Additionally, they provide a leverage of up to 400:1 for trading currency. Because of these powerful features and their unique AvaProtect mechanism, which enables traders to recover their losses on losing trades, AvaTrade is regarded as one of the most trustworthy and complete best forex trading platforms Malaysia.
However, AvaTrade’s British Virgin Islands (BVI) entity onboards its Malaysian clients. This guarantees that AvaTrade keeps client funds separate from its operating funds, but it also implies that Malaysians may have little legal options if they have a dispute with AvaTrade. Despite this, AvaTrade is recognised as a safe broker because of its compliance with numerous top-tier regulators globally and the provision of negative balance protection to its clients, ensuring traders cannot lose more than their initial deposit.
Here are some pros of AvaTrade:
- Good for beginners: The user-friendly interfaces at AvaTrade make it the best forex trading platform for newcomers.
- Regulated: AvaTrade is overseen by a number of leading financial agencies, including the British Virgin Islands (BVI) for traders from Malaysia. This rule makes sure the broker keeps client and operational funds separate, adding another layer of financial security.
- Low minimum deposit: AvaTrade makes trading accessible to most traders with a 100 USD minimum investment requirement.
- AvaProtect loss insurance: AvaTrade has a special function known as AvaProtect. This feature functions as insurance or a hedge for your trades, paying off any losses over a set time period (e.g., one hour, one day, etc.).
- No Fees for Deposits or Withdrawals: AvaTrade does not impose fees for deposits or withdrawals, in contrast to several other platforms.
There are some potential drawbacks AvaTrade that you should consider:
- Dealing Desk: Dealing desk brokers are employed by AvaTrade. This indicates that AvaTrade might take over the role of your trades’ counterparty. This can cause a conflict of interest for certain traders as the broker stands to gain from their losses.
- Limited Market Analysis: Limited resources are offered by the broker for market analysis. This could restrict traders whose trading decisions heavily rely on thorough market information and analysis.
- Platform Limitations: AvaTrade’s platform lacks key elements that can improve the trading experience while having a user-friendly layout. It does not, for instance, provide price notifications or two-step (safer) login, and the workspace and charts can only be somewhat customised.
- Customer Support and Processing Speed: Because AvaTrade does not provide round-the-clock customer service, it can be difficult for traders who need help after business hours. Additionally, reports of sluggish deposit and withdrawal processing times exist.
- High Dormant Account Fees: AvaTrade assesses a substantial dormant account fee if your account is idle for a predetermined amount of time.
8. IC Markets
One of the best forex trading platforms in Malaysia is IC Markets, a highly regulated forex broker with a wide selection of trading instruments. The website offers a large selection of assets, including 64 Forex pairs, 13 commodities, 1,600 stock CFDs, 23 international indices, 11 bonds, 4 global futures, and a sizable selection of cryptocurrencies like Bitcoin and Ethereum.
However, Malaysian merchants will be operating under the jurisdiction of the Seychelles-based organisation, which provides less regulatory monitoring than authorities in the EU or Australia. However, IC Markets has a good reputation and is overseen by some of the best regulatory bodies, including ASIC of Australia. The platform protects its users by keeping all monies separate from the working capital of the business and offering negative balance protection to all users.
The Standard Account, the Raw Spread Account, and the c-Trader Raw Spread Account are the three main types of accounts that IC Markets offers when it comes to forex trading in Malaysia. 200 USD is the minimal deposit amount for all accounts.
The Standard Account is a commission-free account with spreads that begin at 0.6 pip on the EUR/USD and is accessible on the Metatrader 4 and Metatrader 5 platforms. It is best for discretionary traders. With spreads on the EUR/USD average 0.10 pip, the Raw Spread Account is intended for high-volume or experienced traders. However, there is a commission of 7 USD round turn each lot. The c-Trader Raw Spread Account, which has spreads that start at 0.0 pips on the EUR/USD and charges a commission, is ideal for day traders and scalpers.
There are several pros that IC Market can make it attractive for traders and investors:
- Great Platform Choice: MT4, MT5, and cTrader are just a few of the platforms on which IC Markets’ trading services are offered. These platforms include a variety of tools and features to accommodate various trading styles and tactics.
- Easy and Fast Account Opening: Trading with IC Markets is handy for traders because the account opening process is simple and entirely digital.
- Free Deposit and Withdrawal: Deposits and withdrawals at IC Markets are free, which lowers the overall cost of trading for its customers.
- Safety Features: The additional layer of financial security provided by IC Markets’ segregation of all client funds from the business’ operational capital and provision of negative balance protection for each and every one of its clients.
- Fast Processing of Deposits/Withdrawals: The broker is renowned for processing deposits and withdrawals quickly and effectively, which increases client convenience.
Here are some potential cons of using IC Markets in Malaysia:
- High Minimum Deposit: The minimum deposit amount for IC Markets is 200 USD. For some novice traders or those with a smaller starting commitment, this can be viewed as exorbitant.
- Limited Regulatory Oversight: Malaysian traders would be dealing under the Seychelles-based organisation, which offers less regulatory scrutiny than regulators of the EU or Australia, even if IC Markets is governed by some prominent agencies, like the ASIC of Australia. Due to their reputation and their practice of keeping all monies separate from the business’s working cash, IC Markets is still regarded as a safe broker.
- Limited Market Analysis: The broker doesn’t provide in-depth market analysis, which could be problematic for traders who strongly rely on this kind of information to make trading decisions.
- Lack of Local Presence: Because IC Markets doesn’t have a presence in Malaysia, there may be a delay in customer care responses or a dearth of locally tailored services.
- No Negative Balance Protection: There is no negative balance protection offered by IC Markets. As a result, traders run the danger of losing more money than they initially invested, which for some traders may be a big risk.
A reputable and globally regulated online broker, Pepperstone is especially well-known in Malaysia for its FX trading services. It is a strong contender for one of the best forex trading platforms in Malaysia because of its reputation for offering tight spreads, a variety of platform options, and a wide selection of assets.
An extensive selection of financial products is offered by Pepperstone. It offers cryptocurrency pairs and currency indices in addition to the more than 70 Forex pairs, which may be difficult to locate at other brokers. However, compared to other prominent brokers, the selection of shares available for trading is smaller. A wide selection of trading commodities, indices, and cryptocurrency pairs are also available on Pepperstone.
Pepperstone is quite competitive in terms of account kinds and trading costs. It offers the Standard Account and the Razor Account, both of which have no minimum deposit requirements. Trading fees at Pepperstone are far cheaper than those of the majority of other brokers, and they change based on the forex trading platform and the base currency of the account.
Pepperstone offers a variety of platforms, including MetaTrader 4, MetaTrader 5, and cTrader, which can be used on a number of gadgets, including tablets, smartphones, and desktop computers. Additionally, it offers WebTrader, a web application for customizable trading experiences. Due to the increasing desire for flexible trading conditions and options in Malaysia, this makes Pepperstone an appealing platform for FX trading.
Pepperstone offers a number of pros for traders in Malaysia:
- Financial Offerings: A wide range of financial instruments are available for trading on Pepperstone. This comprises CFDs on many financial instruments, such as currency pairings, commodities, indices, shares, and even unique products like currency indices and a variety of cryptocurrencies. It permits up to 200:1 leverage on index CFDs and a maximum leverage of 1:500 on FX pairs. Traders have many options and chances to diversify their portfolios thanks to the vast range of offerings and high leverage rates.
- Platform Availability: MT4, MT5, and cTrader are just a few of the forex trading platforms Pepperstone offers. With this option, traders can choose the platform that best meets their demands or their level of comfort when trading.
- Trading Costs: For having narrow spreads on the most popular currency pairs, Pepperstone has received accolades for lowering the cost of trading. Additionally, it uses both spread-based and commission-based trading models, giving traders the option to select the charge schedule that best suits them. Furthermore, Pepperstone is open to traders with varying levels of investing capacity because there is no lower limit on the minimum deposit amount.
- Local Transfer and Fees: For the convenience of Malaysian customers, Pepperstone accepts local bank transfers as well as a number of alternative ways for deposits and withdrawals. Additionally, both the Standard and Razor accounts’ trading expenses are said to be lower than those of the majority of other brokers.
- Customer Support: Although the business doesn’t provide local phone help in Malaysia, it does offer customer service seven days a week, guaranteeing that customers’ worries and inquiries are immediately answered.
There are few cons of using Pepperstone for trading in Malaysia:
- Limited Market Analysis: Pepperstone’s market analysis is viewed as being limited. Although the broker offers trading information and tools, some traders may not find them to be as in-depth or thorough as they would want.
- Regulatory Differences: Instead of the Australian Securities and Investments Commission (ASIC) or the UK’s Financial Conduct Authority (FCA), Pepperstone in Malaysia is governed by the Securities Commission of The Bahamas (SCB). Although SCB is a capable regulator, some traders may be concerned that it does not offer the same level of safety as ASIC or FCA.
- Lack of Local Phone Support: In Malaysia, Pepperstone doesn’t provide local phone support. For Malaysian traders who choose this kind of communication or need immediate support, this can be a drawback.
- No MYR Based Trading Account: A trading account that is denominated in Malaysian Ringgit (MYR) is not offered by Pepperstone. For Malaysian traders, this might mean greater currency exchange fees.
- No Bonus for Malaysian Clients: Clients from Malaysia are not eligible for any bonuses that may otherwise be offered to clients from other locations.
10. Plus 500
Contracts for difference, or CFDs, are the main product that Plus500, a well-regulated online trading broker, offers. The 2008-founded Israeli business, which has a number of subsidiaries that operate internationally, is traded on the London Stock Exchange (LSE). It has a solid reputation for having a user-friendly interface that both new and seasoned traders find appealing.
With more than 2,800 CFDs available on its forex trading platform, Plus500 has access to a broad range of financial markets, which is a key advantage. The broker provides CFDs on a range of products, such as FX, stock indexes, individual shares, commodities, ETFs, options, and cryptocurrencies. Remarkably, in 2013, Plus500 was the first broker to release a Bitcoin CFD. Because of its wide range of services, Plus500 is one of the top forex trading platforms Malaysia.
In place of commission charges, Plus500 instead levies spread costs, inactivity fees, overnight finance costs, and currency conversion costs. The minimal investment varies depending on the instrument. Additionally, the platform features a special function called guaranteed stop loss orders, which shields traders from the risks associated with market gaps. As it can give traders more risk management tools, this can be a big benefit for forex trading in Malaysia.
Below are the key pros of Plus 500:
- Security of Funds: Plus500’s reputation is increased by the fact that it is listed on the London Stock Exchange. Plus500 makes sure that Malaysian customers’ money is maintained in separate bank accounts. Although there is no automatic negative balance protection, transactions will be cancelled if a trader’s equity drops below the maintenance margin minimum for an open position.
- User-friendly Platform: The Plus500 proprietary trading platform is intuitive to use and user-friendly. The web trading platform offered by Plus500 is particularly praised for its clarity and appealing layout.
- Excellent Customer Support: With a live chat service available around-the-clock, Plus500 provides prompt and courteous customer care. In a thorough broker assessment, it also scored good marks for client service.
- Free Local Bank Transfer: Plus500 makes it simple for consumers to transfer money because it offers free local bank transactions.
- Demo Account: Plus500 offers an instantly accessible demo account that enables new users to familiarise themselves with the site without having to risk using real money.
There are a few drawbacks of Plus 500 in Malaysia:
- High Minimum Deposit: When compared to several other brokers, Plus500’s $100 minimum deposit requirement is thought to be high.
- Lack of Local Support: The lack of local phone support in Malaysia could be a problem for traders that prefer or want local support. It’s important to note that live chat help is accessible around-the-clock.
- Currency Limitations: Due to the lack of MYR as a base currency for the account, Malaysian traders may incur higher currency conversion costs.
- Limited Account Options: There aren’t many different account kinds available at Plus500. For traders searching for greater freedom or specific features in their trading account, this can be a drawback.
- Mediocre Research Tools: Plus500 includes conventional research tools but no suggestions or accessible fundamental data.
Importance of Choosing the Right Trading Platform.
Your forex trading journey will be greatly impacted by the forex trading Malaysia platform that you use. A decent platform will provide a fluid trading experience and be loaded with tools that will enable you to quickly and effectively examine the forex market. Along with several brokers offering their own proprietary trading platforms, the most well-known trading systems in Malaysia include MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and TradingView.
Your trading history, personal tastes, and specific trading objectives will all influence the forex trading platform you choose. For instance, MT4 is well-known for its quick execution and abundance of Expert Advisors for automated trading. Its replacement, MT5, offers a wider selection of tradable assets, such as equities, ETFs, and bonds, as well as more sophisticated charting capabilities and an integrated economic calendar. Another strong platform is cTrader, which is renowned for its user-friendly design and cutting-edge features like a broad selection of sophisticated order types and exceptional charting capabilities.
Your success in forex trading depends on your ability to select the ideal forex trading platform. Your chosen platform should provide a seamless user experience, cutting-edge analytical tools, effective trade execution, and strong security features. The platform should also be supported by a trustworthy broker who is subject to regulation by an established agency, such as Malaysia’s SCM or BNM.
Making the appropriate preparations and following the right advice are essential when trading forex in Malaysia. There is plenty to learn and master, from knowing the ins and outs of forex trading to selecting the best forex trading platforms Malaysia. To make wise judgements, it’s critical to keep up with the most recent trends and advancements in the forex trading sector. And never forget to sign up for a forex trading account Malaysia with a reputable and licenced broker. Your forex trading career in Malaysia can now begin.
How to Use a Mobile Forex Trading Platforms
In Malaysia, forex trading has grown in popularity, and many traders now use mobile platforms to participate in the forex market. Mobile platforms give users the freedom to trade whenever and wherever they choose. It’s crucial to note that trading leveraged products, such as Forex and CFDs, has a significant risk to your cash before we get into how to use a mobile forex trading platform.
Step 1 – Open Forex Account
Opening a forex trading account is the first step in getting started with mobile forex trading. The top platforms for trading FX There are many possibilities available in Malaysia, so traders must carefully choose a broker that meets their demands for trading and is overseen by organisations like CySEC, FCA, and FSC. As part of the process to open a forex trading account in Malaysia, submitting personal information for identity verification is required. Depending on their trading methods and risk tolerance, traders must also decide the type of account they desire to open.
Step 2 – Download Forex Trading App
The next step is to download the forex trading app when the account has been opened. On iOS and Android smartphones, a number of the best forex trading applications are accessible for download. The top trading applications, including FXTM, OctaFX, and Skilling, provide a wide range of features, including copy trading, real-time currency rates, in-depth trading data, instructional resources, and news updates. Additionally user-friendly, these apps make it simple for new users to explore and engage in trading.
Step 3 – Deposit Funds
Funding the account is the next step in Malaysian forex trading. For each broker, a different minimum deposit is needed. For instance, while OctaFX wants a minimum deposit of USD 25, FXTM just requires a minimum deposit of USD 10. Aware of the considerable risk involved in forex trading, traders should only deposit money they can afford to lose.
Step 4 – Search for Forex Market
Traders might begin investigating the forex market as soon as the money is placed. There is a search feature in the trading apps that enables users to look for certain forex pairs or other trading instruments. In order to keep track of their favoured currency pairings, traders can also create watchlists.
Step 5 – Start Trading Forex
Starting a forex trading account is the last step. Using the trading app, traders can open and close positions in a matter of seconds. The trading apps provide a variety of technical analysis tools, such as technical indicators and charts with different periods. Some programmes, including FXTM and OctaFX, offer the copy trading option, which allows traders to set up automatic trading. With the use of this tool, traders can automatically imitate the trades of skilled traders and follow their trading tactics.
Are Mobile Forex Trading Safe?
In recent years, mobile forex trading has experienced tremendous growth, enabling traders to access their accounts using smartphones or tablets whenever and wherever they choose. However, it’s crucial to take mobile Forex trading safety into account. Mobile Forex trading can be a secure and efficient way to participate in the forex market if the proper safety measures are taken. This entails using the best forex trading platforms available in Malaysia and implementing the appropriate cybersecurity precautions.
Pros & Cons
|✅ Pros of Mobile Forex Trading||❌ Cons of Mobile Forex Trading|
As long as they have an internet connection, traders may access the market whenever they want and from any location using mobile forex trading.
Unreliable internet connections can be problematic, especially for transactions that need to be completed quickly.
Instant trades and real-time access to financial markets are made possible by mobile trading apps.
Analysing intricate graphs and charts on mobile devices can be challenging due to their smaller size.
Traders can sign up for notifications about significant market news and events, which can help them stay informed and make choices on time.
Trading while on the fly can result in more distractions, which could lead to trading errors.
In Malaysia, forex trading is a feasible and possibly lucrative kind of investment. The market is accessible and has gained traction among locals and major international forex brokers because the country has progressive trade policies. A solid approach is essential for a successful forex trading journey. Scalping, day trading, news trading, swing trading, and trend trading are all suggested strategies. To ensure security and dependability, trading must be done through a reliable, licenced broker. Since forex trading in Malaysia has great potential, it is a worthwhile endeavour for individuals looking to diversify their investment portfolios.
Forex Risk Disclaimer
**Please note that foreign exchange (Forex) trading involves a high degree of risk, including the potential loss of your initial investment or more. Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, you should only invest money that you can afford to lose.