The Best Forex Trading Platforms in Malaysia

Forex trading in Malaysia has become popular among local traders. Since Malaysian law accepts international investments, you must know where to trade Forex in Malaysia. Consider a broker who is not only licensed and regulated by top-tier authorities, but one that allows you to make deposits using the Ringgit currency.

In this guide, you will find our most recommended forex trading platforms and why we believe they are the best. 

Here are the Best Forex Trading Platforms in Malaysia

• Best Forex Broker: Forex.com
• Cheapest Forex Broker: CMC Markets
• Best Free Forex Trading Platform: AvaTrade
• Best Forex Trading Platform for Professionals: Interactive Brokers
• Best Forex Broker for Windows: Forex.com
• Best Forex Broker for Mac iOS: IG Markets

Which is the Best Forex Broker in Malaysia?

Forex.com is not only by far the best forex broker in Malaysia, but it is also the biggest MetaTrader broker globally, according to the active number of MetaTrader servers. With tight spreads on over 90 pairs, you can trade on multiple assets with its improved MT4. 

When it comes to Forex.com’s offerings, it allows trading on over 4,500 markets, including indices, FX, equity, commodities, and cryptocurrencies. This will enable you to trade in other asset classes and see which one works for you. 

Forex.com also has a mobile application. Traders can install this app on their Android or iOS mobile device and trade anywhere, anytime. The flexibility that comes with this app has made it even more convenient for CFD brokers to invest more in online trading. 

Unfortunately, Forex.com’s assets are limited. So, it is only suitable for traders who do not invest in other forex markets. Give this broker a chance, and you won’t regret it. 

Which is the Cheapest Forex Broker in Malaysia?

CMC Markets was founded in 1989 and has grown to be a global forex and CFD broker. It is licensed and regulated by the UK’s Financial Conduct Authority (FCA). CMC markets is a cheap forex broker because it does not charge commission fees. 

It’s trading charges are also low and offer extensive spreads with no minimum deposits. No wonder it has the highest rankings as the cheapest forex broker in Malaysia. Although the broker offers CFD trading, which comes with increased risks, we encourage you to make sure you have the necessary knowledge before committing to CMC Markets. 

Which is the Best Free Forex Trading Platform in Malaysia?

If you have been looking for a good broker offering a free forex trading platform in Malaysia, then you are in the right place. From our extensive research and findings, we can confidently tell you that AvaTrade is the best forex trading platform in Malaysia, and we are going to explain why.

Since it began operating in 2006, Avatrade offers a powerful trading platform for forex markets. The broker has a team of professional financial and trading experts at your disposal to ensure your experience is worthwhile. So, if you are a novice trader, AvaTrade has educational resources to improve your trading skills. 

AvaTrade, a multi-award winning broker, provides all features and impeccable tools to guide your trading activity. This includes extensive FX pairs, high leverage, competitive spread, and the AvaProtect risk tool.

When it comes down to AvaTrade’s charges, it offers a free CFD trading account opening procedure. Deposits and withdrawal fees are also free with AvaTrade. Note that AvaTrade is not an all free trading broker. It charges fees such as spread, especially if you trade with real money. After you create your forex account, there is a minimum deposit required for you to trade live. 

Like any other broker, AvaTrade has a mobile application known as AvaTradeGO, which you can install on your Android or iOS device to trade anywhere you see fit.

Which is the Best Forex Trading Platform for Professionals in Malaysia?

Any professional trader will tell you that Interactive Brokers (IBRK) has an intuitive trading platform with advanced features and tools to simplify your trading experience. Being a global broker operating in Europe, Interactive Brokers has extended its roots to the United States and Asia, including Malaysia. 

So, what makes Interactive Brokers the best forex trading platform for professionals in Malaysia? Well, other than offering an efficient platform, IBRK has licenses from the best regulatory bodies, such as the Financial Conduct Authority (FCA) and the Securities and Exchange Commission (SEC). 

IBRK stands out when it comes to electronic trading. It allows you to virtually trade futures, equities, and options. The broker charges an inactivity fee, which is why we mostly recommend it to active traders. 

Note that Interactive Brokers is not a member of Bursa Malaysia. You can not trade in local Malaysian markets with IBRK, but instead, you can invest in Singaporean assets. 

Which is the Best Forex Broker for Windows in Malaysia? 

When it comes to the best forex broker for Windows in Malaysia, we take our hats off to Forex.com. As it is the biggest MetaTrader globally, it is a broker that most Windows users prefer. Forex.com offers more than 90 currencies, contributing to being a favourite to most forex traders in Malaysia.

This broker has a desktop and mobile application with a seamless user interface and design. You can install it on a device of your choice to monitor your trades. Its practical charts, with more than 70 indicators and drawing tools, also attract MetaTrader clients. 

Which is the Best Forex Broker for Mac iOS in Malaysia? 

IG Markets has been a pioneer forex trading broker since the 1970s. With its vast experience in this field, it is one of the safest forex brokers globally. IG Markets offers a platform for both Windows and iOS. However, many iOS traders rate it as the best when it comes to efficiency in forex trading.

IG Markets also has a mobile application, making it easy for you to trade anywhere, anytime. Since IG Markets continues to improve its application, you can be guaranteed the best quality trading platform.

This best forex broker for iOS has won multiple awards over the years and continues to improve its platform so you can have an out-of-this-world trading experience. 

Guide for Forex Traders in Malaysia

Generally, forex trading is easy when you have the requisite skills and a trusted broker. While it’s an activity that you can participate in, it doesn’t mean that you should. You first need to learn forex trading, strategies and be prepared to be disciplined. You also must consider the following factors.

Trading laws/regulations

Traders in Malaysia are free to sign up with any international broker that is licensed and regulated. However, if you want to trade locally, you need to choose a broker who is certified by a local regulatory body. The main forex trading regulatory body is the Securities Commission of Malaysia (SCM). The Bank Negara Malaysia also oversees local brokers. All these bodies operate under the Capital Market Service Act 2007. 

Considering your security, we recommend that you choose a broker that has a license. To help simplify your search, we have listed some of the significant trusted brokers. Simply select, depending on your needs. 

Islamic accounts

If you are a Muslim looking for a forex trading account, you need to choose a broker offering an Islamic trading platform. Since Islam is the main religion in Malaysia, we ensure that our recommended brokers also offer Islamic forex trading accounts. This way, it will be easier for you to invest, without violating your religion. 

Local markets

Whereas some brokers allow international trading, others do not. It merely means that there are brokers that do not have access to the Malaysian stock exchange. This is what you need to consider when choosing a broker, so that you can have all your forex trading needs catered for in a single platform.

Trading currency

The best broker in Malaysia should allow you to make your deposits in Ringgit (MYR). The forex broker should also allow you to trade in other currencies of your choice, such as the US dollar. That way, you don’t need to go through lots of currency exchange hustles, while abiding by Ringgit trading laws. 

How to Choose the Best Forex Broker

The laws of Malaysia states that it is legal to trade internationally. This law has attracted hundreds of foreign brokers to engage with traders in Malaysia. Because there are many brokers in the forex market, you need to be careful when selecting one. 

So, how do you identify the best forex broker? Do not worry because we have done the hard work for you. Our combined evaluation and testing have made us believe that the best broker should meet the below criteria.

Security

The security of your investment is of utmost importance. So choose a broker that is not only suitable for your needs, but the one that is also regulated by the Securities Commission of Malaysia (SCM). We have witnessed many traders falling into the hands of fraudsters because they did not do enough research on the brokers. 

Suppose you are a trader who wants to invest with a foreign broker. In this case, you also must confirm that they are regulated and licensed by an international authority, such as the Financial Conduct Authority (FCA). 

Trading platform

A good trading platform will offer the most attractive user interface. Check if the services they offer are in line with different strategies and functions. The more you trade, the more you learn other trading techniques, so make sure the forex broker also has educational content to improve your experience. 

One more thing that makes a good broker is flexibility. They should have a mobile application to invest and monitor your trades anywhere you see fit. But before you commit yourself, ensure that the application is user-friendly.

Fees

Most brokers will not charge you account opening fees. However, some may charge trading fees, spreads, and any other function on the forex trading platform. Other brokers may even charge you withdrawal fees on functions like leverage, which can cost more. So, it is up to you to familiarise yourself with these forex brokers’ fees and consider those with the best rates.

Customer service and website

Finding a broker with exceptional customer service is like winning trade in itself. You need a trading platform with support to cater to your grievances, in case of any trade or account issues. That said, confirm if the forex broker has reputable customer service. 

With good communication, it is easy to understand what the broker offers. Remember, if a broker supports Malaysian traders, they will ensure that their website is also available in your language. 

Payment methods

The best forex trading offer should allow Malaysian traders to make deposits and withdrawals using a Malaysian payment method. Local payment methods have lower fees, are fast, and save you from currency exchange hustles, which can also be costly. 

Our recommended brokers offer local payment methods to Malaysian traders. These payment methods include Maybank2u WeChat pay, Alipay, CimbClick, MOL-Wallet, GoCash, and more.

FAQs

Conclusion

While Malaysia forex trading may seem like an easy way to earn money, it requires a lot of effort. You need to risk your money, apply timing skills, analyse, and more, for you to succeed. Note that as soon as you start forex trading, you will have access to a margin account. With this account, you can leverage, ie. borrow money to trade with, which is a risky way to earn a considerable profit.

Note: No information, nor financial advice related to online trading is offered through the comment .