To get started with Forex trading, you will need to choose a broker. Forex trading is a popular form of investment in Malaysia due to its low barrier of entry. Unlike trading equities, Forex trading has low deposit requirements to get started, which is a large part of the appeal.

Forex brokers have different minimum deposit requirements but are also different in other ways. Forex brokers can support different Forex trading platforms, which is the software that connects traders to the Forex market. They also have different trading conditions, which affects how much it costs you to make a trade.

The best Forex brokers will be regulated by one or more regulator. There are a few well-respected international regulators and the Securities Commission of Malaysia (SCM) also offers local regulation. Trading with a broker regulated by the SCM will provide local protection, but Malaysian residents are not required to trade with SCM regulated brokers.

  • FXTM - Best Forex Broker in Malaysia
  • OctaFX - Best Platform Options
  • BDSwiss - Best Market Research Provider
  • AvaTrade - Best Mobile Trading Forex App
  • XM - MT5 Broker with the Lowest Spreads
  • HotForex - Highest Leverage for Market Execution
  • Pepperstone - Best ECN Trading Execution
  • eToro - Best Social Trading Broker
  • Plus500 - Best Unlimited Demo Account
English

Best Forex brokers in Malaysia 2021

Last updated on 22 Feb 2021
Updated 22 Feb 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FXTM
Min. Deposit
USD 10
4.174.17
Min. Spread
0 pips
Fx Pairs
59
Regulated by
Overall Rating
11110.54.17/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
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FXTM is an award-winning ECN/STP broker popular with beginner traders and experienced traders alike. Its popularity is due to the very wide range of accounts types, from instant execution accounts with very low minimum deposits to ultra-low spread ECN accounts – MT4 is supported across all account types and MT5 is available on the ECN accounts. An Islamic option is available for all account types but only on the MT4 platform.

With recognition from the FCA and CySec, excellent training material, and 24/7 customer support, FXTM is a great broker for all traders.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
Read More About FXTM
2
OctaFX
Min. Deposit
USD 50
4.104.10
Min. Spread
0 pips
Fx Pairs
28
Regulated by
Overall Rating
11110.54.10/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
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OctaFX is a client-focused, international broker with a loyal following of Malaysian traders. The website is fully translated into Bahasa Melayu and OctaFX are always running competitions and promotions for Malaysian clients; these include a 50% first deposit bonus, demo trading contests with cash prizes and frequent lottery giveaways (prizes include scooters, laptops and other gadgets).

An Islamic option is available for all account types and new traders will like the excellent analytical section and range of useful trading tools such as AutoChartist, copy trading and an account monitoring service that lets beginners learn anonymously from successful traders. Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered.

Pros
  • Great platform choice
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited education
  • Restrictive account types
Read More About OctaFX
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1 pips
Fx Pairs
50+
Regulated by
Overall Rating
11110.54.32/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
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Founded in 2012, BDSwiss is a responsible and well-regulated broker with a local office in Kuala Lumpur, a Malay website, and a large following of Malaysian traders. It offers account types suitable for both beginners and more experienced traders, including a Raw Account with spreads down to 0 pips.

Islamic accounts are available on all accounts except the Raw Account, MT4 and MT5 are both supported, and educational and analytical material are both excellent. Deposits and withdrawals are generally free and fast and with award-winning trading conditions, BDSwiss is a good choice for all traders.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About BDSwiss
4
AvaTrade
Min. Deposit
USD 100
4.184.18
Min. Spread
0.90 pips
Fx Pairs
50+
Regulated by
Overall Rating
11110.54.18/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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AvaTrade is a beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, and EFTs. AvaTrade has one of the best mobile trading applications in the industry and unlike many European brokers, has a local Malaysian customer support team and website. 

AvaTrade’s single account has a minimum deposit of 100 USD and offers competitive spreads for a market maker broker. This account can also be converted to an Islamic account – though spreads will be wider than on a traditional account.

AvaTrade has over 200,000 active traders on the MT4, MT5, and AvaGo platforms and provides free access to trading tools like Autochartist, Duplitrade and AvaProtect, its own innovative risk management system.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
5
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.60 pips
Fx Pairs
57
Regulated by
Overall Rating
11110.54.38/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
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XM Group (XM) is a full dealing desk broker which offers floating spreads and suits all kinds of traders.  XM offers swap-free Islamic accounts as well as a variety of other account types to suit traders.  It is a perfect broker for scalpers, intraday traders as well as long-term traders because of the tight spreads, fast execution times and good analysis software.  XM has a low minimum deposit making this broker accessible for traders just starting out.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
6
HotForex
Min. Deposit
USD 5
4.364.36
Min. Spread
0 pips
Fx Pairs
51
Regulated by
Overall Rating
11110.54.36/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
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HotForex is an award-winning, global broker with a reputation for client satisfaction. Increasingly popular with Malaysian traders, HotForex has a dedicated Malaysian customer service team and its website is fully translated into Malay.

Trading conditions are varied across five account types, but spreads are generally tight (and are often zero pips on the market execution account). All accounts are also available as Islamic accounts, and HotForex also offers copy-trading and managed accounts.  All clients have a dedicated account manager, and deposits and withdrawals are free no matter the funding method.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
7
Pepperstone
Min. Deposit
USD 200
4.514.51
Min. Spread
0.01 pips
Fx Pairs
80+
Regulated by
Overall Rating
11110.54.51/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
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Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, fast trade execution and broad trading platform support. As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won’t find much better than Pepperstone.

Pepperstone’s award-winning 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via a number of methods. It won the fastest-growing company award (2014) in Australia, from BRW Magazine and in the same year, emerged as the winner of the Governor of Victoria Export Awards cementing its reputation as a serious contender in the industry.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
Read More About Pepperstone
8
eToro
Min. Deposit
USD 200
3.693.69
Min. Spread
1 pips
Fx Pairs
52
Regulated by
Overall Rating
1110.503.69/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
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eToro pioneered social trading in 2012 and has over 10 million customers in over 140 countries. Islamic accounts are available for all clients with a 1000 USD minimum account balance and deposits and withdrawals can be made from all major Malaysian banks. Spreads are wider than some other brokers and all withdrawals are charged a 5 USD fee, but eToro does have the smoothest and most engaging social trading experience available. 

eToro offers more than 2000 assets (including Forex, stocks and cryptocurrencies) through its own well-designed and socially integrated trading platform, which is available through a web browser and as a mobile app. eToro’s trading model is very different from most other brokers, but if you are looking for an intuitive and modern social trading experience then eToro is the best.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
9
Plus500
Min. Deposit
USD 100
3.693.69
Min. Spread
0 pips
Fx Pairs
70+
Regulated by
Overall Rating
1110.503.69/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. Plus500 proprietary platform support. Plus500 Group is regulated by FCA, CySEC, ASIC, and MAS. All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
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With 50+ Forex pairs available, tight spreads and fast execution, Plus500 is a popular CFD provider with both its new and long-standing customers. Award-winning customer service is available 24/7 and the Plus500 platform is web-based with no need for any downloads or setup, making this a good provider for those who want to keep it simple.

Plus500 has a single account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.

 

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500
10
Eightcap
Min. Deposit
USD 100
4.074.07
Min. Spread
0 pips
Fx Pairs
40
Regulated by
Overall Rating
11110.54.07/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.
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Winner of the Award for Best Global MT4 Broker 2020, Eightcap is an ASIC-regulated, no-intervention market maker with variable spreads on two simple account types. Spreads are tight on both accounts, with spreads on the Raw Account often down to 0 pips in exchange for a small commission.

Both MT4 and MT5 are fully supported and deposits and withdrawals are fast and free. Forex education and analysis are not as comprehensive as some of Eightcap’s larger competitors, but customer service is available in 10 languages and is responsive and knowledgeable.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
Read More About Eightcap

What to consider when comparing Forex brokers

Regulation: Completely invisible and perhaps the most critical aspect, the regulator supervising your trading account serves to keep your money safe. It is not the number of regulatory agencies that govern the activity of the broker that matters, but the quality of regulatory oversight. 

Trading Conditions: Your trading cost should be as low as possible. Brokers should couple trading accounts with transparent documentation on the spreads and execution policy, and a list of all CFD assets available. 

Education Material: Beginner traders should have a coherent and well-structured trading course alongside a demo account. Advanced strategy, webinars, and market research all contribute to the complete learning experience.

Platforms: Though the brokers with the most trading platforms supported usually offer the best trading experience, this is not always the case. Each trader will have a software preference and should be able to use it at multiple brokers. 

🏆 FXTM – Best Forex Broker in Malaysia

FXTM is the best broker in Malaysia for the following reasons:

  • Great value Cent Account
  • Tight spreads
  • Low minimum deposits
  • Weekend customer support
  • Copytrading via FXTM Invest
  • Huge education section

✔️Tight Spreads and Low Minimum Deposits

While FXTM’s Standard Account is good with a minimum deposit of 100 USD and spreads starting at 1.3 pips, FXTM also offers a Cent Account with a minimum deposit of only 10 USD but only slightly wider spreads, starting at 1.5 pips.  

FXTM Cent Account

✔️Weekend Customer Support

Additionally, FXTM are one of the few brokers with weekend support, allowing new traders to get set up outside of the working week.

Customer-Service-Hours

✔️FXTM Invest: CopyTrading

The FXTM Invest CopyTrading scheme is one of the best in the business. Traders with little experience can choose a Strategy Manager whose risk profile matches their own.

FXTM-Stategy-Managers

✔️Education for New Traders

FXTM has a great deal of training material to help new traders get started. Materials include articles, videos, webinars, and a searchable glossary of new vocabulary. There is an additional set of videos that cover analysis topics, and more detail on chart reading techniques.

🚩Summary: Why Should Beginner Traders use FXTM?

It’s not the great value accounts. It’s not the weekend customer support. It’s not the excellent copy trading platform. It’s not even the massive education vault. It’s all of these together that make FXTM the best broker for beginners in Malaysia.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

🏆OctaFX – Best Platform Options

Founded in 2011, OctaFX is a client-focused, CySEC-regulated broker with a loyal following of Malaysian traders. While there are many things to like about OctaFX, it shines in several key areas:

  • Platform Options: with MT4, MT5 and cTrader all fully supported.
  • Low minimum deposits and low commission
  • Islamic Accounts
  • Selection of trading tools

The website is fully translated into Bahasa Melayu and OctaFX are always running competitions and promotions for Malaysian clients; these include a 50% first deposit bonus, demo trading contests with cash prizes and frequent lottery giveaways (prizes include scooters, laptops and other gadgets).

✔️Accounts and Trading Platforms

OctaFX has three different account types (along with an unlimited demo account) depending on which platform you decide to use. The MT4 account is a Micro Account, with floating or fixed spreads, no commission and 100 USD minimum deposit. The MT5 account – or Pro Account – has floating spreads starting at 0.2 pips, no commission, and a minimum deposit of 500 USD. The cTrader account is an ECN Account with floating spreads starting at 0 pips, a 6 USD round turn commission and minimum deposit of 100 USD.

octafx-account-types

✔️Islamic Accounts and Trading Tools

An Islamic option is available for all account types and new traders will like the excellent analytical section and range of useful trading tools. Traders on MT4 and MT5 with a balance of 500 USD or higher will have free access to AutoChartist – an automated plugin which highlights trading opportunities across all markets. Copy trading is also available for all accounts alongside the Account Monitoring tool. The Account Monitoring tool allows users to monitor any other OctaFX traders account. This tool also allows you to dig into the history of an account so you can learn how the account holder has managed their success. Accounts are only represented by numbers, so all holders remain anonymous.

octafx-islamic-account

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.

🏆BDSwiss – Best Market Research Provider

Winner of our award for the Best Market Research Provider of 2020, BDSwiss is world-famous for its financial commentary and BDSwiss’ clients benefit greatly from the detail and accuracy of its research team’s forecasts and insight. A responsible and well-regulated broker, BDSwiss are known for:

  • Accurate, thoughtful, and shrewd market analysis
  • Comprehensive trading education
  • Tight spreads and superior execution speed
  • Free deposits and withdrawals
  • MT4, MT5 and a great mobile app

✔️Industry-leading Market Research and Analysis

The BDSwiss market research team, led by the world-renowned financial expert Marshall Gittler, produces exceptionally detailed and accurate market analysis for traders of all experience levels. Head and shoulders above its peers in the industry, the financial commentary at BDSwiss gives traders a unique insight into how to make better trading decisions. 

✔️Comprehensive Forex Trading Education

In addition to BDSwiss’ excellent market analysis, it also offers structured and detailed Forex education for traders of all experience levels. Alongside a Trading Academy featuring structured courses for beginner, intermediate and advanced-level traders, BDSwiss also offers free webinars and a free library of all its educational videos.

✔️Tight Spreads, Fast Execution and Wide Platform Support

BDSwiss offers account types suitable for both beginners and more experienced traders, including a Raw Account with spreads down to 0 pips. All accounts benefit from fast execution speeds, with 97.5% of all trades executed in less than 0.2 seconds. Accounts are available on both MT4 and MT5, as well as the BDSwiss webtrader. The BDSwiss mobile app has also been overhauled recently and features an intuitive and user-friendly trading interface.

🚩Summary: Why Should Traders Use BDSwiss?

While BDSwiss leads the field when it comes to market analysis and education, it also features a good range of account options and tight spreads. Further upholding its reputation for responsibility, BDSwiss provides free deposits and withdrawals for all traders and publishes all its execution statistics.

The value of having reliable and useful market knowledge cannot be overstated. Serious Forex traders, whether beginners or more experienced, will also know that quality learning material is the difference between profit and loss.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.

🏆AvaTrade – Best Mobile Trading Forex App

AvaTrade offers the best mobile online trading experience for Malaysian forex traders with their AvaTradeGo app.  Along with a great mobile app AvaTrade exceeds at:

  • Low spreads
  • Fast and free deposits and withdrawals
  • Great trading tools like AvaProtect
  • Award-winning customer service
  • ZuluTrade copytrading

✔️Innovative Trading Tools and a Great Trading App

AvaTrade’s reputation as a client-focused broker was enhanced with the launch of the AvaProtect tool, which allows traders to purchase loss-protection for a time. Any losses during that time are fully refunded, but any gains are the traders to keep. In a further benefit, AvaProtect is available on the award-winning AvaTradeGo app.

✔️Tight Spreads and a Huge Range of Assets

AvaTrade has low spreads across Forex, commodities, stocks, indices, crypto, bonds and ETFs. Leverage is set at 400:1 and spreads are some of the tightest we have seen for an account with only 100 USD minimum deposit and no commission – as low as 0.9 pips on the EUR/USD.

AvaTrade Spreads

✔️Outstanding Customer Service and Fast and Free Funding Options

AvaTrade excels here, with no fees for either deposits or withdrawals and a commitment to processing your funding request as fast as possible. The customer service team is available 24/5 via telephone, live chat, and email in 14 languages.

AvaTrade Withdrawals & Deposits

🚩Summary: Why Should Traders Use AvaTrade?

In addition, AvaTrade offers full support for MT4 and MT5 (including EA’s, indicators, scalping and hedging) and provides free access to the integrated Trading Central dashboard for both platforms.

It is one of the most regulated brokers in the world, with regulation in Europe, Japan, the UAE, South Africa, British Virgin Islands, and Australia. Education for beginners is detailed and helpful and copytrading is available via both ZuluTrade and Duplitrade. With over 200,000 active traders around the globe and awards for its trade execution, AvaTrade is a good partner for all types of trader.

AlertAccepts Malaysian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

🏆 XM – MT5 Broker with the Lowest Spreads

XM is one of biggest, best, and most-regulated market makers in the Forex industry. But it stands out for several reasons:

  • Tight spreads
  • XM Ultra Low Account
  • Fast execution
  • Huge range of assets

✔️Tight Spreads on the XM Ultra Low Account

With a minimum deposit of 50 USD, traders get access to the XM Ultra Low Account, where spreads start at 0.6 pips with NO commission charged. All accounts also benefit from having access to XM’s no-requotes execution policy and 99.35% of XM orders are executed in less than one second.

XM-Ultra-Low

✔️Range of Assets on MT4 + MT5

For traders looking for more than just Forex, XM also offers one of the widest ranges of CFDs from any broker. Though crypto traders will be disappointed, CFDs are available on Metals, Commodities (sugar and cocoa anyone?), 600+ stock and all major energies. All of these are available on the both the MT4 and MT5 platforms – with the full range of hedging, scalping and algo trading.

XM-CFDs

🚩Summary: Why Should Traders Use XM?

XM has a lot of good things going for it, but if you are looking for a great value account with tight spreads, you will not find much better.  Fast execution on either MT4 or MT5 is the icing on the cake. Tight spreads, 50 USD minimum deposit and no conversion fees. It’s not rocket science.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

🏆 HotForex – Highest Leverage for Market Execution

An STP broker regulated the FCA, CySEC and the FSCA, HotForex has built a reputation for:

  • STP execution
  • Tight spreads
  • High leverage
  • Account choice
  • Market analysis
  • Great customer service

✔️STP Execution and 1000:1 Leverage

HotForex provides No-Dealing Desk (NDD), STP execution for all trades. Client’s trades are posted directly to the market and leverage is flexible – all the way up to 1000:1 on the Micro Account where the minimum deposit is 5 USD. Spreads are tight, starting at 1 pip even on the Micro Account.

HotForex-Micro-Account

✔️Account Choice

Another feature at HotForex is the wide array of account types. Traders have a choice of six account types, each with its own specialisation. A trader will be able to choose their account based on their trading strategy, level of funding and the size of the trades they wish to make.

HotForex-Account-Range

✔️Market Analysis and Customer Support

HotForex devotes an entire section of their website to market analysis and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform.

Customer support is available 24/5 in over 27 languages. Toll-free local phone numbers and local email addresses give clients direct free access to quality customer service in their language.

hotforex-education

🚩Summary: Why Should Traders Use HotForex?

Market execution is a top priority for many traders and HotForex guarantees this on all trades. Spreads remain tight though, with flexible leverage up to 1000:1 on the Micro Account. With accounts that suit both beginners and professionals and detailed market analysis, HotForex is a good choice for new and experienced traders. 

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

🏆 Pepperstone – Best ECN Trading Execution

Pepperstone is the leading Australian ECN/STP Forex broker. Overall a great broker but especially well known for:

  • Fast market execution
  • Tight spreads
  • Trading platform choice
  • Regulated
  • Award-winning customer support
  • Great education

Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads down to 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.

Pepperstone-Live-Spreads

✔️Regulated on 4 Continents

At Pepperstone clients can rest assured that their money is in safe hands. Not only is Pepperstone regulated in Australia, UK, Cyprus, Dubai, the Bahamas, and Kenya, but all client funds are kept in segregated accounts at Tier 1 banks.

Pepperstone-Regulated-Offices

✔️Customer Support and Education

Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods. For beginners who are interested in ECN trading, Pepperstone’s also has of the better education sections offered by a market execution broker.

🚩Summary: Why Should Traders Use Pepperstone?

Pepperstone offers high-speed market execution with tight spreads and the detailed education for beginners that most ECN brokers are lacking. With all three major trading platforms available, along with their online and mobile app counterparts, traders have the power of technology and the trading conditions that have earned Pepperstone their reputation.

AlertAccepts Malaysian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.

🏆eToro – Best Social Trading Broker

Founded in 2007, eToro were the creators of the social trading system. It remains the leading social trading broker in Malaysia and across the globe. eToro excels for:

  • Unlimited demo account and a low minimum deposit
  • Innovative and easy-to-use trading platform
  • Copy successful traders or prosperous portfolios

✔️Free unlimited demo account and low minimum deposits.

eToro offers a free unlimited demo account on its proprietary platform, and for traders who want to start trading with a live account, the minimum deposit is 200 USD. Few brokers offer copy trading accounts with low minimum deposits, so eToro deserves recognition for being a standout.

etoro-home

✔️Point and click platform

eToro’s web-based platform, also available as a mobile app, is renowned for being intuitive and easy to use. Many of the complex trading features found on other platforms like MetaTrader and cTrader are either removed or are blended into the trading experience in a more natural way. This point-and-click platform is perfect for beginners and needs little introduction before opening trades.

etoro-audusd

✔️Copy successful traders or portfolios.

Few things are more attractive to beginner traders than having a coach, and copy trading is the closest that most will ever come to this. eToro lets traders copy individual traders or algorithmically managed investment portfolios following a selected strategy named CopyPortfolios.

etoro-copy-people

AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.

🏆 Plus 500 – Best Unlimited Demo Account

Founded in 2008, and with over 300,000 active customers, Plus500 is a leading CFD provider in the CFD trading industry mainly due to the ease of use of its mobile platform and appealing trading conditions. Plus500 offers:

  • Free unlimited demo account
  • An intuitive mobile trading experience
  • Spreads
  • Free deposits and withdrawals
  • Great customer support

✔️24/7 Customer Support and an Unlimited Demo Account

Plus500’s customer service team is available 24/7 via WhatsApp and Live Chat – great news for traders who are working overtime on the weekend. And in a boost for new traders, the Plus500 demo account is unlimited, (meaning it will never expire) and is available on the great mobile app as well as on the web.

Plus500-Trade-with-Trust

✔️An Unrestricted Mobile Trading Experience

So often, mobile trading apps are poor shadows of desktop trading platforms. Not so in the case of the Plus500 app. Built from a mobile-first perspective, the Plus500 app has the same functionality as the web platform and traders will find it intuitive to grasp and feature-rich. Traders can use the app’s advanced order types (stop limit, trailing stop), sentiment indicators and price alerts to stay on top of the market, even when on the move.

Plus500-Mobile-App

✔️Tight Spreads and Free Deposit and Withdrawals

Spreads are fixed at Plus500, but are still tight. With a 0.8 pip spread on the EUR/USD and no other charges, Plus500 are committed to providing traders with a value proposition. This includes free deposits and withdrawals and zero fees for rolling over your position.

plus500-zero-fees

🚩Summary – Why Should Traders Use Plus500?

Plus500 offer a great mobile trading experience, that is so similar to the web-based platform that the transition is almost seamless. The mobile app is feature-rich and can also be used with Plus500 unlimited demo account. Spreads are tight and the single account is easy to set up and understand. Free deposits and withdrawals and the 24/7 customer support are the final touches for those looking for a great mobile trading experience.

AlertAccepts Malaysian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. Plus500 proprietary platform support. Plus500 Group is regulated by FCA, CySEC, ASIC, and MAS. All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.

Choosing A Forex Broker

Though most brokers might appear to be similar at first, they are quite different once you dig a little deeper. To make an effective comparison, our research team judges every Forex broker by the same standards. This makes it easier to spot the poor-quality brokers and makes it easier for you to compare them. The main areas we look at are:

  • Regulation: Your funds will only be safe with properly licenced brokers
  • Cost: What kind of fees you will be charged by a broker
  • Trading Conditions: How a broker’s business model will affect your trading experience
  • Customer Support: How well does a broker treat its clients who need help
  • Trading Platforms: What kind and how many trading platforms does a broker offer

We also look at a few other things, but these are the most important to consider when choosing a Forex broker. We will go through each of these areas in more detail and then jump into a few FAQs.  

If you have any questions after reading through this guide, please get in touch with us in the comments at the bottom of the page or via our contact page.

1. Regulation: How to Avoid Scam Brokers

The single most important aspect of judging a Forex broker. Regulation ensures the security of your funds and offers protection against fraud, broker manipulation and broker bankruptcy.

Simply put, your broker must be regulated.

Some traders believe that unregulated brokers are rare, but sadly this is not the case. Unregulated brokers will often claim to be regulated, so you should always check what they say is true. We know that unregulated brokers like to contact people on Facebook and via messaging apps, so be especially careful if this happens.

Checking a broker’s regulatory status is a similar process for all the major regulators and only takes a couple minutes (and could save you a lot of money and heartache!)

In this section we will have a brief look at the most common regulators in the Forex industry and how to find out if a broker is regulated. Once you are finished reading this section you will be able to check if a broker is licenced with all the following regulators:

  • Securities Commission of Malaysia (SMC)
  • The Australian Securities and Investment Commission (ASIC)
  • The UK’s Financial Conduct Authority (FCA)
  • The Cyprus Securities and Exchange Commission (CySEC)

Securities Commission of Malaysia (SMC)

As far as regulation of Forex brokers is concerned, the Malaysian regulatory setup is in its infancy and hampered by decades of paranoia over the strength of the Ringgit. There is still some confusion over who is the actual regulatory authority for Forex brokers: The Bank Negara Malaysia is responsible for the Ringgit, while the Securities Commission of Malaysia oversees and licenses financial companies – but neither company holds responsibility for regulating Forex brokers.

To add further confusion, many Forex brokers operating in Malaysia are regulated by the Labuan Financial Services Authority (LFSA), the regulatory body for the Labuan International Business and Financial Centre (LIBFC). The LIBFC, based on the island of Labuan off the Borneo coast, was created in 1990 by the Malaysian government as a free trade zone and financial centre. Labuan is widely seen as a business-friendly environment, anchored by a simple and attractive tax system and the LFSA has a robust, modern and internationally recognised legal framework.

In reality, most Forex brokers operating in Malaysia remain regulated offshore. It is easier to comply with local regulations by saying that retail Forex trading with an offshore brokerage is considered foreign investment. Since most Forex trading in Malaysia does not involve the Ringgit, the regulatory agencies tend to ignore the vast majority of Forex brokers and traders in the country.

As long as you are not physically exchanging the Ringgit for foreign currency, or asking others to do the same through your business, the Malaysian regulatory agencies will not get involved.

This lack of local regulatory oversight leads to another problem though: there are many Forex brokers operating in Malaysia that are poorly regulated, or not regulated at all, and many of these are fraudulent. Therefore, it is important to make sure that any broker you choose to work with is regulated by one of the major international regulatory bodies (such as ASIC, CySec or the FCA).

Australian Securities and Investment Commission (ASIC)

The Australian financial regulator has an excellent global reputation and is continually active in combatting broker fraud and manipulation. Many of the most respected Forex brokers in the world are Australian, and ASIC is an important part of their reputation for trustworthiness.

Use the ASIC search tool here: https://connectonline.asic.gov.au/ to check a broker’s regulatory status with ASIC.

Unfortunately, detailed information on each company in the ASIC database is only available via purchase. See below for Pepperstone’s ASIC entry:

Pepperstone-ASIC-Entry

Like the FSCA, all ASIC regulated brokers are required to publish their ASIC licence on their homepage. We have had a few reports of unregulated brokers claiming to be based in Australia and using the names of regulated financial companies, so it is always best to check thoroughly.

UK Financial Conduct Authority (FCA)

The UK’s Financial Conduct Authority is seen as the best financial regulator in the world. It’s no surprise that their search function is the easiest to use and the most thorough, you can access it here: https://register.fca.org.uk/s/.

Like other major regulators, all brokers with an FCA licence are required to publish their FCA reference number on their website, here is AxiTrader’s FCA number at the bottom of their website:

AxiTrader-FCA-Number

AxiTrader is the trading name of a larger financial group, but in this case, the FCA licence holder is AxiCorp Limited. Using the FCA reference number, we can search the FCA’s database of registered companies and find AxiCorp Limited’s entry:

axitrader-fca-entry

Notice that the FCA also warns of unregulated brokers that are attempting to use AxiCorp’s identity to scam unwary traders.

Cyprus Securities and Exchange Commission (CySEC)

CySEC is the foremost regulator in the EU and Cyprus has a long history of regulating online Forex brokers. As a European regulator, all brokers with a CySEC licence must abide by the EU’s MiFID II legislation. Among other things, this requires limits on leverage and the removal of trading bonuses.

CySEC’s broker search tool functions much like the FCA’s and all CySEC licenced brokers are required to publish their licence number on their website. CySEC’s database and search tool can be found here: https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/

Below, we can see the entry for AFX Capital Markets, which went bankrupt last year and is suspected of several wrongdoings, including using client money to cover operational costs.

AFX Capital Markets CySEC Entry

CySEC make it clear that AFX Capital Market’s licence has been suspended. A clear sign not to trust a broker.

Other Regulators

There are many other small regulators around the world, and Forex brokers will hold licences with them to avoid the restrictions placed on them by ASIC, CySEC and the FCA.

Commonly seen small regulators include the Seychelles FSA, the Mauritius FSC, the St Vincent and Grenadines FSA, the Belize IFSC and the Bahamas SCB. While being regulated by one of these smaller regulators does not mean that a broker is bad, it does mean that traders are not as well protected.

The best and most trustworthy brokers are regulated by at least one of the three major regulators (FCA, CySEC, ASIC) or the FSCA. It is common for brokers to have multiple regulators, one for each region in which they operate. A good example of this is FXTM, below is a screenshot from the bottom of their website:

We can see that FXTM and its subsidiary companies are regulated by CySEC, the FSCA, the FCA and the Mauritius FSC. This allows FXTM to offer its services to traders all over the world.

IOSCO Investor Alerts Portal

There is one final tool which you might find useful. The International Organization of Securities Commission (IOSCO) maintains a list of every investor warning issued by every regulator in the world, and this is available here: https://www.iosco.org/investor_protection/?subsection=investor_alerts_portal

This list contains a huge number of entries so the easiest way to search is using the keyword option, see below:

IOSCO Search

We recently had a question from a trader regarding a broker called RedfordFX, they had contacted him out of the blue and he was suspicious. So, let us run a search for this company using the IOSCO keyword tool.

IOSCO RedfordFX

As you can see, the CNMV (the Spanish financial regulator) released a warning about RedfordFX on August 3, 2020. Obviously, not a broker to trust!

If you are concerned about a broker for whatever reason, do check this database before you part with any funds.

2. How Much Does It Cost to Trade Forex?

Forex trading is famously low-cost, but Forex brokers still charge fees for their services. The most obvious fee is the spread (the difference between the buy and sell price) and some brokers also charge a commission per trade. But brokers also charge rollover fees, and some charge deposit and withdrawal fees. Finally, there is also the minimum deposit to consider.

To have a good idea how much it will cost you to trade with a broker you will need a clear understanding of these fees and how they will affect your profits.

The Spread

The spread is the difference between the buy and sell price of a currency pair and is measured in pips (the smallest amount by which a currency can change). The lower (or “tighter”) the spread, the less of your own money you will be spending when you trade.

All good brokers will publish their spreads for all the currency pairs they offer. A good example is AvaTrade’s product information sheet below:

AvaTrade Spreads

Here we can see that AvaTrade’s spread on the EUR/USD is 0.9 pips. Avatrade also publishes the exact buy and sell price for each currency pair as well as the daily change in the price of each currency pair. You will also see the leverage and margin listed, which we will discuss later.

Now that we know what AvaTrade’s spreads are, let us have a look at IG Markets’ spreads so we can compare the two.

IG Markets has floating spreads which means that they can get lower or higher (“tighter” or “wider”), depending on market movements.

IG Markets Spreads

IG Markets also presents us with more information than AvaTrade did, but the figure we are interested in is the Average spread (00:00-21:00) for the EUR/USD.

We can see that the average spread on the EUR/USD for most of the trading day is 0.86 pips, not much of a difference with the 0.9 pips at AvaTrade. But we can also see that sometimes spreads are as low 0.6 pips, which is quite a gap. What we can say from this research is that both AvaTrade and IG Markets are good brokers with tight spreads.

When researching a broker, you want to make sure that they publish their spreads and that the spreads are low for the currency pairs you want to trade. If you find a broker that does not publish its spreads, or does not publish its spreads in detail, you should be instantly suspicious.

Brokers that do not publish their spreads often have something bad to hide and brokers with wide spreads are often just greedy.

Brokers with wide spreads or unpublished spreads are marked down in our reviews.

Commission

Another fee that brokers can charge is a commission per trade. Known as ECN brokers, these brokers provide direct market access and will have incredibly low spreads (sometimes as low as 0 pips). The commission varies between brokers, but the cost is usually between 4-7 USD per 100,000 USD traded.

Some brokers will offer both standard accounts (with no commission and a wider spread) and ECN accounts (with a commission and a tight spread).

A good example of this is Tickmill, let’s have a look at their account types:

Tickmill Commission

As you can see, the Tickmill Classic Account charges no commission, but spreads start at 1.6 pips. But the Pro Account has spreads starting from 0 pips (no difference between the buying price and selling price) but commission is charged at 2 USD per side per 100,000 traded (2 USD for opening the position and 2 USD for closing the position, so 4 USD in total).

If you decide to trade with an ECN account, you will want a low commission (like Tickmill’s above) and an average spread close to 0 pips.

ECN brokers who charge more than 7 USD total commission and have average spreads over 0.3 pips should be avoided and we mark them down in our reviews.

Rollover Fees

The rollover fee or swap rate is a small fee charged by brokers for holding a trading position overnight and is usually charged at 17:00 EST (New York time). This fee is based on the interbank interest rate for each currency in a currency pair. Sometimes these interest rates can work in your favour and you will gain interest on your position rather than be charged by the broker.

All brokers will charge rollover fees, they are an inescapable part of trading and can only be avoided by opening and closing your trades on the same day.

Deposit and Withdrawal Fees

The best brokers will charge no fees for deposits and withdrawals, and the worst brokers use them as major cash-making operations. Instead of charging a flat fee, some brokers will charge a percentage of the amount, which can get expensive if you are planning on making large deposits and withdrawals.

Most brokers will charge no fees for transactions via online payment systems like Skrill, Neteller or Ozow. Credit and debit card transactions are also often free, but bank wires will usually be charged by your bank for both deposits and withdrawals. 

One of the best Forex brokers when it comes to deposits and withdrawals is FxPro. In the screenshot below you can see that FxPro charges no fees for deposits and withdrawals – though processing times vary depending on the method.

FXPro Deposit and Withdrawal

Beware of brokers who charge large amounts for withdrawals. The most infamous example is eToro, who used to charge 25 USD for every withdrawal. They have now reduced this to 5 USD per withdrawal, but this is still expensive compared to eToro’s competitors.

eToro Withdrawal Fees

When you are looking for a new broker, always make sure to check the fees for deposits and withdrawals for your preferred payment method. Just because a broker charges fees does not mean that they are bad, but it is always something to be aware of.

Brokers that charge high fees or take a long time to process withdrawals are marked down in our reviews.

Minimum Deposit

Aside from the fees listed above, most brokers will also require a minimum deposit to open a live trading account. For some brokers this will be RM20, for others, it may be RM400 or even RM800 where larger deposits unlock improved trading conditions. 

A good example of this improvement in trading conditions with higher minimum deposits is the HotForex accounts structure:

HotForex Accounts

As you can see, with each increase in minimum deposit there is some benefit. From Micro to Premium you have can have more simultaneous open orders. From Premium to Zero Spread you have a sharp drop in the spread and another increase in open orders.

What level of minimum deposit you are comfortable with is a very personal choice.  But it is unfair for a beginner trader to be expected to part with large amounts of money to open an account when they are just starting out.

We do not mark down brokers for having accounts with higher minimum deposits, but we do think it is important for beginner traders to have an account that is not too expensive to open. 

3. Trading Conditions: Not All Forex Brokers Are Created Equal

Apart from the spread, there are several other trading conditions which will affect your trading experience. One of the most important to consider is the leverage offered by a Forex broker.

Leverage is how much you can borrow from a broker to make a trade; this is a risky but necessary aspect of Forex trading. Leverage also directly affects the margin, or the amount of your own money you must risk when opening a trading position.

Other trading conditions to consider are the broker’s execution method and speed, the base currency of your trading account, what assets are available to trade and whether scalping and hedging are allowed.

Leverage: Risky Business

Leverage is money borrowed from your Forex broker to increase the size of a Forex trade. Leverage is essential in Forex trading because the movements of the market are too small to make a decent profit unless you place thousands of dollars on each trade.

Leverage is always presented in a ratio format, such as 30:1, 100:1, 300:1, etc. With 300:1 leverage if you put 10 USD of your own money into a trade you can borrow 300 times that amount and your actual trading position will be 3000 USD.

While this does mean you can make large profits with little investment, it also means that you can quickly lose more than your original investment.

You are still personally responsible for the full amount of your trade (all 3000 USD of it!) and if you cannot cover your losses, the broker will take any unused money in your trading account to do so. If this is still not enough to cover your losses, you may end up owing your Forex broker money, unless they offer negative balance protection.

In the example below, we can see the amount of leverage OctaFX offers changes depending on which account you have and which asset you are trading. Notice that cryptocurrencies have exceptionally low levels of leverage, this is because they are so volatile that the risk involved is extremely high for both the trader and the broker.

OctaFX Leverage

Because using high leverage significantly increases risk, some regulators like CySEC and the FCA now restrict leverage to 30:1 in Europe and the UK. Brokers in the EU and the UK are also required to offer negative balance protection.

In Malaysia there are no restrictions on leverage and negative balance protection is not mandatory, so it is important to be careful. Always check with your broker that they provide negative balance protection before you start trading.

Maximum leverage varies among brokers. When you are thinking about signing up with a broker, you want to see that they offer enough leverage to make Forex trading profitable, but not so much that it is dangerous. If a beginner trader opens an account with 5 USD and 1000:1 leverage, it is likely they will lose all their money very quickly.

There is a fine line between sufficient and excessive leverage and the best brokers will restrict high leverage to experienced traders or those with larger account balances. A good example of this kind of responsible behaviour is Blackstone Futures, a South African Forex broker with a track record of supporting their traders. At Blackstone Futures, maximum leverage for new traders is 100:1, and will only be increased after a trader has a history of responsible trading.

Execution Speeds and Execution Methods: Market Makers vs ECN and STP

Execution speed is how fast a broker will place your trade and is often linked to execution method. Many brokers will offer instant execution, thus preventing changes in price while your trade order is processed (slippage) or the rejection and return of your trade order (requotes).

Brokers who offer instant execution are known as market maker brokers. When you trade with a market maker broker, they do not place your trade on the Forex market, but instead, act as counterparty to your trade. While there is a conflict of interest in this business model (because when a trader loses, the broker profits) market makers take their prices from the large banks and regulation prevents them from manipulating market data.

Brokers who offer market execution are either ECN (Electronic Communication Network) brokers or STP (Straight Through Processing) brokers. ECN brokers operate as a hub for a network of liquidity providers and will automatically find the best price for your trade from the members of their network. STP brokers have more control over which liquidity provider to use and generally have faster execution speeds. Some market execution brokers are hybrid ECN/STP brokers, though this is rare.

All types of market execution brokers can often suffer from both slippage and requotes, especially in times of high market volatility or low market volume. The best market execution brokers have invested in expensive infrastructure and have multiple liquidity providers to prevent this.

One such is broker is XM, an STP broker famous for its high-speed execution. XM never offers requotes, despite offering market execution only:

XM Execution Policy

While we do not mark brokers down in our reviews for their execution method, we always mention it as many traders have a strong preference for either market execution or instant execution.

Base Currency: USD, EUR, or GBP?

The base currency, also called trading account currency, is the currency that your money in your trading account will be held in. The most common base currency is the US Dollar (USD). Many brokers will also offer Euro (EUR) or Pound Sterling (GBP) accounts too.

Some brokers have a wide range of base currency options. The Micro Account at IronFX has no less than 11 base currencies to choose from:

IronFX Base Currencies

Trading Assets: It is not always about Forex

In principle, the number of currency pairs you could trade is only limited by the number of currencies in the world. The reality is that most Forex brokers only offer a small portion of these. But it is important that a Forex broker offers you a real choice. A good Forex broker will offer at least 50 different Forex pairs to trade.

Many Forex brokers are also multi-asset brokers, especially the larger ones. This means that you can also trade other financial instruments such as cryptocurrencies, equities, commodities, precious metals, indices, and bonds.

We think that a good Forex broker should have 50+ Forex pairs to trade and those that have less will be marked down in our reviews. We also mark down brokers who do not offer at least a few other financial instruments to trade.

Hedging and Scalping

A Forex scalping strategy is where a trader seeks to profit from rapid price changes in a short period. Scalping opportunities are usually created when significant unexpected news events happen, or when the equity markets open. A scalper, a trader who employs a scalping strategy, enters and exit trades several times a day, and closes all trades on the day they were opened. Not all brokers allow scalping, but those that do must have fast execution.

Hedging is protecting yourself against adverse price movements that would affect open trades and is a form of insurance. Direct hedging is a common strategy, where a trader buys a currency pair and then sells the same pair at the same time. Not all brokers allow hedging on their platforms, but most market execution brokers do.

4. Customer Support

Having a Forex broker with great customer support is crucial. It is one of those things that you hope you never need; but when you do need it, it must be easily available, fast, and genuinely helpful. When your money is on the line, you need your problem fixed as soon as possible.

The best Forex customer support will be available 24 hours a day (Monday-Friday) via live chat, telephone, messaging services and email. It is also important that a broker has great IT support, as setting up a trading platform can be tricky for new traders. Many new traders cannot find the time during the workweek to get set up, so weekend support can be invaluable but is rare.

Malaysian traders also value having local customer support – not least because some local customer support teams can assist in English and Malay. 

Aside from local customer support, we also highly rate brokers that offer 24-hour support and weekend support.

5. Platform Choice

Brokers will always offer you a trading platform to access the Forex market. Some brokers have their own software, but many use programs like MT4MT5 or cTrader that you can download to your computer or mobile phone.

One of the brokers with the widest range of platforms is IC Markets, which offers MT4, MT5 and cTrader across all devices:

IC Markets Platforms

MetaTrader 4 is the most common Forex trading platforms however, its older interface and complex setup make it less accessible to beginners. MetaTrader 5 and cTrader, on the other hand, have a more modern interface and are easier for beginner traders to set up.

If you are an experienced trader with a particular software choice in mind, or if you are a beginner seeking to learn more about platform options, we have put together a list of the best Forex trading platforms for traders and the brokers that support them.

All brokers have mobile trading apps, and some will have developed proprietary apps, but a vast majority rely on the MetaTrader app for IOS and Android.

We know that Forex traders value choice and when we judge brokers, those with a full range of platforms will be rated higher in our reviews.

6. Other Things to Consider

So, we have looked at Regulation, Fees, Trading Conditions, Customer Support and Platform Choice – but there are a few other things to think about when choosing a broker.

  • Brokers for Beginners: Some brokers are better than others for beginners. The best brokers for beginners will have clear and practical educational material, insightful market analysis and top-notch customer support. Some brokers will also offer one-on-one training, live webinars and real-world seminars.
  • Demo Accounts: It is important for beginner Forex traders to also have a demo account that will not expire, so you can be completely comfortable with the market and the trading platform before you start trading with your own money.
  • Swap-Free (Islamic) Accounts: Islamic accounts, or swap-free accounts, are an optional trading account type which allows Forex traders to be compliant with the principles of Sharia law. In Sharia law interest is prohibited, so swap-free accounts do not pay or earn overnight interest (rollover fees) on open positions.
  • Managed Accounts: Some brokers will operate a managed account for you, but this is rare. There are independent money managers who can manage your account while they are trading for themselves. It is vital that you read our article on managed accounts and understand the minimum deposit requirements and additional risks involved when trading CFDs.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Malaysian Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from a Malaysian perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

References

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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