Here are our favorite forex brokers that we have used and have reviewed in detail. We look for brokers that we believe offer the client something more than the others. We look at leverage offered, regulation acquired, minimum deposits, bonuses available, reputation on the market and own thoughts and comparison. Consider the list below our strong recommendation of Forex brokers.
|– Best FX Broker Asia Award 2017|
– Flexible up to 1000:1 Leverage
– Lots of informational resources
|$30 welcome bonus for all clients (T&Cs apply)|| CycSEC|
My experience with FXTM
FXTM is an impressive broker who clearly understands how their clients want to trade online. The platform is fast, the customer service is responsive, and the trading conditions don’t get any better. FXTM offers swap-free Islamic accounts to everyone who wants one and is willing to make sure your entry into Forex trading is a great one. I hope you enjoy FXTM as much as I have over these years.
|– Regulated in Malaysia|
– Best Broker of Asia in 2017 – Balans DHL
– 1000:1 Leverage
– Good support
|%55 first time deposit bonus||FSC BVI||Open Account|
My experience with GKFX
I had been looking for a broker like GKFX for a long time before I found them. I remember that my first contact was with their customer service, because as an experienced trader, I had some questions about their trading conditions before I opened an account. The good support, combined with a simple account structure, reasonable spreads and good technology was an impressive group of attributes that together are not found at many other brokers. GKFX is a strong all-around broker for Asia.
|– Regulated in Malaysia|
– Best FX Broker Asia Award 2017
– 1000:1 Leverage
– Lots of educational resources
|$30 welcome bonus for all clients|| FSB|
My experience with AvaTrade
Avatrade is a fully regulated broker in Malaysia with good educational resources and support for MT4. What I appreciate with Avatrade is the combination of good leverage, a low minimum deposit, and tight spreads; this setup will give you a good starting point for successful trading. Avatrade offers mobile trading so if you want to trade on the go, this could be a good feature for you.
|– Ultra-thin spreads as low as Zero Pips making trading even more profitable|
– Minimum deposit 5$ for Micro and Standard accounts and 100$ on Zero accounts
|$30 No Deposit Bonus and then 50% up to $500 and 20% up to $5000 of bonus||IFSC||Open Account|
My experience with XM
XM is a fantastic place to trade. The technology and the analysis tools are all there for you to make the trading day easy and a lot of fun. The zero account option that we recommend here offers ultra-thin spreads and some even with zero pips which makes the trading even more profitable. Trade with MT4/MT5 on your desktop, with webtrader in your browser, or with apps on your Android or IOS mobile phones.
|– Leading beginner broker|
– Easy to use platform
– 400:1 Leverage
– Available to Malaysians
|50 USD|| CySec|
My experience with Etoro
Etoro has social trading as a central component of this platform. This allows you to find successful traders or those who have your same approach to trading, and you are able to follow and mimic their trades. Weekly promotions, welcome bonuses, good leverage and quality technical analysis make Etoro a contender for this list of respected brokers.
|55% bonus on all deposits – not just the initial one.||None||Open Account|
My experience with InstaForex
InstaForex is an extremely popular brand in Malaysia offering generous bonus and good trading conditions, and I don’t have much negative to say about it. I first tried InstaForex years ago because it was one of the few ECN brokers available with high leverage and an MT4 connection. Most spreads are fixed so risk management is easy to do, but then again, there are no big wow factors to this broker. If you are looking for a regular broker, with fast trades and good platforms, then InstaForex should be on your shortlist for consideration.
|– Free Signals for Forex Malaysia signups!|
– Works with MetaTrader platform
– 400:1 Leverage
– Offers a mobile version of the platform
– Available to Malaysians
|50% Bonus up to $2000|| CySec|
My experience with Easy Markets
EasyMarkets is wonderful for the new trader because they really do roll out the welcome mat. The offer free trading signals to our clients, which is a huge help to any trader. They also offer education and set you up with an account manager to make sure you understand the ropes before you start trading for yourself. The technology is smooth, you can trade on mobile, and their deal cancellation feature has saved me a couple of times.
Choosing a forex broker
The choice of a forex broker is the next step after making a decision to start forex trading. It is a crucial element and should be done carefully to ensure that you get a forex broker that offers the best services, the right leverage, spreads, conditions, and is legally registered to allow you to trade in the location where you live. Here are some common and important questions that you should ask when choosing a forex broker:
Is the forex broker a non-dealing desk or dealing desk broker?
A dealing desk forex broker is one who interferes with your orders, by monitoring them and then often puts a trade in against them. On the other hand, the non-dealing desk broker offers you a direct access to the foreign exchange markets. The main difference between the two is that the dealing desk brokers usually have fixed spreads while non-dealing desk brokers have variable spreads as they are getting the rates from a liquidity provider.
What is the maximum leverage that the broker offers?
Leverage is additional capital from a liquidy provider (usually a well-known bank) that a broker offers you so that you are able to hold a larger order in the market. It is given in terms of a ratio like 50:1. Leverage is used because the movements in the currency markets, so if traders did not have access to leverage the gains would be too small. Brokers usually offer leverage anywhere from 200:1 to 800:1, depending on what liquidity provider they are doing, and also dependent on your experience as a trader. When it comes to leverage, traders need to be very careful and understand it well.
Leverage is important to understand because it can either work for you or against you. It’s advisable that for retail traders with a little experience to be careful with the amount of leverage that you use in your trades because the risk exposure can be significant. As your trading history grows, and the broker sees that you are trading successfully, they could offer you increased leverage on your account.
Do Forex brokers offer tools for me to use in my trading?
Brokers usually offer forex tools like calculators, economic calendars as well as trading signals so that you have all your trading information in one view. The main tool that any trader will be using is either MetaTrader 4 or 5 or the platform that is offered by the broker for the purpose of researching and enacting the trades.
When you sign up with a broker, ask the account manager what tools you will have access to for free, and which they will charge you for. This is often posted on their website, but having this discussion with the broker before you have made your first deposit will get you more from them for free.
How wide are the spreads?
The spread is the difference between the buying price and the selling price. It is with this difference that a broker makes their money. Different brokers will offer different spreads and the difference is often determined by the kind of broker you are going to trade with, and also the deal they have with their liquidity provider.
What type of accounts does the forex broker offer?
Brokers usually have demo accounts, which are free accounts where you can practice your strategies and trading, and real accounts that are funded by your bank account or credit card. To read more about demo accounts, we have a section on the what they are, and some of the best brokers that offer them.
When it comes to real accounts, brokers will sometimes have different tiers of accounts for you to select from. Based on how much capital you intend to deposit with the broker, the account size will be bigger, and you will get more access to account managers, data, signals and ultimately lower spreads and higher leverage.
What is the minimum initial deposit that the broker allows?
Brokers have different minimum deposits starting as low as $5 and going up to $500. I would always recommend that you consider that you only want to deposit an amount of money that you are comfortable losing because while trading can be very successful, it can also be very unsuccessful.
Does the broker have a demo account?
A demo account is very helpful especially for forex beginners as well as for the professionals for testing different trading strategies. Some demo accounts will be time-limited, where after your demo period you will be encouraged to sign up for a funded account. Most brokers allow you to keep your demo account once your real account is created.
Does the forex broker offer customer services?
It is important that you choose a broker that offers customer service since you will be able to communicate. It is safe to say that all brokers offer customer service 5 days a week, it is only the more advanced accounts that will give you access to a dedicated account manager and weekend assistance.
Does the broker offer bonuses to first-timers?
There is a controversy about if giving bonuses away for first-time traders should be allowed. Some regulators in Europe have decided that it should be stopped, while others around the world still allow it. That said, some brokers offer bonuses based on the amount that you deposit to your account, and others give you offers or run tournaments. Some offer no deposit bonuses to get you started.
Important note: do not rely on bonuses because they are often come with fine print and are used as a mechanism to drive in new customers. You will not be able to withdraw them.