By Chris Cammack Author Information Updated: July 2, 2020

The Forex market is the most active financial market in the world, in part because of the number of traders continually buying and selling currencies. Unlike the Bursa Malaysia in Kuala Lumpur, the Forex market is open 24 hours a day, five days a week where dramatic price fluctuations can happen at any moment. Today’s trader needs to be continually connected to monitor open trades and take advantage of unexpected opportunities.

If you are looking for online trading apps, chances also are that you are reading this on your smartphone. According to the latest study, 59% of Malaysians own a smartphone which has made Forex trading more accessible. And in 2020, it is not uncommon to notice people trading in a taxi as they commute to the office.

Since traders all have different needs, there is no single best trading app for every person. To make this list, we have included all the best apps with unique qualities that we believe add to the trading experience.  Regardless if you are on an Android or iOS phone, traders will want advanced charts and live market data, for both live and demo accounts.

Here is our list of the best Android and iOS Forex trading Apps in Malaysia for 2020.

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  • Broker
    FXTM

    FXTM  - Best Forex Trading App

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    1110.50
    Minimum Deposit
    USD 10
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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
    Account Spread From Commission Execution Min. Deposit
    Cent Account 1.5 pips None Instant USD 10 Account Details
    Standard Account 1.3 pips None Instant USD 100 Account Details
    ECN Zero Account 1.5 pips None Market USD 200 Account Details
    ECN Account 0.1 pips $2.00 Market USD 500 Account Details
    FXTM Pro Account 0.0 pips None Market USD 25000 Account Details
  • Broker
    Tickmill

    Tickmill  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Tickmill offers very low spreads and commission, a 30 USD welcome bonus for all new traders, fast market execution on the MT4 platform and has an excellent reputation in the industry.

    All accounts can be converted to Islamic accounts and all clients have access to free AutoChartist and Copy Trading (via Myfxbook) - great tools for traders of all experience levels. A regular winner of trade execution and trading conditions awards, Tickmill has the reputation, and the performance, traders should look for in a broker.

    Pros

    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets

    Cons

    • MT4 only
    Account Spread From Commission Execution Min. Deposit
    Classic 1.6 pips None Market USD 100 Account Details
    Pro 0.0 pips Variable Market USD 100 Account Details
    VIP 0.0 pips Variable Market USD 50000 Account Details
  • Broker
    OctaFX

    OctaFX  - Best Trading Platforms

    REGULATED BY
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    USD 50
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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
    Account Spread From Commission Execution Min. Deposit
    cTrader ECN 0.0 pips $3.00 Market USD 100 Account Details
    MT4 Micro 0.4 pips None Market USD 100 Account Details
    MT5 Pro 0.2 pips None Market USD 500 Account Details
  • Broker
    AvaTrade

    AvaTrade  - Best Trading Conditions

    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms, great trading conditions on Islamic accounts and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to please its many new and existing customers.  

    AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.

    Pros

    • Good for beginners
    • Well regulated
    • Low minimum deposit

    Cons

    • Dealing desk
    • Limited education
    Account Spread From Commission Execution Min. Deposit
    Islamic 1.2 pips None Instant USD 100 Account Details
    Professional 0.9 pips None Instant USD 100 Account Details
    Retail 0.9 pips None Instant USD 100 Account Details
  • Broker
    MarketsX

    MarketsX  - Best Research

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in Malaysia can take advantage of the swap-free Islamic account on offer.

    The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • High minimum deposit
    Account Spread From Commission Execution Min. Deposit
    Live 0.9 pips None Instant USD 100 Account Details
  • Broker
    XM

    XM  - Best Overall Broker

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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
    Account Spread From Commission Execution Min. Deposit
    Micro 1.0 pips None Instant USD 5 Account Details
    Standard 1.0 pips None Instant USD 5 Account Details
    XM Ultra Low 0.6 pips None Instant USD 50 Account Details
    XM Zero 0.6 pips $7.00 Instant USD 100 Account Details
  • Broker
    eToro

    eToro  - Best Research

    REGULATED BY
    CySEC CySEC
    FCA FCA
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11000
    Minimum Deposit
    USD 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms
    • etoro

    eToro pioneered social trading in 2012 and has been widely recognised for making the social trading experience as smooth and engaging as possible. eToro has since grown to become one of the largest Forex brokers in the world, and its success has made it clear that many traders view an active and helpful community as an essential part of their trading strategy.

    eToro's trading model is quite different from most other brokers and may take some time to get accustomed to, but if you are looking for a fun and simple social trading experience, then eToro is the best.

    Pros

    • Well regulated
    • Good for beginners
    • Innovative trading tools

    Cons

    • Limited education
    • Wide spreads
    Account Spread From Commission Execution Min. Deposit
    Professional 1.0 pips None Market EUR 200 Account Details
    Standard 1.0 pips None Market USD 200 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    IC Markets is one of the few ECN brokers that is truly good for beginner traders; trader education and customer service are both top-notch and with free access to Trading Central - an excellent third-party analytics provider - new traders will feel very welcome indeed. IC Markets runs frequent bonus schemes, some especially for Islamic traders, with commission-free trading on Islamic accounts during Ramadan. 

    IC Markets also offers support for all three leading trading platforms so experienced traders looking for a good ECN broker with the best trading conditions and fast execution should be tempted too.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice

    Cons

    • High minimum deposit
    • Limited market analysis
    Account Spread From Commission Execution Min. Deposit
    RAW - cTrader 0.0 pips $3.00 Market USD 200 Account Details
    RAW - MetaTrader 0.0 pips $3.50 Market USD 200 Account Details
    Standard - MetaTrader 1.0 pips None Market USD 200 Account Details
  • REGULATED BY
    CySEC CySEC
    B.V.I FSC B.V.I FSC
    Trading Desk Type
    Trading Conditions
    11000
    Minimum Deposit
    USD 150
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    InstaForex is an award-winning and well-regulated broker offering a wide variety of account types with good trading conditions and a copy-trading service. With three market execution accounts, one of which is specifically built for scalping, and two instant execution accounts with no minimum deposit (both of which are available as Islamic accounts), InstaForex will appeal to a wide range of traders.

    The market analysis and education sections feature regularly updated content for traders of all experience levels and MT4 is fully supported via download and webtrader.

    Pros

    • Wide range of assets
    • Copy trading accounts

    Cons

    • Limited market analysis
    • Limited education
    • Wide spreads
    Account Spread From Commission Execution Min. Deposit
    Cent.Eurica pips 0.03%-0.07% Instant USD 5 Account Details
    Cent.Standard 3 pips None Instant USD 5 Account Details
    Insta.Eurica pips 0.03%-0.07% Instant USD 5 Account Details
    Insta.Standard 3 pips None Instant USD 5 Account Details
    Islamic pips None Instant USD 5 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    DFSA DFSA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    HotForex is an award-winning, global broker and has a reputation for client satisfaction. 

    Trading conditions are varied across four 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.

    HotForex has managed to attract a broad-based global clientele by offering multiple language capabilities and has a dedicated Malaysian team.

    Pros

    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts

    Cons

    • Limited base currencies
    Account Spread From Commission Execution Min. Deposit
    Micro 1.0 pips None Market USD 5 Account Details
    Islamic 1.0 pips None Market USD 100 Account Details
    Premium 1.0 pips None Market USD 100 Account Details
    Auto 1.0 pips None Market USD 200 Account Details
    Zero 0.0 pips $3.00 Market USD 200 Account Details
    HFCopy 1.0 pips None Market USD 300 Account Details
    Premium Pro 1.0 pips None Market USD 5000 Account Details

We pride ourselves on giving good advice, and we always put our readers first. When choosing partners, we do our research according to our review process which covers areas such as regulation, trading conditions, and the product offering.

We don't put just anyone up here. We put you first.

To pay the bills, and keep the lights on, we need a business model. That business model makes use of affiliate programs whereby we get a commission from partners featured on our website.

Our business model never influences our opinion of any partner, and the partner selection and review processes are separate. The compensation we receive from partners may affect how our lists are arranged, but the reviews are genuine, and the data is accurate. Our opinion can not be bought, and we always put our readers and their financial livelihoods first.

Open

Features of the Best Forex Trading Apps

Forex trading apps are all different, but the best will share the following qualities that make them convenient and functional for traders on the move.

  • Fast Execution Speed: While this will depend on your smartphone’s connection to the internet, it is important that the app itself does not suffer any loss in execution speed when compared to the desktop version of the platform.
  • Intuitive Platform Layout: Traders do not want to waste time trying to find the trade or data they need when using an app. A good mobile platform will have an intuitive layout and any open trades and other relevant information readily available with a single tap.
  • Full Functionality: Platform apps should match the functionality of their desktop versions as much as possible. App design should provide visual cues that are recognisable to users of the desktop platform. This will lead to an easier onboarding experience and an intuitive sense of how to access the more important features.
  • Standard Funding Options: Both deposit and withdrawals should be available in the app, with the same levels of banking security as available in the desktop version.
  • Trade Security: More generally, security for all features should be of the same level as the desktop application. But this is especially important for trading execution.
  • Advanced Charting: While charts on a mobile device are going to be less customisable than on a desktop, there should be some of the more popular functions found on the desktop version. This is especially valuable for custom indicators and common timeframes.
  • Platform Stability: There is nothing worse than a Forex trading app crashing when you the markets are moving against your position. Platform stability is an absolute necessity and should never be compromised.
  • Access to Customer Support: Your trading app should allow access to customer support; this should be either via chat or VOIP call.
  • Full Range of Assets: Any assets that are available to trade on the desktop version should also be available on the mobile app

Benefits of Forex Trading Apps

The best Forex trading apps are designed with accessibility and functionality in mind. It is a vastly different experience to trading at on your PC, but this is not necessarily a bad thing.

  • Convenience: Before the advent of smartphone trading apps, Forex traders had to close all their positions when they left their desk. Either that or hope that stop-losses and trading robots would protect their open positions. Accessing Forex news and data was also much more difficult. All the functions associated with Forex trading can now be achieved via a trading app. The best apps will allow you to open and close positions, use advanced charting to analyse the market and keep abreast of breaking news and economic data that affect the markets.
  • Mobility: While Forex trading apps are convenient, they also allow traders to continue all aspects of Forex trading while on the go. Whether you are commuting to work on a train, or walking down the street to go shopping, you can keep track of your positions and the market movements.
  • Response Time: Trading apps also allow you to respond to market movements in an instant. Rather than having to wait until you are at your PC to take advantage of price movements, you can open or close an order immediately with the tap of your screen.

Disadvantages of Forex Trading Apps

While using a Forex trading app can be convenient and useful for traders on the move, there are also several dangers associated with mobile trading. It is wise to keep these dangers in mind before you start using a trading app on a regular basis.

  • Screen size: Professional traders operate twin desktops with multiple charts, covered in indicators, and often hold numerous open trades. Trading on a smaller mobile screen will not compare to this level of complexity. Mobile traders should try to limit the number of open trades and be aware of the charting limitations on their trading app
  • Distractions: Mobile devices are designed to be with you when you are doing other things. Trading while you are doing other tasks can be a dangerous game. If you are trading on a mobile device, make sure that you have taken the time and space to judge your trading decisions before following through.
  • Execution Speed: While execution speeds on the best mobile trading apps are quite good, you should not use them for a split second, STP trading or scalping. Mobile networks are getting faster all the time, but there will always be a delay relative to a desktop trading environment.
  • Overtrading: Often, the best move when trading is to do nothing – especially when you are on the move and without access to the tools and charts you have at your desk. With the convenience of a mobile trading app, there is the danger that you will find yourself trading too often and in ways that you would not normally do when at your desk.

Final Word

Forex trading apps are a useful addition to a trader’s toolbox, but should never be used as a replacement for a desktop platform. While their convenience is undeniable, there is just too much space for distraction and overtrading while on a mobile device.

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

The best Forex trading apps can achieve some of the aspects of the best trading platforms but will never be able to match a desktop platform

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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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