By Chris Cammack Author Information Updated: July 2, 2020

Metatrader 4 (MT4) is the most widely-supported trading software, and while MT5 is gradually replacing it, MT4 is still widely recognised for its comprehensive brilliance. The quality of Forex brokers with MT4 support varies greatly, so when evaluating them, we keep our focus on their trading conditions, regulatory status, and beginner friendliness.

These are the best MT4 Forex brokers in Malaysia for 2020.

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  • Broker
    FXTM

    FXTM  - Best MT4 Broker

    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
  • REGULATED BY
    FCA FCA
    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

    The world's number one broker, and our highest-ranked broker, IG Markets have a very impressive product offering. A market-maker broker, IG Markets only offers the single account for Forex trading (also available as an Islamic account), but spreads are tight and educational and analytical materials are excellent. A wide choice of platform - including MT4 - is also available and customer service is world-class. 

    With regulation from the FCA and ASIC, and winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an easy choice for both beginner and experienced traders.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis

    Cons

    • High minimum deposit
    Account Spread From Commission Execution Min. Deposit
    Live Account 0.6 pips None Instant USD 250 Account Details
    Spread Betting 0.6 pips None Instant USD 250 Account Details
  • Broker
    HotForex

    HotForex  - Best Research

    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
  • Broker
    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FXPro is one of the largest and most trusted brokers in the industry and, as such, are an excellent choice for new traders. Education for beginners is best-in-class and all three account types are available as Islamic accounts.

    With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro offer competitive spreads to match profitability with security. 

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • Limited education
    Account Spread From Commission Execution Min. Deposit
    FxPro cTrader 0.45 pips $4.50 Market USD 100 Account Details
    FxPro MT4 1.2 pips None Market USD 100 Account Details
    FxPro MT5 1.52 pips None Market USD 100 Account Details
    Islamic 1.2 pips Variable Market USD 100 Account Details
  • REGULATED BY
    FCA FCA
    ASIC ASIC
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    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
    Account Spread From Commission Execution Min. Deposit
    Razor 0.0 pips AUD$ 7 ECN USD 200 Account Details
    Standard 1.0 pips None ECN USD 200 Account Details
    Swap-free 1.0 pips None ECN USD 200 Account Details
  • Broker
    InstaForex

    InstaForex  - Best Research

    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

All Forex Brokers in Malaysia

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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

Should I Use MetaTrader 4?

So, you’re still not sure whether this is the right platform for you? Let’s run over some of the advantages and disadvantages of the platform.

MT4 Brokers

Metatrader 4 Advantages

It’s Free!

Yes, a fairly obvious one here – but a critical point. The platform is completely free of charge. If it weren’t we probably would never have seen the massive explosion in retail Forex trading in the 2000s and the industry would be a very different, and more restricted, space.

Mobile

I don’t mean it’s available on your phone/tablet, though it certainly is that too. What I mean by mobile, in this case, is that once you download the platform to your computer, it is yours. If you switch broker, it goes with you. It can also support multiple brokers and multiple accounts from the same broker. As your trading goals and needs change, you can move freely between brokers without worrying about losing any customised changes you made to your version of the platform. And speaking of customisation, that brings us on neatly to…

Expert Advisers

Probably the most popular feature of this platform is its ability to support user-defined Expert Advisors (EAs). Algorithms written in the MQL4 script, EAs are user-defined trading tools that allow traders to automate their trades within set parameters. These can be purchased from the MetaTrader Market and easily installed. As MQL4 is freely downloadable there is a large community of EA creators and hundreds of EAs to choose from, many of which are free, and if that’s not enough, you can always write your own.

Indicators

Much like EAs, indicators are algorithms made in MQL4. Unlike EAs, indicators will not automate your trades but rather feed you real-time technical analysis – leaving you to make the trading decision manually. There are over 2000 free indicators available in the MetaTrader Code Hube, and hundreds more have been created by the community and can be purchased in the MetaTrader Market.

Charts

Despite its age, it is still regarded as having one of the best charting tools of any trading platform. You can simultaneously open an unlimited number of charts, customise their appearance and apply various graphical objects and indicators to them. All charts are interactive, and you can zoom and scroll through them in real time.

Security

It is also famous for its security – all information between client and server is 128-bit encrypted, and it also supports RSA Digital Signatures.

Widespread Use

It is almost fifteen years old and is still the industry standard. Most brokers will offer it, and it is incredibly well supported – if you have a question, someone will have answered it – if you have a problem, someone will have solved it. There are many thousands of people who know the platform inside and out, and many of them have made videos or tutorials for pretty much every aspect of it. For beginners and experienced traders alike, this is a great advantage.

Not Resource/Bandwidth Intensive

Because of its age, it runs smoothly on all modern computers and will be happy on even ageing systems. Many proprietary platforms run in a browser using Flash, and system resource issues can occur, slowing down or crashing the platform – this is not ideal as seconds really can count in Forex trading. None of these issues exists with MetaTrader 4, even on your ageing laptop.

MetaTrader 4 Disadvantages

It’s old!

Yes, it looks like a program from 2005. If you are looking for something aesthetically pleasing this is not your platform – but if you are that concerned with how your platform appears then maybe you should re-examine your trading priorities.

It doesn’t like Macs

It can run on Macs but not without some effort. You must install a Windows emulator called Wine (a tool for Unix-based systems to run an application developed for Windows) along with fonts and the graphical interface. Wine is a great tool, but not necessarily the most stable and your experience can suffer as a result.

No News-feed integration

It lacks the integration of news and economic data.  On more modern platforms, traders can keep updated with the latest news affecting exchange rates without having to leave the platform.

It’s not Metatrader 5

MetaQuotes released the latest version of Metatrader (Metatrader 5 or MT5) in 2010. There are several essential differences between the two, but the significant functional change is that MT5 can support stocks, futures and commodity trading, whereas MT4 cannot. That said, MT5 is a more sophisticated platform – but if you are interested in trading these asset classes alongside Forex on a Metatrader platform, you don’t have a choice. Additionally, MT5 is finally seeing serious support from the industry, with some ditching the older sibling entirely in favour of the newer version. The jury is still out over whether this will become a trend, but it is something to keep in mind.

Conclusion

MetaTrader 4 is central for so many traders in their development towards becoming professional traders. It will be here for some time to come and will continue to help new traders launch a trading career. If you’re trying to get the most out of your charts, get focused without the distraction of fancy tools, then it remains a good candidate to satisfy 90% of all your trading needs.

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

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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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