AuthorBy Jeffrey CammackAuthor InformationUpdated: November 7, 2020

If you are new to trading, you can go about finding a trading platform in one of two ways.  You can either narrow down your broker choices first and then look at the platforms they support or decide which platform is right for you, and then find a matching broker.

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Best Forex Trading Platforms

Last updated on 7 Nov 2020
Updated 7 Nov 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Sweden
1
FXTM
Min. Deposit
USD 10
4.234.23
Min. Spread
0 pips
Trading Platforms
Trading Desk Type
11110.54.23/ 5
AlertAccepts Malaysia Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Max leverage Flexible. 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
Trading Platforms
Trading Desk Type
11110.54.10/ 5
AlertAccepts Australian 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
AvaTrade
Min. Deposit
USD 100
4.184.18
Min. Spread
0.90 pips
Trading Platforms
Trading Desk Type
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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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
Read More About AvaTrade
4
MarketsX
Min. Deposit
USD 250
4.394.39
Min. Spread
0.60 pips
Trading Platforms
Trading Desk Type
11110.54.39/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
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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
Read More About MarketsX
5
HotForex
Min. Deposit
USD 5
4.294.29
Min. Spread
0 pips
Trading Platforms
Trading Desk Type
11110.54.29/ 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 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
Read More About HotForex
6
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.60 pips
Trading Platforms
Trading Desk Type
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
7
eToro
Min. Deposit
USD 200
3.333.33
Min. Spread
1 pips
Trading Platforms
Trading Desk Type
1110.503.33/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.00 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 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
Read More About eToro
8
Pepperstone
Min. Deposit
USD 200
4.514.51
Min. Spread
0.01 pips
Trading Platforms
Trading Desk Type
11110.54.51/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.16 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
9
XTB
Min. Deposit
USD 5
4.294.29
Min. Spread
0.10 pips
Trading Platforms
Trading Desk Type
11110.54.29/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC CySEC, FCA and the IFSC
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Well-regulated, safe and award-winning, XTB is a true leader in the Forex trading industry.

Joining other leading NND Markets Maker brokers with unbeatable trading conditions, excellent trader education and rock-solid analysis, XTB has also developed an award-winning proprietary trading platform that goes beyond MT4 to offer clients easy-to-use functionality with fast execution speeds.

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
Read More About XTB
10
IC Markets
Min. Deposit
USD 200
4.264.26
Min. Spread
0.10 pips
Trading Platforms
Trading Desk Type
11110.54.26/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
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IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure welcoming and simple to understand. IC Markets understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
11
FxPro
Min. Deposit
USD 100
4.214.21
Min. Spread
0.60 pips
Trading Platforms
Trading Desk Type
11110.54.21/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
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One of the most respected Forex brokers in the industry, well regulated by the FCA and CySEC, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.

With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro also offers competitive spreads – often as low as 0.6 pips – to match profitability with security.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
Read More About FxPro
12
FP Markets
Min. Deposit
USD 100
4.174.17
Min. Spread
0 pips
Trading Platforms
Trading Desk Type
11110.54.17/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets

What is a Forex trading platform?

A trading platform serves as a connection between traders and brokers. In addition to executing trades, it shows charts and analysis, which help in doing the analysis needed for trading.

In choosing a platform, find one that provides a nice variety of technical tools that carry out a meticulous analysis of the market, help find trading opportunities, and make trading less complicated.

Some platforms offer a social trading component or add-ons that can be purchased.  This allows traders to copy the trades of others on the network.  Other platforms will allow traders to set up algorithmic trading.  Be cautioned that automated trading strategies come with a potential for a significant loss, so an experienced trader needs to have a constant watch on trading activity if this is going to be used profitably.

The advantages of choosing a platform first

  • If you have a connection to a platform already – examples would be that they used it before or recommended by a friend/trading coach.
  • If you want the flexibility of movement between brokers in the future.
  • If you plan on having accounts with multiple brokers and would prefer a single piece of software.

Here are a few suggestions that might help beginners to find what they need from a platform to get started in the Forex market.

Are Forex platforms free?

The vast majority of trading platforms are free of charge.  Those that come with a small fee are very rare and are limited to institutional platforms. Cost should not be your biggest concern in choosing a platform.

What are the best trading platforms?

With a few exceptions, the best trading platforms are those which are supported by multiple brokers and are maintained independently.

MetaTrader

MetaTrader by MetaQuotes is by far the industry standard and is thus an excellent option for traders to consider.  It started out and continues to be, an independent platform that is loved by traders and quickly gained popularity because of the third-party add-ons and automated trading is enabled – in the form of scripts called expert advisors (EAs).  In 2005 with the launch of MetaTrader4, that brokers started offering the possibility of trading on the MetaQuotes platform and their position as the market leader was confirmed.

The brokers often give support for the MetaTrader products, so new traders with questions about how it can be used should contact customer service.  Even with the subsequent launch of MetaTrader 5 (MT5) with additional functionality, MT4 remains to be the trader’s favourite.

Algorithmic trading and the possibility of using EAs is still one of the main draws to the MT4/MT5 product.  To write EAs, you need to be a programmer in the MQL5 programming language, but there is a community store where you can buy EAs should you wish to include them in your trading strategy.  They can be found here:

Top MT4 brokers

Min. Deposit
Min. Spread
USD 100
0.90 pips
USD 5
0.60 pips

cTrader

cTrader by Spotware may not be the market leader, but it is another well known independent trading tool launched in 2010, that I would consider to more beginner-friendly than their MetaTrader competitor.

At the time that cTrader launched, all that existed in the market was poor quality broker trading platforms and MetaTrader 4. MetaTrader at the time was not intuitive (and is still not), and the user interface was not appealing and outdated.

With the Trader First approach, the cTrader product suite broke into the market with a promise of creating a trading tool that was easier to use and delivered better features.  cTrader is far superior to MetaTrader with advanced charting and order control.

If you are looking for a platform that looks more modern, then cTrader is your choice.  This choice will not give you the same possibility of changing between brokers with the same software as would be more possible with MetaTrader because there are fewer brokers who offer this software choice, and the community using it is smaller and thus less able to provide help with creating EAs or providing support in the forums.

cTrader is not as famous as MetaTrader which I think this is primarily due to the origins of the product – MetaTrader was once the single option and the community built and supported it, whereas cTrader came in as a commercial product trying to succeed where MetaTrader has failed.  So don’t be turned off by the lower adoption rate as cTrader has its fans, myself included, that feel it offers a superior trading experience to the alternatives.

Beginners who want a dependable software, and want to trade with a specific broker that supports it should choose cTrader over MetaTrader.  cTrader his is a comprehensive tool for new traders who wish to have a platform that looks current and is less complicated to set up.

Top cTrader Brokers

Min. Deposit
Min. Spread
USD 200
0.01 pips
USD 100
0.60 pips
USD 200
0.10 pips

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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