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AuthorBy Jeffrey Cammack
Updated: January 12, 2021

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 12 Jan 2021
Updated 12 Jan 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
4.374.37
Min. Spread
0 pips
Trading Platforms
Trading Desk Type
Overall Rating
11110.54.37/ 5
AlertAccepts Malaysian Clients. Minimum spread EUR/USD 1.50 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.
2
OctaFX
Min. Deposit
USD 50
3.603.60
Min. Spread
0 pips
Trading Platforms
Trading Desk Type
Overall Rating
1110.503.60/ 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.
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1.40 pips
Trading Platforms
Trading Desk Type
Overall Rating
11110.54.32/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.50 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.
4
AvaTrade
Min. Deposit
USD 100
4.484.48
Min. Spread
0.90 pips
Trading Platforms
Trading Desk Type
Overall Rating
11110.54.48/ 5
AlertAccepts Malaysian Clients. Spreads start at 0.90 pips on theEUR/USD 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.
5
MarketsX
Min. Deposit
USD 250
4.394.39
Min. Spread
0.60 pips
Trading Platforms
Trading Desk Type
Overall Rating
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.
6
HotForex
Min. Deposit
USD 5
4.494.49
Min. Spread
0 pips
Trading Platforms
Trading Desk Type
Overall Rating
11110.54.49/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1 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.
7
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.60 pips
Trading Platforms
Trading Desk Type
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.
8
eToro
Min. Deposit
USD 200
3.693.69
Min. Spread
1 pips
Trading Platforms
Trading Desk Type
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.
9
Pepperstone
Min. Deposit
USD 5
4.614.61
Min. Spread
0.01 pips
Trading Platforms
Trading Desk Type
Overall Rating
11110.54.61/ 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 CySEC.
10
XTB
Min. Deposit
USD 5
4.144.14
Min. Spread
0.80 pips
Trading Platforms
Trading Desk Type
Overall Rating
11110.54.14/ 5
AlertAccepts Malaysian Clients. Minimum spread EUR/USD 0.50 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
11
IC Markets
Min. Deposit
USD 200
4.464.46
Min. Spread
0.10 pips
Trading Platforms
Trading Desk Type
Overall Rating
11110.54.46/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.10 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.
12
FxPro
Min. Deposit
USD 100
4.244.24
Min. Spread
0.60 pips
Trading Platforms
Trading Desk Type
Overall Rating
11110.54.24/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
13
FP Markets
Min. Deposit
USD 100
4.234.23
Min. Spread
0 pips
Trading Platforms
Trading Desk Type
Overall Rating
11110.54.23/ 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 platforms supported. FP Markets is regulated by CySEC and ASIC.

    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

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    Min. Deposit
    Min. Spread
    USD 100
    1.40 pips
    USD 100
    0.90 pips
    USD 5
    0.01 pips
    USD 250
    0.60 pips
    USD 5
    0.60 pips
    USD 200
    0.10 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

    Scroll for more detailsPreviousNext
    Min. Deposit
    Min. Spread
    USD 5
    0.01 pips
    USD 100
    0.60 pips
    USD 200
    0.10 pips
    USD 5
    0.20 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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