As well as low trading fees, the top broker charges minimal trading fees that keep forex costs down. No fees are incurred for deposits and withdrawals, while traders can leave their trading account idle for any length of time and avoid inactivity fees. Instead of the broker widening the spread, IC Markets charges a commission.
Commission trading is usually cheaper than spread only trading when it comes to forex. Data taken from broker website. As an international broker that also has tier-1 regulators in other parts of the world such as ASIC and CySEC, IC Markets can be seen as a trusted broker amongst the international retail investor community. Traders using IC Markets to facilitate their fx transactions gain access to some of the most competitive spreads available to retail traders.
For Malaysian retail investors wanting to gain access to institutional-grade pricing with NDD interference, IC Markets is an excellent top forex broker.
The Best and Trusted Forex Brokers in Malaysia
In place of swap fees, ThinkMarkets charge a weekly administrative fee if you hold your position for 7 days or greater. There are no fees for the first 6 days you hold your position. After 7 days, charges are made in 7-day increments with the following administrative fees per day:. Conditions for these accounts are exactly the same minus swap fees.
The Standard account has no commission and requires no opening balance. ThinkMarkets is based in Australia but has offices and regulated globally. For investors wanting to trade forex and CFDs on MetaTrader 4, Pepperstone is a tried and tested fx broker offering tight spreads and a range of trading tools available. The gold standard of forex trading platforms since its initial release by MetaQuotes in , MT4 allows retail investors to access institutional-grade research and analysis tools within an intuitive interface.
A Guide To Forex Trading: How Does It Work In Malaysia?
To assist with market analysis, MetaTrader 4 has built-in Autochartist features that include:. MetaTrader 4 is available as a desktop platform Mac and Windows , webtrader app or mobile trading apps. Mobile apps are compatible with both iOS and Android, ensuring traders can stay up to date at any time and place orders on the go.
For those wanting to gain experience or practise strategies prior to trading with real money, the free MetaTrader 4 demo account offered by Pepperstone is a great tool regardless of experience. FxPro cTrader provides traders with a professional trading environment where they can enjoy ECN-style pricing, advanced trading tools and ultra-fast execution. For those wanting to automate their trading, FxPro offers cTrader Automate, an advanced algorithmic coding application. Traders can build customised trading robots and indicators using the C language and backtest algorithmic strategies against historical market data.
To manage the high risk of forex trading, FxPro clients can utilise a range of order types to assist in minimising losses. Minimum spreads of 0. Although commission fees are higher than Pepperstone and IC Markets, FxPro is still considered a competitive forex broker internationally. The brokerage company is regulated by five different financial authorities around the globe, yet investor protection varies depending on the subsidy a trader is signed up.
Malaysian traders will have regulation from SCB. To learn more about FxPro, click here. For those wanting to trade forex and shares, CMC Markets is a strong candidate owing to its market access to major, minor and exotic currency pairs plus over ETFs and Shares. Spreads are as low as 0. The range of financial markets offered and forex trades available are a leading reason Malaysian forex traders choose the provider. In-built analysis tools include over:.
Malaysian Forex Brokers Comparison
Credit or debit card, Neteller, Skrill and direct deposit can make deposits. Established in , IG is a Forex broker with ample experience in the marketplace and a strong history of strong customer support. With over 15, underlying assets for traders to choose from, IG offers excellent trading versatility.
The brokers proprietary webtrader platform provides a user-friendly interface, numerous indicators and charting features, as well as news directly from Reuters and Twitter. For those wanting to trade through a desktop platform, IG Markets offers two options, MetaTrader 4 MT4 and the brokers advanced proprietary platform. In regards to MT4, the desktop and mobile platform allow for sophisticated analysis and order types.
ForexTime FXTM is a top forex broker offering leverage that is significantly higher than its competitors. Although the broker offers a range of account types, to access the high maximum leverage traders are required to sign up to a Standard, ECN Zero or ECN account type. A Standard account offers fixed spreads from 1. When trading forex through these account types, FXTM clients can leverage positions up to on major currency pairs, on minor currency pairs, and on exotic currency pairs. Leverage on Cryptocurrency products is also much higher than other top CFD brokers.
Leverage of on Crypto products is incredibly high compared to other retail CFD brokers that usually only offer When copying the strategies of popular investors, traders are not limited to Forex markets. Although funds can be withdrawn from Copyportfolios at any time, the asset bundles are medium to long-term investments and should be held for longer periods than standard forex or CFD orders.
Any member of the social trading network can become a Popular Investor and earn fixed monthly commissions when other traders copy their strategies. The cash rewards Popular Investors gain when allowing others to follow their strategies depends on the number of copiers they have. The fully functional trial account allows traders to research Popular Investors and practise copy trading.
You can view the Securities Commission Malaysia website to view the database to review if any Malaysian forex broker has been registered. As the regulatory body for forex, cryptocurrency and other financial services and asset classes, the SCM or the Central Bank of Malaysia Bank Negara Malaysia is a good source to view changes regarding Malaysia forex broker regulation.
Users can also access AutoChartist and live trading alerts via Telegram, depending on account type. The era of Forex has come to Malaysia. There are a lot of brokers offering their services to the locals and you can open an account and become an independent trader. However, currency trading has long been known as the area where lots of scammers run their schemes and defraud investors of their money.
So, when you open an account be sure it is Negara regulated Malaysian National Bank. You should also check what trading platform and software the brokers provide. Then, do not forget to look at the fees and commissions. It is also important that the broker offers a number of different types of accounts based on your capital size. Do not trade with a broker if it has poor customer service. Also, try to select brokers who have most useful additional services both online and offline.
Most countries of the world have had the Forex market regulated for a long time. Regulation has evolved through different stages, mostly from very loose to very strict. Some time ago a scam broker could function freely across the world and could easily get away with it, without being punished. Things have changed now. Unregulated brokers are not welcome in most countries and are even legally banned in some of them. Margin requirements have gone up and leverage was lowered. The situation has definitely changed for the better.
Some ten years ago, it was illegal to trade Forex in Malaysia. A number of people even went to jail and not because they were cheating or running some schemes, but because there was no regulation for currency trading and those who did trade were considered functioning outside of the law.
A few years ago trading became legalized and now financial markets including Forex is regulated by Negara National Bank of Malaysia. The regulator issues licenses for those who want to offer their services to local traders supervises and regulates those brokers and if deems it necessary intervenes or punishes those who fail to comply with the rules set by the Bank. It handles complaints sent by investors and takes an active role in keeping brokers acting transparently and fairly towards their customers.
What Are Your Options For Forex Brokers Malaysia?
After you have figured out which brokers are regulated by Negara, you want to look at the trading platform and software those regulated brokers offer to the customers. The simpler the platform the better. You do not want to make mistakes that are technical due to an overcomplicated platform. Metatrader 4 seems to be the most user-friendly type and is quite easy to use as it has an advanced and very useful chartstation, tons of indicators that you may use or ignore, the possibility to make your notes on charts, add and remove various features, copy function and backtesting of your strategy.
There are much more, but you need to check those out, to see whether this or any other platform the company offers meets your needs. Choose the best one for you! Brokers make money by charging fees and taking commissions on your transactions. In Forex, those commissions come in the form of spreads. What is a spread? It is the difference between the bid and ask price.