10 Best Forex Brokers In Malaysia [Updated For 2024] (2024)

Written byJustin Grossbard

Edited bySean A'Hearn

Fact Checked byDavid Levy

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.

FP Markets Has MT4 and MT5

FP Markets is an award-winning forex broker regulated by ASIC and CySEC offering the best forex platforms, fast execution, and the lowest fees. When Malaysian traders sign up, they automatically join the FP Markets global entity operated by First Prudential Markets LLC. You can compare in the calculator below the top regulated foreign currency brokers fees which include both commissions and spreads.

The broker incurs low fees through ECN execution in which pricing is transparent. Since FP Markets is not a market maker, the broker doesn’t offer a deposit bonus, just the lowest fees of the Malaysian top forex brokers.

FP Markets offers a choice of two trading platform options and each comes with a trading account specifically for the platform.

FP Markets Trading Platforms

FP Markets offers two main trading platforms by MetaQuotes, the MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

MetaTrader 4

It is considered by many in the trading community to be the gold standard for trading platforms. This can partially be explained by the fact MT4 is free to use which has allowed a large number of traders to access it easily. Because of this, MT4 has become the trading platform used by more traders than any other. It also has a reputation for its excellent and consistent performance.

MT4 appeals to all Malay traders as it offers a clean and easy-to-use interface, which is great for beginner traders. It can likewise be customised to meet the needs of advanced users who may desire more sophisticated details.

MT4 offers:

• 3 different chart types
• 9 times frames
• 24 analytical or graphical objects
• Over 50+ Technical indicators
• 3 trade execution modes – instance, on request, by market
• 4 Pending order types
• Expert Advisors (EAs)
• Compatible with Windows, Android, Mac, and iOS.

MetaTrader 5

MT5 is an upgrade of MT4, having all the features you can find in MT4 and more.

With MT5, you will have access to

• Ability to view up to 100 charts with 21 timeframes
• 80 Indicators
• 2 account modes – netting and hedging
• 6 pending order types
• 4 execution modes
• 64-bit, multithreaded processing
• Compatible with Linux (plus Windows, Android, iOS, macOS)
• Depth of Market

MetaTrader 5 is designed to work with CFDs regardless of whether there is a central exchange or not for the derivative. This makes it great for share trading.

Trading Accounts

The trading account you use will depend on the trading platform you are using.

If you are using MT4 or MT5, then you can choose the Standard or Raw account. The standard account which charges no commission is great for beginner traders making your trading cost simple. Standard account spreads average 1.1 pip for EUR/USD. If you are looking to save on spread costs, the RAW account averages 0.1 pips for EUR/USD and your commission costs will be $3.0 for each standard lot sideways or $6.0 round-turn.

Malaysians trading with FP Markets will have access to leverage of 500:1.

IC Markets Gives Access To Tight Spreads And Low Trading Costs

IC Markets is one of the most popular FX brokers in the broader Pacific region, offering access to over 60 currency pairs as well as a range of Contracts for Different (CFDs). The low-fee broker’s Raw Spread and cTrader accounts charge flat-rate commissions lower than most top forex brokers while giving clients access to average EUR/USD spreads of 0.02 pips.

.When trading with IC Markets Raw Account, a standard commission fee of $3.50 USD is applied to each lot of 100,000 units. As a result, IC Markets is an excellent platform for high-volume Forex traders, Expert Advisors (EAs), and scalpers.

In addition to low trading fees, the top broker charges minimal trading fees that keep 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.

Spreads with IC Markets RAW accounts are some of the tightest you can find due to their STP. This is because IC Markets use ECN pricing and are not market makers. 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.

Why Trade Forex With IC Markets?

As a Malaysian trader, you will sign up with IC Markets (SC) which is the trading name of True ECN Trading Ltd and includes FSA (Seychelles Financial Services Authority) regulation.

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. When trading in IC Markets’ ECN-like environment, clients can place orders on forex pairs with spreads as low as 0.0 pips with very low trading and non-trading fees. For Malaysian retail investors wanting to gain access to institutional-grade pricing with NDD interference, IC Markets is an excellent top forex broker.

Pepperstone Excellent Trading Tools With MT4

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 regulated broker is seen as trusted thanks to oversight from multiple authorities, including ASIC, the FCA, and DFSA. Malaysian traders will sign up with Pepperstone Markets Limited which is regulated by SCB (Securities Commission of The Bahamas).

With Expert Advisor functionality and advanced analysis tools, Pepperstone clients can develop and execute complex trading strategies that include major, minor, and exotic currency pairs, as well as a range of CFDs.

MetaTrader 4 And Trading Tools With Pepperstone

MetaTrader 4 (MT4), provides traders with a highly customisable interface where advanced analysis can be easily conducted. The gold standard of forex trading platforms since its initial release by MetaQuotes in 2005, MT4 allows retail investors to access institutional-grade research and analysis tools within an intuitive interface. To assist with market analysis, MetaTrader 4 has built-in Autochartist features that include:

• Market scanner with probability filters
• Technical Indicators such as Wedges, Triangles and Tops and Bottoms
• Risk calculator based on backtesting
• Volatility Analysis to set stop-loss and take profit levels

MetaTrader 4 is available as a desktop platform (Mac and Windows), WebTrader app, or mobile trading app. 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.

ECN-Style Spreads + Low Fees

When trading CFDs and forex with Pepperstone on MetaTrader 4, clients can choose from two account types. The Razor Account provides traders with ECN-like spreads with an average of 0.1 pips and a flat rate commission fee attached to orders.

If customers are new to forex and prefer a simpler pricing structure, a Standard Account is a great option as it includes commission fees in the spreads, that average 0.62 pips for the EUR/USD currency pair.

The reasons why Pepperstone can offer traders using the Raw Account type an ECN-like environment are due to the brokers’ partnership with Equinix, No Dealing Desk (NDD) execution, and top-tier liquidity providers. Equinix’s data centre services buy and sell firms as well as institutions dealing in a range of assets such as stocks and derivatives. The proximity of Equinix’s servers to major players in the financial industry allows retail traders to access liquidity pools that were traditionally only offered to institutional investors and therefore better pricing.

ThinkMarkets Offers Swap-Free Trading

ThinkMarkets offers a commission-free Islamic Account Type for Muslim clients wanting to trade forex and CFDs. Commonly known as No Swap or Swap-Free Accounts, Islamic accounts comply with Sharia Law by not charging swaps or interest for overnight or rolling costs.

In place of swap fees, ThinkMarkets charges 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:

When choosing an Islamic Account, you have the option of a Standard account or a ThinkZero account. Conditions for these accounts are the same minus swap fees.

The Standard account has no commission and requires no opening balance. The ThinkZero account has commissions of $3.5 per side for each standard lot ($7.00 round-turn) but unlike the Standard account, there is a minimum $500 deposit.

FxPro Has Advanced Trading Tools And Fast Execution With cTrader

FxPro cTrader provides traders with a professional trading environment where they can enjoy ECN-style pricing, advanced trading tools, and ultra-fast execution. cTrader users can enjoy a user-friendly interface with a range of advanced technical analysis tools with over 50 different indicators. 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.

FxPro cTrader Commission Fees And Order Types

When using cTrader, FxPro customers incur a commission fee of USD $3.50 per 100k traded. To manage the high risk of forex trading, FxPro clients can utilise a range of order types to assist in minimising losses. A Market Order executes a buy or sell order at the current market price while Pending Orders include Stop Orders, Stop Loss, Limit Orders, and Take Profit.

CMC Markets’ Range Of Shares And Forex Are Impressive

For those wanting to trade forex and shares, CMC Markets is a strong candidate owing to its market access to 300 major, minor, and exotic currency pairs plus over 9400 ETFs and Shares.

Global Market Access

To start trading, prospective customers can register with CMC Markets through a CFD account. Spreads are as low as 0.7 pips with no commission (except for Share CFDs). No minimum deposit is required to start trading CMC Markets’ 9,500+ products. Traders execute orders on financial instruments ranging over 6 asset classes, including:

• 338 Currency Pairs
• 9,000+ ETFs and Shares
• 82+ Indices
• 11 Cryptocurrencies
• 124 Commodities

The range of financial markets offered and forex trades available are the leading reasons Malaysian forex traders choose the provider.

Trading Platforms And Risk Management Tools

With CMC’s automated trade execution and risk management tools, traders can more easily profit from the Forex market while keeping their risk levels in check. CMC Markets’ global market offering is available to trade via the broker’s proprietary platform, Next Generation or MetaTrader 4.

For those new to CFD and currency trading, the Standard version of Next Generation is a suitable option. The Advanced trading platform is designed for experienced investors. In-built analysis tools include the following:

• 115 drawing tools and technical indicators
• 12 chart types
• 70 chart patterns

IG Markets Offers A Wide Scope Of Products For Trading

Established in 1974, IG is a Forex broker with ample experience in the marketplace and a strong history of strong customer support. With over 15,000 underlying assets for traders to choose from, IG offers excellent trading versatility. These assets include Forex currency pairs as well as a diverse range of Contracts for Difference (CFDs).

Range Of Markets

• Share CFDs (over 12,000 instruments with DMA)
• Forex
• Indices
• Cryptocurrencies
• Bonds
• Commodities
• ETFs
• Options
• Interest Rates
• Sectors
• Knock-out Options

Account Types

IG Markets clients can trade forex and CFDs via an Over The Counter (OTC) account, or a Direct Market Access (DMA) Forex Direct Account. When trading forex through an OTC Account, there are no commission fees, while a DMA account charges a $10 commission fee per $1 million traded. To trade with IG you can choose from 4 trading platforms – MT4, IG Trading Platform, ProRealTime and L2 Dealer.

To open a demo account with IG Markets, prospective clients are required to sign up for an OTC account.

FXTM Offers Leverage Up To 1000:1 On Forex Pairs

FXTM (ForexTime) 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 average spreads of 1.9 pips EUR/USD that include commission in the spread, while an ECN account gives traders access to ECN-like spreads starting from 0.0 pips with a commission fee of $2 per lot sideways. When trading forex through these account types, FXTM clients can leverage positions up to 1000:1 on major currency pairs, 500:1 on minor currency pairs, and 200:1 on exotic currency pairs.

eToro Has A Great Social Network With Unique Tools For Copy Trading

With millions of traders from over 140+ countries around the world, eToro is the best copy trading broker offering an established social network. The network allows eToro clients to follow and copy trading strategies of experienced investors (‘Popular Investors’) that match their desired risk level.

To find a Popular Investor that has similar trading objectives, users can view their trading history and assess the investors’ past performance and behaviour. When copying the strategies of popular investors, traders are not limited to Forex markets. eToro clients can follow different strategies based on a range of asset classes including shares, commodities, ETFs (Exchange-Traded Funds), and indices.

CopyPortfolios

By following a single Popular Investors’ strategy, eToro traders can invest in two different types of ‘CopyPortfolios’ aimed to reduce risk through diversification.

• Market CopyPortfolio: a bundle of asset classes and instruments based on a specific trading strategy (consists of shares, ETFs, forex, commodities, and indices).
• Top Trader CopyPortfoilo: a combination of strategies designed by eToro’s best-performing long-term traders (focuses on stock trading).

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. The minimum initial deposit required to invest in CopyPortfolios is $5000, yet unlike many other top brokers’ portfolio management services, eToro charges no management fees.

With 95 cryptos available on MetaTrader 5 and TradingView and 79 on MetaTrader 4, Eightcap by far has the largest range of crypto for trading. The table below compares the range of crypto other brokers offer. So if you want to trade Bitcoin, Ethereum or less-known crypto like NEO or UNiSwap, Eightcap is the best choice.

TRADING PLATFORMS AND PLUGINS

Eightcap offers MetaTrader 4, MetaTrader 5 and TradingView trading platforms, With over 15+ chart types, 400+ indicators (plus countless public-built indications) and, 110 drawing tools we can agree that TradingView is the best choice if you want trading analysis tools.