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Top-10 best forex brokers in Malaysia - Illinoisnewstoday.com

Malaysia’s vast potential for everyone who wants to trade Forex is a sign of a developing country. It doesn’t have significant economic problems as of now, but the country’s currency, the Malaysian ringgit, is volatile enough to offer a tempting prospect of quick fortune. With that and the Forex trading itself being allowed, thousands of people have rushed into trading during the last several years. Most of them failed and went broke, but any of them succeeded, leading others to believe that they can do it too. And so it began.

Top 10 best forex brokers in Malaysia

  1. com
  2. IG forex
  3. XM forex
  4. FXTM
  5. Tickmill
  6. FP Markets
  7. OctaFX
  8. XTB
  9. AvaTrade
  10. BDSwiss

If you want to trade Forex in Malaysia, the first thing you want to know is: it’s all about a trusted broker. The broker should be trusted not only by its clients but by the Malaysian government too, which means that it should be licensed by the Securities Commission in Malaysia. Trading with an unlicensed Forex broker might get you in jail for a few years, and that’s definitely not an excellent way to start a trading career.

Does it mean that you’re out of harm’s way if you’re trading with a licensed broker? Nope, not really, because Malaysian Forex legislation is still in its infancy, and Forex trading is considered a grey area by all experienced traders. You’re not breaking the law if you trade, but if the government doesn’t like you – they’ll figure out how to make your life harder than it has to be. The only way out of this is to pick the BEST broker there is, with all possible licenses and verification badges and too many clients to get restricted easily.

How do we pick our top brokers

As we’ve explained previously, we only pick licensed brokers, but that’s not all there is to it. For example, on the Malaysian market, a broker should also accept ringgit deposits and have an option for Islamic traders, known as Islamic accounts. Besides that, the broker is not really Malay-friendly if it doesn’t have decent customer support, fluent in Bahasa Malaysia.

The more deposit options they offer – the better, but we only count the ones relevant for the Malaysian market. A broker won’t get points here for having an Australia-only payment service. And finally, we value a wide choice of account types, fat bonuses, and good spread, with a modest minimum deposit.

#1 – Justforex.com

Accepts MY residents – Yes

Minimum Deposit – $1

Payment Methods – Bank Wire, Credit Cards, Skrill, Neteller, PerfectMoney, FasaPay, SticPay, Doku Wallet, BitWallet, Malaysia local banks, Bitcoin, Bitcoin Cash, Ethereum

Trading Platforms – MT4, MT5, WebTrader, Mobile

Average Spread EUR/USD Standard – 0.6

Account types – Cent, Standard, Pro, Raw

Islamic accounts – Yes

Malaysian Customer Support – Yes (Email, Live Chat, Callback)

Leverage – 1:3000

Overall rating – 9.8/10

JustForex has been around for 9 years already and has successfully led millions of traders from 200 countries from around the world to their success. It’s authorized by the FSA of St. Vincent and the Grenadines has a license with the Securities Commission in Malaysia and allows deposits from accounts with all Malaysia’s biggest banks. 15 payment systems, including 5 cryptocurrencies, will enable you to effectively deposit and withdraw money without delay. And don’t forget about the massive collection of learning materials, neatly sectioned and provided to you for free! JustForex is our top-1 broker for Malaysia and especially for beginner traders because it offers everything a novice trader needs and much more!

#2 – IG

Accepts MY residents – Yes

Minimum Deposit – $250

Payment Methods – Credit Cards, Bank Wire, FPS (HKD), Mobile app funding

Trading Platforms – MT4, WebTrader, Mobile, proprietary software

Average Spread EUR/USD Standard  – 0.745

Account types – Trading, Professional, Options Trading, Turbo24, Limited Risk, Share Dealing, Exchange

Islamic accounts – Yes

Malaysian Customer Support – No

Leverage – 1:50

Overall rating – 9.6/10

Founded in 1974, publicly traded on London Stock Exchange, operating its own bank, and authorized by pretty much everything there is, IG is one of the most trusted brokers in the world. Unfortunately, not every beginner broker can afford a minimum deposit of $250, and the lack of modern deposit methods such as cryptocurrency is a downturn too. However, if you have enough money and want to be absolutely sure about where you’re putting it – IG is your choice.

#3 – XM

Accepts MY residents – Yes

Minimum Deposit – $1

Payment Methods – Bank Wire, Credit Cards, Skrill, Neteller, Webmoney, PerfectMoney, FasaPay, Bitcoin

Trading Platforms – MT4, MT5, WebTrader, Mobile

Average Spread EUR/USD Standard – 1.7

Account types – Micro, Standard, Zero

Islamic accounts – Yes

Malaysian Customer Support – Yes (Email, Live Chat, Phone)

Leverage – 1:888

Overall rating – 9.5/10

XM’s began its path in 2009 and has since then constantly progressed into becoming one of the industry leaders, widely known for its proficiency in Meta-Trader platform usage. They offer a complete MT suite and a few valuable upgrades, which might change your perception of convenient trading forever. With the disadvantage of relatively high spread costs, XM offers ultra-fast order execution and a top-notch trading platform, so if these are the most important factors for you – go and create your account with XM!

#4 – FXTM

Accepts MY residents – Yes

Minimum Deposit – $1

Payment Methods – Bank Wire, Credit Cards, Skrill, Neteller, Webmoney, PerfectMoney, FasaPay, Bitcoin

Trading Platforms – MT4, MT5, WebTrader, Mobile

Average Spread EUR/USD Standard – 2

Account types – Cent, Standard, ECN, Zero-Spread, Pro

Islamic accounts – Yes

Malaysian Customer Support – Yes (Email, Live Chat, Phone)

Leverage – 1:1000

Overall rating – 9.5/10

From 2011 till now, ForexTime was progressing and gaining a reputation as an innovative broker, offering only the best services to its customers. High leverage, low minimum Deposit, vast choice of account types – all those signs of a good broker are eclipsed by one that’s beyond any comparison: awards and recognition. Starting from 2017, FXTM accumulated more than 20 awards from various trusted outlets across the world, and they don’t seem to stop doing that now! Best trading conditions, Best trading experience, Best investment broker, and many more awards, you can name it. So, if you choose cutting-edge technologies and trading practices – go with FXTM!

#5 – Tickmill

Accepts MY residents – Yes

Minimum Deposit – $100

Payment Methods – Bank Wire, Credit Cards, Skrill, Neteller, FasaPay, Local Malaysian Banks

Trading Platforms – MT4, WebTrader, Mobile

Average Spread EUR/USD Standard – 0.2

Account types – Standard, Pro, VIP

Islamic accounts – Yes

Malaysian Customer Support – Yes (Email, Live Chat, Phone)

Leverage – 1:500

Overall rating – 9.3/10

Not really an old-timer of the industry, Tickmill was founded in 2014 and has stated its course pretty straightforward since then. Licenses and regulatory control by the FSA of Seychelles, CySEC of Cyprus, and the FCA of the UK, make this broker reasonably safe and trusted among traders across the world. A minimum deposit as high as $100, no MT5 platform, leverage up to 1:500 – no big deal, you might say, but guess what – they have the lowest spread on the market! 0.2 pips average for EUR/USD standard, with the industry average of around 0.7, Tickmill is killing it! So if your strategy benefits from low spread – Tickmill provides the solution for you!

#6 – FP Markets

Accepts MY residents – Yes

Minimum Deposit – $100

Payment Methods – Bank Wire, Credit Cards, Paypal, Skrill, Neteller, FasaPay, Bitcoin, and more.

Trading Platforms – MT4, MT5, WebTrader, Mobile, Iress

Average Spread EUR/USD Standard – 1.2

Account types – Standard, Raw

Islamic accounts – Yes

Malaysian Customer Support – Yes (Email, Live Chat, Phone)

Leverage – 1:500

Overall rating – 9.3/10

From 2005, FP Markets started its path towards becoming a world-renowned broker, yet it’s primarily known in Australia, despite fairly competitive offers for all other countries. Spreads for Standard accounts aren’t impressive, but Raw accounts can enjoy a delicious 0.6 pip average for EUR/USD. If you’re looking for a broker with the most payment options – go with FP Markets because you can hardly find a reliable payment system that’s not working with these guys. Wherever your money is, no matter what currency – it’s going to be accepted easily and withdrawn the same way, with no extra fees.

#7 – OctaFX

Accepts MY residents – Yes

Minimum Deposit – $5

Payment Methods – Credit cards, Bank Transfer, Neteller, Skrill, Fasapay, UnionPay, Bitcoin, BCA, Mandiri, BNI, BRI, FasaPay, Local Malaysian Banks

Trading Platforms – MT4, MT5, WebTrader, Mobile, cTrader

Average Spread EUR/USD Standard – 1.1

Account types – Micro, Pro, ECN

Islamic accounts – Yes

Malaysian Customer Support – Yes (Email, Live Chat, Phone)

Leverage – 1:500

Overall rating – 9.1/10

Octa FX is licensed and regulated by CySEC and SVG, which isn’t much but more than enough for a beginner trader. However, with every aspect of trading instruments and experience pretty much around the industry average, Octa FX really shines with its Islamic accounts, which are effectively the best thing ever for all Muslim traders. The fixed commission is predetermined, and you can find out your option using an easy calculator, where you’ll need to enter your platform, currency, symbol, and volume.

#8 – XTB

Accepts MY residents – Yes

Minimum Deposit – $0

Payment Methods – Bank Transfer, Credit Cards, Skrill, Paypal

Trading Platforms – MT4, xStation 5, WebTrader, Mobile

Average Spread EUR/USD Standard – 0.86

Account types – Standard, Pro

Islamic accounts – Yes

Malaysian Customer Support – No

Leverage – 1:500

Overall rating – 9.0/10

Founded in 2002 and traded publicly – that’s enough to understand that XTB is trusted enough to bring your money in and trade safely. With every aspect of trading going along the industry average, they have a unique offer for their clients – a proprietary xStation trading platform! It’s not only unique; it’s the closest to “user-friendly” a trading platform can get, being available on PC, iOS, Android, and even smartwatches! If you’ve seen a good-old MT and felt that something’s lacking – try xStation 5 from XTB and feel the difference!

#9 – AvaTrade

Accepts MY residents – Yes

Minimum Deposit – $100

Payment Methods – Bank Wire, Credit Cards, Skrill, Neteller, WebMoney

Trading Platforms – MT4, MT5, Sirix, AvaOptions, AvaTrader, Mirror Trader, DupliTrade, ZuluTrade

Average Spread EUR/USD Standard – 0.91

Account types – Retail, Professional

Islamic accounts – Yes

Malaysian Customer Support – Yes (Email, Live Chat, Phone)

Leverage – 1:400

Overall rating – 9.0/10

One of the most strictly regulated brokers of the industry, AvaTrade is licensed by two trading centers of the world (Australia and the Republic of Ireland). Since its foundation in 2006, AvaTrade offers competitive fees, decent leverage, and strong education options. And don’t forget about their proprietary software, which covers a lot of needs you didn’t even know about until you started using it. One of those needs is extra protection from unfavorable market movements, provided by AvaTrade’s proprietary tool, called AvaProtect. So if you’re a beginner trader and are extra anxious about losing your first Deposit to some unforeseen event – AvaTrade has what you need.

#10 – BDSwiss

Accepts MY residents – Yes

Minimum Deposit – $250

Payment Methods – Bank Wire, Credit Cards, Skrill, Neteller, Bitcoin, Local Malaysian Banks

Trading Platforms – MT4, MT5, WebTrader, Mobile

Average Spread EUR/USD Standard – 1.5

Account types – Classic, VIP, RAW

Islamic accounts – Yes

Malaysian Customer Support – Yes (Email, Live Chat, Phone)

Leverage – 1:400

Overall rating – 8.8/10

BDSwiss was founded in 2012 and is now a worldwide brokerage firm, emphasizing its Swiss origins while having Cyprus as a primary regulator. With a reasonably high minimum deposit and above-average fees, BDSwiss makes up for it with a wide range of VIP-only services. If you’re willing to have a VIP account with them – you’ll still suffer high spread and commissions but will have guidance and advice from experienced trading specialists who will resolve any problem and get rid of any inconvenience for your money. While definitely not a viable option for novice traders, BDSwiss might attract you with its VIP-oriented features.

A reliable broker isn’t all you need

After you’ve read through this list, we hope that your understanding of Forex trading market standards for Malaysia improved at least a little bit. Almost every broker from the list has something unique about them and is the industry-top in at least one category. Yet, the most important thing you and any other beginner trader should remember is that no broker can save you from yourself. Hard work, determination, consistent trading plan, constant market analysis, and risk management are the main qualities for every broker, and you should master them all before entering your first trade. Good luck!