Best forex broker in Malaysia

Forex trading becomes hassle-free and profitable after the selection of a good forex broker. However, finding the best forex brokers in Malaysia is not an easy task. In this article, I review some of the best brokers in Malaysia.  Following a brief review about each broker, I will highlight the pros and cons of a broker. In the end, I’ll discuss some factors that you should consider before opening an account with a forex broker.

Read: Forex trading in Malaysia

Best Forex Brokers in Malaysia 

#1 Plus500

Plus500 is an online forex and CFDs broker providing trading facilities to its clients for more than a decade. In addition to user-friendly trading platforms, Plus500’s risk management tools allow traders to trade with absolute confidence. State-of-the-art security measures and exceptional trading conditions make the broker an excellent option for forex trading. The broker takes pride in offering investment in over 2000 financial instruments across seven major classes of assets. Facilitating clients through its 50 regional offices worldwide, Plus500 offers round the clock customer support in 32 languages of the world. The safety of clients funds under the Financial Services Compensation Scheme adds to the credibility of the company. 

Compared to its major competitors in the forex industry, Plus500 offers a low spread charging mechanism along with high leverage options. The company doesn’t charge any fee on services such as position rollovers, real-time price quotations, and charting tools. The minimum deposit requirement, cash rebate offers are the most enchanted services of the broker. 

  • Founded:2008
  • Regulation: FCA, ASIC, MAS
  • Headquarter: United Kingdom
  • Minimum Deposit: $100
  • Trading Platforms: Online, Desktop & Mobile

Read: Plus500 Review

PROSCONS
Multiple Regulations 
Minimum Deposit Requirement
Low fees
Wide range of Tradable Instruments
User-Friendly Trading Interface
Funds Protection – FSCS
Basic Customer Support
Limited Research Tools
Variable Spreads 
Charges Inactivity Fee

#2 Vantage FX

Vantage FX is a regulated forex broker known for offering first-class trading services around the world. Featuring the facility of raw ECN spreads, the broker provides the world’s most advanced trading platforms supported across all electronic devices. Lightning-fast trade execution helps traders not to miss any trading opportunity. On the other hand, advanced risk management tools such as stop loss and negative balance protection offer perfect trading conditions. The company also facilitates social trading through ZuluTrade, MyFXbook AutoTrade, and DupliTrade. Pro trader tools, sentiment indicators, and economic calendar are some notable features that fuel a purposeful trading experience at Vantage FX. 

VantageFX offers competitive pricing structures along with minimal negative slippage. Spreads starting from 0.1 pips and high leverage of upto 500:1 allow increased returns and greater exposure to the financial markets. VantageFX’s other promising features include multiple deposit & withdrawal methods, rich educational resources, and a welcome bonus of 50% on initial deposits. 

  • Founded:2009
  • Regulation: CIMA
  • Headquarter: Cayman, Islands
  • Minimum Deposit: $200
  • Trading Platforms: Online, Desktop & Mobile (ZuluTrade, MyFXBook AutoTrade, DupliTrade)

Read: VantageFX Review

PROSCONS
High Leverage Options
Low spreads
Welcome Bonus (50%)
Multiple Social Trading Platforms 
Quick Account Opening Process
Limited Products Portfolio
Offers no financial protection to Investors
Doesn’t Support EA Trading
Doesn’t accept the US Customers

#3 IG

IG is one of the pioneer brokerage firms that has been offering trading services in forex and CFDs since the last 30 years. The broker offers a wide range of trading instruments and a full suite of risk management tools to offer clients secure trading experience. With specialized trading platforms such as Mt4, L2-dealer, and ProRealTime, the broker supports APIs integration for Algorithmic trading. Tiered margining and guaranteed stops help traders to stay safe at times of high volatility. Low spreads, flexible hours for trading US Stocks, and instant trade executions are some significant features of the broker. Risk management and analytical tools enable traders to follow knock-out trading strategies. 

IG offers easy to use trading platforms with powerful trading features to stand out in a crowd of forex trading brokers. With reduced spreads and volume-based rebates, the company makes every effort to offer the best prices on CFDs and digital assets.

  • Founded: 1974
  • Regulation: FCA
  • Headquarter: London, UK
  • Minimum Deposit: $300
  • Trading Platforms: Online, Desktop & Mobile (ProRealTime, Algorithmic Trading)

Read: IG Trading Review

PROSCONS
Advanced Trading Platforms 
Multiple Deposits & Withdrawal Options
Accepts Clients from the US Offers Volume-based Rebates
Wide Range of educational Resources
Doesn’t Offer Guaranteed Stops to the US Customers
Charges High Fees on Stocks & CFDs
Charges Inactivity Fee
No Web Chat Support

#4 Forex.com

Forex.com is a multi-regulated forex broker known to have a proven record of financial sustainability. The company has been in business for more than 20 years. With flexible types of accounts, Forex.com offers premium services such as live pricing and trade execution scorecards. Enabling clients to trade 220+ shares and 80+ forex pairs, the broker provides access to 300+ global markets around the world. Forex.com features advanced charting tools and market analytics to aid investors in trading decisions across all of its supported trading platforms. The broker has sufficient educational resources available for both novice and skilled traders. 

Forex.com offers a wide range of deposit and withdrawal methods, including debit cards, credit cards, e-payments, and bank transfers, etc. Ensuring competitive pricing schedules, the company also holds a 15% cash rebate program for active traders.  For high volume traders, the broker offers a Direct Market Access (DMA) account, providing maximum control over investment. 

  • Founded:1999
  • Regulation: CIMA, FCA, FSA, NFA,  ASIC
  • Parent Company:  Gain Capital UK, Ltd
  • Headquarter: New Jersey, US
  • Minimum Deposit: $100
  • Trading Platforms: Online, Desktop & Mobile (MT4, MT5)

Read: Forex.com Review

PROSCONS
Instant Trade Execution
Strong Regulatory Framework
Content Rich Education Section
Wide Range of FX Pairs
Easy-to-Navigate Trading Platforms
Accepts US Clients
DMA Account is not available on MT4
Complex Margin Requirements
Limited Customer Support 
No Retirement or IRA Accounts

#5 HotForex

HotForex is an award-winning broker offering trading services in FX as well as CFDs to both individual and corporate clients. With four types of accounts and a suite of 16 trading tools, clients can trade across 12 trading platforms on HotForex. The broker offers multiple deposit and withdrawal methods along with round the clock customer support. The broker has recently introduced Stocks DMA and ETFs trading. In addition to the availability of a wide range of trading analytical tools, the educational library of HotForex speaks itself for the abundance of educational material.  

Hotforex offers spreads starting from 0.1 pips and has no fee charging policy on deposits. As far as the security of clients’ investment is concerned, the company offers a Civil Liability Insurance Program (CLIP) up to a limit of €5,000,000. The company also keeps clients’ investment in segregated bank accounts that are maintained with AAA rating banks. The negative balance protection and risk management tools are some additional features available at HotForex. 

  • Founded: 2010
  • Regulation: CySEC, FSCA, FSA, DFSA
  • Headquarter: Larnaca, Cyprus
  • Minimum Deposit: $5
  • Trading Platforms: Online, Desktop & Mobile (MT4, MT5)

Read: HotForex Review

PROSCONS
Holds Multiple Regulations
Segregated Accounts for Holding Funds Minimum Deposit Requirements
Award-winning Trading Platforms
Doesn’t Support Scalping Techniques
Slow Customer Support
No FCA Regulation
MT5 Is Not Available

How Did I Select The Above Forex Brokers?

I see a lot of new brokers in my instagram feed everyday, I try most of them with demo accounts or at least speak with their customer support people, seeking basic-level information. After being a victim of many scam and dishonest brokers over the last 10 years of my trading career, I know very well how to identify a legitimate broker. I know what are the factors that need to be checked before investing money with a particular broker. As per my knowledge, research and experience, the above-mentioned five brokers are the best forex brokers in Malaysia. 

Security Commission of Malaysia (SCM)

The Security Commission of Malaysia (SCM) has the embedded powers to regulate matters related to forex brokers in Malaysia. Founded in 1993 under the securities commission act, the SCM also has a statutory duty of devising an operational framework and implementation of SOPs for the financial markets in Malaysia. All forex brokers seeking active status in Malaysia need to have a license by the SCM. The regulatory body can exercise complete authority to cancel the permit of brokers not complying with the underlying regulations of SCM. 

Factors To Consider When Choosing A Forex Brokers 

The selection of a good forex broker matters because you could either lose your investment by falling prey to scammers or start making money proactively by signing up with a legitimate broker. Given below are some factors that you should consider before opening an account with a broker. 

Regulation

Regulation secures the first place when it comes to considering factors before signing up with a broker. After all, It’s not only about the well being of your financial health but an issue of your rights. Non-regulated brokers barely stick to ethical standards. Therefore, you always stay at risk of being mistreated. The worst part is that you might not be able to file a case against a non-regulated broker. Therefore, you should prefer opening an account with regulated brokers only. 

Funds Protection

Opening an account with a broker is likely to follow financial transactions. Therefore, the security of your funds is crucial. You might also want to know what security standards your broker offers concerning the security of your confidential information? Your prospective broker should have some basic security protocols such as web encryption and two step authentication factors, at least. 

Minimum Deposit

It is good to start trading with a minimum deposit. Once you gain confidence with the broker as well as its trading conditions, you might increase your investments gradually. 

Charting Tools

Even if all factors seem to be in line with what we’ve discussed above, charting tools also have due importance when selecting a good forex broker. Your prospective broker should offer charts without Sunday Candles. Charts without Sunday Candles are also known as New York Closing charts. It is very helpful in accurate trading analysis.

Customer Support

Customer support is of great importance when selecting a forex broker. You might have noticed that the pros and cons lists of brokers under review often say something about the customer support services in a good or bad spirit. That’s because the quality of customer service you receive does speak a lot about other affairs of a company. 

Verdict

After a careful review of the above-listed brokers, I can safely name Plus500 to be the best forex broker in Malaysia. I have only good things to say about the broker. From its user-friendly interactive trading interface to the customer support service, everything exceeds my expectations.