What Are the Best Forex Brokers In Malaysia?

We recommend FP Markets for their tight spreads which average 1.1 pips for EUR/USD, unrestricted trading via the  MT4, MT5, cTrader and TradingView trading platforms, their wide range of trading instruments and huge choice of funding options. We also appreciated social and copy trading access via MyFXBook and the FP Markets trading app.

FP Markets has two trading accounts, allowing you to tailor your trading costs depending on your trading experience. The Standard account has no commissions and bundles the costs within the spread, keeping the trading cost simple. While the Raw account has tighter spreads with a low commission ($3.00 per lot traded) and can typically be better value if you trade frequently.

We tested both accounts to find the average spreads on the EUR/USD to gauge how cheap the broker is and found the standard account to average spreads of 1.10 pips on EUR/USD, which is lower than the industry average. The Raw account also outperformed the industry with average spreads of 0.10 pips on EUR/USD, helping reduce your trading costs further.

While testing the accounts, we asked our analyst, Ross Collins, to determine the broker’s execution speeds. Ross found the broker’s execution speeds to be faster than the industry average, with a limit order speed of 225ms and a market order speed of 96ms.

Although the broker wasn’t the fastest overall, it did have exceptional market order execution speed, which is ideal for scalping as it can protect you from price slippage, helping reduce trading costs.

We recommend IC Markets for its top-tier trading environment that offers tight spreads, due to deep liquidity all via MT4, MT5, cTrader and TradingView trading platforms. According to IC Markets, they average 0.02 pips for the EUR/USD with their RAW Spread account which is very impressive. We did our own spreads testing and found the broker really does have the lowest spreads in the industry.

IC Markets stood out in our tests with its low spreads on both the Standard and Raw account. Our analyst, Ross Collins, opened both accounts to determine how cheap the spreads are and compared them with other Malaysian brokers.

In the Standard account tests, he found IC Market’s average spread on EUR/USD was 0.73 pips, about 35% lower than the industry standard of 1.11 pips. While the Raw account also topped the leaderboard with an average EU/USD spread of 0.19 pips, beating the industry average of 0.27 pips.

IC Markets offers a diverse range of markets, including 61+ forex pairs, 1,600+ stock CFDs, 25+ indices, 26+ commodities, and 18+ crypto markets.

To trade these markets, you can choose to use the cTrader, MetaTrader 4, or MetaTrader 5 platforms. These platforms are all pretty similar in features when it comes to technical analysis and automated trading. However, we liked MetaTrader 5 the most because we could also trade stock CFDs on the platform, something that MetaTrader 4 is unable to offer.

The MT5 platform also has new tools, such as the Depth of Markets, allowing you to see the liquidity provider’s order books that can help you pick out supply and demand areas based on other trader’s pending orders.

We think Pepperstone has a top range of trading platforms including TradingView, cTrader, and MetaTrader 5, but they top the list for the best MetaTrader 4 forex broker. We are impressed with their limit order execution speed of 77ms.

Pepperstone is one of a few brokers that offers extra tools for the MetaTrader 4 platform through Smart Trader Tools, which you can download directly from Pepperstone’s account home page. We found that you get nine EAs and 13+ indicators in addition to the default 30+ indicators, expanding on the choice for technical analysis.

After installing the Smart Trader Tools, we tested the different EAs, which generally improved the platform’s trading management. Unfortunately, no automated strategies were included in the bundle, which would have been a bonus.

One EA we liked was the mini-terminal, which improved the default one-click trading feature by adding default stop loss and take profit orders to each market execution. This allows you always to have your risk management included with each trade.

What stood out in our testing was that the broker offered zero-pip spreads on its Razo account. Our analyst, Ross Collins, confirmed this by monitoring the broker over a trading session and found that Peppertone kept its spreads at 0.0 pips on EUR/USD for 100% of the session.

We liked this as it means your trading costs are lower, and you’ll be paying a fixed commission. This protects you from volatile price spikes while keeping your trading costs the same.

We recommend ThinkMarkets for traders in need of a true swap-free account. Unlike other brokers, ThinkMarkets charges neither overnight interest nor an administration fee, making the swap-free account sharia compliant. Trading is via MetaTrader 4, MetaTrader 5 and their ThinkTrader app.

We like that ThinkMarkets offers its Islamic fees on the Standard and ThinkZero accounts, allowing you to choose your trading costs while benefiting from swap-free fees. The swap-free account charges an administration fee instead of a nightly swap and is just $10 per lot if you have a position open overnight. If you scalp or day trade the markets, this nightly fee shouldn’t be an issue for you.

If you want a streamlined pricing experience, the Standard account offers wider spreads, averaging 1.10 pips on EUR/USD, below the industry average. Plus, you don’t have to pay any commission.

The ThinkZero accounts offer spreads from zero pips on forex majors. Based on our testing, we found that EUR/USD was at 0.0 pips 100% of the time, making it cheaper to trade. With the ThinkZero account, you will be charged $3.50 per lot traded, which is in line with the rest of the industry.

The broker also provides a solid range of 4,000 markets you can trade with your Islamic account. You can trade 46+ forex pairs, 400+ share CFDs, 48 indices, 18 commodities and 59 ETF products, giving you a diverse choice of markets to trade.

We recommend FxPro for its sophisticated trading environment suitable for advanced technical and algorithmic traders. High leverage of 2000:1 combined with near-instant execution according to the broker’s slippage stats make it an excellent choice for high-volume traders.

FxPro offers multiple trading platforms, including MetaTrader 4, MetaTrader 5, and FxPro Trading Platform, but the broker stands out as offering cTrader. The platform has a wide choice of 67 indicators pre-installed and, impressively, over 130 timeframes you can customise with renko and candlestick charts, giving you more customisation than MetaTrader 4.

We tried the cTrader platform to experience its features and found it offered two excellent features. The Depth of Market tool lets you view the liquidity provider’s order books to see where other traders are placing their open orders. It is useful in determining market sentiment or areas of support/resistance to help time your trades better.

The second decent feature built into the platform was the Trading Central Integration, which displays each signal on the platform, saving you from accessing the broker’s website. You can use Trading Central to find new trading opportunities using price action and charting patterns, making it an excellent tool for beginners.

While trading on the cTrader platform, we found the spreads higher than the industry average, with EUR/USD averaging 0.32 pips. However, this is much lower than its standard accounts, which averaged 1.32 pips on EUR/USD.

One of the world’s most popular forex brokers, we recommend CMC Markets for its 330 currency pairs which is far more than any broker offers. The FX Active account has commissions of just $2.50 and their award-winning proprietary trading platform also appeal.

CMC Markets has an impressive catalogue of markets, covering 13,000 CFD products ranging from 9,000+ stocks to 330+ currency pairs, the most pairs we’ve found among brokers. It even beat IG Groups’ selection of fx pairs (80+).

The broker offers a standard account with spread-only trading costs and no commissions. However, we noticed that the broker also offers an FX Active account, which is reserved for lower trading costs if you trade forex.

We opened the FX Active account expecting tighter spreads across the wide choice of available forex markets. Unfortunately, this account only offers its tightest spreads to 10 currency pairs, including the majors and some minor pairs. The spreads were much tighter than the standard account, averaging 0.50 pips on EUR/USD vs. 1.12 pips.

The commission on the FX Account is also impressive. It charges just $2.50 per lot traded, $1 per lot less than the industry average, which can save you a fortune if you trade frequently.

So, if you focus on the major FX pairs and wish to have lower trading costs, the FX Active account can be worthwhile. However, the account doesn’t matter if you trade other markets, such as share CFDs and indices; the spreads are the same as the standard account.

One of the oldest brokers in the world, we recommend IG for the peace of mind that comes from working with an established institution. The extensive selection of trading products and top-notch educational tools don’t hurt, either.

With 17,000 CFD products, IG Trading offers Malaysia’s most extensive choice of markets. With a live IG trading account, you can trade 80+ forex pairs, 130 indices, 12,000+ share CFDs, 14 commodities, 14 fixed-income markets, and 6,000 ETF products.

We like that you can trade every major market with a single IG trading account, allowing you to have all your funds in one place to capitalise on multiple markets’ volatility.

To get the most out of your IG trading account experience, we found you had to use the IG Trading Platform. It is the only platform that allows you to access all of IG Group’s 17,000+ markets, but it is still packed with features you’d expect from top platforms like MT4.

While trading with the platform, we found that it offered a solid choice of indicators (40+), including Ichimoku and moving average indicators and 30+ drawing tools, providing a solid foundation for performing technical analysis.

Additionally, we liked the Signal Centre tool within the platform, which allowed us to review new trading signals from two top providers, PIA First and Autochartist. These signals had detailed commentary and annotated charts to help you validate the trade.

If you don’t want access to all of the broker’s markets and want to focus on specific markets like forex, you can choose MetaTrader 4, ProRealTime, or L2Dealer as alternative platforms.

We recommend FXTM for its considerable 2000:1 leverage, which the broker offers to all traders regardless of account type. This broker also makes trading forex cost-efficient with low commissions.

FXTM’s leverage is the highest among the brokers in Malaysia. Through its Mauritius entity, FXTM accepts clients from Malaysia and offers up to 1:2000 on forex majors. This is significantly higher than the rest of the brokers, who offer a maximum of 1:100 if regulated by Labuan International Business and Financial Centre (IBFC).

With our Advantage Plus account, we found that FXTM’s leverage scaled based on the trade size, making lower trading sizes have larger leverage, which is ideal if you have lower funds. However, the increase in leverage for smaller accounts will increase the risk of being stopped out, potentially costing you more.

The Advantage Plus account has very competitive commissions, charging $2.00 per lot traded, significantly cheaper than the $3.48 industry average. As for the spreads, the broker averaged zero pips on GBP/USD, EUR/USD, and USD/JPY, some of the lowest spreads we’ve tested on a Raw account.

We found that the broker offers a basic range of 300+ markets you can trade with high leverage. These markets include 42 FX pairs, 219 share CFDs, 16 indices, 11 commodities, and seven cryptocurrencies, essentially covering the most liquid markets, which is why they can offer high leverage and low costs.

We recommend eToro for its commitment to an accessible trading experience, regardless of skill level. Known for its social and copy trading tools, the broker also offers a simplified account and pricing structure to make it easy for new traders to get up and running.

One of the top features we found with eToro is its CopyTrader platform, which lets you mirror a trader’s position and profit from their strategies without knowing how to trade. This platform allows you to speculate on higher-risk markets without spending the time to learn how to trade and instead leverage experience from successful traders.

We think eToro has done an excellent job of simplifying the copy trade process by implementing a filter tool that allows you to fine-tune your search criteria to find traders who reflect your requirements.

We also like that you can view the trader’s entire trading history and performance on the profile, giving you deeper insights while also being able to message them about their strategy. This helps build trust and transparency when copy trading, as it’s important to see how your money is managed before investing.

The trading costs associated with CopyTrader are surprisingly low compared to other copy trading platforms we’ve tested, like ZuluTrade. We found you only pay the spread of the market, with no other commissions or administration fees, making it just as cheap as trading manually. While copying our traders, we found that the average spread for EUR/USD was one pip, which is lower than the industry average.

We recommend Eightcap because of their new trading tool Cryptocrusher which is designed to improve your crypto trading experience with precise entry, target and stop levels, market trend analysis and exclusive indicators.

When we compared Eightcap’s range of crypto markets against the industry, we found the broker had the most cryptocurrencies to trade with 95, almost double that of its nearest competitor (eToro).

The broker offers a range of markets, including highly liquid cryptocurrencies like Bitcoin and Ethereum and more volatile coins like SHIB, giving you a solid selection of markets to trade. This is especially true considering you’ll be trading crypto with a well-regulated forex broker, which ensures your funds are secured.

We found that the broker offers a decent selection of platforms, including MT4, MT5, and TradingView, which can all trade in crypto and forex markets. TradingView is our preference for technical analysis, with the largest choice of trading indicators (110+) and drawing tools that make performing technical analysis a breeze.

Plus, we like that your charts sync across all your devices, meaning you don’t have to redo your support and resistance levels using your mobile or desktop.

Alternatively, If you want to automate your crypto trades, we like that Eightcap offers the Capitalise.ai integration, allowing you to develop your strategies into automatons that plug directly into your MT4 account.

In our tests, we found this process rather straightforward:

You type your strategy, and the AI follows our instructions to develop the automation.

We think this is great because it allows anyone, regardless of programming knowledge, to automate their strategies.