Best Forex Brokers Malaysia

There are many forex brokers around the world. Therefore, the investors should be keen when trading forex to avoid scam. Forex trading with reputable brokers can be very profitable. In the article IQ Option, FXTM, and FOREX.com are discussed in details.

You might be wondering about what is the best forex broker. You might also not know how to choose the best forex broker. You do not have to worry. We are going to explore three of what we found to be the best forex brokers for Malaysia clients. The best forex broker Malaysia for you might be any of the three. It all depends on your trading styles and strategies. Tag along and let’s find the best forex broker in Malaysia. 

BrokerMinimum depositMinimum spreadCurrency pairs
IQ Option$105 pips29
FXTM$100.1 pips57
Forex.com$500.97 pips50

Best Forex Brokers Malaysia

  1. IQ Option

IQ Option is based in Cyprus and it is a financial services provider. The company operates under the CIF license and offers financial services to investors found in the European Economic Area (EEA). The traders are required to deposit a minimum of $10. IQ Option also provides a free demo account. IQ Option is without a doubt one of the best forex brokers for beginners 2019. It is also one of the best forex brokers with low minimum deposit 2019. 

Regulation and reputation

The company reliability and quality of the services have made IQ Option win many awards. The company is regulated by the Cyprus Securities Exchange Commission (CySEC). IQ Option is a MiFID compliant broker due to CySEC’s regulation. The other benefit is that the company is also a member of the Investors Compensation Scheme. The investors’ money is protected to a maximum of 20,000 euros. Traders outside EEA have their accounts managed by the separate sister company known as IQ Option Ltd. IQ Option Ltd is based in Seychelles and it is regulated by the Seychelles Financial Services Authority (FSA).

Trading Platforms

Regal Assets Banner

To cater for the trading requirements, the traders are provided with a proprietary platform. The platform is also used for trading binary options and CFDs. The company also have a wide range of trading tools. The tools include popular indicators such as RSI, Bollinger Bands, Moving averages, and MACD. New features are provided to the traders to ensure flexibility. 

Mobile trading

A mobile trading app has been designed and it is free. The app is specifically for both mobile and smartphone devices. The traders are kept updated regarding all the activities in the market, execute trades, and can check the status of the accounts.

Trading Accounts Offered

The three types of accounts available are the VIP account, Standard trading account, and demo account. The investors are required to pay a minimum of $1900 while opening a VIP trading account. A minimum of $10 is required when opening a standard account. Holders of the VIP accounts are guaranteed free participation in trading promotions. Service of a personal manager and 3% additional returns are also provided. The demo account is free and it comes pre-loaded with practice money that is $1000. 

Bonuses and Promos

The company does not offer any deposit bonuses. The trading competition is the only promotional offer. To participate, an entrance fee has been paid. The range of the competition is between $100 and $100,000.

Assets at IQ Option

There are over nighty types of assets that an individual can trade with. The assets include market indices, selection of currency pairs, commodities and stocks. Twelve different crypto-currencies have been introduced by the company. Minimum trade sizes are determined by types of products.

Customer service

IQ Option provides ideal customer service. The company offers a 24-hour support services. Contact can be through live chats, email, and mobile phones. The website has been translated to many different languages. The case is essential to those traders whose mother tongue is not English.

Deposit and withdrawal

The company provides various methods for money transfer. The methods are e-wallets, credit cards, and bank wire transfer. For e-wallet, the accepted options are Skrill, Webmoney, Neteller, and Perfect money. Perfect money is accepted in South America and Colombia. The method is also ideal across Pakistan, Nigeria, and parts of Europe. The investors can use the China Union Pay is essential while trading in Hong Kong, Macao, Taiwan, and China.

Best Forex Brokers Malaysia

  1. FXTM (ForexTime)

FXTM is a worldwide CFD FX and broker. Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) regulate the company. There is always a risk of losing money rapidly hence one should be keen. The customer service is excellent since provides relevant answers quickly. Many languages can be used to contact the company. The account is digital and opening one is faster. Besides, there exist many educational tools, for example, a demo account and live webinars. FXTM is one of the best forex brokers with demo accounts 2019. 

 FXTM Trading Fees

The company provides lower trading fee when compared to other brokers. Varying fees exist in several types of accounts. Trading involves purchasing a leveraged position, having it for one week then selling it. Forex fees is determined by the type of the account. Besides, the standard account has higher spreads but it charges commissions. The ECN has low spreads but it also charges commissions. 

Real Stock fees

A non-investor can trade with the real stocks. NYSE and NASDAQ are the two bodies that provide real stocks. The named fee attracts a small spread and commission.

Non-trading fees

FXTM has a higher non-trading. The investors are charged $5 every month after six months of inactivity. The clients are not supposed to pay for deposits and withdrawals. However, withdrawal methods attract some fee. Currency, method used and country are factors that make a withdrawal to differ.

Account Base Currencies. Four currencies are used to trade with the company. The currencies are GBP, EUR, NGN, and USD. Trading with similar currencies is essential since one is exempted from the conversion fee. The conversion fee can be saved when investors open a multi-currency bank account. 

Pros of FXTM
  • There is excellent customer service.
  • It has a great educational tool.
  • Modern and fast account opening
Cons of FXTM               
  • Inactivity and withdrawal fees are charged.
  • The company has higher stock CFD fees.
  • There is a limited product portfolio.

Web Trading Platform

The MetaTrader provides a platform of FXTM.

 Pros of the Platform

  • The order confirmation is allowed.
  • The company shows a nice customizability
  • The fee report is clear.

Cons of the Platform

  • Price alerts do not exist.
  • Has one-login only.

 

Desktop Trading Platform

Pros of the Platform

  • Price alerts exist
  • Customizability is good
  • The fee report is clear

 

Cons

  • It has no two-step login
  • Mobile Trading Platform. 
  • FXTM has a good mobile trading platform.

Best Forex Brokers Malaysia

  1. Forex.com

Forex.com is an excellent financial services provider. 

Pros of Forex.com

  • The company is regulated by reputable bodies.
  • The platform has Trading View chats.
  • It allows both the mobile and desktop functionality.

 

Cons of Forex.com

  • The company has higher spreads compared to other brokers.
  • Negative balance protection does not exist.
  • For small traders, it is only a small rebate.
  • There is no crypto-currency trading in the U.S.

Desktop Experience

The platforms on the Forex.com accommodate both the occasional long-term investors and active day trading, clients. For the desktop experience, one is recommended to select either MetaTrader 4 (MT4) or advanced trading platform. Trading on mobile smart devices requires either an MT4 or Forex.com app. On the platforms, the Forex.com analysts provide market analysis, access trade signals, research reports, economic calendars, see positions, order history, and news. Integration of the Forex.com with NinjaTrader is also possible. 

Mobile Experience

The mobile app is easy to use and it offers access to the accounts. Through the app, traders can view trade history and charts. Access news, withdrawal or deposit money, create and watch lists. Charting feature is the only problem. The common indicators, for example, RSI, MACD, and moving averages are provided in limited number. Besides the ability to prevent conditional orders and losses. 

Investment Products

Eighty-three pairs are available to individuals living in the United States. The act is besides unleveraged gold and silver. All the forex pairs are available for investors outside the United States. The situation is in addition to indexes, CFD stocks, and commodities. The case is in additional to unleveraged silver and gold. Clients not in the U.S. have access to all forex pairs besides CFDs on stocks, indexes, and commodities. In the United Kingdom, crypto-currency trading is available. Crypto-currency trading is offered in the United Kingdom. Fifty units of the account currency are required to open an account. The little size on the currency is $100.

Customer Support

The various means of contacting the company are emails, live phone support, online chat, extensive FAQ and tutorials found on the website. Both the current traders besides the prospective one are guaranteed online chat and phone support.  

Commission and Fees

The orders of the traders are not connected with the raw prices.Forex.com do not connect raw prices offered in the market with the clients’ orders. Instead, the company marks the price up a bit enhancing a larger spread. There are no mark-ups on spreads offered by the Direct Market Account but a commission is charged. The standard account entails bigger spreads. 

However, the is no provision of commissions. The commission account has less spreads and quite lower commissions as compared to the DMA. By opening an account with a minimum of $25,000,000, a trader is guaranteed an Active Trader Program. The account is also available to clients who trade $25,000,000 in a month. During the checks and ACH are free. $25 fee is incurred in wire transfers under $10,000. 

Are IQ Option, FXTM, and Forex.com the Best Forex Brokers Malaysia for 2019?

IQ Option, FXTM, and Forex.com are the best forex brokers. All the companies are regulated by genuine organizations hence increased security. The customer support offered is also excellent. The investors are also assured of high profits upon investing with companies. The websites have vital information regarding trading and it is easy to use. The charges are user-friendly. One of these brokers is certainly the best broker for forex trading.