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Best Forex Trading Platforms in Malaysia for 2021

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In this article, we will discuss the best forex trading platforms available in Malaysia for the year 2021. Not all platforms are built equally. Each one has its own advantages and weaknesses. Are you considering an update to your current brokerage platform?

With the pandemic hitting the globe, many people have resorted to forex trading to gain extra income. However, there are too many platforms out there that makes it even more difficult to choose. With the rise in technology, each platform seemingly offers different advantages compared to one another. What should we look for to get the best forex trading platform in Malaysia?

In essence, everyone has different needs. Some people want to explore the technical side of things; algo-trading. Some people want the best user interface and analytical tools. Some people want to copy their trade from other people. Therefore, it is impossible to recommend one platform that suits everyone. However, there are a few key points in choosing the best forex trading platform.

5 Key Points in Choosing Best Forex Platform For Malaysian

#1. Minimum initial deposit

The lower the minimum initial deposit, the better. If you are trying on a different platform and have limited funds, you can always separate them for each one and decide on which you like best. Usually, the one that is the cheapest can still provide bang for bucks as not all functionalities will be used especially for a casual trader.

#2. Trustworthiness of the broker

The most important thing when it comes to money is trust. Before you entrusted your hard-earned savings into a broker, you have to do your research first into the company. The general rule of thumb is to check how long the company has operated. If it has operated for more than 20 years, you can say that it passed the safety check. However, there are also new companies that operate forex brokerages. For this, you have to check the platform’s legitimacy and dig into the customer review.

#3. Technical Platform

If you’re into algo-trading, you have to be aware that the platforms supported are MetaTrader4, MetaTrader5 and cTrader. These are the most common and should be the type of platform to go with.

#4. Customer support

As a customer, we want to be able to get good service from the seller, in this case, the broker. Great customer service might not be needed if everything goes well and as expected, but if the problem arises, you will be left frustrated if your chosen platform does not have good customer service. Make sure this is on top of your list when choosing a broker.

#5. News, research and education

Market and world news is of utmost importance in the finance world and forex trading is not excluded from this. You have to be aware of what’s happening and new trends. You can also learn while you trade as some brokerage platform offers video, written or even interactive content to help you.

Of course, in Malaysia, we look for the main criteria listed above. Here we give our suggestion on what are the best forex trading platforms available on the market.

List of Best Forex Trading Platforms In Malaysia For 2021

We listed forex brokers that allow transaction and withdrawal to be done in Ringgit Malaysia. This gives more convenience for Malaysian to manage the funds. Let’s explore the options.

  1. XM (Website)

Founded in 2009, XM is one of the largest international investment firms and it has a large client base.

  • No deposit or commission fee.
  • Spreads are as low as 6 pips.
  • The minimum initial deposit is US$5 – US$100 depending on the account you opt for.
  • Licensed by ASIC (Tier 1), CySEC (Tier 2), DFSA (Tier 2) and IFSC (Tier 3).
  • Uses MetaTrader 4 & 5, Mobile and XM WebTrader accessible with internet browsers.
  • Offers 24/5 support in over 30 languages by live chat, email and phone call.
  • Offers video tutorials, daily technical analysis, forex market research, and daily forex webinars and market outlook.

  1. OctaFX (Website)

Started in 2011, OctaFX is part of a group of global entities, which consists of Octa Markets Incorporated and Octa Markets Cyprus Ltd.

  • No deposit or commission fee.
  • Spreads are as low as 6 pips.
  • The minimum initial deposit is US$25.
  • Licensed by CySEC (Tier 2)
  • Uses MetaTrader and cTrader platforms which are accessible via web, desktop, Android and iOs.
  • Offers 24/7 customer support via live chat and email.
  • Provides analytics on market info, forex news, education classes on forex basics as well as video tutorials and webinars.

  1. FXTM (Website)

FXTM was founded in 2019 and has a worldwide reputation as an award-winning forex broker.

  • No deposit or commission fee.
  • The lowest spread is 1pip while no spread floating account is available as well.
  • The minimum initial deposit is US$1 to US$25,000 depending on the account chosen.
  • Licensed by FCA (Tier 1), CySEC (Tier 2) and IFSC (Tier 3).
  • Uses MetaTrader 4/5, Web Platform, Mobile Trading.
  • Provides 24/7 support to traders via email and live chat.
  • Market analytics, various trader tools and education classes such as live lessons with FBS professionals are provided.

  1. RoboForex (Website)

Established in 2009, RoboForex is an official participant of The Financial Commission. The Financial Commission is an independent self-regulatory organisation and external dispute resolution body that specialises in forex.

  • No deposit or commission fee.
  • Spreads are floating type and are as low as 0 pip.
  • The minimum initial deposit is US$10 – US$100 depending on the account you opt for.
  • Licensed by IFSC (Tier 3).
  • Uses MetaTrader 4 & 5, R Trader, cTrader and WebTrader which are supported on desktops, iOS and Android devices.
  • Offers 24/7 support in over 10 languages by email and phone call.
  • Offers analyses and forecasts on forex as well as educational videos.

  1. SuperForex (Website)

Founded in 2013, SuperForex is a globally operating broker with regulation by the International Financial Services Commission (IFSC).

  • Charges local bank wire fee on withdrawal, no other deposit or commission fees.
  • “No spread” account is available for US$100.
  • The minimum initial deposit is US$1 to US$100 depending on the account chosen.
  • Licensed by IFSC (Tier 3).
  • Uses MetaTrader 4 and Mobile Application.
  • Offers support via live chat, phone call, Skype, Whatsapp, WeChat and Telegram.
  • Shares education videos, training and comprehensive lectures on forex.

Best Trading Platform in 2021

Roboforex

Roboforex is the most versatile platform with all main criteria fulfilled. It has low entry costs with only $10 (RM40), cheap (with spread as low as 0 pip), support relevant platform (MT4, MT5) and has over 10 languages customer support that can be reached 24/7 via email or phone call.

However, they are a bit lacking in content but still substantial considering they offer in-house analysis, videos and forecast. For the extra content, you can always find them on Youtube, reading material, and learn from others.

As a platform, Roboforex offers a solid choice in terms of versatility and cost. With 11 years experience in the market, it can be expected to grow in the future and be one of the big household names like eToro and Plus500.

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