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Best Malaysian Forex Brokers with MYR Withdrawals

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In this article, we will share with you the things to look for when choosing a forex broker and the list of brokers available in Malaysia that offers MYR withdrawals.

Have you heard of forex trading? Forex trading is basically the act of buying or selling foreign currencies based on the fluctuations of exchange rates.

Before you can start trading, you will first need to open a trading account. You may ask, there are so many forex brokers available in the world, which one should I go for?

Things to look out for

This seemingly daunting task of finding the right broker itself has deterred many people from even starting their first trade. Well, it does not have to be if you know what to look out for. Here we have listed out a few factors to consider to help you choose the right broker to open a trading account:

Availability of MYR deposit/withdrawal

After you have opened a trading account, you will then need to deposit money into the account. If you are using the same currency as your broker, there will be no conversion fee required, i.e., you can deposit and withdraw money for free.

But what if you are not? A currency conversion fee may be chargeable.

To avoid such a fee, you should look for brokers that offer MYR deposit/withdrawal facilities.

So are there such forex brokers available? The answer is yes! Typically, brokers operating in countries, particularly in south-east Asia countries, with “exotic” or “minor” currencies such as MYR may allow the local traders to deposit in their own currencies through local banks. This allows the locals to enjoy a much better trading experience without having to pay any conversion fee.

Fees

Other than conversion fees, there are a few other costs involved when you buy/sell foreign currencies, i.e., spreads and commissions. They are both payable to the brokers.

While commission could either be a fixed fee or a relative fee based on the trading volume, spreads, on the other hand, vary based on the forex you choose to trade.

For example, let’s say you want to take a long position (buy) in EUR/USD. The price now is 1.2200 and the spread is 2. The broker will quote two prices, 1.2202 and 1.2200. By clicking “Buy”, your buy order will be entered with a fill at 1.2202, which means you have just paid a spread of 2 pips on your trade.

There may also be other fees that may be payable depending on the account type you choose to open with the broker. So do be on the lookout for any hidden fees and make sure you clarify with your broker before opening an account with them.

Minimum initial deposit

This one is the easy part. Some brokers out there offer minimum initial deposit as low as US$0 while some brokers offer up to US$500. It all depends on the type of brokerage account you choose.

Trustworthiness of the broker

Since you are putting your hard-earned money into a stranger’s hand, getting a trustworthy broker is a must. In this aspect, you should look at how tightly regulated the broker is. There are three tiers of jurisdictions regulating the forex brokers with Tier-1 jurisdictions being the most stringent ones among the three tiers.

Trading platform(s) used

If you are new to forex trading, you may be confused with all the platforms available out there. A user-friendly platform that is easy to navigate around should be your top choice. The most common and popular platform for forex trading currently would be MetaTrader 4, also known as MT4.

Customer support

Like every time you purchase a product, you would hope that they offer good after-sales service. There is no difference when it comes to choosing a forex broker. Great customer support will come in handy when you face problems with your account or have issues using the trading platforms. So this should definitely be one of the factors to be taken into account when selecting a broker to trade with.

Availability of trading education and research

You should always keep yourself abreast of the latest news and offers, especially when trading in such a volatile market like forex. Most forex broker firms nowadays offer tutorials, training and webinars that allow traders to learn while they trade.

Best Withdrawal Forex Broker Malaysia

Now let us go through the list of forex brokers in Malaysia together and see what options we have here, shall we? All the brokers below offer deposit and withdrawal methods in MYR.

  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 0.6 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. 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 1.6 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. 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 0.1 pip 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 lections on forex.

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