The Best Brokers 2023

Tired of searching endless tables for the best broker? We’ve shortlisted the best brokers based on spreads, minimum deposit offers, leverage, number of trading pairs, as well as support and platform features. These brokers were rated by our team and our site visitors through the year of 2023. We review the best online brokers and offers so you can do what you’re best at – trading!

All Brokers are:
Licensed
Recommended by users
Reviewed & Trusted
Trade with the top - rated forex brokers
OUR #1 PICK
Special Offer Offers Bonus
Founded 2011
Rating 93%
Max Leverage 1:500
Trading Size Micro-Lot
Regulation CySEC, SVG, FSCA
5 /5
Take a Look Go to Octa

Your capital is at risk. Losses can exceed deposits

Customers Over 1M Accounts
Founded 2014
Rating 96%
Max Leverage 1:500
Trading Size Micro-Lot
Regulation LFSA, FCA, CySEC

Your capital is at risk. Losses can exceed deposits

Min. Deposit $200
Founded 2010
Rating 92%
Max Leverage 1:200
Trading Size Mini-Lot
Regulation FCA
4.7 /5
Take a Look Go to Pepperstone

Your capital is at risk. Losses can exceed deposits

How to Choose the Best Forex Trading Platform in Malaysia

1. Fees

Usually opening a trading account is free, however, brokers may charge fees on trading, spreads, or any additional functions of the platform. There are platforms that also charge withdrawal fees, with specific functions such as leverage that could add more cost. Remember to go through different brokers and evaluate their fees and compare those that offer the best rates.

2. Platform (technology and services)

A good platform will offer not just an attractive user interface; it must also provide a variety of services that could cater to different strategies or functions. A good platform will also offer you educational content that will help you in your trading journey. Flexibility such as phone application is really important for forex trading so that you are able to monitor your trades outside of the home if needed, try the application to make sure it is user friendly before committing to the broker.

3. Regulations

Platforms that are well within the regulation of Bank Negara Malaysia (BNM) are highly recommended. If you want to use foreign brokers, make sure they are regulated by international regulatory authorities such as the Financial Conduct Authority (FCA).

4. Customer service

A platform that treats you well before and after-sales are equally as important as executing a trade. This is so that when you have an account or trade issues arises, the customer support is efficient in solving your issues. Keep in mind that the broker that you choose has a good reputation in their customer support.

 

Differences Between Trading Forex and Trading Shares

1. Trading Hours

When trading forex, you access 24 hours of trading time, 5 days a week with the exception of weekends. This is because it is traded over the counter electronically, and the forex market is not centralized.

Unlike forex, trading shares mean that if you purchased a Malaysian company’s share, you can purchase it via a broker in KLSE, the operating time is from 9.00 AM to 5.00 PM.

2. Liquidity & Volume

As mentioned, the foreign exchange market is the largest in the world, with over $5 trillion daily. The stock market, however, has only a $200 billion daily transaction volume. This shows the high liquidity and volume of the forex market as compared to the stock market.

Taking your first step to learning how to trade forex can be a difficult task. Here are a few tips that can get you started:

 

Tips to Start Forex Trading

1. Knowledge

Before you start trading, remember to get yourselves familiarized with the terms that are commonly used in forex trading. Terms such as leverage, bid/ask spreads, charts, fundamental and technical analysis are common yet important to be learned before trading.

2. Copy Trading

Beginners tend to lean towards copy trading as it allows the copier to directly copy the trades of experienced traders. This method of trading requires little knowledge and it saves time for individuals that are busy with everyday work. Of course, there are pros and cons of copy trading, do understand the risk before going for it.

3. Demo account

Once you have learned some knowledge, you want to get started, right? You can always start with a reputable demo account and learn trading risk-free! Most high-quality forex brokers in Malaysia will allow traders to open a demo account, with it you not only learn how to trade, but you also experience the platforms of different brokers and you can do your comparison to see which you prefer.

4. Choosing a brokerage

Arguably the most important component before you trade. It is completely legal to trade forex in Malaysia if it is a registered and authorized financial institution. Take note and research the trading fees, technology, and services that are provided by the brokerages and compare them side by side so that you know which one will suit you the most. There is no perfect brokerage, only one that is most suitable.

 

Forex in Malaysia – Operational Days and Time

Forex is also known as the market that never sleeps (except for weekends); this is because Forex markets operate 24 hours daily according to different parts of the world and as one major market closes, another opens. Below is the example of the operational hours for Forex Market according to Malaysia time (GMT+8) :

New York – Open 21:00, Close 06:00

Tokyo – Open 07:00, Close 16:00

London – Open 16:00, Close 01:00

Sydney – Open 05:00, Close 15:00

Looking at the time zone, you can trade 24 hours including if you trade in another country’s time zone as well. Time in Malaysia from 9.00 PM to 1.00 AM is one of the busiest times to trade because the New York and London forex markets intersect with each other. Generally, the market will see huge fluctuations for currencies such as USD, GBP, and EUR, and most traders always prepare their trades in anticipation of the market openings.

 

Conclusion & Thoughts

Trading forex in Malaysia might seem like an easy way to get an extra buck for your pocket, but actually, it requires a lot of hard work, analysis, risk management, timing, and more to really succeed in the industry. Do be aware that when you start trading forex, you will immediately be able to access a margin account, which allows you to leverage, which is a riskier way to acquire larger funding, As always, be aware of the risk, and happy trading!

 

*Trading forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in forex you should carefully consider your investment objectives, level of experience, and risk appetite. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. Please read our legal disclaimer.