Best Forex Brokers Malaysia of 2020

Forex Trading is quite popular in Malaysia. The majority of the international and renowned Forex trading platforms accept clients from Malaysia. However, many excellent local Forex brokers are legal and regulated by the Securities Commission of Malaysia (SCM). If you are looking for the legal and best Forex brokers in Malaysia that are trusted by the banks as well, you have come of the right place. In this article, you will get to know about the 20 best Forex brokers in Malaysia:
April 11, 2020

IQ Option

IQ option is considered to be one of the most effective Forex as well as a crypto trading platform. It has multiple trading options like binary options, cryptocurrencies trading, and Forex trading. A minimum investment of $10 is required to open an account at IQ Option. It was established in 2013 and had quickly become one of the most popular Forex brokers around the world, including Malaysia.

Pepperstone

Pepperstone asks the users to deposit at least $200 in their account. It has one of the most reliable customer services and can help the users through call, online live chat, and e-mail. Overall, Pepperstone is a good Forex broker for traders who have a sufficient amount of investment. After the users join this platform, they will not have to pay excessive fee and commissions while trading.

Exness

Exness was established in 2008 and required an investment of $4 for the primary account. It also offers commission-free trading. Exness is an average-risk Forex broker. Some traders have a complaint about losing their money, but there is no way to verifying these claims because Exness does not operate under any bank.

FBS

FBS is being regulated IFSC and CySec. It is one of the best Forex brokers because its customers have reviewed it very highly. Users have to spend only $1 for membership. FBS operates in about 120 countries.

IC Markets

IC Market is one of the leading Forex CFD providers. It has a rapid order execution rate with low latency, which makes it a suitable Forex broker. The company has state-of-the-art computers and machinery that can process more than 500,000 trades per day. A minimum investment of $200 is necessary for the IC Market.

TD Ameritrade

TD Ameritrade has made its mark in the highly-competitive industry of Forex brokers by offering modern research tools and a $0 account minimum. It is a high-quality trading platform that does not charge commissions. Moreover, it provides excellent customer support.

Merrill Edge

Merrill Edge is a free Forex trading platform that provides extensive research and cost-free stock and ETF trades. Moreover, it is supported by many international banks. Most of the traders give Merrill Edge a very high rating, but some experienced and high-level traders complain about its security options.

E-Trade

E-Trade has a user-friendly website interface. It always has been a highly-rated Forex broker because it offers reliable customer support, modern trading tools, access to research, and commission-free stock and trades. There is no account minimum in E-Trade, so you can invest as much money as you want.

Robinhood

Robinhood is a free Forex trading company that provides trading facilities through its mobile application and web-based platform. It is an all-in-one trading option because it allows trading of ETFs, cryptocurrency, options, and stocks. Smartphone users with the margin accounts will find this broker highly beneficial, except for the fact that it does not have retirement accounts or mutual funds.

Ally Invest

People can become a part of the Ally Invest by spending at least $50. It is a robust web-based platform that provides excellent research and trading tools. Commission-free stocks and ETF trades have made Ally Invest a reliable Forex Broker.

Vanguard

Vanguard has a cost-efficient business model, making it a popular choice in both beginner and experienced Forex traders. A minimum investment of $20 is essential. Vanguard is mostly suitable for long-term investments and traders who prefer low-cost investments.

Interactive Brokers

Interactive Brokers provide an extensive range of research and trading tools which make it suitable for large-scale investments. It does not have any sign-up fee. Hence, anyone can join Interactive Brokers for free.

Firstrade

Firstrade offer commission-free ETF and stocks trading. It does not have any hidden charges. There is no fee on an options trade. It has a sound customer support system as well. Hence, Firstrade is one of the best Forex brokers for beginners and mutual fund investors.

Etoro

Etoro is a well-known Forex broker regulated by UK and Australia. A minimum deposit of $200 is necessary for stock and ETF trading. Users have the option of opening a demo account before investing in it. It provides an immersive social trading experience. However, high Forex charges are a significant issue in Etoro.

Zacks Investment

Zacks Investment Research is a unique trading and more importantly, a research company. The primary focus of Zacks Investment is to independent research to the traders to give them a competitive edge in trading. It has its own mutual fund ranking mechanism to help the traders recognize the values of different stocks. Moreover, it is very cheap as Zacks' membership will only cost you $1 per month.

Lightspeed Trading

Lightspeed trading has been operating since 2000 and is one of the most reliable Forex brokers. It is suitable for frequent traders because they have high account minimums. The downside is that they have a minimal cost of trading. Only experts and experienced traders should use this platform because it does not offer any training tools to the beginners. The cost to trade one share is $1. The platform also charges monthly fees.

Suretrader and F1 Trade

Suretrader closed down their businesses in 2019 and shifted business to F1 Trade. It is based in the Bahamas. A noticeable feature of this company is that you can invest in it, even if you have less than $25,000, which is the most common threshold of most of the Forex brokers in Malaysia. In terms of commissions and fee, it is a very viable option, but its customer support system is not as good as the other Forex brokers.

TC2000

TC2000 offers a variety of software and account plans like joint accounts, individual accounts, and trusts. Once you have deposited an initial amount of $2,500, you can trade stocks, EFTs, and options. TC2000 is a decent Forex broker; however, it is expensive, and you should have at least $25,000 in total to buy stocks and other trading options. Customers have to pay a very high amount of commissions and data fee, which requires more money.

Optionsxpress

OptionXpress is a Forex Broker that offers Forex trading services through an all-in-one mobile trading application. It offers numerous trading preferences like bonds, mutual bonds, stocks, and ETFs. Futures are offered at about $4 per contract. However, OptionXpress does not have a good rating, compared to the other Forex brokers on the list. In fact, in some countries, it has stopped operating and shifted to a new platform.

HotForex

HotForex was created in 2010. It requires a minimum investment of $5 for the micro package, whereas maximum investment of $20,000 can be made for the VIP package. Overall, the platform is suitable for experienced Forex traders as HotForex provides complex tools for trading in competitive conditions.

Conclusion

Every Forex broker listed above has its own set of pros and cons. You should compare all of them and select the most suitable for yourself. It is always a good idea to select a Forex trading platform that is highly rated and reviewed by the past customers and regulated by Malaysian authorities, like SEC, to avoid any legal issues in the future.
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