Which Broker is Best for Forex Trading in Malaysia?

Forex brokers both in Malaysia and in other regions should be trusted by an investor, offer low commissions, provide excellent trading training for beginners, have prospects and tools for professional development, as well as have a lightweight and fast withdrawal of funds. These and other aspects you need to pay attention to when choosing your best Forex Broker in Malaysia, will be considered in this article.

1. How to Choose the Best Forex Broker in Malaysia

The most important thing to pay attention to when choosing your Forex broker in Malaysia or any other region is his reliability and security.

In addition, it is necessary to study the quality of service of trading platforms, as well as the availability of all the tools you need to sell and exchange currency pairs. Pay attention to the available options – the ability to analyze your mistakes with the help of a trade journal, a service for copying trade data, an economic calendar, charting services, etc.

It must be a fully licensed stockbroker. Accounts for beginners with a loyal commission may be available. Accounts are simple and intuitive to register and use.

Pay attention to the list of currencies in which you can deposit money to your account. There should be a wide choice of ways to deposit funds. It is possible to use payment services, which is an advantage for an investor. It is necessary to study real reviews about the speed of payment terminals and withdrawal of funds. Always use only up-to-date information.

Trading conditions and supervision may differ for Malaysian traders, but on the other hand, international brokers accept clients from most countries. To find the best forex broker, it is initially required to carefully study all the accounts conditions for clients from Malaysia.

The Internet is full of information, analytics, and table comparisons of a large number of Forex brokers in Malaysia according to various criteria. Here we break down the priority criteria for you so that you can choose the right broker. Among the forex brokers operating in Malaysia, one can distinguish MTrading and, for example, Saxo Bank, VTB, AvaTrade, OANDA.

Now let’s take a look at the individual points in a little more detail.

1.1 A Reliable Forex Broker

Keep in mind that regulators monitor Forex Brokers to make sure they behave legally. ASIC, FCA, and CySEC are examples of regulators that keep brokers honest. The Malaysian Securities Commission (SCM) is constantly improving its broker regulation and licensing of internationally recognized brokers, but the SCM regulates only a limited number of brokers. It is worth paying attention to these aspects based on the reliability criterion of a Forex broker.

It is important to understand which regulatory body will control your trading account. Internationally regulated brokers usually open trading accounts for Malaysian residents under their offshore licenses, which are not protected by SCM and are subject to additional risks of broker bankruptcy, fraudulent activity, or adverse trading conditions such as lack of negative balance protection.

1.2 Terms of Trade

It should be noted that the best Forex Brokers in Malaysia will have lower trading costs, tight spreads, and low minimum deposits. The execution of transactions should be prompt without unnecessary actions. Forex brokers must also update information, and publish their spreads, execution policy, and a list of all CFDs available to Malaysian traders. It can be noted that there is a trend of changing trading conditions and the availability of negative balance protection depending on the country of residence of a trader.

1.3 Training and Analytics

An important aspect for promising beginners and for constantly improving professionals in trading is training and analysis of brokers. Brokers should provide training opportunities, and offer novice traders a consistent and well-structured trading course along with a demo account. A quality broker will always provide a detailed market analysis to highlight trading opportunities, provide full training and develop your strategies.

1.4. Trading Platform

At the same time, you need to pay attention to the broker’s trading platform. Brokers will have their trading platform or provide support to a third-party platform such as MT4, or MT5. Most traders prefer a familiar platform, so brokers with the ability to use multiple platforms have more chances to interest an investor. It should also be noted that the availability of the platform may vary depending on the country of residence.

2. Analytics and Avoiding Bad Forex Brokers

Avoiding individual scammers is usually relatively easy compared to avoiding bad brokers. How can Malaysian traders avoid bad brokers? There are the most indicative criteria given below.

Unpublished spreads: the spread is the broker’s fee for connecting traders to the Forex market. If a broker doesn’t want to say how much this commission costs, they are probably charging too much.

High fees for deposits and withdrawals: deposits should always be free, and withdrawals should be inexpensive. Be wary of high fees or unexplained fees.

Deferred withdrawal: withdrawal of funds should take no more than a few days. If a broker ignores withdrawal requests or delays them for more than a week, he is deceiving his clients.

Missing deposits: bad brokers sometimes claim they didn’t receive a deposit after making it. Always ask for proof of payment when making a deposit.

Unresponsive Customer Service: in many cases, customer support ignores requests or complaints for help, especially when solving any of the problems listed above.

Demo accounts with paid access or with limited access: Demo accounts are the best educational tool that novice forex traders have. Brokers who require new traders to open a live account before they can open a demo account, or close demo accounts after a short time, are trying to get newcomers to start trading before they are ready enough.

Although forex brokers may seem similar, they are very different. If you dig a little deeper, the account conditions will be different for residents of Malaysia. We have discussed some of the most common questions that traders have when comparing and choosing the best Forex broker.