Broker Binary Option Malaysia Forex Malaysia 2020

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Forex trading in Malaysia – Best Forex brokers Malaysia 2020

Forex trading in Malaysia is officially permitted and legal. Hence, the Malaysian Forex traders find it relatively easy and safe to trade Forex and CFDs as a result of Malaysia’s liberal trade policies and laws. The concept of online retail forex trading gaining momentum and more Forex traders are trying their hands in this high-risk high-return business.

However, the traders must carefully consider their trading requirements and the safety of their funds while selecting the best forex broker in Malaysia. All the Forex Brokers have different charges, fees, and policies; you should carefully select the one that meets your requirement. Here we have reviewed a few Forex brokers providing services in Malaysia to help you choose the best Forex broker in Malaysia in 2020.

Forex trading in Malaysia – What You must know to start trading

Malaysia has become an attractive market with significant business potential for Forex brokers. Several international Forex brokers have established their offices in Malaysia. Most of the broker’s website and customer support are in English, and few of the brokers offer their website and support in Malay. So you have to select between the broker offering services in English or Malay.

Malaysian Ringgit (MYR) is Malaysia’s national currency. As per the Bank for International Settlements (BIS), the Malaysian Ringgit accounts for 0.4% of daily turnover in the Forex market. Malaysia also offers a decent financial regulatory oversight by Securities Commission Malaysia (SCM) established under the Securities Commission Act 1993. The Securities Commission Malaysia SCM regulates Stocks, Futures, and Exchange-traded products. However, Forex trading products are not formally regulated by SCM yet.

Forex traders of the Islamic faith in Malaysia can open Islamic Forex Account or Swap-free trading accounts which comply with Sharia law. Islamic Forex trading account is a popular choice in Malaysia, as Islam is Malaysia’s official religion. Malaysia has a strong financial services sector that specializes in providing Islamic investment products and Islamic accounts. Also, Malaysia’s Islamic Financial Services Act (2020) requires financial services to comply with Islamic principles.

Best Forex Brokers Malaysia 2020

Here is the list of Forex brokers reviewed for trustworthiness, transparent trading environment, safety and security of funds, Funding methods and fund withdrawal processing time, etc. This list will help you choose the best Forex broker in Malaysia reviewed for 2020. You can also check Binary Options Brokers Review in Malaysia.

  • Popular among Malaysian traders
  • Maximum leverage 1:1000
  • Five different accounts types
  • ECN account with low spreads
  • MT4 & MT5 Platform
  • Copy and PAMM available
  • Complies with regulators
  • Low and fixed spread
  • Free training materials
  • Easy deposit and withdrawal
  • Bonus deposit – profit can be withdrawn
  • Recommended for Malaysian traders
  • Regulated broker serving since 2020
  • Accepts Malaysian traders
  • Zero Spread account and Islamic Account
  • Autochartist tool, Free VPS, MT4 MT5 platform
  • Bonus deposit available
  • Trusted Fore broker serving since 2009
  • Malaysian traders – Yes
  • Zero Spread and Islamic Account
  • CopyTrade, MT4 and MT5 platform
  • Bonus deposit available

easyMarkets allows Malaysian traders to invest in forex and offer traders unique trading features like – Freeze Rate, Insider Viewer, DealCancellation, and easyTrade. easyMarkets provides MetaTrader 4 in addition to web trading platform.

  • Freeze Rate allows traders to freeze live rates for a moment to open and close the trades.
  • Insider Viewer is an indicator that allows you to see what other traders are doing.
  • You can also undo certain losing trades within a 60-minute window with DealCancellation.
  • easyTrade feature allows you to set up your minimum trading risk that will not be surpassed.
  • While trading with easyMarkets, there is no commission on trades but there are fixed spreads on each trade.

Consider Before You Open a Forex Trading Account –

All the online Forex brokers have unique features. Hence, you must ensure that the Forex broker you select is safe and trustworthy and offer the services you require. Here are a few points you must consider and review before investing with any broker.

Regulation

The safety and security of your funds with any broker is the primary consideration while selecting a broker. Hence, you should always select a broker complying with at least one reputable international regulatory body like CySec, ASIC, FCA, IFSC, etc. The broker should keep clients’ funds segregated in a reliable bank.

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While selecting an overseas Forex broker in Malaysia, choose the broker which complies with European, UK, or Australian regulators. The brokers who comply with CySec, ASIC, FCA, or IFSC can be trusted for trading in a safe and transparent environment.

Broker Type

Online Forex brokers classified as either market makers or as electronic communications network (ECN) brokers. The Market maker brokers take the other side of your trades, whereas ECN brokers pass on the best price from liquidity providers who use its electronic communications network.

ECN brokers usually have a narrow spread, which is variable depending on the liquidity provider, ECN brokers may charge a per-trade commission. In contrast, market maker brokers typically have a higher fixed spread and no commission.

Spreads and Commissions – the trading cost

Spread is the difference between the bid price and the offer price in a broker’s price quotation. The spreads and commissions add a cost to your trading, hence choose the broker with a lower spread and commission possible. The small traders are usually less sensitive to such considerations.

Trading Platform

Ideally, you should go for a broker with trading software with a customizable interface, having excellent analysis features. The trading software should fast and glitch-free and should run on the desktop, mobile, or web platform you prefer.

Most of the Forex brokers support MT4 and MT5 trading platforms from MetaQuotes; it includes a complete technical analysis functionality, numerous valuable trading tools, a wide range of third-party expert advisors (EAs), and custom indicators that you can add or purchase.
The other trading platforms are cTrader, NinjaTrader, some proprietary trading platforms. There are social copy trading platforms like ZuluTrade and eToro.

Customer Service

Most of the Malaysian traders, especially those with less experience, need to access customer service frequently. Hence the broker with a strong customer support team is preferred. You can ask customer support for a training session on using the trading platform. Always go through the training materials available on the broker’s website; they are quite useful and make you feel confident about using the trading platform.

Research, Analysis, and Educational Materials

Some Forex brokers have a strong market research and analysis team; some brokers provide third party premium analysis for free to their clients. The access to a high-quality news feed and market analysis performed by professionals can increase your potential profit and can help you make a better trading decision.

Yes, it is legal to trade Forex in Malaysia. There are many Malaysian Forex traders who are successfully trading Forex and have become Copy trading providers and PAMM account managers with different brokers. This brings them an additional income from the traders who choose to follow their trades or who invest in the PAMM managed account. Although it is legal to trade Forex in Malaysia, you must carefully select a trustworthy broker to ensure the safety and security of your funds. Usually, a broker with more than five years of proven track record is good to go.

How does Forex trading work?

While trading Forex, currency pairs are traded, for example, GBP/USD or EUR/USD. The trader has to predict how the exchange rate of the two currencies will change. If the trader determines that USD (US Dollar) will strengthen against the Euro, then they buy dollars, which means the value of the Euro will go down. If the trader is correct in his prediction, the value of USD rises, and he can sell it for a profit. If the decision goes wrong, then he loses.

For example, the EUR/USD rate shows the number of dollars one Euro can buy. If a trader believes that Euro will increase in value against the dollar, then they use dollars to buy Euros. If the exchange rate rises, then they can sell the Euro back for a profit. One of the reasons Forex trading is popular among investors is that the market is open 24 hours a day; the traders can trade following any timezone.

How much amount is required to start Forex trading?

Forex brokers are allowing you to start trading with a minimum deposit starting at $ 1, $ 5, or $ 10. These are called Micro Account or Cent Account. The newbie traders or small traders usually go for such accounts. These small accounts with up to $10 deposit give the traders the same experience of real Forex trading with only small capital is at risk.
However, a minimum deposit of $1000 is required to start trading seriously while applying proper money and risk management. The smaller accounts usually use higher leverage and are prone to quick margin calls and loss of capital.

Will I make any money?

Well, it depends on your understanding of the Forex market and your accuracy in predicting currency prices. Not all Forex traders make money. In fact, the majority of retail traders lose money.

Forex trading is a risky business. It’s so risky that many experts believe that there is a significant risk of losing your capital. It is challenging for retail traders to understand and predict the currency market with their limited understanding and resources. The idea that an individual trader can become a successful trader is challenging. But the traders can increase their chances of success in the Forex market by getting proper education and training.

Managed Forex Account in Malaysia and Forex Copy Trading in Malaysia are the two indirect methods where you can trade Forex relying on the knowledge and experience of experienced and talented traders. In these cases, you don’t have to involve yourself in the complications of market analysis and monitoring your account continuously.

24option Broker Review

Min. Deposit USD 100
Max. Leverage 500:1
Min. Spread 1.1 pips
Regulators CySEC,IFSC
Regulator Origin
Trading Desk Type Market Maker

Most retail CFD accounts lose money. Your capital is at risk.

Summary

24Option started life as a binary options provider but now also offers CFDs for Forex, Commodities, Stock and Indices.

With a 50% bonus for new traders, an award-winning trading platform – alongside the industry-standard MT4 – and leverage of 1:500 on all accounts, beginners will find 24option an easy place to start trading.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Beginner Friendly Poor
Bonuses
Our Review Process

Trading Conditions

Minimum Deposit USD 100
Base currencies EUR, ZAR, GBP, CHF, RUB
Number of FX Pairs 46
Hedging Allowed Yes
Scalping Yes
Islamic Account Yes

Average Spreads

EUR / USD 1.1
GBP / USD 1.4
USD / JPY 1.4

Company Details

Company name Richfield Capital Limited
Founded 2020
Website www.24option.com/international
Type Market Maker
Regulators CySEC,IFSC
Office locations Cyprus, Belize

Deposit & Withdrawal Methods

Supported Platforms for 24option

Min. Deposit Max. Leverage Min. Spread Commission
Basic USD 250 30:1 2.5 pips None Account Details
Gold USD 5000 30:1 2.0 pips None Account Details
Platinum USD 10000 30:1 1.4 pips None Account Details
VIP USD 50000 30:1 1.1 pips None Account Details

Most retail CFD accounts lose money. Your capital is at risk.

Compare CFD Brokers

24option

Plus500

IQ Option

Overall Rating 3.19 / 5 3.74 / 5 3.59 / 5
Minimum Deposit USD 100 USD 100 USD 10
Regulation
Trading Desk Type Market Maker Market Maker Market Maker
Trading Instruments Commodities, Cryptocurrencies, Forex, Indicies, Equities Commodities, Cryptocurrencies, Forex, Indicies, Equities, Vanilla Options, ETFs Commodities, Cryptocurrencies, Forex, Indicies, Equities, ETFs
Forex Pairs 46 70+ 57
Crypto Pairs 5 9 12
Pros
  • Wide range of assets
  • Well regulated
  • Wide range of assets
  • Low minimum deposit
  • Wide range of assets
Cons
  • Wide spreads
  • Limited education
  • Limited market analysis
  • Poorly regulated
  • Limited education
  • Limited account options
  • Unpublished spreads
  • Expensive withdrawals
  • Limited education
  • Limited market analysis
Read Full Review Read Full Review
Trust Rating 3.5 / 5 5 / 5 3.5 / 5
Trading Conditions 2 / 5 3 / 5 4.5 / 5
Trading Platforms 4 / 5 4 / 5 4 / 5
Deposit & Withdrawal 3 / 5 3 / 5 1 / 5
Education & Research 1.5 / 5 1.5 / 5 2 / 5
Assets Available 4.5 / 5 4.5 / 5 4.5 / 5
Customer Service 4 / 5 4.5 / 5 4.5 / 5
% Lose with this broker 83.29% of retail investor accounts lose money when trading CFDs with this provider 76.4% of retail investor accounts lose money when trading CFDs with this provider 83% of retail investor accounts lose money when trading CFDs with this provider
Leverage 500:1 30:1 30:1
Spread 1.1 pips 0.7 pips 0.9 pips
Hedging Yes No No
Scalping Yes No No
Account Types
  • VIP (Vip)
  • Standard (Standard)
  • Live Account (Mini)
Islamic Account Yes Yes No
Trading Platforms MT4 Plus500 IQ option
Funding Methods Bank Transfer, Visa, Mastercard, Skrill Bank Transfer, Visa, Mastercard, Skrill, Paypal Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin
Trading Commission Fees Included in Spread Fees Included in Spread Fees Included in Spread

24option

Plus500

IQ Option

Visit Website Overall Rating 3.19 / 5 3.74 / 5 3.59 / 5 Minimum Deposit USD 100 USD 100 USD 10 Regulation Trading Desk Type Market Maker Market Maker Market Maker Trading Instruments Commodities, Cryptocurrencies, Forex, Indicies, Equities Commodities, Cryptocurrencies, Forex, Indicies, Equities, Vanilla Options, ETFs Commodities, Cryptocurrencies, Forex, Indicies, Equities, ETFs Forex Pairs 46 70+ 57 Crypto Pairs 5 9 12 Pros

  • Wide range of assets

  • Well regulated
  • Wide range of assets
  • Low minimum deposit
  • Wide range of assets
Cons
  • Wide spreads
  • Limited education
  • Limited market analysis
  • Poorly regulated
  • Limited education
  • Limited account options
  • Unpublished spreads
  • Expensive withdrawals
  • Limited education
  • Limited market analysis
Read Full Review Read Full Review Trust Rating 3.5 / 5 5 / 5 3.5 / 5 Trading Conditions 2 / 5 3 / 5 4.5 / 5 Trading Platforms 4 / 5 4 / 5 4 / 5 Deposit & Withdrawal 3 / 5 3 / 5 1 / 5 Education & Research 1.5 / 5 1.5 / 5 2 / 5 Assets Available 4.5 / 5 4.5 / 5 4.5 / 5 Customer Service 4 / 5 4.5 / 5 4.5 / 5 % Lose with this broker 83.29% of retail investor accounts lose money when trading CFDs with this provider 76.4% of retail investor accounts lose money when trading CFDs with this provider 83% of retail investor accounts lose money when trading CFDs with this provider Leverage 500:1 30:1 30:1 Spread 1.1 pips 0.7 pips 0.9 pips Hedging Yes No No Scalping Yes No No Account Types
  • VIP (Vip)
  • Standard (Standard)
  • Live Account (Mini)
Islamic Account Yes Yes No Trading Platforms MT4 Plus500 IQ option Funding Methods Bank Transfer, Visa, Mastercard, Skrill Bank Transfer, Visa, Mastercard, Skrill, Paypal Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin Trading Commission Fees Included in Spread Fees Included in Spread Fees Included in Spread

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Financial Memberships

Forex Malaysia, as part of our parent company Schlossbrink AB, is a full member of :

Global Legal Entity Identifier Foundation (GLEIF)

Membership #: 254900LUG07G07A31U72 – as we have shared values of efficiency, transparency, and trust associated with legal entity identification (LEI) in the handling of investments. As Finance Professionals, the LEI is the highest standard

Risk Warning

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.

It is really important that you do not trade any money that you can’t afford to lose because regardless of how much research you have done, or how confident you are in your trade, there will always be a time that you lose.

© COPYRIGHT FOREX MALAYSIA LEADING FOREX BROKER COMPARISON SITE.

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers Malaysia for 2020

The ForexBrokers.com annual forex broker review (four years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Trading forex (currencies) in Malaysia is popular among residents. While any internationally regulated forex broker can accept clients from Malaysia, it is an additional benefit to also hold a Capital Markets Services License (CMSL) from the Securities Commission of Malaysia (SCM), which is the financial regulatory body in Malaysia. SCM’s website is sc.com.my. We recommend Malaysian residents follow the SCM on Twitter, @SecComMY.

Established in 1993, SCM is Malaysia’s financial markets regulatory body. In April 2020, SCM issued guidelines for Contracts for Difference (CFD) providers including brokers offering derivatives, under the Capital Markets Services Act of 2007, which will become effective July 1st 2020. As a result, we expect more regional brokers will register with SCM in order to acquire a CMSL. For a historical breakdown, here’s a link to the Securities Commission Malaysia’s webpage on Wikipedia.

Best Forex Brokers Malaysia

To find the best forex brokers in Malaysia, we created a list of all internationally regulated forex brokers, then ranked brokers by their Trust Score. Here is our list of the top forex brokers in Malaysia.

  • IG – Best Overall Broker 2020
  • Plus500 – Best for beginners overall
  • Swissquote – Best banking services
  • Saxo Bank – Best VIP client experience
  • FOREX.com – Great platforms and pricing
  • City Index – Excellent all around offering
  • XTB – Best customer service, great platform
  • HYCM (Henyep Markets) – 3.5 Stars
  • Pepperstone – Numerous copy trading platforms

Malaysian Forex Brokers Comparison

Compare Malaysian authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm’s ForexBrokers.com Trust Score.

Forex Broker Accepts MY Residents Average Spread EUR/USD – Standard Minimum Initial Deposit Trust Score Overall Visit Site
IG Yes 0.700 £250.00 99 5 Stars Visit Site
Plus500 Yes 0.600 €100 99 4 Stars N/A
Swissquote Yes N/A $1000.00 99 4 Stars Visit Site
Saxo Bank Yes 0.600 $10,000.00 98 5 Stars Visit Site
FOREX.com Yes 1.00 $50.00 93 4.5 Stars Visit Site
City Index Yes 0.800 £50.00 93 4.5 Stars Visit Site
XTB Yes 0.780 $0.00 92 4.5 Stars Visit Site
HYCM Yes N/A $100 84 3.5 Stars Visit Site
Pepperstone Yes 1.130 $200.00 83 4 Stars Visit Site
XM Group Yes 1.600 $5-100 83 4 Stars Visit Site
easyMarkets Yes 0.900 $100.00 81 3.5 Stars Visit Site
IC Markets Yes 1.100 $200 80 4 Stars Visit Site
ThinkMarkets Yes N/A $250.00 79 3.5 Stars Visit Site
Vantage FX Yes 1.400 $100 79 3.5 Stars N/A
ForexTime Yes 0.80 $100 70 3.5 Stars Visit Site
Alpari Yes 0.92 $100.00 69 3.5 Stars Visit Site
Instaforex Yes N/A $1 69 3 Stars Visit Site
Forex Club Yes N/A $100 68 3.5 Stars Visit Site
UFX Yes 3.00 $100 66 3.5 Stars N/A
iTrader Yes 0.700 $250 66 3 Stars Visit Site
FX Choice Yes N/A $100 54 2.5 Stars Visit Site

How to Verify SCM Authorisation

To identify if a forex broker is regulated by SCM, the first step is to identify the register number from the disclosure text at the bottom of the broker’s Malaysia homepage.

Next, look up the firm on the SCM website to validate the current regulatory status of the broker in Malaysia. Here is the official page with the public register of license holders on SCM.

It’s also worth noting that Bank Negara Malaysia, which is the Central Bank of Malaysia that regulates money service businesses and forex dealers, issued guidelines for digital currencies (cryptocurrency) requiring companies to comply when dealing with crypto assets.

More Forex Guides

Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

The names, products, services, branding/logos, and other trademarks or images featured or cited within this Website (www.forexbrokers.com) are the property of their respective owners and the owners retain all legal rights therein. These trademark holders are not affiliated with ForexBrokers.com and the use or display of names, trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, or endorses ForexBrokers.com or any of its reviews, products, or services. ForexBrokers.com declares no affiliation, sponsorship, nor any partnership with any trademark holders unless otherwise stated.

IG – 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

OANDA – CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Advertiser Disclosure: ForexBrokers.com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While ForexBrokers.com has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by ForexBrokers.com, nor shall it bias our reviews, analysis, and opinions. Please see our General Disclaimers for more information.

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