- What to consider when comparing Forex brokers
- Best Forex Brokers Malaysia for 2021
- Best Forex Brokers for Finland
- Forex Brokers in Malaysia | SCM, LFSA regulation
This trading pioneer has Malay language support, Islamic Account options, and a track record of excellence.
What to consider when comparing Forex brokers
This is definitely a forex broker that can be trusted. With all the basics covered as far as Malaysia specific requirements, what makes eToro stand out as one of the best forex brokers? To start with, the range of instruments that can be traded is as wide as you could imagine. These are all available on one account, in most cases with or without leverage. The eToro platform is very easy to use, and whilst it may not be the most sophisticated, is very mobile centric.
This forex broker has a good offer for Malaysia, with Malay language on both their website and customer support. Tier 1 ASIC regulation, and a usual sign up bonus is provided by XM to give you as a Malaysia based trader free test entry into the market. This is a well and truly entry level into the forex market. There are a series of webinars and seminars conducted by XM regularly to help develop traders. This is a forex broker that has not just given a standard basic version for Malaysia, but are very much dedicated to developing their trading offer for this part of the world.
Avatrade are a forex broker with regulation from many different territories around the globe. It is pretty safe to say that this is a trusted forex broker with a solid offer for International traders, including Malaysia. The Top 10 points we consider in our goal of finding the best, and most trusted forex broker in Malaysia will include the below:.
Whilst we cannot assume that any non Tier 1 regulated broker is not to be trusted, ensuring that you trade with a broker that has undergone the most rigorous of checks and measures is only an advantage. The local LFSA or SCM Malaysia regulated forex brokers will also be included as these can give an advantage in the case of there being a strong understanding of the local markets.
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Having additional language support in Malay is a sure sign that a forex broker is dedicated to providing the best possible level of support to Malaysia based traders. When a broker is showing commitment, and is willing to go that extra mile and assume the cost to provide a more localised option, it is a surefire sign that that forex broker is trying to tailor their service to Malaysia. This is one of our standard checks and measures regardless of the Country we are evaluating.
Having a strong variety of pairs is fundamental for any best broker ranking. In the particular case of finding the best forex broker Malaysia, ensuring that the Malaysia Dollar is provided as a strong option against the major global currencies will be a plus point. But brokers also charge rollover fees , and some charge deposit and withdrawal fees.
Finally, there is also the minimum deposit to consider.
Best Forex Brokers Malaysia for 2021
To have a good idea how much it will cost you to trade with a broker you will need a clear understanding of these fees and how they will affect your profits. The spread is the difference between the buy and sell price of a currency pair and is measured in pips the smallest amount by which a currency can change. All good brokers will publish their spreads for all the currency pairs they offer. Avatrade also publishes the exact buy and sell price for each currency pair as well as the daily change in the price of each currency pair.
You will also see the leverage and margin listed, which we will discuss later. But we can also see that sometimes spreads are as low 0. What we can say from this research is that both AvaTrade and IG Markets are good brokers with tight spreads. When researching a broker, you want to make sure that they publish their spreads and that the spreads are low for the currency pairs you want to trade. If you find a broker that does not publish its spreads, or does not publish its spreads in detail, you should be instantly suspicious.
Brokers that do not publish their spreads often have something bad to hide and brokers with wide spreads are often just greedy. Brokers with wide spreads or unpublished spreads are marked down in our reviews.
Another fee that brokers can charge is a commission per trade. Known as ECN brokers, these brokers provide direct market access and will have incredibly low spreads sometimes as low as 0 pips. Some brokers will offer both standard accounts with no commission and a wider spread and ECN accounts with a commission and a tight spread. As you can see, the Tickmill Classic Account charges no commission, but spreads start at 1.
But the Pro Account has spreads starting from 0 pips no difference between the buying price and selling price but commission is charged at 2 USD per side per , traded 2 USD for opening the position and 2 USD for closing the position, so 4 USD in total. The rollover fee or swap rate is a small fee charged by brokers for holding a trading position overnight and is usually charged at EST New York time.
This fee is based on the interbank interest rate for each currency in a currency pair.
Sometimes these interest rates can work in your favour and you will gain interest on your position rather than be charged by the broker. All brokers will charge rollover fees, they are an inescapable part of trading and can only be avoided by opening and closing your trades on the same day. The best brokers will charge no fees for deposits and withdrawals, and the worst brokers use them as major cash-making operations. Instead of charging a flat fee, some brokers will charge a percentage of the amount, which can get expensive if you are planning on making large deposits and withdrawals.
Most brokers will charge no fees for transactions via online payment systems like Skrill, Neteller or Ozow. Credit and debit card transactions are also often free, but bank wires will usually be charged by your bank for both deposits and withdrawals. One of the best Forex brokers when it comes to deposits and withdrawals is FxPro. In the screenshot below you can see that FxPro charges no fees for deposits and withdrawals — though processing times vary depending on the method.
Beware of brokers who charge large amounts for withdrawals. The most infamous example is eToro , who used to charge 25 USD for every withdrawal. When you are looking for a new broker, always make sure to check the fees for deposits and withdrawals for your preferred payment method. Just because a broker charges fees does not mean that they are bad, but it is always something to be aware of.
Brokers that charge high fees or take a long time to process withdrawals are marked down in our reviews. Aside from the fees listed above, most brokers will also require a minimum deposit to open a live trading account. For some brokers this will be RM20, for others, it may be RM or even RM where larger deposits unlock improved trading conditions.
A good example of this improvement in trading conditions with higher minimum deposits is the HotForex accounts structure:. As you can see, with each increase in minimum deposit there is some benefit. From Micro to Premium you have can have more simultaneous open orders. From Premium to Zero Spread you have a sharp drop in the spread and another increase in open orders.
What level of minimum deposit you are comfortable with is a very personal choice. But it is unfair for a beginner trader to be expected to part with large amounts of money to open an account when they are just starting out. We do not mark down brokers for having accounts with higher minimum deposits, but we do think it is important for beginner traders to have an account that is not too expensive to open.
Apart from the spread, there are several other trading conditions which will affect your trading experience. One of the most important to consider is the leverage offered by a Forex broker.
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Leverage is how much you can borrow from a broker to make a trade; this is a risky but necessary aspect of Forex trading. Leverage also directly affects the margin, or the amount of your own money you must risk when opening a trading position. Leverage is money borrowed from your Forex broker to increase the size of a Forex trade. Leverage is essential in Forex trading because the movements of the market are too small to make a decent profit unless you place thousands of dollars on each trade.
Forex Brokers in Malaysia | SCM, LFSA regulation
Leverage is always presented in a ratio format, such as , , , etc. With leverage if you put 10 USD of your own money into a trade you can borrow times that amount and your actual trading position will be USD. While this does mean you can make large profits with little investment, it also means that you can quickly lose more than your original investment.
You are still personally responsible for the full amount of your trade all USD of it! If this is still not enough to cover your losses , you may end up owing your Forex broker money, unless they offer negative balance protection. In the example below, we can see the amount of leverage OctaFX offers changes depending on which account you have and which asset you are trading. Notice that cryptocurrencies have exceptionally low levels of leverage, this is because they are so volatile that the risk involved is extremely high for both the trader and the broker.
Brokers in the EU and the UK are also required to offer negative balance protection. In Malaysia there are no restrictions on leverage and negative balance protection is not mandatory, so it is important to be careful. Always check with your broker that they provide negative balance protection before you start trading. Maximum leverage varies among brokers. When you are thinking about signing up with a broker, you want to see that they offer enough leverage to make Forex trading profitable, but not so much that it is dangerous.
If a beginner trader opens an account with 5 USD and leverage, it is likely they will lose all their money very quickly. There is a fine line between sufficient and excessive leverage and the best brokers will restrict high leverage to experienced traders or those with larger account balances. A good example of this kind of responsible behaviour is Blackstone Futures , a South African Forex broker with a track record of supporting their traders.
At Blackstone Futures, maximum leverage for new traders is , and will only be increased after a trader has a history of responsible trading. Execution speed is how fast a broker will place your trade and is often linked to execution method. Many brokers will offer instant execution, thus preventing changes in price while your trade order is processed slippage or the rejection and return of your trade order requotes.
Brokers who offer instant execution are known as market maker brokers. When you trade with a market maker broker, they do not place your trade on the Forex market, but instead, act as counterparty to your trade. While there is a conflict of interest in this business model because when a trader loses, the broker profits market makers take their prices from the large banks and regulation prevents them from manipulating market data.
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ECN brokers operate as a hub for a network of liquidity providers and will automatically find the best price for your trade from the members of their network. STP brokers have more control over which liquidity provider to use and generally have faster execution speeds. All types of market execution brokers can often suffer from both slippage and requotes, especially in times of high market volatility or low market volume.
The best market execution brokers have invested in expensive infrastructure and have multiple liquidity providers to prevent this. XM never offers requotes, despite offering market execution only:. While we do not mark brokers down in our reviews for their execution method, we always mention it as many traders have a strong preference for either market execution or instant execution.