Best apps for Forex trading in Malaysia
As a global financial hub, Malaysia has witnessed a surge in the popularity of Forex trading in recent years. With the convenience of smartphones and mobile devices, Forex apps have become an essential tool for traders in Malaysia. So, in this article, the experts at TU will provide a comprehensive guide to Forex trading apps in Malaysia, covering everything you need to know to get started in this exciting field. Firstly, they will discuss the best Forex trading apps available in Malaysia, providing you with insights into their features, functionality, and user experience. Secondly, they will guide you through the process of selecting the right Forex trading app for your needs, taking into account factors such as security, reliability, and compatibility with your trading style. Thirdly, they will provide you with a step-by-step guide on how to start trading Forex in Malaysia, including the legal requirements and regulations you need to be aware of. And finally, they will address the question of whether you can trade with an international Forex broker in Malaysia and what to consider when making this decision.
According to Traders Union’s experts, the top 7 Forex apps in Malaysia are:
RoboForex - best Forex apps at all
IC Markets cTrader - best app for active traders
Tickmill - best MT4 app
XTB XStation - best for advanced traders
Exness - best MT5 app
InstaForex - best for beginners
AMarkets - best forex bonuses
Best Forex trading apps in Malaysia
The following are the best Forex trading apps in Malaysia, as suggested by our experts:
RoboForex - best Forex app at all
RoboForex is a Forex broker that offers excellent trading conditions for Forex, real stock investment, and a mobile trader app that allows users to trade on the go. The broker has a good reputation, offering a wide range of trading instruments and access to major markets.
Key features
Access to over 3,000 stocks listed on NASDAQ and the NYSE.
R Mobile Trader app that allows users to trade on the go.
Multi-asset features.
Accelerated sign-up process for account registration.
No deposit bonus schemes are not available.
👍 Pros
•Access to a wide range of trading instruments.
•Accelerated sign-up process for account registration.
•Excellent trading conditions and exclusive automated exchange functionalities.
•Access to major markets.
•Multiple payment options available.
👎 Cons
•Moderate level of security features for financial partner firms.
•Limited trading instruments on all popular account types.
•No deposit bonus schemes are not available.
•Not regulated by FCA.
IC Markets cTrader - best for active traders
IC Markets is a Forex broker that operates in accordance with regulations from the Australian Securities and Investments Commission and the Seychelles Financial Services Authority. This brokerage firm is based in Sydney, Australia, and is one of the top-rated Forex brokers in the world, processing an impressive $646 billion worth of trading volume in April 2019.
Key features
Offers highly competitive average spreads, with an average spread of 0.02 pips for the popular EUR/USD currency pair.
ASIC and FSA regulation.
Offers free VPS server.
Supports all three major trading platforms, including MetaTrader4, MetaTrader5, and cTrader.
Offers access to over 2200 markets.
Provides numerous trading tools, including VPS services, Trading Central, and various copy trading services.
👍 Pros
•Offers efficient connectivity to more than 70 top brokers.
•Provides an all-in-one trading account with the integration of EA and VPS.
•Offers a dedicated crypto copy trading section.
•Has a simple and fast account opening process.
•Offers both standard and raw spread accounts.
👎 Cons
•Limited selection of products.
•Live chat support can be slow.
Tickmill MT4
Tickmill is a popular brokerage firm that offers three different account types: Classic, Pro, and VIP. It is a good option for active and VIP traders who have access to competitive pricing compared to other brokers in the industry. This brokerage firm is renowned for its highly competitive pricing and has received several notable awards for the excellence of its services, such as the Best Forex Customer Service for the Global region by GLOBAL FOREX AWARDS in 2022.
Key features
Offers three different account types: Classic, Pro, and VIP.
Competitive pricing with low commissions and low-cost spreads.
Provides access to the MetaTrader 4 platform for trading in multiple assets.
Regulated by one-tier regulators and two-tier regulators.
Offers over 85 different trading instruments, including currency pairs, stocks, CFDs, bonds, precious metals, and indices.
Offers copy trading, demo account trading, and social trading.
👍 Pros
•Offers a user-friendly broker interface that provides a seamless trading experience.
•Provides fast and transparent deposit and withdrawal transactions.
•Offers complex instruments that are well-organized.
•No non-trading fees or inactivity fees charged.
👎 Cons
•The broker offers a limited range of assets as compared to other brokers.
•The platform feels outdated.
XTB xStation
XTB Online Trading is a well-known foreign exchange brokerage house that has been in operation for almost two decades, mainly offering its services in the European Union. This broker is among the top choices due to its low costs and access to various markets, providing the best value for all sorts of traders. One of the significant selling points of this broker is its trading platform, "xStation 5," which is easy to use and provides access to research and trading tools, along with advanced features for experienced traders.
Key features
Offers a user-friendly trading platform, "xStation 5," which is easy to navigate for beginners and provides advanced features for experienced traders.
Provides access to over 2,000 instruments, including Forex, indices, commodities, stock CFDs, and ETF CFDs.
Customizable Market Watch feature for easy navigation of different asset classes and instruments.
Allows traders to use leverage when trading on xStation.
Offers account protection and is regulated in the UK and Poland.
Provides great customer support.
👍 Pros
•Low costs when trading Forex, making it cost-effective for traders.
•xStation 5 is one of the best Forex trading platforms, providing easy access to research and trading tools for traders.
•Offers free and fast deposits/withdrawals, making it convenient for traders to manage their funds.
•Easy to open an account, with a straightforward registration process.
•Provides account protection and is regulated in the UK and Poland, making it a safe and secure broker.
👎 Cons
•Trading stock CFDs can be costly due to high spread costs, which can be a disadvantage for traders.
•This platform does not offer the option to trade the underlying assets of stocks, ETFs, or commodities.
•Clients from the US are not accepted on this platform.
Exness MT5
Exness, founded in 2008 by Igor Lychagov and Petr Valov, is a well-known online Forex broker offering retail foreign exchange services, partnerships, and corporate solutions globally. The company's reputation for honesty and transparency has earned it the trust of investors, rating agencies, financial journals, and online publications. The user-friendly MT4 platform provided by Exness enables traders to access a wide range of financial services, including CFD and futures trading in various markets. Exness offers tight spreads, no undisclosed commission fees, and a maximum leverage of 1:2000, making it an attractive choice for traders worldwide.
Key features
Compatible with and 5.
Tick History feature for transparent trading.
Trader’s Calculator for accurate cost evaluation.
Expert Advisors for instant trading alerts.
VPS Solutions for improved connection.
Exness Academy for trading resources.
Best Rates via ECN account.
Over 100 Forex pairs, including majors, minors, and exotics.
High leverage on 34 cryptocurrencies at 400:1.
👍 Pros
•Tight spreads and no undisclosed commission fees.
•Large selection of over 100 Forex pairs.
•Maximum leverage of 1:2000.
•High leverage on 34 cryptocurrencies at 400:1.
•Archived Tick data since 2015.
•Regulated by FCA, CySEC, and FSA.
•Fast deposit and withdrawal process.
•24/7 customer protection service.
👎 Cons
•Seychelles jurisdiction risk.
•No passive investment instruments.
•Limited research materials.
•Limited range of financial instruments.
InstaForex
InstaForex is an internationally known Forex broker that has been providing its services since 2007. The company is headquartered in Limassol, Cyprus, and serves clients worldwide. InstaForex prioritizes providing comprehensive services to its clients, including educational resources and customer support services. It is suitable for both novice and experienced traders, as it offers technical solutions and various advantages.
Key features
Wide range of trading account types.
Access to global markets through 107 currencies, gold, and silver.
Offers MT4 and MT5 trading platforms, as well as two web-based platforms.
Provides VPS hosting services, copy trading applications, and technical analysis tools.
Fixed or floating leverage.
Offers high leverage ratios like 1:400, 1:500 or even 1:1000.
Regulatory requirements affect leverage.
👍 Pros
•Offers a wide variety of trading instruments.
•Provides access to multiple trading platforms.
•High leverage ratios available.
•Provides comprehensive trading tools and resources.
•Supports trading in multiple languages.
•Offers various trading account types.
👎 Cons
•Educational materials lack depth.
•Binary options only available through international branches.
AMarkets
AMarkets is an online trading brokerage that provides its clients with access to a wide range of financial instruments, including Forex, commodities, stocks, and cryptocurrencies. Founded in 2007, AMarkets has grown into a popular choice for traders around the world, with over 10,000 active clients. The company offers advanced trading conditions and utilizes innovative technologies to provide its clients with a modern and efficient trading experience.
One of the key features of AMarkets is its range of trading platforms. The company offers both MetaTrader4 and xStation platforms, allowing traders to choose the platform that best suits their trading preferences. The platforms provide access to a range of technical analysis tools, such as 30 technical indicators and nine timeframes, as well as one-click trading, wide platform compatibility, and a trader calculator.
Key features
ECN account with a minimum deposit of $200.
No swaps on commodities and indices.
Two types of trading platforms – MetaTrader4 and xStation.
30 technical indicators and 9 timeframes.
RAMM account for copy-trading.
👍 Pros
•Low minimum deposit of $1.
•Multiple trading platforms available.
•High leverage options.
•Regular bonus promotions offered.
•Regulated by IFC and founded in 2007.
•Popular with over 10,000 traders.
👎 Cons
•Relatively lenient regulation.
•Not regulated by FCA.
•High initial deposit for ECN account.
•Restricted in certain countries such as Great Britain.
How to choose a Forex trading app in Malaysia?
Forex trading is getting more and more competitive, with thousands of brokers in the market. Choosing one that fits the bill requires a bit more attention to detail. Here are five helpful tips for finding the best Forex broker.
Test app in demo
Try out the broker by signing up for a demo account. Creating a demo account costs nothing, and you get to trade on the actual platform just how you would be with real money. It will give you a taste of how the app works.
Top 7 Forex Demo AccountsPay attention to safety
Forex trading is risky like any other trade but knowing that a platform offers a safety net in some form can be reassuring. In this regard, the first thing to ensure is that the Forex broker you are choosing is regulated by an authority.
Now, it may not necessarily be regulated or authorized by a local authority. However, it should ideally be licensed by some reputable regulatory body, even if it’s from abroad.
Forex License Types - Best Forex RegulatorsHow to start trading Forex in Malaysia?
After choosing your Forex trading app, if you wish to trade Forex in Malaysia, there are a few things you need to know to get started. So, the experts at TU have drafted a step-by-step guide to help you begin:
Step 1: Choose a currency pair
In Forex trading, you always trade the value of one currency for another. So, to begin, you'll need to choose a pair of currencies to trade, such as RM/USD. Most new traders begin with the major currencies, but there are no restrictions on which pair you choose.
Step 2: Analyse the market
Just like in stock trading, it's essential to research and analyse the market before you start trading. This means looking at current and historical charts, monitoring economic news and announcements, and performing technical and fundamental analysis.
Step 3: Understand the bid-ask spread
When trading a currency pair, you'll see two prices for each currency. The difference between the bid rate and ask rate is called the spread, which is the amount charged by the dealer to make the trade. It's important to note that spreads can vary between dealers.
Step 4: Choose your position
You'll need to choose whether you want to buy or sell the currency pair. Buying (long position) means you believe the value of the base currency will rise compared to the quote currency, while selling (short position) means you predict the opposite.
Step 5: Monitor and adjust your position
Once you've opened a position, you'll need to monitor the market and adjust your position as needed. Keep an eye on economic news and announcements, as well as technical indicators, to make informed decisions about when to close your position.
What are best trading apps for beginners in Malaysia
If you're a beginner trader in Malaysia, you may find the world of Forex trading quite daunting. However, with the right tools and resources, it can be a rewarding and profitable experience. One of the most important tools in your arsenal is a good trading app that caters to your needs as a beginner.
When choosing a trading app, look for ones that offer low minimum deposits, special accounts for beginners such as cent accounts and demo accounts, copy trading capabilities, and good educational materials. By doing so, you can learn the ropes of trading without risking large sums of money and gain valuable insights from experienced traders.
Two such apps that cater to beginners in Malaysia are RoboForex and Exness. Both apps offer low minimum deposits, demo accounts, and copy trading capabilities, making them perfect for those starting out in Forex trading. Additionally, they provide a wealth of educational materials, including video tutorials, webinars, and articles, to help beginners develop their trading skills.
Overall, by choosing a trading app that offers the right features and resources for beginners, you can increase your chances of success and gain confidence as a Forex trader.
Best Forex brokers for beginners in MalaysiaCan I trade with an international Forex broker?
It is possible to trade Forex with an international broker in Malaysia, but with some restrictions set by the Central Bank of Malaysia, Bank Negara. Forex trading is allowed only through licensed commercial banks, investment banks, Islamic banks, and international Islamic banks. Moreover, it is important to ensure that the broker or platform used is compliant with regulations. The Exchange Control Act of 1953 imposes restrictions on foreign exchange dealings by residents and non-residents, but non-residents are free to invest in Malaysia to purchase ringgit assets like land property and securities. The Securities Commission Act of 1993 and the Money Changing Act of 1998 empower the Securities Commission Malaysia to license and regulate businesses dealing in securities and provide licensing and regulation of money-changing businesses, respectively. A person licensed under the Exchange Control Act 1953 can trade foreign currency licensed under the Money-Changing Act 1998.
The Best Time to Trade ForexDo I pay taxes for stock trading in Malaysia?
Many people in Malaysia may wonder whether they need to pay taxes when they engage in stock trading. According to the Malaysian Income Tax Act, any capital gains on shares are not subject to tax. This means that investors do not have to pay any tax on any profits or gains that they earn when selling a stock. However, the Malaysian Inland Revenue Board may treat the gain as a revenue gain and subject it to tax if the activity of trading in shares is frequent enough.
The Malaysian government does not impose a capital gains tax on shares, but the IRBM may treat your capital gains on shares as income and taxable depending on several factors such as the intention at the time of the purchase, the frequency of transactions, holding period, and source of funding. If you buy shares to sell in a short period, and you regularly buy and sell shares, the profit or gain could be treated as income and taxed at applicable income tax rates. The use of borrowings to finance the shares can be speculative and therefore also bringing the gains to income tax.
Top 8 best stocks trading apps in MalaysiaFAQ
Which Forex platform is the best in Malaysia?
There is no one-size-fits-all answer to this question, as the best Forex platform in Malaysia will depend on your individual needs and preferences. Some popular options include MetaTrader 4 and 5, cTrader, and WebTrader.
How to trade Forex in Malaysia?
To trade Forex in Malaysia, you must first open an account with a licensed broker that offers Forex trading. Once you have done so, you can start by choosing a currency pair, analyzing the market, understanding the quote, and choosing your position - buy or sell.
Is Forex legal in Malaysia?
Yes, Forex trading is legal in Malaysia. However, it is only allowed through licensed financial institutions such as commercial and investment banks.
Do I pay taxes for Forex trading?
Any capital gains on Forex trading are not subject to tax under the Malaysian Income Tax Act, 1967. However, if the activity of trading in Forex is frequent enough, the gain may be treated as a revenue gain and be taxable.
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Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).