Best platform for trading in Malaysia
In today's dynamic financial landscape, choosing the right trading platform can significantly impact the success of both novice and professional investors. With a plethora of options available, it is crucial to identify platforms that offer optimal services tailored to one's individual needs and preferences. Through this comprehensive guide, the experts at TU aim to assist Malaysian investors by delving into the top 7 best trading platforms in Malaysia for the year 2023. By focusing on the platforms’ capacity to facilitate seamless trading of global stocks such as Facebook, Tesla, Microsoft,and more, this guide will provide invaluable insights for those seeking a reliable platform with minimal fees.
Furthermore, the experts will also look into the crucial factors to consider when selecting a trading platform, ensuring that you make the right choice for your unique needs. Finally, they will walk you through the steps to begin trading in Malaysia, empowering you with the knowledge and confidence to embark on your financial journey.
According to Traders Union’s experts, the top 7 best trading platforms in Malaysia for 2024 are:
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RoboForex RTrader - best stock trading platform in Malaysia
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IC Markets CTrader - best Forex trading platform in Malaysia
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XTB xStation - best regulated platform
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Forex4You MT5 - best for MetaTrader fans
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InstaForex MT4 - biggest no-deposit bonus in Malaysia
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eToro - best for copy trading
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Interactive Brokers - best for advanced traders
Top 7 best platforms for trading in Malaysia
The following are the top 7 platforms for trading in Malaysia, as suggested by our experts:
RoboForex RTrader - best stock trading platform in Malaysia
The R Trader account at RoboForex provides access to numerous financial markets through a single, integrated platform. This multi-asset web-based platform offers a contemporary design and advanced technology for an elevated trading experience. Users can trade without worrying about browser software updates and benefit from a user-friendly interface.
The minimum initial deposit for the rTrader platform is just $100, and users can benefit from a 1:20 leverage ratio based on market conditions. The platform offers advanced trading features and custom watchlists. R Stocks Trader, another proprietary and user-friendly platform, was recognized as the 'Best Global Mobile Trading App 2020' by Global Forex Awards B2B. It allows users to trade over 12,000 financial assets on live markets worldwide and includes a unique tool for creating, executing, and testing trading strategies.
Key features:
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Market Makers at RoboForex can trade with a minimal deposit and commission-free trades.
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RoboForex offers more competitive trading spreads starting from 0 PIP, depending on specific trading conditions.
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Order execution types are faster on the RoboForex platform.
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RoboForex provides currency pairs such as EUR, USD, CNY, and commodities like Gold.
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Opening an account on RoboForex grants access to 8 trading asset classes and multi-asset functionalities.
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The minimum share size for micro account holders is 0.01.
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RoboForex offers a "partners affiliate scheme" for user benefits.
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Copy Trading support is available for currency pairs and commodities at RoboForex.
👍 Pros
• RoboForex offers a wide range of trading instruments.
• A variety of deposit and withdrawal payment options are available.
• RoboForex features a fast sign-up process for account registration and demo account access.
• Advanced trading conditions and exclusive automated trading features are provided by RoboForex.
👎 Cons
• RoboForex has a moderate level of security features for financial partner firms.
• RoboForex doesn't provide a broad selection of trading instruments for all popular account types.
• RoboForex is not regulated by the FCA .
IC Markets CTrader - best Forex trading platform in Malaysia
IC Markets is a reliable broker that offers the cTrader and MetaTrader 4/5 platforms for trading. CTrader is beginner-friendly, with an easy-to-use interface and integrated educational content. IC Markets also offers several innovative risk-management features that make it stand out.
Key features:
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IC Markets supports the cTrader and MetaTrader platforms, making it an excellent choice for algorithmic traders.
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The broker offers a range of third-party plugins that enhance the MetaTrader experience, such as Trading Central and AutoChartist.
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IC Markets provides VPS services for traders that complete at least 15 standard lots.
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The broker offers several social copy trading platforms, including Myfxbook (AutoTrade) and ZuluTrade.
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IC Markets' costs are lower on the cTrader Raw Spread Account compared to other accounts.
👍 Pros
• The broker is well regulated, ensuring the safety of traders' funds
• IC Markets offers tight spreads and a wide range of assets to trade.
• The broker provides a great platform choice for traders, with the cTrader and MetaTrader 4/5 platforms available.
👎 Cons
• IC Markets has a high minimum deposit requirement.
• The market analysis offered by the broker is limited.
XTB xStation
XTB is a reputable multi-asset broker that provides traders access to over 2100 assets through its innovative trading platforms. One of the leading platforms, xStation 5, is available as both a web and desktop app and is known for its simplicity and versatility. In addition, the broker offers MetaTrader 4, which has a wider range of analytical tools and indicators, but higher spreads than xStation. Furthermore, the broker's mobile platform, xStation Mobile, allows users to trade on the go and provides access to news and market analysis tools.
Key features:
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xStation 5 trading platform.
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xStation Mobile trading platform.
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MetaTrader 4 platform.
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Full range of products, including crypto CFDs.
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Extensive range of technical features.
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Three-click trade functionality.
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Functional and streamlined.
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Tight spreads.
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API support
👍 Pros
• Easy-to-use platform with a versatile stock screener.
• Responsive mobile trading platform.
• TFree access to news and market analysis tools
👎 Cons
• No automated trading on xStation 5.
• No backtesting applications on either platform.
• Limited portfolio breakdown details on xStation 5
Forex4You MT4/MT5 Trading platforms
Forex4you, owned by E-Global Trade & Finance Group, Inc., started its operations in February 2007. The broker offers traders an extensive educational program, proprietary copy trading system Share4you, market analysis tools from FXStreet and Trading Central, and a broad selection of instruments. Forex4you has a distinct focus on Asia, though it accepts clients from most countries. KPMG audits its accounts. The broker deploys proprietary trading platforms, including Forex4you Desktop and Forex4you WebTrader, as well as the popular MT4 trading platform, which Forex4you enhances with Autochartist plugins.
Key features:
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Offers tight spreads and high leverage levels above major regulatory standards.
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Offers several generous promotions and competitions.
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Offers slippage control and liquidity pool data on the Forex4you platform.
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Provides market analysis tools from FXStreet and Trading Central.
👍 Pros
• Offers competitive spreads and high leverage levels.
• Offers a broad selection of trading platforms.
• Offers an extensive educational program.
👎 Cons
• Based in a foreign location with weaker regulatory oversight.
• Does not accept residents from several countries, including the US, Canada, Japan, Australia, and the European Economic Area.
InstaForex MT4 - biggest no-deposit bonus in Malaysia
InstaForex is a global forex broker that provides a range of trading platforms, including its proprietary InstaForex WebTrader and the popular MT4 and MT5 platforms. The broker has a large client base of over 7 million traders worldwide and is known for its unique features such as the ForexCopy system and the PAMM system. It provides access to a broad range of trading instruments, including 107 Forex pairs, 34 US stocks CFDs and futures, binary options, commodities, gold, and silver. However, the educational materials offered by InstaForex are not extensive, making it less suitable for beginner traders.
Key features:
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ForexCopy system allows traders to copy successful traders' trades and make a profit.
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InstaForex WebTrader is a web-based platform that provides direct access to global financial markets.
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PAMM system enables investors to use mutual funds and trade on the Forex market, with profits automatically calculated and distributed equally to participants.
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Offers Forex options, free VPS hosting service, Client Cabinet API, and many more.
👍 Pros
• Offers a wide variety of trading instruments and provides access to multiple trading platforms.
• High leverage ratios available.
👎 Cons
• Educational materials are not extensive.
• Leverage and trading conditions vary depending on the entity you trade with.
eToro - best copy trading platform in Malaysia
eToro is a well-established online broker that offers social copy trading and cryptocurrency trading services. The broker was founded in 2007 and has over 25 million users in 140 countries worldwide. Its social trading platform is innovative and allows users to copy trades of other investors. eToro offers a VIP Club, which features five levels of membership that range from Silver to Diamond. The broker also has a Popular Investor program that rewards successful traders. EToro offers cryptocurrency trading services in 46 U.S. states and Washington D.C. with nearly 30+ cryptocurrencies to trade in the U.S, and almost 80 internationally. This broker also provides a $100,000 virtual trading account for practice purposes.
Key features:
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Social copy trading platform.
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Cryptocurrency trading in more than 30+ cryptocurrencies in the U.S. and almost 80 internationally.
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VIP club for traders who maintain balances ranging from $5,000-$250,000.
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Popular Investor program with four levels.
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$100,000 virtual trading account for practice.
👍 Pros
• Innovative social trading platform.
• Offers cryptocurrency trading in several countries.
• Offers a VIP club and Popular Investor program.
• Virtual trading account.
👎 Cons
• Limited cryptocurrency trading in the U.S.
• Higher spreads compared to other brokers.
Interactive Brokers - best international stock trading platform in Malaysia
Interactive Brokers offers an impressive range of advanced trading tools and access to global financial markets, including copy trading and cCFDs. While its flagship desktop software and web trading app are both accessible to retail traders, its desktop platform can be complex and challenging to use for beginners.
Key features:
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Interactive Brokers offers the Trader Workstation (TWS) as its flagship desktop trading platform, which is packed with features but may be less accessible to beginner traders. Its web-based platform, the Client Portal, is more user-friendly and offers forex news headlines, related economic calendar events, and trading tools.
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The FXTrader is the primary trading terminal within TWS used for Forex trading, offering access to 91 Forex CFDs and 100+ cash Forex pairs provided by Interactive Brokers.
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TWS charts offer 127 available studies, which is above average. The Interactive Brokers’ Client Portal has charts powered by TradingView where users can select from 98 indicators and add up to 8 at a time.
👍 Pros
• Impressive platform packed with features.
• Low commissions and fees.
• Wide range of investment offerings.
• Highly reliable trade execution.
• Best margin rates in their study.
• Good library of educational materials and research.
👎 Cons
• Platform can be intimidating to use, especially for beginners
•Uses complex tiered pricing plans.
How to choose a trading platform in Malaysia?
Demo platform
Before you pick a Forex broker in Malaysia, make sure that you can take a demo of the platform. That'll let you properly assess whether you can actually use the interface without facing many difficulties.
Top 7 Forex Demo AccountsSafety
It’s important to be as safe as you possibly can when you’re starting out with Forex trading. Make sure that you pick a Forex broker that falls under tier 1 financial jurisdiction.
User reviews
Check all the user reviews to see if there were any potential problems that clients encountered.
Research options
There’s no point in going for a Forex broker that doesn’t offer a decent variety of research options. Make sure that you can have a demo of the research options before you make your final decisions.
Automation tools
One of the best features of modern trading platforms is that they offer a variety of automation tools. Test out the automation tools and assess whether they meet your requirements.
Best Forex Brokers MalaysiaHow to start trading in Malaysia?
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Select an online stock broker: Research and choose a reliable online stock broker to begin your trading journey.
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Register for a CDS and trading account: After selecting a stock broker, create a Central Depository System (CDS) account and a trading account. The registration process is typically free, but some providers may charge fees for additional features. The CDS account, managed by Bursa Malaysia, offers an integrated system for clearing, settlement, and depository facilities. Alternatively, you can open a nominee account managed by your brokerage firm, which allows lower trading fees and privacy but lacks shareholder perks.
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Decide on the stocks to buy: Research and select stocks that align with your investment goals. Utilize the market research, analysis, and recommendations available through your trading platform to make informed decisions.
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Execute your order: When buying stocks, you can place a market order (immediate purchase at the best available price) or a limit order (setting a maximum purchase price). Your trading platform may also offer conditional orders, such as a rising buy order, to take advantage of market opportunities.
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Complete the transaction: Ensure you have enough funds in your account to cover the transaction, including any brokerage fees. The trade settlement period on Bursa Malaysia is two business days, known as T+2.
What are best trading platforms for beginners in Malaysia
When starting your trading journey in Malaysia, it's essential to choose a platform that caters to beginners. The ideal platform should offer a combination of features to help you learn and grow as a trader. These features include:
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Copy trading: A platform that allows copy trading enables you to mimic the trading strategies of experienced traders. This can be particularly helpful for beginners who are still learning the ropes.
Best copy trading apps in Malaysia
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Low minimum deposit: For newcomers, a low minimum deposit requirement can be beneficial, allowing them to start trading without a significant initial investment.
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Forex bonuses: Some trading platforms offer bonuses, such as deposit bonuses or cashback on trades, which can provide a financial cushion for beginner traders.
Best Forex Bonuses in Malaysia
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PAMM trading capabilities: Platforms with Percentage Allocation Management Module (PAMM) capabilities allow you to invest in a pool managed by experienced traders. This can be a useful way for beginners to gain exposure to the market while learning from seasoned professionals.
Best PAMM brokers in Malaysia
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Educational resources: A good trading platform should provide a wealth of educational materials, such as tutorials, webinars, and articles, to help beginners understand the market and develop their trading skills.
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One example of a platform that offers these features is RoboForex. Designed with beginners in mind, RoboForex provides a user-friendly environment where novice traders can access essential tools and resources to build a solid foundation in trading.
Can I trade without investments in Malaysia
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Yes, it is possible to trade without making investments in Malaysia. Some brokers offer free options that allow you to explore the market and learn trading strategies without putting your own money at risk. Two common options include:
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No deposit bonuses: Certain brokers provide no deposit bonuses, which are essentially free funds credited to your trading account upon registration. These bonuses allow you to start trading without making an initial deposit. However, it is crucial to read and understand the terms and conditions associated with these bonuses, as there may be restrictions on withdrawing the bonus funds or any profits generated from them.
Best no-deposit bonuses in Malaysia
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Demo trading competitions: Some brokers organize demo trading competitions, where participants trade using virtual funds in a simulated trading environment. These competitions often have cash prizes for the top performers, allowing beginners to potentially earn real money without risking their own capital.
FAQs
Which stock platform is best in Malaysia?
There are several good stock platforms available in Malaysia, including RoboForex, InstaForex, and eToro. However, it’s generally a good idea to choose a platform based on your investment goals and trading preferences.
Which broker is best for beginners in Malaysia?
Some of the best brokers for beginners in Malaysia include RoboForex, InstaForex, and eToro. These brokers offer low fees, user-friendly platforms, and educational resources to help new investors get started.
Which platform is best to buy foreign stocks from Malaysia?
Interactive Brokers and IC Markets are two popular platforms that allow investors to buy foreign stocks from Malaysia.
Do I pay taxes for trading in Malaysia?
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.
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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2
Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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3
Copy trading
Copy trading is an investing tactic where traders replicate the trading strategies of more experienced traders, automatically mirroring their trades in their own accounts to potentially achieve similar results.
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4
CFD
CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.
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5
Investor
An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.
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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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
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).