Top 8 best stocks trading apps in Malaysia

Fortunately, starting your investment adventure is easier than ever for anyone looking to start stock trading. Since there are several great apps you can trade with, signing up shouldn't take too much time or effort.

Whether you're an iPhone or Android user or using Mac or Windows, you'll likely find hundreds of stock trading apps. Anyone who wants to make the best selection for their needs should spend time and effort checking out the best options. If that's you, we've got a list of the eight best apps on the market to get you started.

Best stock trading apps in Malaysia compared

We compared seven brokers that accept clients from Malaysia and offer favorable conditions for trading stocks or CFDs on stocks of leading international companies. In our analysis, we also evaluated the range of stock market assets available on the brokers' platforms, ensuring that Malaysian traders have access to a diverse selection of global equities.

Top 7 best apps for trading in Malaysia

We also compared the regulation, minimum deposit requirements, and supported trading platforms of each broker. This detailed analysis ensures that traders can make informed decisions by considering key factors that impact both the safety and convenience of their trading experience.

Rules and Regulation

• Licensing in Malaysia

  Forex trading in Malaysia is regulated by the Securities Commission Malaysia (SC) under the Capital Markets and Services Act 2007. The regulatory framework aims to ensure market integrity, investor protection, and financial stability in the Forex market. Investors should trade with licensed brokers, conduct due diligence, and stay informed about their rights and protection to mitigate risks associated with Forex trading.

• Investor protection in Malaysia

  Forex investors in Malaysia are protected by the Securities Commission Malaysia (SC), which regulates the Forex market and ensures the integrity of the financial system.
  
  Malaysia has policies to protect Forex investors:

  • licensing of Forex brokers;

  • restrictions on Forex trading.

• Taxation in Malaysia

  Forex taxation in Malaysia is governed by the Inland Revenue Board Malaysia (IRBM), which administers the country's tax laws. Forex traders are required to report their trading income to the IRBM and pay income tax on their profits at the applicable tax rates. Malaysia has progressive income tax rates, ranging from 0% to 30%, depending on the individual's total taxable income.

How to choose a trading app in Malaysia?

There are three most important factors to consider when choosing the best stock trading app. They are safe, secure, and easy to use interface. You will ultimately have the best experience if you do it that way.

Safety

Your possessions and money should always be kept secure. Take note of the various security mechanisms provided; do they employ encryption? Authentication with two factors? What about anti-fraud measures? And how do they handle your personal information? Any service that compromises this functionality should be avoided.

Security

It would be best if you had trust in the application you're employing. You want to ensure that anyone you trust with your money doesn't vanish. Look for evidence before signing up because stockbrokers are subject to stringent U.S. and U.K. rules.

Likewise, brokers should have insurance to safeguard clients in bankruptcy. Government laws also apply to long-term investments like IRAs and ISAs, so before you download, ensure your service of choice conforms with all of them.

Design and easy-to-use interface

You want to keep your money and assets safe at all times. Note the different security features offered; do they use encryption? Two-factor authentication? What about fraud protection? And how do they deal with your data? Be wary of any service that skimps on this feature.

Additional features

• Pay attention to the review.

• Test the app in the demo.

How to start trading stock in Malaysia?

Step 1. Choose a stocker broker (Online)

Choosing a stocker broker is one of the most challenging steps because of the many online brokers. However, considering the factors stated above, you will ultimately have the best trading experience.

Step 2. Register for a trading account and a CDS

After selecting a broker, you must sign up for a trading account and a Central Depository System (CDS) account. Although most providers offer this stage for free, some can impose subscription fees or recurring costs for services like market research.

Step 3. Choose the stocks to purchase

You may have already chosen what stocks you want to buy, but if you have not, now is the best time to start researching stocks that match your financial objectives. You can frequently access a wide range of market research, analysis, and trading recommendations and suggestions through your trading app, so use the information to make an informed decision. You may also consider the number of shares you want to buy.

Step 4. Place your order

This is where things get a little bit confusing for beginners. There are two main options when placing an order to buy stock – "at the market" or "at the limit."

Placing an order at "market order" means placing the order or buying the stock at the best price available in the market. While "limit order" allows the trader to set a price for the order. Thus, the trade will be executed if the price becomes available within the set time.

Step 5. Pay for the stock

You must have enough money in your online stock trading account to pay the transaction's costs, including any applicable brokerage fees.

Step 6. Keep track of the performance of your stocks

It will help if you keep an eye on how your stocks are doing in relation to your investment strategy. But your technique will determine how frequently you check on them. For instance, if you have a long-term investment plan, you might check in once a month to see how your stocks are doing. Checking every night or once a week might be a good idea if you have a medium-term plan.

Whatever option you select, you can log into your trading account to check the status of your investments.

Step 7. Sell your stocks (Optional)

The procedure for selling your stocks is similar to how you acquired them, as outlined in Step 4. Once more, you can sell them through a market order or a limit order. A limit order lets you specify the lowest sale price you're ready to accept, whereas a market order ensures that the stocks are sold immediately at the best price.

What are the best trading apps for beginners in Malaysia

RoboForex is one of the best trading Apps for beginners. It has been observed that newcomers favor this organization primarily because of its dependability and inviting trade environment.

Can I trade with an international stock broker?

By law, you can create a trading account with a foreign broker, but it is up to the broker to decide whether to offer the service in your country.

Do I pay taxes for stock trading in Malaysia?

Malaysia's government does not tax capital gains on shares or stocks. The Malaysian Income Tax Act of 1967 states that the government does not tax profits or gains from stock sales that result from price increases. Only gains from the sale of real estate or stock in a real estate firm are subject to capital gains tax.

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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).