Best copy trading apps in Malaysia
Copy trading in Malaysia is a legal practice for regulated brokers. Traders can trade international markets with little to no cost and access more than 500 instruments using copy trading apps in Malaysia. This article will help traders from Malaysia to find the best copy trading platform in this country.
Copy trading platforms in Malaysia - Comparison
Below is a comprehensive tabulated review of Malaysia's leading copy trading platform.
| Minimum Deposit | Markets | ||
|---|---|---|---|
|
RoboForex (CopyFx) |
$100 |
Over 12.000 assets^ Forex, stocks, ETFs, crypto. |
|
|
IC Markets |
$200 |
Forex, CFDs, commodities, Crypto, Stocks, Bonds |
|
|
eToro (Copy Trader) |
$200 |
US Stocks, Forex, Crypto, ETFs |
|
|
Tickmill |
$100 |
Forex, Stocks, Crypto, Bonds |
|
|
InstaForex (Forex Copy) |
$10 |
Forex, Stocks, Crypto |
|
|
Pepperstone |
$200 |
Forex, Stocks, Crypto, Bonds |
|
|
FBS |
Cent account = $1 |
Forex, stocks, metals, energies, crypto, and indices. |
|
|
Octa |
$25 |
Forex, CFDs, commodities, Crypto, Stocks |
RoboForex (CopyFx) review
RoboForex lets traders earn passive income through automated trading. Offering over 12,000 instruments and eight asset types, RoboForex is the best copy trading platform for traders with minimal trading experience.
Usability
On RoboForex, you can specify the copy trading options based on your preferred functions. Thus, only the transactions pertaining to your specified parameters will be copied. With a minimum investment of $10, you can invest in indices, commodities, stocks, Forex, and cryptocurrencies.
Safety and regulation
Since RoboForex is registered in Belize, it has a license from IFSC, which is the local regulator. As compared to other brokers in this list, RoboForex is not as highly regulated.
Copy trading features
RoboForex has a Traders Rating tab where you can find the top traders to copy. If you have any specific asset or instrument preferences, you can filter the results based on your desired factors. The broker offers different search parameters, including the lifespan of the account, profitability, and risk level.
You can check a particular trader's transaction history and later their open transactions once you've subscribed to a signal provider.
Read more about Copy Trading on RoboForexIC Markets copy trading review
IC Markets is one of the most cost-effective trading platforms in the market due to its low commission rates. Plus, it has phenomenal order execution features and multiple opportunities for you to earn passive income.
It also offers additional copy trading services in partnership with Autotrade, MyFxBook, and ZuluTrade.
Usability
IC Markets doesn't own a proprietary copy trading platform and offers its services through strategic partnerships with top social trading platforms- ZuluTrade and MyFxBook Autotrade. While IC Markets is cost-effective, it compares poorly to other trading platforms in terms of minimum deposits; it requires a minimum of $200.
Safety and regulation
We believe IC Markets is a reliable and safe platform for social trading. First, the headquarters are based in Australia, licensed by respected Australian regulators like the Australian Financial Services License (AFSL No. 335692).
The social trading platform is also licensed in the European Union by the Cyprus Securities and Exchange Commission (CySEC License Number 362/18). In addition, their partner ZuluTrade social trading platform is licensed by the Cyprus Securities and Exchange Commission.
Copy trading features
Since IC Markets has no proprietor platform, you'll have to utilize one of the partners. The easiest way is to use ZuluTrade.
You'll first open an account on ZuluTrade and provide the necessary information. Then, verify the account since you can't trade with an unverified account.
Once you log in, you'll access the most successful signal providers in the Top Traders section. They are divided into various categories like return growth dynamics, number of copiers, and the amount under management.
You can also search for traders using filters such as criteria such as performance, slippage, and experience.
How to use IC Markets copy trading to earn moneyeToro (Copy Trader) review
eToro is a market leader in Forex trading. It was one of the first brokers to offer copy trading as an investment and launched in 2010. eToro is a broker that created the world’s largest social trading network. The company operates officially and is regulated in the U.S., Cyprus and also in Australia.
Usability
eToro offers an online trading platform for its users. You'll access it easily through a web browser on your phone or computer. It is easy to go through, and the instruments are well displayed.
If you are a beginner with limited capital, you can start with a minimum $10 deposit and enjoy copy trading without special requirements. You can also access a demo account where you can practice for free.
eToro offers you over 2300 instruments, including Forex, CFDs, stocks, ETF, cryptocurrencies.
Safety and regulation
You can trade on eToro knowing that your investment is safe. Top regulators from various regions regulate the broker, meaning they are continuously monitored for compliance.
Here are the licenses from top regulators that eToro has:
The Financial Conduct Authority (UK);
Cyprus Securities and Exchange Commission (CySEC);
Australian Securities and Investments Commission.
Copy trading features
eToro offers the best copy trading services. You'll not need to open a new account for copy trading, and you'll access the web version of the broker or trading app on your phone.
Once you log into your eToro platform, you'll access profiles of top successful traders based on our editors and special algorithms. In addition, you'll be able to choose a trader to copy using various filters, including risk score, returns, period and assets under management.
You can also manage your risk by setting a maximum amount for each trader, and you can change orders or cancel a trade if the trader takes another approach.
Read more about Copy Trading on eToroTickmill copy trading review
Tickmill is a trading platform slowly making a name for itself in the industry. It offers various analytical instruments for Forex trading and copy trading as an opportunity for additional income. Let's closely look at what it has to provide a user.
Usability
Tickmill doesn't offer its users a proprietary trading platform and relies on its partner's MyFxBook trading platform to offer services. You'll have to open accounts on both sites as the partner offers the signals.
The copy trading platform also has a high entry threshold, with the minimum investment for copying at $1,000. In addition, you'll have access to 162 strategy providers and markets such as Forex, CFDs on precious metals, indices, and bonds.
Safety and regulation
The number of licenses held by Tickmill shows that it is safe, in our opinion. In addition, they have licenses from highly respected regulators such as FCA (UK), CySec (Cyprus) and FSCA (SAR).
Other jurisdictions where they are licensed include Labuan (Labuan FSA) and Seychelles (FSA), and the licenses held include:
FCA – 717270
CySec – 278/15
FSCA – FSP 49464
Labuan FSA – MB/18/0028
FSA – SD008
Copy trading features
You'll need a Tickmill and MyFxBook account to copy trade. First, open your MyFxBook account by providing the necessary information and link it to your Tickmill through the MetaTrader 4 option in the account section.
To find a trader to copy, use the search directly on MyFxBook. You can seek traders using the following indicators:
Gain;
Drawdown;
Pips;
Discussion (reviews);
Test ended;
Modelling quality;
Chart.
You'll also access a trader's statistics to look deeper before copying their trade.
How to use Tickmill copy trading to earn moneyInstaForex (Forex Copy) review
InstaForex was among the first brokers to offer copy trading and remains a popular option for beginners since anyone can get started with a minimum deposit of $10.
Usability
InstaForex has been around since 2010 and offers a wide assortment of markets to copy, including indices, commodity futures, cryptocurrencies, commodities, CFDs on stocks, and currency pairs.
With more than 300 instruments and six types of commissions, the broker is ideal for traders with different experience levels. You can get started with just $10.
Safety and regulation
InstaForex is regulated in these jurisdictions:
Instant Trading Ltd (Virgin Islands);
Insta Service Ltd (Saint Vincent).
Since these jurisdictions aren't transparent about their beneficiaries and are offshore, InstaForex isn't considered as reliable as some other options we've mentioned.
Copy trading features
When you're selecting an InstaForex trader to copy, you can see a lot of information about them to make a decision. InstaForex lets you see the trader's rating on the platform along with their capital, account balance, number of open trades, number of transactions, total balance gain, total capital gain, and average per day balance gain.
You can also check the profitability of the signal provider to determine if they're the best trader to copy.
Although you can see a lot of transactional information, the broker falls short in terms of showing risk indicators.
Read more about InstaForex Copy TradingPepperstone copy trading review
Pepperstone is a leading copy trading platform that offers users an opportunity to make money by copying successful traders. The firm provides access to well-known platforms- MyFxBook, MQL5and DupliTrade.
Usability
Pepperstone doesn't offer users the opportunity to copy trade on their platform. However, you'll get to copy trade on their partner's platforms. As such, you'll open accounts with Pepperstone and one of the partners.
The minimum investment for copy trading is $1000, and you'll have access to 182 strategy providers and markets such as Forex, CFDs on stocks, stock indices, and commodities.
Safety and regulation
Pepperstone holds licenses from highly respected regulators, meaning its services are legit. Some of the licenses they have include:
Australia – ASIC AFSL No. 414530;
UK – FCA No. 684312;
Germany – BaFin No. 10151148;
Cyprus – CySec No. 388/20.
Copy trading features
To trade on Pepperstone, you must connect it to your preferred partner. If you decide to use MyFxBook, you'll need to open an account by providing the required information. Then, head to the portfolio and choose a trading platform. Select MetaTrader 4 and choose Pepperstone. For copy trades, specify your name and the rest of the fields are filled by traders who want to become strategy providers. Save, and you can start selecting traders.
You'll use strategies to get a trader you want to copy or leverage filters through indicators like:
Name;
Gain;
Drawdown;
Pips;
Discussion;
Test Ended;
Modelling Quality;
Chart.
You'll access all the traders who offer their trades to be copied.
Pepperstone Copy Trade ServiceFBS copy trading review
Another great platform for copy trading, FBS has been in existence since 2009. The copy trading platform is ideal for both beginner and experienced traders. Currently, the platform boasts over 23 million traders in over 150 countries.
With its copy trading feature that has thousands of copyable strategies, FBS makes copy trading easy and efficient. Users can copy experienced asset managers for a fraction of the cost, enabling them to benefit from their market knowledge without having to pay high fees. The platform also offers advanced features, such as automated trading, which can help make trading even easier.
One of the great things about FBS Copy Trading is that it is very user-friendly. The interface is intuitive and easy to use, so even beginners can get up and running quickly. There are also plenty of tutorials available on the website, so users can learn how to use the platform more effectively.
Another great feature of FBS Copy Trading is that it offers competitive spreads, which means users can make more money by taking advantage of market fluctuations. In addition, there are very low commissions or fees associated with using this platform, meaning users can maximize their profits.
👍 Pros of the FBS Trading App
•Friendly user interface with plenty of tutorials to help beginners get up and running quickly.
•Low commissions or fees associated with copy trading.
•Competitive spreads mean more potential profits for traders.
•CySec-regulated, meaning user funds are safe.
•Users get a special offer that comes with risk-free deals.
👎 Cons of the FBS Trading App
•Copy trading comes with few individual settings.
•No online or desktop version.
•Stats on traders are limited.
Octa copy trading review
Users can copy the trades of profitable traders and profit from their performance using OctaFX's copy trading service. This low-cost MetaTrader platform also includes a social copy-trading platform.
OctaFX is licensed by one tier-2 regulator and non-tier-1 regulators, with a spread pricing that varies depending on which of its entities regulates your account. Since OctaFX is a MetaTrader-only broker, the MT4 and MT5 apps for iOS and Android come pre-installed. But you can download it from the Apple App Store and Google Play store.
Main features
One tap is all it takes for users to access OctaFX copy trading via desktop or mobile apps.
It provides users with favorable market-leading trading conditions and quick execution.
OctaFX possesses more than 200 trading instruments, sophisticated risk-management tools, and exceptional standard trading conditions.
It offers mid-market spreads and a web interface for copy trading, facilitating the comparison of performance rankings.
Minimum investment and fees
The minimum deposit is $25. But this varies based on the payment method and your location.
The minimum OctaFX fee for Forex traders is 0.6 pip ($6.00) for a 1.0 standard lot, but the average fee for major currency pairs is more like 1.0 pip ($10.00).
👍 Pros
•OctaFX offers trading suggestions, daily news, and weekly forecasts.
•OctaFX provides a brand-new, exclusive platform for social copy-trading with an expanding selection of organized research.
•The trading costs and platforms available from OctaFX, like MetaTrader 4 and MetaTrader 5, are friendly.
•Tight spreads start at 0.6 pips and no broker fees for deposits or withdrawals of money.
•Traders can choose a floating or fixed spread on MT4 accounts and MT5.
•Live chat, email, social media, and 24/7 support are all available.
👎 Cons
•Because OctaFX has a license from just one tier-2 jurisdiction, Cyprus, it is high-risk for Forex and CFD trading.
•Limited trading instruments and choice of investment solutions to generate passive income
•Due to its lack of a bank and ability to trade publicly, OctaFX has a constrained selection of tradable instruments.
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.
What is copy trading?
Copy trading is a trading method in which you copy the positions managed and opened by other traders. It shouldn't be confused with mirror trading since that involves mirroring every action of the copied trader.
Meanwhile, in copy trading, traders can copy certain strategies of the investor they want to emulate. Modern copy trading platforms allow traders to earn money through this method by using the following features:
Showing the trade analytics of investors to be copied.
Giving options to distribute equity among multiple traders with different trading instruments and strategies.
Offering an option to stop trade copying when certain risk tolerance is reached.
Setting maximum risk level for particular investments.
How to choose a copy trading broker in Malaysia
Copy trading in Malaysia is becoming one of the easiest ways to trade without prior knowledge of trading. If you're new to copy trading, strive to open an account with the best copy trading platform in Malaysia.
It is your assignment to research the best copy trading app in Malaysia. Below are tips on how to find the best copy trading app in Malaysia.
You must first choose a copy trading broker that admits Malaysian clients. A good way to locate them is to research the best brokers in Malaysia.
Limit your search to two or more leading platforms, and get ready to contrast the services each one offers.
Analyze their financial outcomes over an extended period—the longer, the better.
Studying the terms of doing business with the traders will help you allocate your investment capital to them in the right proportion.
Once the distribution is complete, adapt the social trading platform to your requirements. Since some systems allow for extensive risk criteria customization, users can choose between fully automatic and partial copying.
To adjust the amount of your investment, review the statistics on the performance of your managers frequently.
Note: Consider each broker's trading conditions and ensure you select brokers with reputable regulations. Compare commissions, trading options, and the effectiveness of order execution.
How to Know if a Forex Broker is LegitHow can I find good traders to copy?
Finding a good trader is easy when you choose the best copy trading platform in Malaysia. eToro is an example of such a broker. On eToro, you can find competent traders and copy their trading methods by looking out for the qualities listed below.
Trust and reliability. While ensuring the broker is overseen by reputable regulators such as the British Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), and others, find out how much their followers trust them.
Achievements. Check to see how much other people have invested with them in real money, not in practice accounts. You should also consider the profits those followers are receiving from following the signal provider on the trader profile page.
Consistency. Determine the trader's trading frequency. The amount of time a trader has been actively trading increases the likelihood that their success is not just luck but expertise.
Prioritize risks. Evaluate the risk involved with each strategy the broker makes available. The riskier the trader's strategy, the higher return he can expect, so always consider this factor. Again, the risks rise exponentially, so it's crucial to strike a balance between them and the potential returns.
The best copy trading platforms in Malaysia assist users in creating their analytical risk assessment algorithms. Users can choose traders based on their risk level using the filters provided by eToro, which is among the best copy trading apps in Malaysia.
Is copy trading legal in Malaysia? Is it safe?
Copy trading is legal in Malaysia as long as the broker complies with the Act of 2011 on Money Service Business in Malaysia. Additionally, brokers may provide trading services in Malaysia if they comply with the Exchange Control Act of 1953 and the Money-Changing Act of 1998.
Copy trading is a secure trading strategy in terms of the security of your money because the master trader doesn't have access to your trading funds. However, traders would be better off selecting regionally or globally regulated brokers.
Best Forex brokers for beginners in MalaysiaShould I pay copy trading taxes in Malaysia?
Taxes are one of the necessary expenses for people who make a steady income. When you copy a trade from a broker, you might not have to pay copy trading tax every time, but you might have to pay income tax on the trades you made.
If cryptocurrency trading profits are a source of income for the investor, they must be taxed. The new update from the Malaysian tax authorities on the taxation of electronic commerce transactions in 2019 includes digital currency. As a result, keep track of transactions and any pertinent paperwork in case a tax audit occurs.
Brokerage Fees Definition and ComparisonHow much can I earn?
Copy trading can be profitable. Using the copy trading service, you can earn additional income, but also gain trading experience by watching the trades of qualified traders. The profit amount can vary depending on the risk level of the strategy, your deposit amount, and the trading style of the trader you are copying.
Is Forex copy trading risky?
Copy trading in Malaysia is risky even with the best copy trading app. Trading involves high risk and high potential reward, so if you copy another trader, you will probably rely on their experience. The trader you copy from suffers the same fate as you when the market changes, which is why market risk continues to be the biggest risk a trader will encounter when copy trading. Even though you have the freedom to select the best copy trading platform in Malaysia and the investment amount, you have no control over the trader you are following.
Forex Risks Investors Should ConsiderSummary
Copy trading in Malaysia is an easy way to start trading with fewer chances of losing money after each trade. It can be challenging to locate a reliable trader to copy trading strategies from over the long term. The best copy trading platform in Malaysia is your best option.
Although there is no guarantee that these traders will always make the right call during each trading session, you can rest assured that you won't be losing 100% of your training capital.
FAQs
Is it legal to use copy trading brokers?
As long as the broker is properly regulated, copy trading is legal in the majority of nations.
Is copy trading suited to beginner traders?
Copy trading allows novice traders to trade beyond their level of experience or expertise; it is typically the best trading strategy for them.
What is the best copy trading platform for Malaysians?
Of all the copy trading apps, EToro is the copy trading tool with the highest overall efficiency.
Do traders pay tax in Malaysia?
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.
Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
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).