Choosing the finest forex trading platform in Malaysia comes down to knowing yourself as an investor and what financial goals you want to achieve. Since most Malaysian traders speak English as their second language, they should have no problem signing up with any high quality international forex broker. According to research, most forex traders need easy to work with forex trading platform with plenty of assets available and low commissions which is fine for intraday strategies, or you want to simplify things and be ok with them. The nice thing about the forex industry’s high competition is that many forex brokers have solutions that can meet your individual demands.
If you are a Malaysian resident, don’t forget to check out this in-depth review of Malaysia forex brokers: https://www.bestonlineforexbroker.com/ms/
Now let’s take a look at some of the best forex trading platforms available to Malaysian residents:
1) XM Group
XM Group has been in the game of online trading for over a decade. It is well known and trusted international brand. With thousands of traders mainly from southeast Asian countries and the European Union, XM Group caters mostly to retail forex traders. According to our information, it is a market maker broker.
Pros
- XM is considered a safe broker, regulated by Tier 1 regulators such as FCA UK and ASIC Australia
- Competitive forex spreads
- Minimum deposit $15
- A vast range of assets, but no commodities or futures options
Cons
- Market Maker
2) Fidelity – Best for regular investors
Due to its client-centric approach, Fidelity broker has been the top overall online brokerage account for years. Other brokers are narrowing the distance, but Fidelity is still our top selection. Beyond refusing to pay for order flow, Fidelity keeps costs low, provides excellent tools to assist customers in managing and evaluating their portfolios, and constantly enhances platforms and apps to benefit individual investors. For these reasons and Fidelity’s focus to reduce consumer expenses while increasing returns, it is our choice for the top overall online stock brokerage.
Pros
- 97% of Fidelity orders are completed below the national best bid or offer
- Solid asset scanning and research
- Cash is deposited into a money market fund
- Educative options
Cons
- A combination of Fidelity’s online platform and Active Trader Pro may require some traders and professional investors.
- Non-U.S. No accounts for citizens or residents
3) TD Ameritrade: Best for Beginners
TD Ameritrade’s investor education expertise is one of the easiest ways for new investors to enter the market. There are cheaper and flashier brokers, but TD Ameritrade provides the expertise, choice of products, and assistance to help beginning investors improve over time. The option to paper trade on the platform without making any commitments is a major reason for choosing TD Ameritrade as a brokerage account. TD Ameritrade is a great choice for beginner investors since it offers a comprehensive and strong platform without becoming overwhelming.
Pros
- Comprehensive education department with beginner-friendly learning paths
- Mobile and an online dashboard for clients to view account info
- A variety of trading and investing platforms for all investors and traders
Cons
- A few investors can use various platforms.
- A wide range of account kinds might make selection difficult.
- Unless investors shift capital into money market funds, they earn a pittance on uninvested cash.
4) tastyworks
The specialized tools, education, and platforms offered by Tastyworks make it the top broker for traders. Tastyworks is the broker you choose once you’ve determined that trading is all you want to do. Traders can use their downtime to study options and find all the tools they need during trading sessions.
Pros
- Tools for all your possibilities
- Charting is modified to choices, allowing you to assess combination risk profiles.
- Original, options-focused content library
Cons
- You’ve come to tastyworks to trade something other than options
- No fixed-income trading (outside of ETFs that contain bonds)
- Additional portfolio analysis needs a tastytrade account with the Quiet Foundation.
5) Interactive Brokers: For advanced traders
The top selection for advanced day traders is Interactive Brokers (IBKR). If you want to trade on foreign exchanges, have a large range of stocks on your easy-to-borrow list, and cheap margin rates, this is the area for you. The company has all the assets, reach, and tools that advanced bitcoin day traders require, combined with a very reasonable margin rate.
Pros
- Best order execution
- Contingent instructions for every scenario
- Low-margin rates
- A new trading asset, cryptocurrency
Cons
- IBKR Lite clients cannot use SmartRouter
- TWS takes time to learn.
- No backtesting of customized or automatic trading algorithms
6) Charles Schwab
Charles Schwab is a full-service investing business that scores well in numerous categories, including ETFs. When it comes to ETFs, Schwab is a favorite for traders. This is due to the quality of its ETF screener and comprehensive offering, which includes ETF investing education and portfolio analysis tools for regular investors. In addition to offering outstanding research and multi-criteria screening, Schwab makes investing in ETFs straightforward.
Pros
- The StreetSmart Edge platform is flexible.
- Schwab is a great broker regardless of ETF functioning.
Cons
- StreetSmart Edge is the ultimate ETF screener.
- Schwab may be expensive on options and futures outside of ETFs, so bear that in mind if you want to trade those products.
