After thorough in-depth testing we have diligently compiled the list of the best forex trading apps in Malaysia. We know that finding the right online trading app can be a daunting task.
List of the 6 Best Forex Trading Apps in Malaysia:
- Pepperstone – Best Overall Forex Trading App in Malaysia 2023
- Skilling – Winning Forex App for Beginners in Malaysia
- XM – Android & iOS Apps + No deposit bonus $30
- IQ Option – FX App and Binary Options
- Hotforex – Ideal App for Profi Traders
1) Pepperstone app – Best Forex App in Malaysia Winner
Founded in 2010, Pepperstone offers to its clients the ultimate forex trading app with ultra low forex spreads. The Razor account starts from 0.00 pips for the most liquid EUR/USD currency pair with $3,6 USD commision.
Pepperstone offers you a very fast trade execution under 30 milliseconds in average. That is very fast. This broker offers multiple local payment methods available to Malaysia traders. You can choose from some of the best forex platforms MT4/MT5 + cTrader, TradingView trading is available.
Pros:
- Over 70+ currency pairs available
- Blazing fast trade execution time
- Very tight forex spreads from 0,0 Pips (one of the lowest in the forex industry)
- Heavily regulated by the ASIC Australia, FCA United Kingdom
Cons:
- Only 70 share CFDs available
Is Forex Trading Legal in Malaysia ?
Yes forex trading is now legal in Malaysia. Any international regulated forex brokers will gladly accept Malaysian traders.
Forex Regulation in Malaysia
Securities Commission Malaysia
Unfortunately, there is still a sense of confusion surrounding the legitimate regulatory authority for brokers within the Forex industry. For example, the Ringgit currency is overseen by the Bank Negara Malaysia, but licenses for financial companies are sorted by the Securities Commission of Malaysia. However, neither one of them is in charge of Forex broker regulation.
In reality, the best quality brokers are regulated by at least one regulator, with there being a few well-respected companies across the world. Local regulation in Malaysia is provided by The Securities Commission of Malaysia (SCM). While SCM regulation provides local protection, dealing with SCM regulated forex brokers is not a requirement in Malaysia.
Malaysian forex traders are free to choose to trade with whatever offshore forex broker they want.
Islamic Forex Accounts for Malay Forex Traders
Since Malaysia is a Muslim country, we strongly recommend to every Muslim to open an Islamic Forex Trading Account that is SWAP free, meaning the broker won’t charge you with overnight swap fees. Not all forex brokerages offer and Islamic account of course, Please check the comparison table to see which forex companies offer this account setup.
How to choose the right forex app
- Regulation & License
- Customer support
- Forex Trading Platforms
- Minimum Deposit
- Leverage
- Forex Demo Account
- Trading fees /spreads/
- Forex Bonuses
- Forex News and research
- Forex Signals
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