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Best MT4 Forex Brokers in Malaysia

Here is a look at the best MT4 forex brokers for Malaysian traders.

TradeForexMalaysia Editor

MetaTrader 4 is easily the most popular forex trading platform used in the world. The platform is supported by numerous forex brokers that provide their services for traders in Malaysia.

Even though MetaTrader 4 has a newer version called MetaTrader 5, traders still prefer to use MetaTrader 4 because of its execution speeds, customizability, and technical tools.

MetaTrader 4 is also available as a Windows program, an Android app, or an iOS app. MetaTrader 4 can also be accessed directly through a web browser.

Since MetaTrader 4 is so popular amongst forex traders, we have brought you the top brokers that offer MetaTrader 4.

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Comparison Table of the Best MT4 Forex Brokers

Broker Name Lowest Deposit Average EUR/USD Spread Safety Leverage Offered Instruments Visit
Minimum Deposit: $5
Lowest EUR/USD spread*: 0 pips
Regulation(s): CySEC, FCA, FSCA
Max. Leverage:
1:1000
Available instruments: 53 currency pairs, CFDs on 1000+ stocks, metals, indices & commodiities.
Visit Broker
Lowest Deposit: $100
Lowest EUR/USD spread*: 0.7 pips
Regulation(s): CySEC, FSA
Max. Leverage:
1:500
Available instruments: 28 currency pairs, cryptos, metals, indices
Visit Broker
Minimum Deposit: $10
Lowest EUR/USD spread*: Upwards of 1.3 pips
Regulation(s): CySEC, FCA, FSCA
Max. Leverage:
1:2000
Available instruments: 62 currency pairs, CFDs on stocks, metals, indices, commodities.
Visit Broker
Lowest Deposit: $100
Lowest EUR/USD spread*: Upwards of 0.9 pips
Regulation(s): PFSA, CBI, ASIC, FSA, FSC, FSCA, FRSA
Max. Leverage:
1:400
Available instruments: 60+ forex pairs, commodities, indices, cryptocurrencies, shares, ETFs, and bonds
Visit Broker
Minimum Deposit: $0
Lowest EUR/USD spread*: Upwards of 1.3 pip
Regulation(s): ASIC, FCA, CFTC, IIROC, MAS, FSC, FSA
Max. Leverage:
1:200
Available instruments: 38 major and minor forex pairs, 4 commodity CFDs, gold and silver, and 16 indices.
Visit Broker
Minimum Deposit: $1
Lowest EUR/USD spread*: 1.1 pips
Regulation(s): CySEC, IFSC
Max. Leverage:
1:3000
Available instruments: 28 currency pairs, 4 index CFDs, 2 commodities, 4 metals, several stock CFDs, 9 exotic currency pairs
Visit Broker
Minimum Deposit: $10
Lowest EUR/USD spread*: 0.1 pips
Regulation(s): IFSC
Max. Leverage:
1:2000
Available instruments: 12,000 trading instruments including currency pairs, stocks, commodities, indices, energies, metals, and cryptocurrencies
Visit Broker

Best MT4 Forex Brokers in Malaysia

These are the top MT4 forex brokers that are accessible to Malaysian traders

  1. HotForex MetaTrader 4 – Overall Best in Malaysia
  2. XM – MT4 broker with Low spread
  3. OctaFX – Best MT4 for Cryptos
  4. FXTM – Best ECN MT4 Broker
  5. Avatrade – MetaTrader 4 broker with Fixed spread
  6. Oanda – No Commission MT4 Broker
  7. FBS – MT4 with multiple account types
  8. Roboforex – Low Spread MetaTrader 4 Broker

Here is a snapshot view of each MT4 broker on our list. We hope you find it helpful.

#3 OctaFX Broker – MT4 with low fees

OctaFX Logo

Rating: 9.0/10

Regulations: FSA, CySEC

Lowest Deposit: USD 100

Offered Platforms: cTrader, MT5, and MT4

OctaFX is an STP broker that is quite popular with Malaysian traders. The brokerage service was created in 2011. OctaFX has catered to millions of trading accounts in its history.

Safety – OctaFX is regulated by the tier-2 financial authority CySEC of Cyprus along with the financial authority for St.Vincent and Grenadine. Even though OctaFX is not regulated by any tier-1 authority, traders consider it safe thanks to its proven track record.

OctaFX also practices safety policies such as protection against negative balance and separation of funds.

Fees – As with any other broker, the fees charged by OctaFX are affected by a few factors. These factors include the trading instrument, the trade timing, and the account type being used.

Overall, we consider OctaFX to be a low-cost broker. This is because it charges tight spreads for its services. The average spread for betting on the EURUSD pair is 0.7 pips if a trader is using the Micro MT4 trading account.

OctaFX charges a commission only traders who use the ECN account. There is no commission for using the Micro MT4 or Pro MT5 types of trading accounts.

Account Types – With OctaFX traders can select between accounts with three different trading conditions. These are the Micro MT4 account meant for new traders, the Pro MT5 account meant for experienced traders, and the cTrader ECN account meant for progressive traders.

OctaFX also offers Islamic accounts to its traders. A trader can request customer support to convert their account into an Islamic account.

Trading Instruments – Trading instruments being offered varies depending on the account type being used. The MT5 trading account offers the highest range while the ECN account has the fewest options.

Overall, traders using OctaFX can trade around 28 currency pairs, 10 indices, gold and silver, and 5 different cryptocurrencies.

#4 FXTM – Market Maker MetaTrader Broker

FXTM Logo

Rating: 7.5/10

Regulations: CySEC, FCA, FSCA.

Minimum Deposit: $10.

Available Platforms: FXTM Trader, MT4, and MT5.

FXTM is a market-maker broker that provides trading services for forex pairs and CFDs. The company was founded in 2011. FXTM’s website can be read in Malay.

Safety – FXTM is known to be a secure broker to trade through. The company is regulated by the 1st tier UK financial regulator FCA. Additionally, FXTM is also regulated by the CySEC of Cyprus and the South African regulator FSCA.

FXTM offers its services to traders across the world and has a good track record. Furthermore, FXTM provides balance protection as well. The broker’s own funds are also reserved in different bank accounts from the funds deposited by traders.

Fees – Similar to OctaFX, FXTM’s fees are also affected by different conditions. For this guide, we are going to check a few significant examples.

FXTM charges high spreads when trading with their Standard account. The spread for the EURUSD pair on average is 1.3 pips which is slightly on the more expensive side.

Furthermore, FXTM charges a commission under their ECN account. They don’t charge any commission under any other account.

Overall, we believe FXTM is a medium-cost broker due to their high spreads and no commission. They also charge an inactivity fee and a withdrawal fee.

Account Types – In total, FXTM offers 7 different types of trading accounts to their traders. These account types are Standard account, Cent account, Stock CFDs account, ECN Zero Account, Stocks Account, ECN Account, and FXTM Pro account.

The seven account types are categorized into ECN accounts and Standard accounts.

Trading Instruments – FXTM offers a wide range of currency pairs in addition to other types of instruments for trading. FXTM allows traders to trade 62 currency pairs, indices, commodities, stock CFDs, spot metals, and cryptocurrencies.

#5 Avatrade – MetaTrader 4 broker with Fixed spread

Avatrade Logo

Rating: 7.0/10

Regulations:FSA, ASIC, PFSA, FSC, CBI, FRSA, FSCA, FSA

Lowest Deposit: $100

Offered Platforms: MT5, MT4 and proprietary trading platforms.

Avatrade is a forex broker which provides market-making services. It started operations in 2006 and can be considered to be cost-effective services for individual traders. Their website can be accessed in Malay and they cater to upwards of 300,000 users globally.

Safety – Avatrade is regulated by many financial authorities including the tier-1 Australian ASIC.

Additionally, it also holds licenses from the Central Bank of Ireland, the Polish Financial Authority, the South African fSCA, the Virgin Islands Financial Commission, the Financial Services Agency of Japan, and the FRSA of the UAE.

Fees – Avatrade charges average fees when compared to other brokers. They charge a typical spread of 0.9 pips when using their retail account and betting on the EURUSD pair. Similarly, they 0.6 pips when using the professional account.

They don’t charge any commission regardless of the account type being used. They also do not charge any deposit or withdrawal fees, however, they do charge an inactivity fee after three months.

Account Types – With Avatrade, traders can select between a Retail account and a Professional account. Any of the accounts can also be changed into a swap-free account for swap-free services.

Trading Instruments – Overall, Avatrade offers a decent range of instruments to choose from. Traders can select from upwards of 250 available instruments. They offer 60+ forex pairs, cryptocurrencies, ETFs, stock indices, bonds, and stocks.

#6 Oanda – No Commission MT4 Broker

Oanda Malaysia

Rating: 7.0/10

Regulations:ASIC, FCA, CFTC, IIROC, MAS, FSC, FSA

Minimum Deposit: $0

Platforms: MT4.

Oanda is one of the earliest retail brokers and was founded in 2001. They provide market-maker services and have won several industry awards in the course of their history.

Safety – Oanda is regulated by both tier-1 authorities which are the FCA of the UK and the Australian ASIC.

Additionally, they hold licenses from several financial regulators including IIROC of Canada, MAS of Singapore, FSC of the British Virgin Islands, and the MFSA of Malta.

Traders who are based in Malaysia and decide to sign up with Oanda will fall under the jurisdiction of the FSC of the British Virgin Islands.

Furthermore, they segregate their trader funds from their own funds and follow normative safety practices.

Fees – According to Oanda’s historical spread calculator, they charge an average of 1.3 pips the popular EURUSD pair. We believe that this is slightly higher than average.

However, it doesn’t charge any commission from traders. Hence, overall, they are a cost-effective broker to use.

Trading Accounts – Oanda offers only one account type to all its traders which is the Personal account. Further, traders from Malaysia should know that it doesn’t have Islamic accounts.

Additionally, new traders can use their demo account to try their trading methods and gain experience.

Trading Instruments – Compared to brokers of similar nature, Oanda offers a fairly selective range of trading instruments. Traders can make bets on 38 major and minor currency pairs, gold and silver, indices, and commodities. It doesn’t offer cryptocurrencies.

#7 FBS – MT4 with multiple account types

FBS Malaysia

Rating: 6.5/10

Regulations:CySEC, IFSC.

Minimum Deposit: $1

Offered Platforms: MT5, MT4.

FBS has traders from more than 109 different countries including Malaysia. FBS has been operating since 2009 and has won numerous industry awards.

Safety – Even though FBS is not regulated by any tier-1 authority, they are believed to be safe to trade through.

They are regulated by the tier-2 CySEC of Cyprus along with the financial authority of Belize which is called the IFSC. FBS has catered to the trading needs of millions of traders throughout its history and has a good track record.

Fees – FBS traders can choose between variable spread, fixed spread, or no spread options. The typical spread that they charge for buying or selling the EURUSD pair is 1.1 pips through their Standard account.

Trading Accounts – FBS offers five account types to choose from which are Zero Spread, Micro, Standard, Cent, and ECN accounts.

Furthermore, FBS also offers Islamic accounts upon request.

Trading Instruments – The overall selection of currency pairs offered by FBS is quite decent. They offer 28 different currency pairs including 9 exotic ones, along with 2 commodities, metal CFDs, indices and several stock CFDs.

#8 Roboforex – Low Spread MetaTrader 4 Broker

Roboforex Logo

Rating: 6.0/10

Regulations: IFSC.

Minimum Deposit: $10.

Offered Platforms: MT4, MT5 and with own trading platforms.

Roboforex offers both ECN and market-making brokerage services. The company was founded in 2009 and has its headquarters in Belize City.

Safety – Roboforex is principally regulated by the IFSC which is the regulator of Belize. Additionally, they are a participant of the Commission’s Compensation Fund which provides insurance to the company’s clients.

Roboforex is thought of as trusted broker due to its good track record and safety practices including protection from negative balance and segregation of funds.

Fees – The spread charged by Roboforex varies wildly depending on which account is being used. The spread for the EURUSD pair is 0.1 pips through their ECN account on an average.

Roboforex charges a commission from users of their ECN or Prime accounts.

Trading Accounts – They offer 5 basic types of accounts which are ECN, Prime, Pro-cent, Pro-standard, and R trader. Roboforex also offers Islamic accounts for Islamic traders which are swap-free.

They also have demo accounts which can be used to test strategies and trading techniques.

Trading Instruments – The number of trading instruments offered by Roboforex depends on the account type being used. The R Trader account has the widest range of instruments.

Traders can access more than 12,000 different instruments through this account. Overall, Roboforex offers one of the widest selections of trading instruments in the market.

What is MetaTrader 4 or MT4?

MetaTrader 4 is a trading platform that was developed in 2005 by MetaQuotes. MetaTrader 4 is most popularly known for forex trading, however, traders can use it for many classes of instruments including indices, stocks, commodities, energy, and so on.

MetaTrader 4 is free-to-use and the company (MetaQuotes) does not charge anything for their product.

The popularity of the trading platform stems from the fact that it is highly customizable. A trader can change many features to suit their own needs and trading practices.

A trader can also use MT4 to automate their trades using pre-set algorithms developed by the trader.

Some of the most popular features of MT4 include viewing trade history, downloading trade reports, setting up price alerts, adding indicators, adding stops or other limits on open trades, and instant execution.

As mentioned earlier, MT4 is available for Windows, Android, and iOS. There is no official version of the MT4 for Mac laptops or computers. It is worth noting that MT4 can be accessed through any web browser.

How to Choose the Best MetaTrader 4 Broker?

The first aspect which a new trader who wants to use MetaTrader 4 needs to check is whether a broker offers MetaTrader 4 as a trading platform. In case a broker does not offer MT4, the trader will not be able to use the platform to carry out their trades through the broker.

This information is usually available easily on the broker’s website. In case a trader cannot find the information, they can get in tough with customer support and ask them.

For example, Hotforex’ website shows the list of all their available platform.

MT4 broker check

Similarly, all the other CFD brokers have list of platforms available on their website. If there is no mention of MetaTrader, then it is likely that the broker does not offer that platform.

Once a trader has ensured that MT4 is available, there are several other factors that need to be considered before signing on with a broker. The most important factor is to check whether the broker is safe. In order to do so, a trader can ascertain the regulatory licenses held by the broker and the safety practices being followed by the broker (For e.g. Segregation of Funds and Protection from Negative Balance).

It is recommended that a trader only register with a broker that has a local office in their country. This means that the broker is compliant with all local regulations and laws.

Other factors that a trader should be careful of is the fees charged by the broker, the trading conditions offered, the trading instruments available, the quality of the customer service, and whether the broker is ECN or market-making.

Frequently asked questions

Is MetaTrader 4 available on Mac?

The MetaTrader 4 trading platform does not have a Mac version. However, traders using MacOS can still access MT4 through their web browser using the MT4 web trader.

Is MetaTrader 4 better than the MetaTrader 5?

MetaTrader 5 has more advanced features when compared to the MetaTrader 4. However, the MetaTrader 4 is still the most widely used trading platform for forex traders.

Which are the Best Mt4 brokers in Malaysia?

Hotforex, XM Broker & OctaFX are the 3 MetaTrader 4 brokers that are the best for traders in Malaysia according to our ratings. These three brokers have competitive spread for forex & other CFDs, are regulated by top-tier regulations, and offer good trading conditions.

Which MT4 brokers are regulated in Malaysia?

Currently there are no MT4 brokers regulated in Malaysia. But many MT4 offering foreign regulated CFD brokers accept traders from Malaysia. The brokers are regulated by Tier-1 & Tier-2 regulations like FCA, ASIC & CySEC etc.

Does a Trader Need to pay to use MetaTrader 4?

Most brokers license MetaTrader 4 and provide it to their traders for free. There is no extra charge that needs to be incurred by the trader to use MetaTrader 4.

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