Best Forex Trading App Malaysia
Updated November 10, 2023
This article gives a review of the best Forex trading app for traders from Malaysia you should consider. Before introducing the apps, however, what exactly is Forex trading?
Trading Forex can be quite challenging if you are always on the move or don’t have a personal computer to trade on.
With billions of mobile devices around the globe, the Forex trading market has removed this challenge by introducing mobile applications that allow traders to trade their preferred currencies at their convenience.
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What is Forex Trading?
Forex trading refers to the commercial activity of buying and selling or exchanging one currency for another. The prevailing Forex market’s exchange rates determine how these currencies are exchanged with each other. With a daily average transaction of over $6.6 trillion in currency, the Forex market is unarguably the largest in the world.
What is a Forex Trading App?
A Forex trading app is a mobile application created by a Forex broker to allow their customers to trade via their mobile devices. These applications are available for iOS and Android Operating Systems, making them available for all types of mobile devices.
To use the app, the subscriber to a specific Forex broker must download the app on the appropriate platform. Android device users can download it from Play Store while Apple Store offers such applications for iPhone users.
Best Forex Trading Apps Malaysia
Trading Forex on your mobile device is one of the best ways to keep abreast of your investment and market developments wherever you go. Most brokers have mobile applications for trading Forex and make the process a lot easier for its users.
Here is a list of the best 5 Forex trading apps to choose from:
XM Malaysia
XM is a low-risk or safe broker is regulated in four tier-1 jurisdictions. This makes it one of the safest brokers for trading Forex.
The broker is rated 4.9 out of 5, making it one of the safest in the industry. It is regulated by notable tier-1 regulators such as Japanese Financial Services Authority (JFSA), Commodity Futures Trading Commission (CFTC), Investment Industry Regulatory Organization of Canada (IIROC), and Financial Conduct Authority (FCA).
XM offers multiple account options such as DMA Account and Standard Account. With just $5 deposit, you can start trading on the platform and enjoy its 1.1 average spread.
The broker also offers multiple tools and platforms to help traders achieve their goals. These include MetaTrader 4, MetaTrader 5, Web Trading Platform, and Advanced Trading Desktop platform.
IG.com
IG isn’t a pushover in the Forex trading industry. Since it was founded in 1947, the veteran broker’s regulation spans over six tier-1 jurisdiction and establishes itself as a low-risk trading platform for CFDs and Forex trading.
IG earns an incredible 99 in Trust Score having been regulated by the big names in the industry such as the Japanese Financial Services Authority (JFSA), Swiss Financial Market Supervisory Authority (FINMA), Monetary Authority of Singapore (MAS), Australian Securities & Investment Commission (ASIC), Commodity Futures Trading Commission (CFTC), and Financial Conduct Authority (FCA).
It also offers a wide range of tools and research materials to help bridge the gap between trading as a newbie or a pro. In addition to a demo account, IG offers some other trading platforms such as MetaTrader 4, MetaTrader 5, Web Platform, and Social Trading /Copy Training. On these platforms, you can choose from the almost 20,000 CFDs available for trading.
CMC Markets
Pepperstone announced its arrival in the Forex trading market in 2010. With just $200, you can access the broker that offers an impressive list of supported third-party platforms and a host of social copy trading options.
Via its Razor Account, you will enjoy its competitive pricing and other features that make it one of the go-to copy trading platforms.
Pepperstone is dully regulated and offers some of the best resources that are designed to help you maximize your copy trading.
FXTM Malaysia
FXCM has one of the best trading apps in the Forex trading market that combines a smart design with good charting features and robust trading tools. The broker’s quality market research makes it stand out from the pack.
With a Trust Score of 93, FXCM is one of the biggest names in the industry. It is duly regulated by the top tier-1 regulators such as the Financial Conduct Authority (FCA), the Australian Securities & Investment Commission (ASIC), and Investment Industry Regulatory Organization of Canada (IIROC).
Its minimum deposit requirement of $50 makes it an attractive option for perspectives on a low budget.
Step-By-Step Guide to Forex Trading
Forex trading is fun and rewarding if you do it right from the word “go.” Here is a step-by-step guide to a successful trading journey:
- Choose a broker: You need a platform to start trading Forex. Choose from the regulated brokers discussed in this article after carefully studying them to ensure that you pick one that meets your requirements.
- Download the app: Download the broker’s app on your mobile device.
- Open a demo account: There’s no better way to test-run the broker than through its demo account. The free account offers you a perfect opportunity to study the broker and learn some valuable trading tricks.
- Open a live account: Once you’re fully equipped with the knowledge acquired through the demo account, open a live account to start real trading. Fund your account with the amount of money you can afford to lose.
- Choose a currency pair to trade: The industry offers scores of currency pairs to trade. Study the supported currency pairs you intend to trade on your chosen broker.
Is Forex Trading Profitable?
Forex trading is profitable if you adopt the right trading strategies. You must have a working trading strategy and understand the market well. The knowledge and efficacy of your strategy will help you minimize your risks and increase the chances of making money off trading Forex.
How do I Choose the Best Forex Trading App?
The best trading app should meet some basic requirements that will make trading stress-free and promising.
Here are some features you should look out for in any Forex trading app you want to choose:
- Trading Platforms: Consider the supported trading platform as well. The broker may offer third-party software or proprietary platforms. The most important is to ensure that the available trading platform offers everything you need to excel in the business.
- Trading tools: Many forex brokers offer educational materials and trading tools to help their customers master the art of Forex trading. If you’re just starting in the field, such resources will always come in handy as they replace your ignorance with knowledge. A broker that doesn’t offer such incentives via its app may not be the perfect fit for you.
- Demo Account: Check if the app offers a demo trading account. Most brokers offer a demo account where inexperienced prospective Forex traders can learn some of the trading tricks and hacks that can improve their games and enable them to trade like pros. Through the account, you can trade on desktop, web, and mobile while testing different trading strategies before settling down with the most promising one.
- Tradeable Markets: Consider the trading options, too. Besides the available number of currency pairs, check the type and number of instruments it also offers for trading.
- Trust: Trust is a fundamental factor you should consider when choosing an app for Forex trading. A credible and trustworthy Forex broker will prioritize your interest and go out of its way to protect your interest.
Check ForexBrokers.com for the broker’s Trust Score. Brokers that are certified by major regulatory bodies in Singapore, the US, Hong Kong, Switzerland, Australia, and Japan have higher scores than their counterparts with one or two regulatory licenses.
Other factors you must consider when choosing a Forex trading app include quality of customer support, availability of educational articles and other materials, market research, and trading cost.
How much do I Need to Start Trading Forex?
The amount of money you need to start trading Forex depends on your financial power, the broker you want to patronize, and so on.
Some brokers accept a minimum deposit amount of $10. That’s how much you need to start trading Forex on their platform. However, a minimum capital of $100 is a good starting point.
Can Forex Trading Make Me Rich?
Forex trading isn’t a get-rich-quick investment idea. While you may not become a millionaire trading Forex, you may make enough money to live a comfortable life. That doesn’t rule out the possibility of making a small fortune from Forex trading, though.
Forex traders such as Nelisiwe Masango, Percy Smith, and Luke Blackburn are some investors who became millionaires trading Forex. That’s besides the legendary George Soros who made a billion dollar from trading Forex in 1992.
Forex Trading Hacks
- Know the basics: You don’t just jump into a car and turn the ignition key and head to the highway with zero driving knowledge. That’s suicidal. Trading Forex without understanding the basics isn’t a wise decision, too. If you do, you may set yourself up for failure. Gather as much knowledge as you can about the market before investing in it. That’s where a demo account may prove a valuable tool for your Forex trading journey.
- Choose a strong strategy: You need a strong strategy to succeed in the Forex business world. The right strategy will help minimize your risks while optimizing your success chances.
Some traders are comfortable with trading with indicators while others depend on technical analysis. The choice is yours.
- Choose a trusted broker: The importance of a trusted broker to your success can’t be overemphasized. The input of a credible broker will make a difference between trading blindly and investing with better chances of trading wisely.
A reliable and regulated broker will offer some advantages that will turn the trading in your favor: demo contests, no deposit bonus, live contest, lower spread, and lower commission, just to mention a few.
- Join a forum: Join a Forex trading forum where you can rub minds with experienced traders and learn from them. Expert analysts and traders leverage forums to share their knowledge and expertise with newbies.
You can learn much about technical and fundamental analyses from them. Don’t hesitate to ask questions or ask for practical tips. Their input may make a significant impact on your trading skills and outcomes.
- Understand Forex charts: Understanding different charts is crucial to your success. The three trading analyses you must have a good grasp of for a better and more rewarding trading experience are Fundamental Analysis, Technical Analysis, and Sentimental Analysis.
- Trade one currency pair: Although the Forex trading industry is very vibrant and is the largest in the world, it is equally very volatile and unpredictable, exposing traders to many challenges that may cost them their hard-earned investment capital.
To minimize these risks and the possibility of loss, stick to a currency pair you understand and are comfortable with. The knowledge and focus on the pair will help you identify potential challenges easily and find practical ways to overcome them. Rather than be a jack of all trades and master of none, pick a currency pair and master it.
- Patience is a virtue: As early pointed out, Forex trading doesn’t promise instant wealth. Take your time to understand the market, what works and what doesn’t, and apply your knowledge patiently. If you are not in too much hurry to become a wealthy Forex trader, you will get there.
- Set Stop Loss: Avoid the pitfall of trading without setting a stop loss. If you are carried away by the excitement of a sweet trade, you will be surprised when the trade starts depreciating. A stop loss will help you exit the trade when it drops to a predetermined value. That will minimize your loss significantly.
Forex trading offers you a golden opportunity to increase your income passively. Learn the trading tricks and choose the most appropriate trading platform to complement your efforts and set you up for success.
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