Best Metatrader Broker Malaysia
Updated December 31, 2022
For forex traders, one indispensable tool required for successful trading is a trading platform. With several platforms available for trading, MetaTrader is the most popular platform that almost all brokers use. MetaQuotes Software developed the MetaTrader, which was initially released to the market in 2005. Its popularity is attributed to several reasons, including the expert advisors that enable traders to use automated or algorithmic trading.
Besides this, the platform comes with several advanced charting packages while supporting numerous timeframes. Traders can open the market in 1 minute, 5 minutes, 15 minutes, 30 minutes up to the monthly timeframe. Furthermore, the large collection of technical indicators allows traders to analyze the market more accurately. The 128-bit encryption offers top-notch security, making the platform safe and secured for trading.
There is so much to talk about regarding the MetaTrader. Interestingly, traders can customize the platform to suit their style and change the interface language to their native language. Whether you like it or not, MetaTrader is the go-to platform. Therefore, getting starting with your trading, you need a broker that offers MetaTrader. To help you, we have shortlisted the best MetaTrader broker for your trading. It’s going to be an exciting ride as we unveil the best forex broker for your trading adventure.
Best MetaTrader Brokers in Malaysia
MetaTrader is the standard platform a lot of brokers use. The platform comes with a demo account that enables you to test the broker of choice using virtual money. It is a way of trading without putting in your capital. Here are some brokers that accept MetaTrader software for trading.
OctaFX Malaysia offers CFD trading on Metals, Indices, and cryptocurrencies through cTrader and the MetaTrader platform. The cTrader platform is available on several platforms, including mobile, web, and desktop. The tradable products depend on the account type you open such as cTrader ECN, MT4 Micro, and MT4 Pro. However, the account type covers metals, cryptocurrencies, forex, and indices. With a minimum deposit of $50, you can get your trading started.
What we like
- Access to different account type
- Allows up to 1:500 leverage
- A wide range of educational and research tools
What we don’t like
- Limited withdrawal and deposit options
- Limited commodity markets
AvaTrade is a global broker that allows traders to use both MetaTrader 4 and 5. These platforms are available for mobile, web, and Mac trading. Founded in 2006, the Central Bank of Ireland regulates AvaTrade and has offices in several countries, including Japan, Australia, Ireland, and the British Virgin Islands.
Besides the traditional MetaTrader, it has its proprietary platform called AvaTradeAct. With this, traders can trade several financial instruments. Traders can start with as low as $100 to trade the forex and cryptocurrency market. Generally, the broker is among the best MetaTrader brokers that offer traders a unique trading experience.
What we like
- Wide range of tradable assets
- Excellent customer support
- Adequate educational material
What we don’t like
- High fees
FXTM is another MetaTrader broker that deals in CFD and FX. Specifically, it offers commodities, indices, ETF CFDs, Stocks, cryptocurrencies, and Forex. Established in 2002, it has cemented its position as one of the top brokers in the financial industry of Malaysia. The MetaTrader platform offers 3 chart layouts, nine timeframes, 37 language options, expert advisors, and over 80 indicators.
What we like
- Low spread
- Collections of over 3000 financial instruments
- Access to multiple trading platforms
What we don’t like
- Lacks 24/7 customer service
- Offers fewer forex pairs
Other MetaTrader Brokers in Malaysia
Besides the aforementioned best MetaTrader brokers, there are other brokers that offer MetaTrader when trading. These include FXCM, HotForex, Admiral Markets, ICMarkets, Vantage, FP Markets, Dukascopy, easyMarkets, CMC, InstaForex, VT Markets, BlackBull Markets, Swissqoute, etc.
Understanding the MetaTrader Platform
The MetaTrader is a platform that allows traders to trade the financial market. To access the financial market, you need a broker and a platform. The MetaTrader platform offers several tools to enable you to analyze the market, whereas the broker gives you access to its server to trade the market. Therefore, any broker that allows traders to use MetaTrader is a MetaTrader broker.
The MetaTrader platform is available on different platforms, including web, desktop, and mobile. A broker requires a license to provide the platform to a trader. Importantly, not all brokers that provide the platform have the required regulation to operate in a country.
The MetaTrader (MT4 and MT5) is a third-party platform that links you to a broker for your trading. There are several platforms but the MetaTrader is more popular among them. Notwithstanding, some brokers also build a custom platform to offer traders.
Essential MetaTrader 4 Features
The MetaTrader 4 platform comes with several functions designed to improve a trader’s experience. It allows traders to automate, test, and manage different trading strategies effortlessly. Let’s briefly look at some key features of the MetaTrader 4 platform.
The optimization and testing of any trading robot are possible using MT4. The backtesting feature comes in handy when you want to backtest or test your strategy. It enables you to use historical data to manually test the market.
The chart is available for all assets for a different range of timeframes. Remarkably, there are inbuilt tools, arrows, text notes, and indicators to improve your technical analysis. The MetaTrader 4 platform features three charting tools, including line charts, bar charts, and candlestick charts. With bar and candlestick charts, you can view the low, high, close, and open of a market. The chart is a crucial component for trading since it allows traders to perform technical analysis.
The MetaTrader platform has a special MQL Community that acts as a shopping mall for traders. You can find several tools, expert advisors, scripts, and indicators to add to your MetaTrader 4. The marketplace integrates excellently with the MetaTrader platform in such a way that allows traders to buy robots, indicators, and strategies.
Scalping and Hedging
It is hard for a new trader to keep trades for several days. In most situations, they opt to scalp the market by taking advantage of small market movements. Interestingly, MetaTrader 4 has a unique feature called “One Click” that allows instant trading. Nevertheless, some brokers don’t allow this strategy while others have a holding time for each trade.
On the other hand, hedging is another feature that allows traders to trade in both directions of the market. Similar to scalping, some brokers don’t allow hedging. In addition, your broker might refuse hedging because of their jurisdictions of operation.
Is it possible to trade using MetaTrader without a broker?
Emphatically no. To place a trade on MetaTrader, you need to choose a broker’s server during the logging process. However, you can only use a demo account on MetaTrader if you don’t want to connect to a broker. Notwithstanding, if you want to access live trading capabilities, you would need to connect to a broker’s server.
Is there any distinction between MetaTrader 4 (MT4) and MetaTrader 5 (MT5)?
The MT5 is an upgraded version of MT4. Besides forex trading and CFDs, the MT5 supports future trading, stock trading, and other advanced features. It has advanced functions, including backtesting, cloud storage to run strategies, and so on.
However, in MT4 backtesting must be through a virtual private service or locally. Overall, MT5 is faster and more modern compared to MT4. Notwithstanding the uniqueness of MT5, most traders prefer using MT4.
Why is the MetaTrader platform popular?
The forex market can be complicated and intimidating for any new trader. Well, it is never an easy task for a new trader to choose a trading platform. Such newbie requires proper guidance that would help enable them to navigate through the market. Today, the MetaTrader platform is adopted by numerous brokers since it offers a secured and safe trading environment. Furthermore, here are a few reasons why the MetaTrader platform is popular.
The MetaTrader platform is uniquely designed in a manner that helps traders navigate through the market without much fuss. Notwithstanding your experience – professional or amateur, you can easily navigate through the market.
Supports multiple languages
Since the MetaTrader supports several languages, it is easy for anyone to use it without any language barrier. You can operate it in Spanish, French, Chinese, Portuguese, and so on.
Low resource platform
The platform has light computer resources, which causes minimal disruptions to your computer. Since it doesn’t hog or use all the computer resources, it enables traders to respond quickly to market changes.
Inbuilt communication tools
The platform comes with an advanced communication tool that enables forex brokers to send messages to traders in real-time. This takes away the issue of long email threads.
Security is extremely important because of the nature of forex trading. Personal data and information of traders need to be protected. The MetaTrader offers a 128-bit security key that offers a secured trading environment that is not susceptible to hackers’ attacks.
Another important reason for its widespread popularity is the customizable feature. It allows traders to customizable the platform to suit their preferences. You can check the trading screen, charts, and indicator colors.
Advantages and Disadvantages of MetaTrader
There is no one size fit for anything. No trading software is 100% perfect as you are bound to have some weaknesses and strengths. The MetaTrader isn’t an exemption as it has both weaknesses and strengths. Let’s look at a few of these.
- Excellent charting package
- Free trading software
- Easy to install and use
- Lots of third party support
- Allows expert advisors
- Generally accepted by several brokers
- Multiple languages
- No custom timeframes
- Contains bug
- Unsuitable for high trading activities
Remarkably, the MetaTrader platform has been in existence for several years and is still the most used trading platform. It has proven to be unequaled in the financial industry, resulting in its widespread usage by several brokers. The tools and features can help improve a trader’s ability to increase their success rate when trading.
While the platform is predominately designed for forex trading, brokers have enabled access to other instruments, including futures, energies, commodities, and CFDs on indices. The choice of choosing a MetaTrader broker isn’t something to take lightly.
You need to consider the integrity and trustworthiness of such broker, pricing, tradable securities, available add-ons, and customer service quality. Interestingly, these are beyond the experience you get on the default MetaTrader platform.