Best Day Trading Platform in Malaysia in 2021
Which is the best trading platform in Malaysia? Is the best trading platform also best for beginners and day trading?
We have, in October 2020, reviewed a great number of online trading platforms and found the answer in the list below. A few of the best platforms that didn’t make the list were trading platforms from Tradefred, BDSwiss, Nord FX, HotForex, CMC Markets and Saxo Bank. The winner from these reviews: AvaTrade’s trading platform is the best trading platform in Malaysia. AvaTrade is also great for day trading, whereas we would say that MarketsX has the best combination of technical indicators and fundamentals information. FXTM and Plus500 also made the top three trading platforms in Malaysia.
The wonderful news for you as a trader is that all the seven trading platforms in the list below are completely free. The 7 best trading platforms in Malaysia are:
- AvaTrade Trading Platform, great for day trading.
- Plus500 Trading Platform, great for trading in multiple markets.
- FXTM Trading Platform, available in 16 languages.
- MarketsX Trading Platform, great combination of technical indicators and fundamentals information.
- XTB Trading Platform, trade more than 4,000 tradable assets.
- OctaFX Trading Platform, offers MetaTrader and cTrader.
- easyMarkets Trading Platform, great for skilled traders with a nice freeze the price feature.
Of course, these top seven trading platforms are run by brokers that are legal in Malaysia and also accept traders from Malaysia. Furthermore, all of them offer Islamic accounts which will secure that you follow sharia law. However, as always with trading, never invest more than you can afford to lose. Below you can read our more in-depth reviews of the best seven trading platforms in Malaysia.
1. AvaTrade Trading Platform
AvaTrade supports a wide variety of trading platforms. The brokers’ proprietary client-side AvaTrader trading platform works on Windows XP, Vista and 7, and a Macintosh version is also available. Of course, all of them are very easy to download and install directly on your desktop or laptop computer.
The screenshot below shows the extensive functionality of AvaTrader, including technical and fundamental analysis, reports, tutorials and account management features.
Also, the AvaOptions Web platform and the MT4 WebTrader allow you to sign in to your AvaTrade account using any Internet browser without having to install it on your computer. Lastly, the AvaTradeGo app allows you to trade in an AvaTrade account using an iPad, iPhone or Android phone and/or tablet so you can manage and view your AvaTrade trading account while away from home. Read more about the AvaTradeGO app here.
In addition to its own AvaTrader trading platforms, AvaTrade nicely also supports the following trading platforms: Metatrader 4, Metatrader 5. DupliTrader, and ZuluTrade. For those already using MetaTrader, AvaTrade also offers their own version of this popular forex trading software to make your account installation easier.
2. Plus500 Trading Platform
The trading platforms offered by Plus500 are very simple to operate and seem especially suitable for those interested in dealing in multiple markets. From one single screen, traders can obtain quotes in real-time for any of these asset markets and can execute transactions as well.
The Plus500 trading platform is available in a desktop version called Windows Trader and a web-based version called Web-Trader. In addition, a popular mobile version of the Plus500 platform is available that works on Apple devices like the iPhone, iPad, iPod Touch and Apple Watch. Plus500 apps also exist for mobile devices using the Android and Windows Phone operating systems. Read more about the Plus500 mobile trading app here.
The screenshot shown below displays the functionality of the Plus500 CFD trading platform, which includes trade execution, market pricing overview, a basic chart, position and account balance reports. The platform also has fund management capabilities, which give you as a trader the ability to make deposits and withdrawals from your trading account.
In addition to being able to watch various markets and execute trades, Plus500’s trading platform lets traders easily review past transactions and keep track of current positions. The software also includes a rather basic charting facility with multiple time periods available. Unfortunately, only one chart can be displayed at a time since the system does not support the simultaneous display of multiple charts.
In addition to the functionality provided by offering different versions of the Plus500 trading platform, the broker has also made some nice extra tools available for you as a trader.
One such tool is the Economic Calendar and the platform also offers a Trade Alerts service, as well as a Trader’s Guide.
Nicely there are also several tools available for risk management. Plus500 supports Guaranteed Stops and Trailing Stops, as well as Close at Profit and Close at Loss rates. For your convenience, these tools and their peculiarities are thoroughly explained at the broker’s website.
3. FXTM Trading Platform
In addition to offering the option of using MT4 or MT5 with your FXTM trading account, FXTM offers customers their proprietary FXTM MT4 WebTrader platform. This web based platform requires no download and can be accessed directly from any browser. The WebTrader platform supports all operating systems and has a simple to use interface available translated into 16 different languages.
In addition to one click trading, which allows a trader to make a transaction with a single mouse click, the web platform offers nine chart time frames with trading available directly from the charts. The web platform, which is based on MT4, has all the advanced analysis tools and can be used in both a live account and a demo account.
The screenshot below shows FXTM’s proprietary MT4 WebTrader page with real time market pricing, deal execution, and tools for technical and fundamental analysis.
FXTM now also provides clients with facilities to conduct copy trading on their series of MetaTrader trading platforms. With the copy trading service, FXTM traders can access a wide array of trading signals they can subscribe to. Once subscribed, every trade executed by the signal provider can be automatically copied. With the copy trading service, even novice traders can begin trading like pros.
4. MarketsX Trading Platform
The go-to trading platform of MarketsX is a proprietary web trader. Besides being surprisingly powerful charting and analysis-wise, this platform is also available in mobile versions, for Android- as well as iOS-based devices.
Scores of technical indicators are included in the MarketsX package and there is a unique feature called a trading cube too. Real-time news feeds are also delivered for those keen on trading the fundamentals in combination with technical analysis.
MT4 is also part of the MarketsX platform offer. The world’s most popular (and arguably: best) trading platform hardly needs an introduction. It offers superb charting and analysis, with scores of technical indicators pre-installed in the freely downloadable version. Traders are free to add additional indicators and those so inclined, can even code their own.
MT4’s favorite feature is its support for EAs and for EA creation. EAs work best when coupled with a proper VPS service.
5. XTB Trading Platform
XTB supports two trading platforms (three if we count the mobile app): MT4 and XStation5.
MT4 is a great centerpiece for every online trading operation. It is proven, people love it and it offers superb trading tools. XTB’s version of MT4 is no exception either. It comes with scores of technical indicators and drawing tools. It aids technical trading in several ways. Among its special features are:
- A chart pattern recognition tool. With this tool, you can define Stop-Losses and Take-Profits. You can also set entry- and exit points for your trades, quickly and easily.
- The Strategy Tester is another superb addition. It allows you to back-test your trading strategies and thus to fine-tune them.
- Custom indicators. The platform lets you create and purchase custom indicators. Installing these indicators is really quick and simple for you.
If you are looking to trade at XTB through MT4, you can download the software for free. There is also a free browser-based option available.
The XStation5 is the proprietary trading platform of the broker. It is an award-winning piece of software. XStation5 supports a massive range of tradable assets – more than MT4. It is also easy on the eyes.
The platform offers outstanding execution speeds, scores of drawing tools and a superb selection of technical indicators.
XStation5 is available in a web-based and mobile format. The two versions look similar. The web-based one does not require downloading. It works well with all the major browsers.
To sum it up:
- XStation5 lets you as a trader buy and sell more than 4,000 tradable assets. FX, as well as a wide range of CFDs, are available on a single platform.
- The featured charts are clear. They lend themselves well to technical analysis.
- You can set SLs and TPs directly on the charts. There is a built-in trading calculator, which details potential profits and losses.
- The broker maintains a team of professional traders. This team shares tips and trading signals with users. An Economic Calendar will also help you with fundamental analysis.
- The sentiment indicator offers a glimpse into how your peers trade a given instrument.
Both platforms support real money- as well as Demo accounts.
6. OctaFX Trading Platform
OctaFX will greatly please many forex traders since it offers support for the very popular MetaTrader 4 and MetaTrader 5 online trading platforms and their mobile apps. In addition to trade execution and order placement, these platforms offer extensive charting, technical analysis and portfolio management features. They also allow you as a trader to write your own Expert Adviser that can automate dealing activities.
The screenshot shown above illustrates the basic functions of the OctaFX installation of MetaTrader 4, which includes market monitoring, charts and technical analysis, on-screen trade execution, trade history and account management features.
OctaFX also supports the increasingly popular series of desktop and mobile app trading platforms offered by cTrader, which offers interesting features for you that MetaTrader does not offer.
7. easyMarkets Trading Platform
EasyMarkets offers a web based trading platform that allows traders to execute deals from just about any online computer in the world with a browser. In addition, the company offers an MT4 trading platform that has its usual extensive support for technical traders.
This platform gives traders access to quote for more than 200+ instruments, including forex, commodities, metals and indexes, all with online access 24/7 and without the need to download and install any software. One click trading is available from the platform’s Market Explorer, which includes advance charting options, news, technical analysis and market sentiment, all on one screen.
The screenshot below illustrates easyMarket’s trading platform that allows traders to execute deals in forex pairs, vanilla currency options, CFDs, commodities, precious metals and indices, as well as perform technical and fundamental analysis functions.
EasyMarkets’ trading platform runs on Internet Explorer’s Version 10 and above, FireFox, version 31 and above, Google Chrome version 31 and higher, Opera version 24 and above, Android version 4.1 and above, Google Chrome for Android version 37, and Safari version 7 and above. Non-supported browsers remain fully functional despite displaying some stylistic elements differently.
EasyMarkets users can unlock a third trading platform: easyTrade. easyTrade can be accessed from the EasyMarkets platform. In the top right corner, there is a Menu button. Hit that and a number of options will roll out, with easyTrade being at the bottom.
In addition to dealCancellation, the broker also offers a unique trading tool called Freeze Rate. This feature lets traders freeze the price they see, thus gaining a few seconds to place their trade. To those skilled enough, such a feature offers a great advantage.
Please share all the comments you might have on these online trading platforms in the comment field below. Which is the best trading platform in Malaysia according to you? And would you say that the same platform is also best for beginners?