Brokers With MYR Accounts
The Malaysian ringgit (MYR) is a relatively stable currency in Southeast Asia that provides Malaysians with a seamless trading experience through MYR-based accounts.
Malaysia’s trade in commodities like palm oil, rubber, and petroleum and strong export-oriented economy influence the MYR’s value.
Explore DayTrading.com’s pick of the best Malaysian ringgit brokers to find the optimal platform for your needs.
Best Brokers With MYR Accounts
After our hands-on assessments, these are the 3 top brokers supporting MYR accounts:
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1
Exness
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:UnlimitedCySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSCCFDs, Forex, Stocks, Indices, Commodities, CryptoExness Trade App, Exness Terminal, MT4, MT5, TradingCentralWire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, Airtel, Debit Card, Neteller, Skrill, Perfect Money, Sticpay, AstroPay, Cashu, FasaPay, WebMoney, M-PesaUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY -
2
Quotex30% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10$1Binary Options on Stocks, Indices, Forex, Commodities, CryptosWeb PlatformCredit Card, Visa, Mastercard, Bitcoin Payments, Ethereum Payments, Debit CardUSD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH -
3
JustMarkets$30 No Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.01 Lots1:3000CySEC, FSA, VFSCForex, CFDs, indices, shares, commodities, cryptocurrencies, futuresMT4, MT5Visa, Mastercard, Credit Card, Perfect Money, Sticpay, FasaPay, Wire Transfer, Debit Card, Bitcoin Payments, Airtm, Ethereum PaymentsUSD, EUR, GBP, ZAR, MYR, IDR, AED, NGN, THB, VND, KWD, CNY
Here is a short summary of why we think each broker belongs in this top list:
- Exness - Established in 2008, Exness has maintained its position as a highly respected broker, standing out with its industry-leading range of 40+ account currencies, growing selection of CFD instruments, and intuitive web platform complete with useful extras like currency convertors and trading calculators.
- Quotex - Established in 2019, Quotex is a binary broker that offers 400+ assets, including forex, stocks, indices, commodities, and cryptocurrencies. The platform emphasizes user-friendly features, complete with short-term contracts that span 5 seconds to 4 hours alongside payouts that can reach 95%.
- JustMarkets - JustMarkets is a multi-asset broker with both CySEC-regulated and offshore branches. Offering ultra-low spreads, copy-trading services, 170+ tradeable instruments and MetaTrader support, JustMarkets has a lot to offer both beginner and experienced traders.
Brokers With MYR Accounts Comparison
| Broker | MYR Account | Minimum Deposit | Markets | Regulator |
|---|---|---|---|---|
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|
✔ | $10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC |
|
|
✔ | $10 | Binary Options on Stocks, Indices, Forex, Commodities, Cryptos | - |
|
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✔ | $1 | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures | CySEC, FSA, VFSC |
Exness
"After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs."
Exness Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC |
| Platforms | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:Unlimited |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY |
Pros
- Fast and dependable 24/7 multilingual customer support via telephone, email and live chat based on hands-on tests.
- Exness Terminal offers a streamlined experience for beginners with dynamic charts while setting up watchlists is a breeze.
- Excellent range of account types for all experience levels, including Cent, Pro plus the introduction of Raw Spread, ideal for day traders.
Cons
- MetaTrader 4 and 5 are supported, but TradingView and cTrader still aren’t despite rising demand from active traders and integration at alternatives like Pepperstone.
- Exness has expanded its range of CFDs and added a copy trading feature, but there are still no real assets such as ETFs, cryptocurrencies or bonds
- Retail trading services are unavailable in certain jurisdictions, such as the US and the UK, limiting accessibility compared to top-tier brokers like Interactive Brokers.
Quotex
"Quotex is ideal for binary traders looking to make short-term trades on global markets with above-average payouts of up to 95% and a platform that’s regularly improved, features daily trading signals, and proved intuitive for new users during testing. "
Quotex Quick Facts
| Bonus Offer | 30% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options on Stocks, Indices, Forex, Commodities, Cryptos |
| Platforms | Web Platform |
| Minimum Deposit | $10 |
| Minimum Trade | $1 |
| Account Currencies | USD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH |
Pros
- The web-based platform and app are intuitive based on our hands-on tests, with a clean design and simple order execution. They include multiple indicators and built-in trading signals, making them practical solutions for both beginners and more experienced traders.
- A free demo account with $10,000 in virtual funds lets new traders practice strategies and test the platform without risking real money. It's an excellent tool for beginners to gain experience.
- Quotex lets you start trading with just $10, making it accessible for beginners and those wanting to test the platform with minimal risk. Withdrawals also start from $10, allowing easy access to funds.
Cons
- Customer service is only available via email and social media, which can lead to slow response times in our experience. Competitors like Videforex provide 24/7 live chat and phone support, ensuring you get help quickly during technical or withdrawal problems.
- Quotex offers few market analysis tools and lacks real-time financial news, economic calendars, or in-depth research reports. Educational resources, such as courses, webinars, and expert insights, are also absent, making it less ideal for beginners.
- Quotex is an offshore broker operating in a jurisdiction known for loose regulatory oversight. Unlike regulated brokers, it does not offer the same level of investor protection, dispute resolution, or fund security, making it riskier.
JustMarkets
"With some of the most affordable pricing in the game and access to the powerful MT4 and MT5 platforms, JustMarkets is a good choice for any investor."
Tobias Robinson, Reviewer
JustMarkets Quick Facts
| Bonus Offer | $30 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures |
| Regulator | CySEC, FSA, VFSC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:3000 |
| Account Currencies | USD, EUR, GBP, ZAR, MYR, IDR, AED, NGN, THB, VND, KWD, CNY |
Pros
- Welcome bonus for new traders
- MetaTrader 4 integration
- Trustworthy and regulated by CySEC
Cons
- Limited availability with clients not accepted from the US, UK, Japan, Germany and other countries
- Non-forex asset list is light with just 65 stocks plus a handful of indices and commodities
How Did We Choose The Best Brokers?
Our selection process to find the top MYR trading platforms was meticulous:
- Our comprehensive analysis leveraged our database covering hundreds of brokers and trading platforms.
- We eliminated platforms that did not meet our criteria for supporting MYR-denominated trading accounts.
- We assigned a numerical rank to each platform based on an evaluation of over 100 quantitative metrics and qualitative assessments derived from our rigorous testing.
What Is An MYR Account?
An MYR account is a trading account denominated in Malaysian ringgit.
This account type offers several advantages, including avoiding foreign exchange conversion fees, mitigating exchange rate risk, and more efficient investing in domestic Malaysian assets, such as equities and initial public offerings (IPOs).
The convenience and benefits of an MYR account make it highly advantageous if you actively trade in Malaysia’s financial markets.
It’s a breeze to set up a MYR trading account once you’ve completed identify and address verification.Below is a snapshot of my account at JustMarkets, where you can see I simply had to select ‘MYR’ from the ‘Currency’ dropdown menu.
Do I Need An MYR Trading Account?
A MYR trading account isn’t for everyone, but it could be suitable depending on your circumstances:
- As a resident of Malaysia, an MYR trading account can simplify your tax reporting process. You can streamline your accounting tasks by avoiding the need to track foreign exchange gains or losses, alongside standard trading transactions.
- A MYR account can allow for seamless trading of Malaysian equities on the Bursa Malaysia, government bonds, and financial instruments, facilitating investment in Malaysia’s growing economy. Investment offerings vary between brokers.
- You can reduce the potential impact of foreign exchange fluctuations on your trading profits, especially when trading Malaysian assets or converting to other currencies. The MYR has experienced significant volatility in recent years, notably when Malaysia had a wide interest rate gap with the US.
How Can I Check If A Broker Offers An Account In Malaysian Ringgits?
Follow these three steps, which we took to check that each of our recommended brokers supports a Malaysian ringgit account:
- To find the available currencies for the trading account, look for the ‘Account Options’ section on the provider’s website or app.
- Ensure that ‘MYR’ is listed as a supported base currency for your trading account.
- Open a trading account and choose ‘MYR’ as your base currency.
Pros & Cons Of MYR Trading Accounts
Pros
- With an MYR base account, you avoid frequent currency conversions between MYR and other currencies, which can reduce transaction costs and foreign exchange risks.
- An MYR base account may provide direct access to Malaysian equities, bonds, and other financial instruments, making it easier to trade within the Malaysian market without needing additional currency exchange, though this depends on the markets offered by your broker.
- Suppose you are exposed to MYR assets or businesses in Malaysia. In that case, an MYR base account acts as a natural hedge against currency risk, stabilizing your investments in the face of exchange rate volatility.
Cons
- An MYR base account is most suitable for trading in Malaysian markets and assets denominated in MYR, which could limit access to international stocks, bonds, or financial products that trade in other currencies like USD, EUR, or GBP. If you plan to diversify globally, this could be restrictive.
- Imagine you want to invest in non-MYR-denominated assets. In that case, you’ll need to convert MYR to other currencies, which can expose you to foreign exchange risk and conversion costs, especially when the MYR is volatile.
- The MYR can be more volatile than major currencies like USD and EUR due to its exposure to global commodity prices and economic shifts in emerging markets. If the currency fluctuates significantly, particularly during periods of economic instability, this can impact the value of your trading account.
FAQ
Which Is The Best Broker With An MYR Account?
Our team of experts has thoroughly evaluated the top trading platforms that offer MYR accounts. Use our curated list to find the perfect fit for your day trading needs.
How Much Does It Cost To Open A Trading Account Based In Malaysian Ringgits?
Our analysis shows many brokers require a minimum deposit of up to USD 250 (approximately MYR 1,085) to start trading with MYR.
However, there are exceptional cases. Exness, for instance, offers a more affordable starting point with no minimum deposit requirement, making it a suitable option for beginners or those with small account balances.
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