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 Lots1:2000FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFMCFDs, Forex, Stocks, Indices, Commodities, CryptoExness Trade App, MT4, MT5, TradingCentralWire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, AirtelUSD, 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$1Digital Options on Stocks, Indices, Forex, Commodities, CryptosWeb Platform, Mobile AppCredit Card, Visa, Mastercard, Perfect Money, Bitcoin Payments, Wire Transfer, Ethereum Payments, Maestro, Debit Card, AirtelUSD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH -
3
JustMarkets$30 No Deposit Bonus
$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 - Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 800,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
- Quotex - Quotex has been a top binary options broker since 2019, offering over 400 binaries across currencies, commodities, stocks, and crypto. With contracts spanning 5 seconds to 4 hours, short-term traders enjoy flexibility while payouts that exceed 95%, offer high potential returns. Continuously adapting to trader demands, Quotex provides a user-friendly platform for trading binaries.
- 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 | FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFM |
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|
✔ | $10 | Digital Options on Stocks, Indices, Forex, Commodities, Cryptos | - |
|
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✔ | $1 | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures | CySEC, FSA, VFSC |
Exness
"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."
Tobias Robinson, Reviewer
Exness Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV, KNF, AFM |
| Platforms | Exness Trade App, MT4, MT5, TradingCentral |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:2000 |
| 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
- Unlike many other brands, Exness doesn't charge any account maintenance or inactivity fees
- The broker is accessible for beginners with low minimum deposits from $10 and flexible payment methods
- Local payments are available, plus deposits in BTC and USDT
Cons
- Unlike most competitors, Exness doesn't provide its own education section
- There are several regional restrictions for retail traders including the USA, Europe and the UK
- There are no promotional deals or loyalty schemes for high-volume day traders
Quotex
"Quotex is best for making short-term trades on popular markets. The payouts up to 98% are above average and enhancements to the platform have ensured it's easy to use for beginners. That said, the lack of regulatory oversight, limited education and weak support are key drawbacks."
Jemma Grist, Reviewer
Quotex Quick Facts
| Bonus Offer | 30% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Digital Options on Stocks, Indices, Forex, Commodities, Cryptos |
| Platforms | Web Platform, Mobile App |
| Minimum Deposit | $10 |
| Minimum Trade | $1 |
| Account Currencies | USD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH |
Pros
- Account funding is straightforward thanks to the wide range of payment methods, zero fees and intuitive cashier portal
- The $10 starting deposit and $1 minimum stake make Quotex.io accessible to beginners
- The platform continues to delivers a superb trading environment with strong charting tools for technical traders
Cons
- Despite advertised payouts of up to 98%, testing shows average payouts trail best-in-class broker Pocket Option
- Quotex trails industry leaders when it comes to education and market research
- Customer support has been weak during tests with no live chat and slow response times
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."
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
- 170+ trading instruments
- Multiple accounts to suit different strategies and experience levels
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.
Article Sources
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