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The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare Tickmill and HFM, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that Tickmill holds two Tier 1 and one Tier 2 licences, and HFM holds two Tier 1 and one Tier 2 licences.
Based on these findings, Tickmill earned a higher trust rating than HFM.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Tickmill has overall lower trading costs than HFM.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, HFM offers support for MT4 and MT5 and Tickmill offers support for MT4, MT5 and HFM Trading App.
In this case both HFM and Tickmill offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Tickmill offers a greater range and depth of instruments to trade than HFM. Tickmill offers 62 Forex pairs to trade and HFM offers 53 Forex pairs to trade.
In this case, HFM offers 40 cryptocurrencies while Tickmill offers 8 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with HFM.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither HFM nor Tickmill charges a withdrawal fee. Overall, HFM has better deposit and withdrawal processes than Tickmill.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
HFM and Tickmill both have very good educational support. Both HFM and Tickmill offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that Tickmill offers better research analysis than HFM and that both HFM and Tickmill offer frequent webinars.
A trustworthy broker with MT4 and MT5 support and one of the lowest-cost trading accounts in the industry, Tickmill provides a perfect trading environment for serious beginners and more experienced traders. However, although the Labuan FSA regulates Tickmill, Malaysian traders will be onboarded through Tickmill’s Seychelles-based entity, which offers less protection.
With two account types on offer, the Raw has market-leading trading conditions, leaving the fixed-fee Classic Account feeling out of place. The Raw account has a spread from 0 pips on the EUR/USD, a 100 USD minimum deposit, and a commission of 6 USD (round turn) per 1 lot traded. The commission-free Classic Account, also with a 100 USD minimum deposit, has a spread of 1.6 pips (EUR/USD), which is higher than the industry average.
Overall, while Tickmill’s standard account is more expensive than other similar brokers, the low-cost commission account makes it an excellent choice of broker for MetaTrader users looking for a new broker.
HFM is a well-known international broker with a strong focus on the Malaysian market. It has local customer support available in Malay and allows free deposits in MYR from major Malaysian banks.
HFM offers three standard accounts and two specialised copy trading accounts, but the standout is the Micro Account, with a 50 MYR minimum deposit and decent trading fees starting at 1 pip spreads on the EUR/USD. We were also pleased to find that HFM has reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This includes an excellent range of trading assets, including over 950 other international stocks.
HFM supports both the MT4 and MT5 platforms and its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to assist traders. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 500 USD – well above the minimum deposit.
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