In this guide, we go over the Best forex brokers in Malaysia. We hand-picked and analyzed the best rated licensed forex brokers in Malaysia. We base our research on multiple factors such as fees, security, regulation, trading platform, education, customer support, and more.
Best Forex Brokers in Malaysia 2023
We researched the top Forex Brokers for Malaysian residents. The list below is based on broker fees, security, regulation, trading platforms, and more. This is our selection of the top Forex Trading Platforms in Malaysia.
- Pepperstone – Best Forex Broker Malaysia Overall
- AvaTrade – Best Forex Broker Malaysia for Trading App
- FP Markets – Best Forex Broker Malaysia For Scalping
- XTB – Best CFD Forex Broker in Malaysia
- Interactive Brokers – Best Forex Broker Malaysia for Market Access
- XM – Best Forex Broker Malaysia for Education
- IC Markets – Forex Broker Malaysia with Low Spreads
- IG – Tigh Spread Forex Broker in Malaysia
- Forex.com – Forex Broker in Malaysia
Our Top 3 Picks
2. Best Trading App
PFI Rating 4.9
1. Best Overall
PFI Rating 4.9
3. Low Spreads
PFI Rating 4.9
PFI Rating: 4.9/5
1. Pepperstone – Best Forex Broker Malaysia Overall
Pepperstone is our top pick as the best broker for forex trading in Malaysia. Pepperstone was founded in 2010 and offers CFDs on Forex, Crypto, Shares, Indices, and Cryptocurrencies.
The minimum deposit is $0 and it offers various deposit methods. Pepperstone is a safe and reliable forex broker regulated by top-tier authorities, perfect for Malaysian clients.
Forex trading fees are low. Pepperstone offers two account types: Razor and Standard.
- Regulated by Top Authorities
- Low Spreads
- No Minimum Deposit
76.6% of retail investor accounts lose money when trading CFDs with this provider
PFI Rating: 4.9/5
2. AvaTrade – Best Forex Trading App Malaysia
AvaTrade is the top rated forex trading app in Malaysia. AvaTrade was founded in 2006 and is regulated by top-tier authorities worldwide.
The minimum deposit is $100. Avatrade offers CFDs on Forex, Stocks, Commodities, FXOptions, Cryptocurrencies, Indices, ETFs, and Bonds.
Forex trading fees are low, and the minimum lot size is 0.01. Avatrade offers its proprietary trading platform WebTrader, MetaTrader4, Metatrader5, and one of the best trading apps in the industry. It is great for Malaysian Traders looking for automated copy trading through AvaSocial or DupliTrade.
77.82% of retail investor accounts lose money when trading CFDs with this provider
PFI Rating: 4.9/5
3. FP Markets – Best Low Spread Forex Broker in Malaysia
FP Markets is best for their low spreads. FP Markets was founded in 2005 and is regulated by ASIC and CySEC.
The minimum deposit at FP Markets is $100. They offer 10,000+ financial instruments across Forex, Shares, Metals, Commodities, Indices, Cryptocurrencies, Bonds, and ETFs.
Execution speeds are among the best in the industry, and their spreads are tight starting from 0.0 pips.
FP Markets offers trading through their WebTrader, MetaTrader 4, and MetaTrader 5. They allow automated copy trading.
On FP Markets Official Website
PFI Rating: 4.8/5
4. XTB
XTB is a publicly traded company founded in 2002. XTB is a well-regulated broker by top-tier authorities worldwide.
The minimum deposit at XTB is $0. They offer Forex, Indices, Commodities, Stock CFDs, ETF CFDs, and Cryptocurrencies.
A downside of XTB is its withdrawal fee of $20 for withdrawals under $100 and the inactivity fee.
Overall XTB is a great choice for forex trading in Malaysia.
On XTB Official Website
PFI Rating: 4.9/5
5. Interactive Brokers – Best Forex Broker in Malaysia for Market Access
Interactive Brokers is a great choice for any trader. Interactive Brokers was founded in 1978 and is regulated by top-tier regulators worldwide. It is the best regarding regulation and market access.
Interactive Brokers offer trading on Stocks, ETFs, Options, Futures, Currencies, Cryptocurrencies, US Spot Gold, Bonds, Mutual Funds, and Hedge Funds.
The minimum deposit is $0. Their trading fees are low.
Their forex trading platforms are the most advanced on this list and have one of the best in the industry.
On Interactive Brokers' Official Website
PFI Rating: 4.7/5
6. Plus500 – Great CFD Forex Broker In Malaysia
Plus500 is next on our list. It is a great forex CFD broker. Founded in 2008, it is a trusted forex trading platform in Malaysia.
Plus500 is well-regulated.
The minimum deposit at Plus500 is $100. They offer CFD trading on Shares, Forex, Commodities, Indices, Crypto, Options, and ETFs.
Their forex trading platform is easy to use, but experienced traders will find it lacking features.
86% of retail investor accounts lose money when trading CFDs with this provider.
XM
This forex and CFD broker offers a great platform for trading in Malaysia. XM offers great resources and educational content. Opening an account is fast and easy, and the platform is simple to trade on.
| Pros | Cons |
|---|---|
| Low fees for withdrawals | Forex fees could be improved |
| Easy to use and start | |
| Quality educational tools | |
| Forex and Stock CFDs |
Forex.com
Forex.com is a global broker that focuses heavily on forex trading. This platform is more suitable for advanced traders. There are loads of currency pair options, and the fees are very low. Forex.com is ideal for high-volume traders.
| Pros | Cons |
|---|---|
| A forex-first platform with plenty of currency pairs | Suitable for experienced and high-volume traders |
| Low forex fees | Not the best broker for novice traders |
| Good research tools |
IG
IG is well regulated in Malaysia and is a popular forex trading platform across the globe. IG traders can enjoy excellent tools for the foreign exchange market. Pricing structures are competitive, and the trading options are versatile.
| Pros | Cons |
|---|---|
| Good selection of tools and educational content | Above average forex fees |
| Web trading software is excellent | Slow customer support |
| Deposit and withdrawal options |
Saxo Markets
This online broker offers low commissions and a very easy-to-use trading platform. With Saxo Markets, you can trade in a wide range of markets.
Thanks to its trading versatility and simple platform, Saxo Markets is a good choice for new traders. Saxo Markets offers lower FX spreads than most other brokers.
| Pros | Cons |
|---|---|
| Good selection of tools and educational content | Not focused on Forex |
| Easy to use platform | |
| Offers access to wide-ranging markets |
HotForex
HotForex is a top Malaysianforex trading platform thanks to its low fees and many useful features. Traders can enjoy social/copy trading, a demo account, MT4, and MT5 platforms.
| Pros | Cons |
|---|---|
| Good currency pairs | Mobile App |
| Low forex fees and commissions | |
| Social/Copy System | |
| Free demo account |
BDSwiss
BDSwiss is a well-regulated trading platform that appeals to all kinds of traders worldwide. This forex broker has some good currency pairs available, as well as plenty of other trading options.
It is a suitable platform for beginners and experienced traders thanks to its useful tools and fast trading software functionality.
| Pros | Cons |
|---|---|
| Great forex and CFD instruments | High account minimum |
| Well regulated and established broker | |
| Fast and easy account opening | |
| Customer support | |
| Offers wealth management opportunities |
EightCap
EightCap is an Australian-based CFD and forex broker. It is a well-regulated broker with a great range of forex pairs available. The rest of the CFD portfolio is good for those wanting to trade outside forex.
| Pros | Cons |
|---|---|
| A good range of currency pairs available | High account minimum |
| Well regulated | Fees and commissions |
| An easy to use trading platform | Resources and tools |
easyMarkets
Beginner traders will love easyMarkets thanks to its very user-friendly online trading platform. This forex trading platform in Malaysia also features two unique features that are great for beginners.
These are the deal cancellation and freeze rate. The easymarkets MT4 offering is excellent for guaranteed stop-loss orders.
| Pros | Cons |
|---|---|
| Easy to use online trading platform | Forex market research tools |
| Well regulated for forex and CFD trading in Malaysia | Fees could be better |
| Easy to get started | Small selection of tradable products |
Tickmill
This global forex and CFD broker is well regulated for safe forex trading in Malaysia. The broker offers low forex and non-trading fees. Opening an account is easy, and there is plenty of good withdrawal and deposit options.
This is a forex-focused platform, so the rest of its product portfolio is fairly limited.
| Pros | Cons |
|---|---|
| Forex trading fees | The mobile app could be improved |
| Deposit and withdrawal options | News feed structure |
| Low non-trading fees | Limited markets and products besides forex |
City Index
City Index is regulated by top-tier authorities and has a long proven history. This broker is focused on foreign exchange and CFDs, offering some great opportunities in these fields.
Forex fees are low, withdrawal fees are low, and opening an account is easy. City Index offers great research tools.
| Pros | Cons |
|---|---|
| Quality research tools available | Desktop platform |
| Low forex trading fees | Not a great range of products available beyond forex |
| Low withdrawal fees | |
| Account Opening |
Swissquote
This listed Swiss broker is a good choice for experienced, serious traders. The platform is very well regulated and offers access to a wide range of markets. Forex traders can also enjoy many currency pairs.
The platform is a little confusing for beginners to use, and their fees are higher than many other forex brokers in Malaysia.
| Pros | Cons |
|---|---|
| Good market access and currency pairs | Not the easiest trading platform to navigate |
| Well regulated | High trading fees |
| Zero inactivity fees |
IC Markets
IC Markets is a forex and CFD broker founded in 2007. They are regulated by multiple top-tier regulators worldwide. Their forex fees are low, the platform is easy to use, and deposits and withdrawals are free. IC Markets research and education is great.
| Pros | Cons |
|---|---|
| Easy account opening process | Non-EU clients don't get investor protection |
| Low forex fees | Slow customer support |
| Free withdrawals and deposits | Not a great product portfolio other than forex |
FXTM
FXTM is a global CFD and forex broker. It was founded in 2011 and is regulated by top-tier regulators like CySec, FSCA, DCA, BaFiN, and others.
There are great educational resources, including webinars, to help you trade smarter. Opening an account is fast and easy. There is also the option to open a demo account.
| Pros | Cons |
|---|---|
| Opening an account is easy and digital | Fees |
| Beginner-friendly platform | |
| Great educational resources |
Vantage FX
Vantage FX is an ideal broker for trading forex due to its low trading fees and no inactivity fees. This is a fully digital broker with a fast account opening process and plenty of deposit and withdrawal options.
| Pros | Cons |
|---|---|
| Low fees | It doesn’t offer investor protection |
| Research and educational tools | The product portfolio is limited |
| Account Opening | Slow customer support |
FxPro
FxPro is a great forex broker founded in 2006. It is regulated by top-tier regulators such as CySEC, FSCA, FCA, and SCB.
Users of FxPro get access to swap-free accounts, a great platform, low fees, and insurance of clients' funds.
However, if you want a wider portfolio, FxPro is not the best choice.
Opening an account is fast and easy. Withdrawals and deposits are free, and the platform is easy to use.
| Pros | Cons |
|---|---|
| Easy account opening process | Limited portfolio beyond forex |
| Customer service | Fees |
| Good educational content available | |
| Free deposit and withdrawal options |
OctaFX
OctaFX offers a MetaTrader and cTrader platform experience. This forex and CFD broker is not as well regulated as others.
However, the broker has an efficient mobile app. Fees and commissions are low, and there are great currency options.
| Pros | Cons |
|---|---|
| Forex-focused broker | Lacks research and educational tools |
| Low commissions and fees | Not as well regulated as other forex brokers |
| Great mobile app |
Moneta Markets
Moneta Markets is a safe and well-regulated forex and CFD broker. The trading platform has high average spreads and one account type which means it isn’t the first choice for low-cost trading.
Moneta Markets has a simple-to-use platform with great educational content. Commissions and fee structures are good, and so is the overall investment offering.
| Pros | Cons |
|---|---|
| Well regulated | Not the best technical tools available |
| Good fees and commissions for forex | |
| Easy to use | |
| Great educational resources |
HYCM
HYCM is a well-established global CFD and forex broker. Forex and CFD fees are very low, and there is a great selection of educational tools available.
The platform is fully digital which makes opening an account easy. For forex trading this platform is powerful, but it lacks other basic products for those wanting a broader portfolio.
| Pros | Cons |
|---|---|
| Low CFD and forex fees | Inactivity fees |
| Easy to use and open an account | Limited market access |
| The educational content and trading tools are great | Customer service could be better |
Compare Forex Brokers in Malaysia
Below we compare the best forex brokers in Malaysia for 2023. Public Finance International researched and analyzed forex brokers on a variety of factors. Here are the most important factors compared side by side.
| Forex Broker | Pepperstone | AvaTrade | FP Markets | XTB | Interactive Brokers |
|---|---|---|---|---|---|
| Founded | 2010 | 2006 | 2005 | 2002 | 1978 |
| Regulation | ASIC, CySEC, FCA, SCB, DFSA, BaFin, CMA | FCA, ASIC, FSCA, FRSA, Israel Securities Authority, Financial Services Agency, Financial Futures Association of Japan | ASIC, CySEC | FCA, CySEC, Fincancial Services Commission in Belize | SEC, CFTC, FCA, NFA |
| Offering Of Investments | CFDs on Forex, Crypto, Shares, Indices, Crypto | Forex, Stocks, Commodities, FXOptions, Cryptocurrencies, Indices, ETFs, Bonds | Forex, Shares, Metals, Commodities, Indices, Cryptocurrency, Bonds, ETFs | Forex, Indices, Commodities, Stock CFDs, ETF CFDs, Crypto | Stocks, ETFs, Options, Futures, Currencies, Cryptocurrencies, US Spot Gold, Bonds, Mutual Funds, Hedge Funds |
| Minimum Deposit | $0 | $100 | $100 | $0 | $0 |
| Demo Account | Yes | Yes | Yes | Yes | Yes |
| Withdrawal Fee | $5 | $0 | $0 | 20 USD for withdrawals under 100 USD | 1 Free Withdrawal per Month |
| Inactivity Fee | $0 | $50/month After 3 Months | $0 | $10 monthly after 12 months | No |
| Deposit Methods | Credit/debit cards, Bank/Wire Transfer, PayPal, Neteller, Skrill, UnionPay | Credit and Debit Cards, Wire Transfer, e-payments | Credit Cards. Debit Cards, Bank Transfer, Ngan Luong, FasaPay, Online Pay, Broker to Broker, Neteller, Skrill, PayTrust, PayPal, Bpay, Poli | Bank Transfers, Credit and Debit Cards, Skrill | Bank Wire, Credit Cards, ACH, Mail a check, Rollover, Online Bill Pay, Trustee-to-Trustee, SEP Contribution |
Compare Trading Fees
Below we compare the trading fees of Malaysian Forex Brokers.
| Trading Fee | Pepperstone | AvaTrade | FP Markets | XTB | Interactive Brokers |
|---|---|---|---|---|---|
| EURUSD | Minimum from 0.0 and 0.17 average spread (Razor Account) Minimum from 0.6 and 0.77 average spread (Standard Account) | Spread: 0.9 | from 0.0 - 1.3 (average 0.2 pips) | 0.1 - 0.5 | Spreads |
| GBPUSD | Minimum from 0.0 and 0.59 average spread (Razor Account) Minimum from 0.6 and 1.19 average spread (Standard Account) | Spread: 1.5 | from 0.0 - 1.8 (average 0.7 pips) | 0.1 - 0.5 | Spreads |
| Apple Fees | 0 + market spread | 0.13% | Spread | 0.30% | $0 commissions |
| Tesla Fees | 0 + market spread | 0.13% | Spread | 0.30% | $0 commissions |
| Amazon Fees | 0 + market spread | 0.13% | Spread | 0.30% | $0 commissions |
| S&P 500 Fees | min. 0.4 spread | 0.25 over market | Spread | N/A | N/A |
| Options Fee | N/A | N/A | N/A | N/A | $0.25/contract - $0.65/contract |
| Mutal Fund Fees | N/A | N/A | N/A | N/A | No Transction Fee Funds - 0.00 USD and Lesser of 3% or 14.95 for Transaciton Fees |
| ETF Fee | N/A | 0.13% - 0.15% | N/A | 0.30% | $0 commissions |
Best MetaTrader Forex Broker for Malaysians
The best MetaTrader forex trading platform in Malaysia is Pepperstone. Pepperstone trading platform is versatile, fast, has great execution speeds, low trading fees, and low spreads. It offers excellent options for forex, with a great product portfolio beyond this.
Best Broker for Beginner Forex Traders in Malaysia
If you are new to forex trading in Malaysia, we recommend choosing AvaTrade as your broker. AvaTrade offers an easy-to-use app with plenty of great tools and educational resources. On top, they have a social copy trading system in place.
How Is Forex Trading Regulated in Malaysia?
Forex trading in Malaysia is regulated by the Securities Commission Of Malaysia (SCM). The SCM was founded in 1993 and implemented CFD guidelines in 2018. You can check the Securities Commission Malaysia website to see if any Malaysian forex broker is registered. Many internationally regulated forex brokers accept clients from Malaysia.
In general, the SCM or the Bank Negara Malaysia (Central Bank of Malaysia)are the regulators for financial services and asset classes such as forex and cryptocurrencies.
Several international regulators regulate Malaysian forex brokers. This includes regulators such as the CFTC, NFA, FCA, CySEC, ASIC etc. Ideally, forex traders search for brokers regulated by reputable international authorities.
How to Pick a Forex Broker in Malaysia
Regulation & Safety
First of all, the broker needs to be regulated by a top-tier regulator. In Malaysia, the local regulatory body is the SCA (Securities Commission Malaysia). The broker should also have other top-tier international regulators.
Currency Pairs Offered
Trading on the foreign exchange market involves the exchange of different currencies. These transactions are done five days a week, 24 hours a day. The forex broker you pick, should offer a wide range of currency pairs for more opportunity and flexibility.
Fees & Commission
The fees and commissions charged can leave a huge dent in the performance of your trading. Fees can be found in various areas, such as spreads, non-trading fees, trading fees, etc. It would help if you read our guide on Brokers With Low Spreads.
Make sure that the fee and commission structure matches your investment strategy. Otherwise, you can lose significantly on your returns.
Rollover Interest
The difference between the two interest rates on the currencies traded is the rollover interest. This can form a vital part of forex trading, so it is important to understand the rollover interest structure the broker uses.
Trading Platforms Supported
Forex brokers often support various other proprietary trading platforms. This offers more versatility and can enhance the overall experience.
Popular examples are MT4, MT5, and cTrader. Make sure you choose a forex broker with supported trading platforms that you feel comfortable with.
Leverage and Margin
Margin refers to the deposit you need for making a trade and keeping open a certain position. Leverage is when you can trade larger positions with less capital.
You will need to understand the leverage and margin positions of your broker, as this can have a major effect on your trading strategy and outcome.
Account Types
Forex brokers offer various account options for different traders. Consider the options available and their suitability for you and your level/experience.
This can include demo accounts, micro, and mini accounts, retail and professional accounts, Islamic trading accounts, Standard accounts, VIP accounts, and so on.
Demo Account Available
Demo accounts are available from certain brokers in Malaysia. A demo account allows you to simulate trading on the platform at real-time market prices. It allows you to get a feel for the platform without being at risk of losing money. This is great for beginners. Forex and Derivatives trading carries a high degree of risk.
Deposit Methods
You will need to know how to make deposits and withdrawals to and from the broker. Look at the deposit methods available and what the fees are for this. Make sure that this works with your bank.
Base Currency and the Malaysian Ringgit
Being based in Malaysia, you will be working with the Malaysian Ringgit. However, you will need a suitable base currency for use on the forex market.
Consider what currencies are available and which will work best as a base currency for trading with regard to the Malaysian Ringgit.
Order Types
There are various order types to use when trading. The basic orders are market, limit entry, stop entry, stop loss, and trailing stop. Consider how your broker and trading platform accommodate these order types.
Mobile Trading
Mobile trading is incredibly popular due to easy access to smartphones wherever we go. Active forex traders are interested in mobile trading to keep up with prices and make swift trades.
Consider the mobile app available and make sure it has all the functionality you need.
Type of Brokers
There are four main types of brokers to consider. Of course, you will need a trusted forex broker for forex trading in Malaysia. You could also use a full-service broker.
Education and Research Available
Brokers offer certain educational content and research tools to make trading more informed and effective. The broker should have extensive research tools and informative, educational content to keep traders updated.
Trading Tools Available
To make trading more effective, the platform should also offer specialized trading tools. This differs with each broker. Trading tools are necessary for market analysis and making smarter trading decisions.
Customer Service
Customer service plays a vital role in the forex broker that you choose. As there are risks and money involved, you will need to make sure that you have solid support for seamless trading. This can make a big impact on your overall forex trading experience.
FAQ
Is Forex Trading in Malaysia Risky?
Any trading risky. Wise and experienced forex traders have the potential to make money, but there is always the risk of significant losses.
Can You Make Money Trading Forex in Malaysia?
Absolutely. Forex trading offers plenty of potential for making money. Like all forms of trading, it is considered a high-risk investment.
Is Forex Trading Legal in Malaysia?
Yes, forex trading is legal in Malaysia as long as brokers use proper regulatory authorities and all taxes are paid.
What are the Forex Trading Hours in Malaysia?
The retail Forex Market in Malaysia is open Monday 5 am – Saturday 4 am Malaysian Time.
Is Forex Trading Taxable in Malaysia?
Forex trading in Malaysia is taxable as income tax, but capital gains are exempt from tax. If you trade from a swap-free Islamic Account and don't withdraw an income, any gains should be tax-free.
