Best Forex Brokers In Malaysia 2024
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Malaysia is a prominent emerging market and the top palm oil exporter globally, helping to strengthen the ringgit (MYR), and attracting aspiring forex traders.
The Central Bank (BNM) and Securities Commission (SCM) oversee the Malaysian financial markets, including forex trading, but locals often choose trustworthy platforms regulated overseas.
We’ve identified the best forex brokers in Malaysia. Every platform accepts forex traders in Malaysia, offers a terrific range of currency pairs, and has earned our trust following in-depth tests. Many also offer Islamic accounts with over 60% of Malaysians Muslim.
10 Top Forex Brokers In Malaysia
We conducted firsthand tests and exhaustive analysis to discover the best 5 forex brokers in Malaysia:
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1FXTM30% up to $100 via Exinity Ltd
Ratings
$2000.01 Lots1:2000CySEC, FCA, FSCA, FSC, CNMVForex, CFDs, Indices, Commodities, StocksFXTM App, MT4, MT5Neteller, Skrill, Visa, WebMoney, Perfect Money, Western Union, Credit Card, Google Wallet, PayRedeem, Maestro, GlobePayUSD, EUR, GBP -
2Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Ratings
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPayUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
3IC Markets
Ratings
$2000.01 Lots1:1000ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
4AvaTrade20% Welcome Bonus up to $10,000
Ratings
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
5FOREX.com20% Welcome Bonus Up To $5000
Ratings
$1000.01 Lots1:400NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
6PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Ratings
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, SkrillUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
7XM$30 No Deposit Bonus When You Register A Real Account
Ratings
$50.01 Lots1:1000ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMFForex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, FuturesMT4, MT5Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF -
8Eightcap
Ratings
$1000.01 Lots1:500ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
9PrimeXBT$100 Deposit Bonus
$00.01 Lots1:1000CFDs, Cryptos, Forex, Indices, Commodities, FuturesOwnBitcoin Payments, Ethereum Payments, Credit Card, Debit CardUSD, EUR, GBP -
10IQ OptionRISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
$100.001 Lots1:500CFD, Forex, Crypto, Stocks, Digital OptionsOwnSkrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, BoletoUSD, EUR, GBP, ZAR
Here is a short overview of each broker's pros and cons
- FXTM - FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for day traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.
- Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
- IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
- AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
- FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
- Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
- XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
- Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
- PrimeXBT - PrimeXBT offers 50 forex pairs, which is above the industry average and covers a good range of majors, minors and exotics. Traders can enjoy trading via margin with zero commissions. Additionally, the broker’s copy trading service allows you to explore various currency trading strategies.
- IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.
Best Forex Brokers In Malaysia 2024 Comparison
FXTM
"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."
Tobias Robinson, Reviewer
FXTM Quick Facts
Bonus Offer | 30% up to $100 via Exinity Ltd |
---|---|
GBPUSD Spread | 0.2 |
EURUSD Spread | 0.1 |
EURGBP Spread | 0.6 |
Total Assets | 50+ |
Leverage | 1:2000 |
Platforms | FXTM App, MT4, MT5 |
Account Currencies | USD, EUR, GBP |
Pros
- Beginners can access a strong range of free educational materials and short-term market insights, including a podcast hosted by the brand’s expert team
- FXTM offers free VPS hosting for active day traders looking for 24/7 uninterrupted connection with up to 99.9% uptime
- Customer support is reliable and available in 30+ languages, making FXTM a top choice among global traders
Cons
- It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like AvaTrade
- Spreads are mediocre in the commission-free accounts, with typical EUR/USD spreads around 1.9 pips - the industry average is around 1.2 pips
- Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals
Vantage
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
Jemma Grist, Reviewer
Vantage Quick Facts
Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme |
---|---|
GBPUSD Spread | 0.5 |
EURUSD Spread | 0.0 |
EURGBP Spread | 0.5 |
Total Assets | 55+ |
Leverage | 1:500 |
Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
- The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
- There are no short-term strategy restrictions with hedging and scalping permitted
Cons
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
IC Markets
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
Christian Harris, Reviewer
IC Markets Quick Facts
GBPUSD Spread | 0.23 |
---|---|
EURUSD Spread | 0.02 |
EURGBP Spread | 0.27 |
Total Assets | 75 |
Leverage | 1:1000 |
Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
AvaTrade
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
Rebecca Holden, Reviewer
AvaTrade Quick Facts
Bonus Offer | 20% Welcome Bonus up to $10,000 |
---|---|
GBPUSD Spread | 1.5 |
EURUSD Spread | 0.9 |
EURGBP Spread | 1.5 |
Total Assets | 50+ |
Leverage | 1:30 (Retail) 1:400 (Pro) |
Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
- Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
- AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
Cons
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- There is no ECN account with raw spreads
- Traders from the US are not accepted
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
Bonus Offer | 20% Welcome Bonus Up To $5000 |
---|---|
GBPUSD Spread | 1.3 |
EURUSD Spread | 1.2 |
EURGBP Spread | 1.4 |
Total Assets | 80+ |
Leverage | 1:400 |
Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Christian Harris, Reviewer
Pepperstone Quick Facts
GBPUSD Spread | 0.4 |
---|---|
EURUSD Spread | 0.1 |
EURGBP Spread | 0.4 |
Total Assets | 100+ |
Leverage | 1:30 (Retail), 1:500 (Pro) |
Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
Cons
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
XM
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
Rebecca Holden, Reviewer
XM Quick Facts
Bonus Offer | $30 No Deposit Bonus When You Register A Real Account |
---|---|
GBPUSD Spread | 1.9 |
EURUSD Spread | 1.6 |
EURGBP Spread | 1.8 |
Total Assets | 55+ |
Leverage | 1:1000 |
Platforms | MT4, MT5 |
Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF |
Pros
- XM is a hugely respected broker authorized by tier-one regulators
- Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
- XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
Cons
- There is weak regulatory oversight through the global entity
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- PayPal deposits are not supported
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Christian Harris, Reviewer
Eightcap Quick Facts
GBPUSD Spread | 0.1 |
---|---|
EURUSD Spread | 0.0 |
EURGBP Spread | 0.1 |
Total Assets | 50+ |
Leverage | 1:500 |
Platforms | MT4, MT5, TradingView |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
PrimeXBT
"PrimeXBT is good for beginners looking to trade crypto derivatives among traditional assets like forex and indices. There's also a proprietary copy trading solution for novices looking to learn from more experienced investors. With that said, the lack of regulation means traders will receive limited safeguards."
William Berg, Reviewer
PrimeXBT Quick Facts
Bonus Offer | $100 Deposit Bonus |
---|---|
GBPUSD Spread | Variable |
EURUSD Spread | Variable |
EURGBP Spread | Variable |
Total Assets | 45+ |
Leverage | 1:1000 |
Platforms | Own |
Account Currencies | USD, EUR, GBP |
Pros
- There’s a range of additional trading opportunities on offer, including demo contests and a copy trading solution
- PrimeXBT offers low maker and taker fees coming in at 0.01% and 0.02%, respectively, for crypto futures contracts
- The broker delivers ultra-fast trade execution speeds, averaging <7.12 ms - ideal for active day traders
Cons
- The total selection of 110+ assets is far fewer than top competitors, including OKX with 400+
- The lack of reputable regulatory oversight is a security concern, though this is common in the crypto trading industry
- It’s a shame that there are no popular third-party platforms on offer such as MT4
IQ Option
"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."
William Berg, Reviewer
IQ Option Quick Facts
GBPUSD Spread | 5 pips |
---|---|
EURUSD Spread | 14 pips |
EURGBP Spread | 15 pips |
Total Assets | 60+ |
Leverage | 1:500 |
Platforms | Own |
Account Currencies | USD, EUR, GBP, ZAR |
Pros
- Access to IQ Option community
- Excellent range of payment methods
- High payouts on binary options
Cons
- €10 inactivity fee after 90 days
- No MetaTrader 4 integration
How We Rate Forex Brokers In Malaysia
Trust
An unreliable company can leave traders with major losses regardless of their abilities, so we see trust as the single most important factor when choosing a forex broker.
The Central Bank (BNM) and Securities Commission (SCM) are Malaysia’s financial regulators and oversee the country’s capital markets, including retail forex trading.
However, these are not the best-known or most active watchdogs, so Malaysian traders may want to choose a broker that is licensed by a ‘green-tier’ regulator like the neighboring Monetary Authority of Singapore (MAS) or the UK’s Financial Conduct Authority (FCA).
This will help protect you from cloned firms and forex scams that cost residents millions each year, with Malaysians losing nearly 2 million MYR in just a single bogus forex scheme in 2023, as reported by the Star.
- FOREX.com consistently tops our Trust charts because it gets all the fundamentals of a trustworthy broker right. It’s regulated by multiple green-tier watchdogs, including the FCA and MAS; it employs cutting-edge safeguards including biometric authentication; and its parent company, StoneX, is NASDAQ-listed.
Currency Pairs
Without currencies you’re comfortable trading, you’re less likely to turn a profit, while a selection of more volatile currency pairs can offer exciting, albeit high-risk trading opportunities.
That’s why we count 50 forex pairs as a minimum for a good broker, though many of our favored platforms offer significantly more with 80+ or even 100+.
Although MYR is not offered by many forex brokers, you will find popular regional currencies such as Singapore dollars (SGD) and Indonesian rupiah (IDR).
![SGD/MYR chart on TradingView forex platform](https://www.daytrading.com/wp-content/uploads/2024/05/malaysia-forex-brokers-myrsgd.png)
I always look for brokers that include resources like economic calendars or news feeds to help me research the forex pairs I want to trade.Updates from the BNM or nearby countries’ central banks can help you understand the factors driving price movements of MYR and other currencies.
- Pepperstone remains one of our top choices for many reasons – the stellar selection of 100+ forex pairs, regulation from multiple green-tier watchdogs, and fantastic execution on its range of platforms. It’s little wonder this broker has won our ‘Best Forex Broker’ award twice and ‘Best Overall Broker’ once.
Pricing
Look for a competitively priced broker or you will get bogged down with fees on frequent short-term trades and it can be difficult to make a profit.
We look for brokers that offer a choice between commission-free accounts, which tend to suit beginners, and raw accounts with the tight spreads favored by experienced traders, and often starting at or near zero on major currency pairs like the EUR/USD.
You should also weigh up these trading fees as well as any additional costs against the full package. While low fees are hugely important, we’ve found that it can sometimes be well worth paying slightly extra for top-of-the-range tools to help with charting, analysis, research or automated forex trading.
- FXTM continues to leave most rivals in the dust with its ultra-low pricing including spreads from 0.0 pips and commissions averaging between just $0.40 and $2 per lot on the advantage account. This makes FXTM a fantastic no-frills choice for forex traders seeking value.
Forex Platforms
The trading platform is your window to the foreign exchange market, so it plays a vital role in your trading experience and you should find one you’re comfortable using.
We’re finding that most forex traders today want to be able to research, plan and execute trades on the same platform without the hassle of switching between browser windows or apps.
Classic platforms like MetaTrader 4 allow you to do just that, but in our experience, newer options are proving even more feature-rich and convenient.
In particular, TradingView and some bespoke platforms developed by top brokers have gained an edge by integrating live data in slick interfaces. In a few clicks, you’ll find Malaysian key economic data, BNM announcements, or news and data on important factors driving ringgit prices such as oil.
![Key economic data Malaysia](https://www.daytrading.com/wp-content/uploads/2024/05/malaysia-forex-brokers-tradingview-economic-data.png)
- IC Markets has been one of our top choices for years because we love trading with its suite of forex tools. You’ll have the choice of two MetaTrader platforms, cTrader, and TradingView, or a fantastic app, and IC Markets also provides access to powerful extras such as DupliTrade and Trading Central.
Account Funding
Although often overlooked when choosing a forex broker, account options can be decisive factors.
For a country like Malaysia where over 63% of people are Muslim, it will often be important to find a broker with a swap-free account to follow the Islamic laws prohibiting interest.
Account funding is another important factor to consider. You may need a broker that accepts convenient payment methods to pay in MYR without the pain of high currency conversion fees.
We’ve found that many traders nowadays prefer straightforward digital payment methods, with PayPal, Apple Pay, Google Pay and AliPay all available and popular in Malaysia, according to data from Statista.
- XM consistently leads the field in Malaysia with its account options, which include an Islamic account and no minimum deposit. Thanks to the wide range of digital and traditional payment methods, you’ll also have a great chance of finding affordable ways to deposit Malaysian ringgits.
Methodology
The forex brokers that made it to our top list all accept traders in Malaysia and scored the highest ratings in key areas, notably:
- Regulation from a trusted watchdog, if not the SCM and BNM.
- A superior range of forex markets including regional currencies.
- Excellent value with quality services, tight spreads and low commissions.
- Intuitive and responsive charting platforms for short-term forex trading.
- Account options with convenient funding in Malaysian ringgits.
FAQ
Is Forex Trading Legal In Malaysia?
Residents of Malaysia are free to sign up with online brokers and trade forex with no laws prohibiting this.
However, you should make sure you are up to date with the latest rules from the Inland Revenue Board of Malaysia to ensure you comply with tax laws if you profit from forex trades.
Who Regulates Forex Trading In Malaysia?
The Central Bank (BNM) and Securities Commission (SCM) are the bodies charged with overseeing Malaysia’s financial markets, and their duties involve overseeing the forex sector.
However, these are not among the best-known regulators, and traders often prefer overseas forex brokers that are regulated by green-tier watchdogs like the MAS and FCA.
How Much Does It Cost To Start Trading Forex In Malaysia?
After years of reviewing forex brokers that accept clients in Malaysia, we’ve found that although the minimum deposit varies greatly, you’re unlikely to pay more than $250 (around 1175 MYR) to start trading.
Many forex brokers are significantly cheaper, however, with XM charging just $5 and Pepperstone not setting any minimum requirement.
Recommended Reading
Article Sources
- Bank Negara Malaysia (BNM)
- Securities Commission of Malaysia (SCM)
- Inland Revenue Board of Malaysia
- Major E-Wallets in Malaysia - Statista
- Bogus Forex Scheme - The Star
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com