Best Forex Brokers In Malaysia 2025
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.
6 Top Forex Brokers In Malaysia
We conducted firsthand tests and exhaustive analysis to discover the best 6 forex brokers in Malaysia:
Here is a summary of why we recommend these brokers in March 2025:
- XM - XM offers a strong selection of currency pairs with no re-quotes or hidden charges, while spreads have come down over the years, now starting from 0.8 pips on the EUR/USD in the commission-free account.
- 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 delivers 50+ currency pairs with tight spreads from 0.9 pips and zero commissions. Trade majors, minrs, and exotics 24/5 on leading forex platforms, notably MT4, with sophisticated charting tools and forex education to sharpen your edge, including a dedicated guide to 'Currency Trading'.
- 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.
Best Forex Brokers In Malaysia 2025 Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator |
|---|---|---|---|---|---|
| XM | 55+ | 0.8 | / 5 | $5 | ASIC, CySEC, DFSA, IFSC |
| Vantage | 55+ | 0.0 | / 5 | $50 | FCA, ASIC, FSCA, VFSC |
| IC Markets | 75 | 0.02 | / 5 | $200 | ASIC, CySEC, FSA, CMA |
| AvaTrade | 50+ | 0.9 | / 5 | $100 | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
| FOREX.com | 80+ | 1.2 | / 5 | $100 | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA |
| Pepperstone | 100+ | 0.1 | / 5 | $0 | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
XM
"With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years."
Christian Harris, Reviewer
XM Quick Facts
| Bonus Offer | $30 No Deposit Bonus When You Register A Real Account |
|---|---|
| GBPUSD Spread | 0.8 |
| EURUSD Spread | 0.8 |
| EURGBP Spread | 1.5 |
| Total Assets | 55+ |
| Leverage | 1:1000 |
| Platforms | MT4, MT5, TradingCentral |
| Account Currencies | USD, EUR, GBP, JPY |
Pros
- XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
- XM’s growing roster of 1,000+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
- XM’s customer support has delivered over years of testing, with 24/5 assistance in 25 languages, response times of <2 minutes and now a growing Telegram channel.
Cons
- XM is falling behind the curve by not offering cTrader and TradingView which are increasingly being favored over MetaTrader for their smoother user experience and superior charting packages.
- While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
- Although trusted and generally well-regulated, the XM global entity is registered with the weak IFSC regulator and UK clients are no longer accepted, reducing its market reach.
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 are no short-term strategy restrictions with hedging and scalping permitted
- There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
- Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
Cons
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- Unfortunately, cryptos are only available for Australian clients
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
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."
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, Quantower |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- 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.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
Cons
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- 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.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
AvaTrade
"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."
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
- AvaTrade continues to enhance its suite of products, recently through AvaFutures, providing an alternative vehicle to speculate on over 35 markets with low day trading margins.
- Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
- Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
Cons
- AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
- Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
- While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
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."
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.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- 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.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- 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."
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, Quantower |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
Cons
- 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.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
- 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.
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).
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.
- 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