6 Best Forex Brokers in Malaysia
Last Update: March 20th, 2024
The 6 best Forex brokers in Malaysia revealed. We have explored and tested several prominent brokers to identify the 6 best.
In this in-depth guide you’ll learn:
- What is a Forex broker in Southeast Asia
- Who are the best brokers in Malaysia
- Pros and cons of each broker in Asia
- Popular FAQs about the best Forex brokers
And lots more…
Let’s dive right in…
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker >> |
| 🥈 |  | Read Review | FMA, FSA | USD 50 | Visit Broker >> |
| 🥉 |  | Read Review | FSCA, CySEC, DFSA, FSA, CMA | USD 0 | Visit Broker >> |
| 4 |  | Read Review | SFSA, FSCA, CySec* | USD 5 | Visit Broker >> |
| 5 |  | Read Review | FCA, CySEC, FSCA, SCB | USD 100 | Visit Broker >> |
| 6 |  | Read Review | FCA, FINMA, FSA, ASIC | USD 0 | Visit Broker >> |
| 7 |  | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | Visit Broker >> |
| 8 |  | Read Review | Not Regulated | 0.001 BTC | Visit Broker >> |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker >> |
| 10 |  | Read Review | SVGFSA | USD 5 | Visit Broker >> |
What is a Forex broker in Malaysia?
Forex traders in Malaysia use Forex brokers for several reasons. These brokers provide access to global currency markets, offer trading platforms with essential tools, ensure regulatory compliance, provide leverage, offer diverse trading instruments, and often offer localized support and educational resources, catering to the needs of Malaysian traders.
6 Best Forex Brokers in Malaysia (2024*)
- ☑️Interactive Brokers – Overall, the Best Broker for Traders in Malaysia.
- ☑️HFM – Low Minimum Deposit in Southeast Asia.
- ☑️Tickmill – Award-winning Broker in Malaysia.
- ☑️IC Markets – Best global instruments.
- ☑️FP Markets – Low-cost MetaTrader platform.
- ☑️XM – Offers multiple trading account types for beginners.
Best Forex Brokers in Malaysia
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulators | ✔️ Accepts Malaysia Traders |
| 1. Interactive Brokers | 👉 Open Account | There is no specific minimum deposit required | SEC, CFTC, FCA, SEBI | ✔️ |
| 2. HFM | 👉 Open Account | No minimum deposit requirement | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA | ✔️ |
| 3. Tickmill | 👉 Open Account | MYR 23.88 or $5 | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA | ✔️ |
| 4. IC Markets | 👉 Open Account | MYR955.30 or $200 | ASIC, CySEC, FSA, SCB | ✔️ |
| 5. FP Markets | 👉 Open Account | MYR 477.65 or $100 | ASIC, CySEC, FSCA, FSA, FSC | ✔️ |
| 6. XM | 👉 Open Account | MYR 23.88 or $5 | FSCA, IFSC, ASIC, CySEC, DFSA | ✔️ |
6 Best Forex Brokers in Malaysia
Below we have listed the 6 best Forex brokers in Malaysia which offer traders a feature-rich trading environment and competitive conditions.
Interactive Brokers
Overview
Interactive Brokers (IB) is a popular choice for traders in Malaysia due to its robust features tailored to meet diverse trading needs.
The broker offers access to a wide range of financial markets, including forex, stocks, options, futures, and more, enabling Malaysian traders to diversify their portfolios easily.
Interactive Brokers provides competitive pricing with low commissions and tight spreads, making it cost-effective for traders, especially those engaging in high-frequency trading or scalping strategies.
Interactive Brokers offers advanced trading tools and platforms with customizable interfaces, sophisticated charting capabilities, and comprehensive research resources, empowering Malaysian traders to conduct in-depth market analysis and make informed trading decisions.
Furthermore, Interactive Brokers prioritizes regulatory compliance and security, giving traders in Malaysia peace of mind when it comes to funding safety and adherence to local regulations.
Overall, Interactive Brokers stands out for its versatility, affordability, advanced features, and commitment to compliance, making it a preferred choice for traders in Malaysia seeking a reliable brokerage platform.
Unique Features
| Feature | Information |
| ⚖️ Regulation | SEC, CFTC, FCA, SEBI |
| 💻 Account Types | Individual, Joint, Trust, IRA. Non-Professional Advisor. Family Office. Advisor. Advisor Client (including Non-Professional Advisor and Family Office) Broker Client. EmployeeTrack. |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | There is no specific minimum deposit required |
| 📱 Platforms Supported | IBKR |
| 📈 Range of Markets | Global stocks, options, futures, currencies, cryptocurrencies |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Interactive Brokers opens doors to a plethora of global markets, spanning equities, bonds, currencies, futures, and options, facilitating portfolio diversification across various asset classes. | Novice traders may grapple with the complexities of trading platforms and tools, hindering their effective utilization. |
| Their platforms, notably Trader Workstation (TWS) and IBKR Mobile, furnish traders with an arsenal of analytical and execution tools. | Despite their cost-effectiveness, Interactive Brokers' fee structures, varying across account types and services, might perplex some traders. Stricter minimum balance requirements imposed by Interactive Brokers on certain account types may exclude traders with modest balances. |
| Tailored for active traders, Interactive Brokers boasts equitable commission rates and transparent pricing models, potentially reducing overall trading expenses, particularly for high-volume traders. | While offering customer support through multiple channels, the perceived level of personalized service at Interactive Brokers may lag smaller brokerages. |
| Empowering informed decisions, Interactive Brokers equips traders with a myriad of research resources encompassing research papers, technical analysis, market insights, and fundamental data. | Furthermore, Interactive Brokers may provide fewer tutorials and educational materials compared to its counterparts, potentially necessitating new traders to seek additional assistance and resources elsewhere. |
| Interactive Brokers fortifies risk management capabilities through features like portfolio margining, risk-based margining, and real-time margin calculations, empowering traders to prudently navigate and mitigate risks in their endeavours. |
Trust Score
Interactive Brokers has a trust score of 95%
HFM
Overview
HFM presents a compelling option for traders in Malaysia due to several key features. Firstly, its versatile platforms, including MetaTrader 4 and MetaTrader 5, offer user-friendly interfaces and advanced trading tools, catering to both novice and experienced traders alike.
HFM boasts competitive spreads across various asset classes, including forex, indices, commodities, and cryptocurrencies, enhancing trading efficiency and cost-effectiveness for Malaysian traders.
HFM provides a wide selection of assets, allowing traders in Malaysia to diversify their portfolios easily and capitalize on opportunities in different markets.
The broker prioritizes regulatory compliance, ensuring a safe and secure trading environment for Malaysian traders.
Overall, HFM stands out as a favorable option for traders in Malaysia due to its intuitive platforms, competitive spreads, diverse asset selection, and commitment to regulatory standards, empowering traders to pursue their investment goals effectively.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 💻 Account Types | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | There is no specific minimum deposit required |
| 📱 Platforms Supported | MetaTrader 4 and MetaTrader 5 |
| 📈 Range of Markets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook Telegram YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| HFM offers a variety of trading platforms including MetaTrader 4 and MetaTrader 5, catering to different trading preferences and strategies. | Compared to some other brokers, HFM may offer fewer research tools and resources, potentially limiting in-depth market analysis for traders. |
| HFM provides competitive spreads across various asset classes, enhancing trading efficiency and potentially reducing trading costs. | Some traders may experience delays or challenges in accessing customer support, particularly during peak trading hours. |
| HFM offers a diverse range of assets including forex, indices, commodities, and cryptocurrencies, allowing traders to diversify their portfolios easily. | HFM may charge withdrawal fees for certain withdrawal methods, which could increase the overall cost of trading for traders. |
| HFM is regulated by multiple reputable authorities such as the FCA and CySEC, ensuring a safe and secure trading environment for traders. | The fee structure of HFM may be complex for some traders to understand, particularly regarding different types of accounts and services offered. |
| HFM provides a range of educational materials and resources including webinars, seminars, and tutorials, supporting traders in their learning journey. | HFM may offer fewer promotional offers and bonuses compared to some other brokers, which could be a drawback for traders seeking additional incentives. |
Trust Score
HFM has a trust score of 85%
Tickmill
Overview
Tickmill stands out as an attractive option for traders in Malaysia due to several key features. Tickmill’s competitive fee structure, with low spreads and commissions, enhances cost-effectiveness for traders, maximizing potential profits.
The broker offers ultra-fast execution speeds, crucial for executing trades swiftly and taking advantage of market opportunities efficiently, particularly in volatile markets.
Tickmill’s integration with Autochartist provides traders with valuable technical analysis tools, aiding in identifying trading opportunities and making informed decisions based on market trends.
The brokers market sentiment tools offer insights into market dynamics, enabling traders in Malaysia to gauge market sentiment and adjust their strategies accordingly.
Overall, Tickmill’s combination of competitive fees, fast execution speeds, integration with Autochartist, and market sentiment tools make it a compelling choice for traders in Malaysia, empowering them to navigate the markets with confidence and precision.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 💻 Account Types | Pro Account, Classic Account, VIP Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | MYR 23.88 or $5 |
| 📱 Platforms Supported | MetaTrader 4 and MetaTrader 5 |
| 📈 Range of Markets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube Telegram |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| With its reputation for offering industry-leading narrow margins, Tickmill facilitates investments at a minimized cost, benefiting investors. | In contrast to its counterparts, Tickmill may offer fewer educational resources, potentially hindering the learning curve for novice traders. |
| Leveraging its exceptionally swift execution rates, Tickmill ensures prompt order processing, mitigating slippage occurrences. | Accessing Tickmill's services might pose challenges in certain regions, affecting potential traders' reach. |
| Tickmill broadens trading horizons by granting access to a diverse range of non-forex financial products like bonds, indices, and commodities, promoting portfolio diversification. | Those interested in social or copy trading may find Tickmill's platform lacking certain functionalities. |
| Upholding transparency, Tickmill fosters confidence among traders by maintaining clear pricing structures without hidden charges. | Language support beyond English could be limited, posing difficulties for traders seeking assistance. |
| Utilizing state-of-the-art infrastructure and trading technology, Tickmill elevates the trading experience for its clientele, underscoring its commitment to innovation and client satisfaction. | While Tickmill provides basic research tools, its access to advanced resources might be comparatively restricted, impacting traders' ability to conduct thorough analyses. |
Trust Score
Tickmill has a trust score of 82%
IC Markets
Overview
IC Markets stands out as an appealing choice for traders in Malaysia, offering a suite of advantageous features.
With lightning-fast execution, traders can capitalize swiftly on market movements. The provision of narrow spreads enhances cost efficiency, potentially maximizing returns. Generous leverage options empower traders to amplify their positions strategically.
Moreover, IC Markets boasts deep liquidity, ensuring smooth trade execution and minimizing the risk of slippage, even in volatile market conditions.
These attributes collectively provide Malaysian traders with an environment conducive to agile and effective trading strategies. However, traders must exercise caution with leverage and implement robust risk management practices.
Overall, IC Markets’ blend of rapid execution, competitive spreads, leverage options, and liquidity positions it as an attractive option for Malaysian traders seeking optimal trading conditions.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB |
| 💻 Account Types | cTrader Account, Raw Spread Account, Standard Account. |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | MYR955.30 or $200 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 cTrader IC Social Signal Start ZuluTrade |
| 📈 Range of Markets | Forex Commodities Indices Bonds Cryptocurrencies Stocks Futures |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets supports social trading platforms like IC Social and ZuluTrade, facilitating collaborative trading experiences. | The $200 minimum deposit is far higher than that of other brokers. |
| Traders benefit from a secure trading environment ensured by IC Markets' robust regulatory framework overseen by authorities such as ASIC and CySEC. | Beginner traders may find the trading environment too complex |
| Catering to diverse needs, IC Markets offers Islamic accounts for traders adhering to swap-free requirements based on religious beliefs. | |
| Leveraging partnerships with numerous liquidity sources, IC Markets maintains competitive pricing, enhancing trading affordability. | |
| IC Markets safeguards traders against negative balances during market downturns, instilling confidence and risk mitigation. |
Trust Score
IC Markets has a high trust score of 87%
FP Markets
Overview
FP Markets offers a sophisticated trading experience tailored to traders in Malaysia through several key features.
With advanced market depth, traders gain deeper insights into market dynamics, enabling more informed decision-making.
The one-click trading feature streamlines the execution process, allowing for rapid order placement, crucial in fast-moving markets.
FP Markets provides a comprehensive range of technical indicators, empowering traders to conduct in-depth analysis and identify potential trading opportunities.
The fully customizable interface enhances user experience, enabling traders to tailor their trading environment to suit their preferences and strategies.
These features collectively contribute to FP Markets‘ appeal among traders in Malaysia, providing them with the tools and flexibility needed to navigate the financial markets effectively and capitalize on opportunities.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSCA, FSA, FSC |
| 💻 Account Types | MT4/5 Standard Account, an MT4/5 Raw Account, an MT4/5 Islamic Standard Account, and an MT 4/5 Islamic Raw Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | MYR 477.65 or $100 |
| 📱 Platforms Supported | MetaTrader 4 MetaTrader 5 IRESS cTrader FP Markets App |
| 📈 Range of Markets | Forex Shares Metals Commodities Indices Cryptocurrencies Bonds ETFs |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | LinkedIn YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Traders benefit from FP Markets' highly advanced software infrastructure. | Owing to FP Markets' global focus, not all local payment options may garner the same levels of attention. |
| All-inclusive customer support services are provided to investors by a group of committed and experienced employees. | Even though FP Markets offers a wide variety of products, certain traders may prefer regional or specialty markets. |
| FP Markets are governed by several international agencies, including the FSCA, CySEC, ASIC, FSA, and FSC. | Withdrawal costs are computed by FP Markets for a variety of payment options. |
| FP Markets provides traders with a comprehensive library of instructional resources aimed at enhancing their trading skills. | |
| To meet the diverse needs and trading preferences of its customers, FP Markets provides a range of account categories. | |
| Trading platforms with sophisticated charting and analytical features include cTrader, MetaTrader, IRESS, and MetaTrader 5. |
Trust Score
FP Markets has a high trust score of 87%
XM
Overview
XM stands out as a favorable choice for traders in Malaysia due to its range of advantageous features.
With a low minimum deposit requirement, XM offers accessibility to traders of varying experience levels, fostering inclusivity within the trading community.
XM’s customer service is highly regarded, providing prompt and helpful assistance to clients, and enhancing overall user experience and satisfaction.
XM’s web and mobile platforms offer seamless and intuitive interfaces, ensuring traders can access the markets conveniently from any device.
XM provides a wealth of educational tools and resources, including tutorials, webinars, and market analysis, catering to both novice and experienced traders’ learning needs.
These features collectively position XM as a reliable and supportive brokerage for traders in Malaysia, empowering them to navigate the financial markets with confidence and proficiency.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 💻 Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 💵 Minimum Spread | From 0.0 pips |
| 💸 Minimum Deposit | MYR 23.88 or $5 |
| 📱 Platforms Supported | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 📈 Range of Markets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares, |
| 📊 Demo Account | Yes |
| ✴️ Social Trading Offered | Facebook YouTube |
| 👉 Open Account | 👉 Open Account |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| A well-known forex broker around the world, XM gives its customers access to a variety of trading options on international exchanges. | Because XM offers fewer cryptocurrency options than its rivals, traders seeking a wider range of crypto assets may find it difficult to find what they're looking for. |
| With XM's cent account, novice traders can begin trading with minimal capital and effectively reduce their risk exposure. | Penalties for inactive accounts make it challenging for traders who don't trade frequently. |
| Because of its competitive margins, XM's platform enhances both cost effectiveness and traders' potential for profit. | XM's variable spreads could seem larger in erratic market conditions, which would influence traders' estimations of the cost. |
| With a plethora of educational resources, including webinars and seminars, XM helps traders advance their trading expertise. | Because XM's deposit bonuses are not always fixed, unlike those of some of its rivals, traders looking for further benefits may be deterred. |
| Excellent multilingual customer care contact is made possible by XM. | Regulation changes and XM's enforcement actions may impose constraints on traders who use high leverage tactics. |
| By offering a wide range of financial products, including commodities, indices, cryptocurrencies, and currencies, XM assists its clients in creating well-rounded trading portfolios. | The many account types offered by XM have different cost structures, which may cause confusion and anxiety for certain traders. |
Trust Score
XM has a high trust score of 90%
Conclusion
Overall, trading Forex in Malaysia through leading Forex brokers offers a wealth of opportunities for investors. With access to global markets, advanced trading platforms, competitive fees, and robust regulatory oversight, Malaysian traders can navigate the Forex market with confidence and efficiency. By leveraging the diverse range of features and resources provided by these brokers, traders in Malaysia can pursue their investment goals with clarity and precision.
Frequently Asked Questions
What are the legal requirements for starting Forex trading in Malaysia?
To begin Forex trading in Malaysia, you need to ensure compliance with regulations set by the Securities Commission Malaysia (SCM) and adhere to guidelines outlined in the Capital Markets and Services Act 2007. Additionally, it’s crucial to select a licensed Forex broker regulated by the SCM.
How much capital do I need to start Forex trading in Malaysia?
The amount of capital required varies depending on your trading strategy, risk tolerance, and the broker’s minimum deposit requirements. Generally, you can start with as little as $100 to $500, but having a larger capital base can provide more flexibility and risk management options.
What are the risks associated with Forex trading in Malaysia?
Forex trading involves inherent risks, including market volatility, leverage amplification of losses, geopolitical events, and economic fluctuations. It’s essential to have a thorough understanding of these risks and employ risk management strategies such as setting stop-loss orders and practicing disciplined trading.
What are the essential steps to start Forex trading in Malaysia?
First, educate yourself about Forex markets, trading strategies, and risk management techniques. Next, choose a reputable Forex broker licensed by the SCM and open a trading account. Develop a trading plan, including your goals, risk tolerance, and strategy. Finally, start trading with caution and continually evaluate and adjust your approach as needed.
What resources are available for learning Forex trading in Malaysia?
There are numerous resources available for learning Forex trading, including online courses, webinars, eBooks, and forums. Additionally, you can utilize demo accounts provided by Forex brokers to practice trading strategies risk-free. It’s also beneficial to stay updated with market news, analysis, and economic indicators relevant to your trading activities.
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