Best Forex Brokers in Malaysia in 2024 (Top List )

Malaysia is an ideal destination for those looking to get started in the foreign exchange market. With a range of reputable and reliable forex brokers offering their services, traders in Malaysia can access the global markets and trade with confidence. 

In this article, we will explore the best forex brokers in Malaysia and discuss the features and services they offer.

A list of Top Forex Broker in Malaysia 

Looking for the best forex brokers in Malaysia? Check out our list of top ten forex brokers based on reputation, regulations, trading experience, customer support, and more.

Here is the list of top 10 forex brokers in Malaysia

• Icmarkets
• Pepperstone
• Etoro
• XM
• Exness
• Oanda
• FBS
• Hotforex 
• Eightcap
• FXTM

Comparison of Best forex Brokers in Malaysia

Best Forex Brokers in Malaysia Reviewed

ICmarkets.com – Best for Tight Spread

IC Market is a regulated online broker based in Australia, established in 2017. It is best known for its tight spreads, making it a popular choice for traders. IC Market provides its users with access to a range of trading platforms including MetaTrader 4, MetaTrader 5, cTrader, Web, and Mobile. With its range of platforms, IC Market offers a wide range of trading options for both beginner and experienced traders.

IC Markets is an ideal broker for all trading styles. They offer a wide range of trading instruments including over 60 currencies, 10+ cryptos and 1600+ CFDs. All trading styles such as EAs, Robots, Scalping, and News trading are allowed. Furthermore, IC Markets also offer additional facilities such as MAM Account which is allowed but PAMM Account is not available. Zulutrade Social Trading is also allowed.

Pros:

• ICmarkets offers competitive spreads and low commissions. 
• They offer a wide selection of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader and cAlgo. 
• ICmarkets allows for a variety of funding methods, including bank transfer, credit and debit cards, PayPal, and more. 
• They provide 24/7 customer support and have a variety of educational resources available. 
• ICmarkets provides a secure and reliable trading environment, with a segregated client account and the latest encryption technology. 

Cons:

• They do not offer a demo account. 
• The ICmarkets website is not available in multiple languages.

Pepperstone.com — For Islamic Account

Pepperstone is a regulated broker based in Australia that was established in 2010. It offers a variety of trading platforms to its clients, including MT4, MT5, cTrader, DupliTrade, and TradingView. The broker also provides an Islamic account, which is compliant with Sharia laws and regulations. Pepperstone provides a secure and reliable trading environment with competitive spreads, fast execution speeds, and advanced charting and analysis tools. All of these features make Pepperstone an ideal choice for traders seeking a reliable and well-established broker.

Pepperstone is a renowned broker offering a wide range of trading instruments, including 60+ currencies, 20+ cryptos, and over 1200 CFDs. The broker also allows traders to use EAs or robots, scalping and news trading. Moreover, additional facilities such as MAM account, PAMM account, and copy trading are also allowed on Pepperstone. With its comprehensive range of trading instruments and facilities, Pepperstone is the perfect choice for traders of all kinds.

Pros:

• Low minimum deposit of $200 
• Offers competitive spreads and commissions 
• Highly rated customer service 
• Advanced trading platforms with a range of features 
• Choice of base currencies 

Cons:

• Limited range of products 
• No support for U.S. traders

Etoro.com – Best for Social Copy Trading

Etoro is a regulated broker based in the United Kingdom that was established in 2007. It is best known for its social copy trading feature, which allows users to copy and follow the trades of other successful traders. The broker offers its own trading platform, the eToro trading platform. It is a secure and user-friendly platform that enables users to easily track their investments and make trades quickly.

Etoro is a top-tier online broker that offers a wide range of trading instruments, including 45+ currencies, 55+ cryptos, and 2815+ CFDs. It does not allow trading with EAs or robots, but it does offer copy trading, which allows traders to copy the strategies of other successful traders. With this feature and the vast number of trading instruments available, Etoro is an attractive choice for many traders.

Pros:

• User-friendly interface 
• Low fees and commissions 
• Extensive range of markets 
• Variety of trading tools 
• Comprehensive educational resources 

Cons:

• Limited customer support 
• Limited access to advanced trading features

XM.Com – For Flexible trading

XM is a regulated broker based in Cyprus, established in 2009. It offers flexible trading on the popular MT4 and MT5 platforms. XM is committed to providing a secure and reliable trading environment, providing tight spreads, fast execution, and a wide range of trading instruments. Their customer service is available 24/7 for any questions or concerns you may have. XM is a great choice for forex and CFD traders looking for a reliable and secure broker.

XM is a reliable broker that offers a wide range of trading instruments such as 55+ currencies, 30+ cryptos and 940+ CFDs. All strategies such as EA/Robot, Scalping and News Trading are allowed. Moreover, XM also provides additional facilities such as MAM Account. However, PAMM Account and Zulutrade Social Trading facilities are not available.

Pros

• Low minimum deposit requirement of $5 
• A wide variety of trading instruments available 
• Low spreads and competitive pricing 
• A user-friendly and intuitive trading platform 
• Excellent customer service and support 

Cons

• Limited educational resources 
• No commission-free trading options

Exness.com — For Instant withdrawal

Exness is a regulated broker, based in Seychelles, established in 2008. It offers a variety of trading platforms, including MT4 and MT5, and is best known for its fast withdrawal service. Exness offers competitive spreads and integrated tools, making it an ideal choice for any trader looking for a quality Forex broker. The customer service team is available around the clock, giving traders the support they need throughout their trading journey.

Exness is a great broker to use for trading. It offers a wide range of instruments, including 95+ currencies, 5+ cryptos, and 130+ CFDs. Furthermore, the broker allows for EA or robot trading, scalping, and news trading. It also has a great Copy Trading feature, so traders can copy the trades of experienced traders and take advantage of their knowledge.

Pros:

• Low minimum deposit requirement of $1 
• Fast and easy account opening process 
• Wide range of trading instruments 
• Competitive spreads and trading fees 
• Excellent customer service 

Cons:

• Limited range of educational materials 
• No social trading platform available

Oanda.com — Most Trusted

Oanda is one of the most trusted brokers in the market and is regulated in the United States. Established in 1996, it has since become a well-known and reliable name in the trading industry. Oanda offers a wide variety of trading platforms such as MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, and TradingView, which can cater to the different needs of different traders. With its quality services and long-standing reputation, Oanda is an ideal choice for traders of all levels.

Oanda is a renowned broker providing a wide array of trading instruments, ranging from 70+ currencies, 4 cryptos, and 50+ CFDs. The broker allows the use of EAs and robots, as well as scalping and news trading. For additional trading opportunities, Oanda also offers ZuluTrade.

Pros:

• Low fees and spreads – Oanda offers some of the lowest fees and spreads in the industry, making them an attractive option for traders who want to keep their costs down. 
• Accessibility – Oanda is accessible in more than 200 countries, making it easy for traders from all over the world to access their services. 
• Excellent customer service – Oanda has a dedicated team of customer service representatives who are available 24/7 to answer questions and help with any trading-related issues. 
• Variety of trading platforms – Oanda offers a variety of trading platforms, including MetaTrader 4, WebTrader, and the Oanda Mobile App, so traders can choose the platform that best suits their needs. 
• Security – Oanda takes security seriously, using multiple layers of encryption and advanced fraud prevention technology to protect customer funds and information. 

Cons:

• Limited product offerings – While Oanda offers a wide range of currency pairs and other instruments, they do not offer other products such as stocks, bonds, or futures. 
• No commission – Oanda does not charge commissions, but instead makes money through spreads, which can be quite high on some trades.

FBS.com —- For High Leverage

FBS is a regulated broker based in Belize, established in 2009. It is best known for its high leverage, making it an attractive choice for experienced traders. The broker offers three trading platforms: MT4, MT5, and FBS Trader. All platforms are user friendly, secure, and feature a wide array of trading instruments. FBS also offers a range of trading accounts with competitive spreads and leverages, as well as a variety of educational materials to help traders make informed decisions. Overall, FBS is a great option for experienced traders looking for a reliable, regulated broker with high leverage and a wide selection of trading platforms.

FBS is a renowned broker that offers a wide range of trading instruments to its clients. It offers more than 35 currency pairs and 3 CFD instruments for trading. It also allows clients to use automated trading robots and scalping. Additionally, news trading is also allowed at FBS. The broker has a wide range of tools and features to offer its clients to help them achieve success in their trading journey.

Pros:

• Low fees and commissions 
• Variety of trading options 
• Fast execution of orders
• Comprehensive customer support 
• Variety of trading platforms 

Cons:

• Limited number of currency pairs 
• High account balance requirements

Hotforex.com — For Trading instruments

Hotforex is a regulated broker based in Saint Vincent And Grenadines that was established in 2010. It provides trading instruments for its customers and supports the popular MetaTrader4 and MetaTrader5 trading platforms. The broker is well known for its competitive spreads and reliable customer service. Hotforex is committed to providing a safe and secure trading environment for its customers and provides them with the latest tools and resources to help them make informed decisions.

Hotforex is a popular broker offering a wide variety of trading instruments including 45+ foreign currencies, 5+ cryptos, and 5+ CFDs. It also allows Ea or Robots, Scalping, and News Trading. To provide more convenience to its traders, it also offers MAM Account. All in all, Hotforex offers a great trading experience to its valued customers.

Pros

• Low minimum deposit requirement – Hotforex offers a low minimum deposit requirement so traders can start trading with only a small amount of capital. 
• Low spreads – Hotforex offers competitive spreads and good trading conditions. 
• Wide range of instruments – Hotforex offers a wide variety of instruments for trading including Forex, CFDs and Futures. 
• Multiple account types – Hotforex offers multiple account types to suit different trading styles and levels of experience. 
• Excellent customer service – Hotforex has an excellent customer service team that is available 24/7 and can be contacted via phone, email or live chat. 

Cons

• Limited research tools – Hotforex offers limited research tools to its traders. 
• High withdrawal fees – Hotforex has a relatively high withdrawal fee compared to other brokers.

Eightcap.com — Best for Trading Support

Eightcap is a regulated broker based in Australia that was established in 2009. It is best known for its excellent trading support which makes it a great choice for traders. Eightcap offers trading platforms such as MT4, MT5 and TradingView, giving traders access to a wide range of tools and features. The broker also offers competitive spreads, low commissions and fast execution. All of these features combined make Eightcap one of the best brokers for traders to use.

Eightcap is an online broker offering traders a wide variety of trading instruments, including 45+ currencies, 300+ cryptos, and 800+ CFDs. Moreover, Eightcap offers additional features, such as the ability to use EAs and robots, and allows scalping. The broker also provides PAMM and MAM account options for its clients. This makes Eightcap a great choice for traders of all levels who are looking for a comprehensive, reliable, and versatile trading platform.

Pros:

• Low fees and competitive spreads 
• Offers a wide range of trading instruments 
• Regulated by the Australian Securities and Investments Commission (ASIC) 
• Provides an informative and easy-to-use trading platform 
• Offers customer service in multiple languages 

Cons:

• Limited payment options 
• Lack of research and educational resources

FXTM.com — Best For Trading Conditions

FXTM is a regulated broker based in Mauritius that was established in 2011. It is best known for its excellent trading conditions and offers a variety of platforms to suit different traders. These include the MT4, MT5 and WebTrader platforms. FXTM is committed to providing the best possible conditions for its clients with competitive spreads, low fees and fast execution times. It is a reliable broker with a variety of features to ensure that all traders have the best trading experience possible.

FXTM is a reliable broker offering a wide range of trading instruments including 55+ currencies, 4+ cryptos, and 190+ CFDs. It allows scalping and news trading, and provides additional facilities such as MAM Accounts. With its advanced technology, tight spreads and clear conditions, FXTM is an ideal broker for those looking for a secure trading environment.

Pros:

• Low minimum deposits. 
• Quick and easy account opening process. 
• Wide range of trading instruments. 
• Regulated by the FCA and CySEC. 
• Good customer support. 

Cons:

• Limited range of educational resources. 
• Not available in some countries.

What is a Forex Broker?

A Forex broker is a specialized financial intermediary pivotal for individuals and businesses immersed in currency trading within the expansive global foreign exchange market. Acting as a crucial conduit between traders and the dynamic world of forex, these brokers furnish online platforms for buying and selling various currencies. Opting for a reputable and regulated Forex broker is essential for ensuring a secure and efficient trading experience. This decision is enriched by the provision of essential tools and analysis, empowering traders to adeptly navigate the intricacies of currency transactions within the ever-shifting and complex forex landscape.

More Insights : What is a Forex Broker and How Does Tt Work?

What are the Most Trusted Forex Brokers in Malaysia ?

According to our research and broker ratings, Pepperstone, IC Markets, XM, and FBS emerge as the most reliable forex brokers for trading in Malaysia . These brokers are highly regulated by top regulators including FCA, ASIC, CySEC, BaFIN, DFSA, SCB and so on.  They also offer segregated client fund accounts with tire 1 banks. for example. Here are our trust score for the following brokers 

• Pepperstone : 9.4 
• IC Markets    : 9.3
• XM                : 9.3 
• FBS              : 9

What is the No 1 Forex Brokers in Malaysia

Based on our in-depth research and ratings, Pepperstone is the number 1 forex broker in Malaysia . The broker is not only popular in Malaysia  but also globally. Additionally, the broker is regulated under top-tier regulators worldwide, including FCA, ASIC, CySEC, and others. Pepperstone secures a score of 9.4 out of 10, the highest in our research

What are the Best MT4 Forex Brokers in Malaysia ?

Based on our in-depth research and test results, the best MT4 forex brokers in Malaysia are:

• IC Markets
• Pepperstone
• Eightcap
• Tickmill
• XM
• FBS

They offer thousands of trading instruments, including forex, crypto CFDs, stock CFDs, and indices.

What are the Best MT5 Forex Brokers in Malaysia ?

MT5 a multi-asset trading platform by MetaQuotes. It is second most popular forex trading platform in the world. Most of the forex brokers in Malaysia  offer MT5 Trading Platforms. According to our brokers research and ratings, the best MT5 Forex Brokers in the UK are 

• Pepperstone
• IC Markets 
• FBS 

MT5 perform allows traders to perform  technical analysis and trading operations in the Forex market

What are the Best ECN Forex Brokers in Malaysia?

Our findings and broker ratings show that the best ECN Forex brokers in Malaysia are 

•  Pepperstone 
•  IC Markets 
•  XM
•  FXTM 
•  Hotforex 

These brokers offer low trading fees. They also offer seamless deposit and withdrawal processing. Among the brokers, Pepperstone we ranked Pepperstone as No 1 forex brokers in the world

Which Forex Brokers are Best for Beginners in Malaysia ?

From our research, analysis, testing, and experience; XM, hotforex, FBS, and Exness are the best brokers for beginners in Malaysia . They all provide comprehensive training resources for newbies and also demo accounts for practice. When the newbies are ready for live trading, these brokers offer micro accounts which they can use to start experimenting with live trades at very little risk.

Which Forex Brokers Offer Copy Trading Platforms in Malaysia ?

The best forex brokers offering copy trading platforms in Malaysia include eToro, Pepperstone, IC Markets, and FBS, among others. Among these, eToro is renowned for its social copy trading. Moreover, you can use almost all forex brokers for copy trading purposes if they allow EA trading

Which Forex Brokers offer High Leverage in Malaysia?

FBS is one of the highest-leverage forex brokers that offers services worldwide, including in Malaysia. FBS provides a 1:3000 leverage, allowing for up to $3000 in trading capital for every $1 risked. However, the leverage in the EU and the USA is fixed. In the EU and Australia, retail traders can take up to a 1:30 leverage, while US regulators allow a maximum 1:50 leverage for retail forex traders. Many brokers have multiple entities for traders in different countries. Here is a list of the highest-leverage forex brokers:

FBS.com : 1:3000

Exness.com : 1:2000

Hotforex : 1:1000

How Can I Trade Forex in Malaysia ?

Step 1: Educate yourself

Before starting to trade Forex, it is essential to educate yourself on the basics of the Forex market, including the terminology, trading strategies, risk management, and regulations. You can take online courses, read books, watch videos, and attend seminars to gain knowledge about the Forex market.

Step 2: Choose a reliable broker

Choose a reputable Forex broker that is regulated by the Securities Commission of Malaysia (SC) to ensure the safety of your funds. Look for brokers that offer competitive spreads, low fees, fast execution, and a user-friendly trading platform.

Step 3: Open a trading account

Once you have chosen a broker, open a trading account by providing your personal information, such as name, address, and identification documents. You can choose between a demo account or a live account, depending on your trading experience and risk tolerance.

Step 4: Fund your account

To start trading, you need to fund your trading account with a minimum deposit. Most brokers accept deposits via bank transfer, credit/debit cards, and e-wallets.

Step 5: Choose a trading platform

Select a trading platform that suits your trading needs and preferences. MetaTrader 4 and MetaTrader 5 are the most popular trading platforms, offering advanced charting tools, automated trading, and customization options.

Step 6: Analyze the market

Before entering a trade, analyze the market using technical and fundamental analysis. Technical analysis involves studying charts and using indicators to identify trends and trading signals. Fundamental analysis involves analyzing economic and political news to make trading decisions.

Step 7: Place a trade

Once you have analyzed the market, place a trade by selecting the currency pair, entering the trade size, and setting the stop loss and take profit levels. You can also use pending orders to enter the market at a specific price level.

Step 8: Monitor your trades

Keep track of your trades and monitor the market to make informed decisions. You can use stop loss and take profit orders to limit your losses and secure your profits.

In conclusion, trading Forex in Malaysia requires education, a reliable broker, a trading platform, and a solid trading plan. By following these steps, you can start trading Forex in Malaysia with confidence and improve your chances of success in the Forex market.

Different Types of Forex Brokers in Malaysia ?

Dealing Desk (DD) Brokers

Dealing Desk brokers are also known as market makers, as they create a market for their clients’ trades. These brokers take the opposite side of their clients’ trades and earn profits through the spread, which is the difference between the bid and ask prices. Dealing Desk brokers may have a conflict of interest with their clients, as they can manipulate prices to benefit their own trading book.

No Dealing Desk (NDD) Brokers

No Dealing Desk brokers do not have a dealing desk and do not take the opposite side of their clients’ trades. Instead, they pass their clients’ orders directly to liquidity providers, such as banks and other financial institutions, and earn a commission or a markup on the spread. There are two types of No Dealing Desk brokers:

Electronic Communication Network (ECN) Brokers:

ECN brokers provide their clients with direct access to the interbank market, where they can trade with other traders and institutions without the intervention of a middleman. ECN brokers charge a commission on each trade and offer transparent pricing and fast execution.

Straight Through Processing (STP) Brokers:

STP brokers also pass their clients’ orders directly to liquidity providers, but they may have fewer liquidity providers than ECN brokers. STP brokers may mark up the spread to earn a profit and offer fast execution and low fees.

Types of Trading Platforms in Malaysia ?

MetaTrader 4 (MT4)

MetaTrader 4 is the most popular trading platform in the world, offering advanced charting tools, automated trading, and customization options. MT4 is available for desktop, web, and mobile devices and supports a wide range of trading instruments, including Forex, stocks, and commodities.

MetaTrader 5 (MT5)

MetaTrader 5 is the successor to MT4, offering advanced features such as additional order types, more charting tools, and improved backtesting capabilities. MT5 is also available for desktop, web, and mobile devices and supports a wide range of trading instruments.

cTrader

cTrader is a popular trading platform among Forex traders, offering advanced charting and order management tools. cTrader also supports automated trading and offers a customizable interface, making it an ideal platform for advanced traders.

NinjaTrader

NinjaTrader is a popular trading platform among futures traders, offering advanced charting, backtesting, and order management tools. NinjaTrader supports automated trading and offers a wide range of trading instruments, including Forex, futures, and options.

TradingView

TradingView is a web-based platform that offers advanced charting and technical analysis tools. TradingView also allows traders to share ideas and analysis with other traders and offers a social trading feature.

Interactive Brokers (IB) Trader Workstation (TWS)

IB Trader Workstation is a powerful trading platform that offers advanced charting, order management, and risk management tools. TWS supports a wide range of trading instruments, including Forex, stocks, and options, and is ideal for advanced traders.

How to Choose the Best forex Brokers in Malaysia ?

To choose the best forex broker in Malaysia, consider the following factors:

1. Regulation: Ensure the broker is regulated by a reputable financial authority, such as the Securities Commission of Malaysia (SCM). This helps to protect your funds and ensures that the broker follows fair trading practices.
2. Trading Costs: Compare the fees charged by different brokers, including spreads, commissions, and overnight financing charges. Choose a broker with competitive fees to help maximize your returns.

3. Trading Platform: Consider the user-friendliness and features of the broker’s trading platform. A good platform should be easy to navigate and offer advanced charting tools, news and analysis, and order management features.

4. Customer Service: Look for a broker that offers reliable customer support, such as 24/7 live chat or phone support. This is particularly important for inexperienced traders who may require assistance with their trades.

5. Educational Resources: Choose a broker that provides educational resources, such as trading tutorials, webinars, and market analysis, to help you improve your trading skills.

6. Reputation: Check online forums and reviews to get a sense of a broker’s reputation and the experiences of other traders. Choose a broker with a good reputation and positive reviews.

7. Payment Options: Consider the availability and convenience of different payment options, such as credit/debit card, e-wallets, or bank transfer.

Frequently Asked Question (FAQs)

What is forex trading?

Forex trading is the exchange of one currency for another with the goal of making a profit.

Is Forex Trading Legal in Malaysia ?

Yes, Forex trading is legal in Malaysia, provided that it is conducted through approved and regulated institutions and agencies authorized by the Securities Commission of Malaysia. These institutions and agencies are governed by the Capital Markets and Services Act of 2007, which aims to protect investors and ensure the integrity of the financial markets in Malaysia. It is important to ensure that you trade with a regulated entity to avoid any legal or financial repercussions.”

What is a good forex broker in Malaysia?

A good forex broker in Malaysia is one that is regulated by the SCM, offers competitive fees, has a user-friendly trading platform, provides reliable customer support, offers educational resources, has a good reputation, and provides convenient payment options.

How do I start forex trading in Malaysia?

To start forex trading in Malaysia, you need to open a trading account with a licensed broker, deposit funds, and start trading. It is recommended to educate yourself about the forex market and develop a trading strategy before investing real money.

Can I trade forex in Malaysia with a broker based in another country?

Yes, you can trade forex in Malaysia with a broker based in another country, but it is recommended to choose a broker that is regulated by the SCM to ensure the safety of your funds.

What is the minimum deposit required to start forex trading in Malaysia?

The minimum deposit required to start forex trading in Malaysia varies among brokers, but it is typically around $100-$250.

Conclusion

Forex trading can be a lucrative investment opportunity for traders in Malaysia, but it is important to choose the right broker. By considering factors such as regulation, trading costs, platform quality, customer support, educational resources, reputation, and payment options, traders can find a broker that best meets their needs and helps them achieve their trading goals. As with any investment, it is important to educate yourself, develop a solid trading strategy, and understand the risks involved in forex trading before investing real money.