Top 10 Best Forex Brokers in Malaysia for 2020

Starting our list of the best forex brokers in Malaysia is Instaforex. They are a well-known and award winning broker particularly within Asia having won more than 19 awards and counting related to being the “best broker in Asia”.

Beyond this, they are also very well regulated by multiple regulatory bodies including the FCA, ASIC, and CySEC. When it comes to account types you will have a total of 6 to choose from. Instaforex minimum deposits here range from a bargain $1 up to $1,000 depending on account type. The account types available include 2 cent accounts, a Standard Account, 2 ECN accounts, and a scalping account.

You can deposit MYR through wire transfer within local banks and you can also utilize a fully functioning demo account to try out the broker. This is ideal, in combination with really low-risk cent accounts to help new forex traders get to know the market.

Finally, an Islamic account type is available though there is an additional fee that replaces the swap fee. Instaforex also offers 4 bonuses to traders. This includes a 100% first deposit bonus.

XM is renowned as one of the best forex brokers in the world and is available to Malaysian forex traders. They are again regulated by some of the foremost authorities in the industry in the form of FCA, CySEC, and ASIC. They were also awarded the “best forex broker in Australasia” award along with numerous others.

Opening an XM account, you will be faced with a wide choice of 6 account types. Minimum deposits on these account types range from $5-$100 depending on account, or you can also opt for a shares account with a minimum deposit of $10,000. These deposits can be made through wire transfer, credit card, or eWallet although no MYR deposits are facilitated.

If you would like to try out the broker, you can avail of their full demo account. This, together with the XM Micro account offers a great path to get into forex trading in Malaysia and around the world.

Spreads at XM can start from as little as 0 pips in many cases, and the XM Islamic account follows all of the same conditions of the regular accounts with no mark-ups, higher spreads, or additional commissions.

Plus500 is another of the best forex brokers in Malaysia and around the world where you can benefit from the comprehensive and professional regulation that is in place from FCA, ASIC, CySEC, and MAS (Singapore). The broker offers a very large range of assets when it comes to CFD trading and the intuitive interface makes this a favorite for new traders.

One account type is facilitated and you can deposit MYR to this account through wire transfer, credit/debit card, or Paypal. The minimum deposit depends on the method you use, but ranges from 500 MYR to 2000 MYR with a demo account also available.

While there is no Plus500 Islamic account available at the moment, the broker support team will let you know when this becomes available if you do require one.

Next in our collection of the top Malaysian forex brokers is OctaFX. They are also regulated by two highly trusted regulatory bodies in the form of both the FCA in the UK and CySEC in Europe. They are reputed within the industry as offering some of the best swap-free services around. In fact, in 2015 they were recognized byb Forextraders.com as the “Best Forex Islamic Account” providers.

To that end, Micro, ECN, and Pro accounts are available with minimum deposits starting at $100 and reaching $500 for a pro account. It is also worth noting that every account is available as a swap-free account. The accounts utilize the top trading platforms of MT4, MT5, and cTrader.

MYR deposits are accepted and can be made through local banks, Billplz, and Help2Pay services with an excellent exchange rate of 3 MYR per $1 USD available. Spreads also start from a highly competitive 0 pips across the board and the trading conditions feature no changes at all when it comes to Islamic account trading.

In terms of OctaFX bonus offers, a 50% deposit bonus is made available on each deposit.

HotForex is another globally recognized forex broker and top choice for you as a Malaysian trader. They are well regulated by both CySEC and ASIC and offer a wide choice of 6 forex account types to choose from.

Again here, this includes a micro trading account with a minimum deposit of only $5 ideal for new traders, a premium account with a $100 minimum, a zero spread account, and an auto trading account you can try for a minimum deposit of $200. If you are interested in copytrading this is available through HFCopy with a minimum of $100 deposit to copy, or $300 if you want others to copy your trades.

When it comes to deposits, MYR is available through local bank transfer. In other cases, you can use your major credit card or eWallet methods. Either way, a fully realistic demo account is accessible as is an Islamic account where needed.

Spreads here start from a competitive 0 pips across the board although some additional fees may apply on Islamic accounts. You can offset these through cash rebates, 100% bonuses, and the higher leverage that HotForex try to offer along with many real prize winning trading contests.

Next on the list of the best Malaysian forex brokers is FBS. As with all of our brokers they are well-trusted and fully regulated by both CySEC and the IFSC. This is an excellent broker with 5 account choices including a great Cent account offering that may be just perfect for new traders. These account types also include an ECN account.

Minimum deposits with the broker start from just $1 reaching up to $1,000 depending on your account choice and although MYR deposits are unavailable, funding via wire transfer, credit card, and eWallet are all available. Every account can also be made swap-free where needed.

Although FBS do add an additional admin fee if you hold a position for more than 2 days with a swap-free account, this can be somewhat balanced by the fact they have a comprehensive bonus offering that includes a 100% deposit bonus and contests including some particularly aimed at Islamic traders during Ramadan.

Oanda is one of the few brokers to be regulated in the USA by the CFTC as well as the NFA, and globally through the FCA, MAS, ASIC, and IIROC. A who’s who of top regulators for a much trusted broker.

They offer just one account type but it is available with no minimum deposit at all. Perfect if you are new to the forex trading market. Another suitable point here is you can open positions for as low as just one currency unit ($1 or equivalent base currency), although no MYR deposits are available.

With that said, deposits can be made through wire transfers, major credit cards, and eWallets. Fully operational Oanda demo accounts are available to try as are Islamic accounts on request.

Spreads with this broker are low, starting from just 1 pips and trading is through MT4 trading platform. .

You may find that some additional fees are placed on the Islamic account in place of the swap fee, and at the moment there is unfortunately no bonus offering in place.

Pepperstone are another of the standard bearing top brokers offering service to Malaysian forex traders. They are regulated by the top authorities of FCA and ASIC and are one of the most chosen ECN brokers around.

They have two available account types that can be opened with a minimum deposit of $200. These are the Standard and ECN Razor account types which are also both available as Islamic accounts. For account deposits, wire transfers, credit cards, and eWallets are all accepted methods of funding although no MYR deposits are available.

Spreads with Pepperstone start from 0 pips and trading is available through MT4, MT5, or cTrader and you are welcome to try the Pepperstone demo account first.

On the Islamic accounts, an admin fee will be applied on positions held for more than 10 days and no Pepperstone bonus amount is currently available.

IC Market regulated by CySEC and ASIC represent another of the best Malaysian forex broker choices for any traders. They offer 2 account types in their Standard and Raw Spread accounts, both of which can be opened with no minimum deposit.

These accounts can be easily funded through wire transfers, major credit cards, or eWallet methods although no MYR deposits are accepted. On the minimum deposit, although there is none in place, the broker do recommend depositing at least $200.

Spreads with IC Markets start from the bottom at 0 pips and with the option of trying a demo account and opting for an Islamic account through MT4, MT5, or cTrader platforms. Within this Islamic account most conditions remain the same. The only change is an admin fee added on positions open for more than one day.

At this time IC Markets does not provide for any kind of bonus offering.

Last but not least on our listing of top Malaysian broker choices is eToro. Known the world over, they are regulated well by CySEC, FCA, and ASIC. They are well known of course as a top broker for social trading and a particularly good fit if you are new to the sector.

One account type is offered that can also be made swap-free though in this case the minimum deposit would increase from $200 to $1,000 with trading available through the brokers own user-friendly trading platform.

Spreads at eToro typically start from 1 pip though they can be higher. Deposits are catered for through wire transfer, credit card, and eWallets, though no MYR deposit option is available.

You will be glad to know that while there are no bonus offerings, trading conditions remain the same on Islamic accounts.