The best Forex brokers in Malaysia are XM, OctaFx, Tickmill, and Roboforex.
To choose the best Forex broker to trade in Malaysia, the acceptance of Malaysian traders, trading costs (spreads and commissions), platform and tools, execution speed, and customer support are the most important criteria.
XM is the best Forex broker overall in Malaysia, it accepts Malaysian traders, with spreads (0.1 pips on EUR/USD), fast execution (less than 1 second approximately), comprehensive platforms (MT4, MT5), and active customer support (24/5 availability).
OctaFx, Tickmill, and Roboforex follow XM as the best Forex brokers in Malaysia, with platform and tools (MT4, MT5, cTrader and Proprietary Platform), and customer support (24/5 availability via phone, email, and chat). OctaFX offers trading costs with spreads from 0.5 pips on EUR/USD with a high execution speed. Tickmill offers trading costs with spreads from 0.2 pips on EUR/USD with a high execution speed. Roboforex offers trading costs with spreads from 0.1 pips on EUR/USD with a high execution speed.
Overview
| Broker | Minimum Deposit | MYR Deposits | Base Currencies | Islamic Accounts | Spreads (from) | Forex Pairs | Bonuses & Promotions |
|---|---|---|---|---|---|---|---|
| XM | $5 | No | Multiple | Yes | 0 pips | 55+ | Several bonuses |
| OctaFX | $25 | Yes | USD | Yes | 0.2 pips | 35 | 50% deposit bonus, contests |
| TickMill | $100 | No | USD, EUR, GBP | Yes | 0 pips | 60+ | 30 USD Welcome Account, contests |
| Roboforex | $10 | Yes | MYR | Yes | 0 pips | 40 | Welcome bonus, profit share bonus, classic bonus, cashback rebates |
| Oanda | None | No | Multiple | Yes | 0 pips | 70+ | None |
| HFM | $0 | Yes | MYR | Yes | 0 pips | 40+ | 100% supercharged bonus, 30% rescue bonus, 100% credit bonus |
| FBS | $1 | No | Local deposits are possible | Yes | 0 pips | 30+ | 100% bonus, cashback, loyalty, level-up bonus |
| Pepperstone | None ($200 recommended) | No | Multiple | Yes | 0 pips | 60+ | Active Trader program |
| IC Markets | $200 | No | Multiple | Yes | 0 pips | 60+ | None |
What are the best forex brokers in Malaysia?
Below is our curated list and review of the best forex brokers for traders living in Malaysia, with details and information about the country’s laws, features, and characteristics.
Warning
CFDs 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. You should consider whether you can afford to take the high risk of losing your money.
XM
best broker with no requotes
XM offers competitive spreads from 0 pips on over 55 forex pairs for Malaysian clients, with a minimum deposit of $5 and Islamic accounts available, although MYR deposits are not allowed.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- XM is renowned as one of the best forex brokers with 4 top regulations in place and is available to Malaysian forex traders.
- In Malaysia, the minimum deposit requested by XM is $5.
- No MYR deposits are allowed by XM, but a solid number of base currencies are available in Malaysia, including USD, EUR, GBP, ZAR, JPY, CHF, and more.
- XM facilitates the use of Islamic accounts for their Malaysian clients.
- Malaysian clients are charged spreads starting from 0 pips on 55+ forex pairs.
- XM offers several bonuses in Malaysia.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
OctaFX
best Malaysian broker overall
OctaFX provides Malaysian traders with Islamic accounts, accepts MYR deposits converted to USD, and offers spreads from 0.2 pips on 35 forex pairs, with a minimum deposit of $25.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About OctaFX
Octa, formerly known as OctaFX, is a global forex and CFD broker founded in 2011. Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is regulated by multiple authorities including CySEC. Octa is known for competitive spreads, extensive educational resources, and copy trading services. Octa serves clients in over 100 countries worldwide.
OctaFX Features
The features of OctaFX are listed below.
- OctaFX accepts Malaysian clients.
- The OctaFX minimum deposit is $25 in Malaysia.
- Local MYR deposits are accepted and then exchanged to the USD base currency.
- Islamic accounts are made available by OctaFX in Malaysia.
- Malaysian traders have access to OctaFX spreads starting from 0.2 pips on 35 forex pairs.
- Malaysians find maximum leverage up to 500:1 on OctaFX major forex.
- In terms of OctaFX bonus offers in Malaysia, a 50% deposit bonus and several contests are made available.
OctaFX Pros and Cons
Advantages of OctaFX
The advantages of OctaFX are listed below.
- Low Trading Costs
- Robust Educational Resources
- Multiple Trading Platforms
Disadvantages of OctaFX
The disadvantages of OctaFX are listed below.
- Limited Asset Range
- No VIP Discounts
- Restrictions on High-Frequency Trading
Tickmill
most flexible forex broker
Tickmill, regulated by LFSA, offers Malaysian traders spreads starting from 0 pips on 60+ pairs with a minimum deposit of $100, and supports Islamic accounts without MYR as a base currency.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About Tickmill
Tickmill is a global multi-asset broker founded in 2014, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. Tickmill provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Tickmill is regulated by multiple authorities including FCA, CySEC, and FSCA. Tickmill is known for low spreads, fast execution, and extensive educational resources. Tickmill serves over 500,000 clients worldwide. The Tickmill CEO is Sudhanshu Agarwal.
Tickmill Features
The features of Tickmill are listed below.
- Tickmill is available in Malaysia and regulated by LFSA (N°MB/18/0028) and other top regulators, with a registered office in Labuan.
- Malaysian traders can start with a TickMill minimum deposit of $100.
- No MYR base currency is available in Malaysia, but the major USD, EUR, and GBP can be all chosen.
- Islamic accounts can be opened with TickMill in Malaysia.
- The TickMill spreads start from 0 pips on 60+ forex pairs in Malaysia.
- TickMill Malaysian clients find maximum leverage of up to 500:1 on major forex.
- Tickmill offers a range of bonuses and promotions for Malaysian traders, like a 30 USD Welcome Account and several contests.
Tickmill Pros and Cons
Advantages of Tickmill
The advantages of Tickmill are listed below.
- Regulatory Trust
- Competitive Pricing
- Comprehensive Platform Support
Disadvantages of Tickmill
The disadvantages of Tickmill are listed below.
- Limited Asset Variety
- Higher Costs on Classic Account
- Discontinued Features
Roboforex
best for account types choice
Roboforex, regulated by LFSA, supports local MYR transactions, provides Islamic accounts, and offers up to 2000:1 leverage for major forex pairs with spreads from 0 pips for Malaysian traders.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About Roboforex
RoboForex is a global forex and CFD broker founded in 2009, offering trading on currencies, stocks, indices, commodities, and cryptocurrencies. RoboForex provides MetaTrader 4, MetaTrader 5, and proprietary platforms. RoboForex is regulated by the Financial Services Commission (FSC) of Belize. RoboForex is known for competitive spreads, extensive educational resources, and multiple account types. RoboForex serves over 4.5 million clients worldwide. The RoboForex CEO is Andrei Dziarnovich.
Roboforex Features
The features of Roboforex are listed below.
- Roboforex is regulated by LFSA in Malaysia, with registration number N°. 210138BI, and other regulatory bodies.
- The minimum deposit Malaysian clients need to do in order to start is $10.
- MYR deposits and withdrawals are available with Roboforex via local bank transfers.
- Roboforex Islamic accounts in Malaysia can be opened.
- In Malaysia, spreads start from 0 pips with Roboforex.
- Roboforex leverage is up to 2000:1 on major forex for Malaysian traders depending on the account type.
- Malaysians can benefit from many Roboforex bonuses, including a welcome bonus, profit share bonus, classic bonus, and cashback rebates.
Roboforex Pros and Cons
Advantages of Roboforex
The advantages of Roboforex are listed below.
- Diverse Trading Platforms
- Wide Range of Instruments
- Low Minimum Deposit
Disadvantages of Roboforex
The disadvantages of Roboforex are listed below.
- Limited Educational Resources
- Higher Spreads on Some Accounts
- Regulatory Concerns
Oanda
best for beginners
Oanda provides Malaysian traders with no minimum deposit requirement, Islamic accounts, and spreads from 0 pips on over 70 pairs, though MYR deposits are not available.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About Oanda
OANDA is a global multi-asset broker founded in 1996, offering trading on forex, CFDs, commodities, indices, and cryptocurrencies. OANDA provides proprietary platforms and API solutions. OANDA is regulated by multiple authorities including FCA, ASIC, and MAS. OANDA is known for competitive spreads, fast execution, and currency data services. OANDA serves both retail and institutional clients worldwide. The Oanda Chief Executive Officer is Gavin Bambury since August 2019.
Oanda Features
The features of Oanda are listed below.
- Oanda accepts Malaysian traders and is regulated by 7 regulators.
- No Oanda minimum deposit is required in Malaysia.
- MYR deposits cannot be done, but local deposits are available. Moreover USD, EUR, HKD, and SGD are available in Malaysia as base currencies.
- Oanda Islamic accounts are available in Malaysia.
- Oanda Malaysian clients find spreads from 0 pips on 70+ forex pairs.
- Malaysians can benefit from a maximum leverage up to 200:1 on Oanda major pairs.
Oanda Pros and Cons
Advantages of Oanda
The advantages of Oanda are listed below.
- Comprehensive Platforms
- Robust Education
- Highly Regulatory Trust
Disadvantages of Oanda
The disadvantages of Oanda are listed below.
- Higher Spreads
- Proprietary Platform Limitations
- Inactivity Fees
HFM
best for overall trading features
HFM supports local Malaysian deposits, offers spreads from 0 pips on 40+ pairs, Islamic accounts, and several bonuses, with no minimum deposit requirement for Malaysian traders.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About HFM
HFM, formerly known as HotForex, is a global multi-asset broker founded in 2010. HFM offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader and proprietary platforms. HFM is regulated by multiple authorities including FCA, CySEC, and FSCA. HFM is known for competitive spreads, fast execution, and extensive educational resources. HFM serves over 3.5 million clients worldwide. The HF Markets Group CEO is George Koumantaris.
HFM Features
The features of HFM are listed below.
- HFM is another top choice for you as a Malaysian trader and is regulated by 6 regulators.
- Malaysians are requested to make a minimum deposit starting from $0.
- Local Malaysian deposits are available with HF as well as Malay support.
- Islamic accounts can be opened with HF in Malaysia.
- HF spreads start from 0 pips on 40+ forex pairs in Malaysia.
- HF Malaysian traders have access to a leverage up to 500:1 on major forex.
- Malaysian traders find bonuses including a 100% supercharged bonus, 30% rescue bonus, 100% credit bonus and a loyalty program.
HFM Pros and Cons
Advantages of HFM
The advantages of HFM are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HFM
The disadvantages of HFM are listed below.
- Higher Trading Costs
- Limited Educational Resources
FBS
best for low spreads
FBS allows local deposits such as MayBank and PublicBank, offers spreads from 0.7 pips, high leverage up to 3000:1, and supports Islamic accounts for Malaysian clients with a $5 minimum deposit.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- Next on the list of the best Malaysian forex brokers is FBS, which is a top broker regulated by 4 bodies.
- The FBS minimum deposit for Malaysian traders starts from just $5.
- MYR deposits are not accepted, though local deposits such as MayBank and PublicBank are indeed possible.
- Islamic accounts are provided by FBS in Malaysia.
- Malaysian clients find spreads from 0.7 pips on 70+ forex pairs.
- The maximum leverage offered by FBS in Malaysia is up to 3000:1 on major forex depending on your account type choice.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
Pepperstone
best for day traders
Pepperstone, accessible to Malaysians without a required minimum deposit, provides Islamic accounts, spreads starting from 0 pips on 90+ pairs, and a recommended $200 deposit.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Pepperstone accepts Malaysian clients to trade with them and has in place 6 registrations with top-notch regulatory bodies.
- In Malaysia, Pepperstone does not require a minimum deposit, however, a $200 minimum deposit is recommended.
- MYR deposits are not available with Pepperstone, though several base currencies can be used, including EUR, USD, GBP, CHF, CAD, ZAR, and more.
- Islamic accounts can be opened in Malaysia with Pepperstone.
- Pepperstone spreads in Malaysia start from 0 pips on 90+ forex currency pairs.
- Malaysian traders have access to maximum leverage up to 500:1.
- Pepperstone allows their Malaysian clients to benefit from the Active Trader program, in which you get rewards based on how much you trade per month.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,10 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
IC Markets
best for scalpers
IC Markets offers Malaysian traders spreads from 0 pips on 60+ pairs with Islamic accounts. IC Markets requires a $200 minimum deposit and supports multiple base currencies except MYR.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- IC Market is another of the best Malaysian forex brokers, regulated by 4 bodies.
- IC requires a minimum deposit of $200 in Malaysia.
- MYR deposits are not accepted, but the broker provides a very good range of base currencies for Malaysian clients: USD, GBP, EUR, HKD, CHF, NZD and more.
- Islamic accounts are available with IC Markets in Malaysia.
- Malaysian traders are charged spreads from 0 pips on 60+ forex pairs.
- The FBS leverage which can be found by Malaysian clients is up to 500:1 on major forex.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
Is Forex Trading legal in Malaysia?
Officially within Malaysia, the only legal regulation is that people can only register with a financial services company that is regulated within Malaysia and compliant with the laws of the country.
With that said, given that forex trading is relatively new to Malaysia, there are not yet any brokers that are regulated by the SCM (Securities Commission of Malaysia).
Trading as a Malaysian forex trader is still not illegal and some of the Forex brokers that we have listed provide the very best in terms of regulatory oversight from top-tier bodies such as CySEC, the FCA, or ASIC.
How to trade forex in Malaysia
If you want to trade forex within Malaysia then the process is in fact quite straightforward since the regulations are still quite new and allow for no particular restrictions in terms of what a forex trader can do or what a broker can offer.
The only other key step beyond choosing the correct Malaysian forex broker for you is to submit the relevant documents to begin trading. These will typically include your proof of ID and Residency.
From there, you are ready to begin trading.
What should Malaysian traders look for in a forex broker?
Although there are currently no particular set of stringent rules in place from the SCM and everything is routinely left at the discretion of the trader and broker in terms of what is offered in bonus, leverage, and account type terms, there are still a few things that you should try and look out for when choosing the best forex broker to deal with.
1. Stick with regulated brokers
Always try to choose a regulated forex broker like any of the top brokers listed above. The SCM have not yet officially regulated any themselves, but you can very much trust the listed brokers regulated by some of the top bodies worldwide like CySEC, ASIC, and the FCA.
It is good practice to deal with these and any who are also ESMA compliant for the most trusted experience and to avoid offshore regulated or non-regulated brokers where you can.
2. Look for the best Islamic Account
The Muslim population in Malaysia is more than 50%. This, along with the fact that Islam is the official religion mean there is always big demand for Malaysian Islamic forex trading accounts.
Since swap or overnight broker fees are considered Haram when it comes to Sharia law, you should be looking to open an Islamic account that will not feature any of these fees in order to be fully compliant.
If you are unsure or interested to learn more about this topic, you can read our best Islamic forex brokers guide for more information.
3. Choose the Broker before choosing the Bonus
One of the biggest final things to be sure of is that, since forex broker bonuses are legal in Malaysia, you do not get blinded by that fact.
This means choosing a broker that best suits your trading needs above considering what types of bonus they offer.
Being tempted by a big bonus offer can leave you dissatisfied in other areas when it comes to future trading and so you should really not base your broker decision on that. Also, always make sure you read the terms and conditions first.
Finally, you should take advantage of any no deposit bonus opportunities offered by a broker as a great chance to see what they can offer.
How to verify if a forex broker is regulated in Malaysia
Although there are not any forex brokers officially regulated by the SCM as of yet, this may well be possible in the future. In that case, you should take the opportunity to check this page for any further developments.
Checking registration with the other top regulatory bodies can also be as simple as a couple of clicks and a search of the following links:
Keep in mind if you are wondering about ESMA regulation, this depends on the country, but if they have registered in a European country, they will typically be ESMA compliant.
Is forex trading taxable in Malaysia?
Forex trading in Malaysia is taxable. That is because all revenues should be declared through your ITN (Income tax number) and these are unique to each person and issued by the IRBM (Inland Revenue Board of Malaysia).
More information on the precise filing processes can be found here.
With that said, since forex trading is new to Malaysia, there is still a considerable grey area related to revenues and capital gains taxes, particularly if the broker you trade with is located outside of Malaysia.
[Disclaimer: we are not accountants, we have done internet research. Due to these grey areas, we strongly suggest you contacting Malay local authorities before proceeding]
Can I trade forex with a small initial deposit in Malaysia?
Yes, many forex brokers offer accounts with a low minimum deposit requirement, allowing traders to begin trading with a small initial investment. However, starting with a small deposit may limit your trading options and increase the risks associated with high leverage.
How can I learn forex trading in Malaysia?
There are numerous resources available for learning forex trading in Malaysia, including online courses, webinars, seminars, books, and educational websites. Many forex brokers also provide educational materials and demo accounts to help beginners get started in forex trading. Additionally, joining local trading communities or online forums can provide valuable insights and support from fellow traders.