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Best Forex Brokers in Malaysia 2021

We compared over 50+ brokers that accept trades from Malaysia. See the best in terms of fees & safety..

TradeForexMalaysia Editor

There are several forex brokers that accept traders from Malaysia. However, traders need to be careful before choosing a forex broker. Choosing a forex broker can be risky since not every forex broker is well-regulated and has a strong record.

Many forex brokers are unscrupulous and employ unfair business practices that exploit traders. If a broker is not regulated, then they do not have to conform to safety standards.

These forex brokers may not offer financial protection, may not keep funds deposited safe, and may not act in the best interest of traders. In case a trader faces an issue with such brokers, they cannot take legal recourse.

Before choosing a forex broker, traders should check their license and which regulatory body has accorded that license. Not every regulatory body is highly reputable. Licenses by tier-1 financial authorities (which are the ASIC of Australia and FCA of the UK) hold the highest regard in the forex market.

To be safe, traders should only do business with a forex broker that holds multiple licenses from various top tier financial authorities.

In this article, we provide a guide to the best forex brokers that accept traders from Malaysia. Each of these brokers are considered to be highly safe and have a good reputation.

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Comparison Table of Best Forex Brokers in Malaysia

Forex Broker Minimum Deposit Lowest EUR/USD Spread Regulation(s) Max. Leverage Available Instruments Visit
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.8 pips
Regulation(s): ASIC, CySEC
Max. Leverage:
1:888
Available instruments: 57 currency pairs, 1000+ CFDs
Visit Broker
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.6 pips
Regulation(s): FCA, FSCA, CySEC
Max. Leverage:
1:1000 (with Micro account)
Available instruments: 49 currency pairs, and 100+ CFDs
Visit Broker
Minimum Deposit: $100
Lowest EUR/USD spread*: 0.7 pips
Regulation(s): CySEC, FSA
Max. Leverage:
1:500
Available instruments: 28 currency pairs, 10+ CFDs on Indices. Cryptos, Metals
Visit Broker
Minimum Deposit: $100
Lowest EUR/USD spread*: 0.0 pips on Pro Account
Regulation(s): FSCA, CySEC, FCA, FSA
Max. Leverage:
1:500
Available instruments: 62 Currency pairs, CFDs on 2 Metals, 14 Stock Indices, 3 Commodities & 4 Bonds
Visit Broker
Minimum Deposit: $10
Lowest EUR/USD spread*: From 1.3 pips (with Standard Account)
Regulation(s): FCA, CySEC, FSCA
Max. Leverage:
1:2000
Available instruments: 62 currency pairs, and several CFDs on spot metals, stocks, commodities, indices, and cryptocurrencies.
Visit Broker
Minimum Deposit: $100
Lowest EUR/USD spread*: 0.9 pips with Retail Account
Regulation(s): ASIC, CBI, PFSA, FSC, FSA, FSCA, FRSA
Max. Leverage:
1:400 for EUR/USD
Available instruments: 60+ currency pairs, cryptocurrencies, major stock indices, commodities (including gold, silver, sugar, coffee), ETFs, individual shares and bonds
Visit Broker

We have compared the features of each forex broker in our list one by one. Let’s see.

#1 XM Broker – Best Forex Broker in Malaysia

XM Logo

Rating: 9.5/10

Regulations: ASIC, CySEC, IFSC, DFSA

Minimum Deposit: $5

Available Platforms: MT4, MT5 for desktop, tablet, web & mobile

XM was founded in 2009 and is an STP forex and CFD broker.

1) Safety: The XM trading website is run by XM Global Limited which is licensed by the International Financial Services Commission (IFSC) of Belize. Additionally, XM group companies are regulated by the Australian Securities and Exchange Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), and Dubai Financial Services Authority (DFSA).

2) Fees: XM charges a tight floating spread and variable commission which depends on the type of account held by e trader. The average spread is 1.7 pips for trading the EURUSD currency pair through the Standard account. A commission of $0.04 per share with a minimum commission of $1 is charged for trading US shares through the Shares account.

3) Trading Conditions: Through XM, traders gain access to 55+ currency pairs, 8 commodities, 5 Energy CFDs, 1300+ stocks, 10 indices, gold and silver. XM offers the MetaTrader 4 and MetaTrader 5 trading platforms which provide fast order execution. XM grants negative balance protection to its traders.

4) Customer Support: XM offers customer support though email, live chat, and phone. They offer email support in Malay however there is no local phone number for Malaysian traders.

5) Pros: They offer Islamic accounts. They observe safety practices such as negative balance protection and segregation of funds. They have a wide variety of trading instruments, especially stocks.

6) Cons: They do not have a proprietary trading platform. They do not have a local office in Malaysia and no local phone number for customer support. XM does not offer cryptocurrencies.

#2 HotForex Forex Broker

HotForex Logo

Rating: 8.5/10

Regulations: FCA, DFSA, FSCA, FSA.

Minimum Deposit: $5

Available Platforms: 53 currency pairs, CFDs on 6 metals, 4 energies, several indices, more than 56 shares, 5 commodities, 12 cryptocurrencies, 3 bonds, and 34 ETFs.

Hotforex has won more than 45 awards for its services and provides its services in Malay.
1) Safety: Hotforex is registered in St. Vincent and Grenadine and holds the registration number 22747 IBC 2015. It is regulated by the Financial Conduct Authority (FCA) of the UK, Dubai Financial Services Authority of the UAE, Financial Sector Conduct Authority (FSCA) of South Africa, and the Financial Services Authority (FSA) of Seychelles.

2) Fees: Hotforex charges low variable spread and is spread only in 6 out of 7 types of accounts. The average spread for trading the benchmark EURUSD currency pair is 1.2 pips. They charge a commission under the Zero account with two structures. They either charge USD 0.03 per 1000 lots or USD 0.04 per 1000 lots depending on the instrument being traded.

3) Trading Conditions: Through HotForex, traders gain access to 50+ currency pairs, 4 energies, 56+ shares, 4 metals, 12 cryptocurrencies, 34 ETFs, 3 bonds, and several indices. HotForex offers both MetaTrader 4 and MetaTrader 5 trading platforms. They provide negative balance protection.

4) Customer Support: The HotForex customer support team can be reached through live chat, email, phone call, fax, or a contact form on their website. They have a toll-free global phone number.

5) Pros: They offer ETFs and cryptocurrencies for trading along with a wide variety of instruments. They offer Islamic accounts. HotForex is a low-cost broker.

6) Cons: The regional email support is not available in Malay. They do not have a proprietary trading platform.

#3 OctaFX Forex Broker

OctaFX Logo

Rating: 8.5/10

Regulations: CySEC, FSA

Minimum Deposit: $100

Available Platforms: MT4, MT5, cTrader for desktop, web & mobile

OctaFX was founded in 2011 and has serviced more than 1.5 million trading accounts.

1) Safety: OctaFX is registered in the St. Vincent and Grenadine and has been accorded the license no. 19776 IBC 2011 from the Financial Services Authority (SVGFSA). OctaFX is licensed by the Cyprus Securities and Exchange Commission (CySEC) and holds the license no. 372/18.

2) Fees: OctaFX charges a variable spread that depends on the type of account being used. The average spread for trading the benchmark EURUSD currency pair is 0.7 pips through the Micro MT4 account. Traders using the ECN cTrader account are charged a commission. For the EURUSD currency pair, the commission is USD 0.03 per 0.01 lots.

3)Trading Conditions: OctaFX offers relatively few trading instruments. They provide access to 28 currency pairs, 2 energy instruments, 10 indices, gold and silver, and 5 cryptocurrencies. Traders can use the MetaTrader 4, MetaTrader 5, or cTrader platforms depending on the type of account held by the trader.

4) Customer Support: OctaFX offers customer support through live chat or Telegram messaging app. They do not offer support through email or phone call. The live chat option is available in Malay.

5) Pros: They offer negative balance protection and segregation of funds. The overall fees is significantly lower than comparable brokers. They offer customer support in Malay.

6) Cons: Their selection of trading instruments is quite limited. They do not provide customer support through phone call or email.

#4 Tickmill Forex Broker

Tickmill Logo

Rating: 8.5/10

Regulations:FSCA, CySEC, FCA, FSA.

Minimum Deposit: $100

Available Platforms: MT4 (MetaTrader4), WebTrader

Tickmill is an STP forex and CFD broker and has a dedicated Malaysian website.

1) Safety: Malaysian traders come under the jurisdiction of the Seychelles Financial Services Authority (FSA) of Seychelles. Tickmill is also licensed by the Financial Conduct Authority (FCA) of the UK, Cyprus Securities and Exchange Commission (CySEC) of Cyprus, Labuan Financial Services Board (Labuan FSA), and Financial Sector Development Authority (FSCA) of South Africa.

2) Fees: Tickmill charges a low variable spread. The average spread for trading the EURUSD currency pair is 0.1 pips. Tickmill charges a commission under its Pro account and VIP account. The commissions are $2 per side per 100,000 traded and $1 per side per 100,000 traded respectively.

3) Trading Conditions: Tickmill traders can trade 60+ currency pairs, 4 bonds, 14+ stock and oil indices, gold and silver. Tickmill users can use the MetaTrader 4 trading platform. They provide negative balance protection.

4) Customer Support: Tickmill can be reached through live chat on their website, a contact form on their website, phone call, or email. They do not have a local Malaysian phone number, however, their international line is available Monday to Friday between 7:00 – 16:00 GMT.

5) Pros: They do not charge any hidden fees and charge low overall fees. Their customer support is available in Malay. They offer Islamic accounts.

6) Cons: Their selection of instruments is quite narrow. They do not offer any social trading features.

#5 FXTM – Good ECN Broker with low minimum deposit

FXTM Logo

Rating: 7.5/10

Regulations: FCA, CySEC, FSCA.

Minimum Deposit: $10.

Available Platforms: MT4, MT5 for desktop, tablet, web & mobile along with FXTM Trader.

FXTM provides STP brokerage services for forex and CFDs. Their website is available in Malay.

1) Safety: FXTM holds licenses by the Financial Conduct Authority (FCA) of the UK, Cyprus Securities and Exchange Commission (CySEC) of Cyprus, and Financial Sector Development Authority (FSCA) of South Africa. They also provide segregation of funds.

2) Fees: The minimum spread under the Standard account is 1.3 pips for trading the EURUSD currency pair. FXTM only charges a commission from traders using the ECN account. The commission charged is $2 per lot. They charge a withdrawal fee and an inactivity fee.

3) Trading Conditions: Through FXTM, traders can access 62 currency pairs, commodities, indices, stock CFDs, spot metals, and cryptocurrencies. Traders can choose between the MetaTrader 4, MetaTrader 5, and FXTM Trader trading platforms. They offer negative balance protection to traders.

4) Customer Support: Traders can reach FXTM’s customer support team through live chat, email, or phone call. The live chat option is available in Malay. They do not have a local Malaysian phone number.

5) Pros: FXTM’s website and customer support are available in Malay. They have a proprietary trading platform. They offer Islamic accounts.

6) Cons: They do not have a local office in Malaysia. They charge hidden fees such as a withdrawal fee (depending on the mode of withdrawal) and an inactivity fee.

#6 Avatrade

Avatrade Logo

Rating: 7.5/10

Regulations: ASIC, CBI, PFSA, FSC, FSA, FSCA, FRSA.

Minimum Deposit: $100.

Available Platforms: MT4, MT5 for desktop, tablet, web & mobile along with proprietary trading platforms.

Avatrade is a market making broker that offers forex and CFD instruments.

1) Safety: Avatrade holds a license to operate from the tier – 1 financial authority ASIC of Australia.
Additionally, Avatrade is licensed by the Central Bank of Ireland, Polish Financial Supervision Authority, British Virgin Islands Financial Services Commission, Financial Services Agency of Japan, Financial Sector Conduct Authority of South Africa, Abu Dhabi Global Markets (ADGM) Financial Regulatory Services Authority (FRSA) of United Arab Emirates.

2) Fees: Avatrade charges an average spread of 0.9 pips for trading the EURUSD currency pair using the retail account. They do not charge a commission. Further, they do not charge a deposit or withdrawal fee however their inactivity fee is high.

3) Trading Conditions: Overall, Avatrade offers more than 250 trading instruments. Traders can access 60 currency pairs, ETFs, bonds, shares, major indices, and cryptocurrencies. They offer a wide variety of trading platforms including MT4, MT5, WebTrader, AvaOptions, AvaTradeGO, automated trading platforms, and Mac Trading. They also offer negative balance protection.

4) Customer Support: Customers can reach Avatrade through live chat, phone call, or email. Each of their customer support modes are available in Malay. They offer a local Malaysian phone number that can be called.

5) Pros: They have a dedicated website for Malaysian traders. Their customer support is also available in Malay. They are a highly regulated broker and offer several different trading platforms. Traders can trade cryptocurrencies.

6) Cons: They charge a high inactivity fee after every three months. They have limited deposit and withdrawal options.

How to Choose the Best Forex Broker in Malaysia?

While choosing a forex broker, it is important to carry out your own independent research. Each forex trader has their own requirements. No particular forex broker is suitable for everyone. Here are the main factors that you should consider while choosing a forex broker.

1) Dealing Desk or No Dealing Desk: There are two kinds of brokers which are Dealing Desk brokers and No Dealing Desk brokers. They may also be known as STP brokers or market maker brokers respectively. STP brokers do not have a conflict of interest with their traders but they may charge higher fees. Market making brokers may have a conflict of interest but they may charge lower fees.

2) Regulation: While checking a broker’s regulation, you should ensure that they (or a group entity) is regulated by reputed financial authorities. The top financial authorities in the world (which are also called tier-1 financial authorities) are the FCA of the UK and the ASIC of Australia.

To check regulation, you should visit the website of the forex broker and read their regulations page. Once you know the license number, you can also cross-check the license on the website of the financial authority. For example, you can see OctaFX’s regulations on this page, and it can be cross-checked on CySEC’s website.

3) Fees: Every broker will usually have a page on which they display the typical spread that they charge for various instruments. You should always check the average spread for the EURUSD currency pair, since it is considered as the benchmark. You can then compare their average spread with other brokers.

Here is an example of the spread charged by OctaFX as found on their website.

Forex Broker Fees

4) Trading Conditions: Each forex broker offers different trading conditions. A few factors that a trader should check are trading instruments offered by the broker, the trading platforms available, the different types of trading accounts, the leverage offered, and the deposit and withdrawal methods available, and the minimum deposit.

For example, if you want to trade cryptocurrencies, then you should check whether a broker offers cryptocurrencies before you sign up with them.

5) Language: Even though not every forex broker offers their services in Malay, there are some who do. If you want to avail of brokerage services in Malay, then you need to check which brokers offer such services. You should also check whether their customer support is offered in Malay.

6) Customer Support: It is crucial that a forex broker provide good customer support. Issues with trading can be serious and it can be difficult to navigate the services offered by a broker. To check customer support, read reviews posted online.

You can also get first-hand information by asking a broker’s customer support team a few test questions. Pay attention to how quickly they respond to your queries and how helpful their response is.

Frequently asked questions: Best Forex Brokers

Which is the Best Forex Broker in Malaysia?

According to our reviews, these 3 forex brokers are the best overall for Malaysian traders based on their overall fees & safety:

  • XM Forex
  • Hotforex
  • OctaFX
  • Which forex broker has the lowest fees?

    Based on the comparison of spread, commissions and other non-trading fees; Hotforex & XM have comparably low fees with their Zero & Ultra Low trading accounts respectively. These low cost forex brokers also don’t charge any fees for deposit or withdrawals.

    Which forex brokers are licensed in Malaysia?

    All the major forex brokers like OctaFX, XM Broker, Hotforex, RoboForex that accept retail traders in Malaysia are foreign CFD brokers, and they are not licensed in Malaysia. These CFD brokers are regulated by forex Top-tier regulators like FCA, CySEC & ASIC, but they are not regulated by the local regulators in Malaysia.

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