- About Forex Broker Malaysia
- Best Forex Brokers Malaysia List
- 1. Tickmill
- 2. ICM Capital
- 3. IG Group
- 4. HYCM
- 5. Plus500
- 6. Interactive Forex Brokers
- 7. Rakuten Securities
- 8. Saxo Bank
- 9. FXOpen
- 10. Oanda
- Comparison of Malaysia Forex Brokers
- Is Forex Trading Legal in Malaysia?
- Can I Trade Forex in Malaysia?
- How Do I Trade Forex in Malaysia?
- Choosing the Best Forex Brokers in Malaysia
- Why is Forex Trading Popular?
- Pros & Cons of Forex Trading
A trusted forex broker is a financial institution that allows traders to purchase and sell foreign currencies. The term forex refers to foreign exchange, in which either one currency is brought or sold in exchange for another, and of course, all deals are made between pairs of two distinct currencies in the forex market.
A forex broker is sometimes known as a currency trader or a retail forex broker. Retail currency traders are among forex broker clients, and they utilize mobile trading platforms to speculate on the movement of currencies. Additionally, they serve as a clearinghouse for big financial services organizations that trade on behalf of financial institutions and other clients. All the best forex broker Malaysia only handles a small part of the total volume of the foreign currency market.
Forex Broker Malaysia For 2023
Malaysians frequently trade forex. While any worldwide forex broker can accept Malaysian consumers, a Capital Markets Services License CMSL from Malaysia’s financial regulator, the Securities Commission of Malaysia SCM, is preferred.
Malaysian people increasingly use mobile phones for mobile trading and setting up a trading career. Almost 80% of Malaysians now have access to an internet connection. Simultaneously, youthful employment in trading careers has increased as job competition has risen.
Young educated Malaysians seek new ways to earn money led to a trading Forex boom. Professional traders may now create Islamic accounts, withdraw funds, watch market news, and encourage mobile trading by trading from their cellphones. Now you need to consider which spread type fits your trading strategies.
Following SCM regulations i.e Securities Commission of Malaysia SCM, we provide you with the top 10 Malaysian forex brokers, some of which accept a minimum deposit as low as $1. Most of the best forex brokers Malaysia also provide low-cost Islamic mobile trading systems, enticing pious Muslims.
Best Forex Brokers Malaysia
The top 10 SCM-regulated forex brokers in MY are:
- Tickmill:- Best for Active and VIP Traders
- ICM Capital:- Best for Individual and Institutional Clients
- IG Group:- Best for Trading CFDs
- HYCM:- Ideal for Low Spreads & Competitive Leverage Ratios
- Plus500:- Best for a Wide Range of Financial Markets
- Interactive Forex Brokers:- Best for Casual and Advanced Malaysian Forex Traders
- Rakuten Securities:- Best for Forex Dealing and Metal Broking
- Saxo Bank:- Best for Offering Investments & Copy Trading
- FXOpen:- Best for Active & High Volume Traders
- Oanda:- Best for Currency Data Analytics & Trading
Best Forex Brokers Malaysia Top 10 List!
The list below is consistent with the best Malaysia forex broker. CryptoNewsZ.com has done all the hard work for you by comparing the top MY forex brokers with their reliability, spreads, fees, and an SCM-authorized broker, i.e., the Securities Commission of Malaysia SCM.
Tickmill – Best for Active and VIP Traders
Tickmill is a top MT4 regulated & licensed forex broker in Malaysia, offering some of the lowest trading fees in the forex industry. While the Classic Account features relatively wide spreads and no cost, the Pro Account features changeable lowest spreads as low as 0 pips, a 4 USD (round turn) charge – one of the lowest in the business – and a minimum deposit requirement of only 100 USD. Tickmill, one of the best forex brokers Malaysia, just implemented MetaTrader 5, and crypto traders now have access to Bitcoin, Ethereum, and Litecoin trading. It has won global forex awards for the Best Forex Customer Service & Best Forex Trading Experience for the global category.
|Regulated By||FSCA, CySEC, FCA, FSA (Financial Services Authority)|
|Best For||Best for Active and VIP Traders|
|Tradable Assets||Currency pairs, Stocks, Indices, Oil, Precious Metals, Bonds, & Cryptocurrencies|
Tickmill is the best forex broker in Malaysia and is regulated by regulatory authorities like Cyprus Securities and Exchange Commission CySEC, FCA, FSA, and FSCA. Tickmill has a low spread, low trading fees, no requotes, and easy deposit and withdrawal options, making it an excellent place to trade, similar to platforms like CMC markets.
There are no fees for deposits or withdrawals in this forex broker Malaysia platform. Ticmill offers innovative and engaging incentives, including trader of the month prizes and NFP machine contests. It also offers novice Islamic traders a danger-free $30 demo trading Islamic account. This incentive allows Malaysian traders to trade as if they were using their own money, making it suitable for novice traders.
However, Tickmill is an excellent choice for newcomers with its $30 free bonus and a $25 minimum deposit. Forex broker Malaysia provides regular webinars for Malaysian brokers in several languages. It also provides video tutorials on how to deal in fx with trading conditions & risks involved, like CMC markets.
Tickmill is a very new best forex broker launched in 2014. However, MT 4, MetaTrader 5, and Website Trader are the only platforms available. Like most retail forex brokers, it does not provide retail investor accounts to citizens of the United States. Although find more info about this forex broker Malaysia in detail in our Tickmill reviews to know their services, tight spreads, account opening process & more.
Risk Warning: There is a very high degree of risk involved with the financial institution; before you high risk large amounts, be aware major retail CFD broker accounts lose money when trading CFDs or any crypto trading. We recommend that Malaysian residents trade with the best broker to avoid forex scam brokers, and so they should know their financial situation to avoid loss.
Pros and Cons of Tickmill
|Best forex brokers provide tight spreads and average spread with major pairs support.||This forex broker offers limited base currencies.|
|Well-regulated broker with MT 4 and MetaTrader 5 support & pro account.||Outdated platform design and functions.|
|Fast and free withdrawals by this forex broker along with mobile devices support & quality educational content.|
|Range of tradable assets like crypto trading & major currency pairs like CMC markets.|
- No deposit or withdrawal fees are charged by this forex broker Malaysia platform.
- No account maintenance fees.
- The forex broker Malaysia charges no inactivity fees.
- Generally Low forex fees.
- Low trading fees with tight spreads, & average spread.
ICM Capital – Best for Individual and Institutional Clients
ICM Capital is a transparent online best forex broker in Malaysia and a trading CFDs brokers. ICM Capital takes pride in its deal execution. Since 2009, ICM has served both individual and institutional customers globally. The organization has offices in Africa, South America, and the Asia Pacific and is one of the FX market makers. Although, it is authorized and regulated by the Financial Conduct Authority (FCA) and the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. Regulated just like CMC markets platforms
This top Malaysia forex broker has over 120 copy trading products on the MT4 trading setup on many account types to a Malaysian trader that can help in trading strategies if you are an experienced trader. ICM, a broker, claimed in its order execution policy that it is one of the many brokers that use a combination of NDD and DDD trading (DD).
|ICM Capital Features|
|Regulated By||FCA, FSA (Financial Services Authority)|
|Best For||Best for Individual and Institutional Clients|
|Tradable Assets||Forex Currency pairs, Stocks, Energy Future, Index Future, Precious Metals, Indices, CFDs|
ICM forex broker is a multi-award-winning venture and one of the best forex brokers in Malaysia, following regulations. It is regulated in several countries and meets all requirements. This best & regulated broker has also obtained additional insurance to protect its clients and reputation, which is very helpful for experienced traders.
The fx brokers offer a MT 4 and the MetaTrader 5 trading platform, which are versatile and support various trading methods. It works with the broker ICM’s ECN technology to stream raw low spreads starting at 0 pips and even has an average spread. Trade execution is quick and flexible using MT4 and has easy deposit and withdrawal options, crypto assets support, educational content, & two accounts to choose from.
Trading Central’s study is commendable since it can help all professional traders or beginners to find new trading possibilities. Customers worldwide can use various payment systems/options with fast execution and choice of various account types such as ecn accounts, etc., offered by brokers. For stock trading, the best forex brokers offer stocks listed on London Stock Exchange. Thus a known forex brokers for beginners with many features like CMC markets.
Short scope of the training facility to help a new trader become a professional Malaysian trader. It is free for clients with a balance of $4,000 or more, which is more than other forex brokers provide. ICM may also try to build its proprietary platform. The broker i.e these financial institutions also do not utilize social trading networks. The spreads and commissions are also not the lowest.
To know more about the forex broker Malaysia platform, you can have a look at the ICM Capital review platform its services, account opening process, order types, & more. Note: There is a very high degree of risk involved; before you risk large amounts, major retail CFD broker accounts lose money when trading CFDs, so they should know their financial conditions to avoid the loss and always go for authorized and regulated platforms.
Pros and Cons of ICM Capital
|The forex brokers offer Multiple regulations like CMC markets.||Clients from the United States and North Korea are not accepted.|
|Expert market analysis from Trading Central & quality educational content.||The free demo account expires after 30 days.|
|Trading on the powerful MT4 platform, ECN account for web, mobile, & desktop, crypto assets, and average spread.||Incomprehensive trader education; no training videos.|
|These financial institutions have a range of currency pairs with easy deposit and withdrawal options and offer crypto trading.||Commission charges are not the lowest.|
|No fixed spread accounts.|
ICM Capital imposes forex fees on the ICM Zero account; these top forex brokers charge $7 a round lot and offer a zero-pip spread on the EURUSD forex pair. It also charges other trading fees like overnight and swap. Charge commissions are not low. Even CMC markets have reasonable fee structures.
IG Group – Best for Trading CFDs
IG Group is based in London. These brokers allow traders to trade CFDs. IG Group brokers claim to be the world’s largest supplier of CFDs, operating in over seventeen countries. A Malaysian fx trader can choose among 17,000 financial marketplaces in and out of the country. Top-tier financial authorities regulate it like FCA, CFTC, and more regulate these IG markets. Just like CMC markets are regulated.
|IG Group Features|
|Regulated By||FCA (UK), CFTC (US), NFA (US)|
|Best For||Best for Trading CFDs|
|Minimum Deposit||$300 via Card|
|Tradable Assets||Forex, Indices, Shares, Commodities, Cryptocurrencies, Bonds, ETFs, Options, Industry Sectors, Interest Rates, Currency pairs|
IG’s great web trading interface is intuitive and customizable. You can also discover various instructional resources; they provide educational videos and various order types. Funding and withdrawing money are simple and flexible. However, IG markets are for anyone wanting to trade CFDs. In the U.S., it’s for clients who want to trade the international currency markets.
However, the costs of IG’s forex and CFD trading instruments are substantial. IG markets exclusively provide CFD and trading options in most countries, and there is a scope for service improvement. Read our honest IG reviews and learn more about this fast execution best broker in detail. 1974 founded London broker firm has subsidiaries in Europe and Asia-Pacific and is registered with the required authorities.
Note: There is a high risk of losing money rapidly due to leverage in any financial institution, even in IC or CMC markets. Major retail CFD broker accounts lose money when trading CFDs or other cryptocurrency trading, so they should know their financial conditions to avoid the loss. Always keep yourself up to date with stock market trends and the financial institutions new policies.
Pros and Cons of IG Group
|First-class website trading platform with MetaTrader 4 support for crypto trading.||High forex and stock CFD fees.|
|Superb educational tools with fx and CFDs options along with currency pairs.||Limited product portfolio.|
|Great deposit and withdrawal options, along with various order types, are provided by this Malaysia forex broker.||Slow customer response.|
This forex broker Malaysia takes no commission on US stocks if you trade 3 or more times in a month and only £3 on UK stocks. IG markets Rates are valid up to around £25,000 trade consideration and the trading fees are reasonable like the IC market & CMC markets.
HYCM – Ideal for Low Spreads & Competitive Leverage Ratios
The HYCM (Henyep Markets) is an international CFD-regulated forex broker operating under its parent company, the Henyep Capital Markets Holdings Group, with offices in these diverse locations like the UK, Dubai, Hong Kong, and Cyprus.
Suppose you are planning to deal in foreign currencies. In that case, the forex broker company has a total of 4 distinct brands operating under the parent company. Still, as distinct entities, they are registered by distinct regulatory bodies for financial services in the country.
|Regulated By||FCA, CySEC, CIMA, DIFC (Dubai Financial Services Authority)|
|Best For||Best for Min. Spreads & Competitive Leverage Ratios|
|Tradable Assets||Forex, Stocks, Indices, & Commodities|
The company has been operating for more than 40 years now and is popular in Malaysia. Many authorities have undertaken HYCM’s registration like the FCA (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission), DIFC (Dubai Financial Services Authority), and CIMA (Cayman Islands Monetary Authority); they all have their registration number mentioned at their site.
HYCM was established in 1998 and is best known for its lowest spreads, competitive leverage ratios, and many diverse assets you can trade. . An account with an initial deposit of $100 is required. These online brokers have a high degree of leverage trading at 1:500.
HYCM offers instruments for trading, including Forex, indices, stocks, and commodities. The availability of the Islamic account, along with MT4, and MT5, helps traders worldwide.
Although you can read our HYCM review, which will help you know all the details of this trading platform.
Pros and Cons of HYCM
|Offers competitive leverage ratios which are through multiple financial bodies.||Crypto trading is not available for traders.|
|Rapid withdrawal processes.||An inactivity fee applies to forex investors for inactive accounts beyond 90 days.|
|Good customer support in case any issues arise.|
|Educational resources are available.|
A commission is charged. However, the Swap-free Islamic account does not charge overnight interest for the first 14 days of opening a position. After that, $5 per night is the charge for each contract. As per broker reviews, HYCM charges a monthly inactivity fee of $10.
Plus500 – Best for a Wide Range of Financial Markets
According to Plus500 Ltd the best forex broker, “online trading in ‘contracts for difference’ (CFDs) supplied through a proprietary trading site over the website and other electronic channels” is its primary operation. The 2008-founded Israeli firm brokers have subsidiaries in Europe and Asia-Pacific and are registered with the required financial authorities.
|Best For||Best for Wide Range of Financial Markets|
|Minimum Deposit||100 Units of the Base Currency|
|Max Leverage||1:20 (CFDs)|
|Tradable Assets||Indices – Country and Sector, Forex, Commodities, Individual Shares, ETFs, Options, Cryptocurrencies, Currency Pairs|
Plus500 is a reliable forex broker that offers well-designed mobile software. The account types opening and customer service are fantastic. On the other hand, Plus500 solely offers CFD products in its asset classes. The absence of typical research on financial instruments, such as suggestions and essential data, is also a drawback. This broker demands average CFD fees with a low minimum deposit of 100 Units of the Base Currency.
Plus500 is the best forex broker for customers seeking access to a range of financial services, trading instruments with low trading costs, and a simple, functional stage on which to place their trades along with forex and CFD options. Note: There is a high risk of losing money rapidly due to leverage. Major retail CFD accounts lose money when trading CFDs. So be careful with retail investor accounts opening.
Pros and Cons of Plus500
|The best brokers have access to more than 2,000 CFDs with trading instruments support.||Customer support is lacking.|
|Easy-to-use and functional site with forex and CFDs options along with market analysis.||Education and great research resources are limited or non-existent.|
|FCA (UK) regulates this online trading platform and provides currency pairs support.||This online trading platform does not accept U.S. clients.|
|Guaranteed stop-loss orders with smooth deposit and withdrawal options and many financial services.|
Spread cost; Overnight financing costs; non-trading fees, currency pairs, reasonable like the IC markets. A minimum of 100 units of the base currency. A minimum balance is required to open an account. The fee structure is reasonable like the other best brokers say CMC markets, IC markets & TD Ameritrade platforms.
Interactive Brokers – Best for Casual and Advanced Malaysian Forex Traders
Interactive forex brokers, a principal US discount broker with forex and CFD trading, were established in 1978. The broker is governed by critical financial regulators, including the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
|Interactive Brokers Features|
|Regulated By||SEC, CFTC, FCA|
|Best For||Best for Casual and Advanced Malaysian Forex Traders|
|Maximum Leverage||It Depends on the Account Type|
|Tradable Assets||Stocks, Fractional Shares, Bonds, Mutual Funds, Options, Futures, Forex, ETFs, Precious Metals, Major Cryptocurrencies, Currency Pairs|
The Interactive Brokers is a member of NYSE – FINRA – SIPC and regulated by the US Securities and Exchange Commission and the Commodity Futures Trading Commission. Although it is best for casual and best Malaysian forex traders, day traders, margin account types, Options trading, educational tools, great research and data, copy trade of other traders, currency pairs, and international stockholders. The Interactive Brokers doesn’t offer a deposit bonus for signing up.
Interactive forex brokers have some of the lowest trading commissions. The broker has fantastic research trading tools and covers many markets and goods like the IC markets.
On the other hand, creating Islamic accounts is complex, and customer support should be better. The desktop trading software of these brokers may also be too difficult for beginners. Learn more about the platform in our Interactive Brokers review and the list of features suitable for you.
Expert Advice: There is a high risk of losing money. Major retail CFD accounts lose money when trading CFDs. We recommend that Malaysian residents trade with forex and CFD options & choose the best broker & a well-regulated one to avoid forex scams. Always keep yourself up to date with stock market trends.
Pros and Cons of Interactive Brokers
|Large investment selection with educational tools & market analysis||The website is difficult to navigate.|
|Strong research and tools with forex and CFDs options along with currency pairs.||Not a forex brokers for beginners.|
|The best Malaysian forex has over 7,000 No-transaction-fee mutual funds.|
|The users who sign up for IBKR Pro get a 0.25 percentage point discount on margin rates.|
Maximum $0.005 per share for Pro platform or 1% of forex trade value, $0 for IBKR Lite and offers pairs like TD Ameritrade, IC markets & CMC markets.
Rakuten Securities – Best for Forex Dealing and Metal Broking
Rakuten Securities is a reliable forex broker regulated by the ASIC. Australian-based Rakuten Securities (RSA) is supported by Rakuten Securities, Inc.’s global competence. Headquartered in Tokyo, Rakuten Securities, Inc. has served over 2.6 million clients since 1999. The broker doesn’t offer a deposit bonus but it is well regulated.
|Rakuten Securities Features|
|Regulated By||ASIC – the Australian Securities and Investments Commission|
|Best For||Best for Forex Dealing and Metal Broking|
|Minimum Deposit||$50 Retail & Pro, for Pro Vip Account $1000|
|Tradable Assets||Currency pairs, Gold, Silver, Indices|
Rakuten Securities has no inactivity fees as a broker, and Islamic account creation is quick. Also, the mobile site is well-designed and user-friendly, as per the reviews. It is also a forex brokers for beginners as it provides demo accounts that give you a real trading experience & educational content to enhance your knowledge. Even fundamental analysis comes in handy.
On the other hand, Rakuten Securities brokers only offer a restricted variety of asset classes, FX and CFD products which is useful even for an experienced trader. There is no website trading platform, solely email customer support & also provides market analysis. Note: Major retail CFD accounts lose money when trading CFDs, so be careful.
Pros and Cons of Rakuten Securities
|Strict regulation.||Limited assets & other financial instruments.|
|Segregated client funds.||No variable spread accounts.|
|Fixed spread accounts, currency pairs support & demo account support for beginner traders, and different account types support.||No United States clients.|
|No commission fees on trades.||Education material not yet provided.|
|Social training via ZuluTrade and myfxbook along with educational material.|
|Fundamental Analysis and market report courtesy of Autochartist.|
Rakuten Securities does not take any deposit fees, the inactivity fee, & or account creation fees, also called non-trading fees. But do take $25 as a withdrawal fee or payout fee. They have a reasonable structure like the IC markets and free demo accounts.
Saxo Bank – Best for Offering Investments & Copy Trading
Saxo Bank is a global service provider with offices globally. They may differ in terms of pricing and product offerings. S&P Global Ratings has rated Saxo Bank as a safe investment bank. It was voted as the best FX broker and trading site for 2021 after a thorough examination of over 70 online of the many forex brokers following regulations.
|Saxo Bank Features|
|Regulated By||FCA, FSA (Financial Services Authority)|
|Best For||Best for Offering of Investments & Copy Trading|
|Minimum Deposit||$2000 for Classic|
|Maximum Leverage||Up to 3.3x|
|Tradable Assets||Stocks, ETFs, Futures, Bonds, Mutual Funds, Currency pair|
Saxo Bank A/S is a fully licensed European bank under the supervision of the Danish FSA (Financial Services Authority), complying with stringent reporting requirements, client management, and international financial regulatory bodies under EU directives and is also regulated by a regulatory authority like the FCA. These financial institutions important role in maintaining monetary authority as well.
As brokers, the Saxo trading platform has an excellent build. Saxo’s unique research team of brokers regularly feeds most trades with unique ideas, and Saxo’s broad product range meets the demands of even significant traders. Best platform, with a range of trading tools, demo account support for beginner traders, currency pairs, educational material, fundamental analysis, offering of investments, best copy trading broker of other traders, forex and CFD options. many other financial instruments, and research.
The costs for bonds, options, and futures trading are substantial. The minimal deposit ranges from $600-to 2,000, depending on your residency; they do not have any live chat, customer support, or 24/7 available. However, know more about the platform in our SAXO Bank review in detail to explore the services efficiently. Note: Major retail CFD accounts lose money when trading CFDs, so be careful even with IC markets so be careful.
Pros and Cons of Saxo Bank
|Credible trading platform with forex and CFDs options.||Comparatively, minimum deposits are high.|
|Deep and wide research with trading tools & educational material.||No live chat and 24/7 customer assistance.|
|Many products (like forex, over 19,000 stocks, etc.) and major currency pairs add more trading opportunities.||High fees on trading bonds, options, and futures.|
|A demo account facility is available that gives you a real trading experience & educational content.|
|The safe broker provides traders with options where they can place stop-loss limits.|
Saxo Bank takes the average US stock exchange fee as $0.02/share, a minimum of $7, but for VIPs, the minimum goes as low as $1. However, higher fees in terms of inactivity in the UK, £25 after a quarter. ISA and SIPP accounts are exempted, and non-UK residents get up to $150 after 6 months. Its spreads starting 0.6 pips for the currency pair of EUR/USD.
Major currency pairs like EUR/USD, EUR/JPY (Japanese Yen), (British Pound), GBP/USD & US tech fund fees will be low as the spread is 0.8 pips during peak trading hours. This means 0.4 pips for VIPs, and certain nations exclusively provide mutual funds. Mutual fund trading is free at Saxo Bank as well is no withdrawal fee but non-trading fees are charged.
FXOpen – Best for Active & High Volume Traders
FXOpen is a global leader and the best trading platform Malaysia. It provides its clients with competitive trading conditions, fast and accurate order execution, tighter spreads, currency pairs like GBP/USD (British Pound & Dollar), and the most innovative technological solutions available.
FXOpen’s Forex dealing in demo trading account is designed for successful traders of all levels of experience and competence. You may choose the trading account type that best suits your trading style, money, and uncertainty tolerance.
|Regulated By||FCA, CySEC|
|Best For||Best for Active & High Vol. Traders|
|Tradable Assets||Forex, Stocks, Indices, Commodities, Cryptos, Currency pairs|
FXOpen Ltd, a safe broker based in London, has been regulated by regulatory authorities like Financial Conduct Authority (FCA no. 579202) in the United Kingdom since March 2013 and CySEC Cyprus Securities and Exchange Commission in Europe. It provides a competitive trading environment with multiple platforms for active traders, tight spreads, and forex and CFDs options. Although education resources are relatively limited, the low spreads and commissions and a strong track record make it an attractive option, particularly for volume traders, along with trading tools & educational materials.
FXOpen is a registered & trusted forex broker in Malaysia with a low-risk profile, superior technology, and great platform choices, a trading account, a cheap minimum deposit of only $1, powerful analytical tools, and exceptional service. On the other hand, educational resources such as trading videos or webinars are lacking, and beginners are advised to seek independent advice or choose another broker as per need. However, we have it covered if you want to explore more detail about the FXOpen review platform and its features.
Pros and Cons of FXOpen
|Minimum $1 deposit & low fees.||No US clients.|
|Easy to use platforms with wide currency pairs.||Limited educational material.|
|Tight spreads and low commissions.||No deposit bonus and welcome bonus are offered.|
|Various deposit or withdrawal options.||Charges for a withdrawal fee.|
|The electronic communication network or ECN.|
|Rapid execution speeds.|
|Proprietary price aggregating technology.|
|One-click trading and level two plugin.|
|Multiple cryptos and major currency pairs.|
|Free VPS & standard account support.|
|Helpful trading tools & good forex brokers for beginners and live chat support.|
Low fees, low spreads, tight spreads, and commissions at FXOpen begin at US Dollar 1.5; even for the currency pair, there are charges per lot, with the low spread as low as 0.0 pips. FXOpen platform does not impose standard account fees but does charge for deposits and withdrawal requests. Additionally, FXOpen imposes a $10 monthly inactivity fee. No charge commissions by the platform and supports currency pairs.
Oanda – Best for Currency Data Analytics & Trading
In addition to FX and CFD trading, OANDA is among the best brokers to offer corporate foreign exchange payments and currency exchange rate services to many businesses and capitalists. FxTrade’s proprietary advanced trading platform delivers an unparalleled desktop trading experience with robust research, live chat, and analytical tools for traders acquainted with the retail foreign currency market.
Users can access iOS and Android mobile platforms and tablet applications to access the fully configurable MetaTrader 4 and 5 platforms. Market depth, one-click trading, and advanced plug-ins are added advantages.
|Regulated By||CFTC, NFA|
|Best For||Best for Currency Data Analytics & Trading|
|Minimum Deposit||No Minimum Deposit Amount|
|Tradable Assets||Brent Crude Oil, West Texas Oil, Corn, Natural Gas, Soybeans, Sugar, Wheat, Gold, Silver, Stocks, Currency Pairs|
OANDA Corporation is a registered Retail Foreign Exchange Dealer (RFED) with the U.S. Commodity Futures Trading Commission (CFTC) and a Forex Dealer Member (FDM) of the National Futures Association (NFA # 0325821) being a significant financial regulatory body. Although this great platform is best for currency exchange information, currency markets updates, and currency data analytics, along with that provides you with a great trading environment.
There is no minimum deposit amount, and you can deposit up to US$9,000 (or currency equivalent) using your OANDA account. Oanda delivers high-quality platforms, rich research tools, and a robust API. Opening a standard account is easy; thus, you can choose a forex broker trading account as per your need.
On the other hand, Oanda’s product offering is now limited to FX and CFD trading. It is not publicly listed and has no banking experience, which may affect its safety. Also, customer support is not available 24/7 & no stock exchange listing. In addition, check our honest Oanda review in detail and know more about the trading platform, its forex trading process, and supported currency pairs to plan your investment objectives with the broker.
Pros and Cons of Oanda
|Great trading platforms with MetaTrader 4 and MetaTrader 5 support.||Only FX and CFD are available with no micro account and cent account.|
|Outstanding research tools for market analysis & educational materials with live chat support.||No stock exchange listing and banking background.|
|Fast and user-friendly live account opening, smooth forex trading & range of currency pairs.||Customer support is not 24/7.|
When your standard account has no open trades for at least 12 months, this forex trading platform charges a monthly fee of ten units of the currency in which your account is denominated; this implies that you will not be charged if you trade in your primary account or any of your sub-accounts. There are no minimum deposit requirements & support currency pairs. It charges commissions per trade.
Comparison of Malaysia Forex Brokers
|Forex Brokers||Minimum Deposit||Maximum Leverage||Accepts MY Residents|
|Interactive Brokers||$100||Depends on Account|
|Saxo Bank||$2000||Up to 3.3x|
Is Forex Trading Legal in Malaysia?
- Forex trading is allowed in Malaysia, and there are three primary rules and regulations governing Forex trading in Malaysia. As a result, you must fully understand how these restrictions apply to your trading as you have the legal rights to trade in which either one currency is brought or sold in exchange for others (stock exchange) and should know how to control the high risk of losing money while using platforms.
- It is also highly recommended that the platforms or best forex brokers in Malaysia you use adhere to these guidelines posted by central banks such as Bank Negara Malaysia, which is the Central Bank of Malaysia, and that the forex broker is regulated in Malaysia (by securities commission of Malaysia); these banks also called financial institutions mostly regulate monetary policy.
- Unregulated brokers are not entertained for opening standard accounts and are a big no for forex trading. Most forex broker Malaysia is regulated and safe. So the answer to the question is forex trading legal in Malaysia? would be yes, and thus you can start trading with no worries.
The Exchange Control Act of 1953
- The Act limits residents’ and non-residents’ foreign exchange transactions. Non-residents are not restricted from putting money in Malaysian ringgit to acquire trade products such as land property and stocks.
- Non-residents are also free to transfer all earnings, returns, and divestiture proceeds from their Malaysian investments overseas in international currency and start forex trading journey.
The Securities Commission Act of 1993
Updated in 2017, this Act empowers the Securities Commission Malaysia to license and regulate securities enterprises.
The Money Changing Act of 1998
This Act is intended to regulate and license money-changing businesses and other similar activities. A forex broker authorized to purchase and sell international currency under the Exchange Control Act 1953 (ECA), a financial regulatory body, is presumed to be licensed under the Money-Changing Act 1998.
Can I Trade Forex in Malaysia?
Yes, trading Forex is legal in Malaysia, but with the help of regulatory bodies, you get the legal rights to trade. However, it is risky owing to the use of foreign leverage. Here are some factors or concerns to consider:-
- Despite their lack of currency knowledge, some people are willing to take a chance on Forex.
- Before investing, the public is advised to conduct due research on any currency exchange that a Malaysian broker offers. That will help them to avoid becoming a victim.
- They risk becoming self-sufficient, especially if they are new to online companies. Forex is a very technical market.
- Malaysian Traders must be experienced and knowledgeable and follow regulations to minimize loss and maximize profit.
- Forex broker Malaysia platform trade involves a volatile money flow that requires continuous control to earn bonuses.
- It may cost you a lot of money if you lose track of it. FX trading is difficult without knowledge and review.
- Thus, traders are encouraged to fulfill their Forex and CFD trading needs with care.
- Avail of proper customer support in need by the forex broker Malaysia platforms.
How Do I Trade Forex in Malaysia?
- To deal in Forex legally in Malaysia, one must utilize a licensed institution with proper regulation or forex broker and maintain an Islamic account. Shariah-compliant best forex brokers in Malaysia and agents or regulated brokers must be considered.
- Several shariah-compliant best forex brokers have garnered positive evaluations from users worldwide due to proper regulation and support to local bank transfers even the presence of well established Malaysian investment development authority. Always choose securities commission of Malaysia supported platforms.
- Expert Advice: CFDs are complex instruments, and investor accounts lose money even the forex broker Malaysia, so you must understand how CFDs work and avoid loss so always choose regulated forex brokers, good CFDs brokers. You got to have trading experience before forex trading and some technical analysis will help you along.
Choosing the Best Forex Brokers in Malaysia
- Although international best forex brokers Malaysia for 2023 welcome clients from most nations, Malaysian traders (various types) may face unique trading circumstances by the regulatory agencies. To identify the most suitable forex broker for Malaysian citizens, the first thing to do is understand Malaysian customer account conditions and their regulations to avoid the high risk of losing money. Though these forex markets are open 24 hours a day to help you gain market experience.
- When choosing a forex broker Malaysia platform, you choose a business partner you need to trust. You can choose from our top 10 forex brokers list mentioned above and start forex trading journey as these are capital markets services license CMSL supported and a regulated broker.
- Find a trusted broker that offers advanced charting with great research tools providing high leverage to Malaysian clients—most brokers listed with top-tier regulators give fast execution and various withdrawal methods, bank transfer options, low fees, and follow guidelines by Bank Negara Malaysia.
- The top broker offers mobile apps that easily open swap-free, ECN razor accounts by some platforms, and more with fixed spreads & the raw spread.
- The most reputable best forex brokers in Malaysia are licensed by regulatory authorities like the Financial Conduct Authority (FCA) in the United Kingdom, Cyprus Securities and Exchange Commission CySEC in Europe, or the ASIC in Australia (Australian Securities and Investments Commission) has a track record of treating Malaysian traders properly.
- The Securities Commission Malaysia SCM and the Central Bank of Malaysia are constantly improving their regulation of the best forex brokers in Malaysia and licensing of globally known forex brokers even the Capital Markets Services License CMSL is doing the same, also the Finance Accreditation Agency plays its role along with Bank Negara Malaysia which enables guidelines that must be followed. These banks act as financial institutions which regulate monetary authority.
- However, the Securities Commission Malaysia SCM regulates only a small number of best forex brokers. It requires forex trading brokers to keep their operational funds segregated from traders’ funds.
- Note: CFDs are complex instruments, and investor accounts lose money even forex broker Malaysia, so you must understand how CFDs work and avoid loss. So always choose regulated forex brokers and the standard account of your choice.
Broker Trading Conditions and Costs
- The most popular & top forex brokers in Malaysia frequently offer reduced trading costs on mobile platforms expenses to Malaysian residents, which translates into narrow or lowest spreads and low minimum deposits to interested new traders to avoid high risks.
- Executing trades for interested new traders should be lightning-quick and involve little human interaction. Even famous platforms like forex platforms TD Ameritrade follow the same.
- Additionally, a forex broker Malaysia platform shall disclose its low spreads, execution policies, and a comprehensive list of all trading CFDs accessible to Malaysian beginner traders as per the regulation to avoid the high risk of losing money. We frequently see that a few best brokers follow trading conditions, and the availability of negative balance protection varies according to a new traders’ country of residency.
- Brokerage businesses are classified into two types: full service and discount. The distinctions between the two, as well as the fees they demand, either low fees or high, are substantial. A full-service forex broker’s average broker charge is $150, whereas a discount best forex broker’s average broker fee is $10.
- The cost of trading is the total expense incurred by traders (various types) to do business. Each deal you make with a regulated forex broker Malaysia platform will incur charges or commissions. These fees vary as per brokers but are often relatively cheap, low fees, and these are typically the only costs associated with trading.
- In forex trading, commissions can be fixed – a fixed sum regardless of volume – or relative – commissions increase according to the trading platform’s volume.
- Additionally, fx broker traders should be aware of hidden expenses, including inactivity fees, management fees, monthly or quarterly minimums, margin costs, and low forex fees, the low minimum deposit which may be updated connected by contacting regulated top forex brokers through the phone.
Forex Broker Malaysia Trading Platform
- Trading platforms are software that manages and execute market deals. Expert traders’ toolkits with live streaming quotes and charts are available to inexperienced investors to save them from rapidly losing money.
- Choosing an advanced trading setup requires balancing various aspects, substantial risks, and trade-offs in the financial sector. Traders and retail investors should compare and oversee forex trading platforms based on price and service & even the low minimum deposit provided many are suitable for forex brokers for beginners users as well.
- Features like Level 2 quotations and market maker depth charts can help day traders make better decisions. Experienced traders may require advanced trading tools for trading, mobile platforms, and visualizing options.
- The fx broker lowest fees are another vital consideration in evaluating platforms. Traders that employ the scalping approach may seek platforms with low trading expenses. Although low forex fees are desirable, there may be trade-offs. For example, cheap pricing may result in fewer small features and informational research.
- Advanced trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader are supported by best forex brokers Malaysia. Some of the best forex brokers in Malaysia perform both roles. Because most Forex traders have a preferred platform (like IC markets, TD Ameritrade, & more), they are more likely to have raw spread accounts, and razor account by some platforms and organizations that supply many platforms.
Forex Broker Malaysia Supports Local Currency
Finally, the web-based trading platform should support and deal in the country’s local currency and support deposits from local banks, whereas Malaysia’s central bank help in proper broker regulation of the service providers for the Malaysian citizens.
Why is Forex Trading Popular?
Forex trading is such a popular alternative for capitalists from all walks of life for the following reasons:-
Global Market with Numerous Possibilities
- One of the reasons forex dealing is so popular is that it is a global market with global participation. Every day, trillions of dollars are exchanged as revenues as forex is the biggest financial market in the world.
- That means stockholders have a range of alternatives for making money, earning profits, building wealth and deposits/withdrawals in the bank account, and safe bank transfer.
Simple to Enter
- This type of trading is also accessible to beginners. Forex brokers for beginners costs are modest, allowing you to deal in forex even if you don’t have a lot of spare money and start forex trading. You may also learn about trading by using the free trial retail investor Islamic account available online to attract new investment capital in Islamic finance (also called a swap-free account).
- It is so easy to understand and does not require substantial initial commitments.
Round the Clock Trading
Given the global character of the market, many people prefer the fact that forex dealing is open 24 hours a day, like TD Ameritrade and more. That is an excellent alternative for forex trades who desire some freedom. Many people love the idea that deals may occur anytime, anywhere on the globe and they can start forex trading. Note: These forex markets are open 24 hours a day to help you out in gaining market experience even suitable for forex brokers for beginners users.
There Are Few Costs Involved
- Many are also intrigued by the low costs connected with FX trading (platforms like TD Ameritrade). You can trade on free demo retail investor Islamic accounts and don’t have to make massive transactions.
- Retail traders can also expect lower dealing costs while earning profits, which is financial leverage; some even offer commission free trading, and reasonable forex fees Note: CFDs are complex instruments, and investor accounts lose money. Be prepared before you start trading.
- The above-mentioned are just a few reasons why the forex trading market is so popular and why people using forex brokers in Malaysia for 2023 are getting good experience.
The Advantages and Disadvantages of Forex Trading
Forex Trading Benefits
Trading Account Flexibility
- The Foreign Exchange market allows merchants and businesses to exchange goods and services freely. The quantity of currency that may be traded is unrestricted, encouraging more trading accounts. There are also a few regulations and rules to follow in the industry.
- The market is open 24 hours a day, 7 days a week. Average employees may consider this a part-time profession because of the time and work flexibility. so you can start trading with chosen forex trading platforms, as forex is the biggest financial market in the world.
- One of the main advantages of working on a forex broker Malaysia platform is that one has complete leverage over the trading process.
- No one appears to be forcing beginners to make forex transactions. Choosing a forex brokers for beginners must be their choice and even choosing the right forex trading platforms.
- Individuals in the Forex dealing industry always have the last word on whether or not to make a transaction and how much they are willing to gamble to make money.
- When someone initially enters the world of forex broker Malaysia platform or any other country, they are termed, beginners. The highest-rated brokers provide a ‘Demo Account,’ a simulation of the live trading accounts system, which may be used to gain experience and practice Forex dealing.
- There is no danger, and the beginners decide on Forex dealing through retail investor accounts. This demo platform support helps beginners to excel as most forex brokers for beginners platforms are user-friendly & as for any doubt regarding is forex legal? , the answer would be yes even for beginners.
- It is also a great way to examine, develop, and organize new skills—transparency in information dissemination. The Foreign Exchange market is vast and operates 24/7, encompassing all nations and time zones.
- Even though the Forex market makes its rates and predictions public, the authorities look into the security of every account like the ECN account (which comes with floating spreads), the Cent Account, the Micro account, and more.
- The real-time necessary for gathering information & its transmission makes it plausible to assume that it is a short-term gain, but the market scale makes it understandable.
- The Forex market is full of options for fully regulated online brokers offering financial services to Malaysian clients. Businesses, merchants, importers, and exporters may benefit from the broad forex dealing market by dealing in many currencies in pairs with security. Even technical analysis of market can help you along.
- One can trade spot or futures contracts via retail investor accounts in Malaysia. Thus, the forex market allows capitalists to trade according to their budget and uncertainty tolerance.
- Foreign currency trading in Malaysia is a relatively low-cost investment option compared to other investment objectives, and it is a part of trading and investment. Compared to other markets, the forex Malaysia market is relatively cheap, and there is less need for brokerage because dealers directly cover the risk and security.
- Some even provide commission-free account trade. All these factors have contributed to the uprising of the Malaysian economy over the years. Even forex brokers for beginners have been easy for them.
Forex broker Malaysia platform dealing has the most significant leverage among all financial markets. To participate in the foreign exchange market, people might leverage their prior investment 20-30 times. Even though the Forex market is small, an investor may lose or gain a lot.
- Compared to other than forex Malaysia markets around the world, the forex market in Malaysia has the most active and large forex market participants base. That enhances liquidity and attracts prominent market players and account holders who fill large orders.
- As a result, price manipulation is successfully eliminated while maintaining the initial price and providing you with the highest-rated brokers.
Absence of Central Exchange involvement
The Central Exchange in Malaysia is not engaged, but it does interfere in rare and extreme cases. Investing in such a market protects lenders from sudden price decreases or price manipulation against the market of the companies or organizations dealing in equity shares and other kinds of security.
Forex traders in Malaysia quickly switch currencies if they identify a profit or a good investment opportunity. Investing money or capital in such a capital-driven market has various dangers, yet volatility allows for more profit by switching currencies. That reduces uncertainty and generates revenue for the company along with security.
Forex dealing systems in Malaysia operate 24 hours a day, 7 days a week, regardless of market circumstances they are ready to provide financial services. Traders may do this part-time and choose their hours, and individuals can keep up with market movements at any moment as generally, most are online broker available 24 hours.
- An investor’s confidence improves when they strike the jackpot, and this, in turn, produces goodwill. An investor with solid confidence may be excessively active in forex dealing, causing traffic. Currency trading account traffic constantly draws new stockholders, increasing profit and earnings.
- Now that we know the upsides of Forex dealing, let’s look at the downsides. Because every coin has two sides, let us now learn about the drawbacks of Forex trading for any forex broker Malaysia platform users. Note: CFDs are complex instruments, and retail investor accounts lose money.
Forex Trading Drawbacks
Using a brokerage business often leads to a lack of transparency and a lower return on investment. As a result, just a few brokerage companies trade Forex. Look for a regulated forex broker Malaysia platform that follows all regulations, pledges security, and is regulated by a broker regulator. The market in Malaysia may not always follow the rules, but it may follow the broker’s rules.
The pricing choice process in foreign currency is often referred to as tough. Rates are affected and fluctuate for several causes: global politics and economics, leverage currency rates, and increasing-price uncertainty. Technical analysis is used to determine if a deal will be lucrative and steady payment systems.
Forex dealing is not without risk. See that the broker is regulated and believes in the security of dealings. There is a high degree of leverage, which increases the risk of losing money. To predict the future correctly and profitably, one must be exceedingly attentive and informed about the forex market. Always ensure you are trading with licensed forex brokers serving Malaysian clients and seek their financial services wisely.
While trade managers, consultants, and relationship managers might assist in this market, Malaysian fx trade is done by traders on its own. Typically, newcomers quit the market owing to losses incurred due to a lack of industry knowledge. Thus choosing the best forex brokers is important.
For forex traders, excessive volatility might be a benefit. As a global political and economic change, it becomes more difficult to foresee and understand the Forex market, making it more difficult for investors to take a chance. If the market drops, investors might lose a lot of money.
Market Is Open 24 Hours a Day, 7 Days a Week
Investors aren’t exempt from this market’s vigor. Investors must keep up with minute-by-minute market developments and be informed about scams when investing. The market might turn unexpectedly at any time; therefore, the investor must be alert and aware of the market’s volatility and can start forex trading as needed.
The internet’s open information sharing allows anyone to monitor and invest in market circumstances easily. It is possible to follow the wrong rookie trader, resulting in a significant loss or monetary scams over time. So, look for a knowledgeable trader who can invest money sensibly with security, resulting in future gains and don’t lose money.
The world of Forex dealing is full of winning trades that blind the trader to the potential of losing the next trade. The trader becomes arrogant and fails to recognize that he may not always win but lose money. Discipline may be lost, and the individual may become overconfident, hindering his growth. Thus choosing trading forex in Malaysia with a regulated platform is a must to have confidence and proper advice is also recommended.
To enter the Forex dealing market, one needs to know how it works, which may entail taking lessons or courses on the subject. It is best to get educated before entering this market or risk considerable losses in the future and thus choose the trading forex platform wisely. We have a list of forex brokers in Malaysia to choose from as per your need for you. Even the finance accreditation agency of forex broker Malaysia helps in that department.
Another disadvantage of Forex dealing is the presence of scammers seeking to deceive investors. A trustworthy, dependable individual who will not lie and can deliver more considerable earnings is necessary for investment. As a result, the Forex dealing sector is full of con artists. Still, it is up to the investor to pick the best forex brokers Malaysia, following regulations so that they don’t lose money or deposits and avoid scam brokers.
Forex dealing involves the probability of losing money, which scares traders, and the unpredictable climate instills panic in traders, complicating trading forex. To invest wisely, traders must be mentally robust, have security, and be well-educated, thus chose trading forex in Malaysia with regulated platforms
Working with a professional broker following regulations helps overcome this flaw. CFDs are complex instruments, and retail investor accounts lose money. Before you start trading forex, analyze your risk appetite.
Conclusion on Top Forex Brokers Malaysia
Forex dealing demands a high level of competence to execute well. Each currency and country has its own set of foreign exchange laws (the local law). Your trading approach must be gainful. But not at the price of the country’s judicial system.
While trading forex in Malaysia might be difficult, understanding the standard Malaysian trading accounts can help you not to lose interest and, in turn, make money. Look out for the regulators like Cyprus securities. Use legal and financial methods to verify and avoid the illegal behavior of online brokers. Collect relevant reviews to earn your bonuses to help you outline potentially profitable trading strategies. Note: CFDs are complex instruments, and retail investor accounts lose money. Before you start your trading journey, analyze your risk appetite and choose the right forex brokers in Malaysia.
Which Forex Broker Is Legal in Malaysia?
A licensed institution or broker must be used to deal in Forex lawfully in Malaysia. Consider shariah-compliant best Malaysian forex brokers and agents or the Bank Negara Malaysia regulated brokers following regulations. Users worldwide have given marks for shariah-compliant top forex brokers following regulations and providing efficient customer support and security.
Which Is The Lowest Spread Broker Malaysia?
ICM Capital & Forex.com forex broker Malaysia are one of the two platforms whose spreads are the lowest, you can also check their official website for the latest update.
Is Forex Trading Allowed in Malaysia?
Forex trading in Malaysia is permitted, and the process is conducted through Malaysian government-approved and fully regulated Malaysian organizations and agencies following strict rules and regulations by many traders. Always see that the forex broker Malaysia platform is regulated.