Best Forex Broker Malaysia 2022: Top 10 Forex Brokers List!

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 2022

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, 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 for 2022 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
  • Forex.com:- Best for High Volume Malaysian Forex Trader
  • 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.

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.

Tickmill Features

Regulated By FSCA, CySec, FCA, FSA (Financial Services Authority)
Best For Best for Active and VIP Traders
Year Founded 2014
Minimum Deposit $100
Maximum Leverage 1:500
Tradable Assets Currency pairs, Stocks, Indices, Oil, Metals, Bonds, & Cryptocurrencies

Tickmill is the best forex broker in Malaysia and is regulated by CySec, FCA, FSA, and FSCA. Tickmill has the lowest spreads, low trading fees, supports various account types, and has no requotes and easy deposit and withdrawal options, making it an excellent place to trade.

Tickmill - Best Forex Brokerage Company in Malaysia

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.

However, Tickmill is an excellent choice for newcomers with its $30 free bonus and a $25 minimum deposit. The 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, and the use of mobile trading platforms.

Tickmill is a very new best forex broker launched in 2014. However, MetaTrader 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.

Risk Warning: There is a very high degree of risk involved; before you high risk large amounts, be aware major retail CFD accounts lose money when trading CFDs. 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 the loss.

Pros and Cons of Tickmill

Pros Cons
right Tight spreads, with major pairs support. cancel Limited base currencies are offered by this forex broker.
right Well-regulated broker with MetaTrader 4 and MetaTrader 5 support & pro account. cancel Outdated platform design and functions.
right Fast and free withdrawals by this forex broker.
right Wide range of tradable assets like crypto trading & major currency pairs.

Fee Structure

  • No deposit or withdrawal fees
  • No account maintenance fees
  • The forex broker Malaysia charges no inactivity fees.
  • Generally Low forex fees.
  • Low trading fees.

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ICM Capital – Best for Individual and Institutional Clients

ICM Capital is a transparent online best forex broker in Malaysia and a trading CFDs broker. 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.

This top Malaysia forex broker offers 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
Year Founded 2009
Minimum Deposit $200
Maximum Leverage 1:200
Tradable Assets Forex Currency pairs, Stocks, Energy Future, Index Future, 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.

The forex brokers offer a MetaTrader 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. Trade execution is quick and flexible using MT4 and has easy deposit and withdrawal options.

ICM Capital - Best Forex Brokers in Malaysia

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, it offers stocks listed on London Stock Exchange. Thus a known forex brokers for beginners with lots of features.

Short scope of the training facility to help a new trader become a professional Malaysian trader. It is free for clients who have 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 also does 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. Note: There is a very high degree of risk involved; before you risk large amounts, be aware major retail CFD accounts lose money when trading CFDs, and so they should know their financial conditions to avoid the loss.

Pros and Cons of ICM Capital

Pros Cons
right The forex brokers offer Multiple regulations. cancel Clients from the United States and North Korea are not accepted.
right Expert market analysis from Trading Central. cancel The demo account expires after 30 days.
right Trading on the powerful MT4 platform, ECN account for web, mobile, & desktop. cancel Incomprehensive trader education; no training videos.
right Range of currency pairs with easy deposit and withdrawal options. cancel Commission charges are not the lowest.
cancel No fixed spread accounts.

Fee Structure

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.

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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 forex trader can choose among 17,000 financial marketplaces in and out of the country, and top-tier financial authorities regulate it like FCA, CFTC, and more.

IG Group Features

Regulated By FCA (UK), CFTC (US), NFA (US)
Best For Best for Trading CFDs
Year Founded 1974
Minimum Deposit $300 via Card
Maximum Leverage 50:1
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. 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.

IG Group - Malaysia Best Forex Broker

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. The 1974 founded London broker firm has subsidiaries in Europe and Asia-Pacific, and it is registered with the required authorities. Note: There is a high risk of losing money rapidly due to leverage. Major retail CFD accounts lose money when trading CFDs, and so they should know their financial conditions to avoid the loss.

Pros and Cons of IG Group

Pros Cons
right First-class website trading platform with MetaTrader 4 support for crypto trading. cancel High forex and stock CFD fees.
right Superb educational tools with forex and CFDs options. cancel Limited product portfolio.
right Great deposit and withdrawal options. cancel Slow customer response.

Fee Structure

No commission on US stocks if you trade 3 or more times in a month, and only £3 on UK stocks. Rates are valid up to around £25,000 trade consideration and the trading fees are reasonable.

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Forex.com – Best for High Volume Malaysian Forex Trader

Created in 2001 by GAIN Capital Holdings, Forex.com is a global online broker for retail FX and CFD traders regulated by the Monetary Authority of Singapore (MAS). StoneX Group Inc. bought GAIN Capital Holdings, which comprises City Index, an online CFD, social trading and spread betting service, and Daniels Trading, a futures advice trading business.

Forex.com Features

Regulated By CFTC (US), NFA (US), FCA (UK), IIROC, ASIC, MAS, CIMA, FSA (Financial Services Authority)
Best For Best for High Volume Malaysian Forex Trader
Year Founded 2001
Minimum Deposit At Least 100 of the Currency Selected
Maximum Leverage 50:1
Tradable Assets CFDs, ETFs, Spread Betting, Futures, Commodities, Indices, Individual Stocks, Bonds, Gold, Silver, Cryptocurrencies

Forex.com is best for all types of traders who are seeking for trading leveraged products, main account types, forex and CFDs options, and asset classes. But this reliable broker is a good fit for the high-volume Malaysian forex trader.

Forex.com - Reliable Forex Broker for Malaysia

Forex.com, a legal forex broker in Malaysia, has minimal forex costs, various currency pairings, and loads of technical analysis tools. However, as a broker, Forex.com lacks common asset types like stocks and bonds. Inexpensive stock CFD costs, unintuitive desktop trading platform. Note: There is a high risk of losing money rapidly due to leverage. Major retail CFD accounts lose money when trading CFDs. You can explore more about the platform in our Forex.com review and the list of features suitable for you.

Pros and Cons of Forex.com

Pros Cons
Wide range of product offerings along with easy deposit and withdrawal options. cancel No account protection for U.S. clients.
TradingView charts are built into the website platform. cancel No guaranteed stop losses for U.S. clients.
Regulated by FCA (U.K.) & CFTC, NFA (U.S.). cancel Subpar website maintenance.
Offers protection for U.K./E.U. client accounts.
Rebates for high-volume traders with forex and CFDs options.

Fee Structure

Spread cost; Commissions; Overnight financing costs; non-trading fees. At least 100 of the selected base currency or 2,500 as per their recommendation. Some account types with no trading activity for more than 12 months are subject to a $15/month inactivity fee. The website does not list additional forex fees for deposits or withdrawals.

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Plus500 – Best for a Wide Range of Financial Markets

According to Plus500 Ltd, “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 as brokers has subsidiaries in Europe and Asia-Pacific and is registered with the required authorities.

Plus500 Features

Regulated By FCA
Best For Best for Wide Range of Financial Markets
Year Founded 2008
Minimum Deposit 100 Units of the Base Currency
Maximum Leverage 1:20 (CFDs)
Tradable Assets Indices – Country and Sector, Forex, Commodities, Individual Shares, ETFs, Options, Cryptocurrencies, Currency pairs

Plus500 is a 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. 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 best for customers seeking access to a wide range of financial services 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.

Plus500 - Licensed Forex Broker for Malaysia

Pros and Cons of Plus500

Pros Cons
Access to more than 2,000 CFDs. Customer support is lacking.
Easy-to-use and functional site with forex and CFDs options. Education and research resources are limited or non-existent.
Regulated by FCA (UK). Does not accept U.S. clients.
Guaranteed stop-loss orders with smooth deposit and withdrawal options and lots of financial services.

Fee Structure

Spread cost; Overnight financing costs; non-trading fees. A minimum of 100 units of the base currency.

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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
Year Founded 1978
Minimum Deposit $100
Maximum Leverage It Depends on the Account Type
Tradable Assets Stocks, Fractional Shares, Bonds, Mutual Funds, Options, Futures, Forex, ETFs, Metals, Major Cryptocurrencies

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 advanced Malaysian forex traders, day traders, margin account types, Options trading, research and data, copy trade of other traders, and international stockholders. The Interactive Brokers doesn’t offer a deposit bonus for signing up.

Interactive Forex Brokers - High-Rated Forex Brokers in Malaysia

Interactive forex brokers have some of the lowest trading commissions. The broker has fantastic research trading tools and covers many markets and goods.

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.

Note: 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 to avoid forex scams.

Pros and Cons of Interactive Brokers

Pros Cons
Large investment selection. The website is difficult to navigate.
Strong research and tools with forex and CFDs options. Not a forex brokers for beginners.
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.

Fee Structure

Maximum $0.005 per share for Pro platform or 1% of trade value, $0 for IBKR Lite.

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Rakuten Securities – Best for Forex Dealing and Metal Broking

Rakuten Securities is a 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.

Rakuten Securities Features

Regulated By ASIC – the Australian Securities and Investments Commission
Best For Best for Forex Dealing and Metal Broking
Year Founded 1999
Minimum Deposit $50 Retail & Pro, for Pro Vip Account $1000
Maximum Leverage 400:1
Tradable Assets Currency pairs, Gold, Silver, Indices

As a broker, Rakuten Securities has no inactivity fees, 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.

Rakuten Securities - Best Trading Platform Malaysia

On the other hand, Rakuten Securities brokers only offer a restricted variety of FX and CFD products. There is no website trading platform and solely email customer support. Note: Major retail CFD accounts lose money when trading CFDs, so be careful.

Pros and Cons of Rakuten Securities

Pros Cons
Strict regulation. Limited assets & other financial instruments.
Segregated client funds. No variable spread accounts.
Fixed spread accounts. No United States clients.
No commission fees on trades with forex and CFDs options. Education material not yet provided.
Social training via ZuluTrade and myfxbook.
Analysis and market report courtesy of Autochartist.

Fee Structure

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.

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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
Year Founded 1992
Minimum Deposit $2000 for Classic
Maximum Leverage 20:1
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 FCA.

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, offering of investments, copy trading of other traders, forex and CFD options. many other financial instruments, and research.

Saxo Bank - The Best Forex Broker for Malaysia

The costs for bonds, options, and futures trading are substantial. The minimal deposit ranges from $600-to 2,000, depending on your residency; no 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.

Pros and Cons of Saxo Bank

Pros Cons
Credible trading platform. Comparatively, minimum deposits are high.
Deep and wide research with trading tools. No live chat and 24/7 customer assistance.
A wide array of products (like forex, over 19,000 stocks, etc.) and major currency pairs add more trading opportunities. High fees on trading bonds, options, and futures.
Demo account types facility.
Traders can place stop-loss limits.

Fee Structure

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. It offers 0.6 pips for 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 but non-trading fees are charged.

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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, 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.

FXOpen Features

Regulated By FCA
Best For Best for Active & High Volume Traders
Year Founded 2003
Minimum Deposit $1
Maximum Leverage 1:500
Tradable Assets Forex, Stocks, Indices, Commodities, Cryptos, Currency pairs

FXOpen Ltd, based in London, has been regulated by the Financial Conduct Authority (FCA no. 579202) in the United Kingdom since March 2013. It provides a competitive trading environment with multiple platforms for active traders. Although education resources are relatively limited, the low spreads and commissions and a strong track record make it an attractive option, particularly for high-volume traders along with trading tools.

FXOpen - Best & Legal Forex Broker in Malaysia

FXOpen is a registered & trusted forex broker in Malaysia with a low-risk profile, superior technology, and great platform choices, 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

Pros Cons
Minimum $1 deposit. 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.
Strict regulation.
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.

Fee Structure

Low fees, low spreads, and commissions at FXOpen begin at US Dollar 1.5; even for the currency pair, there are charges per lot, with the lowest spreads 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.

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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 and analytical tools for traders acquainted with the retail foreign currency market.

Users can access iOS and Android mobile 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.

Oanda Features

Regulated By CFTC, NFA
Best For Best for Currency Data Analytics & Trading
Year Founded 1996
Minimum Deposit No Minimum Deposit Amount
Maximum Leverage 50:1
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, the platform is best for currency exchange information, currency data analytics, and trading.

Oanda - Top Forex Brokers in Malaysia

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.

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. In addition, check our honest Oanda review in detail and know more about the trading platform, and supported currency pairs to plan your investment objectives with the broker.

Pros and Cons of Oanda

Pros Cons
Great trading platforms with MetaTrader 4 and MetaTrader 5 support. Only FX and CFD are available with no micro account.
Outstanding research tools for market analysis. No stock exchange listing and banking background.
Fast and user-friendly live account opening. Customer support is not 24/7.

Fee Structure

When your account has no open trades for at least 12 months, you will be charged 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.

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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 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. Unregulated brokers are not entertained for opening standard accounts.

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.

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.

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. Note: CFDs are complex instruments, and investor accounts lose money, so you must understand how CFDs work and avoid loss so always choose regulated forex brokers.

Choosing the Best Forex Brokers in Malaysia

Although international best forex brokers Malaysia welcome clients from most nations, Malaysian traders 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. When you choose a forex broker Malaysia platform, you choose a business partner that you need to trust. You can choose from our top 10 forex brokers list mentioned above.

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. The top broker offers mobile apps that easily open swap-free, ECN razor accounts, and more with fixed spreads.

Broker Regulation

The most reputable best forex brokers in Malaysia are licensed by 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 is doing the same. However, the Securities Commission Malaysia (SCM) regulates only a small number of best forex brokers. It requires brokers to keep their operational funds segregated from traders’ funds. Note: CFDs are complex instruments, and investor accounts lose money, so you must understand how CFDs work and avoid loss. So always choose regulated forex brokers.

Broker Trading Conditions and Costs

The most popular & top forex brokers in Malaysia frequently offer reduced mobile trading costs on mobile platforms expenses to Malaysian residents, which translates into narrow or lowest spreads and cheap minimum deposits to interested new traders to avoid high risks. Executing trades for interested new traders should be lightning-quick and involve little to no human interaction. Even famous platforms like 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 mobile 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 mobile trading is the total expense incurred by traders 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, traders should be aware of hidden expenses, including inactivity fees, management fees, monthly or quarterly minimums, margin costs, and low forex fees connected with 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 a 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. 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 and visualizing options.

The 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.

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 organizations that supply many platforms.

Support 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. That means stockholders have a wide range of alternatives for making money, earning profits, and building wealth and deposits/withdrawals in the bank account.

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. 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.

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.

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 2022 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. Although, if you want to find more about various best forex brokers list in detail and know their services.

Self-Control

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.

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.

Practicing

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.

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.

Numerous Options

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. 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.

Affordability

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.

Profitable Gains

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.

Great Liquidity

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.

Volatility

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.

24-hour Service

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.

Confidence

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

Broking

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.

Setting Prices

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.

Risk Factor

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.

One-Man Performance

While trade managers, consultants, and relationship managers might assist in this market, Malaysian forex 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.

High Volatility

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.

Social Trading

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.

Excessively Confident

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.

Educated

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.

Scammers

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.

Worry

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.

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 investor accounts lose money. Before you start your trading journey, analyze your risk appetite.

FAQs

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.

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.

 

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