- Find the best broker for your trading needs
- Compare spreads, fees, and platforms
- Read in-depth reviews and analysis
Over the last decade, Forex trading has become more accessible to the average person in Malaysia. Nationwide access to the internet and an influx of international “offshore” brokers joining the local scene have increased competition. However, very few international brokers are regulated locally by the Securities Commission of Malaysia, (SCM) in Malaysia. As a result, Malaysian traders have to resort to trading with reputable offshore brokers.
When choosing a Forex broker, it’s important to consider not only the financial aspects but also the personal fit. We thoroughly reviewed all Forex Brokers catering to Malaysian clients. Your feedback is an important part of this evaluation, and we always incorporate the views of real traders when we make a recommendation. Based on our research, we have selected the top options for traders of all budgets and preferences.
These are the Best Forex Brokers for Malaysia in 2024, as recommended by our experts.
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
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Broker | Overall Rating | Official Site | Min. Deposit | Website Language: English | Regulators | Cost of Trading | Fx Pairs | Compare |
---|---|---|---|---|---|---|---|---|
USD 0 | Yes | USD 10 | 90 | |||||
USD 25 | Yes | USD 6 | 52 | |||||
USD 100 | Yes | USD 6 | 62 | |||||
USD 100 | Yes | USD 9 | 63 | |||||
USD 5 | Yes | USD 6 | 57 | |||||
AUD 100 | Yes | USD 6 | 70 | |||||
USD 200 | Yes | USD 8 | 64 | |||||
USD 0 | Yes | USD 10 | 53 | |||||
AUD 0 | Yes | USD 4.50 | 81 |
Find Your Ideal Forex Broker
More experienced traders looking for a low-cost ECN broker with a choice of trading platforms.
Pepperstone has a low-cost ECN trading account, offers fast trade execution, and a range of trading platforms.
Pepperstone has a complicated commission structure that varies depending on your chosen trading platform.
0.01 pips
USD 10
USD 0
Pepperstone secured the Global Broker Award for the second consecutive year, maintaining its exceptional standards and continuing to meet traders’ needs.
Pepperstone’s low-cost ECN trading service, fast trade execution, and range of third-party trading platforms has made it popular amongst experienced traders and serious beginners around the world. Its Standard Account has no commission and spread fees averaging 0.69 pips on the EUR/USD, making it one of the lowest-cost trading accounts available. For traders who prefer raw spreads, the Razor Account has spreads down to 0 pips on the EUR/USD and a commission of 7 USD per trade. More experienced traders who rely on scalping and bots for automated trading will appreciate that most trades on both of Pepperstone’s accounts are executed in less than 30ms.
Pepperstone supports five trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, TradingView, and its own in-house platform, a much larger range than other similar brokers. Serious beginners looking for an ECN broker should take note that Pepperstone has scrapped its minimum deposit requirement, though it still recommends starting with at least 200 USD. It also offers excellent education and market analysis, and its customer support is available 24/7 via many channels.
Well regulated
Tight spreads
Great platform choice
Wide range of assets
Limited market analysis
With a low minimum deposit, low trading fees, and outstanding customer service, Octa is a good choice for beginner traders.
Octa's spreads are some of the tightest in the industry for an account with only a 25 USD minimum deposit and no commission – as low as 0.6 pips on the EUR/USD. It also has a great proprietary trading platform and trading app, which are both user-friendly and feature-rich.
Octa's range of financial instruments is limited compared to other similar brokers.
0.6 pips
USD 6
USD 25
Octa has developed the leading copy trading platform, simple for beginners to understand but with the depth of detail (risk level, drawdown, etc) that more experienced traders will want to see – all in an intuitive interface. Available on the MT4 trading platform, Octa has lowered the threshold to allow beginner traders to profit from the sophisticated trading strategies used by professional traders, using seamless integration in their trading platform.
Founded in 2011, Octa offers trading on 35 Forex pairs, five commodities, ten indices, 30 cryptocurrencies, and 150 stocks. The Octa website, translated into Hindi, features three account types and an unlimited demo account. Octa supports the world's two most popular trading platforms, MT4 and MT5, as well as its new intuitive OctaTrader platform, which is easy for beginners to get started with. Octa has also launched its own trading app, which is available on iOS and Android devices. It features seamless integration with your desktop trading account and 24/7 customer service in English, Hindi and Urdu.
Octa's account types have some of the lowest trading costs available, with spreads starting at 0.6 pips on the EUR/USD with no commission. All accounts have a minimum deposit of 25 USD, 1:500 leverage on currency pairs and a choice between EUR or USD as your account currency. The main difference is that trading on stock CFDs is only available on the MT5 platforms.
Fast and free withdrawals
Low minimum deposit
Tight spreads
Limited range of assets
Poorly regulated
Serious beginners and more experienced traders looking for a trusted broker with strong MetaTrader support. It offers a low-cost commission-based account with extremely tight spreads and a minimum deposit of just 100 USD, making it accessible to all levels of traders.
Tickmill offers tight spreads, starting from 0.0 pips on the EUR/USD for its commission-based accounts, and some of the industry's lowest commissions. Additionally, Tickmill supports a wide range of currency pairs, provides helpful education materials and offers fast and free withdrawals.
Tickmill's commission-free entry-level account has a spread of around 1.6 pips on the EUR/USD, which is wider than other similar brokers.
0.0 pips
USD 6
USD 100
Tickmill offers some of the most competitive Forex trading conditions available and has, therefore, earned the Award for Best Trading Conditions in 2023.
Tickmill is suitable for traders of varying experience levels. It offers low minimum deposits and an extended educational section, including free downloadable e-books, video tutorials and infographics as well as hosting regular seminars and webinars. It provides cost-conscious trading with commission-free options, allows scalping and hedging and provides Islamic accounts, catering to a diverse range of trading strategies and preferences.
However, traders looking for a broader range of financial instruments, or want to use other platforms than MT4 and MT5, may find it less appealing.
Tight spreads
Well regulated
Fast and free withdrawals
Limited base currencies
FxScouts uses a hands-on approach, combining detailed and systematic evaluation with expert analysis and practical testing to review each broker thoroughly.
When comparing the best forex brokers in Malaysia, we:
Regulation is essential for protecting your money and ensuring a fair and transparent trading experience.
Yes, forex trading is legal in Malaysia, and it has two regulatory authorities that oversee Forex trading in the country. These are the Securities Commission Malaysia (SCM) and the Labuan Financial Services Authority (LFSA). The Securities Commission Malaysia (SCM) is a subsidiary of Bank Negara Malaysia (BNM – Malaysia’s central bank) and regulates the securities market. SCM issued new guidelines on Contract for Difference (CFDs) in April 2018, which covers brokers offering Forex and other derivative products:
However, the introduction of these guidelines has had little effect on the Forex trading environment in Malaysia, and most of the 120+ brokers in the country still operate without a licence from the SCM.
Just because the SCM does not enforce regulations does not mean that Malaysian traders should trade with unregulated brokers. Brokers regulated by ASIC, CySEC, MAS or the FCA are much more secure than brokers with no regulation at all.
When trading Forex, you want to be confident that your broker is operating legally and ethically and that your funds are being handled safely. Regulated Forex brokers must adhere to strict standards set by regulatory bodies, which include requirements for capital adequacy, segregation of client funds, and ongoing reporting and compliance. This means that your funds are protected, and your trading experience is fair.
Unregulated brokers are not forced to hold to the same standards. This can lead to a higher risk of fraud or unethical practices, which can result in financial losses for traders. Choosing a regulated Forex broker gives you peace of mind and security, knowing that your investments are protected and your trading experience is fair.
In Malaysia, Forex brokers must be regulated by the Securities Commission of Malaysia (SCM), the regulatory body for non-banking financial services in the country.
Because most Forex brokers are unlicenced, they must operate outside of the traditional financial system. Banks tend to block or return transfers made to and from Forex brokers, and most Malaysians rely on digital payment providers. The overall financial environment in Malaysia is poorly controlled, and brokers and investors in Malaysia pay little attention to the government’s financial regulatory policies.
The SCM considers forex brokers that are not regulated directly in Malaysia to be potential scams, and has created a list of unregulated brokers to protect traders – though it’s important to note that not all brokers listed here are scams.
The Labuan Financial Services Authority (LFSA) regulates the Labuan International Business and Finance Centre (IBFC), a free trade zone established by the Malaysian government in 1990 on the island of Labuan. The Labuan Financial Services Authority’s main role is to issue licenses and supervise all licensed institutions in Labuan.
Unusually, the LFSA license is for Straight Through Processing (STP) brokers only. In other words, brokers with an LFSA license are not allowed to be the counterparty of any order. Most Forex brokers are market makers and act as the counterparty to trades, so there have been few Malaysian or international brokers interested in acquiring a licence. The one exception is Tickmill, a British STP broker, who acquired a licence from the LFSA in 2019.
If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid. We recommend you partner with one of our tested brokers, and should you be concerned with a specific broker’s regulatory oversight, please contact SCM directly. You can always find out if a broker is regulated by the SCM here.
We also have a report a scam broker form which we use to gather information so that we get the word out. Your personal details will not be shared externally.
Here, we’ve compiled answers to the most common questions traders have when choosing a Forex broker.
Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. Most Forex brokers form a bridge between the global Forex market and Forex traders; these are called market makers. Market makers buy up large trading positions from the Forex market, which they sell to traders in smaller trade sizes.
Other brokers act as a go-between, taking orders from traders and sending them straight to the global Forex market. These are called ECN brokers or DMA brokers. Both types of Forex brokers require a lot of money to set up and need teams of highly qualified technicians to maintain their trading platforms.
Market markers only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades.
ECNs have tight spreads but make money from commissions, which are charged whenever a trade is opened or closed. This type of broker makes money whether a client wins or loses.
The best brokers for beginners are well-regulated and have no minimum deposit requirement, ensuring security and a low cost of entry. Also important are low fees and negative balance protection, as these both help to lower risk. Responsive and knowledgeable customer support is essential. Customer service should be available 24/5 via email, live chat, and telephone, though 24/7 is better. Last but not least, beginners should look for a broker with a high-quality education section; this should feature articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis.
For more details and to see which brokers we recommend for new traders, check out our dedicated page on the best brokers for beginners.
The brokers with the best demo accounts understand that beginners should not be forced into trading real money and that experienced traders should be able to test strategies as long as they want to. So the best demo accounts are not time-limited and replicate real market conditions as closely as possible. Beginners looking for a demo account will want a broker with good education, so they can learn about Forex trading as they practice.
For more detail and to see which brokers we recommend for demo trading, check out our dedicated page on the best demo accounts.
The best Forex brokers generally offer Metatrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These are third-party trading platforms which you can install on your computer. They are fully customisable and have advanced charting tools, research tools, and options for automated trading or copy trading. Some brokers also have their own trading platforms, which are usually accessed via a browser or on your mobile phone. For more details on trading platforms and how they work, check out our guide on trading platforms.
Explore more resources that fellow traders find helpful! Check out these other guides to enhance your forex trading knowledge and skills. Whether you’re searching for the best brokers, educational material, or something more specific, we’ve got you covered:
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.