Brokers With MYR Accounts
Written By
Christian Harris
Written By
Christian Harris
Edited By
James Barra
Edited By
James Barra
Fact Checked By
Michael MacKenzie
Fact Checked By
Michael MacKenzie
Updated
Oct 4, 2024
The Malaysian ringgit (MYR) is a relatively stable currency in Southeast Asia that provides Malaysians with a seamless trading experience through MYR-based accounts.
Malaysia’s trade in commodities like palm oil, rubber, and petroleum and strong export-oriented economy influence the MYR’s value.
Explore DayTrading.com’s pick of the best Malaysian ringgit brokers to find the optimal platform for your needs.
Best Brokers With MYR Accounts
After our hands-on assessments, these are the 5 top brokers supporting MYR accounts:
Here is a summary of why we recommend these brokers in November 2025:
- AZAforex - Established in 2016, AZAforex is an offshore broker offering short-term trading on 235+ global financial markets, including through binary options with payouts of up to 90%. Three accounts (Start, Pro and VIP) offer unique features, but all provide access to the broker’s Mobius Trader 7 platform, which has benefited from performance upgrades over the years.
- Exness - Established in 2008, Exness has maintained its position as a highly respected broker, standing out with its industry-leading range of 40+ account currencies, growing selection of CFD instruments, and intuitive web platform complete with useful extras like currency convertors and trading calculators.
- Quotex - Established in 2019, Quotex is a binary broker that offers 400+ assets, including forex, stocks, indices, commodities, and cryptocurrencies. The platform emphasizes user-friendly features, complete with short-term contracts that span 5 seconds to 4 hours alongside payouts that can reach 95%.
- JustMarkets - JustMarkets is a multi-asset broker with both CySEC-regulated and offshore branches. Offering ultra-low spreads, copy-trading services, 170+ tradeable instruments and MetaTrader support, JustMarkets has a lot to offer both beginner and experienced traders.
- FreshForex - FreshForex, operated by Riston Capital Ltd, was established in 2004 and provides forex and CFD trading access to clients in over 200 countries. The company positions itself as a convenient option for new traders, with low starting deposits and a focus on affordability and frequent bonus promotions.
Brokers With MYR Accounts Comparison
| Broker | MYR Account | Minimum Deposit | Markets | Regulator |
|---|---|---|---|---|
| AZAforex | ✔ | $1 | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Binary Options | GLOFSA |
| Exness | ✔ | Varies based on the payment system | CFDs on Forex, Stocks, Indices, Commodities, Crypto | FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC |
| Quotex | ✔ | $10 | Binary Options on Stocks, Indices, Forex, Commodities, Cryptos | - |
| JustMarkets | ✔ | $1 | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures | CySEC, FSA |
| FreshForex | ✔ | $10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs | SVGFSA |
AZAforex
"AZAforex is best suited to active traders looking to make all-or-nothing bets on global markets through binary options and those looking for high leverage up to 1:1000 in return for weak regulatory safeguards."
AZAforex Quick Facts
| Bonus Offer | 25% Crypto Deposit Bonus, 120% Loyalty Bonus, 30% Spread Rebate |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Binary Options |
| Regulator | GLOFSA |
| Platforms | Mobius Trader 7 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.0001 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, MYR, IDR, CHF, RUB, THB, VND, UAH, CNY |
Pros
- AZAforex provides high leverage of up to 1:1000, allowing for potentially greater returns with smaller capital. While this comes with increased risk, it's an attractive feature if you are an experienced trader looking for aggressive growth strategies.
- Few brokers offer binary options as part of their portfolio. Still, AZAforex includes them, allowing you to speculate on short-term price movements with fixed risk and reward up to 90%.
- AZAforex supports a huge and growing variety of payment methods, including bank transfers, credit/debit cards, e-wallets, and cryptocurrencies, providing flexibility for funding and withdrawals. This variety accommodates traders from different regions and preferences.
Cons
- AZAforex still operates without regulation from a recognized financial authority, which raises concerns about transparency, fund safety, and accountability. You may have no recourse in disputes, making it riskier than regulated brokers.
- AZAforex offers basic trading guides and a blog but lacks robust educational tools such as video tutorials, webinars, or interactive learning resources. This makes it less appealing for beginners who need comprehensive learning support. A lot of the content is outdated, too.
- While functional during testing, the Mobius Trader 7 platform is proprietary and not widely used by other brokers. This creates risks of potential price manipulation or discrepancies in market data, as there's no external verification like with MetaTrader or cTrader.
Exness
"After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs."
Exness Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs on Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC |
| Platforms | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral |
| Minimum Deposit | Varies based on the payment system |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:Unlimited |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY |
Pros
- Improved execution speeds, now averaging under 25ms, offer optimal conditions for short-term traders.
- Exness Terminal offers a streamlined experience for beginners with dynamic charts while setting up watchlists is a breeze.
- Highly competitive spreads, reduced for USOIL and BTCUSD in 2024, are available from 0 pips with low commissions from $2 per side.
Cons
- Exness has expanded its range of CFDs and added a copy trading feature, but there are still no real assets such as ETFs, cryptocurrencies or bonds
- Retail trading services are unavailable in certain jurisdictions, such as the US, UK and EU, limiting accessibility compared to top-tier brokers like Interactive Brokers.
- Apart from a mediocre blog, educational resources are woeful, especially compared to category leaders like IG which provide a more complete trading journey for newer traders.
Quotex
"Quotex is ideal for binary traders looking to make short-term trades on global markets with above-average payouts of up to 95% and a platform that’s regularly improved, features daily trading signals, and proved intuitive for new users during testing. "
Quotex Quick Facts
| Bonus Offer | 30% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options on Stocks, Indices, Forex, Commodities, Cryptos |
| Platforms | Web Platform |
| Minimum Deposit | $10 |
| Minimum Trade | $1 |
| Account Currencies | USD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH |
Pros
- The web-based platform and app are intuitive based on our hands-on tests, with a clean design and simple order execution. They include multiple indicators and built-in trading signals, making them practical solutions for both beginners and more experienced traders.
- A free demo account with $10,000 in virtual funds lets new traders practice strategies and test the platform without risking real money. It's an excellent tool for beginners to gain experience.
- Quotex lets you start trading with just $10, making it accessible for beginners and those wanting to test the platform with minimal risk. Withdrawals also start from $10, allowing easy access to funds.
Cons
- Quotex is an offshore broker operating in a jurisdiction known for loose regulatory oversight. Unlike regulated brokers, it does not offer the same level of investor protection, dispute resolution, or fund security, making it riskier.
- Quotex offers few market analysis tools and lacks real-time financial news, economic calendars, or in-depth research reports. Educational resources, such as courses, webinars, and expert insights, are also absent, making it less ideal for beginners.
- Customer service is only available via email and social media, which can lead to slow response times in our experience. Competitors like Videforex provide 24/7 live chat and phone support, ensuring you get help quickly during technical or withdrawal problems.
JustMarkets
"With some of the most affordable pricing in the game and access to the powerful MT4 and MT5 platforms, JustMarkets is a good choice for any investor."
Tobias Robinson, Reviewer
JustMarkets Quick Facts
| Bonus Offer | $30 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures |
| Regulator | CySEC, FSA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:3000 |
| Account Currencies | USD, EUR, GBP, ZAR, MYR, IDR, AED, NGN, THB, VND, KWD, CNY |
Pros
- MetaTrader 4 integration
- Multiple accounts to suit different strategies and experience levels
- Trustworthy and regulated by CySEC
Cons
- Non-forex asset list is light with just 65 stocks plus a handful of indices and commodities
- Limited availability with clients not accepted from the US, UK, Japan, Germany and other countries
FreshForex
"FreshForex is an obvious fit for experienced day traders looking for very high leverage of 1:1000+, especially paired with the ECN account where spreads start from 0.0 and commissions at $1.90. "
FreshForex Quick Facts
| Bonus Offer | $50 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs |
| Regulator | SVGFSA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR, ZAR, MYR, NGN |
Pros
- FreshForex’s accessible minimum deposit, starting from just $10, lowers the barrier to entry for new traders and those with smaller budgets. This affordability, combined with demo accounts, encourages learning without significant financial risk.
- FreshForex has invested in its research tools to inform clients' trading decisions, with forex calculators, market forecasts and analytics, plus a VPS for serious day traders looking to run hands-off strategies.
- Active traders benefit from access to the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, both of which offer advanced charting capabilities, technical indicators, and algorithmic trading features.
Cons
- FreshForex relies solely on the MT4 and MT5 platforms and does not offer proprietary trading software or support for popular alternatives, such as cTrader and TradingView, that we're increasingly seeing other brokers integrate. This limits options for day traders who prefer more modern, user-friendly interfaces or enhanced charting and social trading features.
- Despite over 20 years in the industry, FreshForex still operates offshore in Saint Vincent and the Grenadines, resulting in limited external regulation that raises concerns about fund safety and increases the risk of unethical behavior by the broker.
- FreshForex's customer support performed below-average during testing, with particularly hard to reach agents on live chat during market hours, posing challenges for day traders needing urgent support.
How Did We Choose The Best Brokers?
Our selection process to find the top MYR trading platforms was meticulous:
- Our comprehensive analysis leveraged our database covering hundreds of brokers and trading platforms.
- We eliminated platforms that did not meet our criteria for supporting MYR-denominated trading accounts.
- We assigned a numerical rank to each platform based on an evaluation of over 100 quantitative metrics and qualitative assessments derived from our rigorous testing.
What Is An MYR Account?
An MYR account is a trading account denominated in Malaysian ringgit.
This account type offers several advantages, including avoiding foreign exchange conversion fees, mitigating exchange rate risk, and more efficient investing in domestic Malaysian assets, such as equities and initial public offerings (IPOs).
The convenience and benefits of an MYR account make it highly advantageous if you actively trade in Malaysia’s financial markets.
It’s a breeze to set up a MYR trading account once you’ve completed identify and address verification.Below is a snapshot of my account at JustMarkets, where you can see I simply had to select ‘MYR’ from the ‘Currency’ dropdown menu.
Do I Need An MYR Trading Account?
A MYR trading account isn’t for everyone, but it could be suitable depending on your circumstances:
- As a resident of Malaysia, an MYR trading account can simplify your tax reporting process. You can streamline your accounting tasks by avoiding the need to track foreign exchange gains or losses, alongside standard trading transactions.
- A MYR account can allow for seamless trading of Malaysian equities on the Bursa Malaysia, government bonds, and financial instruments, facilitating investment in Malaysia’s growing economy. Investment offerings vary between brokers.
- You can reduce the potential impact of foreign exchange fluctuations on your trading profits, especially when trading Malaysian assets or converting to other currencies. The MYR has experienced significant volatility in recent years, notably when Malaysia had a wide interest rate gap with the US.
How Can I Check If A Broker Offers An Account In Malaysian Ringgits?
Follow these three steps, which we took to check that each of our recommended brokers supports a Malaysian ringgit account:
- To find the available currencies for the trading account, look for the ‘Account Options’ section on the provider’s website or app.
- Ensure that ‘MYR’ is listed as a supported base currency for your trading account.
- Open a trading account and choose ‘MYR’ as your base currency.
Pros & Cons Of MYR Trading Accounts
Pros
- With an MYR base account, you avoid frequent currency conversions between MYR and other currencies, which can reduce transaction costs and foreign exchange risks.
- An MYR base account may provide direct access to Malaysian equities, bonds, and other financial instruments, making it easier to trade within the Malaysian market without needing additional currency exchange, though this depends on the markets offered by your broker.
- Suppose you are exposed to MYR assets or businesses in Malaysia. In that case, an MYR base account acts as a natural hedge against currency risk, stabilizing your investments in the face of exchange rate volatility.
Cons
- An MYR base account is most suitable for trading in Malaysian markets and assets denominated in MYR, which could limit access to international stocks, bonds, or financial products that trade in other currencies like USD, EUR, or GBP. If you plan to diversify globally, this could be restrictive.
- Imagine you want to invest in non-MYR-denominated assets. In that case, you’ll need to convert MYR to other currencies, which can expose you to foreign exchange risk and conversion costs, especially when the MYR is volatile.
- The MYR can be more volatile than major currencies like USD and EUR due to its exposure to global commodity prices and economic shifts in emerging markets. If the currency fluctuates significantly, particularly during periods of economic instability, this can impact the value of your trading account.
FAQ
Which Is The Best Broker With An MYR Account?
Our team of experts has thoroughly evaluated the top trading platforms that offer MYR accounts. Use our curated list to find the perfect fit for your day trading needs.
How Much Does It Cost To Open A Trading Account Based In Malaysian Ringgits?
Our analysis shows many brokers require a minimum deposit of up to USD 250 (approximately MYR 1,085) to start trading with MYR.
However, there are exceptional cases. Exness, for instance, offers a more affordable starting point with no minimum deposit requirement, making it a suitable option for beginners or those with small account balances.
Article Sources
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com