Best Forex Brokers In Malaysia 2024

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Written By
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Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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Edited By
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Fact Checked By
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Tobias Robinson
Tobias is a partner at, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

Malaysia is a prominent emerging market and the top palm oil exporter globally, helping to strengthen the ringgit (MYR), and attracting aspiring forex traders.

The Central Bank (BNM) and Securities Commission (SCM) oversee the Malaysian financial markets, including forex trading, but locals often choose trustworthy platforms regulated overseas.

We’ve identified the best forex brokers in Malaysia. Every platform accepts forex traders in Malaysia, offers a terrific range of currency pairs, and has earned our trust following in-depth tests. Many also offer Islamic accounts with over 60% of Malaysians Muslim.

5 Top Forex Brokers In Malaysia

We conducted firsthand tests and exhaustive analysis to discover the best 5 forex brokers in Malaysia:

  1. FXTM - FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for day traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.
  2. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  3. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  4. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  5. - continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

Best Forex Brokers In Malaysia 2024 Comparison

Best Forex Brokers In Malaysia 2024 Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator Visit
FXTM logo
50+ 0.1
$200 CySEC, FCA, FSCA, FSC Visit
Vantage logo
55+ 0.0
IC Markets logo
75 0.02
$200 ASIC, CySEC, FSA Visit
AvaTrade logo
50+ 0.9
$100 ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM Visit logo
80+ 1.2
Pepperstone logo
100+ 0.1
$0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB Visit
XM logo
55+ 1.6
Eightcap logo
50+ 0.0
$100 ASIC, FCA, xCySEC, SCB Visit
PrimeXBT logo
45+ Variable
$0 - Visit
IQ Option logo
60+ 14 pips
$10 - Visit
IG logo
80+ 0.8
FxPro logo
70+ 1.58 pips (Ave)
$100 FCA, CySEC, FSCA, SCB, FSC Visit
FXCC logo
70+ 0.2
$0 CySEC Visit
XTB logo
70+ 1.0
$0 FCA, CySEC, KNF, CNMV, DFSA, FSC Visit logo
67 0.70 pips (var)
$100 FCA, CySEC, ASIC, FSCA, FSC Visit

#1 - FXTM

Why We Chose FXTM

FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ day trading markets and three account types, they cater to all levels of trader.

"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."

- DayTrading Review Team
  • GBPUSD Spread: 0.2
  • EURUSD Spread: 0.1
  • EURGBP Spread: 0.6
  • Total Assets: 50+
  • Leverage: 1:2000
  • Platforms: FXTM App, MT4, MT5

#2 - Vantage

Why We Chose Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

- DayTrading Review Team
  • GBPUSD Spread: 0.5
  • EURUSD Spread: 0.0
  • EURGBP Spread: 0.5
  • Total Assets: 55+
  • Leverage: 1:500
  • Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

#3 - IC Markets

Why We Chose IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team
  • GBPUSD Spread: 0.23
  • EURUSD Spread: 0.02
  • EURGBP Spread: 0.27
  • Total Assets: 75
  • Leverage: 1:1000
  • Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

#4 - AvaTrade

Why We Chose AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team
  • GBPUSD Spread: 1.5
  • EURUSD Spread: 0.9
  • EURGBP Spread: 1.5
  • Total Assets: 50+
  • Leverage: 1:30 (Retail) 1:400 (Pro)
  • Platforms: WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

#5 -

Why We Chose

Founded in 1999, is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

" remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • GBPUSD Spread: 1.3
  • EURUSD Spread: 1.2
  • EURGBP Spread: 1.4
  • Total Assets: 80+
  • Leverage: 1:400
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

How We Rate Forex Brokers In Malaysia


An unreliable company can leave traders with major losses regardless of their abilities, so we see trust as the single most important factor when choosing a forex broker.

The Central Bank (BNM) and Securities Commission (SCM) are Malaysia’s financial regulators and oversee the country’s capital markets, including retail forex trading.

However, these are not the best-known or most active watchdogs, so Malaysian traders may want to choose a broker that is licensed by a ‘green-tier’ regulator like the neighboring Monetary Authority of Singapore (MAS) or the UK’s Financial Conduct Authority (FCA).

This will help protect you from cloned firms and forex scams that cost residents millions each year, with Malaysians losing nearly 2 million MYR in just a single bogus forex scheme in 2023, as reported by the Star.

  • consistently tops our Trust charts because it gets all the fundamentals of a trustworthy broker right. It’s regulated by multiple green-tier watchdogs, including the FCA and MAS; it employs cutting-edge safeguards including biometric authentication; and its parent company, StoneX, is NASDAQ-listed.

Currency Pairs

Without currencies you’re comfortable trading, you’re less likely to turn a profit, while a selection of more volatile currency pairs can offer exciting, albeit high-risk trading opportunities.

That’s why we count 50 forex pairs as a minimum for a good broker, though many of our favored platforms offer significantly more with 80+ or even 100+.

Although MYR is not offered by many forex brokers, you will find popular regional currencies such as Singapore dollars (SGD) and Indonesian rupiah (IDR).

SGD/MYR chart on TradingView forex platform
TradingView – SGD/MYR Chart
Malaysian ringgits (MYR), meaning ‘jagged ones’, are so-called because Malays during the Portuguese colonial era coined the term to describe the uneven and misshapen currency of the day.
I always look for brokers that include resources like economic calendars or news feeds to help me research the forex pairs I want to trade.

Updates from the BNM or nearby countries’ central banks can help you understand the factors driving price movements of MYR and other currencies.

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Michael MacKenzie
  • Pepperstone remains one of our top choices for many reasons – the stellar selection of 100+ forex pairs, regulation from multiple green-tier watchdogs, and fantastic execution on its range of platforms. It’s little wonder this broker has won our ‘Best Forex Broker’ award twice and ‘Best Overall Broker’ once.


Look for a competitively priced broker or you will get bogged down with fees on frequent short-term trades and it can be difficult to make a profit.

We look for brokers that offer a choice between commission-free accounts, which tend to suit beginners, and raw accounts with the tight spreads favored by experienced traders, and often starting at or near zero on major currency pairs like the EUR/USD.

You should also weigh up these trading fees as well as any additional costs against the full package. While low fees are hugely important, we’ve found that it can sometimes be well worth paying slightly extra for top-of-the-range tools to help with charting, analysis, research or automated forex trading.

Forex assets containing exotic currencies like those found in Malaysia and Southeast Asia typically exhibit wider spreads due to lower trading volumes, potentially making it harder to profit from short-term trading strategies.
  • FXTM continues to leave most rivals in the dust with its ultra-low pricing including spreads from 0.0 pips and commissions averaging between just $0.40 and $2 per lot on the advantage account. This makes FXTM a fantastic no-frills choice for forex traders seeking value.

Forex Platforms

The trading platform is your window to the foreign exchange market, so it plays a vital role in your trading experience and you should find one you’re comfortable using.

We’re finding that most forex traders today want to be able to research, plan and execute trades on the same platform without the hassle of switching between browser windows or apps.

Classic platforms like MetaTrader 4 allow you to do just that, but in our experience, newer options are proving even more feature-rich and convenient.

In particular, TradingView and some bespoke platforms developed by top brokers have gained an edge by integrating live data in slick interfaces. In a few clicks, you’ll find Malaysian key economic data, BNM announcements, or news and data on important factors driving ringgit prices such as oil.

Key economic data Malaysia
TradingView provides key economic data on Malaysia
Most good brokers today offer forex demo accounts, allowing you to test platforms and find one that suits you before risking money.
  • IC Markets has been one of our top choices for years because we love trading with its suite of forex tools. You’ll have the choice of two MetaTrader platforms, cTrader, and TradingView, or a fantastic app, and IC Markets also provides access to powerful extras such as DupliTrade and Trading Central.

Account Funding

Although often overlooked when choosing a forex broker, account options can be decisive factors.

For a country like Malaysia where over 63% of people are Muslim, it will often be important to find a broker with a swap-free account to follow the Islamic laws prohibiting interest.

Account funding is another important factor to consider. You may need a broker that accepts convenient payment methods to pay in MYR without the pain of high currency conversion fees.

We’ve found that many traders nowadays prefer straightforward digital payment methods, with PayPal, Apple Pay, Google Pay and AliPay all available and popular in Malaysia, according to data from Statista.

  • XM consistently leads the field in Malaysia with its account options, which include an Islamic account and no minimum deposit. Thanks to the wide range of digital and traditional payment methods, you’ll also have a great chance of finding affordable ways to deposit Malaysian ringgits.


The forex brokers that made it to our top list all accept traders in Malaysia and scored the highest ratings in key areas, broker testing methodology overview

  • Regulation from a trusted watchdog, if not the SCM and BNM.
  • A superior range of forex markets including regional currencies.
  • Excellent value with quality services, tight spreads and low commissions.
  • Intuitive and responsive charting platforms for short-term forex trading.
  • Account options with convenient funding in Malaysian ringgits.


Residents of Malaysia are free to sign up with online brokers and trade forex with no laws prohibiting this.

However, you should make sure you are up to date with the latest rules from the Inland Revenue Board of Malaysia to ensure you comply with tax laws if you profit from forex trades.

Who Regulates Forex Trading In Malaysia?

The Central Bank (BNM) and Securities Commission (SCM) are the bodies charged with overseeing Malaysia’s financial markets, and their duties involve overseeing the forex sector.

However, these are not among the best-known regulators, and traders often prefer overseas forex brokers that are regulated by green-tier watchdogs like the MAS and FCA.

How Much Does It Cost To Start Trading Forex In Malaysia?

After years of reviewing forex brokers that accept clients in Malaysia, we’ve found that although the minimum deposit varies greatly, you’re unlikely to pay more than $250 (around 1175 MYR) to start trading.

Many forex brokers are significantly cheaper, however, with XM charging just $5 and Pepperstone not setting any minimum requirement.

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