The Best Forex Brokers In Malaysia
Forex trading is as common in Malaysia as in every other part of the world. Fortunately, through the Securities Commission of Malaysia (SCM), the Malaysian government helps to provide a relatively safe environment for brokers and traders to interact.
The Best Forex Brokers in Malaysia
Thanks to the Securities Commission of Malaysia (SCM) and the Labuan Financial Services Authority (Labuan FSA), the regulatory bodies responsible for monitoring the activities of forex brokers in the region, many dubious brokers don’t even go near the country.
And among the reputable forex brokers that make it through the SCM and Labuan FSA screening process, we bring you the best forex brokers in Malaysia.
| Broker | Best For | Number of Currency Pairs | Average Spreads (EURUSD) | Minimum Deposit | MYR Account | Swap Free Islamic Account |
|---|---|---|---|---|---|---|
| XM | Overall Best | 50+ pairs | 1.7 pips | $5 | No | Yes |
| HF Markets | Particularly For The Malaysian Folk | 50+ pairs | 1.2 pips | 50 MYR | Yes | Yes |
| FXTM (Micro Account) | For when you simply want to trade forex | 60+ pairs | 1.5 pips | $10 | No | Yes |
| FXOpen | Good reputation | 50 pairs | 0.2 pips | $10 | No | Yes |
| eToro | For copy traders | 49 pairs | 1.1 pips | $50 | No | Yes |
| FP Markets | Great forex academy | 60+ pairs | 1.3 pips | $100 | No | Yes |
| ThinkMarkets | For Pros and beginners | 40+ pairs | 1.2 pips | $0 | No | Yes |
| VT Markets | For Beginners | 40+ pairs | 1.2 pips | $100 | No | Yes |
XM Group
Overall Best
Key features
- 50+ currency pairs
- 1.7 pips average spread on EUR/USD
- $5 minimum deposit
- Demo account
- Copy trading
- Website: https://www.xm.com
XM has been around since 2009 and has since established its presence as an intermediary specialist in the forex market.
The broker makes it really easy for traders to use its platform thanks to its $5 minimum deposit. We believe the idea behind this very low minimum deposit is to allow novices to test the forex market with their real money without over-committing. However, we don’t expect many serious traders to trade with a $5 account.
One department where XM still falls behind its peers is the education department. Unlike many other brokers, XM only offers webinars, videos, and podcasts. But beyond that, XM has proven to be a reliable broker with top-quality services in its 13 years of existence.
Pros
- Zero deposit and withdrawal fees
- Low minimum deposit
Cons
- Average product portfolio
HF Markets
Particularly For The Malaysian Folk
Key features
- 50+ currency pairs
- 1.2 pip average spread on EUR/USD
- 50 MYR minimum deposit
- MYR base account
- Copy trading
- Demo account
- Website: https://www.hfm.com
Now known as HF Markets, (previously, HotForex) is an international forex broker that focuses on the Malaysian market. As a matter of fact, they’re the only broker on this list with a base currency in MYR. So, that’s a massive point in their favor there. And, of course, this translates to more seamless deposits and withdrawals for Malaysian traders.
Another thing HF Markets offers its Malaysian customers is the flexibility of four trading accounts. This way, there’s something for you, regardless of how you want to trade.
But while these are great, perhaps the icing on the cake for HF Markets is that the broker is cheap. Spreads are as low as 1.2 pips, and withdrawals are entirely free.
Pros
- No withdrawal fees
- Excellent trading tools
FXTM
For when you simply want to trade forex
Key features
- 1.5 pips average EURUSD spread
- 60+ currency pairs
- Copy trading
- $10 minimum deposit
- Demo account
- Website: https://www.fxtm.com
If all you want is a broker that allows you to simply trade forex without being buried with unnecessary fancy features, try FXTM.
At first glance, FXTM is just another broker. It only has 60-plus forex pairs and doesn’t even have its own proprietary trading platform. FXTM is just simple.
Don’t be quick to disregard this simplicity, though.
FXTM is the kind of broker that gets out of your way and lets you do your thing. It’s no surprise that professional forex traders are in love with it. The simplicity with which it allows traders to access the forex market is why we consider it one of the best forex brokers in Malaysia.
Pros
- Regulated broker
- Great leverage ratio
- Comprehensive training and educational resources
- Weekend customer support
Cons
- High withdrawal fees
FXOpen
Good Reputation
Key features
- 50+ currency pairs
- Demo trading account
- $10 minimum deposits
- Copy trading
- 0.2 pips average spread on EUR/USD for ECN account
- Website: https://www.fxopen.com
Having been around since 2003, FXOpen has solidified its reputation as one of the best forex brokers around.
This broker offers various trading account types, but the STP account is what’ll catch the fancy of core forex traders. However, if you want a little extra in the form of CFD trading, the ECN trading account is the way to go.
On the FXOpen STP account, you have access to 50 currency pairs, with gold and silver as extras. You also only need a minimum deposit of $10, which is perfect for traders who only want to test the forex markets without over-investing.
Besides the MetaTrader trading platforms, FXOpen users can also trade on the more sophisticated TickTrader trading platform.
Despite all these good attributes, it is quite unfortunate that if you depend on your broker to offer some education on forex, you’ll have to look elsewhere from FXOpen. This broker doesn’t have much to offer here.
Pros
- Very low spreads
- Low minimum deposit
- Various account types
Cons
- Poor educational resources
- Fees are on the high side
eToro
For copy traders
Key features
- $50 minimum deposit
- Demo account
- 49 currency pairs
- 1.1 pips average spread on EUR/USD
- Copy trading
- Website: https://www.etoro.com
eToro is one of the biggest forex brokers in Malaysia and the world. With a highly advanced and versatile user interface, eToro’s trading platform is a great fit whether you’re a pro trader or a newbie.
And talking about newbies, eToro offers an extensive academy where new forex traders can hone their trading skills. The broker offers webinars, articles, courses, videos, and podcasts. Even old dogs (pro forex traders) can still learn some new tricks there.
But if you still find forex befuddling after going through this academy, know that eToro has you in mind, thanks to its copy trading option. In fact, this is what eToro is most popular for among many traders, and it’s also why the broker makes it to our list of the best forex brokers in Malaysia.
Pros
- Advanced trading tools
- Great copy trading platform
Cons
- High withdrawal fees
FP Markets
Great forex academy
Key features
- 60+ currency pairs
- 1.3 pips average spread on EUR/USD
- $100 minimum deposit
- Copy trading
- Demo account
- Website: https://www.fpmarkets.com
Many forex brokers know that a good percentage of their clients are going to be beginner traders. But what better way is there to make these traders feel at home than with an extensive academy?
When it comes to its academy, FP Markets ticks all the right boxes. The broker offers webinars, trading courses that are categorized by skill level, videos, and even physical events. This rich array of forex training materials is one of the things we considered before placing this broker on this list.
However, there’s more.
FP Markets take things a step further by completely eradicating all charges on deposits and withdrawals through bank wire and credit card payments. And what about inactivity fees? FP Markets do not charge that too!
All of these, especially the great academy section, are what made us consider FP Markets as one of the best forex brokers in Malaysia.
Pros
- Great forex academy
- Free withdrawal fees
Cons
- Could use better charting platforms
ThinkMarkets
For Pros and Beginners
Key features
- 40+ currency pairs
- 1.2 pips average spread on EUR/USD
- No minimum deposits
- Demo account
- Website: https://www.thinkmarkets.com
Of all the brokers on this list, ThinkMarkets is the easiest to set up, thanks to its $0 minimum deposit. And while this may excite beginner forex traders who want to test the market, it shouldn’t make much difference to professional forex traders.
Thankfully, ThinkMarkets also offers something for the pros; The ThinkTrader trading platform.
In addition to MT4 and MT5, ThinkMarkets went all out with their proprietary forex trading platform, ThinkTrader. This platform offers more chart types and technical indicators than the MT4 and MT5 put together. It also has some features that the other two platforms don’t possess, putting the proprietary platform leagues ahead of them.
Finally, both professionals and beginners will appreciate the free withdrawals fees and low commissions all round. And when you put these together, you’ll see why ThinkMarkets is one of the best forex brokers in Malaysia.
Pros
- Great proprietary trading platform
- Low trading fees
- No withdrawal and deposit fees
Cons
- No copy trading
- Limited trading instruments
VT Markets
For Beginners
Key features
- 1.2 pips average spread on EUR/USD
- 40+ currency pairs
- $100 minimum deposit
- Demo account
- Website: https://www.vtmarkets.com
So, we’re going to get the not-so-good news out of the way first. At first glance, VT Markets doesn’t seem to have what takes to compete with the best forex brokers. With the limited educational resources and average spreads.
However, a closer look under the hood exposes some fairly remarkable things.
For instance, the broker offers a proprietary mobile app. This mobile app is the broker’s way of stepping out of the shades of MT4 and MT5. And this step is actually a step in a good direction, as the app has received more impressive reviews than otherwise. One thing many traders enjoyed about the app was its ease of use.
Also, VT Markets maintains a client-friendly stance when it comes to commissions and fees. For instance, all deposit and withdrawal fees are on the house. And inactivity fees are also not charged!
Pros
- Free withdrawal fees
- Easy to use mobile app
Cons
- Limited trading instruments
Other Comparisons
Here’s how these brokers compare when you pit them against one another:
Funding Options
| XM | HF Markets | FXTM | FXOpen | eToro | FP Markets | ThinkMarkets | VT Markets | |
|---|---|---|---|---|---|---|---|---|
| Minimum Deposit | $5 | 50 MYR | $10 | $10 | $50 | $100 | $0 | $100 |
| Bank Wire Funding | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Debit/Credit Funding | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Check Funding | No | No | No | No | No | No | No | No |
| Paypal Funding | No | No | No | No | Yes | Yes | No | No |
| Payoneer Funding | No | No | No | No | No | No | No | No |
| Skrill Funding | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Neteller Funding | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |
| China Union Pay Funding | Yes | No | No | Yes | No | Yes | No | No |
| Klarna Funding | No | No | No | No | Yes | No | No | No |
| Deposit Fees | Free | Free | Free | Free | Free | Free | Free | Free |
| Inactivity Fees | $5 monthly | $5 monthly | $5 monthly | $10 monthly | $10 monthly | Free | Free | Free |
Withdrawal Fees
| XM | HF Markets | FXTM | FXOpen | eToro | FP Markets | ThinkMarkets | VT Markets | |
|---|---|---|---|---|---|---|---|---|
| Bank Wire | Free | Free | 30 EUR | $30 | 5 USD | Free | Free | Free |
| Debit/Credit | Free | Free | 3 USD | Varies | 5 USD | Free | Free | Free |
| Others | Free | Free | 0.5% – 2% | Varies | 5 USD | Varies | Free | Free |
Trading Platform
| XM | HF Markets | FXTM | FXOpen | eToro | FP Markets | ThinkMarkets | VT Markets | |
|---|---|---|---|---|---|---|---|---|
| Proprietary Platform | Yes | Yes | No | No | Yes | No | Yes | Yes |
| Desktop Platform | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
| Web Platform | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Mobile Platform | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Metatrader 4 (MT4) | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
| Metatrader 5 (MT5) | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
| TradingView | No | No | No | No | No | No | No | No |
| NinjaTrader | No | No | No | No | No | No | No | No |
| CTrader | No | No | No | No | No | No | No | No |
| Automated Trading | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Demo Account | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Social/Copy Trading | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Education
| XM | HF Markets | FXTM | FXOpen | eToro | FP Markets | ThinkMarkets | VT Markets | |
|---|---|---|---|---|---|---|---|---|
| Webinars | Yes | Yes | No | No | Yes | Yes | Yes | No |
| Videos | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Market Glossary | No | No | Yes | No | No | Yes | Yes | No |
| Courses | No | Yes | No | No | Yes | Yes | Yes | Yes |
| Podcasts | Yes | No | No | No | Yes | Yes | Yes | No |
| Physical Events | No | No | No | No | No | Yes | Yes | No |
| Blogposts and Articles | No | No | Yes | Yes | Yes | Yes | Yes | Yes |
What You Need to Know About Forex Trading in Malaysia
Before you start trading forex currency pairs in Malaysia, here are some things you need to know:
1. Islamic Forex Accounts
Malaysia is a Muslim country, so forex brokers must ensure statutory compliance with SAC (Sharia Advisory Council) standards.
To this effect, most brokers in the country offer Islamic accounts to interested traders.
2. Demo Accounts
If you’re a newbie trader, jumping straight into forex with real money is not ideal.
Many forex brokers provide users with free demo accounts to help them master the basics and simulate various trading scenarios without risking real money. Additionally, many of these platforms offer additional educational and training resources to help onboard new users.
Which Forex Broker is the Best in Malaysia?
Although there’s no outright best broker in the sense of the word, there are some essential parameters that make a broker stand out. In our review, we’ve narrowed down these features to:
- Tight spreads
- Low transaction fees
- Regulation
- Demo accounts
- Trading tools
Based on these criteria, we recommend XM, HF Markets, FXTM, ThinkMarkets, and eToro as some of the best forex brokers in Malaysia.
