Unfortunately, our website is currently under development and is expected to launch on 30/11/2022. Thank you for visiting and we hope to see you soon!

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.

BrokerBest ForNumber of Currency PairsAverage Spreads
(EURUSD)
Minimum DepositMYR
Account
Swap Free Islamic Account
XMOverall Best50+ pairs1.7 pips$5NoYes
HF MarketsParticularly For The Malaysian Folk50+ pairs1.2 pips50 MYRYesYes
FXTM (Micro Account)For when you simply want to trade forex60+ pairs1.5 pips$10NoYes
FXOpenGood reputation50 pairs0.2 pips$10NoYes
eToroFor copy traders49 pairs1.1 pips$50NoYes
FP MarketsGreat forex academy60+ pairs1.3 pips$100NoYes
ThinkMarketsFor Pros and beginners40+ pairs1.2 pips$0NoYes
VT MarketsFor Beginners40+ pairs1.2 pips$100NoYes

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

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

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

 XMHF MarketsFXTMFXOpeneToroFP MarketsThinkMarketsVT Markets
Minimum Deposit$550 MYR$10$10$50$100$0$100
Bank Wire FundingYesYesYesYesYesYesYesYes
Debit/Credit FundingYesYesYesYesYesYesYesYes
Check FundingNoNoNoNoNoNoNoNo
Paypal FundingNoNoNoNoYesYesNoNo
Payoneer FundingNoNoNoNoNoNoNoNo
Skrill FundingYesYesYesNoYesYesYesYes
Neteller FundingYesYesYesNoYesYesYesYes
China Union Pay FundingYesNoNoYesNoYesNoNo
Klarna FundingNoNoNoNoYesNoNoNo
Deposit FeesFreeFreeFreeFreeFreeFreeFreeFree
Inactivity Fees$5 monthly$5 monthly$5 monthly$10 monthly$10 monthlyFreeFreeFree

Withdrawal Fees

 XMHF MarketsFXTMFXOpeneToroFP MarketsThinkMarketsVT Markets
Bank WireFreeFree30 EUR$305 USDFreeFreeFree
Debit/CreditFreeFree3 USDVaries5 USDFreeFreeFree
OthersFreeFree0.5% – 2%Varies5 USDVariesFreeFree

Trading Platform

 XMHF MarketsFXTMFXOpeneToroFP MarketsThinkMarketsVT Markets
Proprietary PlatformYesYesNoNoYesNoYesYes
Desktop PlatformYesYesYesYesNoYesYesYes
Web PlatformYesYesYesYesYesYesYesYes
Mobile PlatformYesYesYesYesYesYesYesYes
Metatrader 4 (MT4)YesYesYesYesNoYesYesYes
Metatrader 5 (MT5)YesYesYesYesNoYesYesYes
TradingViewNoNoNoNoNoNoNoNo
NinjaTraderNoNoNoNoNoNoNoNo
CTraderNoNoNoNoNoNoNoNo
Automated TradingYesYesYesYesYesYesYesYes
Demo AccountYesYesYesYesYesYesYesYes
Social/Copy TradingYesYesYesYesYesYesYesYes

Education

 XMHF MarketsFXTMFXOpeneToroFP MarketsThinkMarketsVT Markets
WebinarsYesYesNoNoYesYesYesNo
VideosYesYesYesNoYesYesYesYes
Market GlossaryNoNoYesNoNoYesYesNo
CoursesNoYesNoNoYesYesYesYes
PodcastsYesNoNoNoYesYesYesNo
Physical EventsNoNoNoNoNoYesYesNo
Blogposts and ArticlesNoNoYesYesYesYesYesYes

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 special 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.