What Are Your Options For Forex Brokers Malaysia?

Malaysia is not an entirely popular destination when it comes to Forex trading. Malaysia is known as a country that deals in import and export of raw materials and commodities, which include oil that accounts for up to 40% of the Government’s revenue. Malaysia is also famous for its proximity to Singapore, a global financial hub. While Malaysia does not have the global significance as its neighboring nation, Malaysia in its right has built up a modern infrastructure that is fuelled by a robust and stable economy, which has resulted in higher standards of living and increased the influx of foreign investments.
forex-brokers-malaysiaMalaysia is primarily an Islamic nation with over 60% of the Malaysian population following the religion with strong Islamic ideals. Therefore, several aspects of Forex trading are against the core Islamic values, which necessitates the need for Malaysian traders to trade with Sharia compliant Forex brokers. The Malaysian Government has also enforced several restrictions on trading the Ringgit (Malaysian currency), which adds to the overall confusion regarding the legality of FX trading in the country. Regardless, Malaysian Forex traders may indulge in Forex trading, provided they follow all the existing laws of the country that govern trading and investments.

We have compiled a list of Malaysian Forex brokers that we believe should be able to provide you with excellent services without making any compromises on safeguarding your trading capital.

Best and most trusted forex brokers in Malaysia October 2023

All the brokers below are available in: Malaysia
94
Points
Users
Used by
100,000+ Traders
Min. Deposit
$5
Bonus
$25 Non-Deposit Bonus**
Trading Instruments
1,388
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Min. Spread
1 pips
Max. Leverage
1:888
Currency Pairs
57
Regulated By
FCAFCA
CySecCySec
ASICASIC
IFSCIFSC
Customer Support
24/5
96.5
Points
Users
Used by
1,800,000 Traders
Min. Deposit
$10
Bonus
Cashback (T&Cs apply) - 30% Welcome Bonus (T&Cs Apply)
Trading Instruments
250+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Min. Spread
1.2 pips
Max. Leverage
1:2000
Currency Pairs
59
Regulated By
FCAFCA
CySecCySec
FSCAFSCA
FSCFSC
Customer Support
N/A
94.7
Points
Users
Used by
100,000+ Traders
Min. Deposit
$1000
Bonus
No Information
Trading Instruments
2,200+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/NDD
Trading Platforms
No Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Check Private
Help!
Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, Revolut, PayPal and more
Min. Spread
3 pips
Max. Leverage
1:400
Currency Pairs
47
Regulated By
FCAFCA
CySecCySec
Customer Support
24/5
95
Points
Users
Used by
Traders
Min. Deposit
$1
Bonus
30%
Trading Instruments
300+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
ECN Broker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Maestro,
Min. Spread
pips
Max. Leverage
500:1
Currency Pairs
100
Regulated By
FCAFCA
CySecCySec
Customer Support
25/7
93
Points
Users
Used by
140,000+ Traders
Min. Deposit
$100
Bonus
50% first time deposit bonus
Trading Instruments
200+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, American Express, Union Pay and more
Min. Spread
0.9 pips
Max. Leverage
1:400
Currency Pairs
103
Regulated By
CySecCySec
ASICASIC
Customer Support
24/5
94.3
Points
Users
Used by
2,000,000+ Traders
Min. Deposit
$5
Bonus
100%
Trading Instruments
160
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Min. Spread
1 pips
Max. Leverage
1:1000
Currency Pairs
50
Regulated By
FSCAFSCA
FSA(SVG)FSA(SVG)
Customer Support
24/5
92.8
Points
Users
Used by
140,000+ Traders
Min. Deposit
$-
Bonus
No Information
Trading Instruments
1,800+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Check Private
Help!
Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, E-wallets
Min. Spread
1.4 pips
Max. Leverage
1:500
Currency Pairs
49
Regulated By
FCAFCA
CySecCySec
IFSCIFSC
Customer Support
24/5
96.8
Points
Users
Used by
200,000+ Traders
Min. Deposit
$100
Bonus
Up to 20%
Trading Instruments
250+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Min. Spread
0.6 pips
Max. Leverage
1:400
Currency Pairs
55
Regulated By
FSCAFSCA
ASICASIC
IIROCIIROC
FSCFSC
Customer Support
24/5
92.5
Points
Users
Used by
17,000,000+ Traders
Min. Deposit
$1
Bonus
100%
Trading Instruments
70+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Check Private
Help!
Exit tooltip
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Min. Spread
1 pips
Max. Leverage
1:3000
Currency Pairs
35
Regulated By
FCAFCA
CySecCySec
ASICASIC
IFSCIFSC
Customer Support
24/7
94.8
Points
Users
Used by
100,000+ Traders
Min. Deposit
$100
Bonus
No Information
Trading Instruments
10,000+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN/DMA
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal and more
Min. Spread
1.1 pips
Max. Leverage
1:500
Currency Pairs
61
Regulated By
CySecCySec
ASICASIC
Customer Support
24/5
90
Points
Users
Used by
2,000,000+ Traders
Min. Deposit
$5
Bonus
Cashback
Trading Instruments
90+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank TransferBank transfer, Visa, MasterCard, E-Wallets and more
Min. Spread
1.2 pips
Max. Leverage
1:1000
Currency Pairs
60
Regulated By
FCAFCA
Customer Support
24/5
90
Points
Users
Used by
100,000 Traders
Min. Deposit
$0
Bonus
No Information
Trading Instruments
126
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Matched-principal broker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank wire, Visa, Mastercard, Skrill, Neteller and others
Min. Spread
0 pips
Max. Leverage
800:1
Currency Pairs
45
Regulated By
FCAFCA
ASICASIC
FSA(SVG)FSA(SVG)
Customer Support
24/7

Is Forex Trading Legal & Are Malaysia Forex Brokers Regulated?

Malaysia had initially outlawed the concept of Forex trading by terming it as an illegal activity that included hefty fines and even incarceration if a person is deemed to have indulged in FX trading. However, over the recent years, Malaysia has slowly opened up to the idea of Forex trading, but the concept in itself is still in primitive stages of development in the country. Being a nation that adheres to Islamic ideals, a majority of traders from Malaysia should carefully contemplate the legality of FX trading according to their religious beliefs, and ascertain whether the broker of their choice is Sharia compliant.
As far as regulation of Forex brokers is concerned, the Malaysian regulatory agency is still in its primitive stages, and there is an awful lot of confusion regarding the actual regulatory authority for Malaysian Forex brokers. The Bank Negara, which is the Central Bank of Malaysia, is responsible for managing the Ringgit currency, while the Securities Commission of Malaysia is in charge of regulating and supervising financial companies. However, there isn’t any particular agency that is responsible for regulating Forex brokers, as the country hasn’t updated its rulebook to incorporate the concept of Forex trading into its regulatory framework.

How Do I Choose A Malaysian Forex Broker?

The lack of regulatory oversight can be dangerous for investors, as there is a significant amount of potential for scams and broker irregularities. Several companies have based their FX operations in Malaysia due to the lack of any regulatory guidelines and have exploited the loophole to siphon off millions of dollars from traders around the world.
The lack of any regulatory framework also deters the Malaysian authorities from supervising the conduct of its member companies, since brokers are free to set up their headquarters in the country to provide services to an international audience. Therefore, the Malaysian Government can only intervene if the company is found to be in violation of the state’s laws regarding the legality of FX trading for its citizens.

A highly deregulated market is suitable for scammers to make quick profits from unsuspecting traders.
On the contrary, there are genuine and reliable Forex brokers that offer authentic Forex brokerage services to Malaysian traders. There are both local as well as international brokers that provide a safe and secure trading environment that is completely void of any financial malpractices. Of course, as a trader, you should be willing to put in the effort to research on numerous Forex brokers to understand their pros and cons, before deciding to take the plunge and investing your hard-earned money.
Some of the mainstream Forex brokers also have their representative offices in both Malaysia as well as neighboring Singapore; therefore, traders can choose a broker within their proximity if they are worried about investing huge funds with an overseas Forex broker. Irrespective of the legality of FX trading in the country, Malaysian-based Forex brokers do tend to follow all the basic laws of the country to ensure that their clients do not contradict the rules in any manner.

The Popularity Of Forex Trading In Malaysia

Malaysia is new to the Forex trading scene, but the country has witnessed a meteoric rise in popularity among retail traders from different backgrounds. Although the concept is new to the market, the Bank Negara had its fair share of Forex trading history by being actively involved in the market during the 1980s. Perhaps the failures of the central bank due to its over speculation and subsequent bailout in 1994 had played a vital role in determining the legality of FX trading in the country.
Malaysian Forex traders have been consistently achieving tremendous success, which has indeed exposed them to a lucrative investment oriented market for managing large funds. A majority of Malaysian traders seem to have formulated successful trading strategies that not only guaranteed of insane profits but also helped in reducing the overall risk of trading. Several high-profile Malaysian traders have been in the news for turning small amounts of trading capital into multi-million dollar trading accounts within a short period, which has certainly put Malaysia on the world trade map.

Can I Make Profits Through Malaysian FX Brokers?

With a sound trading strategy, any amateur trader can turn into a professional investor and rake in a good amount of profits without succumbing to greed and compounded losses. After all, every Forex trader should have a fair understanding of how the markets work, to stay away from market volatility that can incur irrevocable losses.
Before trading, it is the duty of every trader to perform adequate research before venturing into the markets. Always consult with certified legal and financial consultants in your country to determine whether Forex trading is considered as a legitimate and viable business opportunity in your jurisdiction. It is always safe to stay away from legal troubles, as Forex trading is considered to be highly risky on its own, and traders should ensure complete peace of mind while tackling the highly volatile Forex markets.

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