List of Licensed Forex Brokers in Malaysia – Top 5

Tap into emerging trends in Malaysian Forex Market.

Risk Warning: Remember financial trading is highly speculative & may lead to the loss of your funds.

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SCM

Best Regional Regulator

Established 1993

MYR

National Currency

Malaysian Ringgit

25

Licensed FX Brokers

0%

Tax on Capital Gains

Forex trading is increasingly popular among Malaysian investors. There is a long list of Forex brokers in Malaysia and local traders have the ability to trade with locally-regulated as well as internationally well-known, reputable Forex brokers.

The main regulatory agency of the country is the Securities Commission of Malaysia, SCM. Established back in 1993, the regulatory agency has updated its Forex and CFD trading framework in 2018. The new guidelines are designed for the CFD providers and brokers and are created under the Capital Markets Services Act of 2007.

The regulatory agency of Malaysia is very active when it comes to fighting financial fraud. The regulator frequently issues special statements regarding financial misconduct in the market. Because of this, local traders are encouraged to follow the statements of the regulatory body to make sure that they are trading with legit Forex brokers in Malaysia.

Financial markets in the country are also regulated by the Bank of Negara Malaysia, which issued a report back in 2012, clarifying that trading currency pairs were allowed in the country. There are three main laws that regulate the financial markets in the country.

All the financial companies, including legal Forex brokers in Malaysia, are advised to comply with the local laws. Among the laws that regulated the Forex market in the country is the Exchange Control Act of 1953. This act imposes general restrictions on Forex dealing by residents of the country. Another act regulating the Forex trading market in Malaysia is the Securities Commission Act of 1993.

This act which was updated in 2018 powers the Securities Commission of Malaysia to license and regulate Forex brokerages. 1998’s Money Changing Act provides licensing and regulation of money-changing business and other matters related to currency trading in the country.

Top 5 Forex Brokers in Malaysia

There are numerous Forex brokers offering services to Malaysian traders. However, although there are many brokers, it might be a little confusing to find a broker that offers a high standard of safety and security.

After doing thorough research, we were able to find the top 5 best Forex trading brokers online in Malaysia. Let’s continue by discussing these brokers and see what makes them special.

XM

Trading Platform:

MT4, MT5

Max Leverage:

1:1000

Instruments:

Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares.

Regulation:

CySEC, ASIC, IFSC

Min. deposit:

$5

Open an account

Exness

Trading Platform:

MT4, MT5, App

Max Leverage:

1:Unlimited

Markets:

Forex, CFDs, Crypto

Regulations:

FSA, CySEC, FCA, FSCA, CBCS

Min Deposit:

$10

Open an account

VT Markets

Trading Platform:

MT4, MT5

Max Leverage:

500:1

Markets:

Forex, CFDs, Crypto

Regulations:

ASIC, CIMA

Min Deposit:

$100

Open an account

XM

XM is one of the leading brokerages in Asia which offers a secure and transparent trading experience. It is one of the best options for the best Asian Forex traders for a number of reasons. First of all, the broker is regulated by reliable regulatory authorities including Cyprus Securities and Exchange Commission, Australian Securities and Investments Commission, Financial Conduct Authority, and the International Financial Services Commission. Even though XM does not hold an Asian license at the moment, all four regulatory bodies, CySEC, ASIC, FCA, and IFSC are cooperating with Asian regulators such as FSA in Japan and DFSA in Dubai.

Furthermore, XM offers Islamic trading account types for Muslim traders from Asian countries. The XM Islamic account frees its clients from paying interest rates, such as swap fees or rollover charges on overnight positions. This account type is in full compliance with Shariah laws. Moreover, XM Islamic account has won an award for the best Islamic account of 2020.

The website of the broker, as well as the customer support, is available in multiple languages including Chinese, Arabic, Japanese, and South Korean. In addition to it, the broker also supports various base currencies for traders from Asia and allows them to establish an account in Japanese yen (JPY).

XM

Min deposit: $5

Deposit to Qualify

€600

XM

Deposit Bonus, Live Education

Sponsorships Remaining

10

Open an account

XM is one of the top Forex brokers in Asia for its dedication to the best customer service. The broker offers a 30 USD no deposit bonus for all new registering clients from Asian countries without any investment requirements. Furthermore, Asian traders can start trading with XM for just a 5 USD minimum deposit.

Exness

Exness is a global financial broker that provides access to trading various asset classes including: Forex pairs, CFDs on Stocks, Indices, Commodities and Cryptocurrencies. The broker was established in 2008 and since its creation has managed to attract clients from all over the globe. Currently Exness has more than 1.8 registered customers. Out of which more than 300,000 are trading actively with more than 470 Billion monthly traded volume.

Exness Group is regulated in 7 jurisdictions and therefore considered safe. The list of regulatory bodies include: Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), The Financial Conduct Authority in the United Kingdom (FCA), South Africa Financial Sector Conduct Authority (FSCA), Central Bank of Curacao and Sint Maarten (CBCS), Financial Services Commission in British Virgin Islands (FSC) and Financial Services Commission in Mauritius (FSC). In addition to being strictly regulated, Exness increases the level of safety by providing negative balance protection. What’s more, the broker is a member of The Financial Commission Compensation Fund and keeps clients’ money in segregated accounts.

Exness

Min deposit: $10

Deposit to Qualify

$800

ECS

EAs discounts

Exness

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

10

Open an account

What makes Exness stand apart from the competition is the speed of execution. You don’t need to go through the lengthy process of registration, deposits and withdrawals. Withdrawals with this broker are instant and the customer support is always ready to help.

Exness group offers a full set of MetaTrader platforms and easy-to-use, custom-built Exness Terminal. In order to suit various types of traders, the broker provides Standard and Professional account types. Spreads and commissions vary across different accounts, but in general are very reasonable. The maximum leverage offered by the broker is unlimited. In order to be able to open a Pro account you need to deposit at least $200. As for the Standard account, the minimum amount is starting from $10 and the amount depends on the payment system.

In case you have already decided to open a trading account with Exness, keep in mind that Exness Group does not accept clients from several countries including the USA.

VT Markets

VT Markets is a multi-asset broker established in Sydney, Australia. The broker has more than 10 years of experience in the industry and is strictly regulated by top tier regulatory bodies such as ASIC, FCA of the UK and the Cayman Islands Monetary Authority (CIMA). VT Markets operates globally and serves more than 70,000 client accounts. With more than $100 Billion monthly trading transactions.

The broker offers two types of accounts that are suitable for both intraday and position trading. What’s more, trading fees are affordable and very competitive. In addition, there’s no inactivity fees and most deposit/withdrawal options are not charged by the broker.

VT Markets has won a number of prestigious awards such as: Best Customer Service (2021 Forex Expo), Fastest Growing Broker in Europe (2021 Global Brands Magazine) and others. Amazing customer service available 24/5 and user-friendly web page truly sets VT Markets apart from the competition.

You can trade various instruments with this broker. Including Forex pairs, Indices, Soft and hard commodities, US CFD shares, UK CFD shares, EU CFD shares and HK CFD shares. The total number of instruments is more than 1,000. The broker provides access to a full set of MetaTrader software including mobile apps and web trading platforms.

VT Markets

Min deposit: $100

Deposit to Qualify

$800

ECS

EAs discounts

VT Markets

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

10

Open an account

The maximum leverage available for trading stock CFDs is 20:1. As for the FX pairs, leverage is up to 500:1. The minimum initial deposit required to open a live account with this broker is 100 base currency.

The Bottom Line for Malaysian FX Brokers

While looking for the best Forex broker in Malaysia, there are several things that a trader should focus on. Among them are safety, security, transparency, and the services offered by the broker.

All of the Forex brokers that we have discussed are market leaders not only in Malaysia but around the world as well. These well-established Forex brokers are capable of offering safety and security like no other and their services are also very competitive.

Although Malaysia has its own regulatory agency, the brokers are not required to be registered locally. However, the brokers that we have discussed above are licensed by market-leading, top-tier regulators around the world which make the services of the brokers safe and secure.

Out of the Malaysian Forex broker list above, the majority of the brokers offer a Malay version of their websites. This means that local traders of the country should not have a problem finding the needed information in their own language.

All of the things that we have discussed above make these five Forex brokers some of the best options for local traders in Malaysia.

FAQs on Malaysia Forex Brokers

Which forex broker is best in Malaysia?

Out of the list of licensed Forex brokers in Malaysia, one of the best is XM. This Forex broker has been around since 2009 and is known for the high quality of services as well as the high standard of safety that it offers to clients. XM’s website is available in Malay, which means that local traders have the ability to receive information in their own language. Other well-known and established brokers that offer services to Malaysian traders are HYCM, Monfex, Milton Prime, and AvaTrade.
There are numerous learning opportunities when it comes to Forex trading in Malaysia. The majority of the online Forex brokers in Malaysia offer traders educational material which can help traders be better at what they do. Some of the Forex brokers in the country even have educational material available in Malay.

Is forex trading illegal in Malaysia?

No, Forex trading is absolutely legal in Malaysia. The central bank of the country confirmed that trading currency pairs in Malaysia were legal and local traders could invest in the market without any challenges. The country even has its own regulatory agency that takes care of the Forex and CFD trading markets, Securities Commission of Malaysia, SCM, which was established in 1993.

How do I learn FX in Malaysia?

There are numerous learning opportunities when it comes to Forex trading in Malaysia. The majority of the online Forex brokers in Malaysia offer traders educational material which can help traders be better at what they do. Some of the Forex brokers in the country even have educational material available in Malaysia.

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