Best Forex Broker Malaysia 2023

In this guide, we go over the Best forex brokers in Malaysia. We hand-picked and analyzed the best rated forex brokers in Malaysia. We base our research on multiple factors such as fees, security, regulation, trading platform, education, customer support, and more.

Best Forex Brokers in Malaysia 2023

We researched the top Forex Brokers for Malaysian residents. The list below is based on broker fees, security, regulation, trading platforms, and more. This is our selection of the top Forex Trading Platforms in Malaysia.

  • Pepperstone – Best Forex Broker Malaysia Overall
  • AvaTrade – Best Forex Broker Malaysia for Trading App
  • FP Markets – Best Forex Broker Malaysia For Scalping
  • XTB – Best CFD Forex Broker in Malaysia
  • Interactive Brokers – Best Forex Broker Malaysia for Market Access
  • XM – Best Forex Broker Malaysia for Education
  • IC Markets – Forex Broker Malaysia with Low Spreads
  • IG – Tigh Spread Forex Broker in Malaysia
  • – Forex Broker in Malaysia
Forex Trading In Malaysia

Our Top 3 Picks

2. Best Trading App

AvaTrade Logo

PFI Rating 4.9

1. Best Overall

Pepperstone Logo

PFI Rating 4.9

3. Low Spreads

FP Markets Logo

PFI Rating 4.9

Our Top Pick

PFI Rating: 4.9/5

Pepperstone – Best Forex Broker Malaysia Overall

Pepperstone is our top pick as the best broker for forex trading in Malaysia. Pepperstone was founded in 2010 and offers CFDs on Forex, Crypto, Shares, Indices, and Cryptocurrencies.

The minimum deposit is $0 and offers a wide variety of deposit methods. Pepperstone is a safe and reliable forex broker regulated by top-tier authorities.

Forex trading fees are low. Pepperstone offers two account types: Razor and Standard.

  • Regulated by Top Authorities
  • Low Spreads
  • No Minimum Deposit

76.6% of retail investor accounts lose money when trading CFDs with this provider

Great For: Low Spread Forex Broker in Malaysia

Pros Cons
Forex Fees Mostly CFD
Trading Platform
Account Types

Mobile App: 4.9/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $0

Overall: 4.9/5

Best Mobile App

PFI Rating: 4.9/5

AvaTrade – Best Forex Trading App Malaysia

AvaTrade is the top rated forex trading app in Malaysia. AvaTrade was founded in 2006 and is regulated by top-tier authorities worldwide.

The minimum deposit is $100. Avatrade offers CFDs on Forex, Stocks, Commodities, FXOptions, Cryptocurrencies, Indices, ETFs, and Bonds.

Forex trading fees are low, and the minimum lot size is 0.01. Avatrade offers its proprietary trading platform WebTrader, MetaTrader4, Metatrader5, and one of the best trading apps in the industry. It is great for automated copy trading through AvaSocial or DupliTrade.

77.82% of retail investor accounts lose money when trading CFDs with this provider

Great For: Mobile App

Pros Cons
Mobile App Inactivity Fees
Account Opening

Mobile App: 5/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $100

Overall: 4.9/5

Low Spreads
FP Markets Logo

PFI Rating: 4.9/5

FP Markets – Best Low Spread Forex Broker in Malaysia

FP Markets is best for their low spreads. FP Markets was founded in 2005 and is regulated by ASIC and CySEC.

The minimum deposit at FP Markets is $100. They offer 10,000+ financial instruments across Forex, Shares, Metals, Commodities, Indices, Cryptocurrencies, Bonds, and ETFs.

Execution speeds are among the best in the industry, and their spreads are tight starting from 0.0 pips.

FP Markets offers trading through their WebTrader, MetaTrader 4, and MetaTrader 5. They allow automated copy trading.

On FP Markets Official Website

Great For: Low Spreads

Pros Cons
Low Spreads Desktop Trading
Deposit and Withrawal

Mobile App: 4.4/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $100

Overall: 4.9/5

Exchange Listed Forex Broker

PFI Rating: 4.8/5


XTB is a publicly traded company founded in 2002. XTB is a well regulated broker by top-tier authorities worldwide.

The minimum deposit at XTB is $0. They offer Forex, Indices, Commodities, Stock CFDs, ETF CFDs, and Cryptocurrencies.

A downside of XTB is its withdrawal fee of $20 for withdrawals under $100 and the inactivity fee.

Overall XTB is a great choice for forex trading in Malaysia.

On XTB Official Website

Great For: Forex and CFDs

Pros Cons
Publicly Traded Company Inactivity Fees
Easy to use
Deposit and Withrawal
Low Forex Fees

Mobile App: 4.4/5

Regulation: 4.9/5

Fees: 4.7/5

Min. Deposit: $0

Overall: 4.8/5

Best Market Access
Interactive Brokers Logo

PFI Rating: 4.9/5

Interactive Brokers – Best Forex Broker in Malaysia for Market Access

Interactive Brokers is a great choice for any trader. Interactive Brokers was founded in 1978 and is regulated by top-tier regulators worldwide. It is the best regarding regulation and market access.

Interactive Brokers offer trading on Stocks, ETFs, Options, Futures, Currencies, Cryptocurrencies, US Spot Gold, Bonds, Mutual Funds, and Hedge Funds.

The minimum deposit is $0. Their trading fees are low.

Their forex trading platforms are the most advanced on this list and have one of the best in the industry.

On Interactive Brokers' Official Website

Great For: Market Access

Pros Cons
An easy-to-use platform Lacks Features for Experienced Traders
Easy to use CFD Mostly
2000+ CFDs

Mobile App: 4.5/5

Regulation: 4.9/5

Fees: 4.7/5

Min. Deposit: $100

Overall: 4.7/5

CFD Forex Broker

PFI Rating: 4.7/5

Plus500 – Great CFD Forex Broker In Malaysia

Plus500 is next on our list. It is a great forex CFD broker. Founded in 2008, it is a well regulated broker.

Plus500 is regulated.

The minimum deposit at Plus500 is $100. They offer CFD trading on Shares, Forex, Commodities, Indices, Crypto, Options, and ETFs.

Their trading platform is easy to use, but experienced traders will find it lacking features.

86% of retail investor accounts lose money when trading CFDs with this provider.

Great For: CFDs

Pros Cons
Advanced Trading Platform Learning Curve
Trading Tools
Market Access
Execution Speed

Mobile App: 4.5/5

Regulation: 4.9/5

Fees: 4.7/5

Min. Deposit: $100

Overall: 4.7/5


This forex and CFD broker offers a great platform for trading in Malaysia. XM offers great resources and educational content. Opening an account is fast and easy, and the platform is simple to trade on.

Low fees for withdrawalsForex fees could be improved
Easy to use and start
Quality educational tools
Forex and Stock CFDs
Open Free Account is a global broker that focuses heavily on forex trading. This platform is more suitable for advanced traders. There are loads of currency pair options, and the fees are very low. is ideal for high-volume traders. logo
A forex-first platform with plenty of currency pairsSuitable for experienced and high-volume traders
Low forex feesNot the best broker for novice traders
Good research tools


IG is well regulated in Malaysia and is a popular forex trading platform across the globe. IG traders can enjoy excellent tools for the foreign exchange market. Pricing structures are competitive, and the trading options are versatile.

IG Logo
Good selection of tools and educational contentAbove average forex fees
Web trading software is excellentSlow customer support
Deposit and withdrawal options

Saxo Markets

This online broker offers low commissions and a very easy-to-use trading platform. With Saxo Markets, you can trade in a wide range of markets. 

Thanks to its trading versatility and simple platform, Saxo Markets is a good choice for new traders. Saxo Markets offers lower FX spreads than most other brokers.

Good selection of tools and educational contentNot focused on Forex
Easy to use platform
Offers access to wide-ranging markets


HotForex is a top Malaysianforex trading platform thanks to its low fees and many useful features. Traders can enjoy social/copy trading, a demo account, MT4, and MT5 platforms. 

Good currency pairsMobile App
Low forex fees and commissions
Social/Copy System
Free demo account


BDSwiss is a well-regulated trading platform that appeals to all kinds of traders worldwide. This forex broker has some good currency pairs available, as well as plenty of other trading options. 

It is a suitable platform for beginners and experienced traders thanks to its useful tools and fast trading software functionality.

BD Swiss Logo
Great forex and CFD instrumentsHigh account minimum
Well regulated and established broker
Fast and easy account opening
Customer support
Offers wealth management opportunities


EightCap is an Australian-based CFD and forex broker. It is a well-regulated broker with a great range of forex pairs available. The rest of the CFD portfolio is good for those wanting to trade outside forex.

Eightcap Logo
A good range of currency pairs availableHigh account minimum
Well regulatedFees and commissions
An easy to use trading platformResources and tools


Beginner traders will love easyMarkets thanks to its very user-friendly online trading platform. This forex trading platform in Malaysia also features two unique features that are great for beginners. 

These are the deal cancellation and freeze rate. The easymarkets MT4 offering is excellent for guaranteed stop-loss orders.

Easy Markets Logo
Easy to use online trading platformForex market research tools
Well regulated for forex and CFD trading in MalaysiaFees could be better
Easy to get startedSmall selection of tradable products


This global forex and CFD broker is well regulated for safe forex trading in Malaysia. The broker offers low forex and non-trading fees. Opening an account is easy, and there is plenty of good withdrawal and deposit options. 

This is a forex-focused platform, so the rest of its product portfolio is fairly limited.

Tickmill Logo
Forex trading feesThe mobile app could be improved
Deposit and withdrawal optionsNews feed structure
Low non-trading feesLimited markets and products besides forex

City Index

City Index is regulated by top-tier authorities and has a long proven history. This broker is focused on foreign exchange and CFDs, offering some great opportunities in these fields. 

Forex fees are low, withdrawal fees are low, and opening an account is easy. City Index offers great research tools.

City Index Logo
Quality research tools availableDesktop platform
Low forex trading feesNot a great range of products available beyond forex
Low withdrawal fees
Account Opening


This listed Swiss broker is a good choice for experienced, serious traders. The platform is very well regulated and offers access to a wide range of markets. Forex traders can also enjoy many currency pairs.

The platform is a little confusing for beginners to use, and their fees are higher than many other forex brokers in Malaysia.

Good market access and currency pairsNot the easiest trading platform to navigate
Well regulatedHigh trading fees
Zero inactivity fees
Open Free Account

IC Markets

IC Markets is a forex and CFD broker founded in 2007. They are regulated by multiple top-tier regulators worldwide. Their forex fees are low, the platform is easy to use, and deposits and withdrawals are free. IC Markets research and education is great. 

IC Markets Logo
Easy account opening processNon-EU clients don't get investor protection
Low forex feesSlow customer support
Free withdrawals and depositsNot a great product portfolio other than forex
Open Free Account


FXTM is a global CFD and forex broker. It was founded in 2011 and is regulated by top-tier regulators like CySec, FSCA, DCA, BaFiN, and others.

There are great educational resources, including webinars, to help you trade smarter. Opening an account is fast and easy. There is also the option to open a demo account.

Opening an account is easy and digitalFees
Beginner-friendly platform
Great educational resources

Vantage FX

Vantage FX is an ideal broker for trading forex due to its low trading fees and no inactivity fees. This is a fully digital broker with a fast account opening process and plenty of deposit and withdrawal options. 

VantageFX Logo
Low feesIt doesn’t offer investor protection
Research and educational toolsThe product portfolio is limited
Account OpeningSlow customer support


FxPro is a great forex broker founded in 2006. It is regulated by top-tier regulators such as CySEC, FSCA, FCA, and SCB.

Users of FxPro get access to swap-free accounts, a great platform, low fees, and insurance of clients' funds.

However, if you want a wider portfolio, FxPro is not the best choice. 

Opening an account is fast and easy. Withdrawals and deposits are free, and the platform is easy to use.

FxPro Logo
Easy account opening processLimited portfolio beyond forex
Customer serviceFees
Good educational content available
Free deposit and withdrawal options


OctaFX offers a MetaTrader and cTrader platform experience. This forex and CFD broker is not as well regulated as others.

However, the broker has an efficient mobile app. Fees and commissions are low, and there are great currency options.

OctaFX Logo
Forex-focused brokerLacks research and educational tools
Low commissions and feesNot as well regulated as other forex brokers 
Great mobile app

Moneta Markets

Moneta Markets is a safe and well-regulated forex and CFD broker. The trading platform has high average spreads and one account type which means it isn’t the first choice for low-cost trading.

Moneta Markets has a simple-to-use platform with great educational content. Commissions and fee structures are good, and so is the overall investment offering.

Moneta Markets
Well regulatedNot the best technical tools available
Good fees and commissions for forex
Easy to use
Great educational resources


HYCM is a well-established global CFD and forex broker. Forex and CFD fees are very low, and there is a great selection of educational tools available. 

The platform is fully digital which makes opening an account easy. For forex trading this platform is powerful, but it lacks other basic products for those wanting a broader portfolio.

Low CFD and forex feesInactivity fees
Easy to use and open an accountLimited market access
The educational content and trading tools are greatCustomer service could be better

Compare Forex Brokers in Malaysia

Below we compare the best forex brokers in Malaysia for 2023. Public Finance International researched and analyzed forex brokers on a variety of factors. Here are the most important factors compared side by side.

Forex Broker Pepperstone AvaTrade FP Markets XTB Interactive Brokers
Founded 2010 2006 2005 2002 1978
Regulation ASIC, CySEC, FCA, SCB, DFSA, BaFin, CMA FCA, ASIC, FSCA, FRSA, Israel Securities Authority, Financial Services Agency, Financial Futures Association of Japan ASIC, CySEC FCA, CySEC, Fincancial Services Commission in Belize SEC, CFTC, FCA, NFA
Offering Of Investments CFDs on Forex, Crypto, Shares, Indices, Crypto Forex, Stocks, Commodities, FXOptions, Cryptocurrencies, Indices, ETFs, Bonds Forex, Shares, Metals, Commodities, Indices, Cryptocurrency, Bonds, ETFs Forex, Indices, Commodities, Stock CFDs, ETF CFDs, Crypto Stocks, ETFs, Options, Futures, Currencies, Cryptocurrencies, US Spot Gold, Bonds, Mutual Funds, Hedge Funds
Minimum Deposit $0 $100 $100 $0 $0
Demo Account Yes Yes Yes Yes Yes
Withdrawal Fee $5 $0 $0 20 USD for withdrawals under 100 USD 1 Free Withdrawal per Month
Inactivity Fee $0 $50/month After 3 Months $0 $10 monthly after 12 months No
Deposit Methods Credit/debit cards, Bank/Wire Transfer, PayPal, Neteller, Skrill, UnionPay Credit and Debit Cards, Wire Transfer, e-payments Credit Cards. Debit Cards, Bank Transfer, Ngan Luong, FasaPay, Online Pay, Broker to Broker, Neteller, Skrill, PayTrust, PayPal, Bpay, Poli Bank Transfers, Credit and Debit Cards, Skrill Bank Wire, Credit Cards, ACH, Mail a check, Rollover, Online Bill Pay, Trustee-to-Trustee, SEP Contribution

Compare Trading Fees

Below we compare the trading fees of Malaysian Forex Brokers.

Trading Fee Pepperstone AvaTrade FP Markets XTB Interactive Brokers
EURUSD Minimum from 0.0 and 0.17 average spread (Razor Account) Minimum from 0.6 and 0.77 average spread (Standard Account) Spread: 0.9 from 0.0 - 1.3 (average 0.2 pips) 0.1 - 0.5 Spreads
GBPUSD Minimum from 0.0 and 0.59 average spread (Razor Account) Minimum from 0.6 and 1.19 average spread (Standard Account) Spread: 1.5 from 0.0 - 1.8 (average 0.7 pips) 0.1 - 0.5 Spreads
Apple Fees 0 + market spread 0.13% Spread 0.30% $0 commissions
Tesla Fees 0 + market spread 0.13% Spread 0.30% $0 commissions
Amazon Fees 0 + market spread 0.13% Spread 0.30% $0 commissions
S&P 500 Fees min. 0.4 spread 0.25 over market Spread N/A N/A
Options Fee N/A N/A N/A N/A $0.25/contract - $0.65/contract
Mutal Fund Fees N/A N/A N/A N/A No Transction Fee Funds - 0.00 USD and Lesser of 3% or 14.95 for Transaciton Fees
ETF Fee N/A 0.13% - 0.15% N/A 0.30% $0 commissions

Best MetaTrader Forex Broker for Malaysians

Looking for the overall best MetaTrader forex broker? We recommend Pepperstone. This trading platform is versatile, fast, and functional. It offers excellent options for forex, with a great product portfolio beyond this.

Best Broker for Beginner Forex Traders in Malaysia

If you are new to forex trading in Malaysia, we recommend choosing AvaTrade as your broker. AvaTrade offers an easy-to-use app with plenty of great tools and educational resources. On top they have a social copy trading system in place.

Malaysia Forex Regulators

Forex trading in Malaysia is regulated by the Securities Commission Of Malaysia (SCM). The SCM was founded in 1993 and implemented CFD guidelines in 2018. You can check the Securities Commission Malaysia website to see if any Malaysian forex broker is registered. Many internationally regulated forex brokers accept clients from Malaysia.

In general, the SCM or the Bank Negara Malaysia (Central Bank of Malaysia)are the regulators for financial services and asset classes such as forex and cryptocurrencies.

Securities Commission Malaysia

Several international regulators regulate Malaysian forex brokers. This includes regulators such as the CFTC, NFA, FCA, CySEC, ASIC etc. Ideally, forex traders search for brokers regulated by reputable international authorities.

How to Pick a Forex Broker in Malaysia

Regulation & Safety

First of all, the broker needs to be regulated by a top-tier regulator. In Malaysia, the local regulatory body is the SCA (Securities Commission Malaysia). The broker should also have other top-tier international regulators.

Currency Pairs Offered

Trading on the foreign exchange market involves the exchange of different currencies. These transactions are done five days a week, 24 hours a day. The forex broker you pick, should offer a wide range of currency pairs for more opportunity and flexibility.

Fees & Commission

The fees and commissions charged can leave a huge dent in the performance of your trading. Fees can be found in various areas, such as spreads, non-trading fees, trading fees, etc. It would help if you read our guide on Brokers With Low Spreads.

Make sure that the fee and commission structure matches your investment strategy. Otherwise, you can lose significantly on your returns.

Rollover Interest

The difference between the two interest rates on the currencies traded is the rollover interest. This can form a vital part of forex trading, so it is important to understand the rollover interest structure the broker uses. 

Trading Platforms Supported

Forex brokers often support various other proprietary trading platforms. This offers more versatility and can enhance the overall experience.

Popular examples are MT4, MT5, and cTrader. Make sure you choose a forex broker with supported trading platforms that you feel comfortable with.

Leverage and Margin

Margin refers to the deposit you need for making a trade and keeping open a certain position. Leverage is when you can trade larger positions with less capital. 

You will need to understand the leverage and margin positions of your broker, as this can have a major effect on your trading strategy and outcome. 

Account Types 

Forex brokers offer various account options for different traders. Consider the options available and their suitability for you and your level/experience.

This can include demo accounts, micro, and mini accounts, retail and professional accounts, Islamic trading accounts, Standard accounts, VIP accounts, and so on.

Demo Account Available

Demo accounts are available from certain brokers. This allows you to simulate trading on the platform at real-time market prices. It allows you to get a feel for the platform without being at risk of losing money. This is great for beginners. Forex and Derivatives trading carries a high degree of risk.

Deposit Methods

You will need to know how to make deposits and withdrawals to and from the broker. Look at the deposit methods available and what the fees are for this. Make sure that this works with your bank.

Base Currency and the Malaysian Ringgit

Being based in Malaysia, you will be working with the Malaysian Ringgit. However, you will need a suitable base currency for use on the forex market. 

Consider what currencies are available and which will work best as a base currency for trading with regard to the Malaysian Ringgit.

Order Types

There are various order types to use when trading. The basic orders are market, limit entry, stop entry, stop loss, and trailing stop. Consider how your broker and trading platform accommodate these order types.

Mobile Trading

Mobile trading is incredibly popular due to easy access to smartphones wherever we go. Active forex traders are interested in mobile trading to keep up with prices and make swift trades. 

Consider the mobile app available and make sure it has all the functionality you need.

Type of Brokers

There are four main types of brokers to consider. Of course, you will need a trusted forex broker for forex trading in Malaysia. You could also use a full-service broker. 

Education and Research Available

Brokers offer certain educational content and research tools to make trading more informed and effective. The broker should have extensive research tools and informative, educational content to keep traders updated.

Trading Tools Available

To make trading more effective, the platform should also offer specialized trading tools. This differs with each broker. Trading tools are necessary for market analysis and making smarter trading decisions.

Customer Service

Customer service plays a vital role in the forex broker that you choose. As there are risks and money involved, you will need to make sure that you have solid support for seamless trading. This can make a big impact on your overall forex trading experience.


Is Forex Trading in Malaysia Risky?

Any trading risky. Wise and experienced forex traders have the potential to make money, but there is always the risk of significant losses.

Can You Make Money Trading Forex in Malaysia?

Absolutely. Forex trading offers plenty of potential for making money. Like all forms of trading, it is considered a high-risk investment.

Is Forex Trading Legal in Malaysia?

Yes, forex trading is legal in Malaysia as long as brokers use proper regulatory authorities and all taxes are paid.

What are the Forex Trading Hours in Malaysia?

The retail Forex Market in Malaysia is open Monday 5 am – Saturday 4 am Malaysian Time.

Is Forex Trading Taxable in Malaysia?

Forex trading in Malaysia is taxable as income tax, but capital gains are exempt from tax. If you trade from a swap-free Islamic Account and don't withdraw an income, any gains should be tax-free.

About the author

Ziga Breznik is the owner and head of research at – he is an active investor in the forex, crypto and stock markets – he has seen trading platforms disappear along with his investments – especially during the “crypto boom”. Ziga learned the hard way that finding a reputable and trustworthy online brokerage is key to long-term success in the financial markets. He founded as a platform where he shares his research with one goal in mind: to provide unbiased and trustworthy online brokers reviews.