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Best Forex Brokers Malaysia for 2019

Steven Hatzakis

The ForexBrokers.com annual forex broker review (three years running) is the most cited in the industry. With over 60,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Trading forex (currencies) in Malaysia is popular among residents. While any internationally regulated forex broker can accept clients from Malaysia, it is an additional benefit to also hold a Capital Markets Services License (CMSL) from the Securities Commission of Malaysia (SCM), which is the financial regulatory body in Malaysia. SCM's website is sc.com.my. We recommend Malaysian residents follow the SCM on Twitter, @SecComMY.

Securities Commission of Malaysia (SCM) logo

Established in 1993, SCM is Malaysia's financial markets regulatory body. In April 2018, SCM issued guidelines for Contracts for Difference (CFD) providers including brokers offering derivatives, under the Capital Markets Services Act of 2007, which will become effective July 1st 2018. As a result, we expect more regional brokers will register with SCM in order to acquire a CMSL. For a historical breakdown, here's a link to the Securities Commission Malaysia's webpage on Wikipedia.

Best Forex Brokers Malaysia

To find the best forex brokers in Malaysia, we created a list of all internationally regulated forex brokers, then ranked brokers by their Trust Score. Here is our list of the top forex brokers in Malaysia.

Malaysian Forex Brokers Comparison

Compare Malaysian authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Trust Score.

Forex BrokerAccepts MY ResidentsAverage Spread EUR/USD - StandardMinimum Initial DepositTrust ScoreOverallVisit Site
IGYes0.700£250.0099 4.5 Stars Visit Site
SwissquoteYesN/A€500.0099 4 Stars N/A
Saxo BankYes0.600$10,000.0098 4.5 Stars N/A
Plus500Yes0.600€10097 3 Stars N/A
FOREX.comYes1.00$50.0093 4 Stars Visit Site
City IndexYes0.800 £50.0093 4 Stars N/A
XTBYes0.780$0.0092 4 Stars N/A
PepperstoneYes1.160$200.0083 3.5 Stars N/A
XM GroupYes1.600$5-10081 3.5 Stars N/A
LCGYes1.450$0.0081 4 Stars N/A
easyMarketsYes1.000$100.0081 4 Stars N/A
ThinkMarketsYesN/A$250.0080 3.5 Stars N/A
Vantage FX Yes1.400$10079 3.5 Stars N/A
IC MarketsYes1.100$20072 4 Stars N/A
ForexTimeYes0.80$10070 3.5 Stars N/A
AlpariYes0.92$100.0069 3.5 Stars N/A
Forex ClubYesN/A$10068 3.5 Stars N/A
InstaforexYesN/A$168 3 Stars N/A
UFXYes3.00$10066 3.5 Stars N/A
iTraderYes0.700$25066 3 Stars N/A
FX ChoiceYesN/A$10054 2.5 Stars N/A

How to Verify SCM Authorisation

To identify if a forex broker is regulated by SCM, the first step is to identify the register number from the disclosure text at the bottom of the broker's Malaysia homepage.

Next, look up the firm on the SCM website to validate the current regulatory status of the broker in Malaysia. Here is the official page with the public register of license holders on SCM.

It's also worth noting that Bank Negara Malaysia, which is the Central Bank of Malaysia that regulates money service businesses and forex dealers, issued guidelines for digital currencies (cryptocurrency) requiring companies to comply when dealing with crypto assets.

More Forex Guides

Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.

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Steven Hatzakis

About the author: Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.


Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

IG - 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

OANDA - CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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