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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.
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 broker in Malaysia, we created a list of all internationally regulated forex brokers, then ranked brokers by their 2019 Overall Ranking. Here is our list of the top forex brokers in Malaysia.
- IG - Best Overall, Most Trusted
- Saxo Bank - Best Web Platform, Research
- FOREX.com - Great All-around, Low Costs
- City Index - Well-rounded Offering
- Swissquote - Best Banking Services
- OANDA - Well-rounded Offering
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 Broker||Accepts MY Residents||Average Spread EUR/USD - Standard||Minimum Initial Deposit||Trust Score||Overall||Open Account|
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.
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"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.