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Best Forex Brokers Malaysia for 2021

Steven Hatzakis

The ForexBrokers.com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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 Overall ranking. Here is our list of the top forex brokers in Malaysia.

  • IG - Best overall broker 2021, most trusted
  • Saxo Bank - Best for research, trusted global brand
  • Interactive Brokers - Great for professionals and institutions
  • XTB - Best customer service, great trading platform
  • FOREX.com - Great all-round offering
  • AvaTrade - Multiple trading platform options
  • XM Group - 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 Overall ranking.

Forex BrokerAccepts MY ResidentsAverage Spread EUR/USD - StandardMinimum DepositOverallVisit Site
IGYes0.745£250.00 5 Stars Visit Site
Saxo BankYes0.800$2,000.00 5 Stars N/A
Interactive BrokersYesN/A$0 4.5 Stars N/A
XTBYes0.860$0.00 4.5 Stars N/A
FOREX.comYes1.300$100.00 4.5 Stars Visit Site
AvaTradeYes0.910$100.00 4 Stars N/A
XM GroupYes1.600$5-100 4 Stars N/A
FP MarketsYes1.200$100 AUD 4 Stars N/A
IC MarketsYes0.620$200 4 Stars N/A
TickmillYes0.270$100.00 4 Stars N/A
OANDAYes1.400$0.00 4 Stars N/A
FxProYes1.510$100.00 4 Stars N/A
Vantage FXYes1.100$200 3.5 Stars N/A
Moneta MarketsYes1.360$50.00 3.5 Stars N/A
HYCMYes2.00$100 3.5 Stars N/A
EightcapYes$100 3.5 Stars N/A
VT MarketsYes1.200$200 3.5 Stars N/A
BlackBull MarketsYes0.76$200 3.5 Stars N/A
OctaFXYes0.600$25 3.5 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 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 108 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure (read about Trust Score here).

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with 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 involve 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 website as of 12/14/2020 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.

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IG - 75% 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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