Best Forex Brokers in Malaysia 2022


More and more people are wondering if it is possible to trade forex in Malaysia with the brokers we review. With which brokers can you trade forex in Malaysia?

Below we provide a list of the forex brokers for trading in Malaysia legally. These are brokers authorized at European level and regulated by recognized entities such as CySEC and Bank of Ireland.

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Of course, you are free to choose any other broker. The important thing, however, is that you are careful to choose a broker licensed in Malaysia, as otherwise you could have problems with the law. The brokers in this list, on the other hand, are regulated and perfectly legal in Malaysia.

There are many factors that allow us to evaluate the advantages and disadvantages of each of these platforms. However, a fundamental aspect that we must look at first is the regulations that each broker complies with, after all, you would not entrust your money to a company that does not offer you sufficient guarantees on your investment.

Forex trading in Malaysia: is it legal?

Yes, forex trading is legal in Malaysia. There are three primary laws that govern the Forex market regulation in Malaysia is governed by three primary laws. Malaysians that are looking to start Forex trading in country needs to follow and understand these regulations. These regulations are as follow:

  1. The Exchange Control Act of 1953,
  2. The Money Changing Act of 1998.
  3. The Securities Commission Act of 1993,

Furthermore, to be able to trade forex in Malaysia, you need to open an account with a broker who is authorized by the competent authority, which in the case of Malaysia is represented by the SCM (Securities Commission of Malaysia).

Therefore, when choosing a broker in Malaysia, you must check that it is registered with the SCM. The brokers listed above are all authorized in Malaysia by the SCM and regulated at European level.

What are the best Forex Brokers in Malaysia?

Tickmill

Tickmill is one of the UK forex firms. Tickmill, one of the well-known companies in Malaysia and around the world, is among the best forex brokers.

Tickmill logo

image credit: Tickmill

Being one of the best has a big impact on being reliable. The company has FCA and FSA licenses. It has successfully passed the audit of both institutions. It is also among the reliable fx companies as it does not cause any problems in withdrawals .

Trading features

Let's talk about the trading features offered to investors by Tickmill. You can read a lot of details about how much leverage it gives, what the spreads are, how much money you need to deposit at least and what are the trading platforms in this section.

Leverage: Tickmill offers the advantage of using 1:500 leverage so that you can trade in higher volumes. This means that the desired leverage ratio can be preferred, up to a maximum of 500. 

Spreads and Commissions: Spreads and commissions at Tickmill are very low and competitive according to market conditions

Minimum deposit: Malaysians who want to open an account with Tickmill can start trading on the real account by depositing at least $100. This amount is advantageous. Those who want to try the company do not need to invest a lot of money.

Trading platform: When the account is opened, the MetaTrader 4 platform is offered so that transactions can be made. Investors can make their transactions quickly and securely with this platform.

Account Types: Tickmill offers investors who want to open an with 3 different options consisting of Pro, Classic and VIP account types. There is also an Islamic forex account option. Investors can find a different feature in all of them.

Pros and cons

I listed the positive comments Tickmill received from the user as follows:

    Leverage rates are very good

    Account types are sufficient

    Good variety of investment instruments

    Good deposit and withdrawal

    Spreads and commissions are available

I have listed the complaints filed against Tickmill as follows:

No two-step (safer) login 

If we look at the company from a general scale, we see that its investors are satisfied. There are no comments that will shake confidence.

If you want to trade with Tickmill, you can use the link  below:

 

FXTM

As one of the top Forex Brokers that are based in Malaysia, FXTM is one of the best. ForexTime (FXTM) is an online forex broker founded to 2011 under Andrey Dashin. FXTM offers a simple trading platform built in MetaTrader 4 and 5 and provides a wider selection of trading instruments, including Forex, Cryptocurrencies, Index and Commodity CFDs, Spot Metals and Stock CFDs.

FXTM Regulations

FXTM is controlled by various credible regulatory authorities across the globe. They include:

Cyprus: Forextime Ltd (EU) is controlled under the supervision of CySEC (185/12).

United Kingdom: Forextime UK Limited is controlled under the FCA (777911)

South Africa: ForexTime Limited (South Africa) is licensed through FSCA (46614)

Global Exinity Limited (Worldwide) is under the supervision of FSC (C113012295)

FXTM Trading Platforms

FXTM offers MT4 as well as MT5 trading platforms to their clients. Through FXTM, MT4 and MT5 are accessible for Windows and Mac systems as well as also on iOS as well as Android mobile devices.

They also have a Proprietary mobile application called FXTM Trader. In conjunction with FXTM Trader, you can benefit from the broker's copy trading program within FXTM Invest.

FXTM Products

The traders in the Philippines can gain access to more than 1000 trading instruments through FXTM. FXTM provides Forex, Metals, Stocks, Commodities and Indices.

They offer four kinds of bank accounts available in Philippines. Micro Accounts, Advantage Accounts Advantage Plus Account, and Demo Account.

They provide 1:1000 leverage on micro accounts and 1:1000 for Advantage and Advantage Plus accounts.

Best Forex Brokers in Malaysia 2022

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Costs of FXTM

In Malaysia, depositing into FXTM is absolutely free. E-wallet withdrawals are free however if you are using a credit card transactions, you'll be charged for a fee.

The minimum deposit for FXTM of $10. Both Advantage Plus and Micro accounts are not subject to commissions. However, for Advantage accounts, commissions are can vary (on an average) between $0.40 up to $2.5 per $100K of notional value. FXTM spreads start at zero pip

FXTM Customer Support

FXTM customer service has an extensive FAQ section which can be used to get answers to a couple of questions before you contact the support team. Malaysian traders can also email them or call them, or use the live chat via the FXTM website to address their problems.

FXTM Pros and Pros and

Pros

They provide incredible customer service

-- FXTM is a great tool for education.

- Easy and quick account opening

Cons

- The broker charges withdrawal and inactivity fees

- CFD costs are very high

If you'd like to test it using FXTM on the Philippines then you can follow the following link:

Trade Forex with FXTM

Exness 

Exness is a forex company headquartered in Southern Cyprus. I can say that it is one of the companies whose name is known both in Malaysia and around the world. The fact that it is reliable and offers advantageous terms has a great effect on the recognition of its name.

Exness Review

image credit: Exness

Is Exness reliable? Exness has an FSA license as well as CySEC and FCA licenses. This means that it has passed the audit of many institutions. We also see its reliability in its success in withdrawals.

Trading features

 Let's talk about the trading features offered to investors by Exness. You can read a lot of details about how much leverage it gives, what the spreads are, how much money you need to deposit at least and what are the trading platforms in this section.

Leverage: The company is one of the best companies in terms of leverage ratio. Because it offers leverage up to 1:2000 . Investors can choose this company when they want to trade with high leverage.

Spreads and commissions: It is also very competitive in terms of spread rates. The fact that it has many users and offers advantageous conditions also causes low spread rates. In this way, investors have the chance to make quick profits.

Minimum deposit: After opening an account with the company, you can start trading by depositing funds. The minimum investment amount is also very good. Investors can open an account by investing any amount they want. In other words, you can open a real account by depositing even $1. When you want to try the company, you can try it by depositing a small amount.

Trading platform: Exness offers the MetaTrader 4 and MetaTrader 5 trading platforms. You can start the process by choosing one of the platforms, both of which are advanced.

Account types: It offers 5 different options, consisting of Standard and Professional account types, to investors who want to open an account at Exness. Since all accounts offer different features, you can review them and choose the one that suits you best. Money transfer transactions can be made with options such as bank transfer, eft, swift, credit card, Neteller and Skrill.

Pros and cons

I have listed the positive comments we have reveived from users of Exness:

    Leverage rates are very good

    Wide range of account types

    Good variety of investment products

    Good deposit and withdrawal

    Spreads and commissions are available

As with every forex firm, there are also complaints about Exness. These are not the kind of complaints that become chronic or victimize the user.

I have listed the downside of trading with Exness:

  • No bonus campaigns

Apart from these, there is nothing negative about the company. The trading conditions are already very satisfying to the investor. There is no need to open a demo account because of opening an account with 1$. However, this amount varies according to the money transfer method. It is also among the forex companies that offer the highest leverage.

If you want to trade with Exness, you can use the link  below:

 

 

You can also try with the following alternative Forex Brokers.

Admiral Markets

Admiral Markets is headquartered in London, UK. The company was founded in 1991 through a share buyback from the Brockbank Group. Since then, the company has expanded significantly and now offers its services to traders in over 40 countries, including the UK, Europe, Australia, Cyprus and Malaysia. 

Admiral Markets

image credit: Admiral Markets

Admiral Markets offers a variety of products that include approximately 55 currency pairs, 26 commodities, 32 cryptocurrencies, 380 FITs, 3,300 single stocks and 40 indices. It also offers over 40 CFDs on currencies such as majors, minors and exotics.

Admiral Markets is listed by the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Financial Supervision Authority (AFSL).

Trading features

Let's talk about the trading features offered to investors by Admiral Markets. You can read a lot of details about how much leverage it gives, what the spreads are, how much money you need to deposit at least and what are the trading platforms in this section.

Leverage: Admiral Markets offers leverage ratios of 1:30, depending on instrument value and account type.

Spreads and Commissions: Admiral Markets charges the following commissions and spreads from accounts:

Trade.MT4 account

  • Spread: from 0.5 pips
  • Commissions: CFD per single share and TIF - from 0.01 USD per share

Zero.MT4 account:

  • Spread: from 0 pips
  • Commissions: currency and metals - from 1.8 to 3.0 USD per 1.0 lot
  • Indices – from 0.05 to 3.0 USD per 1.0 lot
  • Energies – $1 per 1.0 lot

Trade.MT5 account:

  • Spread: from 0.5 pips
  • Commissions: CFD per single share and TIF - from 0.01 USD per share
  • Invest.MT5 account:
  • Spread: from 0 pips
  • Commissions: shares and TIF - from 0.01 USD per share

Zero.MT5 account:

  • Spread: from 0 pips
  • Commissions: currency and metals - from 1.8 to 3.0 USD per 1.0 lot
  • Indices – from 0.05 to 3.0 USD per 1.0 lot
  • Energies – 1 USD per 1.0 lot

Minimum deposit: After opening an account with the company, you can start trading by depositing at least $100.

Trading platform: Admiral Markets offers its clients the opportunity to trade with some of the most popular platforms in the world - MetaTrader 4 and MetaTrader 5. These platforms are known for their ultra-fast execution, reliability and advanced trading tools.

Account Types: Clients trading with Admiral Markets can choose from several types of accounts. They are offered on the MetaTrader 4 and MetaTrader 5 platforms respectively, providing support for a variety of trading styles.

The following accounts are available on the MetaTrader 4 platform:

  • Trade.MT4 account
  • Zero.MT4 account

The following accounts are available on the MetaTrader 5 platform:

  • Trade.MT5 account:
  • Invest.MT5 account
  • Zero.MT5 account
  • Demo account 

Admiral Markets also offers an Islamic currency account. These accounts are swap-free and allow you to trade on standard terms without the hassle of credit or debit fees.

If you want to trade with Admiral Markets, you can use the link  below:

 

OctaFX

Founded in 2011, OctaFX is a subsidiary Octa Markets Cyprus Ltd. The company is headquartered in Kingstown, Saint Vincent and the Grenadines. OctaFX is regulated by the Cyprus Securities and Investments Commission (CySEC).

octafx review

image credit: OctaFx

OctaFX  has grown significantly since it was established. Today, its services are offered in more than 100 countries around the world including Malaysia. The company has also opened more than 1.5 million accounts and completed almost 288 million transactions. Approximately 97.5% of orders are executed without slippage.

Trading features

Let's talk about the trading features offered to investors by OctaFX. 

Leverage: The maximum leverage ratios offered by OctaFX are as follows:

  • currency - 1:500
  • metals - 1:200
  • indices - 1:50

Spreads and Commissions: OctaFX has the lowest spreads when compared to some brokers. Due to fast order execution, this brokerage firm is able to offer these low spreads as there is no slippage or re-quotes.

Your choice of account also determine the spreads. Commission is charged only from ECN accounts.

The Micro account charges a swap fee, while the Professional account does not charge a swap fee.

After 3 days, however, a three-day commission is charged for overnight positions.

Minimum deposit: After opening an account with the company, you can start trading by depositing at least $100.

Trading platform: OctaFX offers excellent trading platforms that are available to traders depending on the type of account they open.

  1. MetaTrader 4 
  2. MetaTrader 5
  3. cTrader

Account Types: OctaFX offers three different types of accounts, each with its own characteristics to meet the needs of traders of different levels.

  1. Micro Account
  2. Professional Account
  3. ECN account

Also, OctaFX offers an Islamic account (also known as a swap-free account) and a demo account.

A demo account is ideal for traders who would like to practice in a risk-free environment or test a company's offer.

If you want to trade with OctaFx, you can use the link  below:

 

Conclusion 

Malaysia is a great place to trade Forex. You have a choice of many top-rated brokers, all of whom offer different features and benefits. So which broker should you choose? It depends on your individual needs and preferences. Do some research, compare the different offerings, and then make an informed decision about which broker is right for you. To make your broker selection job easier we have mentioned best Forex Brokers in Malaysia in the above. We wish you the best of luck in your trading journey.

Best Forex Brokers in Malaysia 2022

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