Along with the continuous growth of forex trading in Malaysia and around the world, there has also been an increase in the number of forex brokers available, which makes it a bit tedious for traders to find a broker that meets their trading objective.
In other to prevent you from risking your capital or wasting time testing hundreds of brokers, we have written this comprehensive guide that aims to help you choose the best forex brokers in Malaysia.
Ranking Methodology – While testing and ranking the best forex brokers in Malaysia, some of the critical factors which influenced our judgments include the broker’s; regulatory compliance and safety, product offering, execution model, execution speed, assets offered, trading cost (trading and non-trading fees), trading platforms provided, research offering, education offered, and customer support service.
Table of Contents
5 Best Forex Brokers in Malaysia
Following our in-depth review and ranking process, here are the best forex brokers in Malaysia;
- IG
- IC Markets
- Forex.com
- TickMill
- XM
1. IG
IG is a reputable global online broker and one of the largest CFD providers in the world in terms of revenue and trade volume. It was established in 1974 by IG Group plc, a publicly-traded company on the London Stock Exchange and a constituent of the FTSE 250 Index.
IG offers CFD trading across a wide variety of global markets, including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors, and ETFs with over 18,000+ instruments to trade. It also offers stock broking and spread betting (in the UK and Ireland).
Along with an array of product offerings and global markets which comes with a high touch of expertise, IG also offers various exceptional brokerage solutions such as deep liquidity, fast trade execution, competitive pricing, fast and secure payment methods, volume-based rebates, industry-standard trading platforms (proprietary and third-party), dedicated customer support service, and much more.
Suitable For – Beginners, professionals, advanced traders, active traders, investors, high-volume traders, institutions, and algorithmic traders.
IG Highlights
| Broker | IG |
|---|---|
| Regulation | CFTC (U.S.), FCA (U.K.), ASIC (Australia), FCA (United Kingdom), FINMA (Switzerland), FMA (New Zealand), MAS (Singapore), FSA (Japan), FSCA (South Africa), DFSA (UAE), BMA (International) |
| Forex Pairs | 81 |
| Trading Platforms | ProRealTime, L2 Dealer, MetaTrader 4 |
| Minimum Deposit | $300 (or currency equivalent) |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:200 |
| Account Currencies | USD, GBP, AUD, EUR, SGD, HKD. |
| Payment Methods | Bank Wire Transfer, Credit/Debit Cards, Paypal |
IG Pros and Cons
| CONS | PROS |
|---|---|
| Strong regulatory framework. | Inactivity fee charged (after two years of inactivity). |
| Listed on the stock exchange. | |
| 45+ years of industry experience. | |
| 313,000+ clients worldwide. | |
| Volume-based rebates for high-volume traders. | |
| Industry-standard trading platforms. | |
| Low forex trading fee | |
| Excellent educational offering for beginner, intermediate and advanced traders. | |
| Outstanding research offering. | |
| Accepts US clients. | |
| Excellent customer support service. |
2. IC Markets
IC Markets is a leading global online broker and one of the world’s largest forex providers by trade volume (with over 29 Billion USD in FX trades processed daily). It offers CFDs across various global markets, including forex, stocks, commodities, indices, cryptocurrencies, bonds, and futures, with over 2250+ instruments to trade.
With IC Markets, traders can enjoy a plethora of top-notch trading services, including, low trading fees, multiple fast and secure payment methods, fast trade executions, deep liquidity, multiple advanced trading platforms, adequate support for algorithmic trading, and 24/7 customer support service.
Suitable For – Beginners, professionals, low-cost trading, active traders, high-volume traders, scalping, and algorithmic trading.
IC Markets Highlights
| Broker | IC Markets |
|---|---|
| Regulation | ASIC, FSA, CYSEC |
| Forex Pairs | 61 |
| Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Minimum Deposit | $200 (or currency equivalent.) |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF. |
| Payment Methods | Bank Wire Transfer, Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking. |
IC Markets Pros and Cons
| PROS | CONS |
|---|---|
| Strong regulatory framework. | No proprietary trading platform is offered. |
| Quick account setup. | |
| Over 180,000+ clients across 190 countries worldwide. | |
| Multiple industry standard trading platforms in web, mobile and desktop versions. | |
| Offers swap-free account. | |
| Low forex trading fees across all account types. | |
| Multiple fast and secure payment methods. | |
| The demo account has an unlimited usage duration. | |
| No inactivity fee is charged. | |
| Excellent customer support service, available 24/7. |
3. Forex.com
Forex.com is a global FX and CFD provider founded in 2001. It is owned and operated by its parent company StoneX Group Inc, a publicly-traded company listed on the NASDAQ Stock Exchange (NASDAQ: SNEX).
Forex.com offers CFDs and futures across various global markets, including forex, commodities, indices, stocks, metals, and cryptocurrencies, with over 9,500+ tradeable instruments.
Along with a wide array of asset classes, other outstanding brokerage solutions offered by Forex.com includes deep liquidity, competitive pricing, transparent fee structure, fast trade executions, multiple account types, an active trade program (which reduces trading costs by up to 15%), multiple industry-standard trading platforms, fast and secure payment methods, education & research tools, VPS hosting and excellent customer support service.
Suitable For – Beginners, professionals, active traders, high-volume traders, and institutions.
FOREX.COM Highlights
| Broker | Forex.com |
|---|---|
| Regulation | ASIC (Australia), NFA (US), CFTC (US), FCA (United Kingdom), FSA (Japan), IIROC (Canada) |
| Forex Pairs | 80 |
| Trading Platforms | Forex.com Webtrader, Metatrader 4, Forex.com Mobile App |
| Account Types | Forex.com Standard Account, MT4 Account, and DMA Account. |
| Minimum Deposit | $100 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:50 |
| Account Currencies | USD, EUR, CAD, JPY, CHF, AUD, GBP |
| Payment Methods | Bank Wire Transfer, Credit/ Debit Cards, Paypal, Skrill, Neteller. |
FOREX.COM Pros and Cons
| PROS | CONS |
|---|---|
| Strong regulatory framework. | Slow account verification process. |
| 20+ years of industry experience. | Limited payment methods |
| Parent company StoneX is a publicly-traded company listed on the NASDAQ Stock Exchange. | The demo account is only available for 90 days. |
| Over 500,000+ clients worldwide. | |
| Multiple industry standard trading in mobile, web, and desktop versions. | |
| Fast and secure payment methods. | |
| Competitive pricing. | |
| Offers Active Trader Program, which helps reduce trading costs by up to 15%. | |
| Great customer support service. |
4. Tickmill
Tickmill is a leading global online broker established in 2015 by Tickmill Group. It offers a variety of global markets, including forex, stocks, indices, oil, precious metals, bonds, and cryptocurrencies, with over 180+ instruments to trade.
Some of the outstanding advantages of trading with Tickmill include deep liquidity, competitive pricing, low forex trading fees, fast trade execution, industry-standard trading platforms, multiple fast and secure payment methods, and excellent customer support service.
Suitable For – Beginners, professionals, active traders, high-volume traders, algorithmic trading, copy trading, and scalping.
Tickmill Highlights
| Broker | Tickmill |
|---|---|
| Regulation | FCA, CySEC, FSCA, LFSA, FSA, BaFin, CONSOB, ACPR, CNMV. |
| Forex Pairs | 64 |
| Trading Platforms | MetaTrader 4, MetaTrader 5, and Tickmill Mobile app. |
| Demo Account | Available | Open Demo Account |
| Account Types | Classic Account, PRO Account, VIP Account, and Swap-free (Islamic) account. |
| Minimum Deposit | Classic Account – $100 PRO Account – $100 VIP Account – $50,000 Swap-free (Islamic) Account – $100 |
| Maximum Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, PLN |
| Payment Methods | Bank Wire Transfer, Credit/ Debit Cards (MasterCard, VISA), Crypto Payments, Skrill, Neteller, SticPay, FasaPay, UnionPay, NganLuong.vn, Qiwi, and WebMoney. |
| Trading Tools | Autochartist, Myfxbook Copy Trading, Economic Calendar, Forex Calculators, Tickmill VPS, Pelican Trading, Advanced Trading Toolkit, Acuity Trading, Earnings Calendar, Signal Centre, and Tickmill Traders Club. |
Tickmill Pros and Cons
| PROS | CONS |
|---|---|
| Strong regulatory framework. | No proprietary trading platform. |
| Hassle-free account registration process. | Low tradeable instruments compared to competitors. |
| Multiple account types. | Few account base currencies. |
| High Leverage (up to 1:500). | |
| Multiple fast and secure payment methods. | |
| Low minimum deposit. | |
| No deposit or withdrawal fee. | |
| Industry-standard trading platforms in web, mobile, and desktop versions. | |
| Great education and research offering. | |
| Excellent customer support service. | |
| No inactivity fee. |
5. XM
XM is a multi-award-winning global online broker established in 2009 by Trading Point Holding. It is also one of the world’s biggest forex providers (by trade volume) and has an enormous client base of over 5 million traders across 190 countries worldwide.
XM offers CFDs across various global markets, including forex, stocks, commodities, equity indices, precious metals, energies, and shares, with over 1000+ instruments to trade.
Other significant advantages of trading with XM include deep liquidity, fast order execution, low minimum deposit (from $5), multiple fast & secure deposit and withdrawal methods, industry-standard trading platforms, quality education & research offering, and excellent customer support service.
Suitable For – Beginners, professionals, active traders, low capital traders, scalping, and algorithmic trading.
XM Highlights
| Broker | XM |
|---|---|
| Regulation | CySEC, DFSA, ASIC, IFSC, FCA, BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM, and FI. |
| Forex Pairs | 55 Currency Pairs. |
| Trading Platforms | MetaTrader 4, MetaTrader 5 |
| Account Types | Micro Account, Standard Account, and XM Ultra low Account. |
| Minimum Deposit | $5 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY, CHF,AUD, HUF, PLN, RUB, SGD, and ZAR. |
| Payment Methods | Wire Transfer, Internet Banking, Local Bank Transfer, Credit/ Debit Cards, Neteller, Neteller VIP, Skrill, UnionPay, RapidPay and POLI. |
| Trading Tools | Virtual Private Server (VPS), MQL5 and Forex Calculators. |
XM Pros and Cons
| PROS | CONS |
|---|---|
| Strong regulatory framework. | No proprietary trading platform. |
| Easy account registration process. | |
| Multiple account types. | |
| Offers swap-free accounts. | |
| Low minimum deposit (from $5). | |
| Industry-standard trading platforms in web, mobile and desktop versions. | |
| Multiple fast and secure payment methods. | |
| Quality education & research offering. |