Best Forex Brokers in Malaysia

Following our in-depth review and ranking process, here are the best forex brokers in Malaysia;

Best Forex Brokers in Malaysia

  1. XM
  2. IG
  3. Forex.com 
  4. IC Markets
  5. TickMill

1. XM

XM

Established by the Trading Point Group, XM is a multi-award-winning online broker, as well as one of the biggest forex and CFD providers (by trade volume) in the world. It connects traders to a wide variety of global markets including forex and CFDs on stocks, commodities, equity indices, precious metals, energies and shares with over 1000+ instruments to trade.

XM offers a well-established brokerage solution for both beginner and professional retail traders. It is also suitable for all trading strategies and offers different account types with great account options, which traders can choose from to enjoy a tailored trading experience that perfectly suits their trading needs. In addition, traders can also gain access to multiple industry-standard brokers, deep liquidity, tight spreads, fast order execution, negative balance protection, a dedicated multilingual customer support service, and much more.

XM Overview

BrokerXM
Regulation CySEC (Cyprus), DFSA (United Arab Emirates), ASIC (Australia), IFSC (Belize), FCA (United Kingdom), BaFin (Germany), CNMV (Spain), MNB (Hungary), CONSOB (Italy), ACPR (France), FIN-FSA (Finland), KNF (Poland), AFM (Netherlands) and FI (Sweden).
Forex Pairs55 Currency Pairs.
Trading PlatformsMetaTrader 4, MetaTrader 5
Minimum Deposit$5
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:888
Account CurrenciesUSD, EUR, GBP, JPY, CHF,‎AUD, HUF, PLN, RUB, SGD, ZAR
Payment MethodsWire Transfer, Internet Banking, Local Bank Transfer, Credit/ Debit Cards, Neteller, Neteller VIP, Skrill, UnionPay, RapidPay, POLI

Pros

  • Strong regulatory framework.
  • Easy account registration process.
  • Supports over 30 languages.
  • Beginner friendly.
  • Deep liquidity.
  • Fast order execution
  • Multiple tailored account types.
  • Offers swap-free account.
  • Ultra low spreads from 0.0 pips on the Zero account.
  • Low minimum deposit.
  • Industry-standard trading platforms available in web, mobile and desktop versions.
  • Supports all trading strategies.
  • Support over 11 account base currencies.
  • Multiple fast and secure deposit and withdrawal methods..
  • Quality education & research offering.
  • Great customer support service.

Cons

  • No proprietary trading platform.

2. IG

IG

IG is a highly reputable global online broker established by IG Group plc; a publicly-traded company listed on the London Stock Exchange. IG offers CFD trading across a wide variety of asset classes including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rate, sectors and ETFs with over 17,000+ instruments available to trade.

IG offers an exceptional brokerage service, with trading solutions suitable for retail (beginners and professionals) and institutional clients (such as hedge funds, family offices, private investment vehicles, asset managers, brokers, banks and introducing brokers). Also, traders can get access to an extensive list of great brokerage services including deep liquidity, superior trade execution, volume-based rebates, industry-standard trading platforms, competitive spreads, expert customer support service, and much more.

IG Overview

BrokerIG
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 Pairs81
Trading PlatformsProRealTime, L2 Dealer, MetaTrader 4
Minimum Deposit$300 (or currency equivalent)
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:200
Account CurrenciesUSD, GBP, AUD, EUR, SGD, HKD.
Payment MethodsBank Wire Transfer, Credit/Debit Cards, Paypal

Pros

  • Strong regulatory framework.
  • Listed on the stock exchange.
  • 45+ years of industry experience.
  • 313,000+ clients worldwide.
  • Deep liquidity.
  • Negative balance protection.
  • Volume-based rebates.
  • Industry-standard trading platforms available in web, mobile and desktop versions.
  • Competitive spreads from 0.6 pips on major currency pairs.
  • Fast and secure payment methods.
  • No minimum deposit for bank transfer.
  • Excellent eductional offering for beginner, intermediate and advanced traders.
  • Outstanding research offering.
  • Great customer support service.

Cons

  • Inactivity fee charged (after 2 years of inactivity).
  • No support for copy trading and social trading.
  • High financing rate.
  • Limited product portfolio in some countries.
  • No support for social trading and copy trading.

3. Forex.com

Forex.com

Forex.com is a highly reputable online broker across the globe and a part of StoneX Group Inc. (NASDAQ: SNEX), a publicly-traded company that meets the highest standards of corporate governance, financial reporting and disclosure. Forex.com offers forex trading and CFDs across a variety of asset classes including, indices, metals, commodities, stocks and cryptocurrencies, with over 4,500+ instruments to trade.

Forex.com offers a well-rounded trading solution, suitable for retail, commercial and institutional clients. It provides support for all trading strategies (such as hedging, scalping and EAs, etc). In addition, it offers several great trading services including; low-cost trading, top tier liquidity, superior trade executions, industry-standard trading platforms, professional guidance and support, transparent fee structure, an active trader program for reduced trading cost, and much more.

Forex.com Overview

BrokerForex.com
Regulation ASIC (Australia), NFA (US), CFTC (US), FCA (United Kingdom),  FSA (Japan), IIROC (Canada)
Forex Pairs80
Trading PlatformsForex.com Webtrader, Metatrader 4, Forex.com Mobile App
Minimum Deposit$100
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:50
Account CurrenciesUSD, EUR, CAD, JPY, CHF, AUD, GBP
Payment MethodsBank Wire Transfer, Credit/ Debit Cards, Paypal, Skrill, Neteller.

Pros

  • Strong regulatory framework.
  • Over 20 years of indusry experience.
  • Beginner friendly.
  • Top tier liquidity.
  • Low latency and superior order execution.
  • Supports all trading strategies.
  • Negative balance protection.
  • Clients funds are segregated.
  • Over 80 currency pairs, including major, minor and exotic currency pairs.
  • Transparent fee structure with no hidden charges.
  • Low forex trading fee.
  • No deposit or withdrawal fee.
  • Offers Active Trader Program which helps reduce trading cost by up to 15%.
  • Quality educational and market research offering.
  • Industry-standard platforms available in web, mobile and desktop versions.
  • Great customer support service.

Cons

  • Inactivity fee of $15 (or 15 base currency equivalent) charged per month if there is no trading activity or no open positions for a period of 12 months or more.

4. IC Markets

IC Markets

IC Markets is a global leading online broker, as well as one of the largest forex providers (by trade volume) in the world. It offers forex and CFDs on a wide variety of global markets including, stocks, commodities, indices, cryptocurrencies, bonds and futures, with over 1780+ instruments to trade.

IC Markets offers an excellent trading solution suitable for beginner and professional traders, along with adequate support for all trading strategies (such as scalping, hedging, algorithmic trading etc). In addition, all clients can enjoy a plethora of top-notch trading services, some of which includes; consistent ultra-low spreads from 0.0 pips, fast trade executions, deep liquidity, advanced trading platforms & tools, transparent pricing and low trading fees, and great customer support service available 24/7.

IC Markets Overview

BrokerIC Markets
Regulation ASIC, FSA, CYSEC
Forex Pairs61
Trading PlatformsMetaTrader 4, MetaTrader 5, cTrader
Minimum Deposit$200 (or currency equivalent.)
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesAUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF.
Payment MethodsBank 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.

Pros

  • Hassle-free account registration process.
  • Strong regulatory framework.
  • Over 180,000+ clients across 190 countries worldwide.
  • Strong global presecence and reputation among traders.
  • Deep liquidity.
  • Negative balance protection.
  • Clients funds are segregated.
  • Industry standard trading platforms available in web, mobile and desktop versions.
  • Provides support for algorithmic (such as Expert Advisors).
  • Over 61 currency pairs to trade including major, minor and exotic currency pairs.
  • Flexible leverage from 1:1 to 1:500.
  • Low latency and ultra-fast trade execution.
  • Supports all trading strategies.
  • Low spreads (starting from 0.6 pips) with zero commissions on the standard account.
  • Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
  • Multiple fast and secure payment methods, with fast deposit and withdrawal processing times.
  • Demo account with unlimited usage duration.
  • No inactivity fee.
  • Dedicated and friendly multi-lingual customer support service available 24 hours a day, 7 days a week.

Cons

  • Product offering limited to CFDs.
  • No proprietary trading platform.

5. Tickmill

Tickmill

Tickmill is a global leading forex and CFD provider established in 2015 by the Tickmill Group. It offers a variety of global markets including forex, stocks, indices, oil, precious metals, bonds and cryptocurrencies, with over 100+ instruments to trade.

Tickmill offers an excellent brokerage service, with trading solutions suitable for retail traders and institutional clients respectively. It offers different tailored account types with different account options, which traders can choose from to enjoy a trading experience that meets their trading needs. Other great trading services offered by the broker includes; ultra-low spreads from 0.0 pips, competitive commission rates, super-fast trade execution, support for all trading strategies, industry-standard trading platforms, multiple fast and secure payment methods, and a multilingual customer support service, among others.

Tickmill Overview

BrokerTickmill
Regulation FCA (United Kingdom), CySEC (Cyprus), FSCA (South Africa), LFSA (Malaysia), FSA (Seychelles), BaFin (Germany), CONSOB (Italy), ACPR (France), CNMV (Spain).
Forex Pairs64
Trading PlatformsMetaTrader 4, MetaTrader 5
Minimum Deposit$100
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesUSD, EUR, GBP, PLN
Payment MethodsBank Wire Transfer, Credit/ Debit Cards (MasterCard, VISA), Skrill, Neteller, SticPay FasaPay, UnionPay, NganLuong.vn
Qiwi, WebMoney

Pros

  • Strong regulatory framework.
  • Top tier liquidity.
  • Client funds are segregated.
  • Negative balance protection.
  • Beginner friendly.
  • Hassle-free account registration process.
  • Offers a variety of asset classes.
  • Over 64 currency pairs, including major, minor and exotic currency pairs.
  • Multiple unique account types.
  • High Leverage from 1:1 to 1:500.
  • Supports all trading strategies (including hedging, scalping, algorithmic trading etc).
  • Ultra-fast trade execution
  • Industry-standard trading platforms available in web, mobile and desktop versions.
  • Transparent fee structure, with no hidden charges.
  • No deposit and withdrawal fee.
  • Competitive spreads and low commissions.
  • Great educational and research offering.
  • Dedicated multi-lingual customer support service.

Cons

  • No proprietary trading platform.
  • Limited range of instruments.