Trading forex has become popular due to the potentially high profits that are available. Traders also like that the market is open 24/5, so there aren’t interruptions during the week. One of the places where forex has grown is Malaysia. We wanted to help traders get the most out of forex, so we researched the best forex brokers in Malaysia.

On top of that, we also included the features we deem to be important when choosing the best brokers for forex. We also covered key aspects of forex trading and provided in-depth reviews of the top forex brokers.

The 10 Best Forex Brokers in Malaysia

Our comparison of the top 10 forex brokers found that Capital.com is the best MY forex broker:

  1. Capital.com – Overall Best Forex Broker
  2. eToro – Leading Forex Broker
  3. Libertex – Major CFD Broker
  4. AvaTrade – Regulated Broker Offering MT4/MT5
  5. Pepperstone – Popular Broker Offering Tight Spreads
  6. Forex.com – Broker Specializing in Forex
  7. XM – Forex Specialist Broker Offering Sign-Up Bonus
  8. HotForex – High-Leverage Broker Providing Low Spreads
  9. OctaFX – Platform Specializing for Asian Market
  10. CMC Markets – Platform Suitable for All Trades

Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

Best Malaysian Forex Brokers Reviewed

All the platforms we reviewed are regulated forex brokers in Malaysia, offering several benefits for traders. Of all the options, we found Capital.com to be the best forex broker in Malaysia.

1. Capital.com – Overall Best Forex Broker

Capital.com logoCapital.com is a top forex broker that offers low spreads and minimal charges. It provides several great benefits such as offering numerous trading pairs and curbing fees wherever possible.

One of the things that impressed us the most about this platform is that it has catered to beginner and advanced traders. Beginners don’t have to worry about navigating the platform as it’s simple to use, yet advanced traders can optimize their strategies by incorporating indicators and chart tools to position themselves well in the market. If traders get stuck, Capital.com offers 24/7 support.

This platform abides by high financial standards because it’s regulated by FCA, CySEC FSA, ASIC and NBRB. That should give traders some level of certainty that financial authorities are watching over Capital.com to ensure it doesn’t mismanage client funds.

Capital.com doesn’t charge commissions for forex trading, and a low spread of 0.6 pips is charged for EUR/USD. Traders need to fund their accounts with a minimum of $20, and Capital.com doesn’t charge fees for deposits and withdrawals. Inactivity fees aren’t applicable to this platform, but overnight fees apply to certain currencies. Traders can take advantage of the 30:1 leverage.

Some of the ways that traders can fund their accounts include bank wire, credit cards, Paypal and Apple Pay. Capital.com is also one of the best crypto exchanges in Malaysia.

Number of Currency Pairs 138
Spread for EUR/USD 0.6 pips 
Minimum Deposit $20
Features Leverage, 24/7 support, free educational material

What We Like

  • Numerous currency pairs
  • No deposit/withdrawal fee
  • Free educational content
  • Leverage 30:1
  • 0.6 pips spread EUR/USD

Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

2. eToro – Leading Forex Broker

Besides being a regulated forex broker in Malaysia, eToro has designed a platform perfectly suitable for beginners and pros. New traders can test out the platform by downloading a free $100,000 demo account. Mobile users can also download the app, available on iOS and Android. It’s easy to see why eToro is one of the best forex trading platforms in Malaysia.

eToro has enabled traders access to 49 currency pairs, so its forex platform consists of majors, minors and several exotic pairs. After opening an account, traders need to deposit at least $50. Some of the payment options include bank wire, cards, Paypal, Neteller, Skrill and Webmoney. If an account is funded in USD, it’s free. Otherwise, conversion costs of up to 150 pips apply, depending on the currency deposited.

eToro doesn’t charge commissions, but a EUR/USD spread is 1 pip. Traders who are inactive after 12 months are charged $10 monthly and overnight fees apply on certain currencies. This platform charges $5 for withdrawals, and overnight fees are applicable for certain currencies.

One of the great features of this platform is CopyTrading. Beginner traders who are uncertain about opening a position can see what the pro traders are doing and copy their trades. Not only can traders potentially profit from those trades, but the platform encourages communication among traders. So it’s a social feature that enables traders to swap ideas and strategies. No extra fees are charged for this service.

eToro enables up to x30 leverage on major currency pairs. This platform also provides one of the best crypto apps in Malaysia.

Number of Currency Pairs 49
Spread of EUR/USD 1 pip
Minimum Deposit $50
Features CopyTrading, numerous currencies, x30 leverage

What We Like

  • CopyTrading
  • Various payment options
  • For beginners and advanced traders
  • Leverage up to x30

Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

3. Libertex – Major CFD Broker

We found Libertex to be one of the best forex brokers for beginners in Malaysia. The great thing about using Libertex is that it’s an MT4 forex broker and an MT5 forex broker. Beginner traders will enjoy this platform because they can take advantage of a free $50,000 demo account to practice and also a 3-hour trading course.

Libertex offers a sign-up bonus. It offers 100% of an investor’s deposit, which is converted into an account. Traders can even withdraw those funds if they want. Another feature we like is the loyalty program, which enables traders to accumulate rewards to receive VIP manager support or investment ideas from professionals.

The minimum amount that traders need to deposit is $10. Libertex doesn’t charge for deposits. The payment options are bank wire, cards and Paypal. Libertex works slightly differently than the other best forex brokers in Malaysia. It doesn’t charge any fees for spreads or overnight fees. This broker charges a commission. The commission for currencies such as EUR/USD usually averages at 0.008%. Traders have access to more than 45 currency pairs.

Besides the education that this platform offers, traders can also receive trade signals and news alerts. Libertex offers several great features to help traders optimize their trading strategies.

Investors can also use Libertex to buy stocks in Malaysia.

Number of Currency Pairs 45+
Spread for EUR/USD  0—charges commission, usually 0.008%
Minimum Deposit $10
Features Trade alerts, VIP manager support, real-time news

What We Like

  • Sign-up bonus
  • Access to numerous markets
  • Trade ideas, news alerts
  • Educational material

Your capital is at risk. 70.8% of retail investor accounts lose money when trading CFDs with this provider.

4. AvaTrade – Regulated Broker Offering MT4/MT5

One of the reasons that AvaTrade has been able to attract numerous traders is that it offers MT4, MT5 and a broad selection of currency pairs. Beginners and advanced traders will find that the platforms are suitable for executing trades and incorporating strategies. Traders can try out the free demo account and a selection of FX-based Vanilla options. Free videos and guides about trading are available.

Funding an account with AvaTrade requires traders to deposit at least $100. Payment options include bank transfer, cards, Neteller, Skrill and Webmoney. Avatrade offers 0% commissions for trades but charges spreads for popular pairs such as EUR/USD of 0.9 pips. Inactivity fees of $50 are applicable after 3 months of non-activity. The platform also charges an administrative fee of $100 after 12-month inactivity. Leverage of 400:1 is also available.

Some of the great features on this platform are DupliTrade and ZuluTrade. Beginner traders can use DupliTrade to follow the strategies and trades of pro traders while ZuluTrade uses pro trader recommendations to open positions automatically in an investor’s account.  AvaTrade offers one of the best forex trading platforms in Malaysia.

AvaTrade also offers one of the best crypto wallets in Malaysia.

Number of Currency Pairs 35+
Spread for EUR/USD 0.9 pips
Minimum Deposit $100
Features DupliTrade, ZuluTrade, free education material

What We Like

  • Free educational material
  • DupliTrade/ZuluTrde
  • Leverage 400:1
  • Demo account

5. Pepperstone – Popular Broker Offering Tight Spreads

Pepperstone offers one of the best Malaysian forex trading platforms. Traders can choose from MT4, MT5 and cTrader. It’s a great platform for beginners and pro traders, offering more than 60 currency pairs. If traders have any queries, they can access 24/5 support, and it’s available 18 hours a day on weekends.

Pepperstone is serious about showing traders that it abides by high financial standards because it’s regulated by ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB.

Traders can choose from a variety of majors, minors and exotics. Pepperstone provides a 99.95% fill rate and charges an average spread of 0.77 pips for EUR/USD. The Razor account offers 0.2 pip spreads. Experienced traders can take advantage of the 30:1 leverage that traders can reduce at any time. Pepperstone charges commissions only on Razor accounts when trading CFDs on forex. Swap rates are also applicable but vary based on exchange rates and trade sizes.

The minimum amount to fund an account with Pepperstone is $140. Some of the payment methods offered are bank wire, cards, Paypal, Neteller, Skrill and BPay.

Traders can access a wide range of educational material and even gain from the market analysis offered via webinars and other mediums.

Number of Currency Pairs 60
Spread for EUR/USD 0.77 pips
Minimum Deposit $140
Features Education content, market analysis, Social Trading

What We Like

  • Market analysis and educational content
  • Social Trading
  • Heavily regulated
  • 60 currency pairs

6. Forex.com – Broker Specializing in Forex

Forex.com is one of the MT5 forex brokers on our list. This broker offers a basic platform but also caters to experts by offering an advanced platform. Mobile traders can also use the platform, which is one of the best forex trading apps in Malaysia. Traders can use a real-time trade signal tool called Trading Central. This platform offers market strategies to help traders develop their own trading plans. The research team provides market analysis and actionable trade ideas.

The minimum that traders should deposit into their accounts is $100. Payment options include bank wire, cards, Neteller and Skrill. The spread for EUR/USD varies, but averages about 1.3 pips. Inactive traders are charged $15 monthly if traders aren’t active for 12 months or more.  Commissions are charged when traders opt for trading on the commission account. Overnight fees are set at an interest rate of +-2.5%.

Forex.com offers more than 80 currency pairs, and beginner traders can also use the free educational content that the platform offers.

Number of Currency Pairs 80
Spread for EUR/USD 1.3 pips
Minimum Deposit $100
Features Various platforms, Trading Central tool, market analysis

What We Like

  • Trading Central tool
  • 80 currency pairs
  • Free educational content

7. XM – Forex Specialist Broker Offering Sign-Up Bonus

Traders who don’t want to risk their money will be glad to know that XM offers a bonus. When a new trader signs up, XM gives a $30 bonus. XM is one of the best forex brokers with low spreads, and it doesn’t charge swaps for Ultra Low accounts. Traders can access up to 55 currency pairs.

The minimum deposit for an XM account is $5. Traders can use cards, bank wires, Neteller, Skrill and UnionPay. Zero fees apply on deposits, and trading EUR/USD has an average spread of 0.1 pips. Withdrawals are also free if it’s over $200. XM allows up to 1000:1 leverage.

One of the great things about this broker is that it offers free educational content. XM is one of the MT4 forex brokers and MT5 forex brokers. This broker offers various versions of its platform for iPhone, PC, Mac and WebTrader.

Number of Currency Pairs 55
Spread for EUR/USD 0.1 pips
Minimum Deposit $5
Features Various platforms, educational content, sign-up bonus

What We Like

  • 55 currency pairs
  • Sign-up bonus
  • Low minimum deposit

8. HotForex – High-Leverage Broker Providing Low Spreads

One of the best forex brokers in Malaysia is HotForex. This platform is tailored for traders of all skill levels, and it consists of 12 versions. Traders can also choose from six different account types to suit their risk appetite and trading volume. HotForex also enables traders to combine 18 different trading tools and grants access to 25 video tutorials.

Some of the ways to fund accounts are via bank transfers, cards, Neteller, PayRedeem, Skrill, WebMoney and Bitpay. At least $100 is required to fund via a bank transfer, and no deposit fee applies. The minimum amount traders can withdraw is $100, and HotForex doesn’t charge withdrawal fees. The average spread for EUR/USD is around 0.2 pips, making it one of the cheapest forex brokers.

Some of the great features that this platform provides are educational videos and webinars, as well as contests, merchandise and a loyalty program.

Number of Currency Pairs 45
Spread for EUR/USD 0.2 pips 
Minimum Deposit $100
Features Education material, loyalty program bonus offerings

What We Like

  • Educational content
  • Low spreads
  • Lots of payment options

9. OctaFX – Platform Specializing for Asian Market

We found that OctaFX has one of the best forex trading apps in Malaysia. This platform enables beginners and advanced traders to execute trades without experiencing any hassles to open positions and get the most out of their trading strategies. Traders can choose between MT4 and MT5 to trade 35 currency pairs.

Opening an account with OctaFX is simple and depositing funds is available via cards, Skrill, Neteller and bank wire. The minimum amount to deposit is $50, and deposits are free. Withdrawals are also free, and a minimum of $5 should be withdrawn. The average spread of EUR/USD is 0.7 pips. Swaps aren’t applicable to currency pairs. Leverage of 1:500 is available.

This platform also runs contests, offers a 50% deposit bonus, provides market insight and educational content such as webinars, videos and articles. It also offers CopyTrading, enabling beginners to copy the trades of professionals.

Number of Currency Pairs 28
Spread for EUR/USD 0.7 pips 
Minimum Deposit $50
Features CopyTrading, educational content, contests

What We Like

  • CopyTrading
  • Low minimum deposit
  • Free deposits/withdrawals

10. CMC Markets – Platform Suitable for All Trades

CMC Markets has developed a platform suitable for pro traders but also offers a demo account for beginners to test. Metatrader 4 is available for the desktop, and the mobile app is available on iOS and Android. CMC Markets has one of the best forex apps in Malaysia.

Traders who want plenty of options will get it on CMC Markets as it offers more than 330 currency pairs. The platform provides a 99.7% fill rate and offers a minimum spread of 0.7 for EUR/USD. CMC Markets doesn’t have a minimum deposit, and payment methods are bank transfer, cards and Paypal.

One of the things that makes this broker unique is that it offers forex indices. It enables the trading of a collection of up to 12 selected pairs. The platform provides market analysis and news to help traders optimize their strategies. Beginners can take advantage of the free educational content.

Number of Currency Pairs 330
Spread for EUR/USD 0.7 pips 
Minimum Deposit $0
Features Market analysis, news, educational content

What We Like

  • No minimum deposit
  • 330 currency pairs
  • Forex indices

Top Malaysian Forex Trading Pairs Compared

We compared the best forex brokers in Malaysia to see how they fared against each other.

Number of pairs Spread for EUR/USD Minimum Deposit Non-Trading Fees Minimum Lot Size Top 3 Features
Capital.com 138 0.6 pips $20 $0 1 Leverage, 24/7 support, free educational material
eToro 49 1 pip $50 $10 monthly after 12 months of inactivity 0.01 CopyTrading, numerous currencies, x30 leverage
Libertex 45 + 0—charges commission usually 0.008% $10 $5 per month 0.01 Trade alerts, VIP manager support, real-time news
AvaTrade 35+ 0.9 pips $100 $50 after 3 months of inactivity 0.01 DupliTrade, ZuluTrade, free education material
Pepperstone 60 0.77 pips $140 $0 0.01 Education content, market analysis, social trading
Forex.com  80 1.3 pips $100 $15 per monthafter 12 months of inactivity 0.2 Various platforms, Trading Central tool, market analysis
XM 55 0.1 pips $5 $5 monthly 0.01 Signup bonus, educational content, various platforms
HotForex 45 0.2 pips $100 $5 after six months of inacitivty 0.01 Education material, loyalty program, bonus offerings
OctaFX 28 0.7 pips $50 $0 0.01 CopyTrading, educational content, contests
CMC Markets 330 0.7 pips  $0 $13 monthly after 12 months of inactivity 0.01 Market analysis, news, educational content

How We Select the Best Malaysian Forex Brokers

When searching for the best broker for forex, we looked at key features for our shortlist.

Regulation

It’s important that a financial authority regulates a broker to ensure that it abides by high financial standards. That ensures brokers are looking out for the best interests of clients and don’t mismanage funds.

Range of Pairs

Traders enjoy having a lot of currency pairs at their disposal. Because if a trade isn’t available on majors and minors, they may look to the exotics. The more choices traders have, the more likely they are to take a trade.

Fees

Screenshot via Pepperstone

The most important aspect we considered was the fees. High fees mean reduced profits and larger losses. Brokers need to be completely transparent about all of their fees.

Some of the brokers on our list don’t charge for deposits or withdrawals and offer low spreads.

Tool & Analysis

Beginners prefer a simple platform that enables them to place a trade easily. But pro traders want to combine indicators into their strategies to ensure that they have done the best possible technical analysis. That’s the reason they need to have all the tools on the charts

Minimum Deposit

Ideally, a broker should have a low minimum deposit stipulation. Some traders are new and don’t want to risk a lot of money. Also, some traders might not have sufficient funds if the minimum amount is too high. Low minimum deposits lower the barrier to entry in this market.

Demo Account

A demo account is useful for beginners to practice so they can get a hang of the platform before going live. Pro traders will use it to see if it offers all the tools they need.

Mobile App

Some traders prefer to trade on their phones. So the best forex trading platform in Malaysia should offer an app on iOS and Android.

Payment Methods

Brokers need to make funding accounts convenient for traders, so they need to offer various payment options. The more payment methods a broker offers, the more likely traders will start trading.

Customer Service

It’s important that traders receive immediate help when they get stuck. That’s the reason we searched for the top forex broker that offered support around the clock.

Best Forex Signals Malaysia

To help beginner traders become profitable, the best forex broker in Malaysia should offer forex signals. Learn2Trade has been in that business for over a decade, providing forex signals for traders of all skill levels.

More than 70,000 traders receive Learn2Trade’s signals, consisting of the currency pairs to trade and whether traders should buy or sell. The best part about these signals is that Learn2Trade specifies the price that traders should enter, where to place their stop losses and at what price to take profits.

learn2.trade best forex signals

One of the reasons that the signals make Learn2Trade the best forex trading app in Malaysia is that it sends three free signals per week via Telegram.

Your capital is at risk. There is no guarantee that you will make money when using this signal provider. 

How to Start Forex Trading in Malaysia

We found Capital.com to be the best forex broker for beginners in Malaysia.  To make trading simple, we included a step-by-step guide on how to start.

Step 1: Open an Account

Visit Capital.com and fill in an email and a password.

Step 2: Verify Account

Considering Capital.com is a regulated broker, it’s required to verify users. That means users will need to upload a government-issued ID or passport.

Step 3: Fund Account

Click ‘Fund Account’, then select the preferred payment method. Enter the amount to fund.

Step 4: Select a Currency Pair

In the search box, type in the currency pair to trade. Our example shows EUR/USD, then click ‘Buy’.

Step 5: Buy the Currency

Enter the lot size and then click ‘Place Limit Order’.

Conclusion

During our search for the best forex broker in Malaysia, we discovered ten contenders. So we reviewed them in-depth and highlighted their features and fees. We also provided a comparison in a table and stated the factors we look at to determine the best Malaysian forex trading platform.

We found that to be Capital.com. It offers a platform convenient for beginners and traders. Capital.com doesn’t charge fees for deposits and withdrawals. Trading fees for EUR/USD are only 0.6 pips, and Capital.com requires a deposit of only $20. It offers 24/7 support and even enables investors to buy Bitcoin in Malaysia.

Capital.com logo

Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

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