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Best Malaysia Forex Brokers for 2020

Based in Malaysia and wish to trade forex online? If so, read our guide to find out the best Malaysia forex brokers of 2020.
Kane Pepi
Author: Kane Pepi
Last Updated: 03 June 2020

If you’re based in Malaysia and you’re looking to trade forex online, you might be surprised to learn that there are heaps of platforms to choose from. We say this, as a lot of broker domains are blocked when using certain Malaysian internet service providers. As such, you might find that you need to use a VPN to access your chosen site.

In this article, we explore the best Malaysia forex brokers currently active in the market. We also give you a full breakdown of the many factors that you need to consider when choosing a broker yourself. This includes key metrics like regulation, fees, spreads, commissions, payment methods, and customer support.

On this Page:

    Our Recommended Malaysia Forex Platform

    We’ve reviewed the best Malaysian forex trading platforms for 2020 and found the following to score highest when it comes to trading fees, platform and usability. Click the link below to get started now or read on to find out why this broker is our recommended choice.

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider.

    Best Malaysia Forex Broker Sites of 2020

    So now that you know the strict criteria we used to get our top broker lists down to just five, we are now going to discuss why our chosen brokers made the cut. Be sure to read through the information thoroughly to ensure the broker is right for your personal requirements!

    Note: All of the figures discussed throughout this guide are based on US dollars. Although your primary currency is the Malaysian Ringgit, your deposits, trades, fees, and withdrawals will all be stipulated in USD.

    eToro - Forex Broker with $200 Minimum Deposit

    If you're based in Malaysia and you wish to use a super-user-friendly forex broker, look no further than eToro. The platform is one of the easiest trading sites to use, and it even allows you to engage in copy trading. This is where you automatically mirror the trades of other users of the site. You actually get to pick which forex investors you wish to back by analyzing their historical trading results.

    eToro is also a notable option because it allows you to trade on a commission-free basis. This means that you'll only be charged via the spread, which is great. All deposits are free at the platform, and you'll get to choose from a debit/credit card or e-wallet. Bank wires are also supported, although you will need to wait a few days for the funds to be credited.

    In terms of the forex department itself, eToro lists dozens of currencies pairs across the majors, minors, and exotics. If you're looking for a bit of variety from your chosen Malaysia forex broker, eToro also supports stocks and shares, CFDs, and cryptocurrencies. Finally, eToro is regulated by two tier-one licensing bodies - the FCA and CySEC.

    Islamic Swap-Free Account: Yes

    Assets: Cryptocurrencies, Stocks, CFD, Forex, ETFs, Commodities

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: $5 Withdrawal Fee, $5 Inactivity Fee, No Account Fee, No Deposit Fee

    Minimum deposit: $200

    MT4/MT5: No

    Special Features: Copy trading and social trading site

    Regulation: CySEC, FCA, ASIC, MiFID

    Payment methods: Credit/debit card, Paypal, Sofort, Rapid transfer, Skrill, Wire transfer, Neteller, WebMoney, UnionPay

    OUR RATING

    • Social trading leader
    • Best mobile trading site
    • Paypal accepted
    • Limited technical analysis tools
    • Not well-suited for the more advanced investor
    75% of retail investors lose money when trading CFDs with this provider

    2. Plus500 - MAS Regulated Broker with Low Spreads

    Plus500 has one of the most trusted reputations in the online forex space. Founded in 2008, the platform is home to thousands of financial instruments. This includes heaps of stocks, indices, cryptocurrencies, and commodities, as well as dozens of forex pairs. Not only is Plus500 licensed by regulators in the UK, Singapore, Australia and Cyprus, but its parent company is also listed on the London Stock Exchange.

    Opening an account with Plus500 takes just a few minutes, and you can verify your identity electronically by uploading a copy of your Malaysia passport or driver's license. Once you're all set up, you can then deposit funds with a debit/credit card, bank wire, or PayPal. Minimum deposits amount to $100, and withdrawals are free. Much like eToro, Plus500 does not charge any commissions, although spreads are somewhat high (starts at 1.9 pips). A further drawback to Plus500 is that it does not offer MT4 or MT5. Instead, it uses its own native trading software, which is highly rated nonetheless.

    Islamic Swap-Free Account: No

    Assets: CFDs

    Demo Account: Yes

    Educational Material: No

    Fees: $10 Inactivity Fee, $0 withdrawal fees

    Minimum deposit: $100

    MT4/MT5: No

    Special Features: 2,000 trading instruments

    Regulation: CySEC, FCA, ASIC, MAS

    Payment methods: Credit/debit card, Paypal, Bank transfer

    • Minimum deposit of $100
    • Over 2,000 trading instruments
    • Mobile app available
    • No education material
    • Not suitable for beginners
    75% of retail investors lose money when trading CFDs with this provider.

    3. AVATrade - Forex Broker with Multiple Regulatory Licenses

    Much like Plus500, AVATrade is a Malasia forex broker that holds several regulatory licenses. This covers regulators in South Africa, Japan, Ireland, and the BVI (British Virgin Islands). You can get started with an AVATrade account by depositing just $100, and the platform even offers a fully-fledged demo platform.

    AVATrade is very competitive in the spreads department, with major pairs starting at 0.9 pips, and 0.5 pips on major indices like the S&P 500. What we also like about AVATrade is that it supports both MT4 and MT5. This is great for those of you that want to avoid learning the ins and outs of a new trading platform. AVATrade is also strong in the payments department, as you can deposit and withdraw funds via a debit/credit and bank wire.

    Islamic Swap-Free Account: No

    Assets: Forex, thousands of CFDs, cryptocurrencies

    Demo Account: Yes

    Educational Material: No fundamental news or trading ideas, but trading calculator provided

    Fees: 0.9 pips on most major pairs, no withdrawal fee, monthly inactivity fee

    Minimum deposit: $100

    MT4/MT5: Both

    Special Features: Pricing alerts and notifications

    Regulation: Licenses in Ireland, Japan, South Africa, British Virgin Islands

    Payment methods: Credit/debit card, Bank wire

    • Spreads from just 0.9 pips
    • Multiple licenses
    • Both MT4 and MT5 supported
    • No research features
    • Does not offer 2FA login
    • Only 56 forex pairs supported

    4. IG - Forex Broker Supporting 17,000+ Assets

    IG is a huge online broker that supports every asset class imaginable - which even includes the Malaysia 30 Index. With that said, if your main priority is buying and selling forex pairs, you won't be disappointed. The platform offers dozens of major, minor, and exotic pairs, all of which can be traded 24 hours per day.

    Furthermore, IG is very competitive in the fee department. For example, you can trade a number of major pairs at a spread of just 0.6 pips, and no commissions are charged. You can get started with an account at IG from just $300, and debit/credit cards and bank wires are supported. Take note, IG charges 1% on all Visa deposits, and 0.5% when using MasterCard.

    Islamic Swap-Free Account: Yes

    Assets: Forex, Indices, Cryptocurrencies, Shares, Commodities

    Demo Account: Yes

    Educational Material: First-grade research department, fundamental news, technical analysis brokerage analysis

    Fees: 0.6 pips on EUR/USD and AUD/USD, no commissions on FX trading, deposit fee of 1% (Visa) and 0.5% (MasterCard)

    Minimum deposit: $300

    MT4/MT5: MT4

    Special Features: Minute-by-minute analysis, instant account activate for Singapore citizens

    Regulation: MAS, FCA, BaFin, ASIC

    Payment methods: Credit/debit card, Bank wire

    Our Rating

    • Spreads from just 0.6 pips
    • Regulated by MAS
    • Instant account activation for Singapore citizens
    • 1% deposit fee on Visa cards
    • MT5 not supported
    • MT5 not supported

    24 Option - Spreads From 0.2 Pips on Major Forex Pairs

    24Option is one of the most competitively priced forex brokers active in the online arena. Although the platform is based in Cyprus and regulated by CySEC, traders from Malaysia are more than welcome to open an account. In fact, the process of registering, depositing funds, and verifying your identity takes no more than 10 minutes - although you will need to have your ID documents to hand.

    Going back to fees, 24Option allows you trade major forex pairs at spreads of just 0.2 pips, which is industry-leading.

    We like the amount of fundamental and technical research that the broker offers on its site, and you'll also have access to the MT4 trading platform. If you're the type of investor that likes the ability to buy and sell currencies on the move, 24Option offers a fully-fledged forex trading app.

    Islamic Swap-Free Account: No

    Assets: Forex, CFDs in the form of stocks, indices, commodities, cryptocurrencies

    Demo Account: Yes

    Educational Material: Trading Central's research tool

    Fees: 0.2 pips on major pairs like GBP/USD, withdrawal fee of 3.5% (credit cards) and 2% (Skrill)

    Minimum deposit: $250

    MT4/MT5: MT4

    Special Features: Free mobile trading app via Google Play and Apple Store

    Regulation: CySEC

    Payment methods: Credit/debit card, Bank wire

    • Spreads from just 0.2 pips
    • Great forex research tools
    • MT4 supported
    • Minimum deposit of $250
    • Does not support Paypal
    • Only regulated by CySEC

    How to Choose a Forex Broker in Malaysia

    Although we have done the hard work for you by listing our top Malaysia forex brokers of 2020, we would suggest doing your own research prior to opening an account. This will enable you to make sure that the broker is right for your personal needs. For example, although a broker might offer super-low spreads, it might not list your preferred currency pair.

    • Islamic Swap-Free Account

    If you’re a follower of the Islamic faith, then it’s likely that you will require a swap-free account. Crucially, this is because holding a forex pair overnight will result in the charging of interest. As such, a swap-free account tailored specifically to Muslim traders ensures the payment and receipt of interest (Riba) does not occur.

    However, you should check with the broker directly on this before opening an account to ensure the swap-free account is sufficient for your religious beliefs.

    • Licensing

    As we briefly discussed earlier, you should never use a forex broker if it is not regulated. On the contrary, make sure that the broker has at least one license. This should be from a well-known regulatory body like the FCA, ASIC, or CySEC.

    • Forex Pairs

    Be sure to explore what forex pairs the broker lists. You can usually see each and every pair that the platform supports before opening an account. Simply head over to the forex department and search for the currencies you commonly trade. 

    • Payment Methods

    You’re going to be trading with real-world money, so think about which payment method you plan to use. For example, if you want to deposit funds with a debit card, make sure that the broker supports it!

    • Spreads and Commissions

    You also need to do some digging to ascertain what spreads the broker charges. More specifically, look at what the spreads are like on your preferred forex pairs. For example, although a broker might advertise spreads of just 0.2 pips, this might only be during standard hours, and on the majors.

    On top of spreads, you’ll also need to explore whether or not the broker charges trading commissions. If it does, you’ll be charged at both ends of the trade (buy and sell orders), and at a percentage of the trade size. For example, if the order is worth $2,000 and the broker charges 0.5%, you’ll pay a fee of $10.

    • Trading Tools and Research

    It’s also a good idea to explore what the broker’s research department is like. We prefer brokers that offer heaps of fundamental and technical analysis tools. This will give you the best chance possible of staying abreast with key market developments.

    • Customer Support

    Don’t forget about customer support when researching a new forex broker. Firstly, check to see what support channels are available. Live chat is the most efficient way of receiving help, although others prefer telephone or email support. Furthermore, try to stick with brokers that offer support on a 24/7 basis.

    Leverage at Malaysia Forex Brokers

    Leverage allows you to trade forex with more money than you have in your account. For example, let’s say that you have $400 in your account and you place a trade with leverage of 20:1. This means that you would be placing an order worth $8,000. With that said, although brokers will often install limits on the amount you can trade with leverage, this doesn’t apply to Malaysian residents.

    This is even the case if the broker is based in Europe, as you won’t be bound by the restrictions imposed by ESMA. As a result, your specific leverage limits will be determined by the Malaysia forex broker itself. We would suggest treading with extreme caution if you are just starting out in the forex space. While your profits can be amplified when leverage is in play, so can your losses.

    Conclusion

    If you’re based in Malaysia and you’ve read our guide from start to finish, you should now have the required tools to find a forex broker that best meets your needs. We’ve presented fives of our top picks for 2020, and based our decisions on key metrics like regulation, trading fees, commissions, payment methods, and customer support.

    However, we would also suggest taking the time to research a broker yourself. This will ensure that the broker meets your long-term investment goals and crucially – is right for your personal requirements.

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider.

    FAQs

    Are Malaysia forex brokers safe?

    Your chosen Malaysia forex broker will be safe as long as it is regulated by a tier-one licensing body. This should include the likes of the FCA (UK) ASIC (Austrlia), CySEC (Cyprus) or MAS (Singapore).

    What leverage limits do Malaysia forex brokers offer?

    There are no specific leverage regulations governing Malaysia residents, so your limits will be determined by the forex broker itself.

    Should I join a commission-free Malaysia forex broker?

    By using a commission-free forex broker you stand the best chance possible of keeping your trading fees to a minimum. However, make sure you explore what spreads the broker charges, as this can make all the difference.

    What is the minimum deposit amount at Malaysia forex brokers?

    Malaysia forex brokers usually allow you to get started from just $100, although some do require more.

    What payment methods do Malaysia forex brokers support?

    This will vary from broker-to-broker, albeit, you'll normally get to choose from a debit/credit card, bank wire, or e-wallet. .

    Forex brokers by country

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    Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
    Kane Pepi

    Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of publications in the online space.

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