Best Forex Brokers Malaysia of 2021

Forex Trading is quite popular in Malaysia. The majority of the international and renowned Forex trading platforms accept clients from Malaysia. However, many excellent local Forex brokers are legal and regulated by the Securities Commission of Malaysia (SCM). If you are looking for the legal and best Forex brokers in Malaysia that are trusted by the banks as well, you have come of the right place. In this article, you will get to know about the 20 best Forex brokers in Malaysia:
December 21, 2021

The Rules of Thumbs Concerning Forex Market

Are you anticipating engaging in the foreign exchange trade for the first time? Chances are you are a bit anxious to learn more. This article will give you some insight to kick start your journey as a trader. Whenever you go for an international trip, you are more likely to exchange your base currency for another currency. Take, for instance, travelling from the USA to Italy often means you will have to convert the U.S. dollars for Euros, which is one way of engaging in the universe foreign exchange market.

The general information about the forex market and the financial implication of trading are vast. The fact that forex is the largest liquid market in the world and characterized by many buyers and sellers makes forex trading platform highly volatile. Therefore vividly requiring to have at the fingertips, the rule of thumbs and ready information prior to disrupting the Malaysia forex.

Let's dive into the basics;

Forex a symbol standing for foreign exchange and refers to a virtual space where buyers and sellers of foreign currency trade-off in anticipation to grow their revenues and earn some profit. At the FX trading is the largest worldwide platform and involves the trading of many currencies.

Recent findings reveal on average daily currency trading to roughly $5 trillion. What seems peculiar with a major trading platform is the fact that it's often dominated by U.S. dollar. Moreover, with the rapid changes across the e-commerce and various products being exchanges daily at the exchange floor, other foreign currencies such as GBP, EUR and CAD are also becoming highly liquid.

Are you aware of the several benefits emanating from trading in a liquid market like forex? First and foremost, it requires less paperwork and formalities, which makes investments to be easily liquidated at a favourable rate and instantly. Besides, the virtual platform attracts many forex traders including corporate bodies and other government bodies. A small disruption in the market creates a peculiar small increment in price changes and happens around the clock, seven days a week and only closes during public holidays. A slight variation in the price of the currencies often leads to a drastic increase in profit or loss and therefore making it riskier.

How Forex Market Works

At any given time, the push and pull of the currency value force a specific currency to either appreciate or depreciate in comparison to its base currency. The rise and fall movement signifies the need for learning about the currency pairs and what they indicate;

  • Malaysian forex involves trading currencies in pair. Exchanging Malaysian ringgit (MYR) for Euros involves sets of transaction. The chart offers you an overview of the weight to Malaysian ringgit in relation to Euros. The MYR/EUR price, for instance, signifies how many Malaysian ringgit it takes to buy one euro (EUR).

  • Notably, all forex trading platform uses currency symbols in its chart. Such characters include euro(EUR), U.S. dollar (USD), Malaysian ringgit (MYR), British pounds (GBP) and Canadian Pounds (CAD)

  • Each forex pair has a direct correspondence to the market price associated with it. The price signifies how much of the second currency is required to buy one unit of the first currency. Looking at the following two currencies; KES and MYR, if the price of 1 MYR to KES is 26.0620 means that it takes Kenyan shilling 26.0620 to buy one Malaysian ringgit. On the other hand, it takes 0.0383700 MYR to buy one Kenyan shilling.

To better trade in the malaysian Forex Market, it is crucial to get familiar with some new terminologies which describe the price of currency pairs. Having clarity on what they mean and how they affect the market will give you an insight into calculating the trade profit.

Notably, many currency pairs move about 50 to 100 pips per day. A pip (Point In Percentage) is the name used to indicate the sixth decimal place in the currency pair. Using the previous example, when the price of MYR/KES moves from 0.0383700 to 0.0383750, that's a 50 pip move, which means if you bought the pair at 0.0383700 and sell at 0.0383750, you will make a 50 pip profit.

For the trading purpose, the first currency listed in the pair is always the directional (lead) currency on a forex price chart. Take a sneak peek at Malaysian forex chart, MYR/KES means that the MYR is moving higher relative to the KES. The vice versa means the MYR is declining in value relative to the dollar.

Note that the best ways to learning forex are to watch the trend on how the prices move in real-time. Several best forex brokers in Malaysia offer online or mobile phone app-based paper trading accounts that work exactly like the live trading accounts, without risking your capital too much. Many local and foreign investors with foreign currency have become open and active in all manner of investment vehicles, including forex trading.

What is Crypto?

Crypto is a digital (Virtual) currency that is secured by cryptography. The unique aspect about cryptocurrency is the fact that it is not issued by any central authority, rendering them theoretically immune to government interference, regulation and manipulation.
For a historical breakdown, here's a link to the Securities Commission Malaysia's webpage on Wikipedia.

How to Use Crypto Currencies to Trade

The first step to trading using cryptos is by opening a forex trading account with a broker in Malaysia who accepts the cryptocurrency. Then transfer the agreed amount of crypto from your virtual wallet to the forex broker virtual wallet.

Take, for instance, the current bitcoins to U.S. dollar rate is one bitcoins equals $7,500, by depositing two bitcoins your account will be holding $15,000. Now, let's assume you want to take a position in EUR. Taking the assumption exchange rate of GBP 0.5 for 1 USD, you will receive GBP 7,500. After sometimes, if the rate changes to 0.45, you can trade and square it off to get $1,666.65 in your trading account making 11.1% profit which you can quickly cash out.

If you are reviewing the best top ten brokers in the world, it is crucial to undertake due diligence on their trustworthiness. There are several forex brokers in Malaysia but to ensure the safety of your trading, you can scrutinize the Malaysian forex brokers list to be on the safe side. Remember to often take caution especially when dealing with online forex trading to mitigate and a lot of exposure to risk.

IQ Option

IQ option is considered to be one of the most effective Forex as well as a crypto trading platform, trusted global brand. It has multiple trading options like binary options, cryptocurrencies trading, and forex trading Malaysia. A minimum investment of $10 is required to open an account at IQ Option. It was established in 2013 and had quickly become one of the most popular Forex brokers around the world, including Malaysia.


Pepperstone asks the users to deposit at least $200 in their account. It has one of the most reliable customer services and can help the users through call, online live chat, and e-mail. Overall, Pepperstone is a good Forex broker for traders who have a sufficient amount of investment. After the users join this platform, they will not have to pay excessive fee and commissions while trading. Disokong platform MT4, MT5 & cTrader.


Exness company was established in 2008 and required an investment of $4 for the primary account. It also offers commission-free trading. Exness is an average-risk Forex broker. Some traders have a complaint about losing their money, but there is no way to verifying these claims because Exness does not operate under any bank.


FBS is being regulated IFSC and CySec. This trading platform is one of the best Forex brokers because its customers have reviewed it very highly. Users have to spend only $1 for membership. FBS operates in about 120 countries.

IC Markets

IC Market is one of the leading Forex CFD providers. It has a rapid order execution rate with low latency, which makes it a suitable Forex broker. The company has state-of-the-art computers and machinery that can process more than 500,000 trades per day. A minimum investment of $200 is necessary for the IC Market.

TD Ameritrade

TD Ameritrade has made its mark in the highly-competitive industry of Forex brokers by offering modern research tools and a $0 account minimum. It is a high-quality trading platform that does not charge commissions. Moreover, it provides excellent customer support.

Merrill Edge

Merrill Edge is a free Forex trading platform that provides extensive research and cost-free stock and ETF trades. Moreover, it is supported by many international banks. Most of the traders give Merrill Edge a very high rating, but some experienced and high-level traders complain about its security options.


E-Trade has a user-friendly website interface. It always has been a highly-rated Forex broker because it offers reliable customer support, modern trading tools, access to research, and commission-free stock and trades. There is no account minimum in E-Trade, so you can invest as much money as you want.


Robinhood is a free Forex trading company that provides trading facilities through its mobile application and web-based platform. It is an all-in-one trading option because it allows trading of ETFs, cryptocurrency, options, and stocks. Smartphone users with the margin accounts will find this broker highly beneficial, except for the fact that it does not have retirement accounts or mutual funds.

Ally Invest

People can become a part of the Ally Invest by spending at least $50. It is a robust web-based platform that provides excellent research and trading tools. Commission-free stocks and ETF trades have made Ally Invest a reliable Forex Broker.


Vanguard has a cost-efficient business model, making it a popular choice in both beginner and experienced Forex traders. A minimum investment of $20 is essential. Vanguard is mostly suitable for long-term investments and traders who prefer low-cost investments.

Interactive Brokers

Interactive Brokers provide an extensive range of research and trading tools which make it suitable for large-scale investments. It does not have any sign-up fee. Hence, anyone can join Interactive Brokers for free.


Firstrade offer commission-free ETF and stocks trading. It does not have any hidden charges. There is no fee on an options trade. It has a sound customer support system as well. Hence, Firstrade is one of the best Forex brokers for beginners and mutual fund investors.


Etoro is a well-known Forex broker regulated by UK and Australia. A minimum deposit of $200 is necessary for stock and ETF trading. Users have the option of opening a demo account before investing in it. It provides an immersive social trading experience. However, high Forex charges are a significant issue in Etoro.

Zacks Investment

Zacks Investment Research is a unique trading and more importantly, a research company. The primary focus of Zacks Investment is to independent research to the traders to give them a competitive edge in trading. It has its own mutual fund ranking mechanism to help the traders recognize the values of different stocks. Moreover, it is very cheap as Zacks' membership will only cost you $1 per month.

Lightspeed Trading

Lightspeed trading has been operating since 2000 and is one of the most reliable Forex brokers. It is suitable for frequent traders because they have high account minimums. The downside is that they have a minimal cost of trading. Only experts and experienced traders should use this platform because it does not offer any training tools to the beginners. The cost to trade one share is $1. The platform also charges monthly fees.

Suretrader and F1 Trade

Suretrader closed down their businesses in 2019 and shifted business to F1 Trade. It is based in the Bahamas. A noticeable feature of this company is that you can invest in it, even if you have less than $25,000, which is the most common threshold of most of the Forex brokers in Malaysia. In terms of commissions and fee, it is a very viable option, but its customer support system is not as good as the other Forex brokers.


TC2000 offers a variety of software and account plans like joint accounts, individual accounts, and trusts. Once you have deposited an initial amount of $2,500, you can trade stocks, EFTs, and options. TC2000 is a decent Forex broker; however, it is expensive, and you should have at least $25,000 in total to buy stocks and other trading options. Customers have to pay a very high amount of commissions and data fee, which requires more money.


OptionXpress is a Forex Broker that offers Forex trading services through an all-in-one mobile trading application. It offers numerous trading preferences like bonds, mutual bonds, stocks, and ETFs. Futures are offered at about $4 per contract. However, OptionXpress does not have a good rating, compared to the other Forex brokers on the list. In fact, in some countries, it has stopped operating and shifted to a new platform.


HotForex was created in 2010. It requires a minimum investment of $5 for the micro package, whereas maximum investment of $20,000 can be made for the VIP package. Overall, the platform is suitable for experienced Forex traders as HotForex provides complex tools for trading in competitive conditions.


Every Forex broker listed above has its own set of pros and cons. You should compare all of them and select the most suitable for yourself. It is always a good idea to select a Forex trading platform that is highly rated and reviewed by the past customers and regulated by Malaysian authorities, like SEC, to avoid any legal issues in the future.