11 Best Forex Brokers in Malaysia for 2024

If you are looking for balance and versatility on the market, then JustMarkets just might be your best choice. It’s an international CFD broker that was founded in 2012. JustMarkets provides a wide range of services catering to the needs of all kinds of traders. The broker is authorized in multiple jurisdictions by various regulators – from the top-tier CySEC to the third-tier FSA.

Regional Features:

• Entity for Malaysian traders: Just Global Markets Ltd, regulated by Financial FSA Seychelles
• MYR as base currency: Yes
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: Yes

JustMarkets has three account types affording very tight spreads and commission-free trading. The Raw spreads (starting from 0.0 pips) account is the only one with a fixed round turn commission – 6 units of the base currency per lot, meeting the industry average. I checked the Raw account type and found it suitable for the implementation of high-frequency trading strategies, such as scalping.

All accounts can be opened with MYR as a base currency, making them even more favorable for traders in Malaysia. Additionally, JustMarkets supports the renowned MetaTrader 4&5, which I find sufficient for conducting basic technical analysis. The broker also has its own social trading service and access to deep liquidity.

OCTA was established in 2011. The broker’s service is especially well-fitted to support copy trading. OCTA provides excellent commissions for signal providers, which I consider to be quite attractive for highly successful traders. Accordingly, this also benefits traders wanting to subscribe to the most profitable strategies.

Regional Features:

• Entity for Malaysian traders: Octa Markets Inc., not regulated
• MYR as base currency: No
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: Yes

OCTA offers two retail account types that afford commission-free trading and floating spreads starting from 0.6 pips. I checked and compared the live spread on the EURUSD during the morning and afternoon trading sessions – recorded at 1.0 and 0.8 pips, respectively – and found it to meet the industry average. I found this combination suitable for high-frequency and high-volume trading as it offers competitive pricing that supports the implementation of multiple trading strategies.

Copy trading is available via OCTA’s proprietary copy-trading app, connecting the best signal providers with eager copiers. It allows you to compare the performance of various strategies and check their average returns, maximum drawdown, average losses, and more. I appreciated this level of detail because, in the long run, it is not enough to simply connect to the most profitable strategy. You need also to consider the risks.

Errante was founded in 2019 and is headquartered in Limassol, Cyprus. The broker is licensed and authorized in the two jurisdictions by CySEC and FSA Seychelles. It adheres to most safety requirements, and I found it fairly transparent and trustworthy overall.

Regional Features:

• Entity for Malaysian traders: Errante Securities (Seychelles) Ltd, regulated by FSA Seychelles
• MYR as base currency: No
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: Yes

MetaTrader 4 is a platform preferred by traders worldwide because of its simplistic design and easy order execution. It features over 50 analytical tools, such as technical indicators and drawing tools. These are used to study price action behavior and determine different trading opportunities, like breakouts or breakdowns, range trading, and trending ones.

The platform is also frequently used for algorithmic trading because of its in-built Expert Advisors (EAs) feature, which makes it possible to automate your trading strategy and gain precise entries and exits in and out of the market.

I opened an ECN account with Errante, which features floating spreads from 0.1 pips and a $6 round-turn commission per traded lot. This combination falls just below the industry average. I also appreciated Errante’s low minimum deposit requirement of $200 for the account type.

FBS is a derivatives broker that was founded in 2009. It is beginner-friendly, with the bulk of its services tailored to serve the needs of rookies who are just now taking their first steps into the trading world.

Regional Features:

• Entity for Malaysian traders: FBS Markets Ltd., regulated by IFSC Belize
• MYR as base currency: No
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: Yes

My first strong impression of FBS as a beginner-friendly trader stemmed from its impressive range of 7 account types. You can choose between your typical STP and ECN account types, as well as several Cent and Micro accounts specifically designed for low-volume trading. A specialized Crypto account is also available.

I opened a Cent account with FBS to assess the conditions offered to beginners. With floating spreads from 0.6 pips and zero commissions, I found the offering quite competitive and below the industry average. Novice traders can choose between MetaTrader 4&5. Both platforms, though somewhat rugged and inflexible, have easy learning curves. They also support copy and automated trading.

FBS publishes regular webinars and seminars and has a rich collection of educational videos and guidebooks. This range of materials is quite helpful to beginners wanting to get a balanced and multilayered understanding of trading. I quite appreciated FBS’s attention to detail. Its content covers a wide range of topics, from technical analysis to the intricacies of trading psychology and risk management.

Established in 1996 and headquartered in Zurich, Swissquote delivers the Swiss quality worthy of its name. In the three decades since its foundation, this broker has established itself as a trustworthy partner listed on the Swiss Stock Exchange. Swissquote delivers industry-leading services geared towards professional traders.

Regional Features:

• Entity for Malaysian traders: Swissquote Asia Limited, regulated by SFC Hong Kong
• MYR as base currency: No
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: Yes

What impressed me most was the lighting-fast average execution speed of around 9 milliseconds. Based on this performance, I determined that Swissquote is ideal for high-frequency trading. Seasoned traders interested in scalping stand to gain the most due to the decreased risk of negative slippage.

I opened a ‘Standard Forex & CFDs’ account with Swissquote, featuring commission-free trading and floating spreads from 1.7 pips. Traders are given access to over 450 lower-risk securities and higher-yield/risk assets, which can be used for balanced trading.

Swissquote’s Advanced Trader platform impressed me with its seamless design and feature-rich environment. It accommodates automated trading via its fast order execution capabilities. Additionally, experienced traders can make use of its professional-grade charting capabilities, which afford the execution of probing technical analysis. The platform’s intuitive and user-friendly design makes it possible to recognize even complex trading opportunities with relative ease.

Founded in 2010, IronFX is a Cyprus-based forex and CFD broker. It has multiple regulations, including CySEC and FCA, and provides its services to retail and professional traders globally. The broker offers 270+ instruments across most major asset classes at competitive prices.

Regional Features:

• Entity for Malaysian traders: Notesco Limited, not regulated
• MYR as base currency: No
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: Yes

What stood out the most to me is its robust supporting content offering. IronFX provides top-line market analyses and trading ideas from TradingCentral – one of the best and most trusted providers in the trading industry. The broker also offers a comprehensive financial news screener and in-depth technical and fundamental analyses.

IronFX incorporates the renowned MetaTrader 4 platform. It is feature-rich, with more than 60 analytical tools and chart configurations, and supports essential trading tools, such as one-click trading, an alerts-setting option, and more. The platform also affords automated trading with its Expert Advisors (EAs) option.

I tested the competitiveness of IronFX’s trading fees by opening a No Commission trading account. As the name suggests, it features commission-free trading and floating spreads from 0.9 pips. This combination falls marginally below the industry average.

AMarkets is an international forex and CFD broker which boasts a 16-year history. The broker provides access to more than 550 trading instruments across various markets and round-the-clock customer support. Having reviewed the broker’s services, I discovered that its diverse accounts offering makes it stand out against the rest.

Regional Features:

• Entity for Malaysian traders: AMarkets Ltd, regulated by Mwali International Services Authority (MISA)
• MYR as base currency: No
• Islamic accounts: Yes
• Customer support in Malay: Yes
• Deposits and withdrawals in MYR: Yes

I opened an ECN trading account with market execution. It features round-turn commissions of $5 per traded lot and raw spreads from 0.0 pips, meeting the industry average. I also recorded a 0.6 pips EURUSD spread, which allowed me to calculate that trading one full-sized position will cost around $11 (0.6 pips x $10 pip value + $5 commission).

Also, the broker offers a Standard account that serves more of a one-size-fits-all purpose with a maximum leverage of 1:3000 and a floating spread starting from 1.3 pips and a dedicated Crypto account with a maximum leverage of 1:500 and a floating spread from 1.3 pips. AMarkets’ Fixed account, featuring a fixed spread from 3.0 pips, is suitable for risk-averse traders aiming to hedge the risks of sudden market fluctuations.

AMarkets offers renowned MetaTrader 4&5 platforms, including WebTerminal is a browser-based trading terminal. I tested MetaTrader 5, which is feature-rich with over 100 analytical tools and chart customizations. Another great perk is the AMarkets mobile trading app, empowering traders to trade seamlessly while on the move.

Additionally, AMarkets provides VPS hosting and op-notch market analyses,  along with seamless trading insights from AutoChartist, one of the industry’s leading signal and technical analysis software.

What makes Tickmill, a broker with global exposure, especially suitable for traders in Malaysia is its licensing by the national regulator – the LFSA. With its offices in Labuan, Tickmill can offer its trading services to local traders directly.

Regional Features:

• Entity for Malaysian traders: Tickmill Asia Ltd, regulated by FSA Malaysia
• MYR as base currency: Yes
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: No

Clients of Tickmill can choose between MetaTrader 4&5. The newer addition to the popular franchise consists of a vast array of technical indicators, drawing tools, and trading order types. Most impressively, it offers 21 different timeframes affording traders a truly deep and penetrating insight into price action behavior.

I opened a Classic account, which offers commission-free trading and floating spreads starting from 1.6 pips. After checking Tickmill’s overall costs, I assessed that they meet the industry average. The Pro account has raw spreads starting from 0.0 pips and a $4 round turn commission, which is way below the industry average. I found the Raw account type, in particular, to be suitable for high-frequency trading and scalping. On balance, Tickmill’s diverse account types offer truly competitive conditions to all kinds of traders.

FXTM was established in 2011 and is serving retail traders globally. It has strong licensing by the FCA, CySEC, and FSC Mauritius and offers diverse accounts, VPS hosting, and access to deep liquidity.

Regional Features:

• Entity for Malaysian traders: Exinity Limited, regulated by FSC Mauritius
• MYR as base currency: No
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: No

FXTM’s clients in Malaysia have access to quite high leverage, up to 1:1000. They can also benefit from the broker’s tight spreads and commission-free accounts.

The Micro and Advantage Plus accounts offer zero commissions and floating spreads starting from 1.5 pips. In contrast, the Advantage account features raw spreads beginning at 0.0 pips and a fixed commission of up to $2, depending on the traded volume. These conditions generally align with the industry average.

FXTM provides the renowned MetaTrader 4 platform and its successor, MetaTrader 5, which combine a feature-rich interface with simple and fast order execution. Traders can utilize a wide variety of indicators, such as range-based, trend-based, and oscillators, to analyze price action behavior. Subsequently, they can capitalize on the trading opportunities they identify by placing market, limit, or stop orders.

FP Markets was founded in 2005 and has garnered a reputation as a reliable partner offering some of the industry’s lowest fees. The broker has top-tier licensing by CySEC and ASIC, which are some of the safest regulators in the industry. But traders in Malaysia can open accounts with FP Markets’ offshore entity.

Regional Features:

• Entity for Malaysian traders: FP Markets LLC, not regulated
• MYR as base currency: No
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: Yes

I tested FP Markets’ fees by opening a Raw account. It affords raw spreads from 0.0 pips and a round-turn commission of $6 per lot. Under these conditions, to trade 1 full lot (100,000 units) on the EUR/USD will cost you around $7, which I assessed to be below the industry average.

The broker offers two pricing models – ECN and DMA. Traders can thus choose the type of price feeding that is best for them. Both accommodate fast order execution without the need for a dealing desk.

FP Markets offers over 800 instruments, including 105 CFD stocks from the Hong Kong stock exchange. I appreciated this diversity because it affords traders in Malaysia great versatility since these instruments can be traded during the Asian trading session.

FP Markets supports popular MetaTrader 4&5 and the seamless iRESS platforms. The former caters to the needs of retail traders, while the latter is tailored for professional stock traders, granting them access to 1500+ shares. You can also trade on cTrader, which is among the most versatile platforms and offers better insight into price action behavior.

Another major advantage of FP Markets is the vast pool of third-party tools. The broker supports Autochartist, one of the most trusted signal providers globally, and Myfxbook. Social and automated trading are also permitted.

Since its foundation in 2006, AvaTrade has grown into a globally recognized brand for its reliability and professionalism. The broker is licensed in 9 different jurisdictions by some of the most trusted regulators in the industry, including ASIC and CySEC.

Regional Features:

• Entity for Malaysian traders: AvaTrade Markets Ltd, regulated by FSC British Virgin Islands
• MYR as base currency: No
• Islamic accounts: Yes
• Deposits and withdrawals in MYR: No

The AvaTrade platform has a very sleek design, and I appreciated it for affording a detailed outlook into price action behavior. I discovered that it supports three chart types (bars, candles, and line charts), 10 timeframes, and over 100 trading indicators. This vast array of tools allows traders to conduct thorough technical analyses from multiple angles and pick the most favorable entry and exit levels for their trades.

AvaTrade’s spreads, swaps, and commissions are, for the most part, below the industry average. The broker affords commission-free trading and floating spreads starting from 0.6 pips. After testing their costs, I found out that the spreads they charge on FX pairs and commodities are quite competitive, but this was less so for CFD shares and indices.

AvaTrade is ideal for traders seeking to diversify their risk beyond CFDs by offering options trading. Options provide the right to enter the market at a specific level, without the obligation to do so. With limited risk, the maximum loss is typically the premium paid, while the potential profit is unlimited.