There are no licensed forex brokers registered with the Securities Commission Of Malaysia (SCM) so an Asia regulated (ASIC/MAS) CFD provider with Islamic forex trading account options is the best forex broker for Malaysian forex traders.
View the top forex brokers for Malaysia forex trading below.
Best Forex Broker Malaysia List
When forex trading in Malaysia a forex broker should be selected based on spreads, leverage and forex platform offered.
Pepperstone – Best Overall, Most Awarded CFD Broker
The Malaysia forex broker option is Pepperstone with provider receiving the most awards from the actual traders via Investment Trends. Awards received range from customer service, spreads and commissions, forex trading platform experience to broker satisfaction.
Pepperstone offers the choice of the most popular MetaTrader 4 forex trader platform, MetaTrader 5 or cTrader. They have spreads starting from 0.0 pips for the EUR/USD and further discounts for high volume traders through their active trader program. Read more…
One of the most popular trading platforms in the broader Pacific region, IC Markets offers traders access to 65 currency pairs, as well as CFDs based on stocks, bonds, commodities and cryptocurrencies. Being a true ECN broker, IC Markets is a very low-cost option, with spreads starting at 0.0 pips. On ECN trades, a standard commission fee of $3.50 USD is applied to each lot of 100,000 units. As a result, IC Markets is an excellent platform for high-volume Forex traders. Read more…
CMC Markets is one of the world’s most powerful platforms for trading Forex currency pairs, owing to its offering of more than 300 currency pairs for traders to choose from. On the CMC Markets platform, spreads start at 0.7 points.
With CMC’s automated trade execution and risk management tools, traders can more easily profit from the Forex market while keeping their risk levels in check. Read more…
With more than 70 currency pairs available, OANDA is a popular Forex broker that offers an excellent automated trading platform and an intuitive chart display to make trading easier for users. In addition to its Forex accounts, OANDA can also be used to trade CFDs based in commodities, bonds and indices. Though the selection of underlying assets made available by OANDA is narrower than some of its competitors, some traders, particularly beginners, find that the more limited options make the platform simpler.
More Information About The Securities Commission of Malaysia
The Securities Commission Of Malaysia (SCM) as founded in 1993 and provided CFD provide guidelines recently in 2018. This has allowed a licensed forex broker in Malaysia to exist with a CMSL licence but to date, no CFD provider has registered. You can view the Securities Commission Malaysia website to view the database to review if any Malaysian forex broker has been registered. A good source to view changes in Malaysia forex broker regulation is the SCM or the Central Bank of Malaysia (Bank Negara Malaysia). This is the regulatory body for forex, cryptocurrency and other financial services and asset classes.
With no licensed forex broker in Malaysia (SCM), to avoid a scam the best forex broker option for Malaysian forex traders is with a foreign exchange broker registered with another credible regulator. In Asia this is the Australian regulator (ASIC) or the Singapore regulator (MAS). Other credible regulators are in the UK (FCA) and Cyprus (CYSEC) and in the UAE (DFSA). Viewing the best forex broker pages on this website to view the best-regulated forex brokers in each region is a good starting point to find the right online trading account when trading CFDs for your needs.
Choosing the Best Forex Broker in Malaysia
If you want to be successful as a Forex trader, choosing a broker that is a good fit for you is a very important first step. When comparing Forex brokers, the first thing you should consider is what kind of trading you intend to do. If you plan to heavily mix CFD trading with your Forex trades, a brokerage that offers a wide range of CFDs will be best for you. You should also consider whether you plan to stick to the major Forex pairs or branch out into minors and exotics.
Malaysian traders should understand the risks associated with leveraged CFD products. Most retail investor accounts will provide risk warnings and disclaimers explaining these risks. There are ways to reduce the risk of CFD trading from choosing lower leverage, a trading account with negative balance protection and a low minimum deposit. If you are not an experienced trader and are not willing to take a high level of risk when trading markets you should consider a free demo account that most forex broker Malaysia accounts will offer.
Many Malaysian forex traders may choose a forex broker that offers an Islamic trading account. With Islam the official religion and 61.3% classing themselves as Muslim, there is a high demand for a forex trading account that meets the Sharia law. Such an Islamic account will not pay interest or earn interest. While no trading account has a base currency of the Malaysian Ringgit (MYR) the exchange costs to local currencies are relatively modest.
IC Markets offers the best Islamic Trading account in the Asia-Pacific region based on:
Low spreads and fees (and no interest charged)
The option of the two best forex trading platforms (MT4 + MT5)
Strong customer support worldwide
High leverage available (high risk) for experienced traders
ASIC regulated foreign exchange broker
A range of financial instruments (including Bitcoin CFD trading)