Best Forex Brokers in Malaysia: Top 10 Picks for 2025 Beginners

Want to start forex trading? Learn about the best forex brokers in Malaysia for beginners in 2025. Our detailed comparison helps you choose the right platform for your needs and goals.

Finding the best forex brokers in Malaysia can be a daunting task, especially when you’re just starting out. Many platforms promise low fees but lack the essential features that beginners need. Don’t risk your hard-earned money. We’ve researched and compiled a list of trusted brokers to help you get started on the right foot and trade with ease in 2025.

Table of Contents

What is a Forex Broker?

A forex broker is your gateway to the global currency market. They connect individual traders like you to the forex market, where currencies are bought and sold. Without them, accessing this highly liquid market would be nearly impossible for retail traders.

What makes a broker invaluable isn’t just access to the market—they also provide the tools you need to trade effectively. This includes platforms for executing trades, real-time price charts, technical analysis tools, and even educational resources for beginners. Some brokers go the extra mile by offering features like copy trading, allowing you to mimic the strategies of successful traders.

Equally important, a broker ensures your trades are executed fairly and securely. This is why regulation matters. Brokers regulated by reputable authorities, such as the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC), adhere to strict standards that protect traders. Choosing a well-regulated broker gives you peace of mind and ensures your trading experience is both fair and transparent.

Now, you might be wondering: if brokers play such an important role, is forex trading itself legal in Malaysia? Understanding the legal framework is just as essential as picking the right broker.

Is Forex Trading Legal in Malaysia?

Yes, forex trading is legal in Malaysia, but it must adhere to strict regulations to ensure compliance and protect traders. The activity is regulated by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC). This dual oversight ensures that forex trading aligns with the country’s financial laws and maintains the integrity of the financial market.

Forex trading is legal when conducted through licensed brokers or authorized dealers. These include commercial banks, Islamic banks, investment banks, and money services businesses approved by BNM. Traders must use platforms or brokers regulated by the SC, which verifies their credibility and compliance with Malaysian laws.

Additionally, authorized Islamic financial institutions offer Shariah-compliant forex products to accommodate Muslim traders. By using licensed services, traders not only adhere to Malaysian law but also protect themselves from scams or fraudulent schemes.

How to Choose a Forex Broker

Choosing the right forex broker can feel overwhelming, especially with so many options available. However, a few key factors can simplify the process. Start by looking at the broker’s regulation. A regulated broker, approved by credible bodies like ASIC, CySEC, or even Malaysia’s own Securities Commission, ensures your funds are safe and the broker operates transparently.

Next, consider the types of accounts they offer. Some brokers provide standard accounts, ECN accounts, and even Islamic accounts for those who need swap-free trading. Trading fees are another crucial factor—pay attention to spreads, commissions, and any overnight charges that might eat into your profits.

Also, check the broker’s minimum deposit requirements. Beginners might prefer brokers with low initial deposits, while experienced traders may look for higher-end features. Payment methods for deposits and withdrawals should be convenient for Malaysians, such as local bank transfers, e-wallets, and credit cards.

Beyond the basics, features like copy trading, mobile trading apps, and customer support can make a broker stand out. Copy trading allows you to mimic the trades of successful investors, while an intuitive trading app ensures you can manage trades anytime, anywhere. By weighing these factors, you’ll find a broker that aligns with your trading goals.

To help you decide, we’ve provided a list the best forex brokers for Malaysians.

Best Forex Brokers in Malaysia

Choosing a forex broker as a Malaysian trader involves finding one that meets your needs while ensuring reliability and safety. Below, we’ll explore the top 10 forex brokers for Malaysians, starting with OctaFX and Exness.

OctaFX

OctaFX is a popular choice for Malaysian traders, especially beginners, thanks to its user-friendly platform and competitive trading conditions.

Regulation: OctaFX is regulated by the Cyprus Securities and Exchange Commission (CySEC), ensuring compliance with international standards.
Account Types: Offers Micro, Pro, and ECN accounts. The Micro account is perfect for beginners, while Pro and ECN accounts cater to experienced traders.
Trading Fees: OctaFX provides tight spreads starting as low as 0.4 pips and charges zero commissions on most accounts.
Spread: Competitive spreads, especially for major pairs like EUR/USD.
Minimum Deposit: Low minimum deposit of $25, making it accessible for new traders.
Deposit/Withdrawal Methods: Supports local bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller.
Deposit Bonus: Frequently offers bonuses, such as a 50% deposit bonus, to boost your trading capital.
Copy Trading: Features a robust copy trading platform where you can follow and replicate the trades of top-performing traders.
Trading App: The OctaFX Trading App is intuitive, with real-time market data, advanced charting tools, and seamless trade execution.

Exness

Exness is a well-regarded broker globally and a solid option for Malaysian traders due to its transparency and diverse trading options.

Regulation: Regulated by top-tier authorities like the FCA and the CySEC.
Account Types: Offers Standard, Raw Spread, and Zero accounts. Standard accounts are beginner-friendly, while Raw Spread and Zero accounts are ideal for professionals.
Trading Fees: Known for ultra-low trading fees, with spreads starting at 0.0 pips on Raw Spread accounts. Commissions are minimal and clearly outlined.
Spread: Tight spreads on major currency pairs, ensuring cost-efficient trading.
Minimum Deposit: Starts at just $10, making it accessible to all levels of traders.
Deposit/Withdrawal Methods: Provides multiple options, including online banking, local bank transfers, and e-wallets like Skrill and Neteller.
Deposit Bonus: Occasionally offers promotional bonuses, though not as frequently as some competitors.
Copy Trading: Exness supports social trading through third-party platforms like ZuluTrade.
Trading App: The Exness Trader App is sleek and powerful, with advanced tools and 24/7 customer support in multiple languages, including Malay.

Pepperstone

Pepperstone is an Australian-based broker renowned for its robust trading platforms, fast execution speeds, and transparent pricing. It is a top choice for both beginners and advanced traders.

Launched: Pepperstone was founded in 2010 in Melbourne, Australia.
Headquarters: Located in Melbourne, Australia, with offices worldwide.
Regulation: Regulated by several top-tier authorities, including the ASIC, the FCA, and CySEC.
Account Types: Offers Standard and Razor accounts. The Razor account is designed for active traders with raw spreads, while the Standard account is ideal for beginners.
Trading Fees: Razor accounts feature raw spreads starting from 0.0 pips with a small commission per lot. Standard accounts have slightly higher spreads but are commission-free.
Spread: Razor accounts provide some of the lowest spreads in the industry, especially on major pairs like EUR/USD.
Minimum Deposit: A reasonable minimum deposit of $200 is required.
Deposit/Withdrawal Methods: Supports local bank transfers, credit/debit cards, and e-wallets like PayPal, Skrill, and Neteller.
Deposit Bonus: Pepperstone doesn’t generally offer deposit bonuses but focuses on competitive pricing instead.
Copy Trading: Provides access to social trading platforms like Myfxbook and ZuluTrade for copy trading.
Trading App: Pepperstone supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, offering flexibility and advanced tools for all trading styles.

Interactive Brokers

Interactive Brokers (IBKR) is a global heavyweight in the brokerage industry, known for its vast range of assets, powerful trading platforms, and institutional-grade features. It caters to serious traders and investors.

Launched: Founded in 1978 in the United States.
Headquarters: Based in Greenwich, Connecticut, USA.
Regulation: Heavily regulated by top-tier authorities, including the US Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the FCA in the UK.
Account Types: Offers Individual, Joint, and Institutional accounts. It also provides accounts tailored for professional traders and investors.
Trading Fees: Competitive tiered pricing with ultra-low spreads and commissions starting at $0.20 per lot.
Spread: Tight spreads, particularly for major currency pairs, with real-time market pricing.
Minimum Deposit: Requires a minimum deposit of $100, but there’s no deposit requirement for its IBKR Lite option.
Deposit/Withdrawal Methods: Supports bank transfers, local banking options, and e-wallets in certain regions.
Deposit Bonus: Does not typically offer deposit bonuses, focusing instead on low trading costs and extensive features.
Copy Trading: Interactive Brokers supports third-party integrations for copy trading but isn’t a primary feature of the platform.
Trading App: The IBKR Mobile App is robust and feature-rich, offering tools like real-time market data, advanced analytics, and seamless order execution.

FBS

FBS is a globally recognized forex broker known for its beginner-friendly features, diverse account types, and attractive promotions. It has gained popularity among Malaysian traders for its low barriers to entry and extensive support for new traders.

Launched: Established in 2009.
Headquarters: Based in Limassol, Cyprus, with additional offices in Asia and other regions.
Regulation: Regulated by the International Financial Services Commission (IFSC) and CySEC.
Account Types: Offers a wide range, including Cent, Micro, Standard, Zero Spread, and ECN accounts. The Cent account is particularly appealing to beginners as it allows trading with very small amounts.
Trading Fees: Competitive fees with spreads starting as low as 0.0 pips on Zero Spread accounts. Commissions vary by account type.
Spread: Tight spreads on major currency pairs, especially on ECN and Zero Spread accounts.
Minimum Deposit: Starts at just $1 for Cent accounts, making it highly accessible to all traders.
Deposit/Withdrawal Methods: Supports local bank transfers, credit/debit cards, and e-wallets like Skrill, Neteller, and Sticpay.
Deposit Bonus: Known for generous promotions, such as deposit bonuses and trading contests.
Copy Trading: Offers a dedicated FBS CopyTrade app that allows beginners to follow and replicate the trades of experienced investors.
Trading App: The FBS Trader app is designed for simplicity, providing all-in-one trading solutions, real-time data, and smooth execution.

IG

IG is one of the pioneers in the forex brokerage industry, offering a reliable and transparent trading experience. With its robust regulatory framework and comprehensive tools, IG caters to both beginners and seasoned traders.

Launched: Founded in 1974 in London, UK.
Headquarters: Based in London, United Kingdom.
Regulation: Regulated by multiple top-tier authorities, including the FCA in the UK, ASIC in Australia, and MAS in Singapore.
Account Types: Offers a single account type with flexible options tailored to retail and professional traders.
Trading Fees: Charges competitive fees with spreads starting from 0.6 pips. There are no commissions on most forex pairs for standard accounts.
Spread: Known for low spreads on major pairs, ensuring cost-efficient trading.
Minimum Deposit: Requires a minimum deposit of $300, which is slightly higher than some competitors but justified by its premium features.
Deposit/Withdrawal Methods: Supports bank transfers, credit/debit cards, and e-wallets like PayPal.
Deposit Bonus: IG typically does not offer deposit bonuses, focusing instead on transparency and excellent service.
Copy Trading: IG integrates with third-party platforms like ProRealTime and MetaTrader 4 for copy trading capabilities.
Trading App: The IG Trading App is robust, featuring advanced charting tools, risk management options, and real-time price alerts.

FXCM

FXCM (Forex Capital Markets) is a well-established broker known for its focus on technology-driven trading solutions and educational resources. It’s a great choice for traders seeking a balance of reliability and advanced tools.

Launched: Founded in 1999 in New York, USA.
Headquarters: Based in London, United Kingdom.
Regulation: Regulated by top-tier authorities, including the FCA in the UK and the ASIC.
Account Types: Offers Standard accounts for retail traders and Active Trader accounts for high-volume traders.
Trading Fees: Competitive spreads starting from 0.2 pips on major pairs with no commissions for Standard accounts. Active Trader accounts include tighter spreads and reduced fees.
Spread: Low spreads, especially for major currency pairs like EUR/USD.
Minimum Deposit: Minimum deposit starts at $50, making it accessible to beginners.
Deposit/Withdrawal Methods: Supports local bank transfers, credit/debit cards, and e-wallets such as Skrill and Neteller.
Deposit Bonus: Occasionally offers promotions and trading credits, though not consistently.
Copy Trading: Integrates with platforms like ZuluTrade, allowing traders to replicate the strategies of experienced professionals.
Trading App: The FXCM Trading Station app is intuitive and feature-rich, with advanced charting tools, real-time analytics, and seamless execution.

eToro

eToro is a global leader in social trading, making it an excellent choice for beginners and traders who prefer to learn by observing and copying others. Its innovative platform and strong community make it stand out.

Launched: Established in 2007 in Tel Aviv, Israel.
Headquarters: Based in Tel Aviv, Israel, with offices worldwide, including London and Cyprus.
Regulation: Regulated by top-tier authorities such as the FCA in the UK, the CySEC, and the ASIC.
Account Types: Offers a single account type for retail traders and professional accounts for experienced traders meeting specific criteria.
Trading Fees: eToro offers commission-free trading on forex but applies slightly wider spreads starting from 1.0 pips.
Spread: Spreads are competitive, though slightly higher than some direct competitors due to its commission-free model.
Minimum Deposit: Minimum deposit varies by region, starting at $50 for most countries, including Malaysia.
Deposit/Withdrawal Methods: Supports a variety of options, including local bank transfers, credit/debit cards, PayPal, and other e-wallets like Skrill.
Deposit Bonus: Rarely offers bonuses, focusing instead on its unique social trading features.
Copy Trading: eToro’s standout feature is its proprietary CopyTrader system, allowing users to follow and replicate the trades of top-performing investors.
Trading App: The eToro app is user-friendly, with a clean interface, powerful social trading tools, and integrated community features.

IC Markets

IC Markets is a favorite among professional traders and scalpers due to its ultra-low spreads, high-speed execution, and robust trading platforms. It offers institutional-grade features tailored for retail traders.

Launched: Established in 2007 in Sydney, Australia.
Headquarters: Based in Sydney, Australia.
Regulation: Regulated byASIC, CySEC, and the FSA.
Account Types: Provides three account types: Standard, Raw Spread, and cTrader Raw Spread accounts. The Raw Spread account is highly popular among experienced traders for its direct market access.
Trading Fees: Offers raw spreads starting at 0.0 pips on Raw Spread accounts with a small commission of $3.50 per lot. Standard accounts have no commission but slightly higher spreads.
Spread: Consistently tight spreads, especially on major pairs like EUR/USD, even during high volatility.
Minimum Deposit: Requires a $200 minimum deposit.
Deposit/Withdrawal Methods: Supports local bank transfers, credit/debit cards, and e-wallets like PayPal, Skrill, and Neteller.
Deposit Bonus: IC Markets does not typically offer bonuses, focusing on delivering superior trading conditions.
Copy Trading: Integrates seamlessly with third-party platforms such as Myfxbook AutoTrade and ZuluTrade for copy trading.
Trading App: The IC Markets app offers a clean, efficient interface with advanced tools and reliable trade execution. It also supports MetaTrader 4, MetaTrader 5, and cTrader for flexibility.

FOREX.com

FOREX.com is a leading global broker that offers a broad range of forex products, cutting-edge tools, and a strong reputation for reliability. It’s ideal for traders seeking a balance of user-friendly features and professional-grade tools.

Launched: Founded in 2001 in the United States.
Headquarters: Based in Bedminster, New Jersey, USA.
Regulation: Regulated by top-tier authorities, including the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the US, as well as the FCA in the UK.
Account Types: Offers three main account types: Standard, Commission, and STP Pro accounts. Each is tailored to different trading needs and styles.
Trading Fees: Competitive fees with spreads starting at 1.0 pips on Standard accounts. Commission accounts feature spreads as low as 0.2 pips with a $5 commission per lot.
Spread: Tight spreads on major pairs, with transparent pricing even during volatile markets.
Minimum Deposit: Requires a $100 minimum deposit.
Deposit/Withdrawal Methods: Supports various methods, including local bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller.
Deposit Bonus: Occasionally offers promotions, including welcome bonuses and cashback programs.
Copy Trading: Provides access to third-party copy trading platforms like NinjaTrader and ZuluTrade, though it’s not a core feature.
Trading App: The FOREX.com app is robust, featuring advanced charting tools, market analysis, and seamless trade execution. It also supports MetaTrader 4 for traders seeking additional functionality.

Comparing the Best Forex Brokers in Malaysia

Regulation	Account Types	Trading Fees	Spread	Minimum Deposit	Deposit/Withdrawal Methods
CySEC	Micro, Pro, ECN	Zero commissions, tight spreads from 0.4 pips	From 0.4 pips	$25	Bank transfer, Skrill, Neteller, Credit/Debit cards
FCA, CySEC	Standard, Raw Spread, Zero	Low spreads, minimal commissions	From 0.0 pips	$10	Bank transfers, Skrill, Neteller, Credit/Debit cards
ASIC, FCA	Standard, Razor	Low spreads, commission for Razor accounts	From 0.0 pips	$200	Bank transfers, PayPal, Skrill, Neteller
SEC, FCA, FINRA	Individual, Joint, Institutional	Competitive tiered pricing, low commissions	From 0.0 pips	$100	Bank transfers, Credit/Debit cards, E-wallets
IFSC, CySEC	Cent, Micro, Standard, Zero Spread, ECN	Low spreads, competitive commissions	From 0.0 pips	$1	Bank transfer, Skrill, Neteller, Sticpay
FCA, ASIC, MAS	Single Account (retail and professional)	Competitive spreads, no commission on most forex pairs	From 0.6 pips	$300	Bank transfer, PayPal, Credit/Debit cards
FCA, ASIC	Standard, Active Trader	Low spreads from 0.2 pips, commissions vary	From 0.2 pips	$50	Bank transfers, Skrill, Neteller, Credit/Debit cards
FCA, CySEC, ASIC	Single Account (retail)	Commission-free forex trading, spreads from 1.0 pips	From 1.0 pips	$50	Bank transfers, PayPal, Credit/Debit cards, Skrill, Neteller
ASIC, CySEC, FSA	Standard, Raw Spread, cTrader Raw Spread	Low commissions, spreads from 0.0 pips	From 0.0 pips	$200	Bank transfer, Skrill, Neteller, PayPal, Credit/Debit cards
CFTC, NFA, FCA	Standard, Commission, STP Pro	Low spreads, commissions from $5 per lot	From 1.0 pips	$100	Bank transfers, Skrill, Neteller, Credit/Debit cards

Conclusion

Choosing from this list of best forex brokers in Malaysia is a important step for beginners looking to start trading in 2025. These brokers provide the tools, security, and support you need for a smooth trading experience. By comparing platforms based on regulation, fees, and user-friendly features, you can confidently make an informed decision. Use this guide to begin your forex journey with a trusted broker that meets your needs.

Best Forex Brokers in Malaysia: FAQs

How do I know if a forex broker is legitimate?
Ensure the broker is regulated by a reputable authority such as CySEC, FCA, or ASIC. Check their licensing details on the regulator’s website for verification.
Can beginners trade forex in Malaysia?
Yes, forex trading is beginner-friendly if you use a regulated broker that offers educational resources, demo accounts, and low initial deposits.
What fees should I expect when trading forex?
Forex brokers charge spreads, commissions, or both. Some may also charge withdrawal fees or inactivity fees, so it’s important to check the broker’s fee structure.
Do I need a lot of money to start trading forex?
No, many brokers allow you to start with as little as $1, though a deposit of $50–$200 is more common for access to better account features.
What is leverage, and how does it work?
Leverage allows you to control a larger position with a small amount of capital. For example, 1:100 leverage means $100 can control a $10,000 trade. Be cautious, as high leverage increases risk.
Is forex trading taxable in Malaysia?
Yes, profits from forex trading are subject to taxation in Malaysia. Consult a tax advisor to ensure compliance with local laws.
Can I trade forex without prior experience?
Yes, many brokers offer demo accounts and educational tools for beginners to practice and learn before trading with real money.
Which forex broker is best for Malaysians in 2025?
The best broker depends on your needs. OctaFX, Exness, and FBS are excellent choices for beginners due to their low fees, user-friendly features, and local deposit methods.

Best Forex Brokers in Malaysia: Which One Is Right for You?