Best Forex Brokers in Malaysia

Forex trading in Malaysia

Malaysia licenses dealing in derivatives through the Securities Commission Malaysia (SC) Capital Markets Services Licence, but none of the 20 brokers in our broker comparison holds one. Bank Negara Malaysia (BNM) sets foreign exchange policy and keeps its own Financial Consumer Alert List. Malaysians who trade forex online do so with offshore brokers.

This page ranks 14 of them. KCM Trade, our Editor's choice, is ranked first; it is licensed by ASIC and the Mauritius FSC. Exness does not accept Malaysian residents. CMC Markets, FOREX.com, eToro, Admirals and Swissquote rest on a single secondary source and are listed further down as not verified.

Is forex trading legal in Malaysia?

Forex trading is legal through the channels Malaysian law recognises: licensed onshore banks or BNM-approved persons under the Financial Services Act 2013 or Islamic Financial Services Act 2013, and SC licence holders for derivatives. None of the 20 brokers here is one. BNM defines buying or selling foreign currency with anyone else as an illegal foreign exchange trading scheme, and the SC states that clients of the brokers on its Investor Alert List are not protected under Malaysian securities laws. Neither regulator can help a Malaysian recover money from an offshore broker.

• SC Investor Alert List: XM (2018), Tickmill (2020), Admirals (2020), AvaTrade (2021), FxPro (2021) and Plus500 (2025). BNM's list adds XM (2017), Exness (2017) and AvaTrade (2024).
• Clone entries only: OANDA, CMC Markets, Interactive Brokers, eToro, XTB, FP Markets and IC Markets appear only as impersonations; the genuine firms are not listed.
• Not listed: KCM Trade, IG, Pepperstone, Saxo, FOREX.com and Swissquote.

We matched all 20 brokers against both lists in full on 21 September 2026; the SC Investor Alert List is searchable. See our guide to forex scams.

Deposits and withdrawals in Malaysia

The common Malaysian rails are FPX and local online banking, DuitNow, Touch 'n Go eWallet, bank transfer through Maybank, CIMB, Public Bank, RHB or Hong Leong, and Visa or Mastercard. We could tie a method to a broker in only two cases.

• FxPro states on its own site that Malaysians can open MYR accounts funded by local bank transfer or online payment services.
• XM is reported to support MYR bank transfer through the five banks above; the source is secondary and xm.com does not confirm it.
• IC Markets and Tickmill show no Malaysia-specific method; FP Markets, Pepperstone, IG and KCM Trade gave us nothing to confirm.

Where no ringgit account is offered, MYR is converted on deposit and withdrawal; the currency converter shows the market rate.

How to choose a forex broker in Malaysia

After KCM Trade, the ranking is by depth of tier-1 regulation (FCA, ASIC, CySEC, MAS, CFTC/NFA, FINMA, BaFin) held by the group, then confirmed ringgit funding, Bahasa Melayu support, entry cost and swap-free availability; alert-listed brokers stay in with a dated note. Our guide on how to choose a forex broker covers the general tests.

• Swap-free. Malaysia is on Pepperstone's swap-free eligible list. XM, Tickmill and AvaTrade advertise Islamic accounts, FP Markets and IC Markets swap-free accounts, and FxPro offers it on request.
• Language. XM, Tickmill and FxPro run Bahasa Melayu sites; the rest serve Malaysians in English.
• Cost. Minimum deposits run from $0 at IG, Interactive Brokers, OANDA, Saxo, IC Markets and XTB to $1,000 at KCM Trade; raw accounts quote EUR/USD from 0.0 pips plus commission, which the spread cost calculator compares. Headline leverage runs from 1:50 to 1:5000; see leverage and margin.
• Site access. On 21 September 2026 a Malaysian ISP resolver redirected xm.com, icmarkets.com, fpmarkets.com, tickmill.com, admiralmarkets.com, plus500.com and www.fxpro.com to a block page; our observation, not an official notice.

How we rank brokers for Malaysia

After KCM Trade, our Editor's choice, brokers are placed by the same checks, in this order: a licence from the local regulator where Malaysia issues one and the licensed entity is the one that serves local clients, depth of regulation (tier-1 and offshore licences both count), funding methods that work from Malaysia, a local-language site or support desk, the cost of getting started (minimum deposit and typical spread), and swap-free accounts where traders commonly ask for them. The order is an editorial judgement, not a computed score.

An (i) after a broker's description means it is named on the Bank Negara Malaysia Financial Consumer Alert List and the SC Malaysia Investor Alert List (source). The note records what the local regulator has published; it is not a finding of fraud, and it is removed when the entry is. Weigh it alongside the licences the broker holds.

Apart from KCM Trade, a broker is ranked among the verified brokers only when we could confirm, from its own website or the local regulator's register, that it opens accounts for residents of Malaysia. KCM Trade's availability in Malaysia was checked the same way. The 58 brokers marked Not verified follow them: we could not confirm from their own websites that they accept residents of Malaysia, most come from our wider broker directory, and their figures are indicative until we check them. Spreads, deposits and leverage are the same figures shown on our full broker comparison; leverage and protections depend on which of the broker's entities holds your account. Broker links may be partner links that earn ForexR a commission at no extra cost to you.

Brokers we did not rank for Malaysia

• ExnessExness' own help centre lists Malaysia among the countries whose residents are not accepted; 'Exness Malaysia' is also on BNM's Financial Consumer Alert List (2017).

Data last reviewed: September 2026. Availability, funding methods and rules change; confirm them on the broker's own website and with SC Malaysia before you open an account. This page is general information, not financial, legal or tax advice. CFDs and leveraged forex are complex instruments with a high risk of losing money rapidly.