Trading forex in Malaysia used to be illegal. But the environment has changed for the better since then, and here are 5 recommended brokers to legally trade in Malaysia.

broker malaysia

Brokers today are freely and legally offering their services to Malaysian traders. Unfortunately, fraud brokers are still in existence running their schemes. Thus, before opening an account, you may need to make sure that the broker is legit. There are also other factors you should take into consideration. Still, the main things when it comes to trading in Malaysia are the broker's presence in the country and the availability of Islamic accounts.

These are some of the best Malaysian brokers to consider:

  1. Tickmil: LFSA with License Number MB/18/0028.
  2. FBS: LFSA with License Number MB/18/0028.
  3. IFC Market: LFSA with License Number MB/20/0049.
  4. ICM Market: LFSA with License Number MB/18/0029.
  5. Hirose: LFSA with License Number MB/15/0006.
  6. Deriv: LFSA with License Number MB/18/0024.
  7. XM : Not regulated by the LFSA, but provides specified webinars for Malaysian traders.

But before we begin to explore each broker above, let's learn what criteria we should expect from top forex brokers for Malaysian traders.

 

3 Aspects that Define a Good Malaysian Broker

For a broker to be considered ideal for Malaysian traders, here are the three criteria and why they matter:

 

Registered Under a Malaysian Government Agency

Currently, Malaysia has several financial regulators that issue licenses for trading providers. Aside from the Securities Commission of Malaysia (SCM) that specifically deals with securities market, there are also Bursa Malaysia (a stock exchange), Malaysia International Islamic Financial Centre (MIFC), Shariah Advisory Councils (SAC), and Labuan Financial Services Authority (Labuan FSA or LFSA).

Forex brokers who want to operate legally in Malaysia are mostly registered as Money Brokers with LFSA. Established in 1996, the statutory body is responsible for developing and administrating the Labuan International Business and Financial Centre (Labuan IBFC) to promote and develop Labuan as an international center for business and financial services. Labuan IBFC complements Malaysian financial industry through its strong regulatory and supervisory functions that are developed in accordance with international standards.

 

Operates in Malaysia

Not only holds a license from local agencies like LFSA, a good broker for Malaysian traders should operate in the country and has a headquarter or at least a branch office there. This is to strengthen their presence in the Malaysian finance industry as well as optimize their service for clients who need offline consultations.

 

Offers Islamic Account

Malaysia is globally known as a Muslim country that has anchored Islam in its constitution as a state religion. Therefore, it is crucial for a forex broker in Malaysia to ensure that their service adheres to Sharia Law. This is usually accommodated into an Islamic or swap free account that eliminates swap rates for overnight positions.

 

Recommended Brokers for Malaysian Traders

Now that we have discussed all the important parameters to choose a good broker in Malaysia, here are 7 popular names that fit most (or even all) criteria:

 

Tickmill

Tickmill is a global brand that offers premium trading products and services with transparency and innovative technology. Their retail trading conditions are among the most well-known in the industry. With a strong track record of robust financial results and promising growth since its establishment in 2014, Tickmill has become a trusted market leader in forex and CFD brokerages.

Unfortunately, Tickmill does not provide local bank deposits and withdrawals. However, Malaysian traders could transfer and receive funds through various payment methods, including but not limited to Skrill, Neteller, Sticpay, and even cryptocurrency. This broker also does not equip their official website with the Malaysian language either.

Here are some specifications that make Tickmill a recommended broker for Malaysian traders:

🏢Broker Tickmill
📝Company Name Tickmill Asia Ltd
💼Malaysian Regulation Labuan Financial Services Authority (LFSA) with License Number: MB/18/0028
📬Office Address in Malaysia Unit B, Lot 49, 1st Floor, Block F, Lazenda Warehouse 3, Jalan Ranca-Ranca, 87000 Labuan F.T
🕋Islamic Account
MYR Account Currency
💰Local Deposit and Withdrawal
📲Contact Support
  • Phone: +852 5808 2921 (Seychelles) or +6087 504 565 (Malaysia)
  • Email: [email protected]
  • Live chat via website is also available
Webinar Program for Malaysian Clients
🎁Bonus and Promotion for Malaysian Clients
🇲🇾Malay Language
🌐 Website
tickmill.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$100
Year Established
2014

Bonuses
PAMM
Trading contests
Segregated accounts
VPS
MAM
Free education
Trading by phone
Negative balance protection
Compensation scheme
VPS
Personal manager
Affiliate program
Copy trading
Webinar
Islamic account
Low spread eur/usd
WebMoney
Skrill
Wire transfer
Neteller
QIWI
FasaPay

Tickmill is an award-winning global ECN broker, authorized and regulated by the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus, and the FSA of Seychelles. Founded in 2014, it offers its retail and institutional clients various trading services with a prime focus on forex, stock, commodities, CFDs, and metals.

For traders who prioritize the value of spreads in broker selection, Tickmill provides excellent services with low spreads, starting from 0.0 pips.

The London-based company has a mission to provide clients with the best possible trading environment, so clients can focus on trading and become successful traders. One way to reach its mission is to offer a fast-execution of 0.15s. With this facility, it's no wonder that Tickmill gets the 2019 Best Forex Execution Broker award by the CFI.co Awards. Also, Tickmill received the achievement as Best CFD Broker Asia 2019 by International Business Magazine, the Best Forex Broker Asia, and the Most Transparent Broker 2019 by Forex Awards.

After registering in Tickmill, traders can choose the most ideal asset among 60 currency pairs that they can trade. If traders aren't sure yet to open a real account, Tickmill recommends learning to trade through a demo account.

There are also educational features such as Webinars, Seminars, Ebooks, and Video Tutorials. All of these facilities can be used by traders to increase knowledge about trading and the financial market as a whole. If traders already have enough knowledge, they have a greater opportunity for earning profit consistently.

For traders registered in real accounts, they can choose between provides three types of accounts, including Pro Account, Classic Account, and VIP Account. Traders can open positions with a minimum order of 0.01 Lots. This applies to all types of accounts.

The company provides recommendations for traders who are still confused when choosing an account. For example, for novice traders, Tickmill encourages clients to choose a Classic Account. It offers optimal conditions with fast order execution while enabling traders to use virtually any trading strategy. Additionally, the account is trade commission-free so traders only pay the bid/ask spread. Other than the 3 main accounts above, Tickmill also provides an Islamic account (swap-free).

The downside is, trading with Tickmill will only enable traders to use MetaTrader 4 as their offered trading platform. Although not much if compared to other brokers, the Tickmill platform provides a user-friendly and highly customizable interface, accompanied by sophisticated order management tools to help traders control positions quickly and efficiently.

The convenience of trading on Tickmill is enhanced by the existence of One-Click EA integrated on MT4. Traders will get Stop Loss and Take Profit calculations automatically. On top of that, Tickmill provides a VPS hosting for automated traders that can't be bothered with technical problems such as troublesome internet connection.

They offer several third-party research solutions, including Autochartist, which is a popular pattern-recognition software that uses automated technical analysis to make forecasts and generate trading signals. Autochartist is available both in Tickmill's web portal and as a platform plugin for MetaTrader 4.

As a Tickmill client, a trader can deposit and withdraw with a variety of payment methods, including Visa, Mastercard, bank transfer, and Skrill. Tickmill accepts deposits and withdrawals in 4 currencies, which include USD, EUR, GBP, and PLN.

Overall, Tickmill is a competitive broker in spreads and provides a safe trading environment with its regulated entities in three different jurisdictions. Although their trading platform is not outstanding, the analytical tools they present to equip traders' needs are considered by retail broker standards.

 

FBS

FBS is a globally licensed broker that has been operating since 2001. Throughout its operational history, FBS has consistently provided a diverse range of trading facilities for its clients. A total of 13 million clients have been satisfied with FBS's services.

FBS offers Three types of accounts: Cent, Standard, and Pro. All of these can be accessed through MT4 or MT5 platforms. The minimum deposit set for the Cent account is very low, at just $10. For the Standard account, the minimum deposit is $100.

FBS won The Best Broker in Malaysia award during the Traders Fair & Gala Night Malaysia. This signifies that the broker comes highly recommended for Malaysian traders. Additionally, FBS's official website is also available in the Malay language.

🏢Broker FBS
📝Company Name FBS Markets Inc.
💼Malaysian Regulation Labuan Financial Services Authority (LFSA) with License Number: MB/18/0028
📬Office Address in Malaysia Unit A-12A-2, Level 12A, Tower A, Menara UOA Bangsar, No.5, Jalan Bangsar Utama 1, 59000 Kuala Lumpur, Malaysia
🕋Islamic Account
MYR Account Currency
💰Local Deposit and Withdrawal
📲Contact Support
  • Phone: +357 22 010970; +501 611 0594
  • Email: [email protected]
  • Live chat via website is also available
Webinar Program for Malaysian Clients
🎁Bonus and Promotion for Malaysian Clients
🇲🇾Malay Language

Malaysian traders can also make payments through various local banks such as:

  • Hong Leong Bank
  • AmBank Group
  • Bank Islam Malaysia
  • Bank Simpanan Nasional
  • Affin Bank Berhand Bank
  • Alliance Bank
  • Public Bank
  • DuitNow QR
🌐 Website
fbs.com
Leverage
1:3000
💼 Regulation
💲 Min Deposit
$5
Year Established
2009

Bonus offers
Trading contests
Free education
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
VPS
Education
Webinar
Low spread eur/usd
FasaPay
Neteller
Skrill
Wire transfer

Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.

FBS is regulated by FSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.

Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.

FBS spread begins from 0.5 pips for Pro account type and from 0.7 pips for Standard and Cent accounts. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.

Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading instruments: 36 Forex pairs, 8 metals, 3 energies, 11 indices, 127 stocks, 5 crypto pairs.

Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.

FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.

MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.

Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of FSCing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.

Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.

Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.

Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.

In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.

 

IFC Markets

A leading brokerage company in forex and CFD markets, IFC Markets has existed for 16 years and counting in the market. The broker provides world-class services for traders with unique advantages that are exclusive and offered by IFCM only. Some are NetTraderX analytical platforms, PAMM accounts, Portfolio Quoting Methods, and Synthetic Instruments.

This broker provides Malaysian language on their official website to help traders navigate more easily. Unfortunately, IFC does not offer deposit and withdrawal methods via local banks. However, Malaysian traders can use various payments such as Webmoney, Fasa Pay, Perfect Money, and cryptocurrency.

Here are some specifications that make IFC Markets a recommended broker for Malaysian traders:

🏢Broker IFC Markets
📝Company Name IFC Markets Ltd
💼Malaysian Regulation Labuan Financial Services Authority (LFSA) with License Number: MB/20/0049
📬Office Address in Malaysia Level 14B & 14C, Main Office Tower, Financial Park Complex, Jalan Merdeka , 87000 Labuan F.T
🕋Islamic Account
MYR Account Currency
💰Local Deposit and Withdrawal
📲Contact Support
  • Phone: +442039661649; +16136864362
  • Email: [email protected]
  • Live chat via website is also available
Webinar Program for Malaysian Clients
🎁Bonus and Promotion for Malaysian Clients
🇲🇾Malay Language
🌐 Website
www.ifcmarkets.com
Leverage
1:400
💼 Regulation
💲 Min Deposit
$1
Year Established
2006

PAMM
Personal manager
Segregated accounts
VPS
Free education
Trading by phone
WebMoney
Skrill
Wire transfer
Neteller
CashU

 

ICM Capital

Another broker that fit the criteria for Malaysian traders is ICM Capital. Originally a London-based company, ICM Capital has expanded to many countries since its invention back in 2009. The company claims always to follow industry best practices to maintain high governance, compliance, and consistency standards. One of their main services is the ECN trading condition, combining advanced technology with deep liquidity.

For a better experience, ICM provides the Malaysian language on the official website. Unfortunately, this broker does not offer local bank deposit and withdrawal methods. A trader can still use various payments such as Neteller, skrill, and even Bitcoin.

Here are some specifications that make ICM Capital a recommended broker for Malaysian traders:

🏢Broker ICM Capital
📝Company Name ICM Capital (Labuan) Limited (formerly known as ICM Trader Limited)
💼Malaysian Regulation Labuan Financial Services Authority (LFSA) with License Number: MB/18/0029
📬Office Address in Malaysia Office Suite 1623, Level 16 (A), Main Office Tower, Financial Park Complex, Jalan Merdeka, 87000 F.T., Labuan
🕋Islamic Account
MYR Account Currency
💰Local Deposit and Withdrawal
📲Contact Support
  • WhatsApp: +44 7575 070707
  • Phone: 44 207 634 9779
  • Email: [email protected]
  • Live chat via website is also available
Webinar Program for Malaysian Clients
🎁Bonus and Promotion for Malaysian Clients
🇲🇾Malay Language
🌐 Website
icmcapital.co.uk
Leverage
1:30
💼 Regulation
💲 Min Deposit
$200
Year Established
2009

Segregated accounts
VPS
MAM
Free education
Trading by phone
PayPal
Skrill
Wire transfer
Neteller

 

Hirose

Hirose was founded in 2010 to provide global clients forex and CFD trading services. One of their strong advantages comes from their roots as a Japanese innovation. Although they are mostly known as Hirose Financial UK, but under Hirose Group, the broker has actually expanded to other markets like Malaysia. Right now, Hirose does not offer Malaysian local bank deposits and withdrawals. While the official website does not comes with Malaysian language options, trader can use the English version of the websites comfortably.

Here are some specifications that make Golden Brokers a recommended broker for Malaysian traders:

🏢Broker Hirose
📝Company Name Hirose Financial MY Limited
💼Malaysian Regulation Labuan Financial Services Authority (LFSA) with License Number: MB/15/0006 and approval to conduct digital financial services related business.
📬Office Address in Malaysia Level 2, Lot 19, Lazenda Commercial Centre, Phase 3, 87007 F.T. Labuan
🕋Islamic Account
MYR Account Currency
💰Local Deposit and Withdrawal
📲Contact Support
  • Phone: +44 (0)20 3089 3880
  • Email: [email protected]
  • Live chat via website is also available
Webinar Program for Malaysian Clients
🎁Bonus and Promotion for Malaysian Clients
🇲🇾Malay Language
🌐 Website
hiroseuk.com
Leverage
1:30
💼 Regulation
💲 Min Deposit
$1
Year Established
2010

Personal manager
Trading contests
Segregated accounts
Free education
Trading by phone
Skrill
Wire transfer
Neteller

 

Deriv

Founded in 1999, Deriv has an undeniable experience in providing forex trading services. They offer CFDs and other derivatives on forex, stocks, indices, cryptocurrencies, and commodities to millions of clients across the globe. With a motto of "make trading accessible to anyone, anywhere",

Deriv's goal was to break free of high commissions, typically in traditional brokers. Despite the cost-cutting measures, they aim to deliver a first-class experience for their traders. Unfortunately, Deriv does not offer payment using local banks in Malaysia. Their official website only offers English as a language option.

Here are some specifications that make Deriv a recommended broker for Malaysian traders:

🏢Broker Deriv
📝Company Name Deriv (FX) Ltd.
💼Malaysian Regulation Labuan Financial Services Authority (LFSA) with License Number: MB/18/0024 and approval to conduct digital financial services-related business.
📬Office Address in Malaysia Lot No.F16, First Floor, Paragon Labuan, Jalan Tun Mustapha, 87000 Labuan F.T
🕋Islamic Account
MYR Account Currency
💰Local Deposit and Withdrawal
📲Contact Support
Webinar Program for Malaysian Clients
🎁Bonus and Promotion for Malaysian Clients
🇲🇾Malay Language
🌐 Website
deriv.com
Leverage
1:1000
💼 Regulation
💲 Min Deposit
$5
Year Established
1999

Segregated accounts
WebMoney
Skrill
Wire transfer
Neteller
FasaPay

 

XM

XM offers diverse account types and a comprehensive range of deposit and withdrawal methods to cater to the needs of local traders. With the availability of Islamic accounts and a convenient selection of funding options, XM strives to provide a user-friendly and accommodating trading experience in Malaysia.

Traders can fund their trading accounts through various methods, including debit/credit cards, Neteller, Skrill, online bank transfers, cryptocurrencies, mobile banking, FSAPay, and Google Pay. For withdrawals, XM supports several methods, including debit and credit cards, Neteller, Skrill, online bank transfers, and FASAPay.

Malaysian traders can also make payments through various local banks such as:

  • Hong Leong Bank
  • Maybank
  • AmBank
  • RHB Bank
  • Public Bank
  • Bank Islam Malaysia Berhad
  • CIMB Bank

Here are some specifications that make XM a recommended broker for Malaysian traders:

🏢Broker XM
📝Company Name Trading Point Holdings Ltd
💼Malaysian Regulation
📬Office Address in Malaysia 9th Floor, Kenanga International, Jalan Perak, Kuala Lumpur, 50250 Kuala Lumpur, Wilayah Persekutuan, Malaysia
🕋Islamic Account ✔️
MYR Account Currency
💰Local Deposit and Withdrawal ✔️
📲Contact Support
  • Phone: +60 3-2164 4681; +501 223-6696 (Belize); +501 227-9421
  • Email: [email protected]
  • Live chat via website is also available
Webinar Program for Malaysian Clients
Hosted by Zulle Razak, Imran Zailani, Muhamad Azni, Siti Wani, and other professional traders from Malaysia
🎁Bonus and Promotion for Malaysian Clients ✔️
🇲🇾Malay Language ✔️
🌐 Website
www.xm.com
Leverage
1:1000
💼 Regulation
💲 Min Deposit
$5
Year Established
2009

Bonuses
Personal manager
Segregated accounts
Free education
Trading by phone
Compensation scheme
Negative balance protection
VPS
Affiliate program
Copy trading
Webinar
WebMoney
Skrill
Wire transfer
Neteller
CashU
QIWI
FasaPay

XM Group is a group of regulated brokers and it is owned by Trading Point Holdings Ltd. Entities under XM Group have significant experience as financial services providers worldwide.

Trading Point of Financial Instruments Ltd was established in 2009 with headquarters in Limassol, Cyprus, Trading Point of Financial Instruments Pty Ltd was established in 2015 with headquarters in Sydney, Australia, XM Global Limited was established in 2017 with headquarters in Belize and Trading Point MENA Limited was established in 2019 with headquarters in Dubai.

XM Group is regulated by the CySEC (Cyprus Securities and Exchange Commission) - Trading Point of Financial Instruments Ltd, FSC (Financial Services Commission) – XM Global Limited, the ASIC (Australian Securities and Investments Commission) - Trading Point of Financial Instruments Pty Ltd and DFSA (Dubai Financial Services Authority) - Trading Point MENA Limited.

XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and EN Live Edu that is instructed by 16 global experts.

In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, & Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.

Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip.

To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. Minimum deposit of $5 applies to Standard, Micro, and also Ultra-Low Accounts. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.

For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.

To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).

All in all, there is no doubt that XM has gone global with its deep commitment to providing services in more than 30 different languages across the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.

For their global approach, XM has ensured that traders from various countries could access their service easily. This results in the provision of different domains specified for traders in certain jurisdictions. For example, traders from Indonesia could access XM via this link.

 

Apart from Malaysia, one of the most lucrative markets in Southeast Asia is Indonesia, an emerging country with one of the highest populations in the world. Interestingly, this country has a quite strict regulation that limits its people to trade with only Bappebti-regulated brokers.