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Best forex brokers in Malaysia in 2022

Saxo Bank Logo
1st place
Saxo Bank
Fusion Markets Logo
2nd place
Fusion Markets
Visit broker
74-89% of retail CFD accounts lose money
CMC Markets Logo
3rd place
CMC Markets
Visit broker
76% of retail CFD accounts lose money

To help you find the best forex brokers in Malaysia, we looked at over 100 online brokers with a focus on retail traders. We checked and compared their fees, currency pair selection, charting tools, and educational materials.

Here are our top 5 picks for the top forex brokers in Malaysia in 2022:

  1. Saxo Bank is the winner, the best forex broker in Malaysia in 2022. It offers a great trading platform, outstanding research, and broad product portfolio.
  2. Fusion Markets takes second place with low trading and non-trading fees, fast and easy account opening, and great customer service.
  3. CMC Markets comes third with low forex fees, great web and mobile platforms, and advanced research and educational tools.
  4. Interactive Brokers ranks fourth with low trading fees, a wide range of products, and many great research tools.
  5. Capital.com just made it on the list, taking the number five spot. It offers low forex CFD fees and commission-free real stocks, great account opening experience, and excellent email and chat support.

Here is our score sheet including the minimum deposit you need to make at these trading platforms:

Minimum deposit at the top forex brokers in Malaysia in 2022
Broker Info Minimum deposit Forex fee score
#1 Saxo Bank Danish investment bank $2,000 4.2 stars Visit broker
#2 Fusion Markets Australian forex broker $0 4.9 stars Visit broker
74-89% of retail CFD accounts lose money
#3 CMC Markets Global CFD broker $0 3.7 stars Visit broker
76% of retail CFD accounts lose money
#4 Interactive Brokers International broker providing all asset classes $0 3.3 stars Visit broker
#5 Capital.com Global CFD broker $20 3.7 stars Visit broker
81.40% of retail CFD accounts lose money

Best forex brokers
Fee comparison of the best forex brokers in Malaysia

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Saxo Bank Fusion Markets CMC Markets Interactive Brokers Capital.com
EURUSD benchmark fee $7.1 $5.2 $8.8 $10.4 $8.7
GBPUSD benchmark fee $5.5 $3.2 $5.8 $8.3 $6.6
AUDUSD benchmark fee $5.7 $2.5 $8.2 $7.9 $6.1
EURCHF spread 1.4 0.6 2.5 0.4 2.2
EURGBP benchmark fee $8.7 $5.7 $10.2 $10.7 $10.9

All spreads, commissions and financing rate for opening a position, holding it for a week, and closing.

Best forex brokers
Non-trading fees of the best forex brokers in Malaysia

Saxo Bank Fusion Markets CMC Markets Interactive Brokers Capital.com
Account fee No No No No No
Inactivity fee Yes No Yes No No
Withdrawal fee $0 $0 $0 $0 $0

Best forex brokers
Currency pair selection offered by the top forex brokers in Malaysia

Saxo Bank Fusion Markets CMC Markets Interactive Brokers Capital.com
Currency pairs (#) 190 89 338 105 138

Best forex brokers
Our top scores for the best forex brokers in Malaysia

Based on our assessment and hundreds of data points we analyzed, here is our scorecard for the best online brokers for trading forex in Malaysia:

Saxo Bank Fusion Markets CMC Markets Interactive Brokers Capital.com
Fees score 3.3 stars 4.7 stars 3.6 stars 4.5 stars 4.4 stars
Markets and products score 5.0 stars 2.2 stars 2.6 stars 5.0 stars 3.1 stars
Education score 4.5 stars 1.5 stars 5.0 stars 4.5 stars 5.0 stars
Charting quality Great Mid-range Great Great Great

There are a few things that are good to know before diving into forex trading and the financial markets:

What makes a top forex broker?

  • First of all, fair forex fees.
  • A good selection of currency pairs.
  • A great forex trading platform with advanced charting.
  • Educational tools to guide you through the basics of trading.

If you're a beginner, be careful with foreign currency trading as forex products are complex and risky, therefore not suitable for everyone.

Is forex trading legal in Malaysia?

We, at BrokerChooser only recommend brokers that have enough safeguards to be considered safe. However, here are a few tips and insights into the safety and legality of foreign currency trading in Malaysia.

Several internationally regulated forex brokers accept clients from Malaysia. An additional layer of safety can be provided by the Capital Markets Services License (CMSL) issued by the Securities Commission of Malaysia, or SCM, which is the country's regulatory body.

The SCM was established in 1993, and is a subsidiary of Bank Negara Malaysia (Malaysia's central bank) and regulates the securities market. The SCM issued new guidelines on Contract for Difference (CFDs) in April 2018, which covers brokers offering forex and other derivative products. However, most brokers operating in Malaysia work under an international license rather than a Malaysian one.

Another authority in the region is the Labuan Financial Services Authority (LFSA), which is the regulator of the Labuan International Business and Finance Centre (IBFC). Labuan has been designated as a financial center and free-trade zone by the Malaysian government. Here is list of brokers licensed with them.

Traders from Malaysia tend to rely on digital payment providers, such as iPay88 or eGHL, as banks in the country consider forex trading risky.

The official religion of Malaysia is Islam and local forex brokers are obliged to offer special accounts that adhere to the Sharia law. Islamic foreign currency accounts will not charge interest on open positions held overnight, but on the other hand, some Islamic accounts will charge commission or offer wider spreads than a traditional forex account.

Now let's see our top picks in detail, starting with the winner, Saxo Bank.

Saxo Bank Logo

#1 Best forex broker
Saxo Bank

The essence: Saxo Bank offers low forex fees and 190 currency pairs. It is recommended for investors and traders looking for a great trading platform and solid research.
  • $2,000 minimum deposit
  • No account fee
  • The forex benchmark fee for EURUSD is $7.8
  • There is an inactivity fee
  • No withdrawal fee

Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK's Financial Conduct Authority (FCA), and is considered safe.

Visit broker

Fusion Markets Logo

#2 Best forex broker
Fusion Markets

The essence: Fusion Markets has low fees and gives access to 89 currency pairs. It is recommended for forex traders looking for low fees and a chance to use the MetaTrader 4 platform.
  • No minimum deposit
  • The forex benchmark fee for EURUSD is $5.2
  • No account fee
  • No inactivity fee
  • No withdrawal fee

Fusion Markets is an Australian discount forex broker founded in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC), and considered safe.

Visit broker
74-89% of retail CFD accounts lose money

CMC Markets Logo

#3 Best forex broker
CMC Markets

The essence: CMC Markets has low fees and offers access to 338 currency pairs. It is recommended for forex and CFD traders looking for an advanced trading platform with many research tools.
  • No minimum deposit
  • The forex benchmark fee for EURUSD is $8.8
  • No account fee
  • There is an inactivity fee
  • No withdrawal fee

CMC Markets is a global CFD and forex broker, founded in 1989. It is regulated by several authorities globally, including the top-tier UK Financial Conduct Authority (FCA). The company is also listed on the London Stock Exchange, and is considered safe.

Visit broker
76% of retail CFD accounts lose money

Interactive Brokers Logo

#4 Best forex broker
Interactive Brokers

The essence: Interactive Brokers has average fees and gives access to 105 currency pairs. It is recommended for traders looking for broad market access and a professional trading environment.
  • No minimum deposit
  • The forex benchmark fee for EURUSD is $10.4
  • No account fee
  • No inactivity fee
  • No withdrawal fee

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC). Given that the broker has licenses from multiple top-tier regulators, Interactive Brokers is considered safe because it has a long track record and publicly disclosed financials while being listed on a stock exchange.

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Capital.com Logo

#5 Best forex broker
Capital.com

The essence: Capital.com has low fees and gives access to 138 currency pairs. It is recommended for forex and CFD traders looking for an advanced trading platform with many research tools.
  • $20 minimum deposit
  • The forex benchmark fee for EURUSD is $8.7
  • No account fee
  • No inactivity fee
  • No withdrawal fee

Capital.com is a global CFD broker founded in 2016. It has offices located in the United Kingdom, Cyprus, Australia, Seychelles and Gibraltar where each is authorized and regulated locally respectively by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA), and is considered safe.

Visit broker
81.40% of retail CFD accounts lose money

Best forex brokers
Forex broker fees in Malaysia

Forex brokers can charge commissions, spreads and financing fees.

When it comes to commissions, there are two different fee structures forex brokers normally use:

  1. All currency trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the forex market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't always mean it's more expensive.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called the financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.

If you don't know how forex trading works, take a look at our forex education articles.

If you feel a bit more comfortable with forex trading, we suggest you also check out our list of the best forex brokers.

Still unsure? Use our broker finder tool for a personalized broker recommendation.

Best forex brokers
FAQ

Is forex taxable in Malaysia?

Income from forex trading is taxable in Malaysia as income tax. However, capital gains are exempt from tax. If you trade with a swap-free Islamic account and you are not getting your main income from trading, any gains on your trades should be tax-free.

Is forex halal in Malaysia?

Forex trading is halal in Malaysia if you use an Islamic account. As Sharia law prohibits the accumulation of interest, traders with Islamic forex accounts do not pay or receive interest rates. Also transactions based on Islamic finance must be carried out without delay, transactions have to be executed immediately, and transaction cost should also be paid at the same time.

What is the best time to trade forex in Malaysia?

Just like on other markets, the best time to trade is when the market is volatile. The best trading hours move across the globe as the four biggest forex markets in different time zones, New York, London, Sydney and Tokyo, open and close around the clock. The New York/London markets overlap (8 to 12 EST) has the heaviest volume of trading and is best for trading opportunities. The forex market in Malaysia is open 24 hours a day for 5 days a week from Sunday 5pm EST (Monday 5am Malaysia) until Friday 4pm EST (Saturday 4am Malaysia).

Save yourself hours of research and check out our broker recommendation tool that will give you a tailor-made list of the best forex brokers available to you.

Author of this article

Eszter Zalan

Author of this article

Eszter is a Brussels-based content editor and writer with over fifteen years of experience in journalism. She thrives in researching complicated issues and explain their essence in a plain and clear language to guide you through the world of finance.

Eszter Zalan

Content Editor

Eszter is a Brussels-based content editor and writer with over fifteen years of experience in journalism. She thrives in researching complicated issues and explain their essence in a plain and clear language to guide you through the world of finance.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Visit Fusion Markets
74-89% of retail CFD accounts lose money
Visit CMC Markets
76% of retail CFD accounts lose money
Visit Capital.com
81.40% of retail CFD accounts lose money

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