Best Forex Brokers in Malaysia for 2025

Company	Accepts MY Residents	Overall Rating	Minimum Deposit	Average Spread EUR/USD - Standard
IG	check		£250.00	0.98 info

Founded in 1974, IG is one of the most established brokers in the online trading industry and is publicly listed on the London Stock Exchange. The firm operates under a wide range of regulatory licenses globally and serves clients in over 180 countries. IG offers a comprehensive selection of trading instruments, including over 100 forex pairs, indices, commodities, and options.

IG provides access to its proprietary web-based trading platform as well as MetaTrader 4 (MT4). The broker is well known for its educational content, market research, and risk management tools, making it suitable for a wide spectrum of traders. IG’s pricing is competitive, and its execution quality is supported by years of infrastructure development and global market access.

IG does not currently hold a Capital Markets Services License (CMSL) from the Securities Commission Malaysia (SCM), but it continues to accept Malaysian residents through its internationally regulated entities.

Regulation

IG is regulated by multiple Tier-1 regulators, including the Financial Conduct Authority (FCA) in the U.K., the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS), and Switzerland’s FINMA. IG holds regulatory licenses in over 10 jurisdictions and earns a Trust Score of 99, the highest rating in our methodology.

Company	Accepts MY Residents	Overall Rating	Minimum Deposit	Average Spread EUR/USD - Standard
Interactive Brokers	check		$0	0.59 info

Interactive Brokers was founded in 1977 and is publicly traded on the NASDAQ. The broker is known for its global market access, competitive pricing, and institutional-grade platforms. Interactive Brokers offers trading in a broad range of asset classes, including spot forex, stocks, futures, options, bonds, and funds.

The Trader Workstation (TWS) platform is designed for advanced users and offers professional-grade features such as advanced charting, algorithmic order types, and customizable workflows. Interactive Brokers also provides a web platform and mobile app with synchronized tools and data. While MetaTrader is not supported, the TWS platform is suited to experienced traders with advanced requirements.

Interactive Brokers does not currently hold a local license with the Securities Commission Malaysia, but accepts Malaysian clients through its internationally regulated entities.

Regulation

Interactive Brokers is regulated in more than 10 jurisdictions, including Tier-1 regulators such as the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the U.K.’s Financial Conduct Authority (FCA), and the Monetary Authority of Singapore (MAS). It holds a Trust Score of 96, reflecting a high level of regulatory oversight and operational transparency.

Company	Accepts MY Residents	Overall Rating	Minimum Deposit	Average Spread EUR/USD - Standard
Saxo	check		$0	1.1 info

Saxo Bank is a privately held investment bank headquartered in Copenhagen, Denmark. Established in 1992, the broker offers a broad range of instruments, including over 180 forex pairs, CFDs, equities, ETFs, bonds, futures, and options. Saxo’s platform suite is considered one of the most sophisticated available to retail and professional traders.

SaxoTraderGO and SaxoTraderPRO are proprietary platforms that offer advanced trading tools, integrated research, and institutional-grade execution. The broker places a strong emphasis on market analysis, providing clients with curated news, macroeconomic commentary, and in-house research. Saxo’s offerings cater to active traders and professionals who require depth of product and data access.

While Saxo does not hold a Capital Markets Services License (CMSL) from the Securities Commission Malaysia, it is regulated in multiple global jurisdictions and accepts Malaysian clients under its offshore entities.

Regulation

Saxo Bank is licensed by several Tier-1 regulators, including the Danish Financial Supervisory Authority (FSA), the U.K.’s Financial Conduct Authority (FCA), the Monetary Authority of Singapore (MAS), and Switzerland’s FINMA. It holds a Trust Score of 98, based on its global regulatory footprint and adherence to high compliance standards.

Forex regulation in Malaysia is governed primarily by two authorities: the Securities Commission Malaysia (SCM) and Bank Negara Malaysia (BNM). While BNM oversees currency policy and exchange controls, the SCM is the licensing body for capital market services, including retail forex trading on margin.

To operate legally in Malaysia, a forex broker must hold a Capital Markets Services License (CMSL) issued by the SCM. However, many top-tier global brokers serve Malaysian residents without having local SCM licenses. Though this is technically permissible, it does carry additional risks, as the SCM does not provide direct investor protection for trades made through unlicensed entities.

BNM also maintains a Financial Consumer Alert List (FCA List), which highlights entities wrongly perceived as licensed or that may pose a risk to consumers. This list isn’t a confirmed scam list, but it’s a useful resource for spotting unregulated or questionable firms.

While regulation by a foreign Tier-1 agency (like the FCA or ASIC) offers a layer of protection, it’s always best for Malaysian residents to check both the SCM Public Register and BNM’s Alert List before opening an account.

Yes, forex trading is legal in Malaysia – as long as it is conducted with a licensed money service business provider under Malaysia’s Money Service Business Act of 2011, or with a regulated broker under the Exchange Control Act of 1953. The Central Bank of Malaysia considers forex brokers that are not regulated directly in Malaysia to be potential scams, and has created a list of unregulated brokers to protect consumers – though it’s important to note that inclusion within this list does not necessarily indicate a scam.

There are also over 163 Appointed Overseas Offices (AOOs) for banks and brokerages that are licensed to deal with non-residents in Malaysia for financial services such as forex trading, per the Central Bank of Malaysia’s FX Policy.

Note: There are many reputable, highly rated forex brokers that are regulated in other countries that do accept Malaysian residents.

The central bank of Malaysia, or Bank Negara Malaysia (BNM), has authority over the local foreign exchange markets and regulates the national currency (the Malaysian Ringgit). That said, there is no clear framework for brokers that offer retail forex from a margin account, leaving locals with little choice in choosing a local forex broker for the purpose of retail forex trading. For example, CIMB is one of a dozen brokers regulated by the SCM in Malaysia, but it doesn’t offer leveraged forex trading. CIMB’s forex offering is limited to physical exchange (i.e. currency conversion) – which is not ideal for speculators.

After conducting extensive testing on the best mobile apps from international forex brokers and local forex brokers in Malaysia, IG’s suite of mobile apps emerged as our top choice. IG delivers an outstanding mobile trading experience, and its IG Trading app is available for Android and iOS devices.

In my full-length review of IG, I describe IG’s mobile app as being “packed with plenty of features that will satisfy both casual and advanced traders.”

Important note: Though not regulated by the SCM in Malaysia, IG holds close to a dozen regulatory licenses in multiple jurisdictions across the world, making it one of the most trusted international forex brokers.

IG is the best broker for beginners in 2025, thanks to its vast selection of comprehensive educational resources. IG has a massive variety of content for beginners across various media formats such as videos, articles, and podcasts, including in-house content from IG’s DailyFX news portal. IG’s high-quality educational content is bolstered by interactive courses that allow you to track your progress while learning how to trade forex and CFDs. IG has even developed a standalone mobile app (in addition to their award-winning IG Trading app) dedicated to helping beginners learn about the financial markets.

Yes, the Metatrader platform, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), developed by MetaQuotes Software Corporation, is licensed to hundreds of brokers around the world and is legal to use in Malaysia.

However, the regulatory status of the forex broker that is offering MetaTrader in Malaysia (or any platform, for that matter) must be checked on a case-by-case basis to determine whether the broker is authorized by the local regulator, the SCM.

Among all brokers tested, FOREX.com ranks as the best MetaTrader 4 (MT4) broker, offering strong platform integration, competitive spreads, and a wide selection of trading tools for MT4 users. Malaysian residents can access FOREX.com through its internationally regulated entities.