Forex trading or currency exchange online has become increasingly popular among Malaysia investors. Trading forex (currencies) in Malaysia is popular among residents. While any internationally regulated forex broker can accept clients from Malaysia, it is an additional benefit to also hold a Capital Markets Services License (CMSL) from the Securities Commission of Malaysia (SCM), which is the financial regulatory body in Malaysia.
It might sound surprising but trading Forex was illegal not long ago in Malaysia. Traders were actually serving jail time for investing in online trading! Great news, though, this is all far behind us now and you can trade 100% legally today and invest in any currency pair you wish. All you need is a reliable broker and this is where we come in to help you out with our recommended Malay forex brokers reviews.
Top Forex Brokers Malaysia
In order to find the top forex broker in Malaysia in 2022, our team of experienced traders have searched, tested and reviewed all internationally regulated forex brokers out there. The brokers have then been sorted and ranked for their features, trading conditions, performance and other ranking factors. Below you can find our list of best forex brokers in Malaysia.
Malaysian Forex Brokers Comparison
Below are the table reviews where you can easily compare Malaysian regulated forex and CFDs brokers one next to each other and find out the brokerage that suits you best. Our team at ForexExplore.com has worked hard to create this comprehensive list for you, so take full advantage of it!
| Regulated Broker | Rating | Demo | Leverage | Bonus | Platforms | Regulation | Min Deposit | Payments |
| OctaFX | 9 | yes | 1:500 | up to 50% | MetaTrader 4, Metatrader 5, cTrader | FCA UK | 50 | Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay |
| LiteFinance | 8 | yes | 1:500 | 30% + 15% | Metatrader 4, Metatrader 5, WebTerminal | CySEC, Marshal Islands Business Corporation Act. | 10 | Skrill, Webmoney, Bitcoin, Advcash, Credit Card |
| XM | 8 | yes | 1:888 | $30 no deposit | MetaTrader 4, Metatrader 5, XM Webtrader | CySEC, ASIC Australia, IFSC Belize | 5 | Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer |
| AvaTrade | 7 | yes | 1:400 | 100% | AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions | Central Bank of Ireland, ASIC, Financial Services Commission of British Virgin Island | 100 | Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney |
| InstaForex | 7 | yes | 1:1,000 | $100 No Deposit Bonus | MetaTrader 4, Metatrader 5, Webtrader | RAFMM | 1 | Some local Bank transfers, PayCo, AstroPay, Cryptocurrency |
| FxPro | 5 | yes | 1:500 | up to $1,000 | FxPro cTrader, FxPro cTrader Web, MT4 Client Terminal, MT4 MultiTerminal, MT4 WebTrader, MT4 Premium | FCA, CySEC | 100 | Credit/Debit Card, Bank Wire, PayPal, Neteller, Skrill |
| FXCM | 5 | yes | 1:200 | - | Trading Station II, MetaTrader 4, Active Trader, Forex System Selector | UK Financial Conduct Authority, AFSL | 250 | Credit/Debit card, Online Check, Bank Wire, Paper Check |
| Plus500 | 5 | yes | 1:200 | 30% | Plus500 | Israel Securities Authority | 500 | Skrill, Credit Cards, Wire Transfer |
| Dukascopy | 4 | yes | 1:500 | - | Dukascopy | KPMG ARIF | 250 | Wire, Bank Guarantee, Standby letter of Credit Segregated Accounts |
| Forex.com | 4 | yes | 1:200 | - | ForexTrader platform (in-house), MetaTrader 4 | CFTC, NFA, FCA (UK), ASIC (Australia), ILLROC (Canada), SFC (Hong Kong), FFAJ (Japan) | 50 | wire transfer, Credit/Debit Card, Check |
| HYCM | 4 | yes | 1:400 | 25% up to $5,000 | Metatrader 4 | FCA UK, CySEC, SFC | 100 | credit cards, wire transfer, Skrill, webmoney |
| IronFX | 4 | yes | 1:500 | 40% | Metatrader 4 | ASIC, CySEC, DFSA, FCA UK, FSB, UCRFIN, CRFIN, Member of Eurex Exchange, Consob, BaFIN | 100 | credit cards, Fasapay, neteller, qiwi, skrill, webmoney, wire transfer |
| CMTrading | 4 | yes | 1:400 | 15% match | MetaTrader 4, Sirix | Financial Services Board (FSB) South Africa | 200 | credit/debit cards, Wire transfer, CashU ,Skrill |
| Blueberry Markets | 4 | yes | 1:500 | MetaTrader 4 | ASIC | 100 | credit cards, wire transfer, POLi, Skrill | |
| Trade Nation | 4 | yes | 1:30; 1:200 | in-house web-based platform, Metatrader 4 MT4 | FCA in the UK, the ASIC in Australia, the FSCA in South Africa and the SCB in the Bahamas | 1 | Credit Card, Srill | |
| FXDD | 3 | yes | 1:200 | - | MetaTrader4, FXDD Trader, Power Trader, FXDD Auto, MTXtreme | Malta Financial Services Authority (MFSA) | 100 | Wire, PayPal, Check, BPS |
| Oanda | 3 | yes | 1:50 | Metatrader 4, FXtrade | NFA | 1 | check, Credit cards, PayPal, Wire transfer | |
| iFOREX | 3 | yes | 1:400 | - | FXnet Trader | HFSA in Hungary, CySEC | 100 | credit cards, wire transfer |
| AdvancedMarkets | 3 | yes | 1:50 | - | Advanced Trader/Pro/Prime, Fortex FX | Australian AFSL, ASIC | 500 | Wire, Check |
| FP Markets | 3 | yes | 1:500 | 10% credit bonus | MetaTrader 4 (MT4), IRESS, Mobile trading | ASIC | 200 | credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer |
| DFMarkets | 3 | yes | 1:200 | 10% Trading Credit Promotion up to $1,000 | DFTrader, DF WebTrader, DF Mobile | FCA | 100 | Bank wire, Credit/Debit cards |
| Tickmill | 3 | yes | 1:500 | - | MetaTrader 4, Webtrader | FCA UK, FSA Seychelles | 100 | wire transfer (commission are charged), credit/debit cards, Skrill, Neteller, FasaPay, UnionPay and WebMoney |
| TenkoFX | 3 | yes | 1:500 | MetaTrader 4, Webtrader | International Financial Services Commission of Belize | 10 | Skrill, Neteller, FasaPay, Webmoney, Yandex Money, Qiwi | |
| Z.com Trade | 3 | yes | 1:200 | Z.com trader web, Z.com trader pro (demo account only) | FCA UK | 1 | credit cards, wire transfer, china unionpay, skrill | |
| Freshforex | 3 | yes | 1:1000 | +5% to each cryptocurrency deposit; get 300% for each deposit | Metatrader 4 | KROUFR | 1 | WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking |
| Pepperstone | 3 | yes | 1:500 | 100% Match Bonus | Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror | ASIC, FCA UK | 200 | bPay, credit cards, Paypal |
| TradeFW | 3 | yes | 1:30 | https://www.forexexplore.com/forex-brokers/tradefw-review | Cysec | 0 | Bank wire, Credit/Debit Card. | |
| CMCMarkets | 2 | yes | 500:1 | - | Next Generation web-based | FCA | 1 | Credit cards, Wire Transfer |
| ActivTrades | 2 | yes | 1:400 | Metatrader 4, Activtrader | FCA | 100 | Credit Card, Wire transfer, neteller, skrill, sofort | |
| Saxo Bank | 2 | yes | 1:100 | n/a | SaxoTrader | Danish Financial Services Authority and operates in the UAE | 5000 | Wire |
| Blackwell Global | 2 | yes | 1:200 | - | MetaTrader 4, Blackwell Pro, Mobile | Financial Conduct Authority | 2000 | redit/debit cards, Neteller, Skrill, Wire transfer |
| AAAfx | 2 | yes | 1:200 | up to 30% | ZTP, MetaTrader 4, Binary options webtrader, Zulutrade | HCMC (Greece) | 300 | Wire, Credit Card, Skrill, Neteller, giropay, EPS, directpay24, teleingreso, ideal, qiwi, Bitcoin |
| XTB | 2 | yes | 1:200 | Metatrader 4, xStation, xMobile | CNMV (Spain), FCA (UK), FSA (Poland) | 250 | Credit cards, Neteller, Paypal, Skrill, Wire transfer | |
| Anzo Capital | 2 | yes | 1:1000 | MetaTrader 4 | yes | 100 | Webmoney, Skrill, Neteller, Credit Cards | |
| EasyMarkets | 2 | yes | 1:100 | Metatrader 4, EasyMarkets web-based platform | ASIC (Australia), CySEC (Cyprus) | 100 | credit cards, neteller, Skrill, Webmney, wire transfer | |
| CityIndex | 2 | yes | 1:400 | - | MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet App | Trademark of GAIN Capital UK Ltd - Regulated by FCA | 100 | Credit/Debit Cards |
| Markets.com | 2 | yes | 1:200 | up to $2,000 | Meta Trader 4,MarketTrader, Market WebTrader, Market Java Trader, Market Mobile Trader, Market WAP Trader, Market iTrader, Market AutoTrader | CySEC, FSCA South Africa | 100 | Credit/Debit Cards, Wire Transfer, Webmoney, Local Payments |
| eToro | 1 | yes | 1:30; 1:1 for Crypto Currencies | - | eToro Platform | CySec, NFA | 200 | Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer |
| Tifia | 1 | yes | 1:1,000 | Metatrader 4, webtrader | Vanuatu Financial Services Commission VFSC | 10 | wire transfer, credit cards, skrill, neteller, perfect money, fasapay, okpay | |
| FXOpen | 1 | yes | 1:500 | $100 | MetaTrader 4 | ASIC, FCA UK, Financial Dispute Resolution Scheme | 1 | Wire, WebMoney, AlertPay, CashU, c-gold, PerfectMoney |
| House of Borse | 1 | yes | 1:100 | MetaTrader 4 | FCA UK | 50000 | credit cards, wire transfer | |
| Fort Financial Services | 1 | yes | 1:1,000 | MetaTrader 4, CQG, Ninja trader, binary options | IFSC | 5 | Credit cards, webmoney, Skrill, Neteller, perfect money, fasapay, wire transfer | |
| TraderTrust | 1 | yes | 1:200 | 100% upto $5,000 | SmartForex | CySec, VFCS | 100 | Skrill, Credit Cards |
| MEX Exchange | 1 | yes | 1:500 | Metatrader 4 | ASIC | 25 | Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer | |
| FBS | 1 | yes | up to 1:3,000 | $123 Welcome Bonus | MetaTrader 4, Metatrader 5, Webtrading | IFSC; Cysec | 1 | credit cards, fasapay, Indonesia local banks, Neteller, okpay, perfectmoney, Skrill, Webmoney, wire transfer, Thai local banks, Exchangers, Malaysian banks and Bitcoin by Skrill |
| Synergy FX | 1 | yes | 1:500 | MetaTrader 4 | ASIC, AFSL | 500 | credit cards, skrill, wire transfer | |
| FCI Markets | 1 | yes | 1:100 | Currenex, FCI NetStation, MetaTrader 4 | FCA | 250 | credit cards, neteller, skrill, wire transfer | |
| Fortrade | 1 | yes | 1:200 | Fortrader | FCA | 500 | wire transfer, credit cards, skrill, neteller | |
| FXGiants | 1 | yes | 1:500 | MetaTrader 4 | FCA | 500 | credit cards, neteller, paypal, skrill, unionpay, Webmoney, Wire Transfer | |
| FXGlobe | 1 | yes | 1:500 | MetaTrader 4 | CySEC | 250 | Credit cards, Neteller, Skrill, Wire transfer | |
| FXoro | 1 | yes | 1:400 | Metatrader 4 | CySEC | 200 | credit cards, wire transfer, skrill, neteller, ecoPayz, CashU | |
| FXprimus | 1 | yes | 1:500 | Metatrader 4 | Cysec | 100 | Bitcoin, China UnionPay, FasaPay, Neteller, Skrill, Wire Transfer | |
| Infinox | 1 | yes | 1:300 | Metatrader 4 | FCA UK | 100 | credit cards, wire transfer, skrill, neteller, china unionpay | |
| JCMFX | 1 | yes | 1:1,000 | MetaTrader 4 | FSA | 10 | credit cards, FasaPay, Wire Transfer, Neteller, Skrill | |
| Larson&Holz | 1 | yes | 1:500 | Metatrader 4, Web Trader | FMRRC, NAFD | 100 | credit cards, wire transfer, neteller, paypal, Yandex, liqpay, alfa click, beeline, mtc, perfect money | |
| LCG | 1 | yes | 1:500 | MetaTrader 4, LCG Trader (web-based, ECN accounts only) | FCA UK | 1 | wire transfer, debit/credit cards, Skrill | |
| Mahi FX | 1 | yes | 1:100 | Metatrader 4, MahiFX | FCA UK, ASIC, FMA | 1 | wire transfer, credit cards | |
| Pricemarkets | 1 | yes | 1:400 | MetaTrader 4 ECN, Currenex ECN, Integral FX, Liquid-x, Hotspot FX | FCA UK | 500 | wire transfer, credit cards | |
| Rallytade | 1 | yes | 1;1,000 | Metatrader 4, xStation (web-based), xSocial, xOptions | FinaCOM | 100 | credit cards, neteller, skrill, Interswitch, Pocketmoni, etraszact, perfectMoney, WebMoney, VoguePay | |
| Range Markets | 1 | yes | 1:500 | Metatrader 4 | FSA of St. Vincent and the Grenadines | 100 | Neteller, Credit Cards, wire transfer | |
| Rekuten Securities | 1 | yes | 1:50 | MarketSpeed FX, Trading Station (inherited from FXCM) | SFC | 1 | wire transfer, checks, ATM (only for local residents) | |
| Roboforex | 1 | yes | 1:500 | MetaTrader 4, cTrader | Cysec, IFSC, FSP, FSCL | 1 | credit cards, QIWI wallet, webmoney, Yandex.money, RBK money, Skrill, FasaPay, CashU, Payoneer, China UnionPay, Neteller, Perfect Money | |
| Trading212 | 1 | yes | 1:200 | Trading212 | FCA UK | 100 | wire transfers, credit and debit cards, PayPal, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay | |
| AGEA | 0 | yes | 1:500 | $5 no-deposit bonus | Streamster, MetaTrader 4 | no | 1 | Credit Cards, Wire, Skrill, Webmoney, e-Dinar, Neteller, FasaPay, Perfect Money |
| Oinvest | 0 | yes | 1:200 | Samsung Galaxy, iPhone | Metatrader 4 | yes | 200 | Skrill, Neteller, Credit Cards |
| TrioMarkets | 0 | yes | 1:300 | - | MetaTrader 4, Sirix Webtrader | CySEC | 100 | Credit Card, Wire, Skrill, Neteller, Paypal and CashU |
| Orbex | 0 | yes | 1:500 | MetaTrader 4 | CySEC | 500 | Skrill, Neteller, Wire Transfer, Credit Cards, CashU, Webmoney | |
| GrandCapital | 0 | yes | 500:1 | $500 no deposit | MetaTrader 4, WebTrader | Financial Commission FinaCom, EDR Hong Kong external dispute resolution organization | 10 | Credit card, Neteller, Webmoney, CashU, Fasapay, Scrill, Webmoney |
| Alvexo | 0 | yes | 400:1 | - | MetaTrader 4, WebTrader, Mobile | CySEC | 5000 | Cash-U, Credit Card, Webmoney, Wire Transfer |
| NSFX | 0 | yes | 200:1 | Metatrader 4, Webtrader, NSFX Jforex platform | MFSA | 300 | credit cards, Skrill, CashU and wire transfer | |
| Juno Markets | 0 | yes | 1:400 | - | MetaTrader 4 | FinaCom | 500 | neteller, skrill, credit cards, wire transfer |
| KGIeworld | 0 | yes | 1:50 | - | MetaTrader 4 | MAS | 1000 | Wire Transfer, Check |
| Abshire-Smith | 0 | yes | 1:200 | Vertex fx, Metatrader 4, straticator | FCA | 500 | CashU, Neteller, Skrill, Wire Transfer | |
| Alfa Financial | 0 | yes | 1:100 | MetaTrader 4, AX1Trader | Central Bank UAE | 10000 | yes | |
| Darwinex | 0 | yes | 1:200 | MetaTrader 4, cTrader | FCA | 500 | Bank Wire, Credit Cards, UnionPay | |
| Eightcup | 0 | yes | 1:500 | Metatrader 4 | ASIC | 100 | ||
| ETX Capital | 0 | yes | 1:200 | ETX Trader Pro, Metatrader 4, ETX binary | FCA | 100 | credit cards, wire transfer, firopay, neteller, skrill, sofort, china unionpay | |
| Swissmarkets | 0 | yes | 1:500 | Metatrader 4, Webtrader | CySEC, MiFID | 200 | credit cards, wire transfer, neteller, skrill, iDEAL, giropay | |
| Trade360 | 0 | yes | 1:1,000 | 35%, $60 no deposit for real account | Trade360 | CySEC | 100 | credit cards, skrill, neteller, wire transfer |
| ForexMart | 0 | yes | 1:1,000 | $150 no deposit needed | Metatrader 4 | CySEC | 1 | credit cards, Neteller, Skrill, Paypal, Paxum? Bitcoin |
| AETOS | 0 | yes | 1:200 | MetaTrader 4 | FCA UK | 250 | Bank wire transfer, Credit cards, Debit cards, Skrill, ZOTAPAY | |
| LH-Crypto | 0 | yes | 1:500 | Metatrader 4, Metatrader 5 | yes | 10 | Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, DASH, Ripple, NEO, Visa, MasterCard, Web Money, QIWI, wire transfer | |
| 1Market | 0 | yes | 1:400 | Webtrader, Metatrader 5 | Cysec | 250 | credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt | |
| PlusMarkets | 0 | yes | 1:30 | Metatrader 4, PlusMarkets Trader | CySec | 0 | cards, wire transfers, and some alternative payment methods, which aren’t specified | |
| HonorFX | 0 | yes | 1:500 | Metatrader 5 | FSA | 100 | Credit Cards, Neteller, Skrill, Paypal, Bitpay, Fasapay, Perfect Money | |
| Tiger Brokers | 0 | Up to 4x (day trade), Up to 2x (next day) | Tiger Trade | US Securities and Exchange Commission, Australian Securities & Investments Commission (ASIC) | 0 | Bank Wire Transfer, FAST, DDA, PayNow | ||
| MarketBull | 0 | yes1000 | 1:1000 | 100% match the deposit | Metatrader 4 | jurisdiction of the UK | 1000 | Credit Cards, Neteller, Skrill, Bank Wire Transfer |
| CedarFX | 0 | yes | 1:500 | MetaTrader 4 | 50 | Credit Card, Bank Wire, Bitcoin | ||
| GCI Trading | 0 | yes | 1:400 | 50% on deposit | MetaTrader 4, ActTrader | IFSC | 500 | Bank Wire Transfer, Credit Card, Neteller, Skrill |
| Axi | 0 | yes | 1:400 | Metatrader 4 | ASIC, FCA, Financial Services Authority in Saint Vincent and the Grenadines | 200 | Debit and Credit Cards (Visa, Master, Maestro, JCB) Neteller Skrill/Moneybookers Global Collect (only for Australian clients) BPAY (only for Australian Clients) China Union Pay (only for Chinese residents) Bank Transfer Broker to Broker Transfer |
How to Choose a Forex Broker if you trade from Malaysia
Malaysia has legalized Forex trading so this is the right time to jump right into it. There are obviously tones of brokers available online to the local traders and there is no issue in registering and opening account fast. Nevertheless, currency exchange is dangerous for newbies since there are a lot of scammers out there ready to grab your money and disappear.
How to Verify SCM Authorisation
To identify if a forex broker is regulated by SCM, the first step is to identify the register number from the disclosure text at the bottom of the broker's Malaysia homepage.
Next, look up the firm on the SCM website to validate the current regulatory status of the broker in Malaysia. Here is the official page with the public register of license holders on SCM.
It's also worth noting that Bank Negara Malaysia, which is the Central Bank of Malaysia that regulates money service businesses and forex dealers, issued guidelines for digital currencies (cryptocurrency) requiring companies to comply when dealing with crypto assets.
When you look for a broker regulated in Malaysia, you are searching for a firm that is regulated by Malaysian National Bank Negara. Aside from the regulation, you need to try out the trading platform, check out all the extra fees and commissions, compare spreads on major currency pairs, research the differences between account types, consider different deposit methods, be comfortable with minimum deposit requirements and payment methods, try out customer support... In short, you have to find a broker with good online reputation and this is not an easy task.
Trading Platforms
Choosing a trading platform is one of the major decisions you have to make. Simple and easy to use platforms are obviously attractive, however it is a known fact that the best trading platform out there is still MetaTrader 4. It is one of the most wanted when it comes to trading software with lots of charting options, built-in indicators, lots of features including copy trading and backtesting strategies. Of course, what works for others might not work for you, so try out the demo accounts and get the feel of the platform to find the one that you feel most comfortable with.
Spreads
Nothing comes for free. Noone works for fee. So how do these Brokers make money? They charge commissions on your trading transactions. This commission is called a spread and it is the difference between the buy and sell price (bid and ask). In most cases, you will see that EUR USD currency pair, for example, has 1-3 pips spread. Your agenda when selecting a broker is to find the one that offers the lowest spreads on the currency pair you want to trade.
Pay attention to the fact that spreads can be either fixed or variable. Fixed spreads stay the same and broker charges commissions per lots traded. Spreads that fluctuate are called variable and they can increase dramatically when the market fluctuate. Huge changes in spreads usually come from top financial economic changes, so you have to know your technical analysis really well to play your "cards" right.
Account Types
Some brokers allow you to choose from various account types, where each and every one of them differ in terms and conditions, features, minimum deposits, promotions, demo account, platform, vip treatment and so on. With some brokers you may only see demo and live account, while with others a bunch of different choices such as micro account, mini, standard, platinum, gold, vip, Islamic and others. Speaking of Islamic account, traders in Malaysia may look for swap-free accounts where you will not be charged and will not make interest on your overnight positions to comply with their Muslim faith.
Customer Service
You definitely want your customer support to be available for you at all times - whether via email, chat or phone. You might have issues with deposits or withdrawals, there could be questions related to trading platform or spreads, you might want assistance in trading. Both local and international brokers should provide 24 hours a day support, 5 days a week during trading hours. Support needs to be professional, knowledgeable and helpful.
What broker is good to trade in Malaysia?
There are many aspects to look for when choosing a forex broker. Our main ones are as follows:
TRUE ECN
Executions, ECN, which stands for Electronic Communication Network, really is the way of the future for the Foreign Exchange Markets. ECN can best be described as a bridge linking smaller market participants with its liquidity providers through a FOREX ECN Broker.
SPREAD
Choose a broker that has the very best spreads.. A spread is simply defined as the price difference between where a trader may purchase or sell an underlying asset. Traders that are familiar with equities will synonymously call this the Bid: Ask spread. You will have more chance of profiting quicker with better spreads.
Customer Service
Choose a broker that can help you out quickly and efficiently with many options available such as Live Chat, Telephone and email.
Crypto
On the extra side - we also like to trade a wide variety of markets including cryptocurrencies. So BTC trading for us over the weekends is a priority.
Is forex trading legal in Malaysia?
How to Verify SCM Authorization
To identify if a forex broker is regulated by SCM, the first step is to identify the register number from the disclosure text at the bottom of the broker's Malaysia homepage.
Next, look up the firm on the SCM website to validate the current regulatory status of the broker in Malaysia. Here is the official page with the public register of license holders on SCM.
It's also worth noting that Bank Negara Malaysia, which is the Central Bank of Malaysia that regulates money service businesses and forex dealers, issued guidelines for digital currencies (cryptocurrency) requiring companies to comply when dealing with crypto assets.
Conclusion
Trading forex involves risk. You cannot take it out from the equation. But you can certainly minimize and control that risk by choosing a reliable forex broker you can trust and open account with it. We have worked hard to provide you with the comprehensive reviews and rating to help you ease your search. Hope you find our list of best Malay forex brokers above useful. Good luck trading forex!