This article compares the 10 best online brokers in Malaysia. New retail traders wanting to buy stocks and ETFs, trade in CFDs, and experienced traders looking for specific account types, no fees, and more need to know what services and features a broker has in order to decide which to choose.
This article covers all that and other factors that you will want to know, and we do so for the 10 best-rated brokers in Malaysia. Let’s see how they fare.
Top Online Broker Malaysia 2023
Many online brokers offer a ton of services and features, and trying to figure out which is the best or is perhaps best suited for your situation can be daunting. This is especially true for new traders and for individuals that don’t quite know what to look for. Luckily, we have done all the hard work for you.
This complete review details everything that you should consider when looking for the best online broker in Malaysia. We go over aspects of the brokers, like how easy their online registration is, how user-friendly their trading software is to navigate (especially online web terminals), if they are regulated, what you can trade, what type of trading resources they have, and more.
After we have discussed all the pros and cons that these brokers offer, it will be up to you to make an informed decision on what specifically you are looking for in a broker.
That is to say, are you looking for stock market brokers or ones with millions of active traders? Are you looking for an online broker that offers multiple account types or ones that allow you to buy stocks? These questions (and many more) you will need to ask yourself.
Knowing these questions and reading through this comprehensive review should give you insight into making the correct choice that best suits you. In our research, we have found that these are the best online brokers and ones with the best trading platforms in Malaysia that cater to and cover all the services and features you should be looking for.
We have list down the top 10 online brokers in Malaysia for you by this criteria;
Online Broker Comparison Malaysia
|Broker||Overall Rating||Accepts MY Residents||Official Site||Min Deposit||Max Forex Leverage||Beginner Friendly||Regulators|
|ZFX||9.2/10 Review||Yes||Account Creation||50 USD||2000:1||Exceptional||FCA, FSA|
|XM||7.8/10 Review||Yes||Account Creation||5 USD||1000:1||Quite Good||ASIC, CySEC, FSCA, FCA, FSC, IFSC|
|IG||7.5/10 Review||Yes||Account Creation||0 USD||500:1||Not Bad||ASIC, FCA, JFSA, MAS, FINMA, FMA,CFTC|
|Exness||7.5/10 Review||Yes||Account Creation||Depends On the Payment System||Unlimited||Quite Good||CySEC, FSA, FSCA, FCA, FSC, CBCS|
|FBS||7/10 Review||Yes||Account Creation||1 USD||3000:1||Quite Good||ASIC, CySEC, FSCA, IFSC|
|Capital.com||6.9/10 Review||Yes||Account Creation||20 USD||500:1||Very Good||FCA, ASIC, CySEC, NBRB, FSA|
|eToro||6.7/10 Review||Yes||Account Creation||Depends On The Payment System||30:1||Exceptional||ASIC, CySEC, FSA, FCA|
|FP Markets||6.6/10 Review||Yes||Account Creation||100 AUD or Equivalent||500:1||Not Bad||ASIC, CySEC, FSCA|
|RoboForex||6.6/10 Review||Yes||Account Creation||10 USD||2000:1||Fairly Good||FSC|
|Axi.com||6.6/10 Review||Yes||Account Creation||0 USD||500:1||Not Bad||ASIC, FCA, DFSA|
Best Online Trading Platform in Malaysia (Reviewed)
Our top pick for the best online broker in Malaysia is ZFX. This broker is part of the Zeal group and was founded in 2016 and although they are new, they have grown incredibly quickly and are the top contender when it comes to reputable global online brokers. ZFX has many outstanding services and features that anyone new to online trading and experienced traders should consider.
They hold the award for the “Best Fintech Platform” (not to mention many others) and are regulated by two top-tier authorities, namely the FCA and the FSA.
ZFX allows clients to trade CFDs in the form of stocks, forex, commodities, Indices, Bullion, and Crypto through the revered trading platform MetaTrader4 which is considered to be the “gold standard” in online trading platforms. Available on Windows, Mac, and Android, their MT4 platform and fast-executing ECN accounts let you trade precisely and quickly on almost all devices. Then, did we mention that they have a mobile trading app (Android and iOS) that allows for one-tap trading, meaning you can place positions anytime, anywhere, on any asset.
Outstanding customer reviews of the broker don’t tell a lie, and the phenomenal customer support only adds to their impressiveness. Live Chat is a feature anyone can access straight from their website, while Email response is typically addressed the same day.
ZFX is no slouch in the trading resources and educational materials department either. They have an A-Z Academy geared towards traders of all levels. Their Market News and Outlook sections are always up-to-date with current financial news giving deep insight into the markets.
An LMS service is also in the works, along with a new interest program that lets clients gain interest on accounts between 5% and 9%. So prepare for that.
Lastly, ZFX also runs promotional deals and special offers like trading competitions where clients have won merch, devices, and even weekends away.
ZFX is the best “allrounder” that covers features a new and experienced trader should look for in an online broker.
- Low initial deposit ($50) with a minimum lot size of 0.1
- Spreads As Low As 0.2
- $15 Minimum Deposit (Cent Account)
- Three to Two types of trading accounts depending on the region
- NDD, STP, and ECN broker
- 100+ assets to trade
- Tighter spreads on ECN accounts (from 0.2 pips)
- Zero commission with low spreads
- Regulated by the FCA and the FSA
- Great resources for traders (A – Z Trading Academy)
- Trading is not available to U.S.-based residents
- No Web-Based Platform
- $1,000 deposit for traders on ECN Accounts
XM comes in second for the best online broker in Malaysia. Founded in 2009, they have built a reputation for good customer support and have also achieved numerous broker awards like ZFX.
This broker is so large that you might be a bit overwhelmed if you don’t know anything about trading. They try to cover everything from video tutorials and live feeds to market insights and trading ideas. All in all, they try to manage to cover most aspects of the basics, and they do.
Not only can you trade CFDs, but you are also able to buy stocks with this broker if you opt to sign up for that specific account type. Once again, if you are not familiar with or have experience in trading, then even the outline of their various account types can be tricky to understand, although they are similar to ZFX.
XM offers MT4 and MT5, with MT5 being used for purchasing shares, and they also have their own unique mobile app that lets clients trade from their mobile devices. Included with XM are some promotional deals from time to time.
- Great educational material
- 24/7 customer support
- Regulated by 6 authorities
- No deposit or withdrawal fees
- Referral program
- Loyalty program
- Over 1,000 instruments to trade
- Deposit bonus
- Average spreads are not published for ultra-low accounts
- Average forex portfolio
- No investor protection for residents outside the EU
- Limited to specific regions
- Standard account spreads are quite expensive
IG is one of the oldest brokers we have on this list. This broker was founded in 1974, and, in fact, they are also listed on the UK stock exchange, which is included on the FTSE 250. CFDs, spread betting, and share trading are among the products you will find with this broker, and they have over 19,000 instruments for trading. Note that although they have one of the largest asset list, most traders usually stick to the most popular (liquid) assets.
Due to the nature of this broker being in business for so many decades, they are regulated by several authorities, including ASIC, JFSA, MAS, FINMA, FCA, FMA, and the CFTC.
One thing to note about this broker is that withdrawals have a fixed fee which you will need to pay, and they also have an inactivity fee. This basically means that if you do not use your account, you will be charged a specific amount.
In terms of trading resources, they have a similar “academy” to that of ZFX which is called the “IG Academy.” From the basics of how the markets work to the most advanced trading techniques, you’ll find everything you need to advance your knowledge and improve your trading regardless of your level and experience.
Then as with ZFX, IG also offers MT4 and a mobile app as the means by which clients will place trades and manage their accounts. Consider this broker if you are truly looking to invest in obscure companies and stocks due to your knowledge of fundamental analysis
- Well-reputed global presence
- Wide range of products offered
- Education and research focus
- Offers protection for U.K./E.U. client account
- No account protection for US clients
- No guaranteed stop losses for US clients
- No copy trading or back-testing integration on the IG platform
- High share-CFD fees
Based in Cypress, this broker was founded in 2008. Exness ranks high on our list for numerous reasons, including having a great array of trading resources and educational material like ZFX, which almost competes with XM. Regulated by several authorities worldwide, this broker has a few more online trading platforms compared to others on this list, including MT4, MT5, a web terminal, and a mobile trading app.
This broker lacks customer support, only offering Email and telephonic support. Additionally, their assets list is a bit limited, although they offer what you would expect in terms of asset lists like forex, stocks, commodities, indices, and crypto. However, they offer the most popular instruments in these lists, which is usually essential.
Moreover, this broker offers many account types (5 in total), which can be confusing because each account type has varying conditions like low or no commission, floating spreads, and unlimited leverage on some. This makes trying to decide which account type to open quite confusing, to say the least.
Online registration with this broker is simple enough (as with most of the brokers on this list), but Exness is geared toward traders who want and use multiple accounts for specific situations and is not mainly “for beginners.”.
- Swap-Free/Islamic Account Provided
- High Maximum Leverage
- Narrow spreads
- Multiple trading platforms: MT4, MT5, MultiTerminal, mobile platform
- Free VPS hosting
- Instant withdrawal of money 24/7 depending on the method used
- Segregated accounts
- Training resources are minimal
- No US residents can be accepted as clients
- 24/7 customer support only available in some languages
FBS was founded in 2009, and for a broker with over a decade in the finance sector, you would think that they perhaps have a little more to offer their clients. Don’t be confused because this broker is still rated as “top-tier,” having some great services and features (that is why they still rank high); it is just a pity that there are not many more features and services. For example, they offer the typical assets list like forex, stocks, commodities, indices, and crypto, but the amount of instruments available to trade is very limited.
On the upside, FBS does hold numerous broker awards, is regulated by several international authorities, and has a great array of trading education and materials that apply to retail traders of all levels. From video tutorials to webinars and forex TV, the list of resources this broker has is quite comprehensive.
FBS account types are a bit tricky to understand, so like some of the other brokers we have discussed, it is best to understand specific features and conditions, like leverage, spread, etc. before you choose any account. They also use the “gold standard” as their online trading platform, which is MT4. MT5 and a web terminal, along with a mobile trading app, are also options.
Remember that although these brokers may not have a top score like ZFX, they are considered reputable and have many clients holding accounts and trading.
- Free demo account for every account type helps clients to do a trial
- No withdrawal fees
- Strong research and education resources
- High leverage up to 1:3000 (for non-EU customers only) suits higher-risk traders well
- Free social trading app (FBS CopyTrade) for traders to improve their performance and knowledge by copying other investors (for regions under IFCA and FSCA regulations only)
- Exemplary, multilingual customer service is always available
- Low spreads and commissions (from 0 pips) on most accounts
- Some instruments have wide spreads
- Limited number of commodities to trade
- EU, UK, and Australian clients have fewer account options than clients from other regions
- It lacks proprietary web and desktop platforms
Capital.com was founded in the same year as ZFX (2016) and would rank higher on this list, but they fall short in just one or two areas. They offer over 3,700 assets, including indices, cryptocurrencies, commodities, over 3,000 shares, and currency pairs via its award-winning web trading platform powered by TradingView. This may seem great, and Tradingview is one of the fastest-growing online trading platforms that are really easy to use.
However, the majority of traders (especially experienced retail traders) have been using MetaTrader for decades and are not likely to switch that easily. It is a pity that this broker does not offer an option in terms of MetaTrader or at least a MetaTrader web terminal to trade.
The positives are that this broker is regulated by several financial authorities, including the FCA, ASIC, CySEC, NBRB, and the FSA. The number of trading resources is also quite lovely, with them having market news, analysis, webinars, and an economic calendar. The options are not that many, but like ZFX, it is quite detailed and kept up to date.
This broker also offers all the other features you would expect the brokers on this list to have, like negative balance protection, demo trading accounts, minimal or no fees for depositing and withdrawals, and good customer support.
- Regular live updates and price alerts for 3,700+ markets
- 0% commission and no hidden fees
- Market-leading spreads
- No withdrawal, deposit, or inactivity fees
- Fast order execution
- Non-expiring Free demo account
- Hedging mode and risk management tools
- Stock trading is not currently available on their web terminal
- Limited offering of stocks
- No bonds offered
- Doesn’t offer MetaTrader5 (MT5)
- Overnight fees
eToro might be the most well-known and “popular” online broker we have on this list. This broker has risen in popularity due to its copy/social trading platform. Currently, this broker has over 30 million users on their platform, but with such a massive volume of clients, there are limitations.
For one thing, the only support channel offered is a “ticket system.”. Whether you are an existing client or not, this is the only way to get support, and you will need to wait for 1 to 2 business days (sometimes) for your issue to get resolved.
They also only offer trading through their web-based platform or through their mobile trading app. Granted, the platform is very user-friendly, and so is the app, but as we said, three decades’ worth of institutional and retail investors still use MetaTrader, and that is why all top-tier brokers offer this.
They do have quite an in-depth section regarding education, and many videos can be sought out if you are looking for most aspects of basic trading, especially if it has to do with their platform and copy trading, which the whole broker centers itself around.
The broker has almost 20,000 great reviews and is regulated by several authorities also increases its reputability. Additionally, the registration process is simplified, and they only offer one primary account type, making understanding and trading that much easier for beginners.
- Easy-to-use platforms
- Very beginner friendly
- Able to trade CFDs
- Adjustable leverage per trade
- One account to suit everyone (great for beginners)
- Great trading resources
- Trendy platform
- Have over 11 million users
- Customer support is only through tickets
- You can only trade CFDs
- Spreads are not great
- Only one account, so you don’t have flexibility
8. FP Markets
FP Markets is another broker that has been around for almost two decades, being in operation since 2005. This broker uses MT4 and MT5 as their trading platform and trades in CFDs for forex, stocks, commodities, indices, crypto, bonds, and ETFs.
They rank high on our list because of their reputability and because of the overall quality and simplicity of their features and services. For example, besides having solid trading platforms, they have a large number of tradable assets, and the account types are simple and easy to understand. Multiple authorities also regulate them, including ASIC, CySEC, and the FSCA. Not to mention they also have almost 4,000 outstanding customer reviews.
This broker’s payment and withdrawal methods are also quite solid, with them offering typical bank transfers, Master cards, VISA, and e-wallets. Then in terms of their trading resources and educational material, you will be able to go through webinars, podcasts, eBooks, and video courses.
If you are wondering why then does this broker not place higher on the list, it is because, although they have everything you would want and expect from a broker is because they do not excel in any aspect. Everything that relates to this broker is just above average, and even though everything is clear, it feels like minimum effort is given to cover it all.
- MT4 and MT5 are available
- Been in business since 2005
- Regulated by multiple financial authorities
- Two easy-to-understand account types
- Over 10,000 assets to trade
- Good amount of trading resources
- Islamic Swap Free accounts are an option
- Many funding methods are available
- Only trade CFDs
- There is a minimum deposit of 100 AUD or the equivalent
- Some information and trading resources on the site are outdated
- There is no Cent account available
- There are no special offers except for the affiliate and IB program
RoboForex is another broker with all the right criteria to be at the top but doesn’t quite get there. Having amassed over 1 million clients from 169 countries worldwide, they are hitting the mark to a big degree. However, this broker is only regulated by one authority, and their research and educational material is severely lacking. New traders (and experienced veterans) can only find a simple blog, some trading tips, and a forex analysis section. For a large broker, this is just not enough to keep clients engaged, learning, and trading.
They also have five trading account types which are difficult to understand as the information on the website is not that clear. One account is specifically for stock trading but also offers the option to trade CFDs, while the others do not. They do offer MT4 and MT5 along with their Robo Web Trader, so at least veteran traders will have a platform that suits them. While their Robo Web Platform is quite user-friendly, it does not offer the number of features that MetaTrader offers.
One thing to note is that they offer many customer support channels, including social media and messenger apps like Whatsapp, Telegram, and Facebook Messenger. They also have a Live Chat feature directly accessible from their website.
Suppose you understand how to trade and are looking for a particular account type, an easy-to-use proprietary web platform, and the ability to trade stocks with a broker with many support channels. In that case, this broker might be for you.
- In operation for over a decade now
- Accumulated over 30 industry awards
- Can trade CFDs for forex, stocks, crypto, commodities, and indices
- Can also trade in shares
- There are 5 trading account types
- Low spreads on some accounts
- Cent account is available
- No deposit or withdrawal fees
- MetaTrader (4 and 5) are available
- They have proprietary trading software
- More than 12,000 instruments to trade
- Lack of trading resources and education
- Have a few promotions and special offers
- Only regulated by the FSC
- Not many trading resources or education
- Low customer trust rating
- Too many account types
Axi is the last broker to make our best online broker Malaysia list as well as having one of the top 10 trading platforms in Malaysia. Compared to the other brokers, Axi is also one of the oldest being in operation since 2007.
Regulated by a handful of authorities, including the FCA, ASIC, and DFSA, Axi holds numerous brokerage awards that span customer support to the highest overall client satisfaction. It would help to remember that Axi was a two-person startup that turned into a globally recognized online broker, and due to that fact online, ranking in our top 10 online brokers list for Malaysia is a feat in itself.
Axi has somewhat of an in-depth website along with their trading accounts, and we advise that experienced traders have a look at this broker. Pro and Elite accounts are pushed while there still is a Standard account. Then they also offer the standard tradable assets along with the option to buy stock.
Their trading resources and educational material rival that of XM and ZFX, with them having an Academy along with video tutorials on MT4, a blog, and a handful of downloadable eBooks. Along with MT4 are the Axi copy trading app and the MetaTrader web terminal.
As you can see, they have everything a new trader would want from a broker but compared to other top-tier brokers on this list, they are just shy in most departments.
- Creating an account is fully digital
- Regulated by three authorities
- Deposit insurance and compensation plans are available
- Very low forex fees
- No withdrawal or deposit fees
- A typical range of tradable instruments on offer
- Users have experienced problems withdrawing funds
- The account verification is complicated and drawn out
- Demo account is only available for 30 days
How To Start Online Trading in Malaysia?
You now have a good idea of who all the top online brokers in Malaysia are. If you know what specifically you are looking for in account types, regulations, tradable assets, and so on, then you should not have a problem going with the broker that suits you best.
For instructional purposes, we have put together a tutorial on how a standard online registration process with these brokers should be. For our example, we are using ZFX as their registration process is one of the quickest, easiest, and most user-friendly experiences we have encountered.
Open an Account
Usually, to register with any broker online, you will need to head to their website, and in this case, ours is ZFX. One thing to note is that some websites will have various layouts depending on the region you are based in. However, ZFX is not like this. No matter the region, the website layout is the same because they have consolidated everything so that there is no confusion.
The only thing to note is that depending on your region, you will be prompted with a different account selection type when asked to choose which you would like to open.
Once at the ZFX website, you will need to click on the “open an account” button which is located in their top header above the main menu.
You will then be redirected to the registration page. Here you will have to input personal details that include your title, last name, country, phone number, and password. On this page, you will also choose whether you want to open a “live” or “demo” account.
Once you have filled in your details, you will need to input the OTP that ZFX sends to your phone to proceed to the next page.
This page is where you will choose what account type you would like to open if you select to open a live account. Remember that depending on your region, your account type will differ. For us, the account types are Pro and Premier because we are signing in from the MENA region. You can expect account types for clients in Malaysia to be Standard STP, ECN, and Cent accounts.
You are then almost done with registration as the next screen prompts you to download MT4 and gives you all your account details. Remember to save your account information. You will need this information to sign in to MT4, and the account password is used for your MyZFX login. That is your client area.
Make your First Deposit
Opening a live account means you will need to deposit funds if you want to open any live positions. You will have to click on the “make a deposit” button from your client area (MyZFX dashboard), which will take you to the deposit funds section. Here you will have many methods by which you can add funds to your account.
It will help to remember that different deposit methods have specific minimum deposits, so this is something to keep in mind. Fill in all the necessary information regarding the payment method and click on the “confirm” deposit. You will then be taken to the secure payment gateway, where you will complete your transaction.
Verify your account
Event Though you can make deposits and start trading, we suggest you verify your account. You will do this by uploading the appropriate documents to the MyZFX area. It is imperative that you do this; otherwise, you will not be able to make any withdrawals. Take a look at the screenshot below for a better understanding of how to do this.
To start trading once you have deposited funds for your live account, you will need to have downloaded and installed MT4 on your machine to get access to the markets. Loading up MT4 will prompt you with server information which you will need to fill out.
Next, you will need to select your account. Remember that here you will choose your live or demo account depending on what you registered for. Once this is done, MT4 will connect to the servers, and you will be able to see your trading charts and all the various assets. You now have full access to the markets and are able to open live positions on the markets.
Advantages and Risks of Online Trading in Malaysia?
- no regulator or central exchange
- Online brokers in Malaysia offer many forex pairs to trade
- The barrier to entry in terms of learning is low
- Leverage can be a good thing
- Less potential for insider trading
- Able to short sell thanks to CFDs
- Can base trades on technical strategies
- Low cost to start trading
- Some brokers have very low spreads
- Tax rules are easy to understand
- Some brokers have low or even no commission fees
- Demo and small live accounts to help get you started
- Able to have different trading styles
- Forex has high liquidity
- There is no regulator or central exchange
- The barrier to entry in terms of learning is low
- Leverage can be a good thing
- Less potential for insider trading
- Able to short sell thanks to CFD
- The forex market can be tough for some to grasp
- The price determination is somewhat complex to understand
- Choosing a safe broker can be tricky
- Trading is risky
- Small traders sometimes face a disadvantage
- The forex market is volatile
- High-risk, high leverage
- There are fewer residual returns
There are many top online brokers to choose from that offer an array of services and features. Even though these brokers may seem very similar, they are, in fact, quite different from one another. Understanding your trading goals and what you are looking for in a broker is important before you decide which to register with. However, ZFX has the best overall score when it comes to everything beginners, and experienced traders are looking for.
Which broker is best in Malaysia?
The best broker in Malaysia is ZFX. This broker has services and features that appeal to both new and experienced traders. They are also regarded as safe and reputable by outstanding customer reviews and numerous awards and are regulated by two top-tier financial authorities.
Which stock broker is legit in Malaysia?
ZFX is a legitimate stock broker in Malaysia that allows clients to trade stocks (buy and sell) in the form of CFDs. Clients can also trade forex, indices, commodities, and crypto. In fact, ZFX has over 100 tradable assets to choose from.
What is the safest trading platform in Malaysia?
The safest trading platform in Malaysia is ZFX, and they use MT4. ZFX is regulated by two top-tier financial authorities, including the FCA and FSA. Then MT4 has been considered to be the best and safest trading platform for almost 20 years.
How to trade stocks online in Malaysia?
To trade stocks online in Malaysia, you will need to register with an online broker that lets you do so. Remember that stock trading can be in the form of CFDs or actual shares. ZFX is a broker that lets you trade stocks in the form of CFDs
Is stock trading legal in Malaysia?
Stock trading is legal in Malaysia. The broker must be a licensed money services provider under Malaysia’s Money Service Business Act of 2011.
How to open a brokerage account in Malaysia?
To open a brokerage account in Malaysia, you will need to register with an online broker. There are many to choose from in this regard. ZFX is an online broker that lets individuals open a brokerage account and trade forex, stocks, commodities, indices, Bullion, and crypto in the form of CFDs.
How much is the brokerage fee in Malaysia?
The brokerage fee in Malaysia will vary depending on the broker. Some brokers charge fees for deposits and withdrawals, along with inactivity fees. However, some brokers like ZFX offer no fees and no swap fees on their Islamic accounts.