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AuthorBy Jeffrey Cammack
Updated: March 29, 2021

Forex bonuses are a common marketing tool in Malaysia. There are various Forex bonuses, including signup bonuses, no-deposit bonuses, and volume bonuses for existing clients. The size of these bonuses will vary from broker to broker.

To test these brokers, we created a live account, verified the bonus varieties for Malaysian residents, and read the fine print to uncover any circumstances of accepting the bonus that would hurt the trading experience. Because brokers that offer bonuses often have higher than average trading costs, our testing focused on the trading conditions, the total cost of trading, withdrawal fee requirements and additional fee structures so traders can keep trading costs as low as possible. These are the best Forex bonuses for 2021, according to our testing and our research.

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Here are the best Forex bonuses for 2021

Last updated on 29 Mar 2021
Updated 29 Mar 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FXTM
Min. Deposit
USD 10
4.374.37
Min. Spread
0 pips
Fx Pairs
59
Bonuses
$30 Welcome Bonus
Overall Rating
11110.54.37/ 5
AlertAccepts Malaysian Clients. Minimum spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
2
OctaFX
Min. Deposit
USD 50
3.603.60
Min. Spread
0 pips
Fx Pairs
28
Bonuses
Deposit Bonus
Overall Rating
1110.503.60/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1.40 pips
Fx Pairs
50+
Bonuses
Overall Rating
11110.54.32/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
4
AvaTrade
Min. Deposit
USD 100
4.484.48
Min. Spread
0.90 pips
Fx Pairs
50+
Bonuses
Competitive Bonus
Overall Rating
11110.54.48/ 5
AlertAccepts Malaysian Clients. Spreads start at 0.90 pips on theEUR/USD on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
5
HotForex
Min. Deposit
USD 5
4.494.49
Min. Spread
0 pips
Fx Pairs
51
Bonuses
100% Credit Bonus
Overall Rating
11110.54.49/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
6
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.60 pips
Fx Pairs
57
Bonuses
$30 No Deposit Bonus
Overall Rating
11110.54.38/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
7
Eightcap
Min. Deposit
USD 100
4.074.07
Min. Spread
0 pips
Fx Pairs
40
Bonuses
None
Overall Rating
11110.54.07/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.
8
GKFX Prime
Min. Deposit
USD 50
4.134.13
Min. Spread
0 pips
Fx Pairs
47
Bonuses
55% Trading Bonus
Overall Rating
11110.54.13/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.80 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. GKFX is regulated by the FCA and B.V.I FSC.

    Forex Bonuses Explained

    Many top Forex brokers offer several different bonuses, such as:

    • Deposit bonus
    • No deposit bonus
    • A trading bonus
    • Some custom bonuses specific to that broker

    Almost every broker on the market offers a deposit bonus to give new investors an incentive to open a trading account.  A standard forex bonus is triggered when a client deposits money and they are then eligible to get the bonus either in a fixed amount or a percentage of the size of the deposit.

    Why Some Brokers Have No Bonuses

    Some regulators stop Forex brokers from offering incentive bonuses to new clients. On June 1st, 2018, ESMA chair Steven Maijoor announced:

    The measures ESMA has taken today are a significant step towards greater investor protection in the EU.  The new measures on CFDs will, for the first time, ensure that investors cannot lose more money than they put in, restrict the use of leverage and incentives, and provide understandable risk warnings for investors.

    This meant that for the first time, European-regulated brokers were not allowed to offer incentives to traders as a part of a marketing strategy.

    ESMA, in a Question and Answers (pdf – page 59) paper published on 31 March 2017, went further to say that they believe brokers offering incentives are doing so in a way that is not in the best interest of their clients.  They say

    Especially in light of the above poor practices observed in this sector of the market, ESMA is of the opinion that it is unlikely that a firm offering bonuses that are designed to incentivise retail clients to trade in complex speculative products such as CFDs, binary options and rolling spot forex could demonstrate to its NCA that it is acting honestly, fairly and professionally and in the best interests of its retail clients, taking into account that the nature of the products means that they are not appropriate for a majority of retail clients. NCAs should therefore monitor that the practice of offering such bonuses is avoided in relation to these products.

    This restriction is still in place and applies to all brokerage companies that are regulated by EU entities. These companies will not be allowed to offer bonuses to clients, even if the client maintains residency outside of the EU.  This restriction does not apply however to daughter companies which are not regulated within the EU.

    Bonus Conditions

    Bonuses are marketing tools used widely outside of the European Union in order to attract new clients. There is always a catch connected to these bonuses, and clients will need to read the terms and conditions to be sure of the requirements needed in order to be awarded the full bonus amount.

    These conditions often require that a client be an active trader for an extended period before becoming eligible to withdraw the bonus, or that the trader engages in a set number of trades before the bonus is released into the trading account.

    While these conditions will vary from broker to broker, do not expect to be able to use, trade or withdraw the bonus during your initial period with your new broker.

    Deposit Bonuses

    If a broker’s bonus is offering you 200% of your initial deposit, that means your $250 outlay will enable you to trade with $500. You are safe to assume that this is a little bit of leverage being offered to you without you having to worry about the drastic consequences that arise after making a wrong investment decision.

    You have to carefully monitor exactly what the brokers are doing because some of them may decide to take back the money and any of the profits that are being generated through the deposit bonus without notifying you. This is very rare, but just an example that highlights that you should have read all the rules.

    Think Past the Bonus

    By providing you with some money to lose with a clear conscience, brokers are effectively enticing you into opening an online trading account. There are certain broker safeguards put in place so that you do not withdraw the deposit before trading a set amount, but other than that I would only encourage a trader to read the rules of when the deposit can be made, and make sure that the no deposit bonus is not the only reason you are signing up with that specific broker.

    Forex Risk Disclaimer

    Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

    Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

    Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

    Our Methodology

    Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Malaysian Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

    With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

    In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from a Malaysian perspective.

    All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

    References

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    Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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