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How to deposit & withdraw from your Forex accout in Malaysia

Are you new to Forex trading? Or are you still considering whether you want to join the business? Either way, it is essential to understand that your adventure in the Forex market will start once you deposit money into your Forex account.

Here you will find all information about the most convenient ways in Malaysia to deposit and withdraw your money at Forex brokers to save more time and manage your cash flow better. With the rising competition among Forex brokers in Malaysia, there is a wide variety of options regarding payment methods, ranging from banking companies to various financial institutions that offer online and offline payment services.

In this article, we will help you to understand these options better so you can choose the one that works best for you.

1. Online Payment Systems/e-wallets

The most prominent online payment systems, also known as e-wallets, are Skrill, Neteller, WebMoney, Perfect Money, FasaPay, and Bitcoin.

Deposits and withdrawals via e-wallets are highly recommended because they process your transactions faster and more conveniently than other payment systems. All you have to do is prepare an active and verified account in your chosen e-wallet with a sufficient amount of funds.

After that, you just need to enter your e-wallet account information in your Broker account, and your deposit/withdrawal will be processed instantly.

On the other hand, this payment method may charge a certain amount of fee as a commission. However, nowadays most brokers cover that fee for you.
XM Malaysia
XM Malaysia
• Skrill
• Neteller
• Bitcoin

All deposit and withdrawal fees are covered by XM.
Regulations: CySEC, IFSC, ASIC, FCA
Country: Cyprus
FBS Malaysia
FBS Malaysia
• Skrill (Deposit fee: 0%. Withdrawal fee: 1-2% + 0.29 EUR)
• Neteller (Deposit fee: covered by FBS. Withdrawal fee: 1 USD for < 50 USD and 2% for > 50 USD)
• FasaPay (No deposit fee. Withdrawal fee: 0.5% up to IDR 50,000)
• Perfect Money (Deposit fee may apply, depending on Perfect Money and the deposit amount – no fixed rate. Withdrawal fee: 0.5%)
• Globe Pay (Deposit fee: 1.5%. Withdrawal fee: 1%)
• Sticpay (Deposit fee: 2.5% + 0.3 USD. Withdrawal fee: 2,5% + 0,3 USD)
• Bitcoin for deposit only (No commission)
Regulations: CySEC, IFSC
Country: Russia
FXTM Malaysia
ForexTime Malaysia
• Skrill (No commission)
• Neteller (No commission)
• FasaPay (No Deposit fee. Withdrawal fee: 0.5%)
• Perfect Money (No Deposit fee. Withdrawal fee: 0.5%)
• WebMoney (No Deposit fee. Withdrawal fee: 2%)
• Bitcoin (No Deposit fee. Withdrawal fee: 1%)
• Bitcoin via Skrill (No Deposit fee. Withdrawal fee: 1%)
• Alfa-Click for deposit only (No commission)
Regulations: CySEC, IFSC, FCA
Country: Cyprus
HotForex Malaysia
HotForex Malaysia
• Skrill (No commission)
• Neteller (No commission)
• FasaPay (No commission)
• WebMoney (No commission)
• VLOAD (No commission)
Regulations: CySEC, FCA, FSC, FSB
Country: Cyprus

2. Local Malaysian Banks

Some Forex brokers are in cooperation with several Malaysian banks to offer better cash flow services to their clients in Malaysia.

You will need an active internet banking account because this payment method requires the internet banking system of your bank for faster and more secure transactions. You will deposit money in Ringgit (MYR) through your local bank account, the broker will convert it to your Forex account currency (USD) and deposit it to your Forex trading account.

You need to make sure that the name registered on your trading account is the same as the bank account holder’s. Or else, your deposit/withdrawal requests will be denied by the system.
Deposits via local bank transfers are normally processed instantly; however, the withdrawal requests may take up to 24 hours.
XM Malaysia
XM Malaysia
• CIMB
• Maybank
• Public bank
• RHB bank
• Hong Leong

XM covers all fees for local bank deposits and withdrawals.
Regulations: CySEC, IFSC, ASIC, FCA
Country: Cyprus
FBS Malaysia
FBS Malaysia
• CIMB
• Maybank
• Public bank
• RHB bank
• Bank Islam
• Hong Leong

FBS charges 2% for local bank deposits and 1.5% for local bank withdrawals.
Regulations: CySEC, IFSC
Country: Russia
FXTM Malaysia
ForexTime Malaysia
• CIMB
• Maybank
• Public bank
• RHB bank
• Hong Leong

FXTM covers fee for local bank deposits and charges 2% fee for local bank withdrawals.
Regulations: CySEC, IFSC, FCA
Country: Cyprus
HotForex Malaysia
HotForex Malaysia
• CIMB
• Maybank

HotForex covers fee for local bank deposits and charges 2% fee for local bank withdrawals.
Regulations: CySEC, FCA, FSC, FSB
Country: Cyprus

3. Credit Cards (Visa\MasterCard)

Deposits and withdrawals via credit cards are another popular payment method among Forex brokers. Most Forex brokers usually offer this service using various credit card services from VISA, Mastercard, Maestro, JCB, to China Union Pay.

The process is simple. First, you need to store your credit card information, namely card number, cardholder name, expiration date, and the CVV secure code. Later, when you need to deposit or withdraw some cash, you can just fill out the forms, select your card, and submit the request. That’s it.

Depositing funds via credit cards is usually processed instantly. However, withdrawal process might take more time.

Please note that not all Forex brokers accept payments from a third party. Therefore, make sure that the name of the cardholder is the same as the name registered in your trading account.
XM Malaysia
XM Malaysia
• VISA
• MasterCard

XM Malaysia covers commission for deposits \ withdrrawal via credit cards.
Regulations: CySEC, IFSC, ASIC, FCA
Country: Cyprus
FBS Malaysia
FBS Malaysia
• Cardpay: VISA (withdrawal fee: 1 EUR)
• Exactly: VISA, MasterCard, Maestro (withdrawal fee: 2 EUR)

Deposit fees are either free or covered by FBS
Regulations: CySEC, IFSC
Country: Russia

Things that you should know:

Most forex brokers offer deposit and withdrawal services via the same payment system. It means that you can only withdraw your money using the same payment system that you have used for making a deposit.

 

Choose your payment system carefully and pay attention to the important points below before deciding which payment system you want to use:


  • What is the minimum amount of money you can deposit or withdraw?

  • How long will the system process your deposit/withdrawal request?

  • How long will it take for the money to be transferred into your account?

  • Is there any commission for the offered services? If yes, how much? Is it covered by the broker or not?

 

Even though the process of depositing and withdrawing funds sounds trivial, you’d better avoid any problems in the process so you won’t miss any trading opportunities! Good luck!

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High Risk Warning: Trading with highly leveraged Forex products carries a high level of risk; this could be both advantageous and disadvantageous. In the process of trading, you may sustain a loss in excess of your deposited funds. As a result, it may not be suitable for all investors. Before deciding to trade in the real market, please make sure that you understand the risks fully, and seriously consider your investment objectives and your level of experience.
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