Forex Brokers in Malaysia: What the SC Alert List Shows
Before picking a forex broker in Malaysia, check the SC Investor Alert List: HFM, Vantage, PU Prime, JustMarkets, VT Markets and Valetax are listed.
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The first question for a Malaysian trader is legality, not spreads. Retail leveraged forex and CFD trading through an online broker needs a licence from the Securities Commission Malaysia (SC). The SC's Investor Alert List names several of the largest international brokers that market to Malaysians, including HFM, Vantage, PU Prime, JustMarkets, VT Markets and Valetax, for unlicensed or unregulated activity. We don't publish a "best broker for Malaysia" ranking of these firms. This page shows what the register says on 2026-10-01 and how to check any broker yourself.
SC Investor Alert List: Broker Entries (Checked 2026-10-01)
| Brand | SC entry | Listed since | Reason given |
|---|---|---|---|
| HFM / HF Markets | Yes (hfm.com, hftrade.com, HFM Malaysia Facebook) | 2024 | Carrying on unlicensed capital market activities of dealing in securities |
| JustMarkets | Yes (justmarkets.com, justmarketsmy.com, apps, social channels) | 2024 | Carrying on unlicensed capital market activities of dealing in securities |
| PU Prime | Yes (puprime.com) | 2022 | Carrying on unlicensed capital market activities of dealing in securities |
| Vantage (VantageFX / Vantage Markets / Vantage Malaysia) | Yes (vantagefx.com, vantagemarkets.com, Malaysia Instagram) | 2021 | Carrying on unregulated activities |
| VT Markets | Yes ("VT Markets", added in the 26 Aug 2021 update) | 2021 | Listed on the Investor Alert List (see VT Markets safety) |
| Valetax | Yes (valetax.com, valetaxintl.com, social channels) | 2023 | Carrying on unlicensed capital market activities of dealing in securities (see Valetax safety) |
| Exness | No entry for the main brand found; clone entries listed ("Exness Malaysia / Trade FX", "Exness Trading") | 2021–2022 | Possible clones running illegal investment schemes |
JustMarkets' SC listing was also republished on IOSCO's international I-SCAN network (warning 56228, 2026-08-28). The SC updates its list over time, so search it yourself on the day you decide.
What an SC Listing Means for You
- No Malaysian oversight: the broker's licence, if it has one, comes from another country, often an offshore regulator. SC complaint and recovery channels don't apply.
- Local payment options don't mean a local licence. MYR accounts, local bank transfer or a Malaysian Facebook page are marketing features, not authorisation.
- Clone risk is high. The SC list includes many Telegram and WhatsApp groups that copy broker names (for example "Exness Malaysia" and JustMarkets-style channels) and promise fixed returns such as "RM5,000 in hours". Real brokers don't promise returns.
How to Check Any Broker in Malaysia
- Search the brand and website on the SC Investor Alert List (sc.com.my/investor-alert-list).
- Use the SC Investor Checker to see whether the entity is authorised to offer the product.
- Read the client agreement for the legal entity name that will hold your money, and search that name too.
- Never transfer money to a person, a personal bank account, or a crypto wallet given to you in a chat group.
If You Already Trade With a Listed Broker
Download your statements and deposit records, withdraw any balance you don't need there, and be wary of anyone who contacts you offering to "unlock" or "recover" funds for a fee. For broker-specific detail, see our notes on JustMarkets in Malaysia, HFM in Malaysia and Vantage in Malaysia.
Official sources: Securities Commission Malaysia investor alert list · JustMarkets official site (justmarkets.com) · Exness regulation page (exness.com) · VT Markets official site (vtmarkets.com).
Forex Brokers in Malaysia: Your Questions Answered
Is forex trading legal in Malaysia?
Dealing in leveraged derivatives for Malaysian investors requires an SC licence. The SC's Investor Alert List names several international brokers for unlicensed or unregulated activity.
Is Exness on the SC Investor Alert List?
On 2026-10-01 we found entries for Exness clone channels (e.g. 'Exness Malaysia / Trade FX', 'Exness Trading'), not for the main Exness brand. Search the list yourself before deciding.
Is HFM legal in Malaysia?
The SC Investor Alert List includes 'HFM / HF Markets' (2024) for carrying on unlicensed capital market activities of dealing in securities.
Sources checked 2026-10-01: SC Malaysia Investor Alert List (entries for HFM/HF Markets, JustMarkets, PU Prime, VantageFX/Vantage Markets, and Exness clone entities); IOSCO I-SCAN warning 56228. This page reports public regulator information and is not legal advice. HNL Growth has affiliate relationships with some brands named above; this page contains no account-opening links.
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Rules, prices and payout terms on this page were checked against the official websites, help-centre articles and published terms of the firms mentioned, on the date above. Prop firms and brokers change conditions often — confirm the current version on the official site before you buy or deposit. Read our broker review methodology and affiliate disclosure.
Official sources & documentation verified
- Securities Commission Malaysia investor alert list(sc.com.my · Official Regulator)
- JustMarkets official site(justmarkets.com)
- Exness regulation page(exness.com)
- VT Markets official site(vtmarkets.com)
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Check the Regulator Before Any Broker
Search the Securities Commission Malaysia list for the exact brand and website before depositing. This page does not link to account opening.
Risk disclaimer: This page reports public regulator information and is not legal advice. HNL Growth has affiliate relationships with some brokers named here, but this page contains no account-opening links. CFDs and leveraged forex carry a high risk of losing money rapidly.