IC Markets
FPX (Financial Process Exchange) is the reason funding a forex account is not a headache in Malaysia the way it is in Pakistan or Bangladesh. It moves ringgit straight from your online banking to the broker's payment partner, usually free, and it clears within minutes. Withdrawals return the same way. That leaves the broker's currency conversion as your only real cost. Our best forex brokers in Malaysia guide covers which firms support FPX and Touch 'n Go.
How an FPX deposit works
In the broker's deposit page you choose FPX or "online banking", enter the amount in ringgit, and the broker shows the USD your account will receive at its own rate. You are then redirected to your own bank's login page, where you authorise the payment exactly as you would any other online transfer. Maybank2u, CIMB Clicks, Public Bank and the rest are all supported. Control returns to the broker and the trading balance updates within a few minutes, occasionally up to half an hour at busy times.
Because FPX is a bank-to-bank rail regulated in Malaysia by PayNet, the transfer itself is as secure as any online banking payment you make. Your money goes from your bank to the broker's payment partner's bank; nothing sits with a third party you have to trust separately. The one thing FPX cannot vouch for is the broker on the receiving end crediting and honouring the funds, which is why the licence check still matters as much as it would with any other method.
Touch 'n Go and Boost
Some brokers also support Touch 'n Go eWallet or Boost. These work like FPX for smaller amounts and sometimes carry a small fee. Withdrawals return to the same wallet.
Run the full loop before you commit: deposit the minimum by FPX, place one small trade, withdraw it. FPX withdrawals usually take a day. If the broker drags it out, you have learned that cheaply.
What still costs you
- FPX deposit fee: usually zero.
- Broker MYR-to-USD conversion: roughly 0.3 to 0.7% worse than interbank, both directions.
- On an RM 1,000 deposit that is around RM 3 to 7 each way.
Farah funds a CySEC account by FPX, RM 400 at a time, with no fee, credited within five minutes. Her first withdrawal, RM 150, took one business day back to her Maybank account. She keeps position sizes tiny and moves money in and out rarely, because even a fraction of a percent conversion spread adds up when you do it every week.
A typical Malaysian setup
Put together, the common arrangement for a Malaysian trader looks like this: an account with a broker on a strong offshore licence (CySEC, ASIC or FCA), funded by FPX from a Maybank, CIMB or Public Bank account, with a swap-free account if it is needed and its terms confirmed in writing. Deposits clear in minutes and cost nothing on the FPX side. Withdrawals go back to the same bank in about a business day. The only recurring cost is the ringgit-to-USD conversion of a few tenths of a percent each way.
The friction that remains is regulatory, not practical. The broker is on the Bank Negara Financial Consumer Alert list because it is not licensed in Malaysia, and you have no local recourse if it fails. FPX makes the money movement easy; it does nothing about that. So the effort you save on funding should go into choosing a broker whose licence and withdrawal record you have checked, rather than the one with the smoothest checkout.
The Islamic-account point
If you need a swap-free account, that is a separate question from funding, and FPX has nothing to do with it. Confirm the swap-free terms before you open the account: whether it is genuinely interest-free, and whether an administration fee applies after a grace period. A broker that is evasive about the fee structure on its Islamic account is one to be wary of generally. Our swap-free guide covers exactly what to ask and what a fair set of terms looks like.
| Method | FPX online banking (bank-to-bank) |
|---|---|
| Deposit speed | Minutes |
| Withdrawal speed | Usually one business day once approved |
| Deposit fee | Usually zero |
| Conversion cost | ~0.3–0.7% each way |
FPX is safe; the broker is the variable. A slick FPX checkout does not tell you whether the broker will pay you back. Verify the licence and read real withdrawal reviews first.
Frequently asked
Which forex brokers accept FPX in Malaysia?
Many brokers serving the region support FPX or "online banking" through a payment partner. Check the deposit page for the specific broker entity you sign up with.
Is FPX free for forex deposits?
The FPX side is usually free. The cost that remains is the broker's MYR-to-USD conversion, roughly 0.3 to 0.7% worse than interbank, charged both when you deposit and when you withdraw.
How fast are FPX withdrawals from a forex broker?
The FPX leg is fast; the delay is the broker's approval, usually about one business day. A withdrawal that takes much longer without explanation is a warning sign.
Can I fund a forex account with Touch 'n Go?
Some brokers support Touch 'n Go eWallet and Boost for smaller amounts. They may carry a small fee, and withdrawals return to the same wallet. FPX is the cheaper default for larger sums.
Does using FPX make my broker legal in Malaysia?
No. Unlicensed offshore brokers are on the Bank Negara alert list regardless of how you fund them. FPX is a payment convenience, not a regulatory status.
Which banks support FPX for forex deposits?
All the major Malaysian retail banks are on the FPX network, including Maybank, CIMB, Public Bank, RHB, Hong Leong and Bank Islam. The broker's payment page lists the ones its partner accepts, which is usually most of them.
Is there a limit on FPX deposits?
FPX itself has per-transaction limits set by your bank, often around RM 30,000 for retail online banking, and the broker may set its own minimum and maximum. For most retail traders the bank limit is well above what they deposit.
Can I withdraw to a different bank than I deposited from?
Your original deposit normally has to return to the source bank account. Profit above that can sometimes go elsewhere. Choose your withdrawal bank when you make the first deposit.