For money in, if they ask where it come from, just say forex, they will understand you. Just that if you exceed certain threshold, you have to declare for legal purpose, nothing else.

For money out, you have to declare if exceed RM5k ( Maybank, not sure other bank). Just say forex, they won't question further. This is already valid reason.

What just happened on the G/U suddenly?

hmmm... found already... thank you.... nice to be here... with helpfull people... hope can make some pips this week. yet to send my fund to open account with oanda.... a bit worried also...

Is Forex V5 still active? anybody here gt the link?

what the heck is forex v5?

lol.. it was quoted when i scroll back the first few page of this thread.. maybe is not existed d i guess..




This post has been edited by Volatile369: Jan 18 2010, 09:10 PM

i think i mention it in earlier post.. just tell them is Offshore Investment.. this is wat i did when i wan them to verified my docs.. and i did bring in some forms downloaded from my broker and show them..

no need to tell bank.
they will not ask u if the amount u witdraw is few k

bcoz im lazy to tell them specifically whats those funds are for.. lazy to explain.. so i just told them its investment, end of story.. =p

if u never trade forex before, do u think u know wat is Alpari when i show u? or every banker need to memorize every brokers name? hmmm...

Purpose of transfering money into Malaysia? Just say to buy food, to be alive and grow Malaysia economy lar.

Maybe they'll be happy if u say ur gona put those money in theri FD or buy their unit trust

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Added on January 19, 2010, 1:01 pmAlpari UK not bad, but they use 5 digits, i.e. 1.44537, instead of 1.4454. It's suppose to give more accurate pricing, but makes me dizzier.

Also, for those using FXDD, 4 hours TF in FXDD is different from 4hr TF in Alpari, cos alpari starts 1hr later., if u know wat i mean.

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Added on January 19, 2010, 1:04 pmi do not recomend, as whether forex trading is legal or illegal is still pretty vague to me. Open to a lot of interpretation. But that's another forum. Lte's not take that here.

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Added on January 19, 2010, 1:06 pmi guess it was an erlier forum on forex.
the ones we are discussing in is version 6.

i think the administrator will close the thread after some amount of pages or post, and move the thread to a new one, hence v1, v2 etc etc

This post has been edited by Aloong: Jan 19 2010, 01:10 PM

The answer is no currencies trade involved actually, there is no physical or real currency conversion taking place. It is like online gambling which use the forex rate as indicator only

Don't get me wrong, I don't say it is legal, nor illegal in the above statement. Just whatever trade is going on, you don't have real money conversion or money trade in market, so any your buy/sell order from you is not channelled into the real trade, nor affecting the real trade.

For sure it is definitely illegal to trade FX in Malaysia.

But with internet age coming into play, it becomes a grey area. As broker or online gambing is at overseas, your money is at overseas, which Malaysia authorities has no control about it, but you are sending order instruction from Malaysia. So it become a grey area.

This post has been edited by cherroy: Jan 19 2010, 03:51 PM

That is why I didn't answer. The question has been answered in previous post. Furthermore, next time if you are asking something serious, don't use the subject : Hey Bro... that is not how you ask questions.

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Added on January 19, 2010, 4:24 pmBNM has not changed it's rules on forex. It has always been the same. There are people doing this for years and nothing has happened to them, even those openly declaring to LHDN. Only recently it got into the news headlines. Still everything is the same as always. Banks never question my inflows of cash as they are transferred from an overseas bank. It is not considered income as it is money transferred from outside of Malaysia.

One more thing, there is no limit to the amount of funds that you can bring into Malaysia, hence it would never be questioned by the bank unless the transfer info wasn't clear and they need more clarification.

This post has been edited by sleepwalker: Jan 19 2010, 04:28 PM

Thanks for the names of some non-US brokers. Any more suggestions from other sifus for non-US brokers for us to check out?

I wanna join in the flaming thread
a lipas cums wif 4 or 8 legs & must it hav 2 astro antenna?
wat if lipas met a kemalangan, then balance 5 leg, but lost both astro
izit still a lipas?

just go tell the bank what u withdrawing or depositing & must act naive innocence, do not hoodwink
if u do not feel comfortable with forex & everything u see or hear defines it as illegal, do stay away & stick to..

bro.. i think if i see lipas.. i spray it dead.. hehe.. but I have email BNM.. and suprise.. .they replied exactly like cut paste from the site.. bla bla only banks "trading in malaysia" .. where trade in cyberspace is that count? legal not legal.. its in the gray area.. who say I trade forex? got record?

We can always be trading in gold too since it is in the same platform.

This post has been edited by sleepwalker: Jan 19 2010, 06:26 PM

U know what, i think this topic shud not continue to become a 'too hot' one as it is already discussed a many of times, even other forums such as forexfactory has close case the arguments, why bnm chose to warn us citizens in media is still mainly the reason of too much scammers around & or noobs that don know hw to take their trades responsibly and asking bnm 'to do sumthing' wiv it. If bnm wan to take action, banks will restrict or unauthorize our forex withdrawal n deposits from our brokers & by that time u will know whether forex is truly 'illegal' here anot.

BNM officers don know anything about forex in a deeper sense, just like the CFTC of US, why they chose to put 10:1 leverage without evaluating the nature of this business and just put a regulation like tat. It seems that the authorities r clueless about such subject and it is merely a warning for the new or fresh people in forex without proper education of it.

This post has been edited by Volatile369: Jan 19 2010, 06:38 PM

Hi guys,

I've been following the forex for quite a while but didn't get to start.
Previously tried out UWC but very troublesome.

So any broker to recommend?
And why you all wana swith to UK brokers? Anything new happened to US brokers?

Sigh..the problem is not the people trading forex..its the ponzi schemes that uses the forex name.. and the gullible people who are dumb enough to get into pyramid schemes.

On another note, I read rumors that Instaforex is a scam..and they manipulate the metaquote software. Any truth behind this? If so..what broker u guys using?

Every forex brokers also got ppl said they're scam, no matter small or big brokers. For example, you type "instaforex scam" in google, sure got a lot of results but you try type "ibfx scam", "fxcm scam", "oanda scam" and so on, all also got results. Are they really scam? Try to find out yourself.