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Forex Version XV, Foreign Exchange Market Discussion
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xtreme82
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 Jun 28 2015, 09:03 PM
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Getting Started
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Hi guys, just wondering if anyone can clear my mind on some noobie question. Being trying to search the forum but still can't get a concrete answer.
Just got involve in trading forex recently and i find out that is not easy to withdraw money since forex trading is illegal in malaysia. If i am to withdraw money from my US broker FXCM using credit card will i be red flag by the BNM??
Did some searching at forex factory and lowyat forex forum. The answer i can find is to transfer money in small amount below RM10k each transaction. Is this true? What about those trading forex for earning 5 digit a month?
I believe they are quite a number of EXPERTISE here like zanmai & keroro.
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xtreme82
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Jun 28 2015, 09:30 PM
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Getting Started
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QUOTE(Zanmai0146 @ Jun 28 2015, 09:10 PM) Normally I use local depositor that link with broker. $1500/day max from my broker. So daily about MYR5000. Slowly withdraw. Alternative way, I withdraw using the debit card given from the broker but charges ridiculous Abit la. Like 5% on top. But even if u trigger Bank Negara, as long you have your statement from forex. You are legal source of income. They will come find u instead just pay some "tax" Thanks Zanmai for the quick reply. If i remember correctly, you are using fxcm broker ? As i check in the forex factory, is quite dangerous to declare as source income from forex. i don't mind paying tax as long as i am not investigate under money laundering. LOL. Thought i am not earning but would like to play safe. |
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xtreme82
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Jun 28 2015, 10:01 PM
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Getting Started
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QUOTE(carrer @ Jun 28 2015, 09:32 PM) Withdrawing more than 10K will definitely alert the BNM. But I am not sure if they are going to take any action. So far, never heard of any incident where BNM take actions on retail forex trader. Only heard of charges on those MLMs and capital poolings only. By the way, trading forex is illegal according to BNM's website unless you trade with the banks. My advice is to park your money overseas. Singapore is good. Which broker are you using? If i reach a 6 digit level will definitely park there. LOL.. but so far earning enough for monthly expenses. |
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xtreme82
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Jun 28 2015, 10:13 PM
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Getting Started
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QUOTE(Zanmai0146 @ Jun 28 2015, 10:10 PM) Prefer Swiss more than sg. If u can earning that amount, it will be an issue for withdrawal. There's lot of trick u can do in forex. Just depends how you wan to deal with it. Should i said for now is not an issue to withdraw amount less than RM 30k per month, breaking it into smaller amount maybe each transaction 3-5k ? using local bank or credit card. |
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xtreme82
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Jun 28 2015, 11:10 PM
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Getting Started
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QUOTE(Zanmai0146 @ Jun 28 2015, 11:00 PM) One of my friends, withdrawing everyday. U will have problem soon. BNM will call u. Just wait... Confirm 100% Then pls make sure your broker provide all the forex statement. Else u will be in deep trouble. Assets got frozen not funny. In that case if i am able to provide monthly forex statement they are good with it? Your friend got no issue with them saying is forex trading income? |
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