Yet, Malaysia/SCM seems to have got the 'expertise' to locally regulate trading of cryptocurrencies via regulated crypto exchanges like Luno, SINEGY, and Tokenize.
I find it surprising when MY is regulating cryptos when they're not backed by any economy or fundamentals and have got no store of value at all. In most places, cryptos are even not recognized as an investment or asset class.
I wonder if Genting Malaysia had tried also to apply for a license to set up a crypto exchange as extension to their casino business in Genting too.

Izzit the mt4 live was shown also fake all the while ? How they do it ? Thanks

It's indeed legal. But how I wish one day we can all have retail brokers regulated by BNM tho. The whole forex scene in Malaysia will finally come above ground.

We don't have to trade forex diam-diam, sembunyi, menyorok. We can proudly beat our chest and let our friends and relatives know we are forex traders.

For now, whenever we mention forex, they'll go: What???!!!!! Isn't that illegal???!!!!!

But one can always hope. One day, one day.

Labuan is considered offshore license (tier 3 license) and many scammers are using the license to scam. You can get it with USD70k. No doubt it is a "good" license to convince investors but without strict requirements and compliance, it will be scammers next favourite to misuse it for scamming. Some genuine brokers used it for good, but NOT all of them having this license is genuine.



This post has been edited by DrFX: Jun 11 2021, 03:40 PM

Haha, I'm not sure if a decade will be enough.

Hopefully one day my dream will come true.

Indeed. Genuine brokers that really want to be in the business and not to do something fishy will want a Tier 1 license as much as possible. Any normal person would be uncomfortable with the mention of offshore regulation. It just doesn't lend confidence.

For EXAMPLE:

SCAMMERS that using Labuan license including Grex Capital, UW Global, etc.

Genuine Brokers that using Labuan license including ICM Capital, AIMS, Tickmill, etc.

This post has been edited by DrFX: Jun 11 2021, 11:50 PM

NOT ALL ARE FAKE. DEPEND ON BROKERS. ONLY SCAMMERS ARE FAKE.

They are using MT Administrator back office tool provided to all MT4 platform license holder.

UTS is a marketing agent. Not broker. I don't think they have a broker license in Labuan.

I saw how Lahuan regulation restrict the choice of deposit/withdrawal of funds. They only allow bank transfers and use only local bank.

They don't do third party gateway.

So watch out when there is a broker from Labuan telling you to deposit by sending money to money changer. This doesn't pass compliance requirements.

They are using is Sentratama Investor Berjangka. This is definitely a SCAM.

Grex Capital getting their investors to deposit money to a Labuan investment bank name EC Investment bank, i dont see they are a real bank exist in Europe and they are using Trivial Capital, an unregulated broker to show the FAKE performances. No 3rd party gateway but STILL A Ponzi Scheme FOREX SCAM!

https://www.myfxbook.com/members/GAA1/grex-...limited/6521593

Look familiar?

This post has been edited by terrytan: Jun 11 2021, 11:50 PM

Some correction. The Labuan scam broker that owned by Indonesian is UW Global.

UW global use Maybank. So Maybank must also be part of the scam.

All scams also use local banks. What do you expect?

Is TriumphFX still using www.tfxi.com ?

https://www.leaprate.com/news/hong-kongs-sf...ker-tfx-global/

Another proof of TriumphFX (GM Trader) doing fake Forex to scam innocent investors since the beginning. Provided by another elite member here.
Referring to the screenshot, GM Trader trades were duplicate live to a genuine broker (FXDD) demo account. The opening price were manipulated but the closed prices were real time, thus the profits are FAKE! The timezone were different for both platforms, but the closed price for the positions were the same.

Naik kereta jo

Look like different buy time. So the price different? And different broker might have different closing time, different liquidity providers, different spreads, different number of trade on that broker. So the price will not be same. Same like crypto, binance might hv different price of BTC with Luno btc price. Am I correct?

But if different too much, I think the broker not follow the market price. It something different from the market broker. It can be less volume, less spread n etc.





This post has been edited by cliffekent: Jun 13 2021, 08:10 PM

Wrong, we repeat as below.

The timezone were different for both platforms, but the closed price for the positions were the same.

The open price were manipulated, understand? Fake open price. The scammer can key in any open price they want by MT Administrator. Understand?

Timezone for each platforms can be any timezone like US, UK, Europe, Asia, Australia, etc. Not necessary to be same timezone depend on where the broker and MT4 server based.

This post has been edited by DrFX: Jun 13 2021, 11:20 PM

Then how to ensure other broker not key in any open price also. How to check it?
Other broker might do the same on the back end.

Hi experts.
I was invited to invest in Triumph FX with a minimum investment of USD100. Now I've read in this thread and 1st page list that it's a scam. I'm a noob when it comes to these kind of investments. My question is, how come they're still around for so long if they're a scam? And secondly, do you think it's ok to put in USD100 just to test the water?