is fracproperty.com legit investment platform?
they offer FRAC tokens.

Hi, how about robot from aiprofx and broker yunikonfx? safe or not? anyone who has joined?

Now we can see which FX SCAM are you promoting. Your turn will come. We know a couple of victims from Penang. Not many victims like to shout online like you.

Again here is not a place for FX scammer. You can invest all your saving with Sentratama, that still doesnt proof it is a genuine FX. If you cant find a victim, that also doesnt mean it is a genuine FX. Here we learned to identify FX scam before it turn into catastrophe. Just the matter time.

Found this forum while DYOR for Samtrade and has been reading the posts. Only recently managed to register for an account.

Would like to get all the pro opinions.

Samtrade has recently renamed and rebranded. And also got their ASIC license. Do you think it is legit? And still possible scam?

They just got new license from ASIC... Can ASIC license be bought?

Most of brokers are cfd for fx correct?

Mind share what broker u use? Withdraw timeframe?

Hows your review for pepperstone fxcm and swissquote?

Do you guys know if this is legitimate for Forex trading?
unionrebate.com (union technology platform)

Hi,

Speaking of "local deposit and withdrawal", I believe that you're referring to Local Bank Transfer method being offered by some of the FX brokers.
I've noticed that when we opt for this Local Bank Transfer, method we'll have to log into our local bank account via a 3rd party/broker's own funding page/portal, i.e. we have to key in our local bank login credentials via the said 3rd party/broker's portal instead of via our official local bank web page (e.g official Maybank2U login website) to do the fund transfer!!! 
It's as though this method is using a 3rd party/local agent to handle the fund transfer for us, because once we've done our local bank login and transfer, our bank statement will show the Beneficiary name is some LOCAL company (e.g. Ah Kow Trading Enterprise) , instead of our FX broker's name!!  Nevertheless, if the broker is legitimate, we will still see the fund deposited into our live trading account, almost instantly.  I've also noticed that the broker would record the deposit transaction as being received from some local payment agent like walaopay.com etc.

The key question here is whether it's really safe or recommended for bank account holders to log into our bank account via any 3rd party portal other than our own bank official web page to do such fund transfer. 
Also, if there's any audit required by any of our local authorities on the money trail, it might be difficult/complicated for us to explain to them that our intention was to transfer the fund to our FX Broker but our official bank statement is showing a different Beneficiary name as I highlighted above.  Is such Local Bank Transfer method legal in Malaysia?  In other words, will we get ourselves into trouble with local authorities later on if they choose to investigate??

That being said, the-said Local Bank Transfer method is indeed attractive in a way that it doesn't cost any explicit Wire Transfer Fee like normal Foreign Telegraphic Transfer (FTT) fee being charged by our local banks, and furthermore the fund deposit can be done almost instantly, instead of waiting for 1-2 days if done via the conventional bank transfer.

I did question my broker on legality of using such Local Bank Transfer method, but the feedback I got from them didn't sound very convincing to me or rather they didn't answer my question completely.

Any clarifications on this subject will be appreciated.

Hi terrytan,

Thanks for your clarifications.

One of my brokers is Pepperstone, and they do offer the said Local Bank Transfer method, in addition to the conventional wire transfer/FTT method.

I just feel a bit uncomfortable that the Beneficiary name and the Broker's name don't match in our transfer statement, albeit the funds do get deposited into our live trading account.  Hopefully won't raise a money laundering red flag when local authorities see funds are deposited into our trading account but we can't prove that we paid to the corresponding Beneficiary name in our bank statement, although the amount is the same.  I thought we have to show that the source of incoming and outgoing funds must be identical.  On the broker account statement we can prove this part, but not when the authorities ask you to show the local bank statement to prove that we transferred to the same Beneficiary (e.g. Ah Kow Trading Enterprise would appear on our bank statement instead)!!

Apart from that, this Local Transfer method is certainly making the transfer process much faster and cheaper, since there's no separate transfer fee and they offer more attractive exchange rate too.

Not sure if any FX brokers are offering payment services via WISE yet.  I believe WISE is a more popular and internationally recognized payment service provider.

Ya, looks like we will have to start paying income tax for any profits earned from overseas investment including FOREX trading:

"In Budget 2022 announced on Oct 29, it was proposed that income tax be imposed on residents in Malaysia with income derived from foreign sources and received in Malaysia from Jan 1, 2022."

True, not sure how they'd draw the line or define between self day-trading and investing. Perhaps by frequency or number of open/close trades per day?? 
It sure looks like a grey area, i.e. they may define or change it in whatever way they want if they're desperate for tax money at any time....

However, if they see that FOREX trading/investing is one's only source of income, then it may be hard to argue with them...

in my simple mind...

... if got physical assets like property, stock, gold bullion, etc... and hold for extended periods... is investing... everything else is trading

Forex definitely trading... unless you exchanged for notes and hold long...

how to spend and enjoy? can see cannot touch

in my simple mind...

... if got physical assets like property, stock, gold bullion, etc... and hold for extended periods... is investing... everything else is trading

Forex definitely trading... unless you exchanged for notes and hold long...

what foreign bank you using?

That's the thing even with well regulated offshore (Tier 1 broker) sometimes the bank will call up to make such enquiry every time when make such withdrawal request (most of the time will just answer profit from investment) they just say okay and asked again with annoying voice tone 'ini bukan forex ye' like wth .... my priority will be that my money is safe under these top tier broker

Some Tier 1 broker overseas are under SC watchlists too (eg. ameritrade, tickmill and even tradingview!  )

End of the day there are no real framework given by the related authority for fx trading.

Thanks to scammers and fake lambo gurus the society look down on this industry

Ya, that's my concern.  I may be able to prove that my broker received fund deposits from me and that I withdrew funds from my broker, in USD, but I can't prove the means that I used to pay to and/or receive from them, because the money trail in my bank statement would not show or reflect the corresponding Beneficiary name (i.e. the broker's name) for each deposit/withdrawal transaction if I were to use the Local Bank Transfer method.  As such, my bank statement would only show that I paid to "Ah Kow Trading Enterprise" or I received funds from "Ah Beng Trading Enterprise", in RM, for these transactions. 

Also, best of luck to us if we try to request these brokers to issue a written letter validating that these Ah Kow and Ah Beng are actually their "appointed payment agents" in the region! 

I guess that could potentially be a "heavy price (high risk)" for us to pay if we're to opt for such fund transfer method if we're to be audited by authorities later, while initially we may enjoy the low/no wire transfer fee; low exchange rate; and speedy fund transfer (almost instantly).

Meanwhile, recently i noticed that there was an old thread in this forum on this subject too, for reference:
https://forum.lowyat.net/topic/4740205/all

It'd be appreciated if anyone could share a list of BNM-approved non-bank payment gateway providers.

So far, I've found only the following list from BNM, but I'm not sure about the definition of E-Money Issuers or the difference with Payment Gateway Provider.....
https://www.bnm.gov.my/non-bank-e-money-issuers

Sorry for repeating to some extent, but if you read carefully the issue I raised is not about whether the brokers are of top or low-tier category or whether any of them has got intention to scam or not.  I also have confidence in "top tier" reputable offshore brokers only, but I understand that all offshore FX brokers are not allowed to operate or promote their services as local entity in MY anyway.

Regardless of one has the intention to avoid or evade paying personal income tax, I just hope that there won't be any offshore FX crackdown in MY like what they're doing in China on cryptocurrency now.  When one declares his offshore income as "proceeds/profits from offshore investment" on income tax form, perhaps this would already attract their attention first....haha