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 How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker

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exia5733
post Dec 28 2016, 12:27 AM

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Junior Member
53 posts

Joined: Oct 2007
From: Malaysia
QUOTE(DrFX @ Dec 24 2016, 03:39 AM)
Thanks for your reminder. The reason why BNM has such alert or warning is try to protect Malaysian from illegal Forex trading or scam FX, sadly they do not state the actual guideline of capital market. Trading Forex with well licensed FX brokers/banks is like buying foreign countries' companies shares through foreign stock brokers. If a Malaysian purchase Facebook shares or Apple shares through US licensed stock broker, is that considered illegal?

FYI, in 2017, Malaysia will start a new regulatory body called FMAM to regulate FX business activities. It's will take times to reach the standard of UK FCA or Swiss FINMA.

We trust the integrity and international level of top tier regulators such us US NFA, UK FCA, Swiss FINMA, SG MAS, etc. They have the world standard of FX compliance rules & regulation and given the right protection to international investors.

When we talk about BNM integrity, you remind us of 1MDB case where the entire world pledged guilty on 1MDB fraud case but BNM closed the case easily.
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Huh? "Guideline to capital market"? What has FX got to do with the capital markets? Comparing FX trading to "buying foreign countries' companies shares through foreign stock brokers" is very very wrong my friend....

Retail FX is largely unregulated and open to abuse/manipulation, DrFX. It is a given. Name dropping self regulatory bodies and domestic regulatory bodies is pointless. The "integrity and international level of top tier regulators such us US NFA, UK FCA, Swiss FINMA, SG MAS" will not protect you in any way.

If you are trading from Malaysia, you are subject to the FSA.

 

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