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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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SUSyklooi
post Nov 14 2015, 07:42 AM

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hmm.gif how am I sure that the names on that 2 lists you had posted are genuine (as separately listed as genuine/scam) and up to date? when was the last time they are updated?
who, where, how they are verified and confirmed true?
Did you get it from statutory bodies?
can provide the links?

Even Bank Negara has this disclaimer on their list for listing something like this....
"Based on information received by BNM, below is the list of known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by BNM:"
as sample of listing from BNM.....
http://www.bnm.gov.my/documents/2015/20151013_FCA_EN.pdf

BNM has this on its link too....
"This list has been compiled based on information, complaints and queries received by BNM regarding the activities of the persons and entities concerned. This list is not exhaustive and the Bank will update the list periodically from time to time. The list is intended to serve as a guide to the public.
The public is advised not to make any deposit or investment with individuals and entities that are not regulated under the relevant laws and should conduct the necessary checks with the relevant authorities if there are doubts regarding any schemes offered. The public is also advised to refer to the Investor Alert and information on enforcement actions published by the Securities Commission of Malaysia (SC) which is accessible via the following links:
• SC's Investor Alerts
• SC's Enforcement Actions
http://www.bnm.gov.my/index.php?ch=en_fina...eralert&lang=en

hmm.gif ELSE, this thread is ...... hmm.gif

This post has been edited by yklooi: Nov 14 2015, 08:10 AM
SUSyklooi
post Nov 14 2015, 08:39 AM

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hmm.gif Come to think about it....
what is GENUINE may not be LEGAL in Malaysia.... biggrin.gif

Illegal Foreign Exchange Trading Scheme refers to the buying or selling of foreign currency by an individual or company in Malaysia with any person who is not a licensed onshore bank or any person who has not obtained the approval of Bank Negara Malaysia under the Financial Services Act 2013 or Islamic Financial Services Act 2013.

How it's done?
........
http://www.bnm.gov.my/microsites/fraudalert/0203_forex.htm

How to Protect Yourself?
• Deal only with licensed onshore banks;
• Check with the relevant authorities before remitting/ investing/ depositing;
• Be extra careful with investments over the internet;
• Be sceptical of any investment opportunity that is not in writing; and
• In case an investment has been made, keep copies of all the investment and communications

Licensed onshore banks to conduct foreign currency trading in Malaysia are as follows:
•Commercial banks
•Islamic banks
•Investment banks
•International Islamic banks

http://www.bnm.gov.my/microsites/fraudalert/0203_forex.htm

This post has been edited by yklooi: Nov 14 2015, 08:44 AM
SUSyklooi
post Jul 13 2016, 08:30 AM

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QUOTE(DrFX @ Jul 11 2016, 01:49 AM)
Indeed Forex is considered illegal in Malaysia, but doesn't mean Forex is illegal entirely in terms of globalisation. Above warning/information from BNM is purely based on BNM licensing perspective to protect themselves as well as the citizen. As long as you are trading with a tier 1 licensed FX broker, then you are completely safe.
*
hmm.gif .....just got this from the news.....
............It said consumers should be careful when dealing with unregulated entities or individuals as there would be consequences.

“Consumer protection under the law administered by Bank Negara is not applicable, should members of the public choose to deal with illegal financial service providers.

“Those who participate in illegal financial activities could also be charged under the law for abetting operators of such illegal activities,” it added.

http://www.thestar.com.my/news/nation/2016...hquick-schemes/

This post has been edited by yklooi: Jul 13 2016, 08:33 AM
SUSyklooi
post Aug 25 2020, 04:19 PM

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QUOTE(AliG @ Aug 25 2020, 03:41 PM)
Check the list of scam brokers, if it's not in the list then it's ok
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hmm.gif
even BNM's list of unauthorised companies and websites has this disclaimer....
"Please take note that the list is not exhaustive and only serves as a guide to members of the public based on information and queries received by BNM".

thus caveat emptor to those believing that if NOT in the list, then it is ok.
for a start how reliable is that list of scam brokers.
SUSyklooi
post May 16 2021, 10:27 AM

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QUOTE(waghyu @ May 16 2021, 10:11 AM)
Yes true, just need few k USD for food monthly. Holy grail cash cow is for real. You never seen one you doesnt mean it does not exist.
*
This phrase reminded me of an almost same sales pitch of a money game scheme told by my relative few years ago...
Not to say yours are,.....

SUSyklooi
post May 16 2021, 10:42 AM

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QUOTE(waghyu @ May 16 2021, 10:32 AM)
No, I’m running any sales pitch here. But forex is money game, buy and sell and make money, game rule are simple and money are free from market. As long can win and withdraw back to Malaysia bank account, happy.
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Yeah,.. I liked the word, "if you can win and withdraw back.....
Even though it is free money... Not sure how you definite free money...
Anyone can just take without risk,
Can take at anytime?, how long can that free money be available for the taking?
As you mention, forex is money game.
.... Sort of like a musical chair games where in the end only got 1 winner?

Not mean to say forex as a whole is a scam... But More to some of it's intermediaries... Like some forex companies.

This post has been edited by yklooi: May 16 2021, 10:50 AM
SUSyklooi
post May 16 2021, 10:58 AM

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QUOTE(waghyu @ May 16 2021, 10:50 AM)
You like easy money or not? Like small/huge capital and keep getting gain from it?

The game is press buy or sell button, enter and exit. Most trader fail on this 3 elements, decision + entry + exit.

Money is free, due to the of easiness to profit from it, and to loss from it as well I dont deny this, I gain from other people losses in open trade markets.

Forex market is huge river, just need to grab few buckets for my own personal interest. Make money, withdraw and repeat.

Life is a gamble, and risk are necessary. Just have to manage this, and ensure consistent profits.

Bottom line I like money from forex, and I hope you will do well as well in your trading / investments endevours.
*
Yes... That is a fair acessment.... Which I think can be summarized as...
Money is there... Just like stock mkt
There is risk... Just like stock mkt
There can be gains... Just like stock mkt
There can be losses too... Just like stock mkt
Forex is like gambling,.. Just like stock mkt

But some forex trading companies are scam.... Not sure are there any local stock trading companies are scam?
SUSyklooi
post May 16 2021, 11:38 AM

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QUOTE(waghyu @ May 16 2021, 11:24 AM)
Hahaha, bursa high risk, possibly easily manipulated. I have no luck there unless trading with investor mindset.
*
Some people liked the availability of "manipulation" nature of stock markets... You liked the price you buy it... Willing buyer willing seller.
But I personally don't like the possibility of having my money scammed even though I can get it "free"
SUSyklooi
post Jun 14 2021, 12:03 PM

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after having read reviews and comments by others and yet want to test water with USD100,...
i would prefer to give that USD100 to my mother
SUSyklooi
post Jul 21 2021, 12:16 PM

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QUOTE(gashout @ Jul 21 2021, 11:50 AM)
Is Octa fx recognized by BNM?

Some website says yes.
Here says no. I am confused.
*
mind sharing those links if you happens to come cross those websites that said so.....
notworthy.gif
SUSyklooi
post Jul 21 2021, 02:49 PM

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QUOTE(gashout @ Jul 21 2021, 02:12 PM)
thanks for telling,
BUT
i would go for these
https://www.bnm.gov.my/web/financial-fraud-...-trading-scheme
https://forex-malaysia.my/is-forex-trading-...al-in-malaysia/


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SUSyklooi
post Jul 23 2021, 06:32 PM

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QUOTE(dampshit @ Jul 23 2021, 03:12 PM)
Dearr DrFx And Terry Tan.  I just make cleared off it I don't trust Trumph fx. My client keep promoting Triumph fx to me and having zoom private session for 1 on 1 later 3.30pm. Would you 2 pretend my friend and join in the zoom meeting and debate with the high level member? I really want to give them a solid debate that triumph fx is fake.
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I think it would be easier for that high level member to join this thread... Why not tell him during the zoom meeting regarding this thread n see how?
SUSyklooi
post Jul 28 2021, 12:44 PM

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QUOTE(TheKraken @ Jul 28 2021, 12:17 PM)
Aren't you drFX tired of talking to yourself (TerryTan)? People now know DrFX and Terrytan are the same guy. You created this thread to promote vesbolt by thrashing every competitors out there. And vestbolt blew people's accounts too.

Nevertheless, I have to credit you for creating this thread. You have certainly brought education but I smelled your hidden agenda from day one.  And now I have evidence you are also the same kind of scammers you are thrashing on this thread every day.

All these "Ang Mo" traders you wrote on vesbolt webpage are fake!

user posted image

Time to come clean, before I show your real face to the entire world.
*
just waiting for that notworthy.gif notworthy.gif
hope i don''t have to wait too long fot that to happens .....
SUSyklooi
post Sep 27 2021, 07:37 PM

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just saw this article,...
sound familiar?..... innocent.gif

Over 600 investors lose RM12mil in alleged forex scam

"After two months he told me that I had made some profit and I withdrew around RM2,000. It seemed legitimate so I introduced the scheme to family members and friends," the 30-year-old businessman told a press conference at Wisma MCA here on Monday (Sept 27) held by MCA Public Services and Complaints Department head Datuk Seri Michael Chong.

In total, Eng and others invested around RM12mil in the scheme. However, in October last year, several investors who enquired about withdrawing money from the scheme encountered difficulties.

"My friend assured us that everything was fine but we couldn't withdraw our money when we logged in on the website. Then a week later the website disappeared.

"When we tried to contact my friend's boss, we were told to deal directly with him (my friend) instead," Eng said.

https://www.msn.com/en-my/news/national/ove...k?ocid=msedgntp


 

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