To my knowledge in bank negara regulations forex trading in malaysia is illegeal. However i've been approached by introducer brokers who claim that it is legal as long as you put your money overseas.

Any input guys

It's illegal. However if income tax people come knocking, show them proof (letter from your broker) where you get your money and they will leave you alone.

Most likely That person is going to ask you to join network xxx which invest in Forex. If that's the case, run the opposite direction as it is most likely a scam.

well if u dare & have confidence. why not

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

only licensed by BNM such as Financial Institutions and money changers are allowed to carry out foreign exchange.

Have u heard any forex trader being prosecuted or jailed for forex trading on his own?

Why they selling forex trading books at the bookstores?... if its illegal?

TS, just make sure don't get into any scam offering you mind-boggling monthly profits.. Whatever company name your friend refer to, just Google about it..

isnt forex broker / agent has a license to do it?

btw does you tt from your own local to / from foreign account consider forex?

If a forex broker claimed doing forex operation in Malaysia, then the broker needs to have BNM license, as simple as that.

We have list of approved financial institution/banks that can operate forex activities.
While there is reason, why you see those money changer out there, always put up signboard "licensed money changer".
Because you cannot do forex activities without BNM license.

All the list are available in the BNM website, which one can easily look upon.

so based on your facts, it doesnt really consider as "forex" if you do transaction between your own account (local & foreign account) right?

How can you transfer RM to a foreign account...?

While foreign money transfer (eg. converted to USD then TT out) then it is subjected to BNM's foreign money transfer regulation.

lemme give a example...

you got a local bank account. you transfer money to sg bank account via TT. you earn the exchange rates. something like that. it is both your account btw

The SG bank account may not accept the money in RM...
You need to change to SGD or USD or whatever first locally before TT.

which means need atleast go thru licensed money changer

got it

No..it's not legal.. and some banks in Malaysia such as Maybank is blocking all FX related transactions.

Serious? Yet so many so called new and legal forex groups keep popping up.

You can trade no issues.it's just an instrument ,eg stock ...there are of course scammer cashing on forex to cheat people and of course there are bad brokers. not sure about legal forex group..don't think there are legal forex group.

This post has been edited by ninjawin: Mar 9 2016, 11:27 PM

Really? I just received rm63k from my cyprus broker...maybank too.

Here a disclaimer. Gotta becareful. .i guess if there are no "FX" in the transaction details then it's safe.

This post has been edited by ninjawin: Mar 10 2016, 12:17 AM


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So far my TT no issue... ... no guessing work can or can not... i have done it already.

If still worried... just use credit card to fund the account... easy!



This post has been edited by cmk96: Mar 14 2016, 01:49 PM