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

forex trading in malaysia is not illegal, however it is only applicable to banks and licensed money changer. however, another type of forex 'trading' which is the speculation on forex is illegal in malaysia. therefore you can not see any FOREX broker in malaysia like what u see in aus or singapore where everyday we can trade or gamble those that you are seeing in malaysia are all operate overseas, they are agent of these overseas operated website... just like online gambling, its illegal in malaysia but they have agents or ad in malaysia to 'introduce' you these online gambling website.

This post has been edited by klthor: Mar 10 2016, 05:38 PM

since its operation is located outside malaysia, if you got scam by these website you are unable to sue them in malaysia or ask help from BNM.

Had a couple of failed CC via maybank so decided not to use it anymore. Also curious how can you receive 63k tt without query from maybank. I have a couple of friends who got call directly from maybank if the TT amount is too high. These days anti money laundering policy is tight. Better becareful cause BNM and LHDN have access to all historical bank transactions.


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however, if you make any profit and would like to withdraw the amount, will BNM come and find you?

Depends on amount and luck. BNM monitors on Banks and the Banks monitor on you. Maybe you can try AMbank becoz some1 gets tru with Ambank 700mil USD aka 2.6bil RM.

This post has been edited by klthor: Mar 14 2016, 12:54 PM

Which broker u use? I'm using XM (trading Point Financial Instrument)... TT for deposit and withdrawal so far no issue. No single call from Maybank.

I notice u use Skrill... i use it too... can withdraw to Maybank too... no hassle transaction. Maybe i try use your broker and see... Give me the broker name.



This post has been edited by cmk96: Dec 22 2016, 11:10 PM

I'm using Fxprimus...Yes using Skrill now.. middleman between brokers and banks.. works like a charm.

This post has been edited by ninjawin: Mar 14 2016, 03:45 PM

anyone can declare they earn a million bucks, but can you prove it via tax filing? do show your lhdn borang
a reminder, it is a federal offense punishable by jail if you do not pay your taxes in malaysia

also u cant do transfers over 10k without inquiry from the bank. u can check with any banks in malaysia, local or foreign.

banks in eu is worst, more regulations

This post has been edited by gamestotal: Mar 14 2016, 03:49 PM

There u go... issue solved... just use Skrill... no need take number at the bank to do wire transfer.

ok ok... no one forced you to believe.. pls do not trade forex....coz u duno how to file tax.... LHDN will lokap u... sound like scary movie.

especially now a days, ldhn very very active at catching people who either dont declare or under declare.

It's not illegal to sell a forex trading book

This.. if the forex broker suddenly disappears.. there's nothing you can do.

Every bank is different...

i check my money in already
the description says auto pay @_@
i asked google it says somthing like your salary lol
AUTOPAY CR
DC RF 21 DEC
CIMB BANK BERHAD - C
Transfer from CIMB