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Forex version XVIII, Foreign Exchange Market Discussion
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carrer
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 Apr 30 2016, 04:03 PM
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QUOTE(Toki Theng @ Apr 30 2016, 01:46 PM) Hello everyone. I am extremely new to the idea of forex trading but I am confused. Is online forex trading legal or illegal in Malaysia? yeah BN website says its illegal if it's non authorised dealer but is there another way I can trade forex online without making it illegal? all experts please advice me. Very confused here. Thank you in advance. Yes, it's illegal. Trade other derivatives. If you however insist on trading forex, migrate or register an offshore company to trade. |
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carrer
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Apr 30 2016, 06:59 PM
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QUOTE(brotan @ Apr 30 2016, 06:14 PM) I thought it is only illegal if you do the trading with an unapproved Malaysian entity by bnm ? The only authorised dealers are the banks. Therefore, it is only legal to trade with the banks. http://www.bnm.gov.my/index.php?ch=li&cat=...=CB&fund=0&cu=0 |
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carrer
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Apr 30 2016, 07:06 PM
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QUOTE(brotan @ Apr 30 2016, 07:02 PM) If you want to exchange money or trade forex IN Malaysia, yes I agree it is only legal with whatever list by bnm But we are not trading IN malaysia Under the Exchange Control Act 1953 (ECA), it is an offence for a person in Malaysia to buy or sell foreign currency with any person, other than an authorised dealer. It is also an offence for a person to aid another person to buy or sell foreign currency with any person, unless the person is an authorised dealer. It doesn't matter if your broker is not in Malaysia, but you are in Malaysia and executing the trades from Malaysia, hence you are bound to the Malaysian laws. |
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carrer
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Apr 30 2016, 09:56 PM
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QUOTE(brotan @ Apr 30 2016, 07:22 PM) is that the right interpretation? i thought i know but now i don't know  so what is the workaround? if you open a shell company overseas and 100% own by u, will that be ok? Yes. You can do that. |
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carrer
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Apr 30 2016, 10:00 PM
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QUOTE(brotan @ Apr 30 2016, 09:10 PM) http://www.forexfactory.com/showthread.php?t=214133long thread on the legality of forex trading for Malaysian tldr version it is somewhat not illegal to trade forex by malaysian if you convert your rm to usd (or any currency) via BNM authorized legal entities (mostly banks) once the money is in the broker's acc (i assume overeas), you can do whatever you want with the usd You should email to the BNM directly to get the real answers. I did and I got the answer. It is illegal. However, I have never seen/heard anyone being prosecuted, except those managing Other People's Money (OPM). |
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carrer
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Apr 30 2016, 10:53 PM
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QUOTE(brotan @ Apr 30 2016, 10:19 PM) Bnm customer service (not the ppl making decisions) is not expert in these things You can read the ff thread I have read through the thread. The law is there, it is up to an individual to choose to follow or not. The FF forum members could be the real experts in BNM rules and regulations. |
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carrer
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May 1 2016, 12:38 PM
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QUOTE(Mr. WongSF @ May 1 2016, 02:13 AM) Well, looks like 99% of the folks in here are in trouble with the law then by trading forex.
So you belong to the 99% or the 1%? Frankly, the 1%.  EDIT: 99%, not 1%. This post has been edited by carrer: May 1 2016, 01:12 PM |
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carrer
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May 1 2016, 12:40 PM
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QUOTE(brotan @ May 1 2016, 11:36 AM) the law is vague if you look through all the post in the thread, there are ppl commenting about it anyway, even if true, 1. does that mean if i go overseas (let's say japan) and i have usd and i exchange my usd to jpy, it is illegal cuz i didn't do it with an approved bnm broker? 2. btw, if it is really true, does opening an offshore company that does the trade, considered illegal? 1. You are in Japan, not Malaysia. 2. Is it legal, as it is considered your company, an entity, is executing the trades. |
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carrer
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May 1 2016, 01:14 PM
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QUOTE(brotan @ May 1 2016, 12:47 PM) What if I am in malaysia, but I have vps is USA executing the actual order, so technically I am not trading in malaysia Your opinion? I am not sure about this. QUOTE(brotan @ May 1 2016, 12:48 PM) I don't understand your 2nd point When you have a company, your company is trading, not you anymore. |
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carrer
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May 1 2016, 03:57 PM
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QUOTE(brotan @ May 1 2016, 03:15 PM) if let's say your only income is from forex and you want to buy a house, how are you gonna get loan? if you pay cash, lhdn will come and find u Money laundering, through Restaurants, Casinos, etc. |
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carrer
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May 2 2016, 12:33 PM
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QUOTE(Riddhy @ May 2 2016, 09:12 AM) Thanks bro, sorry for late reply. I am learning python, about specific idea what do you mean? Care to explain a bit more please? Check out Pandas python. |
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carrer
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May 2 2016, 03:40 PM
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QUOTE(brotan @ May 2 2016, 12:37 PM) is that some sort of EA language? It is a research/backtesting library. |
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carrer
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May 3 2016, 09:25 PM
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QUOTE(andrewcha @ May 3 2016, 09:16 PM) Why you guys Fibo can get to 461 something like that while mine is only from 0 to 100 Invert it. If you are dragging from bottom up, try top down. |
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carrer
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Jul 6 2016, 08:52 AM
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QUOTE(WhoCaresMyName @ Jul 5 2016, 11:12 AM) hello guys i just run backtest with my ea and its consume too much of GB on my hard disk. where to delete these file? i search google cant find any result Go to the tester folder. Search for .fxt files and delete them. I can't remember the subfolder name because on mobile. |
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