cool guys. thx for sharing.

Good trade bro.

Hello all, have some newbie questions on non-market stuff.

Regarding the profits you guys make, do you guys declare as investment income abroad? Just curious because if you want to repatriate/bring back your money and you have periodic or lump sum money coming in to your domestic accounts from Cyprus or wherever your broker is without reporting, surely eventually tax or AMLA flers will come knocking? I'd assume the method to calculate would be to take year end account balance minus the year's beginning account balance, equals your investment income?

I previously opened an account with hotforex but burned through it on a stupid action some time back - now hopefully I know better and am looking to dip back in (but USDMYR much more painful now to buy in...).

Appreciate any help you guys could provide on this matter. Happy trading!

This post has been edited by happyharpinghorse: Dec 23 2016, 04:34 PM

https://en.wikipedia.org/wiki/Capital_gains_tax#Malaysia

In fact, tax is a small matter if you really got a large profit and Malaysia does not have capital gain tax. If want a confirmed answer, you can bring your statement and whatever written document to lawyer and accounting firms that normally handle tax issue to seek consultant. Let say, if you can make a profit of USD100k, why need to care to pay a few hundred in RM for consultant fee.

I much more curious on how can you bank-in your money to bank without being blocked by BNM. Pls share your story if I am wrong.

You may try to open maybank Singapore branch then withdraw here in small amounts.

Ya, what I had in mind was capital gains or investment income, tax bucket is 0% anyway, just report to be safe.

As for bringing back profits... I wasn't profitable so can't share any experience. But there was an option for the broker to TT the money in, directly to a bank account of choice. Which I presume would trigger a phone call from the bank, regarding money laundering queries, but shouldn't be an issue to clarify lah. The BNM forex trading is illegal ruling applies to speculating with MYR - ie. If you have a USD account you punt with, no issue. It is made to prevent people from allowing you to open a trading account in MYR (eg some brokerage firms allow you to open a GBP or EUR account instead of USD as base currency).

AllInGap: i was told by a friend who tried to open an account with a bank in Singapore, seems it is basically impossible for us unless you work there, have business there, or are studying there. Very strict requirements. Do correct me if I'm wrong though?

This post has been edited by happyharpinghorse: Dec 23 2016, 10:15 PM

I see. I guess you read the recent news about speculating MYR, but it is not relevant to MT4 trading here. That speculating MYR one really HAVE OWNED certain money in physical form or maybe saving in bank account. In other words, they are doing money exchange in a very large amount, so government do not want change money in so large amount money.

MT4 trading is not doing money exchange because ppl does not own any physical asset of money when do trading. In other words, you are just guessing the direction of the index number (index number of exchange rate) when open trade or close trade.

The call from bank is not aimed to trace any money laundering action, but bank want to keep a record as evidence in case one day the authority/auditor wants to see the record. To avoid any confusion or misunderstanding, you should read another old existing rule 2013.

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

why not u just directly tell him, don't be fooled by the beautiful story that forex agent told you. MT4 trading is a gambling on index direction and government prohibit gambling.

I don't have exact details cuzy friend told me he withdraw like that to avoid detection

Thanks for the link. Anyway from looks of it they are targetting the frauds ie fly by night operators. The recent BNM news about "speculators" actually is in the sense of speculators in the offshore MYR market, which they deem illegal (as MYR strictly controlled currency), but can't do anything since outside their jurisdiction... Normal people like us will never come into contact with this market... So I'm not worried about that lah. Thanks for sharing regarding the bank call though! Would have thought its mostly money laundering concerns.

But now that you mention it, ya I remember in the broker clause got mention something like, a long position doesn't mean you hold the currency... Something like contract for difference.

AllnGap - thanks... Maybe need to ask relative in Singapore open joint account this would be the most no-headache way to go about things though!

This post has been edited by happyharpinghorse: Dec 24 2016, 12:23 AM

This will solve your problems or fear. Open up a Dukascopy Bank(Malaysia) account for trading.
If BNM question, all the proof is with the Dukascopy Bank.

With no trading on most brokers today.... i was suprised Igofx still can trade...

market maker

holiday until 3 january

Does not matter to me.

Most brokers have widen their spread today

Low liquidity during holiday season is the factor

Better trade next week lah

Better trade next year.

Haha my bad.. Next week is also next year lol

This is a Swiss bank?
Will they provide ATM for withdrawal?

Are forex account and bank account are differently treated even though they share the same bank name ?