QUOTE(ddonkey @ Jul 5 2020, 01:54 PM)
Would like to ask is trading forex through regulated brokers is considered legal in local?
I using some brokers such as Tickmill, Avatrade & XM.
Some of traders said if you deposit/withdraw money from broker, bank will call you first time for verification.
And if you reply the money is from forex, they will freeze your account, same goes to if remarks there written any forex related words during making deposit.
And their solution is by creating an SSM and withdraw to that account, think so something related to income tax.
But some traders said is ok to reply bank is from forex trading.
Any sifu can give details explaination? Is it truth bank will freeze account if knew is from forex brokers?
This is depends on bank. If your account usually have such transactions in and out, bank wont ask.
But if your bank account not much transaction, then they may ask where's this payment coming from, they will need you to provide statement proof and purposes.
If you tell it's from forex, they will reject the fund.
So far i have tried withdraw from different brokers, no problem for me. Only experience once time which is Public Bank will ask and they rejected my fund.
So I will avoid use Public Bank.