Is online Forex trading legal in Malaysia?

Most likely That person is going to ask you to join network xxx which invest in Forex. I have a couple of friends who got call directly from maybank if the TT amount is too high.

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Malaysia goes on keeping the liberal Foreign Exchange Administration FEA approaches and methods for regulation and official license providing procedures, which are mainly prudential measures to support the overall economy in good condition. The monetary and financial stability are top priorities for the agency, which made it rearrange its drastic measures against both — Malaysian traders and all financial brokers that are listed here.

Meanwhile, the National Bank of Malaysia has also made a commitment to ensure that FEA strategies and measures will continue to support and enhance the competitiveness of national economy alongside with the Forex market growth. Bank Negara is actually the name behind Malaysian National Bank. It has a giant role for traders and trading websites, because it is the official regulator for them in the country.

The Bank is responsible to provide official licenses for the brokers and to keep the Malaysian traders safe regarding their personal data and money they invest or win by trading.

The Bank has a very strict, but quite working transparency policy for Forex brokers. In the beginning, experts in the field from UK and Cyprus the leaders in regulation of Forex trading believed that such measures cannot work in such a sphere as Forex. Though, Bank Negara proved it can handle it. Today, the Malaysian National Bank does handle over 50 different officially registered and quite popular Forex brokers in the country.

The Bank is also in charge for all the complaints about or from traders, brokers and independent financial agencies that have any connection with financial trading market. Not too many years ago, trading on the Forex market would have been illegal, with caught offenders being sent to jail. Thankfully things have moved on from there and would-be Forex traders can now go about their business without the threat of jail.

Malaysia has quickly gained a reputation for being an emerging market economy in Asia. However, change and rapid growth also have a tendency to attract unscrupulous elements that seek to profit from the inexperience of citizens, particularly if they hold in their hands newfound wealth.

It is easy to protect yourself from unwelcome risk if you want to participate in the trading of foreign currencies.

The most important rule is to always be aware. Forex trading in Malaysia and Malaysian Forex brokers are still relatively new concepts. Legislation in most locations is a bit behind the times. Trading on the Forex market in a more experienced jurisdiction will offer far more protection. Illegal Foreign Exchange Trading Scheme refers to the buying or selling of foreign currency by an individual or company in Malaysia with any person who is not a licensed onshore bank or any person who has not obtained the approval of Bank Negara Malaysia under the Financial Services Act or Islamic Financial Services Act Show posts by this member only Post 5.

Mar 9 , Show posts by this member only Post 6. Show posts by this member only Post 7. Show posts by this member only Post 8. 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.. Show posts by this member only Post 9. Show posts by this member only Post If a forex broker claimed doing forex operation in Malaysia, then the broker needs to have BNM license, as simple as that. 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. How can you transfer RM to a foreign account? The SG bank account may not accept the money in RM Yet so many so called new and legal forex groups keep popping up. Mar 10 , I just received rm63k from my cyprus broker Mar 13 , So far my TT no issue Mar 14 , Had a couple of failed CC via maybank so decided not to use it anymore.