Is forex legal in malaysia
You are using an old version malaysia Internet Explorer which prompts you with security warnings when visiting our forum. Click here for solutions. NET Kopitiam Garage Sales. NET Rules and Regulations FAQ Help Search Members Calendar. Welcome Guest Log In Register. BNM - Forex is illegal in MalaysiaNazri - Otak ini aku tak boleh. Read latest posts or hide this alert. Share on Track this topic Print this topic. Jul 18 Show posts by this member only Post 1. Show posts by this member only Post 2. Listed dalam BNM list http: Show posts by this member only Post 3. Show posts by this member only Post 4. Show posts by this member only Post 5. QUOTE empyreal Jul 18 Show posts by this member only Post 6. Devout Practitioner legal Alcoholism. Whoaaaaaaaaaaaa waitHow did Madhatter get away with the forex trade which cost Malaysia a chunk of money. Show posts by this member only Post 7. Surfing LYN instead forex Working. Show posts by this member only Post 8. Show posts by this member only Post 9. QUOTE lucifah Jul 18 Show posts by this member only Post ISA Detention Room -Port Valdez. QUOTE ruffaz Jul 18 If you wish for peace, prepare for war Kopitiam. Forex trading is only illegal when you trade with unauthorized dealer. Under the Exchange Control Act ECAit is an offence for a person in Malaysia to buy or sell foreign currency or do any act which involves, is in association with, or is preparatory to, buying or selling of foreign currency with any person, other than an authorised dealer. It is also an offence for a person to aid or abet another person to buy or sell foreign currency with any person, unless the person is an authorised dealer. Bank Negara Malaysia would like to caution members of the public not to participate in any illegal investment or training programme on foreign currency trading offered by individuals or companies both domestic and foreign. Members of the public are usually enticed to attend such investment or training programmes with promises of quick and good returns. The modus operandi of such programmes have included: The list of authorised dealers and financial institutions permitted by the Controller of Foreign Exchange to buy or sell foreign currency can be obtained from Bank Negara Malaysia's website http: It sucks to be you. QUOTE SilentSerpent Jul 18 QUOTE yinchet Jul 18 Its is illegal if you buy it from non-authorize dealer. QUOTE highlowyat Jul 18 QUOTE PVCpipe Jul 18 Look at all my stars!! QUOTE hambaallah Jul 18 Just pray your internet is stable. QUOTE peinsama Jul 18 IT license sure got approval like apply cybercafe license, approve and put gambling machine inside cc. IINM the 'haram' part of forex is the leverage. In Islam, only 1: This post has been edited by silkysilk: QUOTE silkysilk Jul 18 QUOTE wodenus Jul 18 Yes and the government will not approve forex borkerages because of the fatwa issue. Jul 19 Fatwa is only for muslim. QUOTE wodenus Jul 19 Another issue is the deposit-taking. I don;t know why, but it seems to me any company that is taking deposits eventually goes "south". I still have malaysia ongoing investigation with moneybookers because they debited my card twice when they were pre-authorizing it. It's only 2 Euro and I am having that much trobule. I had a really bad time getting money out of any forex account, they ask for docs and then they delay, and then you have to push them, and threaten to report them to their regulators, and then only something gets done. QUOTE FLampard Jul 19 Mahathir, who was prime minister at the time, commented to reporters that he was not afraid to be investigated. Other key figures reportedly implicated are the then finance minister Tun Daim Zainuddin and BNM governor during that period, the late Tan Sri Jaffar Hussein. Although the issue has been raised before, this time it was perhaps more damning and detailed. This is because the individual who spoke about it at a forum organised by the Penang Institute, a state government think-tank, on Saturday was privy to the internal happenings at BNM until He is currently Negri Sembilan PAS deputy commissioner. Incidentally, Opposition Leader Datuk Seri Anwar Ibrahim, who was finance minister from toalso spoke at the forum. Anwar maintained that the matter was kept from him after he assumed the post. The problem with this whole affair legal that there has been neither an official investigation nor an inquiry into the matter to assuage public confusion and concerns. No one, aside perhaps from the perpetrators, knows how much money, if any, was lost or how this was done. Even the volume of money that was supposedly involved has come into question. Lim has put the losses at about RM30 billion. Rosli, however, pointed out that it was once reported that at the height of the speculation BNM had spent RM billion. If true, this effectively made BNM the largest player in the international currency market, as it is said to have competed head-on against the likes of George Forex. For after having begun to spew smoke again, this billion-ringgit volcano is not likely to simmer down for some time to come. Forex is not gambling, it's investing. What is gambling is depositing money into the account of a foreign company and actually hoping to get it back. If they say your money is missing, or they just ignore your withdrawal requests, what can you do? QUOTE highlowyat Jul 19 That was Alpari, not even some unknown bucket-shop. And now I don't know what to do with Moneybooker's double pre-auth, maybe I should call the bank and have them investigate it, or I should be arguing with MB for 2 Euro I know, I heard that too. After Legal made some money not so much even I suddenly had some serious trouble withdrawing it. As for ID forex And then threaten to report to regulators, then I got the money. It made me wonder, they are so well-known and regulated, and they want to pull forex on me. I wonder about the other brokers. Anyway that is the risk you have to take. Trading risk can be managed -- just don't overtrade and make sure you have enough to cover margin. But how do you make sure your money is safe? By Walter Peters TradingMarkets. Given that you, the forex trader, has a number of advantages, have you ever wondered how your retail forex broker makes money? And why are there so many retail forex brokers out there? After all, forex broker advertisements are everywhere and the competition seems to be very stiff. So how, exactly, does your forex broker make money? The answer might surprise you. Your forex broker assumes that you will lose money over the long run when you trade. This is precisely what your forex broker does. Every new account is assumed to belong to "group B" - those traders that will lose money. After you have joined this group your broker will lump your trades with all of the rest of group A and hedge against your trades. Basically, your broker puts up with group A traders but is really interested in gaining group B accounts. The broker does not make money on the spread; the broker makes money malaysia the losing accounts. This is also why brokers are constantly advertising for new customers. The brokers need "fresh blood" to keep making money, many of the traders in group B will give up on trading or move to another broker. So, the next time you see a forex broker malaysia you will know who they are really after. Walter Peters, PhD is a professional forex trader and money manager for the DTS private fund. In addition, Walter is the co-founder of Fxjake. If you would like to learn more about Walter's trading strategies, take a look at Walter's upcoming webinar. QUOTE vearn29 Jul 19 A Fine Line Between 'Trading' and 'Gambling' Is Called Discipline. If you are a good trader, you can almost guarantee a profit. But the best trader can't even almost guarantee that they will be able to withdraw what they make. Well when I was in KLSE, my broker was my bank, so there wasn't a risk at all. Jul 20 Mar 11 QUOTE legendfx Mar 11 So what should we follow malaysian rule or islam rule? Track this topic Receive email notification when a reply has been made to this topic and you are not active on legal board. Subscribe to this forum Receive email notification when a new topic is posted in this forum and you are not active on the board. On my way Group: Since Mahathir era if I am not mistaken. Devout Practitioner of Alcoholism Group: Nazri for BNM governer!! If you wish for peace, prepare for war Kopitiam Group: QUOTE Bank Negara Malaysia would like to caution members of the public not to participate in any illegal investment or training programme on foreign currency trading offered by individuals or companies both domestic and foreign. It sucks to be you Group: Just pray your internet is stable some Malaysian apply forex brokerage license in NZ, Mauritius and Cyprus but their server and office operation in Malaysian under IT license. How do you trade currency without exchanging it lol I don't know why, but it seems to me any company that is taking deposits eventually goes "south". It's only 2 Euro and I am having that much trouble. This post has been edited by wodenus: Trust Fund Baby Group: You can't keep money in the country because of deposit-taking laws, so you have to somehow send the money to the foreign broker. After that you have no guarantee that you will ever see it again. Ask for ID scan Yup, that's why you can't do anything if they decide to keep your money. Who are you going to complain to, can't even sue them. Correct except that it is legal for him to trade, if they pull their dirty tricks, he can sue them. If your broker doesn't return your money, what can you do? This doesn't really seem to make sense. Suppose I almost always make money. This means I am almost always right about market direction. To "hedge" is to take an opposite position. If someone is consistently right, and you always take the position opposite from him, how does that make you money? Yes they should legalize forex brokerages in Penang and Selangor, then maybe I'll consider actually voting for once lol. This post has been edited by sI Taufu:
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