Guys, I have no issues receiving foreign TT to my Maybank acct.
Forex Trading in Malaysia
Forex world has been popularized here for the last decades, as well, and no matter how many followers it has found, recently it was nothing else, but another form of gambling.
Thankfully, things have changed for Malaysia and today anybody of you can make trades, while being in Malaysia and while being based there without facing the jail. We remind you thank only 5 years ago, several people went to jail due to Forex trading in Malaysia. Today it is and here are all the things you need to know about Forex trading in Malaysia, if this is your plan. 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. Being a nation that adheres to Islamic ideals, a majority of traders from Malaysia should carefully contemplate the legality of FX trading according to their religious beliefs, and ascertain whether the broker of their choice is Sharia compliant.
As far as regulation of Forex brokers is concerned, the Malaysian regulatory agency is still in its primitive stages, and there is an awful lot of confusion regarding the actual regulatory authority for Malaysian Forex brokers.
The Bank Negara, which is the Central Bank of Malaysia, is responsible for managing the Ringgit currency, while the Securities Commission of Malaysia is in charge of regulating and supervising financial companies. The lack of regulatory oversight can be dangerous for investors, as there is a significant amount of potential for scams and broker irregularities.
Several companies have based their FX operations in Malaysia due to the lack of any regulatory guidelines and have exploited the loophole to siphon off millions of dollars from traders around the world.
The lack of any regulatory framework also deters the Malaysian authorities from supervising the conduct of its member companies, since brokers are free to set up their headquarters in the country to provide services to an international audience. A highly deregulated market is suitable for scammers to make quick profits from unsuspecting traders. On the contrary, there are genuine and reliable Forex brokers that offer authentic Forex brokerage services to Malaysian traders.
There are both local as well as international brokers that provide a safe and secure trading environment that is completely void of any financial malpractices.
No single call from Maybank. I notice u use Skrill Maybe i try use your broker and see Yes using Skrill now.. Mar 19 , Dec 22 , Guys, I have no issues receiving foreign TT to my Maybank acct. However, it has not come through to my RHB account. Are there banks that reject incoming fx funds? Have u heard any forex trader being prosecuted or jailed for forex trading on his own? Why they selling forex trading books at the bookstores?
Dec 23 , Track this topic Receive email notification when a reply has been made to this topic and you are not active on the 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. Any input guys It's illegal. However if income tax people come knocking, show them proof letter from your broker where you get your money and they will leave you alone. Most likely That person is going to ask you to join network xxx which invest in Forex.
If that's the case, run the opposite direction as it is most likely a scam. On my way Group: Any input guys Have u heard any forex trader being prosecuted or jailed for forex trading on his own?
You can trade no issues. This post has been edited by ninjawin: This post has been edited by cmk