A Fx Broker Needed Because No Broker Allowed* In Malaysia -
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thread: A Fx Broker Needed Because No Broker Allowed* In Malaysia

  1. #11
    Junior Member carmenbervaz's Avatar
    20
    Other than the fact I dont know the purpose of the post before mine...

    Here is the query:

    Is it prohibited to trade forex in Malaysia if you are visiting Malaysia as a tourist and exchange through your UK, Aussie or alternative Non-Malaysian broker during your stay?
    I do not think so. The emphasis is more on brokers that are busy in Malaysia providing conferences, lessons or actively promoting forex trading in Malaysia. I am aware of one company operating like this in Malaysia in direct violation of law. I guess they will not be doing this for much longer.

  2. #12
    Junior Member YenaySani's Avatar
    14
    Aside from the fact that I dont know the point of the post before mine...

    Here's the query:

    Can it be illegal to trade forex in Malaysia if you're visiting Malaysia as a tourist and trade through your UK, Aussie or alternative Non-Malaysian broker during your stay?

  3. #13
    Junior Member carmenbervaz's Avatar
    20
    I would not be so reluctant to start an account with an off-shore broker. If you seek high leverage who else would offer it? Attempt to loe a decent broker.
    I have been trading with Forex-Metal for several months (opened account for divesifiion motives ) and they do good job for me.
    Belize is offshore.

  4. #14
    Member rheny's Avatar
    40
    I would not be so afraid to start an account using an off-shore broker. If you seek high leverage who would offer it? Try to loe a good broker.
    I have been trading using Forex-Metal for several months (opened account for divesifiion reasons) and they do great job for me.
    LoL, this thread is 1 year old. I believe he opened an account.

    Oanda does not offer MT4.
    One year ago they didn't and they do.

  5. #15
    Junior Member isis91's Avatar
    22
    I wouldn't be so reluctant to start an account with an off-shore broker. If you seek out high leverage who would offer it? Look for a good broker.
    I have been trading with Forex-Metal for several months already (opened account for divesifiion motives ) and they do good job for me.

  6. #16
    1. If you've read the thread from the beginning in chronological order, you'll have known that there's (in truth) barely any limitation about converting foreign currency to/from ringgit provided that it is done correctly (via national banks).

    2. As for the legality of trading forex (non-MYR pairs) from Malaysia using offshore brokers, please do read the exact same thread from start to finish. Whether you agree with the assumption there, then you will definitely find more informed arguments in favor of legality.

    3. The limitation is merely the unexplained bogeyman the authorities would like the uninformed investor/punter/gambler to keep to think in.

    4. (and I hope these gamblers continue to get spooked. I would prefer not to have those people today pollute the retail trading environment.)

    5. As for recommending brokers, GoMarkets and Oanda is good, or so I've heard.

    6. I personally would only use brokers controlled in Singapore and Australia (closer to where I am). No Rvssians or brokers in dodgy offshore tax havens for me.

    if it is illegal to trade forex in Malaysia, then how can recommending a broker assist you? You still cannot exchange forex right? To start a foreign exchange account with US or UK brokers, you need to convert Riggit to USD base currency to cable deposit your live account. That transformation is illegal in Malaysia if I understood the thread....

    I utilize GFT Forex (local office http://www.gftasia.com/Deposit-Funds...r/Default.aspx) funded in Singapore dollars.

  7. #17
    *In Malaysia, except for bankers, we don't have licensed fx broker as of this writing. This link explains why .
    Https://www.cliqforex.com/trading-sy...ne-profit.html
    if it is illegal to trade forex in Malaysia, then can recommending a broker assist you? You cannot trade forex right? To start a foreign exchange account with US or UK brokers, you have to convert Riggit into USD base currency to wire deposit your live account. That conversion is illegal in Malaysia if I knew that thread....

    I utilize GFT Forex (neighborhood office http://www.gftasia.com/Deposit-Funds...r/Default.aspx) funded in Singapore dollars.

  8. #18
    BTW... It is Prohibited for Malaysians to trade Forex whether with Malaysian Brokers or Offshore Brokers. You have to be physically outside of Malaysia to exchange Foreign Exchange.

    PS... http://www.goldex-equities.com/ is a scam broker run by Malaysians.
    If you're Malaysian and believes that this fellow Malaysian broker will not scam you, be my figure and dump your money in. Ever wondered why they operate in NewZealand with offices in different states other than Malaysia? Their satelite offices uses different names to prevent getting related to goldex-equities directly. Their explanation after they scam, we are only sales representatives, visit NZ to sue the broker not us. . In NZ, law FX brokers is very lax they could practically do whatever they want to include screwing you.

  9. #19
    If you are permitted to trade US stocks or Futures then you could try
    1) Currency futures
    2) Currency ETF

    leverage will be low but better than nothing and being illegal

    Utilize any large broker such as IB, TOS / Options Express

    Another alternative. . Can you become a resident of Singapore near by

  10. #20
    Junior Member Gerardomoreno84's Avatar
    22
    Dukascopy!!!

    First of all, it's a bank. When you get captured your punishment for using a banking broker may be less acute.

    Second, you will not be asked by Dukascopy for your tax ID number with the intention of paying taxes on your country.

    Thirdly, Dukascopy is Swiss, so when you get captured up your punishement will be less intense than if yo used a US broker.

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