Is online forex trading legal in malaysia
All your friends are talking about it. First up, is Forex Trading legal in Malaysia?
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I was worried too before, to be honest. Bank Negara Malaysia has clarified that the buying and selling of foreign currency in Malaysia is only allowed with licensed commercial banks, Islamic banks, investment banks and international Islamic banks as provided for under the Exchange Control Act NOT the balance in your bank account, which, if you really think about it, is JUST A NUMBER. 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.
It only becomes an issue when the trader is trading on borrowed money which HE SHOULD NEVER EVER DO! What must have happened: What does he do next?
He goes to complain to the government. Based on MY interpretation of the rules, FX trading on non-MYR pairs is legal subject to conditions: BE responsible for your own trading. Do not trade for someone else i. Do not ask someone to trade on your behalf because that means placing a deposit in an unlicensed person or company.
Do NOT trade against the ringgit. Do convert your ringgit asset to USD for example with any Authorised Dealer i.
Malaysian Banks without fear. Do NOT convert your ringgit asset to USD with unauthorised dealers you know who they are.
Do research for relatively reputable offshore brokers. NEVER EVER EVER trade on credit.
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