DislikedI don't think doing forex can be say illegal in Malaysia. It is just that no brokerage in Malaysia has been given a licence by BNM to operate a currency trading accepts for Banks. So anyone who interests in currency trade has to open up account at regulated brokerage outside Malaysia. This has become very easy when internet dominated our lives already. My advice please make sure you are using regulated brokerage .. means a licence brokerage from respectives countries. Im using brokerage Pruton Mega Berjangka, regulated broker from IndonesiaIgnored
Correct! Basically, it is NOT illegal to do forex trading in Malaysia, as long as you're doing it with the local ONSHORE banks/financial institutions. That is rule no. 1. Secondly, you must be SOPHISTICATED INVESTOR category (high net worth individuals with annual income around RM100,000 or having RM1mil cash in your possesion) - - - according to Labuan Financial Services Authority Act (LFSAA). Furthermore, ALL forex trading done in Malaysia by banks and other hedge funds are operating in Labuan, NOT elsewhere. And sadly, locals are prohibited to get involve as investor or trader unless specified otherwise under FSA2013.
In this matter, it is become ILLEGAL activity (according to "our" law anyway... ). Forex is liberalized before June 2013, now semua tak boleh...
However, there is a way... but I will not share it because it is a loophole. I don't want any "law-abiding citizens" tattle tale to the lawmakers and made it totally impossible to do fx trading for the "have-nots" like me...