A Fx Broker Needed Because No Broker Allowed* In Malaysia | Forex Factory

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A Fx Broker Needed Because No Broker Allowed* In Malaysia

  • #1
  • First Post: Edited Mar 10, 2010 10:44pm Mar 9, 2010 7:50am | Edited Mar 10, 2010 10:44pm
Hi Valued Traders

I need HELP !

I am a newbie in Malaysia. I have studied fx and demo MT4 for 2++ years. Now I think it is time to open a live account (mini/micro type) to get familiar with the real time trading platform.

*In Malaysia, except for bankers, we do not have licensed fx broker as of this writing. This link explains why so.
http://www.forexfactory.com/showthread.php?t=214133

I hope you can recommend your broker that you have been using and happy with the broker in term of overall service and the platform.

PLEASE: NO NO NO INPUT FROM AGENT OR EMPLOYEE OF THE BROKER.

Thank you so much for your time and input.

Warmest Regards
fxpip8
  • #2
  • Mar 9, 2010 7:41pm Mar 9, 2010 7:41pm
oanda...
  • #3
  • Mar 9, 2010 8:05pm Mar 9, 2010 8:05pm
Reputable brokers that offer MT4:
FXCM, IBFX to name a few.

Oanda does not offer MT4.


Do note, there are a ton of scam MT4 brokers. Just go with the abovelisted.
  • #4
  • Mar 9, 2010 9:08pm Mar 9, 2010 9:08pm
I second the IBFX recommendation. good broker, MT4 servers in-house with good QoS. FXCM has had some technical issues lately, still seem to be ongoing actually.

maybe check with backbayfx too. good guys. they are an IB and can help you find a broker too.
BarrySDCA Commercial Network Services
  • #5
  • Mar 10, 2010 10:50pm Mar 10, 2010 10:50pm
Thanks John, BK and Barry for your inputs. Appreciated.

Barry, what is "backbayfx ?" Pls. offer the link (thanks).

I welcome other traders' inputs.

Have a good day.
  • #6
  • Mar 10, 2010 11:05pm Mar 10, 2010 11:05pm
Quoting fxpip8
Thanks John, BK and Barry for your inputs. Appreciated.

Barry, what is "backbayfx ?" Pls. offer the link (thanks).

I welcome other traders' inputs.

Have a good day.
back bay fx is an introducing broker. they can set you up with a few different brokers after getting your specific needs. I believe it is backbayfx.com
BarrySDCA Commercial Network Services
  • #7
  • Mar 11, 2010 7:17am Mar 11, 2010 7:17am
Quoting BarrySDCA
back bay fx is an introducing broker. they can set you up with a few different brokers after getting your specific needs. I believe it is backbayfx.com
Thanks, Barry.
  • #8
  • Jan 20, 2011 10:13am Jan 20, 2011 10:13am
super highly not recommended to use this broker who is having serious technical problem.....

the order can be accepted but it will only attempt to close the trade after you try getting help from a live chat...

My god.. what kind of system do they have back end? Dinosaurs?

terrible and horrible..
i am pulling out from them..

Bye AAAfx
  • #9
  • Jan 20, 2011 11:48am Jan 20, 2011 11:48am
Dukascopy!!!

First of all, it is a bank. When you get caught your punishment for using a banking broker may be less severe.

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

Thirdly, Dukascopy is Swiss, so when you get caught your punishement will be less severe than if yo used a US broker.
  • #10
  • Jan 20, 2011 6:35pm Jan 20, 2011 6:35pm
If you are allowed 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

Use any large broker like IB, TOS / Options Express

Another alternative .. can you become a resident of Singapore close by
  • #11
  • Edited Jan 21, 2011 12:13am Jan 20, 2011 10:21pm | Edited Jan 21, 2011 12:13am
BTW... It is illegal for Malaysians to trade Forex whether with Malaysian Brokers or Offshore Brokers. You have to be physically outside of Malaysia to trade forex.

PS... http://www.goldex-equities.com/ is a scam broker run by Malaysians.
If you are Malaysian and thinks this "fellow Malaysian" broker will not scam you, be my guess and dump your money in. Ever wondered why they operate in NewZealand with sattelite offices in different countries other than Malaysia? Their satelite offices uses different names to avoid getting associated with goldex-equities directly. Their excuse after they scam, "we are just sales agents, go to NZ to sue the broker not us".. In NZ, regulation on FX brokers is very lax they can practically do anything they want to include screwing you.
  • #12
  • Jan 20, 2011 10:23pm Jan 20, 2011 10:23pm
Quoting fxpip8
*In Malaysia, except for bankers, we do not have licensed fx broker as of this writing. This link explains why so.
http://www.forexfactory.com/showthread.php?t=214133
if it is illegal to trade forex in Malaysia, then how can recommending a broker help you? you still cannot trade forex right? to open a "foreign individual" account with US or UK brokers, you have to convert Riggit to USD base currency to wire deposit your live account. that conversion is illegal in Malaysia if i understood that thread .......

i use GFT Forex (local office GFTAsia) funded in Singapore dollars.
  • #13
  • Jan 30, 2011 7:48pm Jan 30, 2011 7:48pm
1. If you've read the thread from the beginning in chronological order, you will have known that there is (in truth) hardly any restriction on converting foreign currency to/from ringgit as long it's done properly (via domestic banks).

2. As for the legality of trading forex (non-MYR pairs) in Malaysia using offshore brokers, please do read that same thread from start to finish. Whether or not you agree with the premise therein, you will definitely find more informed arguments in favor of legality.

3. The "restriction" is just the unexplained bogeyman the authorities would like the uninformed "investor"/punter/gambler to continue to believe in.

4. (and I hope these gamblers continue to be spooked. I'd prefer not to have these people 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 regulated in Singapore and Australia (closer to where I am). No Rvssians or brokers in dodgy offshore tax havens for me.

Quoting bstay2
if it is illegal to trade forex in Malaysia, then how can recommending a broker help you? you still cannot trade forex right? to open a "foreign individual" account with US or UK brokers, you have to convert Riggit to USD base currency to wire deposit your live account. that conversion is illegal in Malaysia if i understood that thread .......

i use GFT Forex (local office GFTAsia) funded in Singapore dollars.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #14
  • Jun 8, 2011 10:31pm Jun 8, 2011 10:31pm
I wouldn't be so afraid to open an account with an off-shore broker. If you seek high leverage who else would offer it? Try to find a decent broker.
I have been trading with Forex-Metal for several months already (opened account for divesification reasons) and they do good job for me.
  • #15
  • Jun 9, 2011 1:39am Jun 9, 2011 1:39am
Quoting provance
I wouldn't be so afraid to open an account with an off-shore broker. If you seek high leverage who else would offer it? Try to find a decent broker.
I have been trading with Forex-Metal for several months already (opened account for divesification reasons) and they do good job for me.
LoL, this thread is already 1 year old. I think he already opened an account.

Quote
Oanda does not offer MT4.

One year ago they didn't and now they do.
  • #16
  • Jun 9, 2011 1:55am Jun 9, 2011 1:55am
Quoting provance
I wouldn't be so afraid to open an account with an off-shore broker. If you seek high leverage who else would offer it? Try to find a decent broker.
I have been trading with Forex-Metal for several months already (opened account for divesification reasons) and they do good job for me.
Belize is offshore.
  • #17
  • Jun 9, 2011 11:07pm Jun 9, 2011 11:07pm
Other than the fact that I dont understand the point of the post before mine...

Here's the question:

Is it illegal to trade forex in Malaysia if you are visiting Malaysia as a tourist and trade through your UK, Aussie or other Non-Malaysian broker during your stay?
  • #18
  • Jun 10, 2011 12:09am Jun 10, 2011 12:09am
Quoting dice action
Other than the fact that I dont understand the point of the post before mine...

Here's the question:

Is it illegal to trade forex in Malaysia if you are visiting Malaysia as a tourist and trade through your UK, Aussie or other Non-Malaysian broker during your stay?
I don't think so. The emphasis is more on brokers who are active in Malaysia giving seminars, lessons or otherwise actively promoting forex trading in Malaysia. I know of one company operating like this in Malaysia in direct violation of the law. I suspect they will not be doing so for much longer.
  • #19
  • Edited 1:26am Jun 10, 2011 1:13am | Edited 1:26am
Quoting dice action
Other than the fact that I dont understand the point of the post before mine...

Here's the question:

Is it illegal to trade forex in Malaysia if you are visiting Malaysia as a tourist and trade through your UK, Aussie or other Non-Malaysian broker during your stay?
The short and the long answer is: No.

But if you're a tourist, maybe you should take the time to enjoy your holiday instead of worrying about the Eurozone debt crisis (for example).

LOL.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #20
  • Jun 10, 2011 1:24am Jun 10, 2011 1:24am
Quoting jafar00
I don't think so. The emphasis is more on brokers who are active in Malaysia giving seminars, lessons or otherwise actively promoting forex trading in Malaysia. I know of one company operating like this in Malaysia in direct violation of the law. I suspect they will not be doing so for much longer.
1. Hmm.. I'm not sure what law you mean.

2. There is, for example, no law I know of in Malaysia that restricts people from teaching other people how to trade, which is a skill that can be applied in most markets.

3. The emphasis is actually more on the activities of retail traders (who are Malaysians) who trade FX onshore for other people i.e. these traders are taking deposits without a license, which is the only legal aspect that really matters in this discussion.
I'm not trying to convince anyone. I'm not in the "convincing" business.
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