DislikedHi there am new here, couldn't fund my fx account with Maybank card, any other bank card could easily to fund without issue?Ignored
RHB is the best. Maybank got problem funding and withdrawal
Help needed in OANDA + users from Malaysia 105 replies
DislikedHi there am new here, couldn't fund my fx account with Maybank card, any other bank card could easily to fund without issue?Ignored
DislikedI'm new to forex , I have 2 important question to ask about it: 1) Is that illegal in Malaysia? if it is what will happen? 2) being a full time trader to get income from it, can i buy property/car/loan anything?? Lastly, do have any suggestion for a newbie(me) ?Ignored
DislikedWill climb back to price 4.2 May impact #Forex - Good currency conversion trading in profit #Life - Bad Expence 1MDB, BNM, Scandal, Sh*t {image}Ignored
DislikedHi guys, I have a question that have been wondering in my mind. I'm a new trader and I have been trading(small scale) like 4 month and the most that I had withdraw is like 2k usd that I separate them to 2 acc due to daily transfer limit of my IB. My question is how do you guys process large amount of transaction? Do you guys transfer it under company or something? Wouldn't Bank Negara case us for tax evasion or alike? Worrying about this has been making me unsure to deposit large amount of money into my acc. Thank you in advance.Ignored
DislikedIf Maybank is the best, how come so many cannot send money over to their brokers via telegraphic transfer? I have come across 2 people who said that. And if they do allow, do they want us to show proof of documents of the brokers?Ignored
Disliked{quote} I have this experience, If it is too large you need to do it by batch, dont withdraw the whole amount at one time. Diversify your account in Singapore or OZ. You can explain to the Bank that the money that you received is from Forex Broker. Prove to the bank your broker are regulated and the source is clean. If you want to play big without hassle, open one account in Australia. Today everything is online, you can wire your money from anywhere to you account in Malaysia.Ignored
DislikedIf Maybank is the best, how come so many cannot send money over to their brokers via telegraphic transfer? I have come across 2 people who said that. And if they do allow, do they want us to show proof of documents of the brokers?Ignored
Disliked{quote} May I know which broker. I have a few friend who are IB for regulated broker. So far we never had this experience. Normally i depo using my debit card Maybank, my withdrawal also in Maybank.Ignored
Disliked{quote} Q1) "If you want to play big without hassle, open one account in Australia" Why must the broker be in Australia if want to play big? Why not UK?Ignored
DislikedQ2) Then you contradict yourself with the first sentence: "If it is too large you need to do it by batch, dont withdraw the whole amount at one time. Diversify your account in Singapore or OZ"ÂIgnored
DislikedSo, can we or cannot we make large withdrawals consistently to a Malaysian bank, regardless of where the broker is in Australia or UK?Ignored
DislikedAnd, all regulated brokers I know of will only allow us to withdraw to banks in our country of residence (proven by utility bill, or credit card bill at opening of acct). They won't let us withdraw to 3rd countries in S'pore or Australia where we do not reside.Ignored
DislikedThat opens up ways to tax evasion and money laundering, they would say.Ignored
DislikedAnd if we open an Australian bank acct, and keep sending money back from there, wouldn't the local bank not question the source of that money?Ignored
DislikedThat is more difficult to answer than direct withdrawing from a broker and let the transparent money trail comes from this regulated broker. Just come clean on the very first time, then no problem.ÂIgnored
DislikedAfter all, we didn't do anything wrong, did we? we only trade forex.Ignored
DislikedWe can also tell the banks that we trade stock indices or gold or crude oil or stocks ETFs. Those are all legit, and are all available in the brokers' platforms. You can't escape forex nowadays Which brokers in the world in all the reputable financial centers do not offer forex in their trading portfolio?Ignored
DislikedQ3) Quote: "Yes you can, this fall under self employed, you need to open one current account to prove your cashflow and profit. I advise you to open one Enterprise company with SSM and the company pay your salary as Financial Consultant. As long you are not collecting people money to trade then it should be no problem." We can trade using our own name, is it not?Ignored
DislikedWhy must set up a company purposely to trade? Being paid as financial consultant and withdrawing profits are separate and distinct. Opening a company looks like attempting tax evasion.Ignored
DislikedQ4) You said "As long as not collecting other people money", but then you have friends' who are Introducing Brokers (IB). Being an IB already has elements of 'collecting other people money' in that you are persuading people to deposit money into your broker of choice and you earn commission on that.Ignored
Disliked{quote} all regulated brokers I know of will only allow us to withdraw to banks in our country of residence (proven by utility bill, or credit card bill at opening of acct). They won't let us withdraw to 3rd countries in S'pore or Australia where we do not reside. That opens up ways to tax evasion and money laundering, they would say.Ignored
Disliked{quote} You are wrong... broker can do wire transfer into any account under your name anywhere in the world. Provided total deposit amount have been return to original source... I been withdrawing to account outside M'sia since last year. If you keep the record of the money source. Why worry about tax invasion? Forex income is not taxable. You can asked LHDN. I did.Ignored
Disliked{quote} No, you yourself is wrong. I have asked a dozen regulated brokers, and trade with real money or has live accounts in most of them, ALL said they can only wire back to your country of residence. Yours must be an unregulated broker, where anything goes. For me, that's a definitely 'no touch', too risky. You seems to be offering all kinds of 'advise', and some are wrong, some are conflicting, and many are muddled. To the newbies, you just add more confusion to them.Ignored
Disliked{quote} No, you yourself is wrong. I have asked a dozen regulated brokers, and trade with real money or has live accounts in a nnumber of them, ALL said they can only wire back to your country of residence. Yours must be an unregulated broker, where anything goes. For me, that's a definitely 'no touch', too risky. Unless, as Skenobi said above, you set up an off shore company elsewhere. But I don't do that.Ignored
DislikedThis is hilarious. I saw a Facebook post that some guy can't deposit on FXCM via Maybank as it bars this kind of transactions. You also have Weisik123 here saying he can't fund using Maybank. Quoting "Hi there am new here, couldn't fund my fx account with Maybank card, any other bank card could easily to fund without issue?" Then Zackgallardo recommends use RHB, because Maybank has withdrawal and funding problems. But then, Al Yagen said he can transacts with Maybank using...Ignored