When Bank Negara mentions "foreign currency" only as opposed to foreign currency assets , they usually mean foreign currency CASH. Note that BNM mentions "illegal investments". 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. How I invest my new USD asset afterwards will be my own affair and I won't cry about margin calls because I should always be financially solvent every time and as long as I'm strict with my stops.
Some of the examples of dangers given in BNM's last press release are true, however. I also get the impression that some programmes are merely "introducing brokers" for fly-by-night FX brokers As for the "margin call", this so-called "modus operandi" is no different from trading KLCI futures, for example. What must have happened: If this investor is already undisciplined enough to trade on credit, I think it's reasonable to expect he lost money due to undiscplined stop-loss management or consistently wrong application of the techniques taught to him.
What does he do next? He goes to complain to the government. 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. Malaysian Banks without fear. Do research for relatively reputable offshore brokers. Always make sure you have backup capital to help you pay day-to-day bills during the losing spells.
What are the legal implications of individuals soliciting money from retail investors in Malaysia on behalf of offshore FX broker companies and having managers trading on behalf of these retail investors? Find the Forex broker that suits you the best. Wanna get a lowest spread? Try using armada markets , Bes broker for Gold Trading.
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Forex Converter Click Converter to process the convesion. Quates Click Quates to check current exchange rate. Legal Issues with Forex in Malaysia.
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