Forex in Malaysia

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Forex or ‘FX’ in short stands for ‘foreign exchange market’. As compared to Stock Exchange where shares are traded, the Foreign Exchange market trades all kinds of foreign currencies or foreign ‘money’. Compared to the measly USD 74 billion a day trade volume of the New York Stock Exchange, the foreign exchange market trade volume a day is USD 4 TRILLION.


Forex in Malaysia

Recent online news on forex in Malaysia:
...Malaysia is a hot destination for Forex brokers as it is home to over 100,000 traders in the world’s most liquid asset class (according to BIS Survey). Investors have been attracted to the high returns available in margin FX. Malaysia’s central bank does not regulate spot FX and recently published disclaimers outlawing Malaysians to invest in FX...
Malaysian-central-bank-liberalises-foreign-exchange
...Malaysian retail investors have ben attracted to the growing online FX trading industry. The streets of Kuala Lumpar were filled with new schools teaching the art of trading, however the central bank put a stop to this type of speculative trading after an influx of complaints from traders losing out to fraudulent IB’s and introduces and halted money transfers to international brokers...
 
…Online Forex trading has gained momentum amongst Malaysian retail investors as traders saw strong potential gains during the last 5 years; however the central bank has been creating a fuss and today announced major turnaround for traders and brokers in this massive market place.

Bank Negara Malaysia clarified on Thursday 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 1953.

Such trading is also allowed with licensed money services business providers (money changers) as provided for under the Money Services Business Act 2011…

http://thestar.com.my

...Under the Malaysian Exchange Control Act 1953 (ECA), it is an offence for a person in Malaysia to buy or sell foreign currency or do any act which involves, is in association with, or is preparatory to, buying or selling of foreign currency with any person, other than an authorised dealer. 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...

 

Forex Illegal in Malaysia?

The status and confusion with regard to Forex in Malaysia has also been discussed in online forums:

 

Still confused about forex in Malaysia?

Forex in Malaysia

If you've ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange your Ringgit into the currency of the country you are visiting.

You go up to the counter and notice a screen displaying different exchange rates for different currencies. When you do this, you've essentially participated in the forex market! You've exchanged one currency for another. Or in forex trading terms, you've sold ringgit and bought US Dollar (assuming you are going to the United States).

You could actually buy or sell foreign currencies through authorized dealers. Authorized dealers shall include our local and foreign banks incorporated in Malaysia and the licensed money changers.


Foreign Currency Accounts in Malaysia

If you would like to participate in the forex market, the following is a list of local and foreign banks (authorized dealers) for you to ‘invest’ in foreign currencies:

http://www.maybank2u.com.my
http://www.cimbbank.com.my

http://www.hlb.com.my

http://www1.uob.com.my

http://www.standardchartered.com.my/

http://www.hsbc.com.my

http://www.rhb.com.my 

Currency movements could be very volatile due to many factors. Most newbies would lose money in Forex ‘trading’ due to lack of understanding and confusion from the over-whelming information out there teaching about scalping, day-trading, intra-sessional trading with auto-robots or ‘expert advisors’ etc and the list continues.

Please feel free to leave your comments with regard to forex in Malaysia.

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