Panic is spreading among newbies forex traders including me even i already trade full time for more than 2 years. After chatting with some seniors, they said BN announced these kind of warning like every one or two years to avoid more people go diving into forex related scams.. As long you dont take others money, trade it and provide false information, you are fine. Owh do trade under NFA regulated brokers yaa .. (^_^)
Soo many liness ....
Beware Of Illegal Foreign Currency Trading Schemes, Says Bank Negara
KUALA LUMPUR, Jan 4 (Bernama) — Bank Negara Malaysia has advised the public to not participate in any illegal investment or training programme on foreign currency trading offered by individuals or companies.In a statement here on Monday, the central bank said members of the public are usually enticed to attend such investment or training programmes with promises of quick and good returns.
It said the modus operandi of such programmes has been to offer free training, seminars or workshops to lure investors, prior to inviting them to set-up an online foreign currency trading account with a principal company.The company has purportedly a valid licence to trade in foreign currency overseas.It also includes providing convenient access to the principal company’s website and facilitate online foreign currency trading by investors as well as the recruitment of fresh graduates as marketing executives.The graduates are also encouraged to get their family and friends to trade in foreign currency.
Such programmes also require investors to deposit an amount of money into a bank account to begin the trading in foreign currency and subsequently, requesting for a top up on their initial investment (margin call) to avoid losing the capital.Under the Exchange Control Act 1953 (ECA), it is an offence for a person in Malaysia to buy or sell foreign currency or engage in any act which involves, is in association with, or is preparatory to, the 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 to buy or sell foreign currency with anyone, unless the individual is an authorised dealer.The list of authorised dealers and financial institutions permitted by the Controller of Foreign Exchange to buy or sell foreign currency can be obtained from Bank Negara Malaysia’s website (bnm.gov.my/fxadmin).
