Please read the Exchange Control Act along with the following BNM circular to understand the context: BNM Statement The circular is called ECM9 and it has a section that says: When Bank Negara mentions "foreign currency" only as opposed to foreign currency assetsthey usually mean foreign currency CASH. NOT the balance in your bank account, which, if you really think about it, is JUST A NUMBER. Authorized dealers of foreign currency CASH in this country are Malaysian Banks and licensed money changers.
The term "scheme" refers to the deposit-taking by ONSHORE not offshore individuals or companies that are NOT LICENSED to accept deposits. The only licensed ONSHORE deposit-takers in this country as far as I am concerned are Malaysian Banks and discount houses. Note that BNM mentions "illegal investments". Which means that "LEGAL investments" are ok.
It is also an offence for a person to aid or abet another person to buy or sell foreign currency with any person, unless forex person is an authorised dealer. How I invest my new USD asset afterwards malaysia 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 trading trading KLCI futures, for example. It only becomes an issue when the trader is trading on borrowed money which HE SHOULD NEVER EVER DO!
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. Based on MY interpretation of the forex, FX trading on non-MYR pairs is legal subject to conditions: BE responsible for your own trading.
Do not trade for someone else i. Do not ask someone to trade on forex behalf because that means placing a deposit in an unlicensed person or company. Do NOT trade against the ringgit. Do convert your ringgit asset to USD for example with any Authorised Dealer i. Malaysian Banks without fear. Do NOT convert your ringgit asset to USD with unauthorised dealers trading know who they are.
Do research for relatively reputable offshore brokers. NEVER EVER EVER illegal on credit. Always make sure you have backup capital to help you pay day-to-day bills during the losing spells.
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