Economy
Traders Union has presented a list of Forex scams in Malaysia to protect your investment
Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams.
Blacklist of Forex scam brokers in Malaysia
BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and operating without licenses. TU’s analysts have provided a Forex scammer list in Malaysia.
- GOptions: This broker, established in 2009, attracted novice traders with promises of a wide range of financial instruments and favorable trading conditions. However, GOptions turned out to be a scam, with hidden policies, fake recommendations, withdrawal rejections, and numerous negative reviews.
- PTFX: Owned by Pruton Capital, an unregulated Indonesian company, it misled traders by offering Forex trading services. It was added to the BNM blacklist due to complaints about unregulated activities, account blocking, manipulated platforms, and withdrawal issues.
- BFSforex: Operating in multiple Asian countries since 2013, it initially attracted traders with a low entry threshold, a demo account, and the MT4 trading platform. However, it turned into a scam, with a negative online reputation, promises of high gains, payment issues, poor client support, unresolved problems, and hidden fees.
- ForexNova: An offshore broker from Vanuatu, established in 2005, operated illegally without proper licenses. It deceived traders with promises of transparent pricing, fast execution, and competitive spreads. The broker had no regulation, technical platform failures, withdrawal refusals, and an absence of a demo account.
- XIG Limited: Also known as XIG Markets, this offshore company from Vanuatu targeted inexperienced traders with low entry requirements and high leverage. It promised secure trading but operated illegally without access to the real market. XIG Limited engaged in illegal activities such as withholding withdrawals, extorting funds, and causing intentional technical failures.
Traders need to be cautious when choosing brokers to avoid falling victim to such scams. Conducting thorough research, verifying regulatory information, and checking client reviews are essential steps in ensuring the legitimacy of a Forex broker in Malaysia.
Common Forex scams in Malaysia to beware of
While Forex trading in Malaysia offers great potential, it’s vital to be aware of common scams in this market. Understanding these scams can help safeguard your investments. Analysts at Traders Union have determined the key types of Forex scams in Malaysia:
- Ponzi and Pyramid schemes
These schemes promise high returns by using funds from new investors to pay off earlier ones. Eventually, they collapse, causing significant losses to investors.
- Fake signal providers
Fraudulent signal providers offer trading signals for a fee but often provide unreliable signals, leading to poor trading decisions and financial losses.
- Unregulated Forex brokers
They lack proper oversight and licenses. While they may offer attractive terms, trading with them puts your funds at risk and makes legal recourse difficult.
- Fly-by-night traders
These illegitimate individuals or entities promise quick riches but lack credibility, experience, and regulatory compliance. Be cautious when dealing with them.
- Forex bucket shops
These unscrupulous brokers manipulate trades, creating a fake trading environment where trades don’t reach the real market. They profit from clients’ losses, lacking transparency and fairness.
- Phishing
Fraudsters steal personal and financial information by using fake websites and emails. Always verify legitimacy before sharing sensitive data.
To protect your Forex investments, research thoroughly, choose regulated brokers, and be cautious of unrealistic promises. Verify the credibility and regulatory status of any entity you engage with. Knowledge and vigilance are your best defenses against Forex scams.
Conclusion
Forex trading in Malaysia is a legal and controlled market. However, scammers are active in this growing economy, targeting newcomers seeking quick profits. TU’s experts have provided valuable resources like a Forex scammer list and highlight common types of Forex scams in Malaysia. It’s crucial for traders to exercise caution, conduct thorough research, and verify the legitimacy of brokers to protect their investments in this potentially lucrative but risky market.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
