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 Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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