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
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
