An Updated Forex Scammer List in Malaysia 2024

Below is the complete blacklist of forex scammers in Malaysia as reported by the Securities Commission (SC) of Malaysia:

BrokerWebsiteRemarks by SC
ABX Tradewww.abxtrade.comUnlicensed Capital Market Activities
Asset Global Networkwww.assetglobalnetwork.comPossible Clone Entity
Capitalixwww.capitalix.comUnlicensed Capital Market Activities
CWG Marketswww.cwgmarkets.comUnlicensed Capital Market Activities
CXM Directwww.cxmdirect.comUnlicensed Capital Market Activities
Easy Forexwww.easyforex.comIllegal Activities
ETX Capital Globalwww.etxcapitalglobal.comClone entity of ETX Global
Hot Forex Tradewww.hotforex-trade.comClone entity, Illegal Activities
Interactive Malaysiawww.intereactivemalaysia.comClone entity, Illegal Activities
BFS Marketswww.bfsforex.comIllegal Activities
Cronoscap Marketswww.scronoscap.comUnlicensed Capital Market Activities
Forex Novawww.forexnova.comIllegal Activities

* Please note, this list was initially published by the SC and is not exhaustive.

How to Check if Forex Company is reported as a Scam?

Step 1: Click here and visit this page

Step 2:  Enter broker name to search for an entity.

Licensing and Registration Information

The first check mark for you is to verify the licensing and registration information of a broker in Malaysia. Copy the license and registration numbers from the website or social media page of your potential partner and verify it from the regulator’s page.

The Securities Commission (SC) in Malaysia is the financial regulator of forex brokers. You can do thorough research on its dedicated page for licensed and registered persons/entities.

Website Structure

An immediate impact of a legit forex broker comes through its website. Look for that safety mark on the top left corner of the address bar.

Then, analyze the web page structure of the entity under review.

A legit entity will never hesitate to share its legal information like:

  • Registration and licensing
  • Contact information
  • Customer Reviews (beware of fake reviews)
  • Available markets and products
  • Trading and non-trading costs

No Risk Warnings – UnRealistic Rewards Promises

Another potential red flag of a scam broker  is “no risk warnings” for its potential clients. It would never alert you to the risks of losing money and trading losses. In fact, these entities promise unrealistic rewards.

Funds Deposit & Withdrawal Options

Beware of the withdrawal and deposit methods available with a forex broker. Legit ones will provide you with good options like bank transfers, debit/credit cards, and digital wallets.

Scammers will only give you their bank account numbers. Then, they’ll restrict you when you attempt a withdrawal in the name of “terms & conditions”.

Regulatory Role of Bank of Negara (BNM) and Securities Commission (SC) of Malaysia

The Securities Commission (SC) Malaysia is the financial regulator of forex brokers and other online money market agents. Any forex broker operating in Malaysia must obtain a registration and licensing number from SC in Malaysia.

Bank of Negara Malaysia (BNM) is the central banking authority in the country. Its legislative powers cover all types of banking, insurance, money markets, exchanges, and other types of financial institutes.

So, if a forex broker is registered as a financial entity through a bank or a group, it might also be listed with BNM on top of its registration from the SC in Malaysia.

Both these regulators in Malaysia provide useful information on regulatory requirements and publish lists of approved entities as well as alerts/blacklisted entities to protect investors.

What Does Top-tier Regulation Mean for a Forex Broker?

Top-tier regulators impose stricter qualification, documentation, fund segregation, and transparency conditions on forex brokers than other regulatory bodies. It means a top-tier licensed broker will be safer for you.

Some of the top-tier regulators include:

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