Below is the complete blacklist of forex scammers in Malaysia as reported by the Securities Commission (SC) of Malaysia:
| Company | Remarks by SC |
|---|---|
| Corsa Futures | Unauthorised entity |
| Bursa Berkah | Unauthorised entity |
| Pro Investment Trading | Unauthorised entity |
| RICHBOT | Unauthorised entity |
| Potential clone entity – AHAM Capital (WhatsApp) | Misusing the name and credentials of AHAM Capital to carry out unlicensed investment activities |
| Yunikon FX | Unauthorised entity |
| Potential clone entity – FTX Investments Malaysia | Misusing the name and credentials of FTX Investments Malaysia to carry out unlicensed investment activities |
| Potential clone entity – Lite Forex | Misusing the name and credentials of Lite Forex to carry out unlicensed investment activities |
| Swisscash (Swiss Mutual Fund) | Identified as a Ponzi scheme; legal action resulted in a settlement of approximately RM 31 million to eligible investors |
| AC Malaysia | Unauthorised entity |
| Potential clone entity – Naim Holdings | Misusing the name and credentials of Naim Holdings to carry out unlicensed investment activities |
| JPFO Max | Unauthorised entity |
| Potential clone entity – Lombard Odier | Misusing the name and credentials of Lombard Odier to carry out unlicensed investment activities |
| Gold Machine International | Unauthorised entity |
| Cikgu Trader Comunity | Unauthorised entity |
| MYcdtl | Unauthorised entity |
| BTPM Investment Platform | Unauthorised entity |
| ELTFV | Unauthorised entity |
| Silver Peak Capital | Unauthorised entity |
| Potential clone entity – Astute Fund Management / SC FX | Misusing the name and credentials of Astute Fund Management / SC FX to carry out unlicensed investment activities |
| Potential clone entity – stocks.mystrade | Misusing the name and credentials of stocks.mystrade to carry out unlicensed investment activities |
| Potential clone entity – TXCD | Misusing the name and credentials of TXCD to carry out unlicensed investment 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”.
Some of the top-tier regulators include:
- The Financial Conduct Authority (FCA) in the UK
- The Australian Securities and Investment Commission (ASIC) in Australia
- Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) in the USA
FAQ – Frequently Asked Questions
- How can I check if a forex entity is authorised in Malaysia?You can check the licensing status of any broker or investment platform by visiting the Securities Commission Malaysia’s website and searching their Investor Alert List or the Licensed Intermediaries list.
- What is a forex scam?A forex scam involves fraudulent schemes where individuals or companies offer forex trading or investment services without proper licensing, often promising high returns with little to no risk.
- Can I get my money back if I was scammed by a forex broker?It’s very difficult. SC Malaysia does not guarantee recovery. Victims should report the case to the SC and Royal Malaysia Police (PDRM) and avoid further transactions.
About Author
