A truth about IB

[nonamer]

Thanks nonamer for banking info.

However....Name? Bank Account Name? Pincode?...Quiite sensitive and private information to give out over the internet; doesn't it??? Not exactly what I want to hear though! Any other choices other than that?

Thanks again for info.

Hi

If you check that are form for withdrawal on trader cabinet, Please make sure you read carefully the instruction given. If you dont fill that column how can we process you withdraw

Thanks

[RahmanSL]

Hi nonamer,

It's like giving one's ATM card complete with pin code; right?? If it is, I am not that trusting; yah!

Thanks for info anywhere. I'll shop around still.

Regards

[nonamer]

Hi nonamer,

It's like giving one's ATM card complete with pin code; right?? If it is, I am not that trusting; yah!

Thanks for info anywhere. I'll shop around still.

Regards

Sir,

If you read carefully, you will understand that are form on trader cabinet. You will need to fill that form on trader cabinet.
Each time you request withdraw you will need to fill withdraw form, any withdraw request are needed to fill the pincode which its like you enter pincode to withdraw form ATM machine, no one will know.
Did you already explore the trader cabinet ?
I think you are not understand how its work. Please read carefully the instruction given then please try to request withdraw.
One more, each time to withdraw you will need to given you account number like you request withdraw on other brokers using wire transfer you still needed to inform you account number. If not how the brokers will paid you withdraw into bank account ?

* Pincode given once time only after you done registration. That pincode needed to used when you want request any method withdraw i.e LR/local withdraw/wire transfer and others.

Thanks

** Please make sure you are understand the instruction given.

[azhaneeR34]

is it safe for us to trade here?malaysia rule for forex is illegal?how come?

[RahmanSL]

azhaneeR34,

Yes it is ILLEGAL to carry out Forex Trading in our Malaysia; thanks to our government policy some years back...there is a post in this site somewhere regarding the law on this.

So we have to hati-hati if we still want to do forex trading; yah! That's why I am very concern with regards to money transaction. But I still have not come out with an idea of how to do this yet.

asslmkum

[nonamer]

is it safe for us to trade here?malaysia rule for forex is illegal?how come?

azhaneeR34,

Yes it is ILLEGAL to carry out Forex Trading in our Malaysia; thanks to our government policy some years back...there is a post in this site somewhere regarding the law on this.

So we have to hati-hati if we still want to do forex trading; yah! That's why I am very concern with regards to money transaction. But I still have not come out with an idea of how to do this yet.

asslmkum

Hi

Maybe you can refer here, we already discuss in this thread --> http://forum.fxopen.com/showthread.php?t=63885
If you are from Malaysia you should be able to read in B.M.
I already trade since 2005, the issue always came out every year because of greedy person. As long you trade by you self i think dont have any kind of problem will happen.
The big problem are when a few people make a pool/manage account then they ask/offer other member to invest under them and promise a high return percentages but after a few month they loss all or maybe the owner run away. Then the investor are come from who dont know about forex risk, they think forex always can make a lot money but the reality forex are high risk business. In Forex you put in wrong direction you can say good bye. Forex needed a lot of patient and every time we need to learn day by day.
For me its better to trade by own self. Profit or loss at least we know where did the money go, so we dont need to complaint anything if losses.

Just my 2 cents.

[freelancer777]

Hi nonamer,

It's like giving one's ATM card complete with pin code; right?? If it is, I am not that trusting; yah!

Thanks for info anywhere. I'll shop around still.

Regards

Hello RahmanSL...4 ur information...
Name = your real name
Bank name = which is bank that you state when u register for fxopen
Pincode = pin no. that u create when u register for fxopen (not ur atm pincode)
is that clear?...
for example...if ur atm card pin no. = 123456, ur pincode for fxopen = 000000..
so u need 2 key in 000000 when u want to wdraw...
that pincode is necessary when u want 2 wdraw same when u key in ur pincode when u want 2 wdraw money from bank via atm...

[RahmanSL]

A truth about IB
Hi freelancer777,

Oohhhhh! Forex Broker Pincode and NOT Bank Account Pincode. That is ok.

If have to give Bank Pincode, then one ton of money also will disappear in no time!

Thank you my friend, and best regards.

[freelancer777]

it's ok..
we help each other...myb next time u will help me..

[FXOjafar]

is it safe for us to trade here?malaysia rule for forex is illegal?how come?

Yes it is illegal according to BN (this may change soon though), however since you are registered online and trade online, technically, you are not trading IN Malaysia.

BN's problem is more with those who exchange Ringgit into dollars or vice versa at non official rates without the correct license to do so rather than online forex trading.

[RahmanSL]

"Yes it is illegal according to BN (this may change soon though)....."

I hope you are correct RebateFX.com....I still don't like the idea of having to carry out Forex Trading in secret...plus the possibility of my bank account being frozen or...iyahyah...confiscated and forfeited to our government if caught for doing so.

Still, I am about two-three months away from live trading and I hope the law will be amended by that time.

All the best!


"Making Profit IS EASY, keeping it, IS NOT".

[DollarBull]

"Yes it is illegal according to BN (this may change soon though)....."

I hope you are correct RebateFX.com....I still don't like the idea of having to carry out Forex Trading in secret...plus the possibility of my bank account being frozen or...iyahyah...confiscated and forfeited to our government if caught for doing so.

under those circumstances it is best to trade with small amounts and keep moving profits out. Generally govts watch out for big money transfers and you can float under the radar.

[RahmanSL]

DollarBull,

�under those circumstances it is best to trade with small amounts and keep moving profits out. Generally govts watch out for big money transfers and you can float under the radar.�

I was meaning to ask you, exactly how much money is considered �small amounts� to �float under the radar�?

Thanks and all the best.

[lizerzoltan]

usually you/banks need to report 10k+ $....

like for immigration you need to feel a form for such....
but the amount might vary country to country a bit.

[yayam23]

Well, if you think being an IB is about sleeping too much, you won't get very many clients and they will soon leave you. It's hard work