Reason for this visit

Malaysia boasts a relatively developed forex market, where the forex brokers provide a high level of services. The local forex industry featuring a high concentration is experiencing a revolution under the pressure from financial technology. As the major regulator of forex broker in the country, the Securities Commission Malaysia (SC) has been vigorously enhancing risk management and regulations for customer protection in recent years, requiring brokers to increase their transparency, and strengthening investors education. Recently, plenty of investors have expressed their hope to know more details about the forex brokers in Malaysia. In order to help investors or practitioners to gain a more comprehensive understanding of forex brokers in Malaysia, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Malaysia to visit forex broker Bost Forex as planned according to its purported regulatory address that A-32-8, 5 A Menara UOA Bangsar-H TWR, JLN Bangsar Utama 1, Bangsar, 59000 Kuala Lumpur, Malaysia.

The investigators came to Jalan Bangsar Utama 1 in Bangsar of Kuala Lumpur, Malaysia, and located the Menara UOA Bangsar, a high-rise commercial building with an outdoor directory that did not display the information concerning Bost Forex. The building boasts convenient transportation due to its close proximity to several bus stops and light rail transit stations. Additionally, there is a variety of shops, office buildings, eateries, and convenient stores nearby.

Upon arrival at the building for further investigation, the survey personnel did not spot a directory in the lobby, making it difficult to confirm the existence of Bost Forex in the building. And the team took the elevator to the 32nd floor but failed to discover the broker at unit A-32-8. According to the security officer on duty, the company did not exist there.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the place.

Conclusion

The survey team went to Malaysia to visit forex broker Bost Forex as scheduled, but did not find the company at its purported regulatory address. It suggests that the broker does not have a physical business office at the location. Accordingly, investors are advised to make an informed decision following much deliberation.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.