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 IFA as planned according to its purported regulatory address that 5-G Jalan Batu Bata Off Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia.

The investigators came to Jalan Batu Bata, off Jalan Tun Razak in Kuala Lumpur, Malaysia, and located an old residential building with 3 to 5 floors near Jalan Larut.

Upon arrival at the building for further investigation, the survey personnel did not see any directory or company signage. According to the local residents, there were only units 5A and 5B nearby, and there was no building or unit indicating “IFA.”

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 IFA 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.