List of Brokers Not Approved by SC Malaysia

The Securities Commission Malaysia (SC) is a statutory body established in 1993 with the primary purpose of regulating and developing the Malaysian capital market. With a broad range of powers and responsibilities, it formulates rules and regulations, licenses and supervises market participants, conducts investigations and enforcement actions, promotes good corporate governance practices, and facilitates cross-border regulatory cooperation. The SC's pivotal role lies in safeguarding the integrity of the Malaysian capital market and protecting investors' interests. Its ultimate goal is to foster a fair, efficient, and transparent capital market that fosters economic growth and development.

One of the important tasks undertaken by the Securities Commission Malaysia is the compilation of a list of brokers unauthorized to operate within Malaysia. This list serves as a warning to the public about the risks associated with dealing with these brokers. As a precautionary measure, the SC encourages the public to check the SC's Investor Alert List before engaging with any broker to avoid potential financial losses or falling victim to fraudulent practices.

Here are some brokers that have been identified by WikiFX and listed by the SC:

AximTrades WikiFX profile: https://www.wikifx.com/en/dealer/3715520349.html

AximTrade: A relatively new forex and CFD broker founded in recent years. Despite its claims of possessing valid licenses, WikiFX's investigation reveals that these licenses are invalid, indicating that AximTrade operates without proper authorization. The SC cautions the public about AximTrade's unlicensed capital market activities involving dealing in securities.

TriumphFXs WikiFX profile: https://www.wikifx.com/en/dealer/9271730731.html

TriumphFX: This forex broker, infamous in Southeast Asia, particularly in Malaysia and Singapore, is suspected to be a ponzi scheme in disguise. Founded in 2013, TriumphFX has been the subject of numerous complaints, including slow withdrawal speeds, high fees, complex withdrawal processes, and inadequate customer support. The SC warns the public about TriumphFX's unlicensed capital market activities involving dealing in derivatives.

Yunikon FXs WikiFX profile: https://www.wikifx.com/en/dealer/2237553165.html

Yunikon FX: Established in 2020, Yunikon FX is a forex and CFD broker registered in St. Vincent and the Grenadines, a jurisdiction known for its lenient regulations on forex trading. However, Yunikon FX operates without a valid license, making it a cause for concern. The SC advises the public to exercise caution regarding Yunikon FX's unlicensed capital market activities involving dealing in securities.

Herzens WikiFX profile: https://www.wikifx.com/en/dealer/3314203459.html

A relatively new forex and CFD broker founded in 2022 and registered in the Marshall Islands, where forex trading regulations are relatively lax. Herzen offers various trading instruments, including forex, commodities, indices, and cryptocurrencies, as well as different account types with varying leverage ratios and spreads. The SC warns the public about Herzen's unlicensed capital market activities involving dealing in securities.

Wise Markets WikiFX profile: https://www.wikifx.com/en/dealer/1395776411.html

An online broker founded in 2022 that provides a wide array of trading instruments, such as forex, CFDs, stocks, indices, and cryptocurrencies. As Wise Markets is a newcomer within the industry, not much information is available about it online. The SC alerts the public to Wise Markets' unlicensed capital market activities involving dealing in securities.

Juno Markets WikiFX profile: https://www.wikifx.com/en/dealer/2131595220.html

Founded in 2014 and headquartered in Seychelles, Juno Markets claims to be regulated by the Vanuatu Financial Services Commission (VFSC). However, WikiFX's findings indicate that Juno Markets' license has been revoked, rendering it currently unlicensed. Juno Markets offers various trading instruments, including forex, CFDs, stocks, indices, and cryptocurrencies. In addition to operating without a valid license, the company has been found to misrepresent and misuse the SC's name and logo. The SC warns the public about Juno Markets' unlicensed capital market activities involving dealing in securities and derivatives.

Funda Markets WikiFX profile: https://www.wikifx.com/en/dealer/2515535235.html

Founded in 2022 and headquartered in Saint Vincent and the Grenadines, Funda Markets operates without regulation from any authoritative body. The company offers a range of trading instruments, including forex, CFDs, stocks, indices, and cryptocurrencies. The SC advises the public to be cautious regarding Funda Markets' unlicensed capital market activities involving dealing in securities.

MFM Securities WikiFX profile: https://www.wikifx.com/en/dealer/3378719197.html

MFM Securities, owned and operated by MFM Securities (Pacific) Limited, claims to be registered in St. Vincent and the Grenadines, an offshore jurisdiction beyond the oversight of any financial regulatory authority or government body. Although the company's website asserts regulation by the Vanuatu Financial Services Commission (VFSC), WikiFX's thorough investigation could not verify MFM Securities' inclusion in the list of licensed companies. Consequently, it can be inferred that MFM Securities operates without regulation. The SC warns the public about MFM Securities' unlicensed capital market activities involving dealing in securities.

Attention all users! Ensure you have the WikiFX mobile application downloaded for free on Google Play and App Store to stay updated with the latest information on brokers and market trends. By using the app or our website (www.wikifx.com), you can easily receive timely warnings about brokers operating globally, not just within Malaysia. Additionally, we kindly remind our valued users to exercise caution while interacting with brokers online. Always click on the link provided in the broker's respective WikiFX profiles to ensure you land on the official and accurate website. Sadly, scammers may attempt to deceive users by cloning broker websites. Protect yourself from potential fraud by relying on the authenticated links available on WikiFX. Your safety and financial security are our top priorities!