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 Nexus as planned according to its purported regulatory address that Level 18, Equatorial Plaza, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.

The investigators came to Jalan Sultan Ismail in Kuala Lumpur, Malaysia, and located the Equatorial Plaza, a modern commercial building, in the citys business and entertainment center. The building is easily accessible by public transportation. Additionally, there is a wide range of well-known attractions and commercial facilities nearby.

Upon arrival at the building for further investigation, the survey personnel noticed an outdoor directory listing several renowned companies, including Fortinet, Standard Chartered Bank, and WeWork. However, it did not provide the specific office number or floor. And there was no directory in the lobby of the building.

The inspection team then took the elevator to the 18th floor and discovered that the entire floor was occupied by WeWork, a co-working space. According to the security officer on duty, Nexus did not operate in the building.

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 Nexus 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.