Bank Negara Malaysia (BNM) has tacked on OctaFX, an online currency trading brokerage, to its Financial Consumer Alert list as of yesterday.
The central bank warned consumers that OctaFX is not authorised nor approved under the relevant laws and regulations administered by BNM.
The Securities Commission Malaysia had also announced that it had added OctaFX to its investor alert list in June this year.
The online brokerage even has a localised website in the Malay language tailored to the Malaysian users despite being based in Kingstown, in the eastern Caribbean Sea.
OctaFX also has a YouTube channel with about 829,000 subscribers where there are plenty of videos showing live steams of trading sessions, weekly market analysis, OctaFX app tutorials, so-called success stories and more.
The full list is available here, although the list is not exhaustive and only serves as a guide to members of the public based on information and queries received by BNM.
