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 Profitto as planned according to its purported regulatory address that Unit 16-2, Galleria, Jalan Teknorat 6, Cyber 5, Cyberjaya, Selangor D.E., 63000, Malaysia.

The investigators came to Jalan Teknorat 6 in Cyber 5 of Cyberjaya in Selangor, Malaysia, and located the Galleria, a 6-story office development, on the prosperous street. Additionally, there were restaurants and a convenient store on the ground floor of the building.

Upon arrival at the building for further investigation, the survey personnel spotted a directory on the 2nd floor, which did not display any company names, making it impossible to determine which office Profitto was located in. After searching the floor thoroughly, the inspection team still did not discover the brokers office, except for one office belonging to “K AL Walid Group” in the building. And there was no link between these two companies.

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 Profitto 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.