A IBFC Forex broker refers to a forex (Foreign Exchange) brokerage firm which is regulated and authorized by the Malaysian authority called International Business and Financial Centre (IBFC).
The best IBFC regulated Forex brokers in Malaysia, according to our research, are:
- Amana Capital
- IFC Markets
To choose these brokers we have considered several factors, including:
- A regular IBFC-LFSA license;
- Reliability of the broker;
- Commissions charged;
- General quality of the broker.
What are the best IBFC forex brokers?
Below is our curated list and review of the best Forex brokers regulated by the IBFC, with details and information about the regulation, the features, and the characteristics.
How does the Labuan FSA work?
The LFSA is in charge of overseeing and regulating trading and investing in financial firms.
They ensure that all firms comply with the regulation’s terms and conditions and whether or not they comply with Malaysia’s strict financial forex laws.
They also promote the island’s business and financial development by establishing policies and rules regulating the Labuan financial markets.
What are the characteristics and prohibitions with LFSA?
Labuan forex brokers must provide a maximum leverage of 1:100, and they must keep an operating office in Labuan. In addition, brokers that want to run Islamic forex services must have a Shariah advisory board with a qualified member that ensures the service is sharia-compliant and complies with Labuan IBFC guidelines on Islamic financial services.
The minimum free cash required of Labuan forex brokers is 500,000 RBM (or equivalent in other currencies). For certain operations and businesses, Labuan IBFC may require additional cash from the broker. Malaysian forex brokers are not permitted to offer or use Malaysian Ringgit from their clients. However, they can use RM to pay administrative and statutory expenses.
How to check if a forex broker is Labuan Licensed
In order to check if a dealer has a Labuan Money License, the process is quite simple:
The first step is visiting the Official Labuan Financial Services Authority website.
Then, you have to search for the Labuan money forex brokers list, which is the complete database of Labuan Licensed forex brokers.
Once you’ve found the list, and found the broker you’re interested in, you can double-check that information with the one you can find on the broker’s website.
How can LFSA intervene in case of financial abuse?
Even though brokers are subject to strict rules, this doesn’t mean they never break some. This rarely happens, but when it does, the LFSA is ready to punish those who break them.
In fact, the Labuan FSA may impose fines, temporary bans, and, for the most serious cases, revoke the license indefinitely.
How LFSA can help you
If for any reason you need to contact the LFSA, whether to ask for information or even to report misconduct by brokers, you can simply use the LFSA Contact Us page.
Within the site, you will find the right information to send an email, the phone number, and even the office address.
About The Author