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 Antos Pinnacles as planned according to its purported regulatory address that No.17-26, Avenue Crest, Jalan Jubli Perak 22/1, Seksyen 22, Shah Alam, 40300, Selangor, Malaysia.

The investigators came to Jalan Jubli Perak 22/1 in Seksyen 22 of Shah Alam in Selangor, Malaysia, and located the Avenue Crest, a high-rise serviced apartment, on the prosperous street. Additionally, there was a shop, a convenient store, and a restaurant on the ground floor of the building.

Upon arrival at the building for further investigation, the survey personnel did not spot a directory in the lobby and took the elevator to the 17th floor, where the floor directory displayed only two companies, excluding Antos Pinnacles.

The inspection team then reached office 17-26 but did not discover the company name of Antos Pinnacles. Moreover, there were some reminders stuck on the door, indicating that the office had been vacant for a long time as the occupier owed the payment to the building administration department and local land management agency.

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 Antos Pinnacles 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.