Erm.. I read The Star today, on Star Biz. There is a news about unlicensed futures traders investigate by the Securities Commission (SC).
PETALING JAYA: The Securities Commission (SC) is investigating the activites of several individuals for possible breaches of the securities laws in relation to the trading in futures contracts without a licence.
The SC said in a press release that Ahmad Fauzi Ambran, Ahmad Nazmi Mohamed, Mohd Shahrul Firdaus Zakaria, Mohd Khalid Sujud, Fakhrul Arif Ahmad Husni, Fakhrul Mukmin Ahmad Husni and Fakhrul Razi Ahmad Husni were not licensed to solicit for monies nor to trade in futures contract on behalf of others.
“Therefore, the public is advised not to deal with or part with any monies to these individuals in connection with trading in futures contracts and to contact the SC should they have information about such dealings,” it added.
PS: I am confuse now.. Instaforex, Tadawulfx, and some other online brokers do provide their clients with tools to trade crude oil, gold, silver and other commodities. It is spot trading where no real gold, oil, silver involved. Traders only trade them like they trade currencies. So… is it also illegal if no licence?