Malaysia Islamic Trading Review: Is This Broker Worth Your Time?
Before you invest, ensure you read our Malaysia Islamic Trading review. While the company is trying to convince you that it has vast experience handling clients’ funds, we have proof of the opposite.
Investing money with unregulated brokers can have severe consequences. If you have already been scammed, keep on reading for a solution.
|Is This Company Safe?||It’s not safe|
|Have Warnings from:||N/A|
|Registered in:||Malaysia (allegedly)|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, financial regulator, or simply reach out to us for professional assistance in recovering your funds.|
Is Malaysia Islamic Trading a Legit Online Broker?
As the name suggests, this company claims to be based in Malaysia. As one of the Asian financial hubs, this country has strict regulations in place for Forex and CFD brokers. Namely, each brokerage house has to be regulated by the local Central Bank. Upon checking their register, we found no traces of Malaysia Islamic Trading.
Furthermore, the company claims to hold 50 awards for their business, yet without naming any. Why would we trust such blatant lies? Finally, they state to operate for 11 years. And yet, the company website domain was registered in February 2023.
All in all, it’s clear that this broker is nothing but a bogus scheme.
Who are the Victims of the Malaysia Islamic Trading Scam?
According to their traffic analysis, the majority of victims of this investment scheme come from:
Fraudsters like this one lure victims through social media ads and promise too high profits. You might see an advert stating that you can earn over $5,000 within 24 hours or get a trading robot to do everything for you.
While trading bots do exist, unregulated brokers don’t offer such. In fact, we doubt Malaysia Islamic Trading broker offers anything besides the opportunity to steal your money and disappear.
Platforms and Account Types – What Do We Know?
Well, we would be better off listing what we don’t know. The company promises an easy login from their dedicated platform. Yet, they don’t specify what kind of a platform it is. In addition, it’s impossible to access it before paying a minimum deposit.
As per the accounts, the brokerage insists on offering an Islamic account. It’s a swap-free account without overnight fees. While this is useful for Sharia law followers, it doesn’t explain much. What will you get if you activate such an account? What is the minimum deposit? Will you get any assistance from the brokerage employees? All this remains unknown.
If we trust the web presentation, anyone who activates their account is entitled to a 50% deposit bonus. They also state that you can withdraw the bonus after fulfilling the requirements. Guess what? There are no legal documents listing such requirements.
The company advertises free educational materials, including basic video courses and regular webinars. Furthermore, they claim to offer live trading sessions with beginners and pro traders. Finally, they promise day trading strategy ideas. Yet, we cannot confirm that they deliver any.
Another thing the website forgot to mention is what kind of trading assets the company provides. Can you trade Forex, CFDs, or something else? It’s a question you won’t get an answer to before you speak to broker employees.
Malaysia Islamic Trading Support Team
Since there are so many unknown things, you’d expect support to be available at all times. Yet, you’d be wrong.
The only way to contact Malaysia Islamic Trading is through an email listed on the website. Then, broker employees can choose whether to respond or ignore your questions. According to reviews, they’ll be prompt to answer all questions regarding deposits but will fail to communicate once you ask for a payout. Typical method of scam brokers.
Deposit and Withdrawal Methods
While the firm says it has over 12 million trading accounts, we didn’t see how to register. Also, there is no list of viable payment options.
If you want to submit a Malaysia Islamic Trading withdrawal request, it’s unclear how to do so. Presumably, you need to log in to your trading account and submit a request through your client portal. Yet, it’s really bad for an allegedly award-winning broker, not to mention such crucial information.
What Can I Do If I Was Scammed By Malaysia Islamic Trading?
If you have been scammed by Malaysia Islamic Trading, Bear Group, or any other unregulated trading broker, let us know. Our chargeback experts will evaluate your case in detail and help you find a solution for this issue.
Note that the longer you wait, the less chances you have to recover your money successfully. Hence, book your free, non-obligatory consultation today!
What Is Malaysia Islamic Trading?
Malaysia Islamic Trading is an unregulated online trading brokerage. If you have any issues with this company, we might be able to assist you with fund recovery.
Does Malaysia Islamic Trading Offer a Demo Account?
No, the company doesn’t offer a risk-free Demo account, but only a live one.
Are My Funds Safe With Malaysia Islamic Trading?
Since the broker is unregulated, your funds are not safe with Malaysia Islamic Trading.