Purpose

The Malaysian foreign exchange market is an emerging market that has developed in recent years. With the continuous growth of the country's economy and the gradual opening of its financial markets, forex trading has become increasingly important in Malaysia's financial sector. To help investors or practitioners gain a more comprehensive understanding of forex brokers in the region, an on-site inspection team conducted field visits in Malaysia.

Process

The on-site inspection team visited the forex broker Luxstar in Malaysia as planned. According to public information, its office address is Kensington Gardens, No U1317, Lot 7616, Jalan Jumidar Buyong, 87000 Labuan Federal Territory, Malaysia.

A professional and experienced on-site inspection team, driven by a sense of mission to rigorously vet investments for investors, meticulously planned and traveled to Malaysia to conduct an on-site verification of the dealer Luxstar purportedly located at Kensington Gardens, No U1317, Lot 7616, Jalan Jumidar Buyong, 87000 Labuan Federal Territory, Malaysia.

The inspection personnel successfully arrived at the target building, which is located in a relatively non-central area of Labuan Island. The surrounding environment is pleasant and generally quiet, but the commercial atmosphere is average. No signage or relevant information of the company was found on the exterior of the building.

The surveyor entered the building lobby and, after explaining their purpose to the security guard, obtained permission to enter.

However, during the on-site inspection of the building, the investigators did not find any signage related to Luxstar, nor did they see the company's logo inside the building. Staff in the building stated that there is no such company as Luxstar here.

Since the specific floor and location could not be determined, the field survey personnel were unable to reach the exact floor to confirm its precise position. Naturally, they also could not enter the company's premises to locate its office area, nor could they take photos of the relevant reception situation. Additionally, this office is not a shared workspace.

Through the lobby area, the on-site inspectors were unable to observe the internal office environment of the company. The overall situation does not align with the existence of this office address as claimed by the trader.

Therefore, after on-site verification, it was confirmed that the dealer Luxstar does not exist at the above address.

Conclusion

The inspection team visited the forex broker Luxstar in Malaysia as planned. At the publicly displayed business address, no information such as the company name of the broker was found, indicating that the broker does not have a genuine business premises. Investors are advised to make their choices after comprehensive consideration.

Disclaimer

The above content and views are for reference only and should not be used as the sole basis for final decision-making.