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My Trader journal Logo + Branding

List of unauthorized forex trading apps and websites - RBI

Friends, recently the Reserve Bank of India has released a list of 34 forex brokers; which has been declared illegal.
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https://preview.redd.it/dc1l0ca388o91.jpg?width=637&format=pjpg&auto=webp&s=1a865302fede2fd22985b27c767481ecb4219204
Before releasing this list, RBI had done all checks regarding all transactions of all those forex brokers since February this year. Maybe this doesn't matter to you; Nevertheless, you should definitely check this list once.
So see if your forex broker is not on this list!
👉 Here's a full list of unauthorized forex trading apps and websites

1. Alpari
2. AnyFX
3. Ava Trade
4. Binomo
5. e Toro
6. Exness
7. Expert Option
8. FBS
9. FinFxPro
10. Forex.com
11. Forex4money
12. Foxorex
13. FTMO
14. FVP Trade
15. FXPrimus
16. FXStreet
17. FXCm
18. FxNice
19. FXTM
20. HotFores
21. ibell Markets
22. IC Markets
23. iFOREX
24. IG Markets
25. IQ Option
26. NTS Forex Trading
27. Octa FX
28. Olymp Trade
29. TD Ameritrade
30. TP Global FX
31. Trade Sight FX
32. Urban Forex
33. Xm
34. XTB

Thanks for Reading.
Please share your take on this.

Disclaimer: I am not a finance professional, I do not have fiduciary duty to you. This is not a financial advice, this is purely for educational and entertainment purposes. If you lose money trading cryptocurrencies, do not hold me accountable.
Cryptocurrencies are like teenage sex, don't expect to talk people out of doing it. So instead of that, we should have a guide for safe and sane gambling plan for cryptocurrencies.
This guide is meant for beginners. You will see other experienced traders commenting in this section, take everyone's advice and comments with grains of salt.
Be very careful when someone is promoting their coin, pump and dump is rampant in cryptocurrencies realm. Play safe!

What coins to invest in?

For beginners, to play safe - Bitcoin and Ethereum.
Understanding how cryptocurrencies work require knowledge of computer science and cryptography, and none of us can likely explain them well and accurate enough in the comments section, so I will just point you to: https://www.luno.com/learn/en/
I am not gonna explain what they do, but rather, why they are my top picks.
Bitcoin's technology is proven. It's the first proven solution of its kind - proof-of-work based value transfer. However, the development has practically stagnated for past few years with little progress.
Ethereum's development is more decentralised and backed by more organisations. There are at least 4 ETH1 clients and 4 ETH2 clients for you to choose from, all built by different teams and companies. It's the first blockchain of its kind - smart contract.
The real kicker of Ethereum is that - it powers almost all the tokens in DeFi realm. Almost all the tokens you see like Uniswap, USD Tether, USD Coin, OmiseGo, HelloGold etc run on Ethereum. Whenever people send those tokens, they must buy and spend ETH. ETH is indispensable from DeFi realm at this point.
Until now, there aren't many altcoins out there that share the same advantages to these two. It pays to invest in chains with first mover advantages.
BTW, don't buy into marketing like "bitcoin killer", "ethereum killer", "more scalable than bitcoin" etc. Do more homework if you want to venture beyond the 2 largest coins. Rather miss out sick gains than getting scammed.

Where do we trade them in Malaysia?

To be safe, use the exchanges approved by Suruhanjaya Sekuriti. Luno is likely your best choice, they have good trading volume and low fees of 0.25% for makers, the fee applies to you if you only post order, not take them.
There are other exchanges you can use, just make sure you check their trading volume, history of being hacked etc: https://www.coingecko.com/en/exchanges

When do we buy and sell them?

Now this... nobody knows for sure, but there are previous data points we can look at and play safe.
There are a few graphs I have bookmarked since the last crash and they have been fairly accurate so far:

1. https://www.tradingview.com/chart/BLX/uYKn9Nrx-Bitcoin-longterm-chart/ - 2018
2. https://www.tradingview.com/chart/BLX/NSwKGFGh-Updated-longterm-BTC-chart-The-road-to-1-million/ - 2019

For example, you can buy when its below 2x the previous all time high, and start selling slowly bit by bit above that point.
Don't be greedy and hold all the way until the peak, you can't tell where it take a u-turn and crash. Take profit and come back years later. Repeat.

Should we withdraw them to our own wallets?

IMO, if you invest more than RM 10k, do it. Otherwise don't bother.
Sending Bitcoin and Ethers is not free, you need to pay network fees.
During peak hours, the transaction fees can easily surge beyond RM100-200 per transaction, regardless of amount transferred. Ethereum gas fees have reached 500 gwei recently, and I expect it to get a lot worse leading up to the peak.
Sure, leaving them on exchanges may be risky, but big exchanges are getting better at security, blacklisting addresses complicit in hacking.
If you don't hold a lot, maybe it's not worth withdrawing out to your paper wallet, phone wallet, hardware wallet etc.

Why don't diversify into many coins? (Addendum)

Even now, cryptocurrencies are highly correlated assets. Almost all the coins moon and doom together, with some spikes here and there like when Elon Musk tweets Doge.
Cryptocurrencies are volatile and risky enough, try not to take on more unnecessary risks. There are little chance the altcoins you choose will outperform the blue chips. We call them shitcoins.

Support Malaysians

Please use these services:

1. coingecko.com - the largest independent DeFi aggregators after binance acquisition of coinmarketcap
2. etherscan.io - The largest Ethereum blockchain explorer

Discuss

Please comments, ask questions, debate with me on what do you disagree or can improve on.
I kinda hope this can become the crypto megathread, seeing the influx of new posts asking the same q about crypto again and again.
Do not share referral codes under broad daylight, mods can ban you.

So Elon Musk is purchasing Twitter, and you can bet that fraudsters are taking advantage of the situation. As Elon Musk spends the majority of the week in the news, so do Elon Musk-themed scams—and they seem to be on the rise. A swarm of responses from the guy himself in reaction to a statement.
If you have faced these kinds of scams or posts, report a scam with Report Scammed Bitcoin.
The URLs in their responses are all shortened. Whichever one a user chooses, they all lead to the same website. And like other Musk fans, Sebastian also fell into this trap.
Sebastian will always recall the day he lost £407,000 with a mixture of fury and guilt. Otherwise, the preceding night had been unremarkable.
Before she went to bed, he and his wife watched a Netflix series together, leaving him to fiddle with his phone on the couch. Then he got an Elon Musk-related Twitter notice.
"Musk tweeted, 'Dojo 4 Doge?' and I questioned what it meant," Sebastian said to the BBC. So I clicked on the link to the new event below to find out that he was giving away Bitcoin!
Sebastian clicked the link and arrived at a well-designed website where the Bitcoin giveaway appeared to be ongoing. There was a timer counting down, and the website promised participants they could double their money.
Elon Musk's Tesla team was running the competition. It invited people to send anything from 0.1 Bitcoin (worth approximately £4,300) to 20 Bitcoin (about £860,000), and the team would send back double the amount.
Sebastian double-checked the verification logo next to Elon Musk's name and then tried to decide whether to send five or 10 Bitcoin.
"'Take the maximum,' I thought, this is real, so I sent 10 Bitcoin."
As the timer wound down for the next 20 minutes, Sebastian waited for the prize to land in his Bitcoin wallet.
He sat there refreshing his screen every 30 seconds from his house in Cologne, Germany. Then, finally, he watched Mr. Musk tweet a new, cryptic message and was reassured that the giveaway was genuine.
Sebastian remarked, "I recognized then that it was a hoax," when the website's timer gradually decreased to zero.
My heart thumped loudly as I threw my head upon the couch cushions. I believed I had just thrown away a lifeline for my loved ones, my early retirement fund, and all the approaching holidays spent with my children."
To tell my wife, I walked upstairs and sat on the edge of the bed. I told her I had made a significant error when I roused her from sleep."
He spent hours sending emails to the fraudulent website and tweets to the false Elon Musk Twitter account to recover all or a portion of his money. However, he gradually believed that he had irretrievably lost the money.
Analysts have identified which Bitcoin addresses or wallets are operated by so-called "giveaway scammers" and have tracked the increasing amount of money they are making. Sebastian's 10 Bitcoin was the most they'd ever recorded losing in one transaction.
After spending several days with a sorrowful heart, he found Report Scammed Bitcoin and reported his incident to its form. He expected to get a result in his try to recover his money. So he talked with the expert of RSB and got some excellent suggestions and recommendations on the recovery process.
In 2021, fraudsters were reportedly earning record-breaking amounts. In the first three months of this year, giveaway gangs have already made more than $18 million (£13 million), compared to the $16 million earned for all of 2020.
Moreover, data predict that the number of casualties this year will surpass that of prior years. In 2020, around 10,500 individuals fell for the fraud, but analysts have already identified 5,600 people who have contributed money this year.
Since the advent of the frauds in 2018, the crooks' methods have not altered much. They construct Twitter profiles that resemble those of celebrities such as Elon Musk and billionaire investor Chamath Palihapitiya.
In certain instances, like the one that deceived Sebastian, fraudsters utilize the stolen accounts of notable individuals to guarantee that the accounts receive the blue verified checkmark, making them seem more trustworthy.
They wait for the legitimate accounts to tweet and then publish a reply that makes it seem like the celebrities tweeted the fraud to their millions of followers.
Twitter is a popular medium, but you may find giveaway frauds on YouTube, Facebook, and Instagram.
Sebastian desires that foreign authorities take action against the fraudsters and that Bitcoin exchange owners assist proactively. But, this is a harsh truth that foreign authorities and other big investigation organizations do not go all the way to investigate and recover the money as they put their limit on gathering information and tracking the criminal.
People who have lost money might get assistance from organizations such as RSB. They recommend that the appropriate parties work on these matters and assist those parties through legal contacts, consultations, and procedures.
"Bitcoin is too simple to steal. All exchange platform websites should know their clients' identities and if criminals are exploiting a particular wallet address."
In July 2020, a large-scale but short-lived Twitter breach enabled fraudsters to post using famous accounts such as Bill Gates, Kim Kardashian-West, and Elon Musk.
We recommend you get in touch with the Report Scammed Bitcoin if you've lost money sent to the applicable BTC address. Additionally, we recommend that you pay no attention to any of the many Elon Musk-related Bitcoin giveaways that are now ongoing.
Please read our latest articles on recent scam trends and the lists of categorized scammers. In addition, we have a dedicated list on the investment blacklist, forex scammer list and cryptocurrency scammer list.
One thing that stands out about these schemes is how inventive the con artists are in their attempts to convince you to join them. These are not lazy generic websites, and they are just wacky enough to fool Elon Musk enthusiasts into thinking they are genuine article.