Anonymous
Can overseas brokerage advertise or accept SG client, if they are not regulated by MAS?
If not, then why so many people willing to sign up with them and not with local banks or Philip Capital etc?
Like those FX brokerage recommend by many financial educators during their seminars. Any implication to the brokerage/owners since they are not registered in SG nor regulated by MAS? How can we, as investors, protect ourselves?
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Cedric Jamie Soh
17 Oct 2019
Director at Seniorcare.com.sg
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If I am mistaken, they are NOT allowed to advertise for business in Singapore.
Yes, some brokers can accept SG clients to trade overseas. They are global businesses.
Being regulated by MAS doesn't mean its safe btw.
To protect yourself, find out on the history of the broker, what is the measures they are taking to protect investors' money, are the market maker or liquidity provider (forex brokers used by professionals are not market maker, they are known as ECN).