Is GoTrade safe?

I have opened a GoTrade account, because I was a little skeptical about it. I only tested it with $20. It allows Fractional Investing at 0 Commission Costs but they do charge when you convert SGD to USD. The User Interface is extremely clean and perfect which I admire greatly. However, I do not know about their credibility.
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Chris

23 Apr 2021

Owner and Writer at Tortoisemoney.com

I seem to be unable to find them under the MAS Financial Institutions Directory as a Capital Market Services Licensee. They are however, registered under their parent company, TR8 Securities Inc., under the Labuan Financial Services Authority. Labuan, for reference, is under Malaysian territory and consists of a handful of islands off the coast of Sabah.

So, on my initial digging, it seems a bit unregulated, which I'll admit doesn't mean that it's doing anything illegal. But with so many MAS regulated brokers in Singapore, of which many are quite low cost, why not choose one of those?

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