“Another reason why forex trading is not legal in Vietnam is that the SBV is concerned about the potential for scams and fraud. There have been many cases of forex scams in Vietnam, and the SBV does not want to allow a market that could be used to take advantage of people…”
“Despite the fact that forex trading is not legal in Vietnam, many people in the country still trade forex. There are a number of international forex brokers that accept Vietnamese clients, and there is a growing community of forex traders in Vietnam…”
Here are some additional things to keep in mind if you are considering trading forex in Vietnam:
The SBV does not protect forex traders against losses. If you lose money trading forex, you will not be able to get your money back…
There are a number of scams and frauds related to forex trading in Vietnam. Be careful about who you trust and what you invest in…
It is important to find a reputable forex broker that accepts Vietnamese clients. Not all brokers are created equal, and some may be more likely to engage in scams or fraud…
Maybe the fact that FX is illegal in Vietnam has ICM questioning deposit origin…
Global Banks are shy of sending deposits to countries such as Vietnam, Pakistan and many countries in the middle east because of loose Financial Regulation…
Yes, completely agree with both these good and important points.
That’s one (two?!) of the reasons why it’s so hard to help people here. Nobody’s really interested until it’s too late.
You know your way around and obviously understand, really, why that means that you having had no problem for 7 years isn’t actually relevant to those who don’t live there - you are protected by ASIC but they’re not. So they get scammed but you don’t. ‘Surprise surprise’. (That’s how I knew from your post that you live in Australia, obviously enough!!).
This information is outdated. On there official website, they no where mentioned they are regulated from ASIC. In past, ICMarkets had regulation from ASIC but currently they are only regulated from Seychelles (FSA)
@Pipsteroid Don’t believe that ASIC is any help in a real issue with a Broker… ASIC views Australian CFD Traders as Sophisticated Investors… Meaning, you knew the risks… You’re on your own…
ASIC does not have the jurisdiction (“right”/“power”/“legal authority”) to investigate complaints from customers of IC who don’t live in Australia, even though IC is ASIC-regulated.
Crooked, scammy brokers like this make a big deal on their websites out of being ASIC-regulated, knowing that customers mostly don’t understand this point.
When I look at IC’s website it tells me they are ASIC-regulated but unlike many of their less experienced customers I know that if I open an account there it will be regulated in the Seychelles, which means unregulated. That is IC’s choice, not mine.
They don’t say so anywhere, but the truth is that they don’t want me opening an ASIC-regulated account with them, because they know that in practice they can’t scam me if my account with them is regulated by ASIC.
So with no disrespect at all to Trendswithbenefits, the fact that someone who lives in Australia has had no problems with IC for 7 years isn’t relevant to people who don’t live in Australia.
Does this apply to other brokers like Global Prime and Fusion Market too? Fusion Market does not change regulation details based on the country, but even though Fusion Market shows the same ASIC regulation for Indian customers, Indian customers are still not safe from any ASIC brokers, as ASIC does not consider complaints from outside of Australia.
This fears me lot.
Yes. Can you provide me with a legitimate forex broker from powerful regulatory bodies (e.g., UK FCA, USA CFTC, etc.) which accepts foreign customers and does not change regulation details based on IP/GEO? Additionally, the regulatory body should be able to assist foreign customers with their complaints, if any.
I said that horrible, scammy brokers (like IC) won’t let customers outside Australia open ASIC-regulated accounts. Which they won’t.
Whether ASIC will allow it or not, I don’t know. I haven’t asked them, but you might want to?
I do know, however, that you don’t have to live in the UK, or to be a British citizen, to open an FCA-regulated account, or to use the UK’s Financial Ombudsman service. (Oanda UK is good, and honest.) But you will still need to check the brokers yourself and (very important!) make sure you’re not breaking any Indian law by using one.
Of course i want to. Is there any way to contact ASIC customer services or Help desk to ask all these questions? and what your review about Fusion Market & Global Prime. Fusion markets have 3 regulation (Licensing & Regulations | Fusion Markets), is there any way to find my trading account with fusion market is created in which regulation body?
The bad part is that the laws we talk about are whimsical because they depend on what the rulers want any day. The regulators themselves deviate from the already whimsical laws and try to extort more from people because they can, and because they have power to do so without consequences.
It seems to me that they are not interested in protecting your money. They are interested in taking a portion of your money. It is a conflict of interest. Expecting people who want to take your money to protect your money won’t work in the long run. Don’t trust any broker with too much money.
A fundamental basis of a true democracy is that the government is held to the same laws as anyone else, that although they make the laws, the judiciary must enforce them against the government. Which actually has happened in some democratic countries, such as the UK etc.
Any company wants to take some of your money in exchange for a service they offer. That is capitalism.
The regulators force them to take care of clients’ money, not so much to protect the individual clients, but more to protect their nation’s financial services industry.
Regulated brokers must protect clients’ money. Clients who send money to unregulated brokers or brokers with very weak powers are risking 100% of their money.
I don’t really care whether it’s democracy, monarchy, kingship, communism, socialism, or dictatorship. They all elevate certain classes of people above everyone else through their own laws.
Governments want to take your money. They may want to protect you from other entities that want to take money from you, but they won’t protect you from them. The protection you get is not protection from them.
So, there is no real safety. There is only illusion of safety. In the physical universe, there is no such thing as total safety. Good luck chasing safety. I’m not saying you should be wreckless or not careful, but you won’t get real safety while on earth.
The lesson is don’t trust any government. Don’t trust any broker too much.
Any government may decide to change its rules any time. Any broker can go out of business.
In true democracies, Prime Ministers, Presidents, Members of Parliament, Senators, Congressmen, and the rest are all subject to the laws they actually made. In true democracies these people have been and are being prosecuted by the judiciary under the laws they made.
To suggest that a democracy is as bad as a dictatorship is an attack on democracy and offers support to dictators. Wherever you live, I suggest you consider moving to live under a dictatorshp in order to expand your experience of the world, perhaps North Korea.
Don’t get me wrong. I don’t support kingship or dictatorship. I also don’t support democracy.
Why do I have to choose between kingship, dictatorship, or democracy? I don’t choose any, but those choices are forced upon me. Practically speaking, I just don’t trust any government. They aren’t the only options.
Does it matter whether I trust this government more than any other government when I have to make money? Just make money, and don’t trust any government and any broker with your money. Don’t do bad things.
