Question related to reliability of broker

[Dandelion.My]

Hey there, I recently get to know a broker named FBS.
As what I knew, the broker is regulated by VFSC.
Vanuatu sounds like an unsafe country, even poorer than my country Malaysia.

FBS has been founded for more than 10 years.
I’m not convinced enough to put my funds in.
Anyone can voice their opinion?

[Pipsteroid]

“Regulated in Vanuatu” means unregulated, in effect.

Brokers choose where to be regulated.

Brokers choosing to be “regulated” in Vanuatu are not making that choice to protect their customers’ interests, but their own.

Your opinion on CFD brokers?

Evidently it depends on your perspective. It seems to me that everyone’s talking about them, all the time, lol. In this forum, in particular, a really significant proportion of the posts and conversations are about CFD “brokers,” as they like to be known (they’re not really brokers at all, obviously). I don’t trade CFDs myself, though I have in the past, and without incident or problems - I just used an FCA regulated one. Apart from (obviously) using a properly regulated CFD “broker” - whic…

[Dandelion.My]

@Dandelion.My

I’m not convinced enough to put my funds in.

I rather believe that it is regulated by MAS(Singapore)

[ProfesorPips]

for small amount of cash, when you want to familiar with real trading, open an account under “vanutu regulation” could be a solution but when you have 50k 100k greens on trading account it will be highly dangerous to open account under that “regulation”. For balance this situation ( small account and some regulations ) a solution could be gone to broker which is regulated by FCA, ASIC or CFTC and has department in other countries even Vanuatu, because broker ( in my opinion ) will not break brand which build from many years.

[Pipsteroid]

Have you looked at Interactive Brokers (“IB”)?

I know they are available in Malaysia. They are widely regarded as honest, reliable and good.

Personally, in your position I would definitely avoid IC, HFM, Avatrade and Exness.

Whatever you do, make sure before sending money that you have something in writing saying where your account is regulated, not just where the brokerage is regulated.

[ria_rose]

I agree with Pipsteroid. If you’re really looking for credible brokers, my go-to recommendations are Forex.com and Oanda. I looked them up and they’re also available in Malaysia. Have you checked them out?

[merryhenson]

It’s understandable to have concerns about entrusting your funds to a broker, especially when considering factors like regulatory oversight and the reputation of the country it operates in. Vanuatu’s regulatory environment may raise questions for some investors. Before making a decision, it’s wise to thoroughly research FBS, including their track record, customer reviews, and the extent of their regulatory compliance. Additionally, exploring alternative brokers and comparing their offerings and regulatory standings could provide valuable insights for making an informed choice.