Reliability of a broker

Beginner Questions
1

I get to know a broker named FBS.

As per my research, it’s regulated by ASIC, VFSC,FSC and Cysec but with ** different registered company**.
The customer service/apps that I’m dealing with is by a company registered in Vanuatu(an offshore Island), haven’t heard of that country.
As per my research, it’s GDP is lower than my country Malaysia, and the crime rate is higher than my country.

And I was referred to transfer money into a bank account named under yll baby and toys sdn bhd which immediately raise red flag for me.

Why would a brokerage firm use a bank account named under something related to baby and toys lol?

If I were to fund in, I believe my funds will be at risk, it’s not directly regulated by ASIC.
What are your thoughts on that?

2

Where did you get this information? Maybe it’s a company acting like FBS but is a scam? Do you have a URL?

3

It’s the same as this thread from yesterday:

4

Although there might be a brokerage firm called FBS, you cannot be sure that the people who contacted you are FBS. The strange bank account name suggests they just like to call themselves FBS.

It’s possible that in a jurisdiction like Vanuatu, you might for a while be able to call yourself Apple or Tesla or Amazon and ask people to send you money. I’m not suggesting you do that, it just might be possibly a little bit illegal, even in Vanuatu.

I think you now know enough aobut FBS and Vanuatu to make a decision.

5

Owh, perhaps we both saw the same ads or somewhat by the broker.

But that bank account is so uncommon, why would a brokerage firm have a bank account named under something having baby and toys.

6

The regulation part I found on Google.
I’m using the apps downloaded from the Google playstore which is FBS.

You can chat with the customer service there

You can download the app and have a look

Screenshot_20240326_212001
Screenshot_20240326_2120011100×2442 95.1 KB

7

Perhaps.

And you’re both in Malaysia.

And you both use the same words in exactly the same way …

8

This is from FBS.com

This website is operated by FBS Markets Inc. Registration number: 000001317. FBS Markets Inc. is registered with the Financial Services Commission under the Securities Market Act 2021 with license number 000102/6. Address: 9725, Fabers Road Extension, Unit 1, Belize City, Belize.

FBS Markets Inc. does not provide financial services to residents of certain countries, including but not limited to: US, EU, UK, Israel, Islamic Republic of Iran and Myanmar.

Payment transactions are managed by НDС Technologies Ltd., registration number HE 370778. Legal address: Arch. Makariou III & Vyronos, P. Lordos Center, Block B, Office 203, Limassol, Cyprus. Additional address: Office 267, Irene Court, Corner Rigenas and 28th October street, Agia Triada, 3035, Limassol, Cyprus.

Contact telephone: +357 22 010970; additional telephone number: +501 611 0594.

I’d chat with support from one of these jurisdictions and ask if they have a company in Vanuatu.

9

I do know of FBS but that bank account got me thinking and why are they asking people to deposit to a bank account under baby toys, that like not just a red flag, that a red billboard flashing in our faces.

I might be wrong, but maybe someone is try to rerout peoples money using the name of FBS? its not un common, but year contact the broker online directly to be sure. use their live chat of actual phone number, be safe out there… i cant comment much about FBS since i have not used them, my main funds are in fhm anyway.