6 minute read
Is JustMarkets Legal in Singapore? A Clear Guide
from JustMarkets
by Exness_India
Yes, JustMarkets is not legally authorized to operate in Singapore as a regulated broker under the Monetary Authority of Singapore (MAS). The platform is not licensed or recognized by the MAS, which is the primary financial regulatory authority in the country. This lack of local regulation means that using JustMarkets in Singapore involves legal and financial risks that traders should be fully aware of before investing through the platform.
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Understanding the Legal Framework in Singapore
Singapore is widely recognized for its strict and transparent financial regulatory environment. The Monetary Authority of Singapore (MAS) regulates all financial institutions and markets. Any broker or trading platform offering financial services to Singaporean residents is required to obtain a Capital Markets Services (CMS) license from MAS. This includes platforms providing online forex trading, CFDs, and related investment services.
As of the time of writing, JustMarkets does not appear on MAS’s list of regulated entities, nor does it hold a CMS license. This indicates that the platform is not allowed to legally solicit or serve clients who are residents of Singapore. Even if JustMarkets is regulated elsewhere (for example, by the Financial Services Authority of Seychelles or another offshore jurisdiction), that regulatory coverage does not apply within Singapore. MAS explicitly states that offshore licenses are not valid substitutes for local regulation.
Why MAS Regulation Matters
Being regulated by MAS means that a broker adheres to strict requirements for:
Capital adequacy
Risk management
Transparency
Client fund protection
Dispute resolution procedures
Without MAS oversight, investors using an unregulated or offshore-regulated broker like JustMarkets may not have access to legal protections if disputes arise. These include no guaranteed segregation of client funds, no compensation scheme if the broker becomes insolvent, and limited legal recourse.
MAS frequently publishes alerts and advisories about unregulated platforms that target Singapore residents. Using a non-MAS-regulated platform can result in account freezing, funds being held offshore, or even violations of local financial laws if the trader is found to be engaging in unauthorized transactions.
Can Singapore Residents Use JustMarkets Anyway?
Technically, residents of Singapore can access JustMarkets through its global website, as the platform does not explicitly block IPs from Singapore. However, this access does not equate to legality. Trading with a non-MAS-regulated broker:
Is at your own risk
Does not protect your capital under Singaporean law
May result in difficulties with tax reporting or withdrawal issues
Could breach certain consumer protection regulations
MAS has made it clear that residents should only deal with entities authorized under the Financial Advisers Act and the Securities and Futures Act. Choosing to trade with a broker outside MAS jurisdiction could also complicate tax declarations and expose traders to penalties if gains are not correctly reported.
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JustMarkets’ Regulatory Status
JustMarkets is operated by Just Global Markets Ltd, an entity registered in Seychelles. It is regulated by the Financial Services Authority (FSA) of Seychelles, which is an offshore regulatory body. While this does provide some level of oversight, it is far less stringent compared to regulators like MAS, the UK's FCA, or Australia's ASIC.
Offshore regulation usually does not guarantee client fund security or enforcement of compliance standards. Traders in Singapore should understand that Seychelles regulation does not offer local legal protection or assurance. Moreover, MAS often issues warnings against firms that falsely claim to be regulated or solicit business illegally.
Potential Risks of Using Unregulated Brokers in Singapore
Lack of Investor Protection
MAS provides investor compensation schemes and handles complaints against regulated brokers. Unregulated platforms like JustMarkets are outside the scope of MAS, so if issues arise—such as account freezing, withdrawal refusals, or unethical trading practices—there is no guarantee of support.
No Legal Recours
If you suffer financial loss due to broker misconduct, Singapore courts may have limited jurisdiction. This makes it difficult to sue the platform or seek restitution.
Offshore Fund Transfer Issues
Many Singaporean banks closely monitor and restrict transactions to unregulated brokers, especially those in offshore jurisdictions. Your deposits or withdrawals could be flagged, delayed, or reversed.
Tax and Regulatory Compliance
Profits from trading on platforms like JustMarkets must still be reported for tax purposes, but the lack of regulatory reporting may lead to errors or omissions. This can cause legal trouble with Singapore’s Inland Revenue Authority (IRAS).
MAS’s Stance on Unauthorized Brokers
MAS continuously reminds residents to verify the licensing status of any broker or investment platform. It encourages investors to use its Financial Institutions Directory to confirm whether an entity is authorized. MAS also publishes an Investor Alert List, which includes firms suspected of operating without authorization.
As of now, JustMarkets is not listed as a licensed financial services provider in Singapore. It also does not appear on the MAS Investor Alert List, but this does not mean it is safe—it simply means MAS has not formally flagged it yet. The absence of a license alone is a red flag for any platform soliciting investment services within the country.
Should You Use JustMarkets If You Live in Singapore?
While JustMarkets may appear to be a feature-rich platform with attractive trading conditions, bonuses, and a wide range of instruments, the lack of legal recognition in Singapore makes it a risky choice. You are essentially:
Operating outside the protection of Singapore’s financial laws
Putting your funds in a jurisdiction with weaker enforcement mechanisms
Exposing yourself to potential scams or unresolvable disputes
If something goes wrong, you’re on your own.
For this reason, it is strongly recommended that Singaporean traders choose MAS-regulated brokers. There are several reputable platforms licensed in Singapore that offer similar or better trading services while providing peace of mind, legal recourse, and regulatory protection.
Final Verdict: Is JustMarkets Legal in Singapore?
No, JustMarkets is not legally authorized to operate in Singapore. It does not hold a Capital Markets Services license from MAS and therefore is not allowed to provide its services to residents of Singapore under local law.
While it may be accessible online and regulated in an offshore jurisdiction, using it comes with serious legal and financial risks. If you are based in Singapore and are serious about online trading or investing, your safest option is to choose a broker that is licensed and regulated by the Monetary Authority of Singapore.
What You Should Do as a Trader in Singapore
Check the MAS Register before opening an account with any broker.
Avoid depositing money with brokers not listed as MAS-authorized entities.
Read the fine print of any broker’s terms and conditions—especially those regulated offshore.
Report suspicious platforms or solicitations to MAS via their official website.
Educate yourself on Singapore’s financial laws to avoid accidental violations.
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