5 minute read
Is JustMarkets Legal in Vietnam? A Comprehensive Review
from JustMarkets
by Exness_India
Yes, JustMarkets is not legally authorized to operate in Vietnam. While Vietnamese residents can technically access the platform online, JustMarkets is not licensed or regulated by the State Securities Commission of Vietnam (SSC) or the State Bank of Vietnam (SBV), the two main regulatory bodies overseeing financial and investment activities in the country. Therefore, using JustMarkets in Vietnam involves considerable legal ambiguity and financial risk.
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Understanding the Vietnamese Legal Framework for Forex Trading
Vietnam's approach to foreign exchange and online trading platforms is conservative and restrictive. Under Vietnamese law, only licensed commercial banks and financial institutions are allowed to offer forex trading services. Online brokers, particularly those operating from overseas and lacking local licenses, are not legally permitted to solicit or provide services to Vietnamese citizens.
The State Bank of Vietnam (SBV) has repeatedly warned about the risks of engaging in forex trading through unlicensed platforms. Engaging in unauthorized forex trading can lead to administrative penalties, and in some cases, even criminal prosecution depending on the scale and nature of the transaction. This means that platforms like JustMarkets, despite their global presence, operate outside the legal framework established in Vietnam.
Who Regulates Forex Brokers in Vietnam?
Forex and investment-related activities are governed by:
The State Bank of Vietnam (SBV) – which regulates monetary policies, foreign exchange, and the operations of banks.
The State Securities Commission of Vietnam (SSC) – which oversees securities, investment companies, and capital markets.
Neither of these bodies have issued any form of license or authorization for JustMarkets, which is a crucial red flag for those seeking to trade legally and safely within Vietnam.
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Is JustMarkets a Scam?
Legally unauthorized does not automatically mean that a broker is a scam. In the case of JustMarkets, the company is registered in offshore jurisdictions such as St. Vincent and the Grenadines and has regulatory coverage from the Financial Services Authority (FSA) of Seychelles through Just Global Markets Ltd. This gives the company some legitimacy in international markets, but it does not meet the strict legal standards required by Vietnamese authorities.
Moreover, being regulated in offshore locations often means less stringent investor protection measures, especially compared to top-tier jurisdictions like the UK (FCA), Australia (ASIC), or Cyprus (CySEC). In the absence of strong regulation and the inability to legally enforce contracts within Vietnam, Vietnamese users risk having no legal recourse if disputes or losses occur on the JustMarkets platform.
Can Vietnamese Traders Use JustMarkets?
Technically, yes – but at their own risk.
JustMarkets allows account registration from Vietnam, and Vietnamese traders can deposit and withdraw funds using various methods. The platform also offers localized services such as Vietnamese language support and marketing campaigns targeting local audiences. However, this does not equate to legal operation. It merely reflects the broker’s strategy to attract users in untapped markets where enforcement may be lax.
If Vietnamese authorities decide to crack down on illegal online trading, users could face consequences such as:
Account freezing
Fund seizures
Administrative fines
Possible criminal liability in cases of large-scale financial operations
Therefore, even if Vietnamese citizens can access JustMarkets today, doing so violates national financial regulations.
The Risks of Using Unlicensed Brokers in Vietnam
Lack of investor protection: Users cannot turn to local authorities or courts for help if their funds are frozen or lost.
Withdrawal problems: Many users report delays or denials when attempting to withdraw large amounts.
Poor dispute resolution: Without local oversight, the broker is not obligated to resolve disputes fairly.
Cybersecurity risks: Unregulated brokers may lack sufficient safeguards to protect your personal and financial data.
Changing laws: Vietnam has shown signs of strengthening its legal stance against unregulated platforms. The situation could become more serious overnight.
What Are the Alternatives for Vietnamese Investors?
If you're a resident of Vietnam and interested in trading or investing legally, consider these safer alternatives:
Domestic licensed banks: Some banks offer foreign currency services and investment-linked insurance.
SSC-regulated securities firms: These firms provide access to the Vietnam stock exchange and other regulated investment products.
Top-tier international brokers (with caution): While technically still not legal, some users opt for brokers licensed in stronger jurisdictions like Australia (ASIC) or Europe (CySEC), which may offer better protections. However, even these are not legally sanctioned in Vietnam, so the risk still exists.
Final Verdict: Is JustMarkets Legal in Vietnam?
No, JustMarkets is not legally allowed to operate in Vietnam. It does not hold any licenses from Vietnamese regulatory bodies and functions outside the country’s legal financial system. Vietnamese traders who choose to use the platform are doing so at their own risk, without any legal protections or guarantees.
While the platform may seem attractive due to its user interface, leverage offerings, and promotions, the legal and financial risks far outweigh the benefits. Vietnam’s government is increasingly vocal about cracking down on illegal online trading, and JustMarkets fits squarely into that high-risk category.
Conclusion
To summarize:
JustMarkets is not legal in Vietnam.
It does not have a license from the State Bank of Vietnam or the SSC.
Vietnamese traders using JustMarkets do so in violation of national law.
The risks include financial loss, lack of legal recourse, and potential penalties.
Safer investment options exist through regulated domestic or international entities.
If you’re serious about investing or trading from Vietnam, it’s best to consult a licensed financial advisor or work with institutions that are authorized by Vietnamese regulators. That way, you ensure both your financial security and compliance with the law.
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