Is Exness Go Legal for Vietnamese Traders?

Forex Trading Rules in Vietnam

Forex trading in Vietnam is strictly regulated. The State Bank of Vietnam (SBV) and the State Securities Commission of Vietnam (SSC) set guidelines for trading operations and forex transactions. Additionally, Decree 70/2017/ND-CP governs foreign exchange regulations, outlining permissible activities for residents engaging in forex trading.

What SBV & SSC Say

The SBV allows Vietnamese residents to trade forex only under specific conditions, such as using authorized dealers. The SSC regulates the securities market and permits forex trading in currency pairs quoted in the Vietnamese market, subject to strict conditions. Vietnamese traders must ensure compliance with Decree 70/2017/ND-CP to avoid legal issues related to foreign exchange transactions.

Offshore Brokers Explained

Offshore brokers like Exness operate in jurisdictions with more lenient financial regulations, serving global traders. For Vietnamese traders, these brokers may be legal but carry risks, including potential issues with fund withdrawals, limited regulatory oversight, and non-compliance with Vietnamese foreign exchange laws. Traders should fully understand the implications of using offshore brokers and ensure compliance with local regulations to avoid legal complications.

For Vietnamese traders, Exness offers fewer entry barriers, but the legal framework for offshore forex trading must be carefully considered before proceeding.

Exness Go: Safe or Not?

Exness Go is generally a safe trading platform globally, but it comes with risks that Vietnamese traders should understand. Exness is licensed and regulated in several major financial jurisdictions, ensuring compliance with high standards of safety and security.

Licensed Globally (FCA, CySEC)

Exness is regulated by authorities such as the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). These bodies enforce strict policies on transparency, client fund protection, and financial reporting, adding a layer of security for traders.

Risks for Vietnamese Users

Despite global authorization, Vietnamese traders face specific risks. Forex trading in Vietnam is heavily regulated by the SBV and SSC, and using offshore platforms like Exness may lead to withdrawal difficulties, legal issues, or tax complications. Traders should take precautions to understand these risks and comply with Decree 70/2017/ND-CP and other domestic laws before using Exness Go.

Tips to Trade Legally

To trade legally and avoid issues, Vietnamese traders should follow these guidelines:

1. Use brokers regulated by reputable authorities like the FCA, CySEC, or SSC.
2. Avoid platforms operating outside Vietnam’s legal framework.
3. Ensure compliance with Decree 70/2017/ND-CP and Vietnam’s tax obligations.
4. Verify the platform’s legitimacy and consult a financial advisor if needed.

Prioritizing licensed brokers and understanding Vietnam’s foreign exchange and tax regulations is crucial to prevent legal or financial complications.

Local Specifics for Vietnamese Traders

• Minimum Deposit: ₫240,000-600,000 (approximately $10-25 USD).
• Payment Methods: Bank transfer (chuyển khoản ngân hàng), E-wallets (MoMo, ZaloPay, ViettelPay), Domestic bank cards, International wire transfers.
• Supported Languages: Vietnamese (Tiếng Việt), English; local Vietnamese support available.
• Popular Banks: Vietcombank (Bank for Foreign Trade of Vietnam), BIDV (Bank for Investment and Development of Vietnam), VietinBank (Vietnam Bank for Industry and Trade), Techcombank (Vietnam Technological and Commercial Joint Stock Bank), ACB (Asia Commercial Bank), MB Bank (Military Bank), VPBank (Vietnam Prosperity Joint Stock Commercial Bank).
• Statistics: Over 150,000 active Vietnamese traders.

What Vietnamese Traders Think

Many Vietnamese traders are cautious about offshore platforms like Exness Go due to the lack of local regulatory oversight. While some appreciate the lower entry barriers and diverse trading instruments, others are concerned about legal risks, fund withdrawal issues, and compliance with Decree 70/2017/ND-CP. Traders in Ho Chi Minh City, Hanoi, and Da Nang often seek advice from financial professionals before engaging with foreign platforms.

FAQs