Interactive Broker also not regulated by SC. TD Ameritrade, Robinhood etc. all the same. But they are regulated by MAS, SFC (Hong Kong Securities and Futures Commission) and/or SEC (US).

So we usually refer to foreign regulators rather than local regulators for these products. Some, in fact many of them, are listed in various exchanges. So they have ARs, financial reports and even shareholders to answer to. That also means prospective retail investors can read them to safeguard their own interest.

It is important to realize that foreign brokers are NOT Ponzi schemes or other kinds of money games. You are recommended to read the documents from their websites.

Can also look up on MAS, SEC/SFC to verify their identity:

https://eservices.mas.gov.sg/fid/institutio...NGAPORE-PTE-LTD

https://brokercheck.finra.org/firm/summary/36418 (For US case, you will come across FINRA quite often. https://www.investopedia.com/ask/answers/ho...ra-differ-sec/)

Who cares about SC Malaysia. They blocked TD even when it's legit.

Interactive broker not approved by SC Malaysia and yet I still can get my money back into SG bank account. So why bother about SC Malaysia? Their blockage is political.