Forex Trading Singapore – Best Brokers Listed
Forex is one of the largest markets in the world. Because of its growing popularity, more and more people from different countries are starting to get involved in Foreign Exchange trading. Singapore isn’t an exception. Not only underlying assets but CFD trading Singapore is also allowed and quite welcome. And it goes without saying that Forex trading in the mentioned country is legal.
If you are a beginner or you plan to start Forex trading in Singapore there are several things that you need to know and consider before you start trading. One of the main things is the regulation system and how it works.
Furthermore, it is worth mentioning that trading FX in Singapore is one of the popular ways of gaining money and taking profits. Through FX trading investors are allowed to exchange one currency into another and get money returns because of the price changes in the market.
One of the main things until you start Forex trading Singapore is getting familiar with the Forex terms and the way it works. Also, you’ll need to take several steps until you start trading processes. For example, you need to have a qualitative internet connection, find a broker, open an account, get access to the trading platform and place your orders. You’ll get more information about the mentioned steps in the following paragraphs.
Best and most trusted forex brokers in Singapore October 2023
How to start FX trading in Singapore
The first step is to find the best broker in Singapore. You can do this by taking a look at what’s being offered by these companies. For example, if you see that the broker offers you high leverage, they need to then pair this up with a tight spread to make the leverage worth it. However, there are fraudulent companies out there that know how to lure unsuspecting traders. They usually do this through promises of high leverage, tight spreads, and overall positive features everybody is looking for. But, they can easily be snuffed out by just taking a look at their license background. If they don’t have one, then it’s best not to get involved with them.
Once you’ve made sure that the broker is safe, it’s time to see if they have the best trading platform Singapore has to offer. For example, you can get economic calendars, also, daily news updates about the significant events in the Forex market, analytical tools, and charts from just the platform itself.
Foreign exchange Singapore – How does the regulation system work?
As already mentioned, if you want to trade Forex in Singapore you need to consider the regulation system and how it works in the country. The main regulator body of FX trading is the Monetary Authority of Singapore, also known as MAS. The MAS also works as Singapore’s Central Bank. What’s more, it is the authority that regulates the entire financial system and sector including FX trading, stock trading, and options to insurance. Furthermore, MAS is responsible for the country’s monetary policy.
The MAS was established in 1971 with one main purpose – to control the financial systems and actions that are linked to both residents and agencies in the country. The mentioned agency also regulates FX brokers in Singapore.
The MAS actively controls and prevents cases of corruption in the country and works to exterminate financial malpractice.
Any broker who wants to gain access to Singapore’s market needs to register and receive a license from the MAS, which is not that easy to do. The authority has its set of guidelines and rules every company needs to follow. This way, they are able to snuff out any potential fraudsters.
In order for the brokers to be approved for a license, they need to pass the MAS exam. The exam ensures that the company has enough capital for covering potential losses. Also, brokers need to assure MAS that they are not at risk of going bankrupt. Through this traders who are involved in foreign exchange Singapore, will be protected from any issues their service providers may face.
One of the main requirements of MAS is that brokers need to provide the authority with a regular report about their finances and capital.
Even though there are quite a lot of licensed brokers in Singapore, there is nothing preventing locals from trading with international companies. It’s not illegal for Singapore traders to use the services of non-domestic brokers. The only requirement or recommendation so to say is to make sure that the broker is licensed in its own country where it’s operating from.
Last words on Singapore FX trading
FX trading in Singapore is completely legal. In fact, the government encourages its citizens to engage in it as much as possible. This is probably for keeping the local currency as active as possible.
The Monetary Authority of Singapore, aka the MAS, is responsible for vetting and approving forex brokers that want to establish a foothold in the city-state. As long as a company has a license from the MAS, they are more than safe to start trading with.
Singapore is teeming with world-renowned FX brokers because of its status. The city-state is pretty much the financial hub of Asia, which makes it a primary destination for many companies.
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