In this article we provide you with full list of best forex brokers in Singapore fully regulated in credible jurisdictions. Many of them we have carefully tested and reviewed for you .
Compare in detail all authorised forex brokers in Singapore for the year of 2020.
If you are just starting out to trade forex, it might be very frustrating to select the right online trading platform due to sheer number that is available to Singaporeans.
All trusted online trading platforms must be regulated by some of the sound international institutions such as FCA (UK), ASIC (Australia) or CySEC (Cyprus). There are also many Singapore brokers that are regulated directly by MAS Monetary Authority (Central bank).
Commisions are calculated as a fixed fee that you pay for each round Lot traded. Commisions are usually around $7. Some fx brokerages offer a trading account where you do not pay a commisions. For this type of account, however, look at the spreads for your currency pair, which tend to be usually slightly more expensive than the merchant account where you pay the flat commision transaction fee.
If you choose a trading account with no commisions, the optimum spread for intraday trading is around 1.2 pips. If you choose a trading account with an order execution fee, the best Forex broker offers a spread on the EUR / USD currency pair from as low as 0.01 pips.
This is crucial! Quality brokers offer customer support 24 hours 5 days a week. All of them have customer support not only in English language but also other world languages and some might even have support in Malay or Thai language.
, is nowadays a golden standard in forex trading. Some professional trading platforms also include cTrader. Almost each brokerage is offering its own Webtrader solution (many use Sirix platform which is excellent) and inhouse built iOS/Android Apps.
There is a never ending discussion on forex forums among the traders whether Market maker or ECN is better solution.
Dealing desk or Market Makers are creators of the market prices. That means they are the counter party for each trade that you open via your trading platform. With small volume (if you trade up to 50 standard lots each day) market makers have no problem to fulfill your orders in mili-seconds. In case you start trading volume of millions $$ every day they might be in trouble and start hedging their positions on the forex market.
In our opinion if you are just starting out with small capital (less than $1k deposit) then just start with market maker without any doubt.
We recommendECN brokerage (Electronic Communication Network) for high volume and high frequency trading, otherwise you dont reap the full benefits of ECN broker in our opinion. You pay besides the spread also the commision around$7 per tradefor each trade regardless if you trade micro lots of standard lots.
Yes unlike in Indonesia where forex is illegal, Singaporeans are free trade currencies online with any forex broker they want. Currency trading has been very popular and is fortunately completely legal in the country. At the moment there are more than 550 financial providers present in the country. Though the forex trading is completely legal here, always make sure to check the reviews before depositing.
The most sophisticated traders of course turn to top notch foreign forex trading companies for exampleXMwhich are located in the worlds renowned financial centers like London (FCA regulated), Cyprus (Cysec) or Australia (ASIC) and select the one that fits their own trading style the best.
This is good question. As many investors know, in Singapore there is no capital gains tax, in fact there is only income tax. The profits made during intraday trading should be logically can be subject to income tax. However if you want to be 100% sure, we strongly advise you to speak with your local IRAS tax advisor whether the profits are income or capital gains.
Important to know: Local citizens need to align with different time zones. Since most trading activity is during Asian, European and US sessions, you will need to wake up a bit earlier.
the best time to trade is during off hours meaning during the late-US, Asian or European trading sessions, that means 8AM until 12PM Singaporean time zone.
Most people trade forex during the peak times (during high volatility), but we think this is the best way to blow your trading account fast. Most traders should stay away from high volatility.
MAS (Monetary Authority of Singapore)regulates financial market operators in Singapore including forex trading brokers and stock trading companies.
MAS (Monetary Authority of Singapore)established by the government in 1971 as a Central bank of SG is a powerful local regulatory agency with a serious regulatory capacity. Its main role is to keep a healthy monetary market by ensuring the financial stability of the country by ensuring inflation rate and economic growth is at a sustainable level. Besides being a central bank, MAS is also the only official regulatory body in the country. Its main role is the regulation of financial capital market. Besides other tasks they are the watchdog for forex trading companies in Singapore.
MAS-regulated brokers are a safe bet for Singaporeans who are serious about online trading and want to start trading with their hard earned cash. The fact is, that MAS-regulated brokerages need to meet very strict requirements set by the Monetary Authority.
MoneySENSE has started in the last decade as a financial educational for masses of financial consumers with a goal to educate and increase financial literacy in the country.
Complete list of all MAS regulated forex brokers
1 TEMASEK AVENUE 18-07 MILLENIA TOWER 039192
9 RAFFLES PLACE 30-02 REPUBLIC PLAZA TOWER 1 048619
18 CHURCH STREET 06-00 OCBC CENTRE SOUTH 049479
Forex is very popular in Singapore and the country is a gateway to the South East Asia and also an international financial hub together with Hong Kong.
Since 1999 theSGXis the main Singaporean Securities Exchange. SGX holds the main stock market index called STI (Straight Times Index) that consists and tracks the performance of top 30 companies listed on SGX exchange.
Forex brokers allow Singaporeans to trade with all major and exotic world forex pairs , but they most frequently traded including the local currency are:
The SGD currency has been introduced in 1965 when Singapore has gained its independency. During the first decades the SGD was pegged to GBP and then to USD but since 1985 it is floating.
Read moreinteresting facts about SGD Dollar on
Forex stands for foreign exchange and describes the trading of currencies in the foreign exchange market. Unlike the securities markets, the foreign exchange market is decentralized : trading takes place directly and almost completely electronically between the market participants. Market participants are large banks and other institutional investors. Here is full article on getting started with forex trading in Singapore where you can find the A to Z guide.
: a change by one unit on the fourth decimal place
: Speculation on appreciation of the base currency
: Speculation on devaluation of the base currency
The hypothetical forex trade: The USD/SGD is quoted on the foreign exchange market at 0.75, for 1.00 USD are therefore paid 0.75 SGD. Say you expect the USD to appreciate against the Singapore dollar and therefore you open a long position of one standard lot (100,000 units) at a price of 0.75
Your assessment was correct:the exchange rate rises to 0.80 USD/SGD within a few hours. You smooth the position to this course and make a profit.
Trading leveraged products such as Forex and CFDs involves substantial risk of loss and may not be suitable for all investors. Between 54% and 87% of retail CFD trading accounts lose money, based on the data from brokers who publish this statistics.
This is informational website and all content is here for studying purposes only. This website does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products.Be advised that past performance is not an indication of future performance.