The Best Forex Brokers in Singapore
If you’re interested in getting into foreign exchange trading, you have to know that this can be an incredibly interesting area of the trading market. Massive flows of capital pass daily through Forex (FX) markets to the tune of $7.5trn on average. With that kind of money in the market, there’s clearly money to be made, even if the market can often be fast-moving and volatile.
For people in Singapore looking to get into Forex trading, the country is currently a hotspot on the world market. While many countries have strict limitations on the flows of currencies into and out of them, Singapore has friendlier rules that help to create a great atmosphere for Forex trading. Singapore’s markets are well-regulated, and enough money flows through them to allow brokers to set some very attractive rates, making it the 4th-largest Forex centre in the world.
Is it Legal to Trade Forex in Singapore?
You’ll be happy to know that it’s legal to trade Forex in Singapore, and the country has become something of a hub for these markets in Southeast Asia. Several local and international brokers work with clients in Singapore, giving them the tools and platforms to trade successfully.
Forex Regulation in Singapore
All guidelines and regulations for trading Forex in Singapore are set by the MAS – the Monetary Authority of Singapore. The MAS is Singapore’s central bank and also its financial regulator. This organisation is charged with regulating Forex trading and licensing brokers to help ensure fair markets and guarantees for individual traders.
It’s also important to know about the tax situation for Forex traders in Singapore, and it’s somewhat complicated. In theory, personal income tax is due to be deducted from the profits made by full-time traders. However, if their money never enters the country, it may not be taxable. Part-time or day traders who hold short positions can do so tax-free, providing they stay within certain limitations. So, in general, Singapore is an attractive location to trade Forex from.
How to Start Forex Trading in Singapore
It’s relatively straightforward to get started trading Forex in Singapore. Since trades are done over the counter without passing through a central exchange, it’s best to use an online broker who can facilitate your trades.
The best Forex brokers in Singapore are going to offer a wide availability of currency pairs to trade, low fees, top trading platforms, and many options for funding and money management. Most will also offer you the opportunity to learn how to trade by actually doing it in a controlled environment. They give you demo credit and let you use their live tools and markets to perform trades on their demo systems. That way, you can learn how to manage Forex trading without having to risk any real funds.
When you’re ready, you can start a real trading account for as little as $100 SGD.
The Best Forex Brokers in Singapore
When you’re first starting out in Forex trading, there’s a huge amount of information to take in, and it can be daunting. It’s not only crucial to learn the vocabulary and the ins and outs of the market, but it’s also very important to choose a broker that provides what you need for success.
When choosing the best broker for Forex in Singapore, you certainly want to select one that is registered with the MAS and/or other internationally recognised regulatory bodies. The broker should offer you a choice of excellent platforms like MetaTrader 4 & 5 to use as your trading interface. You should also select a broker that gives you lots of leverage and low spreads while charging competitive fees for its services.
To help you make your selection, we’ve put together a list of the top brokers for Forex trading in Singapore:
77% of retail CFD accounts lose money
Your capital is...
||ASIC, CFTC, FCA, IIROC, JFSA, MAS||fxTrade, MT4|
74% of clients lose money. Capital at risk.
- Trusted Global Market Leader
|CFTC, CIMA, FCA, FSA, IIRO, NFA||FOREXTrader & MT4 for PC, MAC, iPhone, iPad and Android, WebTrader|
Your capital is at risk
- Trade 15 cryptocurrencies
It’s important to select a great broker to be your silent partner in your Forex trading journey. The best Forex brokers in Singapore are all top quality and well-regulated, so it’s a matter of choosing the one which best serves your needs as a trader.