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Best FOREX Brokers in Singapore 2022

Adrian Ashley
28.09.2022
As the influx of new FOREX traders into the market continues, more FOREX companies are focused on keeping their customers happy in order to protect their revenues. Traders are mainly concerned about the pitfalls of trading with sub-par FOREX brokers and are always on the lookout for the best advice to help them steer clear of these types of brokers. The following is a list of the best FOREX companies in Singapore today, as curated by Arincen. By laying out our findings in table form, traders can get the benefit of a thorough broker review conducted by Arincen. We have shared our review process so traders can understand why we chose these companies specifically.

Best FOREX Broker in Singapore for 2022

Company name FXDD
Regulations
Minimum deposit $450
Main branch USA
Company name ICM Capital
Regulations
Minimum deposit 500$
Main branch United Arab Emirates
Company name XTB
Regulations
Minimum deposit 500$
Main branch UK
Company name IG
Regulations
Minimum deposit 500$
Main branch UK

What Is FOREX and Why Do We Need a Broker to Trade?

Many traders already know that the FOREX market is the largest financial market in the world at some six trillion dollars daily, only followed by the credit market. The FOREX market operates 24 hours a day and five days a week (Monday through Friday), except international holidays. Brokerage firms play a key role in this regard by enabling clients to buy and sell through a trading platform. This could be done either on a personal computer (PC) or, more recently, by using a smartphone. 

How Do I Choose the Best FOREX Broker in Singapore?

Choosing the best FOREX broker in Singapore is much like choosing the best FOREX broker anywhere. There are a few hurdles for brokers to clear before you can choose from among them. The first and most important is regulation. A FOREX broker must be regulated by a recognizable oversight body with stringent rules. Many FOREX brokers have fallen by the wayside over the years through mismanagement and greed. Traders lose all their money when this happens unless the broker is licensed by a regulator that mandates investor fund protection.
After you have reviewed the broker’s regulatory status, a good place to move on to is the broker’s track record and level of stability. How long have they been in business? Are they growing? What are other traders saying about them? These are all valid questions to ask about your would-be broker.
From there, you should settle down to the nitty gritty of comparing brokers through the products and services they offer. How strong is the broker’s platform? Does it cater to your level of trading experience? The answers to these questions will go a long way toward deciding if the broker is for you.
There are a raft of other factors that impact your selection, many of which come down to your level of experience as a trader and your personal preference. Ideally, you would want to know how many different financial instruments you can trade with your broker and how many different account types they offer. You can also ask questions about how well-capitalized the broker is and how fast they can execute deals. 
These are crucial facts to know. The list of qualifying questions is long and exhaustive, which is why Arincen will do most of the work for you; but it is important to start with the ones we have listed above.
Best FOREX brokers in Singapore

FOREX Regulations in Singapore

Before a broker sets up shop in Singapore, they must first secure authorization from the local regulator, the Monetary Authority of Singapore (MAS). The MAS is the central bank of Singapore. Its mission is to promote sustained non-inflationary economic growth, as well as a sound and progressive financial center.
Depending on their service offering, the broker will be granted either a Capital Markets Services or a Financial Advisors’ license. The MAS stipulates that all brokers must have sufficient operating capital and these monies should be kept separate from investor funds. 
Be sure to check that your chosen broker is also regulated in other major economies. The Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC) are considered to be two of the best regulators in the world. If a broker has gone to the trouble of being in good standing with these entities, it is surely a good sign.

Commissions and Fees in Singapore

A first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX company. Good companies typically offer a EUR-USD spread of three basis points. 
As for commissions, FOREX trading companies can be placed in three categories. The first offers fixed spreads, the second tenders variable spreads, with a third category of companies offering low-cost spreads but that come with a (relatively high) fixed commission.  

Tradable Assets and Instruments

One way of comparing brokers is by the extent of their market coverage. In today’s interconnected world that is characterized by endless choice, many brokers rightly choose not to specialize on a limited number of tradable assets. This is a good approach as much of their specialty could easily be replicated by another broker with more capital.
Instead, most brokers choose to shower their clients with choice. A broker that has developed a diversified range of instruments at competitive rates deserves a lot of credit. Although this is a FOREX review, we readily advise you to check if the broker you are considering offers other instruments, like indices, commodities, equities, exchanged-traded-funds (ETF) and cryptocurrencies. All these financial instruments can be traded in Singapore and there is no embargo on any type of asset.
As for your broker’s FOREX offering, make sure they have a good number of currency pairs on hand. It takes a great deal of planning and execution to offer you significant choices, and brokers who have taken the time to develop many tradable FOREX pairs ought to be considered in a good light. 

Payments, Deposits and Withdrawals in Singapore

Most FOREX brokers with an international outlook will facilitate deposits and withdrawals with major credit and debit cards. As a country striving to be a regional center of financial excellence, Singapore offers access to most mobile and online payment methods. This means that traders can use such common e-wallet options as PayPal, Skrill and Neteller, as well as traditional bank wires.

FOREX Trading Customer Service

As timing is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast and polite, which will, in turn, spare you of having to worry about problems down the road. 

Technical Aspects of the Broker’s Website

When it comes to sharing such sensitive personal information online as a credit card, cyber security is paramount. You should, therefore, always look for SSL certification and two-factor authentication (especially when registering with a new site).    
To provide our users with peace of mind, we at Arincen have introduced the “Company Checker,” which is an online tool directly linked to an international Website called Scamadviser. The latter is an independent site that checks the countries in which these FOREX Websites are managed and where the server is located, in addition to other security and informational aspects. It ranks FOREX firms by granting them a score ranging from 0% to 100%, with the best FOREX firms usually receiving a score of 90% and above. Any company that has achieved a score lower than 85% should thus be avoided. Simultaneously, whenever looking for a new FOREX company, users must ensure its Website is fast, modern and user-friendly

Trading Platforms, Tools and Features 

As a regional leader in finance and technology, Singapore comfortably supports the most advanced, technology-dependent brokers. Be it a FOREX broker offering institutional-grade execution speeds that needs instantaneous access to data centers with top-level security, Singapore can manage it. Traders can comfortably work with brokers that offer ultra-high volume Electronic Communications Network (ECN) accounts that feature the most data-intensive charting tools and advanced indicators.
As such, Singapore-based FOREX brokers offer all major trading platforms, especially MetaTrader staples MT4 and MT5. These platforms can be accommodated in desktop and mobile form. Proprietary broker platforms are also covered, as these are accessible through Web browsers or normal download. 

Ask Other Traders on Our Network

Arincen has created a powerful Website that features an immersive and engaging social network where traders can learn from each other in an informed and supportive community. 
Every trader’s journey starts out with hesitant beginner steps, and it helps to be able to watch and study the trades of other, more experienced investors. This important feature has allowed many traders to make their learning curve less daunting.

Best Broker and Platform for Beginners in Singapore 2022

Take a look at our expert’s top 11 FOREX brokers in Singapore for 2022
  1. FXDD 92.15 Best Overall Broker
  2. ICM Capital 91.10 Best Deposit and Withdrawal Broker
  3. XTB 85.55 Best Customer Service Broker
  4. IG 85.45 Best Regulations Broker plus Convenient Platform
  5. Saxobank 80.09 Excellent Private Trading Platform
  6. CMC Markets 80.07 More than 9,000 Assets
  7. Think Markets 80.05 Aimed at the Audience of Traders
Here is a summary of each broker from our 11 Best Brokers in Singapore and their pros and cons

FXDD Broker

FXDD received the highest score in our survey (92.15). One of the first FOREX companies to offer a credit card in order to allow traders to withdraw their profits, this New York-based company has the UK's FCA license under its belt. It also has a rich portfolio of assets, offers a relatively low spread, in addition to the MetaTrader4 (MT4) platform. Further, it has excellent and fast customer service, and also offers traders a variety of ways to deposit money.
Broker Evaluation 7.22
Regulatory Bodies
Minimum Deposit $450
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United States of America
Customer Service 24/5
Demo account Yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform

Pros

  • Established in 2002.
  • Segregated client funds.
  • Low minimum deposits.
  • No commissions on the Standard Account.
  • A choice of two account jurisdictions.
  • Multiple platform support and comprehensive market data and analysis.
  • A good range of currency pairs and other assets to trade.

Cons

  • Not available to traders in the US.
  • Relatively limited range of instruments.
  • EU-client leverage restricted to 1:30.

ICM capital Broker

CM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
Broker Evaluation 8.11
Regulatory Bodies
Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform

Pros

  • Segregated client funds.
  • Regulated by the UK’s FCA.
  • Established in 2009.
  • More than 10,000 ICM Capital users and traders.
  • Reasonable minimum deposit from $500.
  • Decent funding options.
  • No swaps.
  • MetaTrader4 (MT4) desktop and mobile download.

Cons

  • Does not allow scalping.
  • Not ASIC-regulated.
  • Relatively limited range of instruments.
  • Slow live-chat service.
  • Relatively high trading fees.
  • Limited range of trading tools and resources

XTB Broker

What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
Broker Evaluation 8.55
Regulatory Bodies
Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 -Web Platform

Pros

  • Long history of operation.
  • Globally recognized, having won multiple awards.
  • Some of the lowest FOREX spreads in the market.
  • Regulated by the FCA (UK).
  • Offers protection for client accounts.
  • Emphasis on customer service.
  • Excellent support, learning and research tools.

Cons

  • Does not accept US clients.
  • Non-FOREX spread costs are relatively high.
  • No GSLO.
  • No back-testing or automated trading capabilities.
  • Conditions vary according to regulation and entity.

ig markets Broker

IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
Broker Evaluation 7.54
Regulatory Bodies
Minimum Deposit 250$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform -MT4 - Web Platform

Pros

  • Easy-to-navigate platform that is simple for beginners to master.
  • Margin rates are easy to understand and affordable.
  • Mobile and tablet platforms offer full functionality of the desktop version.
  • Accepts US clients.
  • Access to more than 100 currency pairs
  • Emphasis on education and research.
  • Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
  • Offers protection for UK/EU client accounts.

Cons

  • US traders can currently only trade FOREX.
  • No GSLO for US-based traders.
  • No account protection for US clients.
  • Relatively high share-CFD fees.
  • No copy trading or back-testing integration on IG platform.

SAXO BANK Broker

Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
Broker Evaluation 6.09
Regulatory Bodies
Minimum Deposit 10000$
Islamic Account No
Payment Methods Bank transfer - credit card
Main Branch Copenhagen, Denmark
Customer Service 24/5
Demo account No
Trading Platforms SaxoTrader

Pros

  • Extensive range of offerings.
  • Regulated by the FCA (UK) and other top regulators.
  • Great trading platform.
  • Among the industry’s best research.
  • Superior user interface.
  • Offers protection for client accounts.

Cons

  • High bond, options and futures fees.
  • Lack of emphasis on customer service.
  • Confusing instrument fee structures.
  • High minimum deposit.
  • Does not accept US clients.
  • No MT4.
  • Lacks live chat.

CMC MARKETS Broker

CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation 7.07
Regulatory Bodies
Minimum Deposit 0$
Islamic Account No
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -MT4 - Web Platform

Pros

  • Extensive range of offerings.
  • Regulated by the FCA (UK).
  • Low FOREX fees.
  • Emphasis on education and customer service.
  • Great Web and mobile platforms.
  • Offers protection for client accounts.
  • Research amenities are industry leading.

Cons

  • Does not accept US clients.
  • Limited product portfolio.
  • High stock CFD fees.
  • High CFD spreads for certain indices.
  • Differences between Next Generation and MT4.
  • Complicated account verification.
  • No back-testing or automated trading capabilities.

think markets Broker

Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation 8.05
Regulatory Bodies
Minimum Deposit 0$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch Australia
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -Web platform-mt4- mt5

Pros

  • Beginner assistance offered through 24/6 channels.
  • Spreads are as low as 0.0 pips.
  • 24/7 expert customer service.
  • CFD shares and indices come at no extra fee.
  • Zero broker fees for FOREX trading.
  • Technical analysis and quality market information.
  • Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.

Cons

  • Direct share trading is on a separate platform.
  • No binary options offered.
  • Commissions charged for two account types.
  • After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
  • No US, Canada or Japan clients allowed.
Which FOREX broker has the best platform?
Most FOREX brokers use the MT4 platform, widely considered to be the best third-party platform on the market. If you are looking for something different and you want to find out which broker has the best proprietary platform, look no further than Saxo Bank for its innovative and user-friendly design.
Which FOREX broker charges the lowest fees?
Our panel of experts has determined that FXDD’s ECN account offers unmatched low fees for entry level and expert traders alike.
Which FOREX broker offers the most CFDs?
Based on our research, the FOREX brokers that deal in the most CFDs are CMC Markets and IG, both of which offer extensive CFD selections.
Which FOREX broker offers the most assets?
The modern trader is interested in getting as much choice as possible. You will not go wrong by checking out the wide range of assets offered by CMC and IG, which are both known for their vast range of asset classes.
Which FOREX broker is best for professionals?
Professional traders are becoming more demanding as technology improves. If you require services like advanced indicators, access to day trading, and advanced trading orders,  look for brokers that offer MT4 for some of the most advanced analysis tools anywhere on the market.

How to Check if Your Broker Is Trustworthy ?

At the get-go, it is important to learn more about regulatory bodies and their role in the FOREX market. These are government entities charged with regulating the sector. Their role is two-fold:
1. Observing and regulating the work environment in the FOREX market; and
2. Protecting investors and their funds.
FOREX firms must at least obtain one license from a relevant regulatory authority. Otherwise, they should be avoided at all times. In this context, we present the five most important FOREX market regulatory bodies from around the world.
1. The FCA, UK;
2. The Swiss Financial Market Supervisory Authority (FINMA);
3. The Australian Securities and Investments Commission (ASIC);
4. The Financial Markets Authority, New Zealand; and
5. The National Futures Association (NFA), US.
While FOREX market regulatory bodies exist in almost every country, these are the most important five and also the strictest. To learn more about other regulatory bodies, please visit en.arincen.com, where you will find a comprehensive global database.     

How to Verify That Your Broker Has Authorization

In this introduction, we took a look at the best FOREX brokers in Singapore. We began by identifying the best five FOREX brokers in the country, listing and ranking them by their Arincen trustscore. We then briefly described the regulatory environment governing these companies (more on this later in the article). Finally, we advised readers how they should go about ensuring that the broker into which they are looking is licensed by a tier-1 regulator, such as the FCA, and, therefore, deemed trustworthy.
Trading FOREX currencies is becoming more popular in Singapore, as it is in many other countries. Before FOREX brokers serving the Singaporean market can accept FOREX and Contract for Differences (CFD) traders as clients, they must first get licensed by MAS, which is the financial regulatory body in the country. MAS's Website can be found at the following URL: www.mas.gov.sg. The central authority can also be followed on twitter, @MAS_sg.
Founded in 1971, MAS is Singapore's Central Bank and financial markets’ regulatory body. For a historical account, please visit the MAS Web Page on Wikipedia.

How to Verify MAS Authorization

The first step toward detecting if a FOREX broker is, indeed, regulated by MAS, is to identify the register number from the disclosure text at the bottom of the broker's Singapore homepage. For example, here is the key disclosure text from FXDD’s Website,
“FXDD Malta Limited holds an Investment Service Category 3 License and is regulated by the Malta Financial Services Authority (MFSA) of Notabile Road, Attard, Bkr3000, Malta MFSA IS/48817.”
The second step is to look up the firm on the MAS Website to validate that the registry number is, in fact, legitimate.
The Dos and Don’ts of FOREX Brokers
One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do.
There are seven things brokerage firms cannot do:
  1. The FOREX brokerage firm cannot recommend a buy or sell;
  2. The FOREX brokerage firm must not provide price or market expectations (rise/fall);  
  3. The FOREX firm cannot control your financial dealings (deposit/withdrawal);
  4. The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
  5. The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it from before;
  6. The brokerage firm must not use bank accounts not under its name; and
  7. FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules aforementioned should be avoided. However, should the trader wish to receive any of the above-mentioned services, our advice is to seek an expert Website, like Arincen, something we will delve into toward the end of this article.   

FOREX Trading Scams and How to Avoid Them

Many of the common FOREX scams, like link-based phishing enquiries and spread manipulation scams, have been weeded out due to improved regulation. One of the more frequent modern scams is when criminals offer traders the magical ability to make money through automatic trades. Scammers work through cloned Websites and offer what is known as “robot” trading that can supposedly work without supervision while traders sleep.
It is difficult for traders to uncover more sophisticated scams like these as they would need to test the trading platform’s parameters and buy and sell signals, something the average trader cannot do. Therefore, to protect yourself, it is best to spend a lot of time making sure the broker is in good standing with a top-tier regulator who can perform all the checks and oversight on your behalf.

Will Your Money Be Protected if Your Broker Becomes Insolvent?

The MAS is a powerful body with sweeping authority over financial firms operating in Singapore. However, it has, to date, not reached a point where it stipulates that brokers enlist in a compensation scheme for traders.
As recently as the beginning of 2022, the MAS was still consulting with local banks and brokers about creating a framework that would allow for added layers of security to protect customers’ funds. Up until now, the MAS insisted that it was up to the financial institution to protect the interests of the trader through “Robust controls to safeguard customer accounts.” This currently falls short of mandating consumer compensation.
Therefore, if a Singapore broker becomes insolvent today, your money is not automatically protected, even though affected customers have been known to successfully lobby the MAS for discretionary compensation, depending on the merits of their case.

What Tools and Platforms Should FOREX Brokers Offer?

FOREX brokers must provide many important tools to allow traders to get the most out of their investment efforts. Many would argue that a broker’s trading platform is the most important element of its service. The platform is the electronic portal on which the trader visualizes market information and conducts trades. Platforms come in two basic types: proprietary and third-party. Proprietary platforms are developed at great expense by the broker, even though they are not verifiably superior to a third-party platform offered by the likes of MetaTrader. 
Another important feature that brokers must offer is access to a variety of account types. When you consider that beginner traders and professionals have very different requirements, account types are an important way to cater to each type of trader’s needs. For the rest, brokers spend considerable time and energy improving their value proposition by offering fast execution speeds, variable and flexible contract sizes, high-level market analysis, rolling news and clickable charts.

Who Is Arincen and What Do We Do?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a compressive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich, one can create his own private portfolio of traders and experts they like and, at the same time, follow their recommendations and investment sentiments.            
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting Webinars – all done in a modern and fast-paced work environment. Get all what you need in one place, not less, not more. In short, Arincen: We Meet to Simplify the Trading World.

Conclusion

If anything, the key message to take away from this article is that the FOREX brokerage firm one picks must be legally licensed and well-regulated. On a final note, it is never advisable to deal with FOREX companies on your own. It is best this is done with the help of industry experts, who can provide you with all the services FOREX companies cannot. Start trading using Arincen and enjoy all the services, advice and tools it has to offer while making your trading experience profitable!

Arincen’s Review Methodology

The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
  1. Companies’ Websites.
  2. Other Websites that have ranked FOREX companies.
  3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.     
Afterward, we validated the data by:
  1. Registering with FOREX companies as a secret shopper and/or as Arincen.
  2. Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Android, etc.
To add credibility to our research project, we sent a third and final survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%.
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FAQ

Is FOREX trading legal in Singapore?

Yes, trading FOREX is legal in Singapore. Traders who reside in Singapore can use a broker located anywhere in the world. Naturally, if they use a Singapore-based broker, they have more access to the broker if something goes wrong, leading many Singaporean traders to use brokers or broker affiliates registered in the country.

What is FOREX?

The FOREX market is a place where different world currencies are traded. It is the largest and most liquid financial market in the world, with some six trillion dollars in deals changing hands daily. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.

What is FOREX trading?

FOREX trading is the act of buying and selling the currencies of different countries. FOREX trading is normally carried out by large institutions in the business of facilitating global trade, but FOREX trading is also conducted at a much smaller level by retail traders through FOREX brokers.

What costs and commissions are associated with FOREX trading?

A big part of FOREX trading involves working out the spread, which is the difference between the bid (sell) price and the ask (buy) price of a currency pair. Another major cost line is that of commissions, which is a revenue-generating premium that brokers place on every deal a trader executes. These two principal fee types are levied in different ways, depending on the broker’s business model and the instrument the trader buys and sells.

How important is good customer service in FOREX trading?

As high market availability is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. Company representatives must be easy to reach, well-trained, and knowledgeable enough to be of use in times of difficulty.

Is FOREX trading taxable in Singapore?

If you trade FOREX in Singapore as a side gig, your profits are tax free. It is only when you trade FOREX for a living and use the profits as your sole source of income that tax becomes payable. Remember that it is your responsibility to understand your tax obligations and fulfill them. It is thus a good idea to get professional advice on these matters.
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Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20 years, he has developed deep experience in such diverse areas as investing, business, finance, technology and macroeconomics.
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