Best FOREX Brokers in Singapore 2022

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FAQ

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.

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.

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.

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.

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.

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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