For those looking to discover the best forex broker in Singapore, there really is no better place than right here at TradersBest. Our experts are on hand to run you through everything that you need to know.
Our aim is to help forex traders of all experience levels to find their ideal forex broker, from beginner to expert. Additionally, we’ll also cover the legal questions for you and share our top tips to ensure that you have a fair and secure experience.
Are you located in Singapore and interested in finding the best forex broker for your trading needs? If so, then this comparison tool is exactly what you need. The goal of our experts is to help each and every single one of our readers to find their ideal platform. It doesn’t matter if you are a complete beginner when it comes to online forex trading in Singapore, or if you consider yourself to be an experienced or professional trader, we can help you. Similarly, this comparison tool has also been designed for high and low-volume traders alike.
For beginner traders, we can help you to find your first platform so that you can get the best possible introduction to forex trading. What we aim to find for you here are brokers with easy-to-follow websites that provide demo accounts. These can help you to practice trading with virtual currency before you risk your real money. Additionally, a good beginner broker should also have plenty of guides to help traders get to grips and learn as they trade.
For expert and professional traders, we can help you to find a platform that has all of the complex functions and tools that you need. Does your current provider simply not have enough for you? Then we can help lead you to a new platform that has everything you feel is missing from your currency provider. Have you been trading previously but have just moved to Singapore? Then we will give you a full introduction to forex trading in Singapore, starting off with our legal guide below.
Before we help you to find the best online trading platform for forex, we first need to tackle the questions of legality. Basically, we’ve got little more than good news for you here, as forex trading online and offline in Singapore is very much legal and thriving. Forex brokers that are based in and run out of Singapore must be regulated by the Monetary Authority of Singapore (MAS).
However, the laws don’t limit traders in Singapore to domestically based brokers. Additionally, users are allowed to use any global broker legally, so long as it is legally registered and authorised by at least one financial regulatory authority. Still, our recommendation is to use an MAS-authorised platform where possible.
There are a few laws that make conditions for forex trading in Singapore more favourable. For starters, you are not obliged to trade with Singapore Dollars (SGD) as your account base currency. As well as that, the maximum leverage for traders set by the MAS is 1:500, which is very generous, and therefore makes margin trading a very attractive prospect in Singapore.
As well as helping you to find the best online forex broker in Singapore for you, we also want to ensure that you have the best possible experience while trading. The first steps toward having a good experience are ensuring that you are going to have a fair and secure one. That’s why below we have provided you with our top five tips below.
The first thing to do when you arrive at any broker site is to see what financial authorities and regulatory bodies that it has been authorised by. If there are none, then that’s a surefire sign that you have landed on a scam site. Ideally, we want to see MAS-approved brokers when looking for the best forex broker in Singapore. If you are going to use an overseas broker, then it’s best to use one that is registered with at least one top-tier financial regulator, such as SEC or the FCA.
Even the most casual traders are going to have quite large sums of money stored with their forex broker, at least in terms relevant to their income. As a result, you want to ensure that they are protected as best as possible. Ideally, the best forex broker in Singapore should store at least some of your funds in a cold (offline) storage. At the end of the day, you want to ensure that your money is safe from hackers, theft and cyber attacks.
One big red flag that often gets overlooked when it comes to finding the best forex platform worldwide is that of physical location. We always scroll down to the bottom of the website and look for a physical address for the headquarters of the trading platform. If a broker cannot physically be located somewhere, then it’s not really a good sign. The location of the broker is also important, as you want to ensure it’s located in an area where forex trading is legal and regulated.
Our comparison tool contains forex broker reviews for Singapore that have all been constructed in a unique way. Ahead of writing the reviews, our experts conduct a test of each forex platform based on a number of different criteria. Below, we have highlighted the five most important things that we consider when testing operators.
Regardless of what your experience is when it comes to forex trading in Singapore, you’re going to want to find a site that is easy to use. We like to see simple navigation and platforms that are well-designed overall. On top of that, it also helps if a site looks good and has an appealing colour scheme.
From web-based platforms to high-tech downloadable platforms and mobile trading apps, we like to see some variety. Above all though, quality is what is at the top of our list here. The best forex platform in Singapore should be suitable for traders of all experience levels.
From demo accounts to beginners and professionals, the best forex broker in Singapore should have them all available. It’s not only about having multiple different account types available, the trading conditions and costs also have to be appealing.
In the here and now, we want to see brokers offering a decent selection of quality payment methods with fast processing times. From credit/debit cards to bank transfers and PayPal, we want to ensure that our readers have a choice when it comes to funding their forex trading account.
Even if you’re using the best forex broker in Pakistan, Singapore, or anywhere else in the world, it’s almost inevitable that you will encounter a problem at some stage when trading. If you do encounter an issue, it’s important to know that you’re in good hands. That’s why we test the quality of customer service across all of the available channels with every broker.
Our main goal here at TradersBest is to help you to find the best forex broker in Singapore for you as an individual. In our quest to deliver that promise for you, we have created a unique set of reviews that have been constructed in a manner whereby they are rated based on categories. As a result, you are able to find the platform that rates highest in the areas that matter the most to you.
Before you go ahead and check out the complete forex broker list for Singapore traders in our comparison tool, it’s important to know exactly what you want. You should therefore run through the checklist below and ask yourself some questions so that you know what you’re looking for.
First and foremost, you need to consider your trading experience level. As we said at the top of this article, nee traders will require a platform that’s easy to follow and that comes with a demo version and trading guides. Meanwhile, more experienced traders will be looking for more complex features that have to be considered using the points below.
Are you looking for a massive range of currency pairs, or are you happy with a small, but quality selection? You might even be looking for a more specific or niche currency.
The time that you trade can influence what platform is best for you. For example, if you want to sort your trades late at night, then 24/7 customer service will be essential for you.
Are you always happy trading at your desktop, or do you require a mobile app so that you can keep an eye on things while you’re on the move?
There are many other assets that you can trade in Singapore, including CFDs, stocks, shares, bonds and more. In general, Singapore is a hotbed when it comes to trading and financial investing. You can check out the top CFD broker list for Singapore right here at TradersBest. Additionally, crypto trading is also regulated by the MAS in Singapore and is completely legal.
We’ve almost reached the end of this introduction, but the journey for you is only just beginning. You can now go on ahead and use this comparison tool in order to find the best forex broker in Singapore for you. Just remember to ensure that you are betting with a broker that is legal and safe for Singapore traders. Additionally, take the time to ask what type of trader you are, as doing so will help to ensure you find your ideal platform.
Discover the best forex broker in Singapore for you today by using our comparison tool. This tool has been designed to help each individual trader discover the site that’s best for them.
A complete legal guide to what you can and can’t do when it comes to forex trading in Singapore can be found here at TradersBest. Bookmark this page today and we will bring you legal updates as and when they come through.
There are multiple locations, both online and offline, for trading forex in Singapore. Discover the best today by using our comparison tool.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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