Hey Rayner, I have traded CFDs for a quite long and when I look back I came to realize that the transaction costs are the killer to my trading, then I decided to look for Futures markets but I find difficulty to tell the pros and cons of futures markets, how to find brokers as many of them I do find, offer CFDs markets, how to tell whether this market is futures market without subjectivity!

Can you publish the article on this, like you did on CFDs? I am opening myself up to the possibility of making more money with out the usual mindset of working Enjoying the site so far. Great job, Rayner. Been following your tutorials for a while. But in the end of the day, you must get paid in your currency. Thank you. To achieve financial freedom and to be able to spend more time with family which is a rare case for me because of my full time job nature. Please log in again. The login page will open in a new tab.

After logging in you can close it and return to this page. The Essential Guide to Forex Trading Singapore Edition. What is Forex trading and how does it work?

So, what are the advantages of Forex trading? Moving on to Forex Singapore… Forex trading hours in Singapore time Although the Forex market is open 24 hours a day, it behaves differently during different sessions.

So, here are the start and end time for each session in Singapore time … Summer period October to March : Australian session: 6 am to 3 pm Tokyo session: 7 am to 4 pm London session: 3 pm to 12 am New York session: 8 pm to 5 am Winter period March to October : Australian session: 5 am to 2 pm Tokyo session: 7 am to 4 pm London session: 4 pm to 1 am New York session: 9 pm to 6 am When is the best time to trade Forex in Singapore?

Next… When is the best day to trade Forex? Now at this point, you might be thinking of how to start Forex trading in Singapore. But before we get there, I want to share more on… How to learn Forex trading in Singapore? It involves risk, managing your emotions, and the ability to accept uncertainty. So, who should sign up for a Forex trading course in Singapore?

Does it offer good customer support like live chat? Can you get your money back quickly from withdrawals? Does it offer the trading platform you want? Does it offer the markets you want? Next… How to open a Forex trading account in Singapore Most Forex brokers allow you to open an account online. Also, here are a few things that are required: Proof of your identity Passport, IC, etc.

CMC, IG and Oanda — are they any good? So, are they any good? Which Forex trading platform should you use? Right now, the 2 most popular Forex trading platforms are MT4 and TradingView. If you must execute your trades on the same platform, then go with MT4. If you want more features, then go with TradingView. Forget about quitting your job and trade full-time. Forget about taking a few hundred dollars and turning it into millions.

And different trading goals require a different trading strategy. If you want to grow your wealth, then swing or position trading suits you. If you want to trade without discretion, then systems trading is for you.

If you want the adrenaline rush, then trade with times leverage just before NFP. And in regulatory roles under the Securities Industry Act, were also given to MAS. There are originally nine retail Forex brokers authorized by the Singapore Monetary Authority based in Singapore to render forex trading services and these include the following brokers in alphabetical order:.

Currently the complete list of regulated forex trading Singapore brokers licensed to offer forex trading accounts in Singapore are:. Accounts are commonly operated in US Dollars or in Singaporean Dollars SGD.

Trading conditions in Singapore are restricted similarly like the US forex trading environment. The beneficial aspect of this, is that it allows traders to open Forex trading accounts in Singapore with only the amount of money they can afford, and no trader is able to trade with High leverage which is common with offshore brokers outside Singapore and the United States and now the EU.

It is currently not aloud to trade with an automated trading machine on Forex accounts in Singapore. Additionally, Forex brokers in Singapore do not provide the MetaTrader4 platform for trading.

Other benefits of Singapore comprise a booming economy and an excellent business climate. To ensure the safety of traders and ensure brokers comply with the rules. MAS rolls out regulations that must the followed — like maximum leverage to be offered by brokers and so on which is set at Forex trading is a risky investment on its own. You will put yourself into an additional risk by deciding to trade with an unregulated broker. MAS regulated Forex broker has the best interests of traders at heart and has laid down rules for safeguarding the interest of retail traders in the best possible way.

There are a lot of features of MAS Forex brokers that make them the reasonable option for individuals who want to trade safely and gain the best protection possible for their invested funds. MAS regulation mandates all its regulated brokers to have a segregated account which separates the fund of the company with that of the traders.

This ensures that traders are able to retrieve their money back if by chance the broker goes bankrupt anytime. Any individual or company offering financial services in Singapore needs to be either be licensed, exempt or else regulated by MAS. The best possible way of officially getting financial services in the country is to ensure you deal with those that have MAS regulation. This is due to the fact that MAS administrative rules and regulations are meant to keep the customers of financial services safe.

MAS does this by ensuring that only competent and professional organization or people offer financial services in the country. MAS also mandate its brokers to disclose information on the investment products they are marketing to consumers. MoneySENSE was launched in with the intention of assisting the public to be more independent financially. A Financial Education Steering Committee oversees the program, and it is presided over by MAS, which is an indication that MAS is a consumer-oriented body.

Added to its regulatory role of ensuring consumer rights and investments are protected, MAS is charged with the responsibility of educating the public and offering them the information they need to make better informed financial decisions and to look after their finances in a better manner. The Moneysense financial educational program was launched in with the aim of making the general public more financially self-reliant.

The head of the MoneySENSE program is the Financial Education Steering Committee under the chairmanship of MAS. MoneySENSE issues constant consumer alerts including providing a highlight of a few of risks involved in selecting an unregulated financial services provider.

One risk that traders and consumers face is false or misleading regulatory information. Most unregulated Forex brokers all over the world regularly disguise and claim to be licensed by a popular regulatory body, to make them seem like a legitimate organization. Every so often, the unregulated broker will register with a name that is very similar to the name of a popular MAS-regulated broker.

Because of this, you need to take caution in examining any regulatory data a provided by a broker. MoneySENSE as well offer consumers advice on ways they can additionally keep themselves safe and stay away from scams.

MAS-regulated brokers are charged with the responsibility of handling customers complaints promptly and efficiently. If a consumer has a complaint to make against a forex broker, he needs to, first of all, write to the broker first to have a record to shoe communication. If the complaint is not resolved, satisfactorily, the consumer can then contact the Financial Industry Disputes Resolution Centre FIDReC within 6 months of last communication with the financial organization.

Other alternative resolution options you have include contacting the Consumers Association of Singapore or the Singapore Mediation Centre or taking a court action. Together with a lot of other global regulators, MAS is working towards setting collateral requirements for non-cleared over-the-counter derivatives. In Singapore, the topic of limited leverage is still going through debate. The decision would be made towards the end of the year. Forex Trading Singapore. FX Singapore.

The Forex regulatory body in Singapore.

In this review, we highlight the top five forex brokers in Singapore, including where each one shines and falls. Tim Fries is the cofounder of The Tokenist. He has a B. in Mechanical Engineering from the University of Michigan, and an MBA from the University Meet Shane. Shane first starting working with The Tokenist in September of — and has happily stuck around ever since.

Originally from Maine, All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.

Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.

Forex is becoming increasingly popular in Singapore. Singapore is a heavy-hitter in the Forex market. Now, the recent addition of a digital currency pegged to the Singaporean dollar is enticing more investors to buy in. Which broker will help you take advantage of this market boom? The currency market in Singapore has drastically expanded, with more leading brokers joining the forex trading hub in Further, the crypto Singapore dollar XSGD stablecoin was recently released with the aim of helping to diversify the landscape currently dominated by the USD.

What does this mean for traders like you? The sheer volume of this expansion could lead to a rise in scams. As such, you must ensure that the concerned broker is safe. Reassuringly, MAS is known to impose some of the strictest forex regulations in the world to protect traders. After this, the choice is dependent on your individual needs and preferences: Are you looking for a broker with low fees?

Will you need a quality app for trading on-the-go? Or perhaps quality research tools will play a pivotal role in your trading success.

In this review, we go through the top five MAS regulated forex brokers in Singapore. In addition, we will shine a light on key insights into forex trading in Singapore, ultimately helping you make the best choice for you. It offers a fantastic all-around package with little in the way of flaws — making it our top pick overall. The platform has secured additional licenses from SCB, CMA, CySec, BaFin, and DFSA.

Opening an account with Pepperstone is a simple and straightforward matter. The fully digital application process can be finished in about 15 minutes, and although the brokerage states that it might take up to 3 days to verify your account, it usually takes less than a day.

Another area where Pepperstone stands out is fees. The broker charges no account fees, inactivity fees, as well as no deposit and withdrawal fees. There are two available account types — the standard account and the razor account. The average spread for the standard account is 0.

However, the Razor account does charge more when it comes to commissions — making it a better choice for more experienced traders. Traders can access leverage of up to — however, we advise caution when it comes to using high leverage. Pepperstone also offers a demo account, which allows you to try out their services and give their platforms a test run without actually risking any money. And speaking of platforms, this brokerage offers a choice between three of them — MetaTrader 4, MetaTrader 5, and cTrader.

All three platforms are also available for mobile devices, and the associated apps provide most of the functionality as the baseline platforms. Pepperstone also offers a wide variety of copy-trading tools , including DupliTrade, Metatrader Signals, and myFxbook.

Risk warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

City Index is based in London and offers traders access to CFDs, spread betting and forex. This broker was founded in , and is regulated in Singapore by the regulatory authority in singapore. City Index is a popular, and trusted broker that offers quality products and services in almost all aspects.

This broker offers a wide range of assets including, CFDs, forex, crypto, commodities, stocks and spreads. City Index Singapore offers tight spreads from 0. Major, minor and exotic currency pairs are offered as spot FX or CFD contracts. The broker offers a powerful platform with quality research tools and customizable charts.

Educational resources are particularly beneficial; they are concise, well produced, and cover almost every forex-related topic necessary. Educational resources are particularly beneficial; they are concise, well-produced, and cover almost every forex-related topic necessary.

Who is City Index best for? This broker appeals to a wide variety of traders interested in the Forex market. Interactive Brokers is a globally renowned brokerage firm with a massive selection of tradable securities, and is frequently regarded as a top pick for forex brokers around the world. In total, traders will gain access to currency pairs, CFDs, and spot trading. Commission for forex trading starts at 0. The downside here is that casual and inexperienced investors might feel intimidated by the complex trading platform and account opening process.

As you can see, there are both pros and cons with Interactive Brokers. For these reasons, Interactive Brokers is most popular with more experienced, active forex traders. IG is a leading online trading and investments provider of spread betting and CFD trading, and a global leader in forex, giving access to thousands of markets through its intuitive platforms. IG offers one of the top forex trading apps for investors in Singapore and is placed high for forex trading apps across the globe.

It is unsurprisingly regulated by MAS, the relevant authority in Singapore. Traders in Singapore will gain access to forex, CFDs, options, indices, forex, commodities, and cryptocurrency with this broker. IG Singapore offers clients access to a range of 17, global markets, and currency pairs.

The sheer size of IG allows it to offer competitive rates through its forex direct accounts. CFD average account spreads for mini and standard size contracts average 0.

The minimum deposit requirement? For card deposits, however, IG requires a minimum of S per transaction, and the brokerage also charges a steep monthly inactivity fee — however, it only comes into play after two years of inactivity.

IG offers a range of platforms to choose from. The web-based platform focuses on usability while still retaining plenty of advanced research and charting functions.

However, the star of the show is the L2 Dealer platform, which offers direct market access. IG is best for more advanced traders and market professionals. Saxo Capital Markets offers traders a wide range of investments with effective research tools and powerful trading platforms. If you can afford the hefty minimum deposit, this brokerage can provide you with unparalleled access to the market. Saxo Bank is considered safe and is regulated across 15 jurisdictions. The broker offers spot FX, FX options, CFDs, non-deliverable forwards NDFs , ETFs, stocks, stock options, futures, and more.

Forex and CFD traders can take advantage of a sophisticated platform with a range of forex pairs with spreads starting at just 0. Saxo Bank offers three account types: a classic account, a platinum account, and a VIP account.

Average spreads for each are 0. While the classic account offers industry-standard rates, the platinum and VIP accounts are best among the top forex brokers.

When it comes to commissions, Saxo Bank offers commission-free trades , which means it earns its money from spreads. The only exception here is for clients trading below 50, units half a standard lot per month. Plus was founded in in Israel and has since grown significantly, becoming renowned for its beginner friendly platform and low fees. You should consider whether you can afford to take the high risk of losing your money. Plus holds a license from the Monetary Authority of Singapore.

This software is easy to navigate, yet powerful, making it one of the leading forex brokers for beginners in Singapore, and around the globe.

Though, the platforms are not customizable and offer a limited range of research capabilities. The downside? To give the platform a test-run and get a feel for the products offered traders can try out the demo account. Traders in Singapore can access CFDs on forex, stocks, commodities, options, ETFs, and indices. However, the trading of cryptocurrency CFD is not covered under the regulatory authority in Singapore. Wondering how to forex trading works in Singapore?

Just follow the steps outlined below to get your own forex investment account up and running. That said, if you prefer to trade on-the-go, your phone will likely be your key trading device and you will need to find a broker that offers a quality app—but more on this in step two.

Choose the most suitable forex broker: With more forex brokers popping up each year, choosing the best one to suit your level, needs and budget is more difficult. Make sure the broker has good research tools and is safe and regulated by MAS, the forex regulator in Singapore.

Opening your account: Depending on whichever broker your research suggests is best, go to its website and you should find an outline of the steps you will need to take to open an account. Typical requirements to get started include, a minimum deposit requirement, some general information such as your name and address, and more specific questions to determine your trading level and an appropriate leverage.

Fund your account: Check out if the broker has a demo account so that you can trade with a virtual account first.

The downside here is that casual and inexperienced investors might feel intimidated by the complex trading platform and account opening process. Submit your review. Orders: In forex trading, an order works similarly to what you think of when you think of ordering a meal — you outline clearly what you want from the market and, if possible, you execute the trade. Who is City Index best for? Opening your account: Depending on whichever broker your research suggests is best, go to its website and you should find an outline of the steps you will need to take to open an account.

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