Since there are no taxes for the money made with forex in Singapore, it has become a flourishing industry that has a great impact on the economy of the country. Plus, Singapore is known for its stable economic climate, so the traders take advantage and actively work on the forex market.
Forex trading implies that one needs to cooperate with a specific forex broker to arrange the transaction. The broker becomes the third party of any deal, so finding the one which would suit your individual requirements and approach to trading plays a noticeable role in the future income. Finding appropriate forex brokers in Singapore has several specific criteria, separated in categories that we are going to discuss in this article.
You need to choose the broker before you start trading, so this process becomes challenging for those who lack experience. The best forex brokers for beginners should include the following features:
There is always a risk of scam in any financial operations, so give the preferences to the forex brokers, which are famous brands and have a noticeable amount of satisfied clients.
As you only start your trading career, it is significant to learn all the nuances and options of the trading tool. Thus, it is always better to start with platforms with not too much advanced options.
The more educated the traders are, the more intelligent deals they make. Information on trading strategies, most popular currency pairs, and other guides would be useful for you as for beginner. For instance, you could appreciate the information about the most commonly used currency pairs in Singapore (they are USD/SGD, EUR/SGD, GBP/SGD, SGD/JPY).
The top forex brokers suitable for newbies need to be reliable, easy to understand, and include additional educating materials. Cooperating with such financial agents, the beginners will be able to gain both theoretical and practical aspects of trading, which will advance their further experience.
Besides choosing a forex broker, the trader also needs to deal with trading platforms to arrange the transactions. Each of them has its own benefits and drawbacks. However, some aspects should be followed by every platform. Platforms of forex brokers in Singapore can be considered top if they:
Besides handy options like work with several instruments at the same time, the currency trading platform also needs to be easy to understand and use.
Technical analysis plays a crucial role in the process of trading, so if your platform doesn’t provide you with appropriate features, it is definitely not the best one.
The services that have the platforms for various OSs and mobile apps as well are greatly convenient. As a result, traders can work from any device they have.
On the Internet, you can find numerous currency trading platforms in Singapore, but considering the details listed above we’ll help to identify the best ones.
Low cost trading seems to be one of the most widespread approaches to forex trading. It is a strategy when the person prefers to decrease the amount of deposit, and rather pays attention to the number of the deals. Thus, such an approach—also called scalping—requires much more arranged deals than other ones to profit. However, it helps the trader to control their investments better as they will not lose much money in case of an unsuccessful deal.
Low cost trading requires a certain type of forex broker, which has a low minimum deposit and commissions. Each transaction has its own commission, so the less commission a brokerage has, the more profitable the deal will be. The most affordable offerings start their prices at approximately 0.2% per transaction.
It is common to consider the international forex brokers as reliable ones due to a larger number of clients from all over the world. Should you think that your best forex broker is an international company, take into consideration that there might be differences in insurance coverage: 500,000 USD in American brokers and 20,000 EUR for those located in Europe. It is also crucial to check whether the broker organization is legal and properly regulated in the country where it is registered. For instance, as for Singapore (as well as for the other country-based FX industries), one should consider the following aspects,
Herein, if an FX broker in Singapore does not possess the special license and has not been properly registered, as a trader, you’d never have credibility with any brokerage platform. It is mainly because the unlicensed brokers do not follow the Approved Exchanges (AE) and Recognised Market Operators (RMO) regulations by Securities and Futures Act and CMS license. Hence, if you stand for security, be sure to double check these criteria in terms of any country-based FX broker.
Day trading is a manipulative approach to trading, which means that multiple deals are arranged and closed within the same working day. This influences the market, and the trader profits because of these slight rate changes.
A perfect match for day trading enthusiasts would be forex brokers that work with Professional Status clients. This Status is a consequence of a recent reorganization of the forex market, and it is available for those who trade a lot and have at least one year of experience in the field. Using this status provides day traders with multiple benefits and maks the brokerage more affordable.
As it has already been said, each trader should select top forex brokers that meet their individual requirements and trading manner. Although there are too many nuances in this question, there are basic requirements for the best forex broker, which you cannot ignore in any case.
Forex market in the country is regulated by the Monetary Authority of Singapore (MAS), which is the central financial regulatory body in Singapore. Your best forex broker necessarily needs to be authorized by this organization. Move to the bottom of the broker’s homepage to check the registration number from the disclosure text at the bottom of the broker’s homepage.
Knowing such basic information can greatly save your nerves and money in case of fraud. The best forex brokers have certain experience on the market, many satisfied clients, and are recommended by various sources. One of such information sources is ForexN: we constantly work on forex market research to keep our customers only with the best and most recent information on the topic.
Trying to make money by trading, it is essential not to spend the great part of your income on brokerage. Figure out how much you are ready to invest, and how much you are able to pay for fees to balance your assets. Choose the right broker for a reasonable price.
These aspects will definitely save you from unreasonable decisions.
ForexN is here to bring our customers the most reliable and fresh reviews on forex brokers in Singapore and in other countries. We want to share our experience and show how our ratings will be created. Rating top forex brokers, we pay attention to:
We also make different types of ratings to make the categories of forex brokers. As a result, our users can use the information more personally.
ForexN is here to provide you with a profound analysis of the forex market, especially brokerage in Singapore. The selection of the broker with whom you can cooperate and gain a considerable profit is a quite challenging task. However, it all becomes easier when you know exactly what to pay attention to and what to avoid. Remember, the choice should fit your experience, trading style, and personal requirements.
ForexN is currently in development. We are in the process of conducting global market research of forex and forex brokers. Soon we will be able to provide you with the most comprehensive information for your use.
