How To Find Best Forex Brokers In Singapore
Given below are some tips to help you find the best forex brokers in Singapore;
Check the reputation of a broker
A well-reputed broker is likely to offer you a good trading experience. You can confirm the reputation of a broker by reading testimonials and feedback from existing clients. Check the broker’s reliability score with third-party review portals such as forex peace army, investing and trust pilot. Sometimes personal recommendations can also help you confirm if a broker is trustworthy or not.
Examine the regulation status of a broker
Regulation of a broker adds another layer of credibility to a broker’s reputation. If a broker is regulated, it needs to keep clients’ funds in segregated bank accounts. The regulation also makes brokers maintain enough capital funds to avoid insolvency. Always make sure that your prospective broker holds a valid license from the respective regulatory authority. The Monetary Authority of Singapore (MAS) is the prime regulatory body that looks after the concerns related to forex trading in Singapore.
Trade with a broker that is in business for 3 years or more
It might sound odd to count the number of years a broker has been in the industry. However, the rationale is to check the competency of a broker. A substandard or incompetent broker barely survives the market irregularities for more than a year or two.
Review the deposit and withdrawal process
A good forex broker offers a hassle-free deposit and withdrawal process. Usually, clients have the option to deposit and withdraw funds using multiple payment methods. The time a broker takes to process a deposit or withdrawal request also matters. Ideally, a broker should not take more than 24 hours in either case. However, wire transfers can take more time than other available options.
Examine international presence
A broker needs to pass through multiple security checks before starting its operations domestically. The process becomes even more rigid for a broker seeking international exposure.
Contact the client support
You can easily identify a substandard broker with the level of its customer support services. A good forex broker pays special attention to customer issues and resolves them on a priority basis. If your prospective broker does not offer efficient customer support, then there is a chance that your broker might make you suffer in other business domains.
Best Forex Brokers In Singapore
Listed below are some best forex brokers in Singapore.
- XM Group – Reliable Broker
- Exness – Low spreads
- OANDA – It offers low spread
- Saxo Capital Markets – It has outstanding research facility available
- CMC Markets – It has low forex fees
- IG Markets – It offers user-friendly trading platforms
Factors that we considered while selecting the best forex brokers in Singapore.
Given below are some factors that we kept into consideration while selecting the best forex brokers in Singapore.
Checked brokers reputation
We confirmed our listed brokers’ reputation through multiple channels, including social networking platforms (Reddit, Quora), independent review’ websites (Trust Pilot), and personal relationships. After considering both the positive and negative comments of our brokers’ existing customers, we drafted identical patterns. We ensured not to include any infant broker in the list of our best forex brokers in Singapore.
Checked and verified regulations
License verification of a broker was really a tough task to perform. However, we deemed it mandatory. Therefore after collecting necessary information from the brokers’ websites, we have verified their authentication on the MAS’s website.
Tested deposit and withdrawal process
To test our listed brokers’ deposit and withdrawal process, we deposited funds in different denominations with each of the listed brokers. The next day we placed a withdrawal request to see how long our brokers will take to release the funds. Believe it or not, we had no issue with deposits or withdrawals. Our listed brokers were quick to process deposits and reasonably fast in releasing funds.
Confirmed if practice accounts are available
We have also confirmed that all our listed brokers offer practice accounts. Traders can learn and practice as many trading strategies as they wish. Live trading simulation in demo accounts helps traders to increase their confidence. Not to mention, demo accounts offered by all our listed brokers are virtually funded with unlimited amounts, so you don’t have to worry about their expiry.
Checked various features and services
We have personally checked different features and services offered by the above-mentioned brokers, such as risk management and charting tools, indicators, leverage, and accounts types. Honestly, we found them impressive.
Used trading platforms
It is easy for a novice trader to get stuck while navigating through a complex trading interface. On top of that, if a trading platform lacks advanced trading and risk management tools, it becomes even more difficult. While using the trading platforms, we found that our brokers’ trading platforms come with low latency and no slippage issues. We also noticed that risk management tools such as stop-loss and trailing stops work reasonably well even under volatile market conditions.
Used mobile trading platforms
Our listed brokers also offer customer-friendly powerful mobile apps in addition to traditional web-based and desktop trading platforms. Instead of sitting in front of a PC, on-the-go users can trade from the comfort of their mobile screen. Traders can download the supported versions of the mobile trading apps from the Apple Store and/or Google Play Store.
Contacted customer support
Lastly, we checked the efficiency of customer support staff with each of our listed brokers. We tried asking as many questions as possible. We also registered multiple complaints with all of them. All we wanted is to check the professionalism and competence of our brokers. We were happy to receive excellent customer support from all the listed brokers. The customer support answered our queries and complaints were resolved within the stipulated turn-around-time.
Forex Brokers in Singapore – FAQs
Is forex trading legal in Singapore?
Yes, forex trading is absolutely legal in Singapore.
Do forex traders pay tax in Singapore?
That depends. If forex trading is not your main income stream, it is not a taxable income in Singapore.
Who regulates forex trading in Singapore?
The Monetary Authority Services (MAS) is the principal regulatory body that regulates forex trading in Singapore.
How many forex traders are there in Singapore?
The exact figure for the numbers of forex traders in Singapore is unknown. However, the country is the third-largest financial centre having 7.6% of the global share of the forex market.
Can Singapore residents sign up with a forex broker from abroad?
Yes, they can. However, clients should prefer to sign-up with MAS-regulated brokers.
Final Words
Being the world’s largest financial centre for forex trading and having no tax implications, Singapore is ideal for forex traders to generate substantial profits. However, wrong broker selection can ruin your trading outcomes. Therefore, we took extreme caution while selecting the best forex brokers in Singapore.
