Best Forex Brokers in Singapore 2019

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Trading conditions:

CMC Markets

CMC Markets are a large, well-respected and well-regulated market maker broker operating globally from headquarters in London. An excellent, yet slightly disorganised, education section and a deep and insightful analytical offering is let down by average trading conditions and limited account choice. Spreads and leverage are on par with other market makers and the proprietary New Generation trading platform is well-crafted and recommended for experienced and beginner traders alike.

Trading conditions:

CityIndex

City Index is extremely well regulated, simple and traditional, and seems to understand the trader’s needs enough to balance them with good trading conditions and software choices.  For those looking for an ASIC regulated broker, and you have $200 to open the account, then City Index could be a good option for you.

Trading conditions:

Plus500

Plus500 is one of the leading names in CFD trading. CFDs, including 50+ Forex CFDs, are the only products that Plus500 offers. With customer service available 24/7 and a full web-based platform, this is a good provider for those starting out who want to keep it simple.

Plus500 has one account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.

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The Monetary Authority of Singapore (MAS)

A Forex broker who wants to set up a base of operations in Singapore is required to have a Capital Markets Service Licence issued by MAS. Though internationally-based brokers are still allowed to operate unregulated in Singapore, it is highly recommended that you use a MAS regulated broker for the protection they offer consumers:

  • MAS regulated brokers are required to segregate broker and client funds – so if a broker falls into bankruptcy, all customers will be refunded.
  • The management of MAS compliant brokers are required to pass a fit and proper test – they must have qualifications commensurate with the financial services industry and have an unblemished professional background.
  • MAS requires brokers to deal with all customer complaints via a legal framework, overseen by the regulator. If you do have an issue with a MAS regulated broker you can apply for the Financial Industry Disputes Resolution Centre (FIDReC) to intervene and investigate your complaint.
  • As part of a recent raft of regulatory tightening, MAS has limited the amount of leverage that can be offered by brokers at 20:1, though this can be increased if you are an accredited investor (requiring personal assets of more than 1.5 million USD). Though this low level of leverage does limit potential profits it also limits the losses traders can be exposed to.

MAS is not only responsible for regulating Forex brokers but for all aspects of finance in Singapore. MAS also acts as the country’s central bank and enforces compliance with legislation on insurance, banking, equities, and currency. All regulated entities will have a profile (example: Plus500) on the MAS website.

MAS is increasingly being viewed as a world-class regulator, with a strict code of conduct. This was further underlined by the recent announcement by MAS and the UK’s Financial Conduct Authority (FCA) that they plan to deepen cooperation across a range of sectors. Though the focus of the partnership is on preventing cybercrime, the collaboration also includes sharing best practices and innovations in the development and delivery of training programmes and facilitating mutual recognition of professional standards and certifications.

MAS has also recently announced a campaign to incentivise major members of the foreign-exchange industry to set up systems in Singapore, removing the delay caused by routing trades via Tokyo or London. UBS and CitiGroup have already set up local pricing engines and MAS hopes to bring in at least six more major companies. Though this won’t have a direct effect on CFD Forex trading, we expect the sector to expand further over the coming years as Singapore becomes a major Forex trading hub.

MoneySense

MoneySense was founded in 2003 and is Singapore’s national financial education programme. All MoneySense programmes are overseen by the MoneySense Council, which is co-chaired by MAS and comprises representatives from various government agencies.

It is focussed on educating the public and providing them with the information to make more informed financial decisions.

MoneySense can be useful for traders as they regularly post alerts regarding various financial scams, including unregulated brokers and people fraudulently claiming to represent regulated brokers.

MoneySense is a good example of how seriously MAS takes its role as an educator. A financially educated populace is more likely to make intelligent investment decisions and will be better customers for responsible brokers.

Conclusion

The Singapore financial sector is tightly regulated and has one of the lowest rates of malpractice in the world. As MAS takes further steps to enhance the country’s reputation as a secure place to trade we expect the CFD Forex trading industry to grow. By using a MAS regulated Forex broker you can guarantee the security of your funds and know that your rights are protected.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.