Singapore Forex Brokers

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Forex Trading Accounts Singapore

Singapore is classified as one of the Asian Tigers; it is a country which attracts a lot of businessmen and tourists every year. This is buttressed by the fact that Facebook co-owner Eduardo Saverin has just renounced his US citizenship and taken residence in Singapore. With a booming economy and great business climate, it is not surprising that Singapore is a location where traders can open forex trading accounts. Opening a forex trading account in Singapore requires that the trader understands how the process works.

The first step is to locate a suitable broker. Such a broker has to be regulated by the appropriate regulatory agency. In Singapore, regulation of forex brokers is the job of the Monetary Authority of Singapore (MAS). Such a broker must own a Capital Markets Service License.

And in this case we highly recommend one of the world’s largest brokers that is also fully regulated with MAS: IG Markets. Thanks to their MT4 platform and fast executions they offer everything you need to trade professionally. Click here to sign up with them right away!

A full list of regulated forex brokers who are licensed to provide forex trading accounts in Singapore is as follows:

  • CIMB SECURITIES (SINGAPORE) PTE. LTD.
  • CITIGROUP GLOBAL MARKETS SINGAPORE PTE. LTD.
  • CITY INDEX ASIA PTE. LTD.
  • CMC MARKETS SINGAPORE PTE LTD
  • CUSTOM HOUSE CURRENCY EXCHANGE (SINGAPORE) PTE. LIMITED
  • DBS VICKERS SECURITIES (SINGAPORE) PTE LTD
  • GFT GLOBAL MARKETS ASIA PTE LTD
  • GOLDMAN SACHS (SINGAPORE) PTE.
  • G.K. GOH FINANCIAL SERVICES (S) PTE. LTD.
  • IG ASIA PTE LTD
  • MAYBANK KIM ENG SECURITIES PTE. LTD.
  • MF GLOBAL SINGAPORE PTE. LIMITED
  • MORGAN STANLEY ASIA (SINGAPORE) PTE.
  • OANDA Asia Pacific Pte. Ltd.
  • OCBC SECURITIES PRIVATE LIMITED
  • PHILLIP FUTURES PTE LTD
  • RHICON CURRENCY MANAGEMENT PTE LTD
  • SAXO CAPITAL MARKETS PTE. LTD.
  • TRAVELEX GLOBAL FINANCIAL SERVICES (SINGAPORE) PTE. LTD.
  • UOB BULLION AND FUTURES LIMITED

As a general rule, those intending to open forex trading accounts in Singapore must provide a government-issued identity document (drivers’ license or international passport) and a utility bill a proof of residence. Accounts can generally be operated in US Dollars or in Singaporean Dollars (SGD).

Trading conditions are not as restricted as is the case in the United States. This has its good and bad components. Good in the sense that this allows traders to open forex trading accounts in Singapore with just the money that they can afford, and no trader is locked out because of steep margin requirements. However, this also has its advantages as traders have a tendency to use very high leverages, which could expose the trading accounts to amplified losses and possible margin calls.

It is presently not possible to use automated trading on forex accounts in Singapore. In addition, forex brokers in Singapore do not offer the MetaTrader4 platform for trading. Aside from these differences, there is not much of a difference between operating a forex trading account in Singapore and operating a forex account in other areas of the world.

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