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If we look at the past, forex trading was legal and popular in only a few trading hubs like New York, London, or Tokyo. But now, with more and more countries legalizing forex trading, it has become a household name. Every small and large country saw the benefits it could bring to the economy and the citizens of their countries. The ever-growing demand is another reason that compelled even smaller economies to make forex trading legal in their respective exchanges.
One such example is Singapore. The forex trading in Singapore is regulated by its central bank Monetary Authority of Singapore, also known as MAS. Founded in 1971, MAS is the sole body responsible for all monetary actions, whether it is trading, insurance, or investments, in the country. The MAS must authorize all the brokers before they could accept traders for forex trading. The MAS has made many laws and regulations for trading, and it makes sure that these laws and regulations are followed at every step.Â
How to Start Forex Trading in Singapore?
To start forex trading in Singapore, you need to register to a regulated forex broker, download a trading app (MetaTrader 4 or 5), and start trading. To learn more about the best-regulated forex broker that we recommend, please learn more about Hotforex broker.
Singapore Forex Market
Singapore’s forex market is booming with evident growth. It has surpassed the big market players like Hong Kong to take their places as top players in the market. This growth is the regulatory body that makes the global trading platform available in the country by imposing liberal trading laws. Another reason is the popularity of Singapore as one of a kind in terms of infrastructure and technology that attracts many non-residents to be a part of its global network.
Although the MAS allows the foreign brokers to be a part of its financial market, traders must always make sure that the broker is authorized or licensed by the authorities of its origin to stay away from trouble.Â
What is the best forex trading platform in Singapore?
The best forex trading platform in Singapore is MetaTrader because it is a well-designed and easy-to-use application and the most popular CFD trading platform globally. More than 95% of all CFD brokers offer this platform.
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Singapore Forex Broker
Although it is advisable to choose a Singapore-regulated forex broker while trading forex in Singapore, the MAS does not make it compulsory for the residents and non-residents to only choose MAS licensed brokers. Traders are free to choose from a wide range of local and international brokers, stating that the authorities regulate them based on their origin. As a result, traders have a wide range of top forex brokers in Singapore to choose from.
The best forex regulated brokers in Singapore are:
| Forex broker Review | Visit | Min. trading lot size | Max. leverage | Min. deposit | Pip rebate | Rating | Promotions |
|---|---|---|---|---|---|---|---|
Hotforex | Hotforex | 0.01 | 1:1000 | $1 | 0.4 | 98 | Â  |
Instaforex | Instaforex | 0.0001 | 1:1000 | $10 | 1.6 | 90 |  |
FxPro | FxPro | 0.01 | 1:500 | $100 | 0.3 | 88 | Â  |
Avatrade | Avatrade | 0.01 | 1:400 | $1 | 0.9 | 85 | Â  |
Dukascopy | Dukascopy | 0.01 | 1:100 | $500 | 0.55 | 83 | Â  |
| 0.01 | 1:2000 | $10 | 0.1-2 | 80 | |||
XM.com | XM.com | 0.01 | 1:888 | $5 | 1 | 78 | Â |
| Octafx review | Octafx register | 0.01 | 1:400 | $50 | 1 | 70 |  |
These are just a few names. The list becomes even bigger when you count the global brokers available to choose from.Â
How to open a forex account in Singapore?
To open a forex account in Singapore, you need to visit the broker’s website, make registration, validate the account and then make a request to open a demo or a live account on the website members page.
Please read a guide on how to open a Hotforex account.
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Is MetaTrader 4 platform banned in Singapore?
No, the Metatrader platform is not banned in Singapore. However, in 2008. there was a security problem with MT4, and in a short time (a few weeks), platforms were banned for security reasons. However, the MT4 platform works perfectly well now, and almost all brokers use this platform for trading.
Conclusion
It is not false to say that Singapore is a beautiful country. Whether it is the infrastructure and quality of living or the growth of its financial market, traders would never deny being a part of it. The MAS welcomes brokers all over the world without imposing many restrictions. It also allows its residents to be able to trade in the global network. Therefore, becoming a part of the financial market of this country could be beneficial, stating that traders must always be aware of all the laws and regulations and stay away from any fraudulent activities that may cost them more than what they have.Â
