How Legal And Safe Is Forex Trading In Singapore?

Posted by Zandra Faye on August 19th, 2019

Singapore is one of the biggest economies in the world and has a higher per capita than some of the other larger and more established countries. Singapore is a small Asian nation that has swiftly developed itself as a major contributor to the global financial markets through its regulatory reforms and affinity to modifying its economy to suit the global markets. Forex trading is gaining enormous popularity among local investors as well as expats that have a substantial business presence in the country. Although Singapore does not impose any large restrictions on Forex trading, there are several subtle differences in trading such as a higher margin requirement and some limitations on automated trading strategies. Otherwise, The Monetary Authority Of Singapore (MAS) does not limit the freedom enjoyed by traders while investing in the Forex market.

Is Forex Trading legal in Singapore?

Yes, Forex trading is legal in Thailand. However, you must take care of your tax liabilities In Singapore. The most important consideration consists of the security of your funds, which involve the broker’s reliability and a reputable regulatory agency that supervises its operations. Most foreign brokers that cater to clients from Singapore have oversight from a variety of reputable international regulatory agencies.

What Type of Trader are you?

The first thing is to start by constructing a trading plan. Look into things such as your personality, emotional and behavioral traits. Are you a patient person, disciplined, and a risk-taker? Then you will be able to determine, what types of time frames fit your personality. If you are an impatient person then this might not be for you. And look at different strategies and what appeals to you and fits in with your trading personality. Just flow with it and treat it as a business which means you select strategies, have a trading plan, practice and then see your results if you are committed then you shouldn't have an issue but only to succeed. The most important things are hard work, make a plan and follow it.

 Final thoughts

Forex Trading in Singapore can be just easy, but knowing your needs as a trader will help the process of finding the right forex broker for your trading style, so make sure to assess your requirements before choosing for a broker. 

Moreover, obtaining knowledge of the forex market and conducting research and a firm foundation of knowledge will give you the confidence needed to trade in this often-volatile market. 

 Risk Warning: Forex Trading brings a high level of risk and can result in the loss of all your investment. Make sure to do your research to ensure you will be dealing with legitimate Brokers. Learn the platform inside out and never risk more money than you cannot afford to lose.