Is Trading Forex Profitable in Singapore?

Posted by Hazel on September 18th, 2019

Singapore is recognized as a small Asian country yet one of the biggest economies and more stable countries in the world. No surprise that so many Singapore residents are looking to Forex trading as a form of investment. Forex trading is getting huge popularity among local investors as well as expats that have a business in the country. However, there are some restrictions of trading Forex in Singapore such as a higher margin requirement and some restrictions 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, trading forex is totally legal and safe in Singapore, so long as you take care of your tax liabilities.

What type of trader are you?

First, is to start constructing a trading plan, know your personality, behavior traits and check yourself if you are a disciplined, a patient person, and a risk-taker? If you are an impatient person then this might not be for you. Look at different strategies and what interests to you and suits in with your trading personality. Just go with the flow and consider 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 a problem but only to succeed. The most important things are making plans and hard work.

Forex trading Singapore can be easy, however knowing your needs as a trader will help you achieve and be successful in this industry. Gaining knowledge will give you the confidence needed to trade in this often-volatile market. 

Trading forex 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.