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How to Choose a Forex Broker as a Singapore trader
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Trading Forex in Singapore can be a profitable venture if you know how to do it. While in the past Singapore Forex trading was a challenge, it is no longer the case. Today there are many international licensed brokers for Singaporeans. Your Funds are at Risk. To trade Forex currencies online, a new trader must open an account with a broker. Brokers own trading companies that provide a platform or place where Forex Traders can trade through an online account by the use of the customized software.
ECN Trading in Singapore is one of the best online trading methods. By trading with a broker who offers the use of an Electronic Communications Network ECN to their clients, the trader can be connected with other buyers and sellers of currency pairs. The broker will usually charge a small commission fee for this service, but the benefits of trading through an ECN include the ability to trade after closing hours. ECN Trading prevents brokers from trading against the customer. Such has made it an attractive destination for genuine foreign exchange traders and brokers.
The official regulation of the Forex industry in Singapore began in with the creation of the MAS. It also became the regulatory body for banking institutions, securities, and insurance. It has developed over the years creating holistic regulatory grasp upon the Forex business while encouraging external investors.
Singapore has no natural resources of which to boast. As a result, the majority of the residents depend on Forex trade as a primary source of investment. It is, therefore, not surprising that the country has attracted several unscrupulous players who have been out to defraud unwary citizens.
It monitors and authorizes the activities of Forex brokers in the country. The purpose of the MAS is to enhance sustainable economic development. Its mission is to promote professional ethics in the financial sector. MAS strives to maintain it that way by fighting scammers and frauds through harsh laws and regulations that entail hefty fines and other forms of punishment.
It aims at providing information to the general public on how to make financial decisions. Financial Education committee heads the program. It provides information about the latest scam news and regulations in the Forex industry. It also offers details on how traders can keep off from fraudulent investors. MAS advises the citizens to deal only with duly regulated Forex brokers. One key benefit is the guarantee on the security of the investment even if the broker collapses.
The law obliges regulated brokers to handle customer complaint amicably and respectfully. It has also provided channels for managing conflicts between the parties. Courts are the final resort for solving disputes between the consumer and a Forex broker provided the latter is MAS-regulated. Additionally, MAS has exhibited an excellent appreciation for trends in the global market, and it strives to accommodate them.
There are regulatory organizations that are more reputable than MAS. However, it is undoubted that the Singaporean authority is better than many others in the world. Prospective brokers in Singapore must have a Forex license to engage in Forex trading. The first step is registering a company in the country with the primary purpose of providing FX trade services.
The complementing reports provide information on the internal operation of the company. There should also be a disclosure on the absence of conflicts of interest. The process may be tedious for foreign brokers. As a result, it has laid a number of operational requirements on all the brokers under its jurisdiction.
The goal of this regulation is to ensure that investors can withdraw their money even if the broker collapses. Such protection is one of the reasons why it is vital to opt for licensed brokers.
It is a requirement by MAS that all Forex brokers in the country employ staff that is qualified in money markets.