The county has yet to develop a more transparent mechanism for taxing this type of profit. For now, there is no clear border between these income sources, and we may say that income from Forex is not taxable in Singapore. The full list of all registered companies can be found on the MAS official website. The country’s monetary authority accepts claims and complaints from people who have been deceived by financial companies. In recent years, Southeast Asia has recorded considerable growth in Forex trading. Singapore’s thriving economy and ideal business climate create a favorable environment for the Forex industry, which is rapidly developing there.
List of Top Forex Brokers & Platforms in Singapore
Beginner traders will be better off starting with a simple platform or a mobile app, while advanced traders will likely choose MT4/MT5. Singaporeans looking for educational resources will find both written and video content along with weekly webinars, all of which complement the comprehensive courses available within the IG Academy. IG’s modern mobile app is loaded with 30 technical indicators, 20 drawing tools, and 16 selectable time frames across five chart types. Singapore’s central bank also regulates forex brokers as well as advises the Singaporean government on foreign exchange matters. As part of regulatory requirements for brokers, leverage is limited and investor funds must be kept separate from broker funds. Unlike stock trading, many forex trades don’t require a commission for the trade.
- Filippo Ucchino has developed a quasi-scientific approach to analyzing brokers, their services, offers, trading apps and platforms.
- The protection is particularly suitable for inexperienced traders who have not yet adopted a proper risk management strategy.
- However, leverage is a double-edged sword, and using high leverage also boosts your potential losses.
- We found the platform easy to use with an impressive charting package, offering 80+ indicators and drawing tools, more than MetaTrader 4’s default offering.
MAS MoneySENSE Programs
Currently, a tax rate of 17% applies to corporate clients, whereas individual tax rates can vary from 0% to 22% depending on income level. We advise traders to seek professional guidance from local accountants to clarify their tax obligations. Generally, negative balance protection is available for retail customers of trading brokers. Professional account holders should normally waive such protection mechanisms. The top forex brokers authorized to operate in Singapore usually offer this tool, ensuring high levels of trade99 review safety for their customers.
Unfortunately, we noticed that Plus500 does not offer any third-party trading platforms like MetaTrader 4 or TradingView. This also means we couldn’t find a way to automate our trades with Plus500, so if automating your trades is important, you should choose a broker like Pepperstone or Eightcap. With our Eightcap Standard account, we found they had an average of one pip on EUR/USD with no commissions, which is competitive and below the industry average of 1.24 pips.
The Monetary Authority of Singapore, or MAS, is the country’s central bank and sole financial regulator. « City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms. » Yes, Singapore allows regulated online brokerages to operate in its jurisdiction. The exchange rates displayed on the Oanda Currency converter are compiled from leading market data contributors and updated real time.
The most reputable Forex brokers always provide easy options for the deposit and withdrawal of funds. Therefore, if you have delays or experience delays with withdrawal, feel free to close the account. A broker may have a proprietary platform, but all reputable companies offer to install the MetaTrader terminal. Generally, there are two ways to verify if a forex broker catering to Singaporean traders is authorized by the Monetary Authority of Singapore. We also suggest keeping abreast of the MAS’s Investor Alert List for scam forex brokers, who are more active than ever across the world.
MetaTrader 5 (MT5) is an excellent trading platform, particularly for traders interested in shares or share CFDs. It stands out with its advanced technical analysis tools, support for algorithmic trading, aafx trading review and access to a wide range of markets. MAS regulation involves regulating banks, insurance companies, stock exchanges, forex brokers, and other financial entities.
Not only is the overall layout to be straightforward and easy to use, the app features research from Autochartist and news headlines to help make informed trading decisions. This ensures that the balance of a trading account held by a trader cannot reach negative. If the losses from trades exceed the trading balance, then the trade is automatically exited.
Key Features of IG
He is an expert in Compliance and Security Policies for consumer protection in this sector. Filippo’s goal with InvestinGoal is to bring clarity to the world of providers and financial product offerings. Below is our curated list and review of the best forex brokers for traders living in Singapore, with details and information about the country laws, the features, and the characteristics. Margin calls can also lead to a forced liquidation of your position on a trade. Because forex trades often involve large amounts of currency, most exchange rates are carried out to the fourth or fifth decimal place. Supported currency pairs are also a good indicator of a reliable broker.
MAS Regulated Forex Brokers
Any Singapore trader who is looking to trade CFDs on a large range of markets with in-built and premium risk management tools should consider CMC Markets. Along with the great trading tools, we found that they provided a decent choice of trading platforms. You can use MetaTrader 4 if you want to automate your trades through Expert Advisors, which you can program to follow your strategies and execute trades on your behalf.
As trading forex and CFDs comes with a high level of risk, it is recommended to avoid unregulated brokers or those overseen by offshore regulators (i.e. FSA, SCB). To choose a forex broker in Singapore, the key factors we consider include spreads, trading assets, customer support, execution speed, and deposits and withdrawals. Plus500 only offers one user-friendly proprietary platform to trade CFDs with, available as a Webtrader platform and a mobile app. We also like Plus500’s simple, user-friendly platform which,, when combined with the broker’s risk management tools, is well-suited for beginner traders. By comparison, the industry average for Standard accounts is 1.50 pips for the same currency pairs, from our testing. OANDA is our choice for the best regulated forex broker overall in Singapore.
Security of Pepperstone
Companies wishing to conduct financial activities in Singapore are required to obtain a MAS license to conduct business in a transparent way and conform to all the rules stipulated by the regulator. A broker wishing to offer its services in Singapore officially must obtain an appropriate license, which is issued by the MAS. The brokers providing these services must have a license from the MAS, Singapore’s central bank. To succeed, applicants must meet usually two of three eligibility criteria regarding their financial portfolio, the size of their trades, and their previous experience in the financial sector. The second one is to check out the register of MAS available on the regulator’s official website. As you can see here, IG is fully licensed and authorized to provide forex trading to Singaporeans.
Plus500 charges zero commissions on all trades while XS.com charges spreads that start from 0.0 pips. Founded in 1999, Deriv is one of the most reputable forex brokers in the industry and has had no major controversies since its launch. The broker’s fees are up to $3.50 per lot and the commissions are as high as $35 for every $1 million traded.