Forex Brokers in Singapore
Buying and selling currencies is popular amongst residents of Singapore who are looking to speculate and take advantage of the forex market volatility. Singapore has come of age and established itself an international financial hub on par with such powerhouses as New York and London. Any CFD and forex broker in Singapore will need to be regulated and authorised by the Monetary Authority of Singapore (MAS) before they can accept clients. Founded in 1971, MAS is the financial regulatory body in Singapore that sets strict rules and procedures which brokerage firms must comply with. This can give traders and investors the peace of mind they are using a safe broker and some protection in the event something was to go wrong.
Best forex brokers Singapore
To find the best forex brokers in Singapore, we created a list of all forex brokers that mention they accept traders and investors who are based in Singapore, then ranked them according to their overall rating. You can see the list we compiled of our top forex brokers in Singapore below.
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
MAS forex brokers in Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. MAS also works with the financial industry to develop Singapore as a dynamic international financial centre. MAS regulates financial institutions in the banking, capital markets, insurance and payments sectors.
The Monetary Authority of Singapore is the country’s de facto central bank and chief financial regulation-setter and supervisor. The authority was created in 1971 to coordinate the city’s rapidly developing financial sector.
Singapore’s local government and culture is well known for strict adherence to and enforcement of rules, customs, and regulations. With the country’s emphasis on international trade, it is no surprise that Singapore is also a financial hub for foreign exchange. The MAS oversees the forex trading industry and is instrumental in implementing important policies in the FinTech arena.
MAS regulates and supervises over 150 deposit-taking institutions in Singapore, including full banks, wholesale banks, merchant banks and finance companies such as forex brokers. Credit card and charge card issuers in Singapore are governed by the Banking Act.
How to verify MAS regulated brokers in Singapore
Any forex broker wishing to operate physically in Singapore must be licensed by the MAS and adhere to strict codes of conduct, capital adequacy requirements and operating standards. All customer deposits must also be segregated in separate bank accounts for safety and security.
To check if a forex broker is regulated in Singapore by MAS, you will first need to identify the registration number which is usually located at the bottom of the broker’s homepage. Once you have the register number, you can look it up the on the MAS website to validate the current regulatory status of the forex broker in Singapore.
Is forex trading legal in Singapore?
The entire financial sector, from stocks and options to insurance, is governed by the Monetary Authority of Singapore (MAS), which serves as Singapore’s central bank. In order to control the financial activities of numerous government departments and agencies, MAS was established by parliament in 1971. Over 600 financial institutions, including Forex brokers, are governed by MAS.
Although it actively promotes and welcomes trade, Singapore’s government also has rigorous regulations in place to guard against financial fraud and corruption. In Singapore, the MAS works to protect all traders and other market participants against fraud and unfair business practices. As a result, in order to trade in Singapore, all brokers need to be licensed by the MAS. A broker must pass a number of tests before being granted a license, including one to ascertain whether they have enough funds to cover any losses and avoid bankruptcy.
The existence of a client account that is separate from the corporate account is another prerequisite for each broker. This adds an additional layer of security in the event of attacks or breaches and stops firm employees from spending clients’ money inappropriately. Brokers who fail to furnish the MAS with frequent audit reports to demonstrate that they have been complying with these standards would be subject to urgent monetary authority disciplinary action.
It’s not quite as simple as Singaporeans just having access to forex brokers lawfully, though. It is permissible to sign up and use any Forex broker worldwide as long as that broker is suitably regulated and licensed within the country that they are headquartered in. The Monetary Authority of Singapore does not actually forbid traders from trading Forex via unregulated organizations.
Singaporeans should be aware of the risks associated with trading with brokers not governed by the MAS since, in the event that they become victims of a scam, the MAS is powerless to assist. Trading conditions for brokers and investors are typically better when using MAS-regulated brokers.
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