Why Compare Forex Brokers Before Trading?
As a Singapore trader, there are a lot of factors to consider when choosing a Forex and CFD broker, no matter if you’re a beginner or a professional.
These are generally split up into primary and secondary factors, as some are more important than others for most traders. Primary factors include trading costs (I.E. spreads and commissions), trading platforms, range of tradeable markets and additional trading tools such as charting and algorithmic tools. The secondary factors to consider include educational resources (I.E. videos, webinars and market research), customer service and regulations.
From a regulatory point of view, Singapore has one main financial regulatory body: the Monetary Authority of Singapore (MAS). As the sole regulator in Singapore, the MAS has regulatory oversight of the financial services industry across various sectors. The MAS is also the central bank of Singapore. Although it is possible to trade with a broker regulated outside of Singapore, it is highly recommended to choose one that is MAS-regulated.
The MAS also has a reputation as the top regulator in the entire Asia/Pacific region, so there are plenty of top MAS-regulated brokers to choose from. Globally-renowned brokerages in Singapore include Oanda, IG Markets and Plus 500.
To make your life easier, the experienced team at Compare Forex Brokers has meticulously analysed all of the above factors to provide a list of reviews suited for retail traders in Singapore. We have written all of these broker reviews in plain English so any trader can understand. Check out our best forex broker Singapore page, which lists our overall winners.