Singapore is the biggest financial market for Forex in Asia and it has a very highly developed and sophisticated system for managing Forex transactions. The monetary authority of Singapore is responsible for laying down the rules and guidelines for Forex transactions in Singapore.
Over the last few years, there has been a huge proliferation of training schools for Forex trading in Singapore and this has led to a big spurt in the number of people who trade Forex in Singapore. It is also home to a large number of Forex brokers who have set up shop here mainly due to the fact that the financial systems are very well developed and liberal over here and the guidelines and rules governing them are also easy to understand and transparent, unlike in other parts of Asia. So Forex brokers in Singapore usually carry out their business in other parts of Asia.
For traders who are on the lookout for Forex trading in Singapore, they need to set up an account in the first place. It will also be useful for them to visit the website of the monetary authority to understand the rules and guidelines for Forex trading in Singapore. Once this is done, they have a wide choice of Singapore Forex brokers to choose from. In fact, the variety of Forex brokers is bound to confuse the traders a lot as they are not well versed with whom to approach for guidance.
The things that you need to watch out for are the reliability and spreads. The Singapore Forex broker that you choose needs to be a reliable one. They should not be those who run away with your money or simply lock your money from trading under one pretext or the other. They should also have good fills and should not throw you out of trades and should have good liquidity as well. This will ensure that you get a fill as close to the market price that you see rather than getting a fill at a totally different price, especially during high volatility. You can check for their reliability by asking fellow traders that you might know personally or through the forums as well.
Apart from the reliability, you also need to watch out for the spreads in the various Forex pairs. There are many Forex pairs and it is very likely that the spreads in each of them can vary greatly from broker to broker. It is your responsibility to ensure that you choose the right Singapore Forex broker after going through their spreads and quotes and spending time in analyzing their performance.
Being in a financially developed country like Singapore, it is very useful for traders as they have a lot of knowledgeable people around them to seek for help as and when it is required. They can also guide the new traders on various aspects of Forex trading in Singapore and the transparency in the system will also ensure that the traders can concentrate on trading rather than the other aspects.