Numerous people are already delving into Forex because it is one of the best means to grow your money if you have a keen understanding of how it works. However, before you can earn revenue with foreign exchange, you have to engage with a reputable broker. This article lists down some things that you need to check and verify before choosing a Forex broker in Singapore.
Currency Pairs Available
One of the primary things that you need to check and verify before choosing a broker is the currency pairs they offer. The best Singapore Forex broker will most likely offer numerous currency pairs. Take, for instance, Pepperstone, which is deemed as the best Forex broker in the country. Not only do they offer more than 80 currency pairs, but they also have SGD account currency. Even the high-quality XM Forex broker offers 56 currency pairs, which is significantly greater than other brokers in the market.
Account Features
Another thing that you need to closely check before choosing a Forex broker in Singapore is the account features they provide. For instance, when it comes to leverage and margin, some brokers provide Forex participants to have access to the leverage that is available in their margin account. On the other hand, in terms of commissions and spreads, you have to identify whether going for a broker that charges no commission but makes money with a wider spread will prove to be more beneficial for you. Some Forex brokers also require a smaller initial deposit, but you have to be keen on their withdrawal and funding policies.
Trading Platform
The trading platform that you will use is your gateway to the market. For this reason, you have to be keen on the trading platform supported by the broker you are interested in engaging with. As much as possible, its interface should be intuitive and friendly, making it easy for you to navigate it and find your way through the site. It is also a good idea to look into a trading platform that provides your non-negotiable features such as automated trading options, customization options, as well as backtesting features, to name a few.
Compliance to Regulations
Finally, exert the effort to determine whether the Forex broker you are interested in is compliant with the regulations set by renowned regulating bodies in the industry. In Singapore, the Monetary Authority of Singapore (MAS) is the one responsible for regulating the Forex brokers in the country. With a licensed Forex broker, you are guaranteed the safety of your deposit, as well as your data and sensitive information.
Before you choose a Forex broker in Singapore, it will be worthwhile to check and verify not only the currency pairs that they offer but also the other features they provide. In parallel to this, you should also consider their trading platform, as well as their compliance with regulations in the Forex scene. All these are geared towards ensuring that you only engage with a Forex broker who will be able to meet all your trading needs and preferences.