Luckily, prop firm trading is completely legal in Singapore. The Best Prop Firm Funding For Singapore Traders I would recommend trying to trade with a MAS regulated broker, if you’re given the option. I would definitely recommend giving it a read if you’re hunting for the best broker. I would still highly advise you use a regulated broker like IC Markets, just to keep yourself safe from being scammed.į have a very handy list of all of the top brokers for Singaporean traders. This is great news for traders as you’re able to use the best brokers in the industry, without having to worry about breaching regulations. Although Singapore based brokers need to be regulated by the MAS, traders are not obligated to only use Singapore based brokers. In Singapore, traders are able to use any broker they desire. There are thousands of brokers out there, all offering a different range of perks and trading conditions. When you’re trading forex, you will need a broker in order to execute your orders within the markets. I would highly advise consulting with an account if you’re consistently making profits within the industry and are Singapore based. This is great news but does mean that if you’re a profitable trader you will still need to deal with your taxes.
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If you’re a professional trader in Singapore, tax will need to be dealt with through an accountant unless you have knowledge of tax within the industry.įor retail forex traders, brokers in Singapore are under no obligation to report your profit and losses. Tax is something that is often slept on by retail forex traders and it definitely needs to be taken seriously. Crypto is still a fairly new industry in Singapore and it’s only been formally allowing exchanges since 2020, so I would advise keeping a tight eye on the regulations as I’m sure they will be changing over the coming months as the industry grows. Unlike trading in India, crypto trading has remained legal in Singapore over the last few months and MAS have been fairly clear on their liking of cryptocurrencies. Not only are all pairs on the table, commodities, crypto and all brokers are all on the table as well. This opens up the whole currency market to traders and allows the use of all trading pairs. Unlike in some countries, traders in Singapore are not required to only trade in the base currency of SGD (Singapore Dollars). Conditions are actually perfect right now for traders as the MAS have still got leverage for traders sitting at 1:500 as a maximum, meaning traders are able to generate huge potential returns even with lower amounts of capital. Having regulation is a great way to ensure that traders can stay safe within the markets, even though some traders may see regulation as a bad thing.įorex is growing massively within Singapore and it’s rapidly becoming a powerhouse in the forex markets. Not only is it legal, forex in the country is regulated by the MAS ( Monetary Authority of Singapore ). Good news for traders – forex trading is legal in Singapore. In Summary – Can You Trade Forex In Singapore? Forex Trading In Singapore – The Law.Why Is Forex Trading Becoming So Popular In Singapore?.The Best Prop Firm Funding For Singapore Traders.