Why Should you Choose a MAS Regulated Best Broker in Singapore?
Among the Asian countries, Singapore contains one of the best economic statuses. It is because the country has a stable political condition that boosts its financial and tourism industry. As a result, the forex trading industry got its new home, and many brokers are heading to Singapore. So, if you want to trade forex in Singapore, you should be able to get a bunch of the best broker in Singapore.
Additionally, the country’s booming economy makes them one of the top five forex trading centers. This is because Singapore brokers are providing the finest service to their traders with the compliance of the Monetary Authority of Singapore (MAS).
MAS-regulated Singapore forex broker can give you decisive success in forex trading.
A Brief History of Singapore Forex Broker
Singapore started regulating the forex industry officially in 1971. MAS was created that year to regulate banks, securities, and insurance companies. However, they have developed over the last 50 years and made the business open for external investors. As a result, the forex business grew over the years.
However, forex trading is limited to the institutional sector. But it is not too long that forex became accessible to the retail traders. Eventually, Singapore brokers grew up with the intention to provide a transparent and supreme service to all the traders.
Singapore Brokers Regulations
Singapore is a small country without having any natural resources to boast. As a result, the majority of Singaporeans depend on the tech and finance-based industry. Therefore, a lot of people got attracted to the financial industry, and forex became one of the top tools. However, to oversee all the financial organizations, Singapore created MAS, which is an independent forex broker regulation. It works under Singapore’s central bank.
MAS is the only regulatory body available in Singapore. It authorizes and monitors the Singapore forex brokers. Providing the forex brokerage service in Singapore without the MAS authorization is illegal. So, brokers need to get a license from MAS to operate in Singapore.
Reasons to Choose a MAS Regulated Best Broker in Singapore
A regulated broker always gets you the benefits than unregulated ones. While the unregulated brokers are super risky, the regulated Singapore brokers can get you peace of mind. Let’s see the top reasons behind selecting the MAS-regulated best broker in Singapore.
Ensure the Safety of Investment
MAS always encourages the traders to trade with the regulated brokers only. Because regulated Singapore brokers keep your funds safe as the mass regulation requires it. And, the regulatory body, the MAS, always audits them to prevent any kind of discrepancies or illegal activities. On top of that, MAS always prioritizes the trader’s rights. So, your investment remains secure even if the broker goes out of business. The regulatory body also put numerous measures to cover the trader’s bottom line while trading with Singapore’s best broker.
Taking care of Customer Complain
According to the law from regulation, all the regulated brokers will have to give proper care to customer’s complaints. Besides, MAS also provides ways to manage any complaints between the brokers and traders. However, the customer can also contact the Financial Industry Dispute Resolution or other authorities to solve any conflicts.
However, the regulatory body in Singapore should safeguard the customer’s interest.
How the Best Broker in Singapore get Registered
The Monetary Authority of Singapore needs several requirements for any broker to get registered with them. You will know them below, which are eventually the features of MAS regulated forex brokers.
All the brokers need to obtain a license from the MAS to offer forex trading to their clients. So, the intending brokers need to submit several documents to get licenses, such as business plan, memorandum of association, and other documents according to the MAS.
The prime goal of MAS is to promote a sustainable trading environment in Singapore. And, to do that, the authority needs all the brokers to have the following requirements.
Segregated accounts: The Law requires all Singapore brokers to keep their funds separate from the trader’s fund. So that the client’s fund remains safe and the client can withdraw funds anytime they want. There is no doubt that this feature will grab the attention of some potential forex traders.
Proper bookkeeping: To prevent any illegal activities or money laundering, all the regulated Singapore forex broker have to keep the evidence of their transaction. So that they can produce it whenever the MAS asks about any transaction.
Professional employees: The forex broker should employ well-educated and experienced staff, as it is a requirement by the MAS. However, the brokerage firm needs to provide its employee list to the MAS.
Handle customer complaints: Usually, a large number of forex brokers offer poor customer service, and MAS is really careful about it. As a result, they imposed a law on all Singapore brokers for US stocks as well as other stocks and currencies; each regulated will have to ensure customer satisfaction.
Things you should Look while Choosing the Best Broker in Singapore?
Trading with any MAS-regulated broker in Singapore will definitely give you an edge. But, if you can choose the best forex broker, your profit may go skyrocket. So, you may check the following list while selecting a Singapore forex broker
- Check the MAS regulatory status
- Look for the brokers with the lowest spread
- Look at the offered markets and currencies.
- Find out if the desired broker is MetaTrader 4 forex brokers and MetaTrader 5 forex brokers.
- See if the broker offers any demo account.
- Deposit and Withdrawal method
- Customer support
- Education tool
These are also the criteria for Singapore brokers comparison and find you the CFD Singapore brokers quickly.
After going through this in a detailed article, you may think that Singapore is heaven for any forex traders. However, it is heaven! The best broker in Singapore can make you feel that heaven. But, make sure you follow the checklist we have mentioned above. That is how you can get access to some of the best Singapore brokers, which in the end result in profit for you.
If you look for any Singapore brokers recommendations, we will suggest you check out the top 10 forex brokers in Singapore via different online platforms.
Meta: If you want to trade in Singapore, it is always good to look for the best broker in Singapore. However, you will need to maintain some criteria to find them.