Best forex platform singapore
The authority also establishes a framework for the issue of securities and the regulation of primary dealers of such securities.
As a trader, you should seek to deal with a MAS regulated Forex broker only. MAS is a government affiliate institution which has several roles in the growth and the economic stability of the economy of Singapore.
Here is an overview of its roles;. Singapore together with Malaysia and other territories gained independence from the British in In , Singapore separated from Malaysia. Prior to , all government financial matters were handled by different separate government bodies. In , a parliament Act called Monetary Authority of Singapore was passed.
MAS started operating on January 1st, The body had the authority to regulate the financial services sector in Singapore. In , the government decided to bring the regulation of the insurance industry under MAS. The various statutes which fall under the authority of MAS are insurance, money, banking and the financial sector in general. This is why you will need to establish whether your best Singapore Forex broker is licensed and registered with MAS. Under the MAS Act, Forex brokers are not allowed to take positions or act as principals in money markets or foreign exchange.
For you to apply for a CMS license, you must be a corporation which should be regulated as is stipulated under the Second Schedule of the Securities and Futures Act. You will also need to show a sound financial track record of 5 years. Besides having strong internal compliance systems, you must also present business plans and projections.
If you wish to deal in futures, then a minimum of SGD million is required. Any director or CEO should be a Singaporean resident. Normally, one is supposed to complete the application form and attach all the supporting documents before submitting them to MAS.
There is a non-refundable application fee which is payable during the processing period. A license will normally be valid for 3 years. However, license fees are payable annually. The renewal fees must be paid a month prior to the date of expiry of the license.
Singapore is one of the richest countries when using the GDP per capita. As such, many financial related scams have been reported. The scammers usually target people who are not computer savvy. Obviously, this is hard as a majority of Singaporeans know their way around computers. Nevertheless, retirees who are looking for places and things to invest intend to fall for the scammers, tricks. In alone, more than people lodged complaints with the police against Suisse International.
MAS is mandated with the task of licensing brokers. The problem is that people still open accounts with firms which are not on the official MAS registered Forex brokers list. Here, you will only find firms which are licensed by MAS and which strive hard to maintain a good reputation. On this list, MAS puts all companies which are unregulated but which may wrongly be perceived to be regulated.
Even though CAD and the Singapore Police Force SPF are ever vigilant when it comes to financial-related crimes, it is prudent for individuals to beware of the scams that are out there. This is gravely important to note because even though the police will investigate the crime, once your money has left your account, it is quickly transferred to a bank outside Singapore.
It then becomes very hard to trace the money leave alone to retrieve it. How do I fund my account? How do I place a trade? Do you offer a demo account? Home Products What you can trade Forex.
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