Singapore can easily boast one of the commercial and social success stories has been the greatest place in the world over the past decades. Singapore's economic success famous. Its economy has been growing at a rate of more than 7% per year since independence in 1965, and is now regarded as one of the leading commercial location in the world, boasting the fourth largest financial center, along with being one of the five busiest ports for freight traffic.
Over the years, has become a center of finance and distribution for Asia, and the total volume of trade through the port are actually four times the size of the GNP, the highest in the world. This economic performance has come as a result of hard work and far-sighted government's desire to maintain a free and open economy, avoiding subsidies, welcomed foreign investment, and the target of a budget surplus as a rule.
As one of the leading financial centers and tourist destinations of the world, Singapore competes with Hong Kong and Australia financial centers for dominance in Southeast Asia. As a country with taxation and regulatory regime is very liberal, banking interests have flocked to Singapore to support the growing export trade and related settlement of cross-border transactions. Although this small island community of 5.4 million people has developed around global trade, retail forex broker component industry has taken more time to develop.
According to the Bank for International Settlements, Singapore is the third foreign exchange trading center of the most active institutions in the world. It is also the second largest center of over-the-counter derivatives trading in Asia, and a leading commodity derivatives trading hub. Local active exchanges complete the infrastructure needed to support a healthy trading environment for local retail forex broker.
A number of large companies have opened a local office to support the retail forex trading as the locals have started to gain media interest in this new investment. It is common knowledge that the Singapore dollar is closely correlated with movements in the Chinese Yuan and acts as a proxy for those who want to replicate price movements Yuan.
As in all genres investment, selecting your broker is your most important decision. Safety and security of the head of the list of considerations, and this problem requires no active financial regulator in place. In Singapore, the regulatory services provided by the Monetary Authority of Singapore (MAS), which is mandated by law to supervise the functions of banking, financial and insurance business, including broker / dealers securities.
In recent years, MAS has been concerned about the level of losses incurred by consumers in the OTC trading markets and, in response, has tightened leverage and margin requirements and other regulatory rules. Singapore broker is licensed as a clearing member of the Singapore Exchange, but rest assured that the MAS will come down hard on any forex broker recalcitrant located on the mainland.
As is often stated, Forex trading involves high risks. Knowledge, experience, and emotional control is a prerequisite for success, and each of these three factors requires an investment of time on the front end that beginners often ignore to their peril. Due diligence and care should be taken first to choose a forex broker that meets your hard listing requirements and also provide educational materials and enough practice trading system.
Be sure to comparison shop, check back with the local regulator for clarification on occupational safety and health, and be sure to check with other merchants in your area. Beware of marketing claims that seem to good to be true. You can never be too safe in this area. After your choice, invest time practice trading on a demo system broker to develop your trading strategy, gain valuable experience of the market, and learn to control your emotions when opening and closing positions.
Choosing a competent forex broker from many local and foreign choice available is never an easy task. To make your selection process easier, we have compiled the following list of the most reputable broker and trusted in the market, and while it is not possible to be 100% secure from fraud and related risk, the offerings above will reveal a lot of variables that play a role when choosing a mate forex trading.