The European Union has published new regulations applying to retail Forex, CFD, and the few remaining binary options brokerages in its territory. If you have an account with one such brokerage, the regulations will affect you when they come into force during the late spring and summer. This article will outline how the new regulations will impact your bottom line.
Details of the New ESMA Regulations
In March 2018, the European Securities and Markets Authority (ESMA), the financial regulator and supervisor of the European Union, announced new regulations concerning the provision of contracts for differences (CFDs) and binary options to retail investors. It is unclear exactly when the regulations will come into force, but some time in May or June 2018 looks to be the most likely date, and Forex and CFD brokerages located within the European Union (including the United Kingdom, for the time being) will be forced to comply. The regulations will need to be renewed by ESMA every three months to remain in force over the long term.
The regulation concerning binary options is very simple: they may not be sold. In simple terms, this is the end of binary options as a product sold from within the European Union.
The regulations concerning CFDs are more complex but still relatively straightforward. Firstly, there is some confusion as to what exactly is a CFD, with many traders thinking that spot Forex is not considered a CFD and will therefore be exempt from the new regulations. They are wrong: spot Forex is technically defined as a CFD. In fact, every asset you see available for trading at Forex / CFD brokers will most likely be subject to the new regulations.
The new regulations will implement the following changes for retail client accounts (more on who is a retail client; later).
-
The maximum leverage which can be offered will be 30 to 1. That will apply to major currency pairs such as EUR/USD, GBP/USD, USD/JPY, etc.
-
Other currency pairs, major equity indices, and gold will be subject to a maximum leverage of 20 to 1.
-
Individual equities cannot be offered with leverage greater than 5 to 1.
-
Cryptocurrencies are subject to a maximum leverage of 2 to 1.
-
Brokers will be required to provide negative balance protection, meaning it will be impossible to lose more money than you deposit.
-
Brokers will be required to close a clients open positions when the account equity reaches 50% of the required minimum margin by all open positions. This ;margin call; provision can be tricky to understand, so will be explained in more detail later.
-
Bonuses or any other form of trading incentives may not be offered.
-
Brokers will be required to display a standardized risk warning which will include the percentage of their clients who lose money over a defined period.
Understanding the ;Margin Call; Regulation
The best way to understand the 50% margin call provision is to use an example. Imagine a client opens an account with a Forex broker, depositing ;100 in total. The client opens a short trade in EUR/USD, by going short one mini-lot (one tenth of a full lot). One full lot of EUR/USD is worth ;10,000, meaning one mini-lot is worth ;1,000. To find out the minimum margin required to support that trade, we divide the size of the trade (;1,000) by 30, which comes to ;33.33. This is the minimum required margin to maintain the trade. Half of that amount is ;16.67. Now assume the trade goes against the client, with the price of EUR/USD rising above the entry price. As soon as the price rises far enough to produce a floating loss of ;83.33 (;100 - ;16.67), the broker must close the trade out, even if the trade has no stop loss or has not yet reached the stop loss. In theory, this means that a client;s account can never reach zero. Examples involving multiple open trades will be more complex, but will operate according to the same principles.
What Will This Mean for Traders?
The regulations will only apply to ;retail clients;, so you might try to apply to be classed as a professional trader. To get a broker to classify you as anything other than a retail client, you will have to show you have financial qualifications, a large amount of liquid assets, plenty of experience trading, and usually that you also trade frequently. Most traders will be unable to qualify, although it is worth noting that one London-based brokerage, IG Group, has stated that their proportion of clients now classified as recently increased from 5% to 15% of their total customers.
The major impact these regulations will have on traders is simple ndash; the maximum trade size they can possibly make at brokers regulated in the European Union will shrink. Many will say that the maximum leverage limits still offer far more than any trader could need, and I agree. I am wary of leverage and I hate to see anyone using leverage greater than 3 to 1 for Forex under any conditions, or any leverage at all for stocks and cryptocurrencies. Commodities can also fluctuate wildly in value. Too many people forget that the biggest danger in leverage is not overly large position sizing, it is that a ldquo;black swan rdquo; event such as the CHF flash crash of 2015 could happen and wipe out your account through huge price slippage. However, there is another factor that is widely forgotten: why assume that a trader rsquo;s account at one Forex broker is all the money they have in the world? For example, a trader might have $10,000 in the bank. If they deposit $1,000 at a broker offering maximum leverage of 300 to 1, they can trade up to $300,000. At a leverage limit of 30 to 1, that trader will have to deposit their entire $10,000 fund to trade at the same size. In a real sense, that trader might now have to take on more risk to operate in the same way, because if the broker goes bust, while beforehand they might lose $1,000 now they could lose $10,000! Even without negative balance protection, that broker would still have to come after them to try to get an extra $9,000 which they theoretically risk. Yet we saw after the CHF crash that brokers don rsquo;t come after every single client whose losses exceeded their deposit, due to legal costs and reputational issues. This shows that although the stated purpose of the regulation is to protect traders from excessive losses, the story is not as simple as you may think.
Beyond having to deposit more margin, and automatic margin calls, the other major change for traders will be that they will enjoy negative balance protection. This is a positive development which hopefully will make brokerages focus more heavily on the risks they are taking with their business model in the market. At the same time, a possible side effect of the new regulation is the potential increase in average deposits, leading to brokerages being more stable and better capitalized with client funds. Two final notes: brokerages will have to report on their websites the percentages of clients who are losing and making money, although the period over which the statistics must refer to is currently not clear. This will help to shed light on the debate over what percentage of retail traders are profitable, although some brokerages have already released what they claim to be accurate statistics showing that clients with larger account sizes tend to perform better as traders. Additionally, bonuses and promotions will be banned. I welcome this, as not only do they trivialize the serious business of trading, they are almost always a trick offering the illusion of free money whilst preventing traders from withdrawing any profits until a large number of trades are made (read the fine print the next time you squo;).
What If Yoursquo;re Not Happy Remaining in the EU?
Traders with accounts at affected brokers who cannot obtain professional status classification and feel they really need higher leverage than the ESMA limits outlined above might look for a solution by opening accounts with brokers outside the European Union. The most obvious destination would be Australia or New Zealand, where it will still be possible to find reasonably well-regulated Forex brokerages offering leverage in the range of 400 to 1. A recent development that is not talked about much is the growing difficulty of transferring funds to and from Forex brokerages in less tightly regulated jurisdictions. You might decide to open an account with a brokerage in Vanuatu, but you may find that a bank within the European Union might just refuse to send your money there for a deposit. This means that going far offshore, depending upon where you live, may not be a feasible option. In any case, the new regule impossible to live with, and overall there is a compelling case that they are a net benefit to any trader, so why migrate?
Forex Trading in Singapore | Trading Forex
Singapore has a well-established, if not especially long, history as a solid offshore financial center. For a long time, it has been the largest Forex trading center by volume in the entire Asia-Pacific region, and according to the Monetary Authority of Singapore, it is the third largest such center in the world, after London and New York. It is widely considered to be well regulated, by the Singapore Monetary Authority.
An Independent City-State
A look at Singapore’s history as a nation gives plenty of clues as to how it arrived at such a strong position. Ruled by Britain as a colony from 1826 to 1963, and suffering a very harsh Japanese occupation from 1942 to 1945, Singapore gained independence as part of Malaysia in 1963. A mostly Chinese island a midst a Malay and Muslim majority, strong political differences led quickly to turmoil, armed intervention by neighboring Indonesia, political strife, rocketing food prices, and race riots, culminating in the expulsion of Singapore from Malaysia in 1965. The newly independent nation found itself in a very difficult position: a small ethnic and religious minority sandwiched between potentially hostile Indonesia and Malaysia, with massive unemployment, a serious housing shortage, and a near-total lack of any natural resources, except its deep-water harbor.
Singapore’s Resource: its People
Singapore’s leader during the final years of its membership of the Malay Federation, Lee Kuan Yew, was not initially in favor of independence, but once Singapore was expelled from Malaysia by the rest of the component states, he set Singapore on a difficult course, albeit one that was widely accepted as necessary by its long-suffering population. One of the keystones of Singapore’s long-term prosperity was its recognition that in the absence of natural resources, its people and reputation were its prime assets. Singapore invested very heavily in education, with Prime Minister Yew stating that he wanted “to develop Singapore’s only available natural resource, its people.” Singapore had inherited an education system built largely by the British colonial authorities, but its government and people decided not to tear it up from the roots and to rebuild from scratch, as some other newly independent nations did, so Singapore’s educational system enjoyed a solid foundation from the get-go. Moreover, with bilingualism enshrining English as a language of instruction, Singapore was well-placed to attract international business while English became even more entrenched as the global language of business. Two of the top 75 global universities are based in Singapore, even though the city-state has a population of only 5 million.
Singaporean Meritocracy
Another recurring theme within Singapore’s political values system is meritocracy: anyone with ability and dedication is encouraged to rise as far as they can within the country’s educational system, thanks to a program of generous scholarships, which are also available to students who wish to study at premier institutions of higher education outside Singapore. Another contribution to the success of Singapore’s education system is an elevated level of respect for professional teachers and educators, and in deed as well as word: teachers’ salaries are above the national median amount. The most talented teachers are promoted quickly. It is also not an accident that the Singaporean education system has typically stressed science, technology, engineering and mathematics as its primary topics, as these are all skills that are in high demand globally and have helped make the Singaporean workforce one of the most highly educated in the world.
Anglo-Saxon Common Law & Political Stability
We’ve already noted how the government of Singapore had no axe to grind about its colonial past and was happy to leave the English language and education system in a place where it could develop organically. No less importantly, the same could be said for the “common law” legal system which was another legacy of British rule. This legal system is typically regarded as business and company-friendly, as well as being very well understood in most of the world’s advanced economies. It has been an aspect of Singapore’s popularity as an offshore financial venue. 
The political stability of Singapore is another crucial factor in its success as an offshore center. It might best be characterized as a democracy with an authoritarian streak, although most observers agree it is becoming less authoritarian and more democratic. In any case, the stability and continuity has allowed companies to feel very comfortable about locating there and planning for a long-term future. Singapore also has an unusually “clean” reputation, with its government placing a strong emphasis on taking ruthless measures against any hint of corruption, although critics have alleged that the country is run by a de-facto political cartel which takes major decisions in an opaque manner.
Forex Brokers in Singapore
With a high percentage of educated citizens and a stable, reliable government, it is easy to see why Forex traders have high confidence in relying upon banking regulation in Singapore – after all, large investors and banks do, so why shouldn’t the retail sector too?
As at the time of writing, there are currently nine retail Forex brokers authorized by the Singapore Monetary Authority based in Singapore. In alphabetical order, they are:
CMC Markets Singapore Pte. Ltd.
IG Markets Singapore
KGI World
Maybank Kim Eng Securities Pte. Ltd.
OANDA Singapore
OCBC Securities Private Limited
Phillip Futures Singapore
Saxo Capital Markets Singapore
UTRADE FX
You can be sure they are all well-regulated by the Monetary Authority of Singapore. Some of these brokerages (such as IG Markets and CMC Markets) are large, global brokers that happen to maintain regulation in Singapore in order to better serve the local population. Others, such as OCBC Securities Private Limited are smaller, primarily local brokerages that focus mostly, if not exclusively, on serving Singapore’s traders. Both global and local Forex brokers in Singapore have their advantages and disadvantages depending upon what you are looking for. There are also many other brokers regulated outside of Singapore that serve the country’s traders which may be good options for some Singapore Forex traders depending on their specific needs.
Source
Forex Trading in Singapore | Trading Forex
Singapore has a well-established, if not especially long, history as a solid offshore financial center. For a long time, it has been the largest Forex trading center by volume in the entire Asia-Pacific region, and according to the Monetary Authority of Singapore, it is the third largest such center in the world, after London and New York. It is widely considered to be well regulated, by the Singapore Monetary Authority.
An Independent City-State
A look at Singapore’s history as a nation gives plenty of clues as to how it arrived at such a strong position. Ruled by Britain as a colony from 1826 to 1963, and suffering a very harsh Japanese occupation from 1942 to 1945, Singapore gained independence as part of Malaysia in 1963. A mostly Chinese island a midst a Malay and Muslim majority, strong political differences led quickly to turmoil, armed intervention by neighboring Indonesia, political strife, rocketing food prices, and race riots, culminating in the expulsion of Singapore from Malaysia in 1965. The newly independent nation found itself in a very difficult position: a small ethnic and religious minority sandwiched between potentially hostile Indonesia and Malaysia, with massive unemployment, a serious housing shortage, and a near-total lack of any natural resources, except its deep-water harbor.
Singapore’s Resource: its People
Singapore’s leader during the final years of its membership of the Malay Federation, Lee Kuan Yew, was not initially in favor of independence, but once Singapore was expelled from Malaysia by the rest of the component states, he set Singapore on a difficult course, albeit one that was widely accepted as necessary by its long-suffering population. One of the keystones of Singapore’s long-term prosperity was its recognition that in the absence of natural resources, its people and reputation were its prime assets. Singapore invested very heavily in education, with Prime Minister Yew stating that he wanted “to develop Singapore’s only available natural resource, its people.” Singapore had inherited an education system built largely by the British colonial authorities, but its government and people decided not to tear it up from the roots and to rebuild from scratch, as some other newly independent nations did, so Singapore’s educational system enjoyed a solid foundation from the get-go. Moreover, with bilingualism enshrining English as a language of instruction, Singapore was well-placed to attract international business while English became even more entrenched as the global language of business. Two of the top 75 global universities are based in Singapore, even though the city-state has a population of only 5 million.
Singaporean Meritocracy
Another recurring theme within Singapore’s political values system is meritocracy: anyone with ability and dedication is encouraged to rise as far as they can within the country’s educational system, thanks to a program of generous scholarships, which are also available to students who wish to study at premier institutions of higher education outside Singapore. Another contribution to the success of Singapore’s education system is an elevated level of respect for professional teachers and educators, and in deed as well as word: teachers’ salaries are above the national median amount. The most talented teachers are promoted quickly. It is also not an accident that the Singaporean education system has typically stressed science, technology, engineering and mathematics as its primary topics, as these are all skills that are in high demand globally and have helped make the Singaporean workforce one of the most highly educated in the world.
Anglo-Saxon Common Law & Political Stability
We’ve already noted how the government of Singapore had no axe to grind about its colonial past and was happy to leave the English language and education system in a place where it could develop organically. No less importantly, the same could be said for the “common law” legal system which was another legacy of British rule. This legal system is typically regarded as business and company-friendly, as well as being very well understood in most of the world’s advanced economies. It has been an aspect of Singapore’s popularity as an offshore financial venue.
The political stability of Singapore is another crucial factor in its success as an offshore center. It might best be characterized as a democracy with an authoritarian streak, although most observers agree it is becoming less authoritarian and more democratic. In any case, the stability and continuity has allowed companies to feel very comfortable about locating there and planning for a long-term future. Singapore also has an unusually “clean” reputation, with its government placing a strong emphasis on taking ruthless measures against any hint of corruption, although critics have alleged that the country is run by a de-facto political cartel which takes major decisions in an opaque manner.
Forex Brokers in Singapore
With a high percentage of educated citizens and a stable, reliable government, it is easy to see why Forex traders have high confidence in relying upon banking regulation in Singapore – after all, large investors and banks do, so why shouldn’t the retail sector too?
As at the time of writing, there are currently nine retail Forex brokers authorized by the Singapore Monetary Authority based in Singapore. In alphabetical order, they are:
CMC Markets Singapore Pte. Ltd.
IG Markets Singapore
KGI World
Maybank Kim Eng Securities Pte. Ltd.
OANDA Singapore
OCBC Securities Private Limited
Phillip Futures Singapore
Saxo Capital Markets Singapore
UTRADE FX
You can be sure they are all well-regulated by the Monetary Authority of Singapore. Some of these brokerages (such as IG Markets and CMC Markets) are large, global brokers that happen to maintain regulation in Singapore in order to better serve the local population. Others, such as OCBC Securities Private Limited are smaller, primarily local brokerages that focus mostly, if not exclusively, on serving Singapore’s traders. Both global and local Forex brokers in Singapore have their advantages and disadvantages depending upon what you are looking for. There are also many other brokers regulated outside of Singapore that serve the country’s traders which may be good options for some Singapore Forex traders depending on their specific needs.
Source
Forex Trading in Singapore | Trading Forex
Singapore has a well-established, if not especially long, history as a solid offshore financial center. For a long time, it has been the largest Forex trading center by volume in the entire Asia-Pacific region, and according to the Monetary Authority of Singapore, it is the third largest such center in the world, after London and New York. It is widely considered to be well regulated, by the Singapore Monetary Authority.
An Independent City-State
A look at Singapore’s history as a nation gives plenty of clues as to how it arrived at such a strong position. Ruled by Britain as a colony from 1826 to 1963, and suffering a very harsh Japanese occupation from 1942 to 1945, Singapore gained independence as part of Malaysia in 1963. A mostly Chinese island a midst a Malay and Muslim majority, strong political differences led quickly to turmoil, armed intervention by neighboring Indonesia, political strife, rocketing food prices, and race riots, culminating in the expulsion of Singapore from Malaysia in 1965. The newly independent nation found itself in a very difficult position: a small ethnic and religious minority sandwiched between potentially hostile Indonesia and Malaysia, with massive unemployment, a serious housing shortage, and a near-total lack of any natural resources, except its deep-water harbor.
Singapore’s Resource: its People
Singapore’s leader during the final years of its membership of the Malay Federation, Lee Kuan Yew, was not initially in favor of independence, but once Singapore was expelled from Malaysia by the rest of the component states, he set Singapore on a difficult course, albeit one that was widely accepted as necessary by its long-suffering population. One of the keystones of Singapore’s long-term prosperity was its recognition that in the absence of natural resources, its people and reputation were its prime assets. Singapore invested very heavily in education, with Prime Minister Yew stating that he wanted “to develop Singapore’s only available natural resource, its people.” Singapore had inherited an education system built largely by the British colonial authorities, but its government and people decided not to tear it up from the roots and to rebuild from scratch, as some other newly independent nations did, so Singapore’s educational system enjoyed a solid foundation from the get-go. Moreover, with bilingualism enshrining English as a language of instruction, Singapore was well-placed to attract international business while English became even more entrenched as the global language of business. Two of the top 75 global universities are based in Singapore, even though the city-state has a population of only 5 million.
Singaporean Meritocracy
Another recurring theme within Singapore’s political values system is meritocracy: anyone with ability and dedication is encouraged to rise as far as they can within the country’s educational system, thanks to a program of generous scholarships, which are also available to students who wish to study at premier institutions of higher education outside Singapore. Another contribution to the success of Singapore’s education system is an elevated level of respect for professional teachers and educators, and in deed as well as word: teachers’ salaries are above the national median amount. The most talented teachers are promoted quickly. It is also not an accident that the Singaporean education system has typically stressed science, technology, engineering and mathematics as its primary topics, as these are all skills that are in high demand globally and have helped make the Singaporean workforce one of the most highly educated in the world.
Anglo-Saxon Common Law & Political Stability
We’ve already noted how the government of Singapore had no axe to grind about its colonial past and was happy to leave the English language and education system in a place where it could develop organically. No less importantly, the same could be said for the “common law” legal system which was another legacy of British rule. This legal system is typically regarded as business and company-friendly, as well as being very well understood in most of the world’s advanced economies. It has been an aspect of Singapore’s popularity as an offshore financial venue.
The political stability of Singapore is another crucial factor in its success as an offshore center. It might best be characterized as a democracy with an authoritarian streak, although most observers agree it is becoming less authoritarian and more democratic. In any case, the stability and continuity has allowed companies to feel very comfortable about locating there and planning for a long-term future. Singapore also has an unusually “clean” reputation, with its government placing a strong emphasis on taking ruthless measures against any hint of corruption, although critics have alleged that the country is run by a de-facto political cartel which takes major decisions in an opaque manner.
Forex Brokers in Singapore
With a high percentage of educated citizens and a stable, reliable government, it is easy to see why Forex traders have high confidence in relying upon banking regulation in Singapore – after all, large investors and banks do, so why shouldn’t the retail sector too?
As at the time of writing, there are currently nine retail Forex brokers authorized by the Singapore Monetary Authority based in Singapore. In alphabetical order, they are:
CMC Markets Singapore Pte. Ltd.
IG Markets Singapore
KGI World
Maybank Kim Eng Securities Pte. Ltd.
OANDA Singapore
OCBC Securities Private Limited
Phillip Futures Singapore
Saxo Capital Markets Singapore
UTRADE FX
You can be sure they are all well-regulated by the Monetary Authority of Singapore. Some of these brokerages (such as IG Markets and CMC Markets) are large, global brokers that happen to maintain regulation in Singapore in order to better serve the local population. Others, such as OCBC Securities Private Limited are smaller, primarily local brokerages that focus mostly, if not exclusively, on serving Singapore’s traders. Both global and local Forex brokers in Singapore have their advantages and disadvantages depending upon what you are looking for. There are also many other brokers regulated outside of Singapore that serve the country’s traders which may be good options for some Singapore Forex traders depending on their specific needs.
Source
Forex Trading in Singapore | Trading Forex
Singapore has a well-established, if not especially long, history as a solid offshore financial center. For a long time, it has been the largest Forex trading center by volume in the entire Asia-Pacific region, and according to the Monetary Authority of Singapore, it is the third largest such center in the world, after London and New York. It is widely considered to be well regulated, by the Singapore Monetary Authority.
An Independent City-State
A look at Singapore’s history as a nation gives plenty of clues as to how it arrived at such a strong position. Ruled by Britain as a colony from 1826 to 1963, and suffering a very harsh Japanese occupation from 1942 to 1945, Singapore gained independence as part of Malaysia in 1963. A mostly Chinese island a midst a Malay and Muslim majority, strong political differences led quickly to turmoil, armed intervention by neighboring Indonesia, political strife, rocketing food prices, and race riots, culminating in the expulsion of Singapore from Malaysia in 1965. The newly independent nation found itself in a very difficult position: a small ethnic and religious minority sandwiched between potentially hostile Indonesia and Malaysia, with massive unemployment, a serious housing shortage, and a near-total lack of any natural resources, except its deep-water harbor.
Singapore’s Resource: its People
Singapore’s leader during the final years of its membership of the Malay Federation, Lee Kuan Yew, was not initially in favor of independence, but once Singapore was expelled from Malaysia by the rest of the component states, he set Singapore on a difficult course, albeit one that was widely accepted as necessary by its long-suffering population. One of the keystones of Singapore’s long-term prosperity was its recognition that in the absence of natural resources, its people and reputation were its prime assets. Singapore invested very heavily in education, with Prime Minister Yew stating that he wanted “to develop Singapore’s only available natural resource, its people.” Singapore had inherited an education system built largely by the British colonial authorities, but its government and people decided not to tear it up from the roots and to rebuild from scratch, as some other newly independent nations did, so Singapore’s educational system enjoyed a solid foundation from the get-go. Moreover, with bilingualism enshrining English as a language of instruction, Singapore was well-placed to attract international business while English became even more entrenched as the global language of business. Two of the top 75 global universities are based in Singapore, even though the city-state has a population of only 5 million.
Singaporean Meritocracy
Another recurring theme within Singapore’s political values system is meritocracy: anyone with ability and dedication is encouraged to rise as far as they can within the country’s educational system, thanks to a program of generous scholarships, which are also available to students who wish to study at premier institutions of higher education outside Singapore. Another contribution to the success of Singapore’s education system is an elevated level of respect for professional teachers and educators, and in deed as well as word: teachers’ salaries are above the national median amount. The most talented teachers are promoted quickly. It is also not an accident that the Singaporean education system has typically stressed science, technology, engineering and mathematics as its primary topics, as these are all skills that are in high demand globally and have helped make the Singaporean workforce one of the most highly educated in the world.
Anglo-Saxon Common Law & Political Stability
We’ve already noted how the government of Singapore had no axe to grind about its colonial past and was happy to leave the English language and education system in a place where it could develop organically. No less importantly, the same could be said for the “common law” legal system which was another legacy of British rule. This legal system is typically regarded as business and company-friendly, as well as being very well understood in most of the world’s advanced economies. It has been an aspect of Singapore’s popularity as an offshore financial venue.
The political stability of Singapore is another crucial factor in its success as an offshore center. It might best be characterized as a democracy with an authoritarian streak, although most observers agree it is becoming less authoritarian and more democratic. In any case, the stability and continuity has allowed companies to feel very comfortable about locating there and planning for a long-term future. Singapore also has an unusually “clean” reputation, with its government placing a strong emphasis on taking ruthless measures against any hint of corruption, although critics have alleged that the country is run by a de-facto political cartel which takes major decisions in an opaque manner.
Forex Brokers in Singapore
With a high percentage of educated citizens and a stable, reliable government, it is easy to see why Forex traders have high confidence in relying upon banking regulation in Singapore – after all, large investors and banks do, so why shouldn’t the retail sector too?
As at the time of writing, there are currently nine retail Forex brokers authorized by the Singapore Monetary Authority based in Singapore. In alphabetical order, they are:
CMC Markets Singapore Pte. Ltd.
IG Markets Singapore
KGI World
Maybank Kim Eng Securities Pte. Ltd.
OANDA Singapore
OCBC Securities Private Limited
Phillip Futures Singapore
Saxo Capital Markets Singapore
UTRADE FX
You can be sure they are all well-regulated by the Monetary Authority of Singapore. Some of these brokerages (such as IG Markets and CMC Markets) are large, global brokers that happen to maintain regulation in Singapore in order to better serve the local population. Others, such as OCBC Securities Private Limited are smaller, primarily local brokerages that focus mostly, if not exclusively, on serving Singapore’s traders. Both global and local Forex brokers in Singapore have their advantages and disadvantages depending upon what you are looking for. There are also many other brokers regulated outside of Singapore that serve the country’s traders which may be good options for some Singapore Forex traders depending on their specific needs.
Source
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