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Singapore and Foreign Exchange

  • #21
  • Nov 29, 2007 9:10am Nov 29, 2007 9:10am
I just got back from a trip to Singapore. I can vouch for pretty much everything that has been said in the thread so far. It is very clean, very comfortable, and very strict.

Get this: a taxi driver accidentally made a wrong turn so my trip ended up being a bit longer. He actually volounteered to give me a discount on the metered rate because of this... Maybe you Singaporeans wouldn't be surprised by that, but I was.

Oh yeah, and the food was wikid.

Cheers to Singapore. I'll be back.
  • #22
  • Edited 4:57pm Nov 29, 2007 9:10am | Edited 4:57pm
Quoting jzh
Actually till date i am still searching for a good broker... Went through at least 15 brokers already.. Everytime when i am 80% confirmed that i am going to choose a broker, something like stop hunting, scam and etc make me change my mind.. Which is why i am looking at fellow singaporean to give me an idea.
Hi jzh, a few of us trade using sgp bkrs and US bkrs. Sgp 1s are saxocap, cmcmarkets and the bigger 1 in sgp is mfglobal which is known as refco last time. I've used cmc and they are ok. One of our ff friend, "undisclosed name" uses mfglobal and the spread rocks.

Acc deposit for cmc, saxo and mfglobal are 1k, 3k and 10k. (SGD) Forgotten about philip sec, yah, they're trying to grab the pie as well, can you imagine, last year their spread was like more than 4 for Eur/Usd with commission ($6 or what)... adds up to around 10+ spread, making it only sensible to trade standard lots.

I think i hear from some before that the operations are overseas for sgp mini-fx, only the sales office with a dealing team is in sgp. We do not have brks with MT4 platform yet, sigh.

To qualify to be IB, either you're a company with license (1 of the directors must have mentioned certs, or an individual needs M1, M2, M5, M6. Should be M1b, will confirm.

And jzh, give them a call, your acc should be ready within 3 days (mine was).
Still waters run deep
  • #23
  • Nov 29, 2007 9:17am Nov 29, 2007 9:17am
Quoting barak
Hi jzh, a few of us trade using sgp bkrs and US bkrs. Sgp 1s are saxocap, cmcmarkets and the bigger 1 in sgp is mfglobal which is known as refco last time. I'm have used cmc and they are ok. One of our ff friend, "undisclosed name" uses mfglobal and the spread rocks.
Hi barak,

I cannot reply your pm because i havent reached the 15 minimum posts yet. Anyway i am just a small trader, those brokers that are based in sg were required by MAS to make sure their trader have a combine saving and annual income of 100k to start account with them. Correct me if i am wrong, i hope i am wrong because i do not have that amount of money yet, maybe if they are willing to let me start i might have that amount of money soon, lol(day dreaming)!
  • #24
  • Nov 29, 2007 9:25am Nov 29, 2007 9:25am
Quoting fierceman
I just got back from a trip to Singapore. I can vouch for pretty much everything that has been said in the thread so far. It is very clean, very comfortable, and very strict.

Get this: a taxi driver accidentally made a wrong turn so my trip ended up being a bit longer. He actually volounteered to give me a discount on the metered rate because of this... Maybe you Singaporeans wouldn't be surprised by that, but I was.

Oh yeah, and the food was wikid.

Cheers to Singapore. I'll be back.
Hey fierceman! You are right for about the food and cleanliness here, but for taxi driver you havent meet a lousy driver yet. There was once i took this cab after work, i was very tired so i fell asleep and the taxi driver took me for sightseeing.....zzzzzz The cab fare double from my normal fare, i questioned the driver and he still got the gut to tell me he did went by the shortest route. It was only after i told him "no problem uncle i will pay you, but please give me a receipt and i will do a check with your company regarding this matter" then he asked me to quote my price.. hahaha
  • #25
  • Nov 29, 2007 8:26pm Nov 29, 2007 8:26pm
How about tax? especially if we trade currency.
Anyone know about this?
These all are about 3's & 5's
  • #26
  • Nov 29, 2007 8:31pm Nov 29, 2007 8:31pm
Quoting bohebolo
How about tax? especially if we trade currency.
Anyone know about this?
Investment returns are tax free as sgporeans.
Still waters run deep
  • #27
  • May 13, 2008 5:27am May 13, 2008 5:27am
What're your views on the following subjects?

1) If Youth Olympics not handling out medals and records not officially recognised.

2) Higher cost of living. Inflation surged from 1.5%pa to 8 or 9%pa.

3) Casino . Good and bad of course.

4) Formula 1 Night race in SGP!!!

5) 2nd CBD in Jurong. Those staying near really kio tio (lucky). Land appreciation.

6) iPhone coming to Singapore. No need to buy those "cracked" phones for use.
Still waters run deep
  • #28
  • May 13, 2008 6:09am May 13, 2008 6:09am
Quoting jzh
Actually till date i am still searching for a good broker... Went through at least 15 brokers already.. Everytime when i am 80% confirmed that i am going to choose a broker, something like stop hunting, scam and etc make me change my mind.. Which is why i am looking at fellow singaporean to give me an idea.

I am a small trader, what Oanda are offering does not suit me. Firstly, is their leveage (1:50) i need to have at least 1:100. Secondly, funding the account by TT will kill me in a long run too. Lastly i heard they are one of the big brothers in the "Stop hunting Club". Other than that platform and spread were superb!
well im using Oanda as well but i have to say leverage is a double edged sword, burned my last account with FXCM two years ago due to overleverage using a small sum of money. Most importantly Oanda low spread cut cost too
  • #29
  • May 23, 2008 5:36pm May 23, 2008 5:36pm
Eh ? Never knew this thread exist !!

Hello everyone
  • #30
  • May 23, 2008 10:40pm May 23, 2008 10:40pm
Quoting jest1081
Theres also Refco Manfinancial, they run currenex.
So far the best bet
Jest,which broker are you using?

Zu
  • #31
  • May 24, 2008 2:38am May 24, 2008 2:38am
Singapore is a fantastic place with very tight regulations, great business ethics and intelligent workforce. Been thee a couple of times. I like to stop over when I am in the region.

The amazing part is that you find there all diff ethnic & religious groups living peacefully next door to one another. Also, they are the only country I have ever heard of being proud of being ex-British colony. Most ex-colonies remind us how they were opressed & exploited by the imperialists.

There is only one down-side. One cannot buy/sell chewing gum(?) I was told it was against the law(!) Well, that demonstrates the level of parental control, but if that's what it takes to build a financial powerhouse/hub in Asia, I gladly comply :-)

Someone compared Singapore to Switzerland. Well, I understand that SG has adopted many CH laws and practices, e.g. customer confidentality. Also, in terms of the vote of confidence, UBS have opened there a university, pumping-out approx 2,000 graduates for their own consumption across Asia :-)

Now, we just need an ECN broker based in SG, and one day providing MT4 interface...
  • #32
  • May 24, 2008 4:12am May 24, 2008 4:12am
it is good to see, lots of guy fr singapore <aka> sillypool!!
  • #33
  • May 25, 2008 7:36am May 25, 2008 7:36am
Yes, Singapore gained alot of talents every years from near-by country every years especially from Malaysia.


Alot of Malaysian Top brains are in Singapore.
  • #34
  • May 25, 2008 8:31am May 25, 2008 8:31am
  •  kosh
  • | Joined Jan 2008 | Status: i love my pippy bank growing | 42 Posts
Just popping by to say hi to my country mates
  • #35
  • May 25, 2008 12:36pm May 25, 2008 12:36pm
The USD/SGD is still one of the best trends in all of the FX market, just as it was when the thread was created. After CAD, AUD, CHF all hit 1.0000 with the USD, perhaps SGD will be next?

How about 2010?

If not, at least there will be a reversal trend to trade.
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The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #36
  • Sep 18, 2008 9:20am Sep 18, 2008 9:20am
Bonjour! Hows everyone doing? still alive and kicking?
  • #37
  • Sep 18, 2008 9:27am Sep 18, 2008 9:27am
am here..
We have more n more sg members here..

Sonic
  • #38
  • Sep 18, 2008 3:22pm Sep 18, 2008 3:22pm
Yep Sg so small but our footprints are everywhere.

But Sg brokerage industry needs some serious competition to shape up man.

Not forgetting there is SMX, the future sure looks good.
  • #39
  • Sep 19, 2008 12:13pm Sep 19, 2008 12:13pm
Quoting aiyahmarklah
Yep Sg so small but our footprints are everywhere.

But Sg brokerage industry needs some serious competition to shape up man.

Not forgetting there is SMX, the future sure looks good.

I second to that we need more brokerage company here man! i really dont like the idea of NTUC concept in forex too.. haha! Which broker you guys are using?
  • #40
  • Sep 21, 2008 6:23pm Sep 21, 2008 6:23pm
Quoting jzh
I second to that we need more brokerage company here man! i really dont like the idea of NTUC concept in forex too.. haha! Which broker you guys are using?
But we got problem maintaining 2 TV stations leh, in the end also merge.

Of course on the flip side, hopefully got Sheng Siong and Giant type of broker coming in lor.

I use Hotspot and MBT.
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