Singapore Broker? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trusted Broker in Singapore? 0 replies

Broker Based in Singapore 13 replies

Any Reliable Broker in Malaysia/Singapore 60 replies

Any Singapore broker using MT4 platform? 22 replies

Singapore Broker Question 1 reply

Singapore Broker?

  • #1
  • First Post: Feb 5, 2007 12:11am Feb 5, 2007 12:11am
is anyone know any Singaporean Broker? do they have any? i know Malaysia government does not allow forex company established locally because government afraid people will sell off their Ringgit massively and ringgit will take a nose dive furthermore. is this true?
  • #2
  • Feb 5, 2007 12:52am Feb 5, 2007 12:52am
The Saxo Bank Group is located in Singapore.(Saxo Capital Markets)
( Although I wanted to trade currency at Saxo Bank, person who lives in Japan cannot open a account. They said "Saxo Bank is not licensed by or registered with the Japanese Financial Supervisory Authority.")
Peace and Happiness through Prosperity (by Konosuke Matsushita)
  • #3
  • Feb 5, 2007 1:22am Feb 5, 2007 1:22am
IG markets, phillip futures, saxobank singapore, and you can trade with banks like UOB and DBS if you want.
  • #4
  • Feb 8, 2007 3:46am Feb 8, 2007 3:46am
Why do you need a S'pore broker ? USA brokers not good enough ?
  • #5
  • Feb 12, 2007 10:47pm Feb 12, 2007 10:47pm
to avoid price delay, pending orders, slow execution..
  • #6
  • Feb 13, 2007 12:02am Feb 13, 2007 12:02am
Quoting haha22
to avoid price delay, pending orders, slow execution..
All those things are almost non-existent when you trade with a reputable overseas broker.
  • #7
  • Feb 19, 2007 5:10pm Feb 19, 2007 5:10pm
Quoting luqmanz
All those things are almost non-existent when you trade with a reputable overseas broker.
Oh ya, it's very much existent, no matter how technologically advance your broker is.
And also Singapore Regulating authority is much more tuffer than NFA or CFTC. (NFA- has become a joke these days).
If you live in singapore, Sing broker is the best option for you. also try Manfinancial-Singapore.
  • #8
  • Feb 20, 2007 1:22am Feb 20, 2007 1:22am
Quoting auslanco
Oh ya, it's very much existent, no matter how technologically advance your broker is.
And also Singapore Regulating authority is much more tuffer than NFA or CFTC. (NFA- has become a joke these days).
If you live in singapore, Sing broker is the best option for you. also try Manfinancial-Singapore.
can you give more info about Singapore Regulating authority?
  • #9
  • Feb 20, 2007 1:57am Feb 20, 2007 1:57am
Have to be 21, maximum leverage is 1:50
  • #10
  • Feb 20, 2007 4:06am Feb 20, 2007 4:06am
Quote
Oh ya, it's very much existent, no matter how technologically advance your broker is.
And also Singapore Regulating authority is much more tuffer than NFA or CFTC. (NFA- has become a joke these days).
If you live in singapore, Sing broker is the best option for you. also try Manfinancial-Singapore.
Any information about how tough the Singapore regulating authority is ? Other than "Have to be 21, maximum leverage is 1:50".
  • #11
  • Feb 20, 2007 5:33am Feb 20, 2007 5:33am
That will be tough if using 1:50

Currently using 1:500

Btw Im from Malaysia.
  • #12
  • Feb 20, 2007 5:50am Feb 20, 2007 5:50am
hi,
use overseas brokers...with internet connnectivity, its much better to use US/UK or Swiss based brokers/ECN....the only drawback is you will lose a little money when you try to fund your overseas account from singapore paying for the TT/paypal charges. But i believe, on the positive note, technically you don't have to declare your overseas fx profits for your singapore taxes.
I'm from singapore too....

Quoting haha22
is anyone know any Singaporean Broker? do they have any? i know Malaysia government does not allow forex company established locally because government afraid people will sell off their Ringgit massively and ringgit will take a nose dive furthermore. is this true?
  • #13
  • Feb 20, 2007 6:29am Feb 20, 2007 6:29am
Hi,

I am based in Malaysia too. The problem is not really with the broker itself, the main one is with the internet provider. Slown to very slown, even sometimes not available at all....
After that, it all depending of your system and your MM, Using a Singaporean broker with 1:50 won't make you a profitable trader, the only good things, if your system or worse your discipline is wrong, is that you will be able to survive a little bit longer, tha's all.

Don't want to look that i am knocking down Malaysia or even Singapore, both great countries, love them but i just wish that it would be a bit more competion in the internet provider business, always good for the customer, lol.

Larry
  • #14
  • Feb 20, 2007 8:14am Feb 20, 2007 8:14am
Quoting auslanco
Oh ya, it's very much existent, no matter how technologically advance your broker is.
HOW BAD is your internet connection to US brokers or any non-Singapore brokers for that matter? I was in Singapore last December and I was still able to trade 3 news without problem; speed of connection was as good (or bad) here in the Philippines.

Curious... Are you by any chance a "Beat the Spike" trader?

Thats the only logical explanation i could think of requiring ultra fast execution.
  • #15
  • Feb 20, 2007 8:16am Feb 20, 2007 8:16am
Quoting JodyOng
Have to be 21, maximum leverage is 1:50
Man Financial Singapore I presume... They also sent me a brochure ... but am not fond of 1:50 and their Currenex demo account wasnt working.
  • #16
  • Feb 20, 2007 8:21am Feb 20, 2007 8:21am
Quoting haha22
i know Malaysia government does not allow forex company established locally because government afraid people will sell off their Ringgit massively and ringgit will take a nose dive furthermore. is this true?
This is true on Governments that manipulates their currency like the Philippines does. They dont want others to control the currency like they wanted it to.

Just think: If they want to profit $1M in a day, all they need is to appreciate the local currency, buy USD and then depreciate the local currency next day.
  • #17
  • Feb 21, 2007 8:18am Feb 21, 2007 8:18am
Quoting BurgerKing
This is true on Governments that manipulates their currency like the Philippines does. They dont want others to control the currency like they wanted it to.

Just think: If they want to profit $1M in a day, all they need is to appreciate the local currency, buy USD and then depreciate the local currency next day.
omg..! thats so true..
  • #18
  • Feb 21, 2007 9:29am Feb 21, 2007 9:29am
Quoting BurgerKing
This is true on Governments that manipulates their currency like the Philippines does. They dont want others to control the currency like they wanted it to.

Just think: If they want to profit $1M in a day, all they need is to appreciate the local currency, buy USD and then depreciate the local currency next day.
wonder why the country on deficit :
  • #19
  • Edited 3:45am Feb 26, 2007 2:59am | Edited 3:45am
As in general Singapore Authorities are much more pro active to customer complaints and they have very strict guidelines on capital markets fraud and mis management. The bottom line is Financial companies based in singapore are doing what ever they can to comply with the Government rules and regulations in place, otherwise they will get kicked out of the country. In some cases there are panalties upto $1 billion dollars and senior executives could get a jail term upto 20 years just for misleading customers. In the US any criminal can get away as long as if he's got a smart lawyer and $$$ to spend.
Im currently trading with FXCM and GFT . I know few people who are based in USA have moved their account to Singapore and they reckon it's clearly evident that Sing brokers go to that extra mile to make sure everything is going smoothly with their customers.
I am based in Australia and I'll be moving my account pretty soon their as well.
  • #20
  • Feb 26, 2007 3:20am Feb 26, 2007 3:20am
Quoting henrycarol
That will be tough if using 1:50

Currently using 1:500

Btw Im from Malaysia.
For a serious trader with a substancial capitol( USD50000+) 50:1 is more than enough. I have been a fulltime trader for the last 2 years and I have doubled my account every 4-6 months with 40:1 leverage. When my account hits $ 1/2million mark in another few months I will reduce my leverage down to 20:1 or may be 10:1.
Good Money Managemenht is the ONLY way to survive and make a living out of forex.
If you are using 500:1 you will be much safer playing casino than trading forex.
0 traders viewing now