The recent drama with MF Global has left me wondering if my broker is in good financial health and whether they would collapse anytime soon.
I'm currently on the look out for another broker where I can open a 2nd account or in fact, just migrate my current account over.
Now, I'm with Oanda SG.
Although all the brokers in Singapore are regulated by the Monetary Authority of Singapore (MAS) which requires them to seperate their business funds from client's funds. But the recent fiasco with MF Global has firmed up my doubt with this regulation because news headlines over here are looking down as investors have very bleak chance of getting back their money.
I'm still happy with Oanda, I've had no issues withdrawing money and they respect SL/TP. Though the withdrawal process is rather an@l.
I'm currently looking at CMC, IG Markets and Alpari. As for local brokers, I'm looking at UOB, Philips Future or Kim Eng Securities (FXCM shifted their accounts here)
I remember stumbling upon a website that listed each broker's financial healthy and report. Anyone have that? Google-ing hasn't reaped much rewards.
I'm currently on the look out for another broker where I can open a 2nd account or in fact, just migrate my current account over.
Now, I'm with Oanda SG.
Although all the brokers in Singapore are regulated by the Monetary Authority of Singapore (MAS) which requires them to seperate their business funds from client's funds. But the recent fiasco with MF Global has firmed up my doubt with this regulation because news headlines over here are looking down as investors have very bleak chance of getting back their money.
I'm still happy with Oanda, I've had no issues withdrawing money and they respect SL/TP. Though the withdrawal process is rather an@l.
I'm currently looking at CMC, IG Markets and Alpari. As for local brokers, I'm looking at UOB, Philips Future or Kim Eng Securities (FXCM shifted their accounts here)
I remember stumbling upon a website that listed each broker's financial healthy and report. Anyone have that? Google-ing hasn't reaped much rewards.