I noticed that recently the amount of Forex trading schools and academies has grew in Singapore as everyone wants to participate in this market and earn extra income. More and more new Singapore Forex traders are opening trading accounts with the brokers and start trading every day. So I ask myself, why Forex has become so popular in Singapore?
After checking around and asking some new traders, I came to some conclusion:
FOREX became popular in Singapore due to a couple of reasons reasons, most importantly, that it everyone can open a trading account and has an opportunity to make money. There is a common belief about the possibility to earn a lot of money in the Forex market and quickly, and this idea comes both from advertising and from the those who are already trading. Note that if the advertisement does not clearly show the ability to generate high income, but local forums, facebook groups and the traders community in general speaks about it a lot.
The other reasons of popularity of Forex in Singapore are:
1. A very active promotional activities of various Forex brokers try to attract potential clients to trade on FOREX. It is worth mentioning that most of the brokers that work in Singapore are not legitimate, not regulated and mislead the traders.
2. Extremely low margin requirements and minimum fees. Although it looks like an advantage of the Forex market, Also it contributes to the popularization of FOREX there is a theoretical possibility of high profits for sufficiently small initial investment, which attracts so many Singaporians.
3. It seams easy to analyse and predict the price movement in the future.
4. Trading in the Forex market gives a great feeling of being a part of the biggest virtual market in the world.
5. As the popularity of the global financial markets is growing in general therefore Forex gets the attention of Singapore Forex traders during the last few years. That is because Forex is constantly in the news and today many people are familiar with Dow Jones and NASDAQ.
After checking around and asking some new traders, I came to some conclusion:
FOREX became popular in Singapore due to a couple of reasons reasons, most importantly, that it everyone can open a trading account and has an opportunity to make money. There is a common belief about the possibility to earn a lot of money in the Forex market and quickly, and this idea comes both from advertising and from the those who are already trading. Note that if the advertisement does not clearly show the ability to generate high income, but local forums, facebook groups and the traders community in general speaks about it a lot.
The other reasons of popularity of Forex in Singapore are:
1. A very active promotional activities of various Forex brokers try to attract potential clients to trade on FOREX. It is worth mentioning that most of the brokers that work in Singapore are not legitimate, not regulated and mislead the traders.
2. Extremely low margin requirements and minimum fees. Although it looks like an advantage of the Forex market, Also it contributes to the popularization of FOREX there is a theoretical possibility of high profits for sufficiently small initial investment, which attracts so many Singaporians.
3. It seams easy to analyse and predict the price movement in the future.
4. Trading in the Forex market gives a great feeling of being a part of the biggest virtual market in the world.
5. As the popularity of the global financial markets is growing in general therefore Forex gets the attention of Singapore Forex traders during the last few years. That is because Forex is constantly in the news and today many people are familiar with Dow Jones and NASDAQ.
