Indeed, high risk can yield lucrative returns, but that doesn't mean you have to take on all risks to achieve substantial gains. You can make it safer by opting for a reliable and trustworthy broker. If you're a trader in Singapore, are there any specific criteria to consider?

You'll need a broker that offers a wide range of trading platforms and software to choose from, with low commissions or spreads and multiple account types available. Additionally, they should be regulated by the Monetary Authority of Singapore (MAS). While the region doesn't prohibit trading with overseas forex brokers, it's preferable to trade with brokers regulated by local jurisdiction or at least those with branches established in Singapore.

However, residents of Singapore can use offshore brokers not regulated by MAS, free from legal constraints. Nevertheless, they still need to prioritize safety and security when choosing a forex broker, whether domestic or foreign. As long as brokers are obligated to adhere to strict operational and capital adequacy standards, they can be utilized.

FP Markets

FP Markets offers traders the opportunity to trade on platforms such as IRESS, MT4, MT5, and webtrader, with a minimum deposit of $100 and leverage of 1:500. Besides forex, they also allow bitcoin trading. This forex broker has been in operation since 2005 and is regulated by ASIC and CySEC.

Exness

Exness offers various account types for trading through the MT4 and MT5 platforms, with minimum deposits starting from just 1 US dollar. The broker provides unique opportunities for trading with leverage of up to 1:2000 and is regulated by CySEC, FCA, and FSA.

OANDA

Founded in 1996 by Dr. Richard Olsen and Dr. Michael Stumm, OANDA has since grown in scale and is now registered in multiple top-tier jurisdictions, currently regulated by MAS. OANDA has no minimum deposit requirement, offers leverage of up to 1:100, and provides platforms including MT4 and OANDA fxTrade.

Plus500

Operating under MAS regulation since 2008, Plus500 has a local branch on Temasek Boulevard in Singapore. This Israeli company also engages in cryptocurrency trading, offering leverage of 1:30 and a minimum deposit of 100 US dollars.

eToro

Operating under platforms such as cTrader, Currenex, and eToro, formerly known as RetailFX, eToro requires a minimum deposit of 200 US dollars with a leverage of 1:30. It provides the Openbook social trading platform for sharing and understanding trading knowledge with other traders. eToro is regulated by the US Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and other entities.

FXTM

FXTM, or ForexTime, provides forex and contract for difference (CFD) trading through the MT4 and MT5 platforms. Traders can start with a minimum deposit of 10 US dollars and leverage of 1:30. The company is regulated by CySEC, FCA, and FSC.

OctaFX

This forex broker, regulated by CySEC, has been using cTrader, MT4, and MT5 as its platforms for many years. The minimum deposit is 100 US dollars, with leverage of 1:500, and it also offers trading in indices, metals, and cryptocurrencies.

Vantage

Vantage requires a minimum deposit of 200 US dollars with leverage of 1:500. Established in 2009, this forex broker regulated by ASIC offers trading opportunities on MT4, MT5, and Webtrader platforms, along with multiple social trading platforms such as Zulutrade and Myfxbook.

BDSwiss

BDSwiss offers proprietary platforms as well as MT4 and MT5, with a minimum deposit requirement of 100 US dollars and leverage of 1:500. It provides educational materials through real-time analysis, webinars, and seminars, regulated by the Seychelles FSA.

Moneta Markets

Moneta Markets has its proprietary platform with a minimum deposit of 200 US dollars and leverage of 1:500. Established in 2019 and regulated by CIMA, this broker offers over 300 CFD instruments including cryptocurrencies, indices, commodities, and forex.

Singapore Forex Trading

If you're a newcomer to forex trading in Singapore, it's important to understand the ease of entry, who the primary regulators are, and the potential benefits of forex trading.

With nearly 5.5 million people and a highly educated citizenry, Singapore boasts a vibrant forex trading community consisting of over 50,000 active retail forex traders. The country offers convenient market trading hours, high liquidity, a wide range of currency pairs, and leverage options, enhancing potential profits in volatile markets.

Additionally, retail forex traders in Singapore enjoy the benefit of tax-free trading, making it an attractive destination for forex trading and investment, supported by its robust economy and global connections.

Unlike neighboring countries, Singapore lacks currency control measures restricting local citizens from trading currency pairs involving the Singapore dollar. The country's stable economy, sound banking infrastructure, and strong credit ratings contribute to the stability of the Singapore dollar in volatile forex markets.

While many forex brokers serve residents of Singapore, only 39 are registered with the local regulatory authority, the Monetary Authority of Singapore (MAS), which functions both as Singapore's regulatory authority and central bank.

Supported by the government's encouragement of innovation, forex traders in Singapore also have the opportunity to trade cryptocurrencies, a feature that sets it apart from many neighboring countries with restrictive measures in place.