Forex Trading Singapore? Is it legal, and is it safe?
More and more people are getting to know about Forex or the Foreign Exchange Market because it is globalized and popular. Many have seen a high trading rate in Singapore as well.
But one may wonder about the legalities of Forex Trading Singapore. So let’s take a quick look at it.
What is Forex?
Forex is also known as Foreign Exchange Market, is buying or selling of currency to make a profit. Therefore, there is a constant fluctuation in the market and rates, leading to the rise and fall and profit and loss.
Are Foreign Exchange Markets Legal in Singapore?
Yes, foreign policy markets and trading is very much legal in Singapore. However, all the finance-related work, for example, stocks, insurance, and trading, are regulated by the Monetary Authority of Singapore(MAS), which acts as a central regulatory bank.
Though trading and investment are welcomed with open arms in Singapore, various rules and regulations direct these to protect the people from scams and fraud.
Forex trading highly depends on the type of broker one chooses. And MAS license these brokers to keep in check with the wrongdoings and protect traders. Hence it’s always important to check the license of the broker in Singapore.
Is forex trading safe in Singapore?
There are inevitable profits and losses in trading, so if one removes that aspect, then forex trading is safe considering the rules and regulations that control it.