If you're looking to trade binary options Singapore is a great place to start your trading journey and you probably have many questions, not least of which will be, which broker should you choose? Well, as awareness of binary options grows more and more brokers are offering their services to Singaporeans, whether you want to trade at home or on the move via mobile or tablet devices, it's not a problem.
With our expert research, reviews and recommendation of only the best binary options brokers you know when we put our name to a broker you will be choosing with confidence and safety, ensuring that your experience of binary options trading is a great one. Read on to find our recommended broker sites to place your trades at.
If you're looking to trade whilst living in Singapore read this guide to discover: This lack of regulated native brokers is good news for international brokers who are always looking to break into new markets and extend their reach. However, when it comes to local binary trading Singapore has a few risks that you need to be fully aware of. There is only one regulated and recommended broker that is local based and if there is only one regulated you can be sure that there are many more that are operating unregulated, in this case your money is most definitely at risk.
The top international brokers must be licensed and regulated to trade in their own countries so they are much safer to invest your money with.
Whilst you may prefer the idea of trading with a local business, in your local language the best offshore brokers even go so far as to offering translation services on their sites to languages like Malay and Mandarin. Most Singaporeans actually prefer to trade in a foreign currency making offshore brokers an attractive prospect.
Up until recently it was only legal to trade binary options in 6 districts of Singapore. Now that has been extended to the entire state. Regulation is overseen by the Monetary Authority of Singapore but there is a very apparent lack of regulated brokers. It is still a tricky industry to regulate in many countries as it is still very much an unknown quantity.
Largely the binary options industry across Asia is regulated by each country's national bank. It happens to be the Monetary Authority of Singapore who have imposed sanctions on unregulated brokers but like anything when something is new and unknown there are those that get in early doors and try to make a quick buck.
This is usually at the expense of the trader who invests their money in good faith never to see it again.
Whilst it is not illegal to trade it is illegal for an unregulated broker to offer services.
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The good news is that it is entirely legal for offshore brokers to offer their services to Singaporeans and many of the top international brokers have taken the opportunity to make their websites accessible and easy to use for many across the world.
As binary options become more popular and more widely recognised the regulation will improve which will make room for new native brokers to enter the market place but in the meantime there are a whole host of offshore brokers to choose from.
Like any country Singapore will have tax laws and regulations however any profits made from financial instruments such as binary options trading or forex trading are not classed as income they are classed as personal investment and fall into the capital gains bracket. That said you should always check with your accountant or other financial expert to ensure that these rules do apply to you as rules and regulations are subject to change and can depend on personal circumstances. Alongside taxes the other thing to consider is any fees that arise from binary options trading.
As most brokers are offshore there will need to be a consideration as to whether trading in a foreign currency will have an impact on you when you withdraw funds and the currency is converted back. Is there a conversion fee charged by your bank or credit card?
If you are going to be using a payment method like an e-wallet then you need to check if they will take a percentage or if they charge a fee per transaction. If they charge a fee per transaction then you will need to consider how many transactions you make and not withdraw every time you complete a successful trade.
Every broker that we put our name to has been extensively researched by our team of experienced experts. From the bonuses and demo accounts that they offer to the user experience on mobile devices, we check every aspect of trading to ensure that we only bring you the very best.
We score each broker in each area so that you can see which brokers offer what you are looking for. We have vetted hundreds of brokers from across the world on our journey and only share those that are regulated, licensed and operating under the terms of their licensing. We look at what they have to offer to you as traders and how they differ from the competition and our scores reflect this.
If your criteria are a little more select and you want to choose a broker based on the pay out or the welcome bonus then equally we will be able to show you those that match your requirements. One thing is for sure, if you are looking for the best binary options Singapore has to offer we have a broker that will fit your needs and we are able to help. Our job is to help you make the most of your trading experience ensuring that you trade safely and that the experience is an enjoyable one.
Where once binary options trading was only legal in six states of now it is legal and regulated in all 10 districts. The industry is regulated by the Monetary Authority of Singapore but there is only one regulated local based broker. It is perfectly legal to trade with offshore brokers so many of the best international brokers offer their services to Singapore traders. The profits from binary options trading are classed as personal investment and therefore capital gains not income.
Because of this it is not subject to income tax. We do however recommend you do check that there are no exclusions or restrictions and that there are no taxes that apply to offshore trading. As with any taxes all relevant income needs to be declared where applicable. Many offshore brokers offer certain incentives to attract new customers.
Some of them may offer attractive welcome bonuses whilst others offer demo accounts with no deposit required. It is worth looking at what is available that fits your criteria.
We recommend brokers based on what they have to offer, simply conduct a search based on those that offer no deposit demo accounts and see for yourself. How are you intending to deposit funds? Are you going to use a credit or debit card, wire transfer, e-wallet or other method?
Making a deposit with any broker should be a straight forward process unless you are using something like wire transfer which will mean you must wait until the funds are cleared before you start trading. When it comes to withdrawing funds you will need to confirm your identity for fraud purposes.
Also consider that most brokers have a business day turnaround for withdrawals made. In this modern day world of technology no broker can offer on the go trading without a decent mobile website or app.
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Many brokers offer apps on both Android and iOS as well as having a mobile responsive website. Unless you are going to be sat behind a laptop or PC all day you really need to be able to trade on the go.
The financial products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose. Check out the 1 rated broker of Your capital may be at risk Risk Warning: Name Direction Asset Profit. Visit Our Top Rated Broker And Start Trading. South Africa India Indonesia Philippines Singapore Thailand Russia United Kingdom Canada United States Brazil Australia.
FAQ Is binary trading in Singapore legal and safe?
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