Forex trading are getting popular in Singapore. I noticed a surge in various media advertising on learning to trade forex. To begin trading, you would need to have an account. So let's consider what are some of the things to look out for when opening a live forex trading account.
- Get a forex broker located in Singapore, so that it is regulated by MAS and the amount deposited is insured.
- It should not impose any additional charges beside the spread, since you are buying and selling on your own. The spread has already factor in the fee.
- Ensure that the rollover interest rate is based on central bank rate. This is to prevent fluctuation/ manipulation of rate.
- It is better if account can de denominated in SGD, as SGD is still considered a stronger currency. But usually it is denominated in USD.
- It has the option for standard, mini and micro lots. Some firms will provide half a mini lot.
- Check the level of leverage and margin requirements of the firms.
- Check is your trade filled at the price you asked for.
- Firms may offer fixed or tight spread. If you are scapling, then select one that provide tight spread.
- Most firms provide demo accounts. Open demo accounts of various firms to try out their trading platforms before deciding on a particular firm to park your money.
- Check with people who are into forex trading for valuable feedback on how certain trading platforms are performng.
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