Singapore, an island city that lies in the Southern part of Malaysia is one of the smallest countries globally. The country is a financial hub complete with a tropical climate. The forex industry in Singapore has been thriving in recent years with many novice traders joining the market. Do you want to join the forex market but don’t know how to go about it?
There are various things you should remember before venturing into forex trading. They include: choosing a broker, evaluating the market, and establishing your trading platform. After mastering these critical components, you’ll have to gain experience by conducting research. Further, you’ll need a demo account from where you can practice and try to enhance your trading skills.
As a new trader, there are various tips which can enhance your trading performance. Here is how you can begin forex trading if you’re a novice forex trader in Singapore.
How to start trading Forex
If you’re planning to start trading in Singapore, you will need internet access, a computer, and a brokerage account. Your computer should be robust enough to simultaneously run multiple programs. This is because you’ll need to open many tabs on your browser as you evaluate the forex market. Remember, you’ll have lots of charts open and you’ll need a stable computer that won’t keep on hanging.
When it comes to opening a brokerage account, you can easily do so with the help of a forex broker. All you need is to place your application whose processing will take approximately two days. Once your account is active, you will be able to make deposits.
How to Select a Broker
There are various factors to look out for when choosing a broker as seen below.
Regulation is one of the most critical factors to consider when it comes to selecting a forex broker. As the forex market grows in Singapore, many forex brokers are hitting the market. You may need to know that not all of these brokers are regulated. This is why you should exercise caution and do your due diligence before choosing a forex broker. If you want to establish whether a forex broker in Singapore is regulated, go to the bottom part of their homepage. Here, you will find their credentials which you should scrutinize.
Regulated brokers always display their license and regulatory body on their platforms. Still, you may want to check whether your potential broker is listed on the regulatory authority within the region. Working with a regulated guarantee that they adhere to industry standards. Further, you can be sure that your deposit is protected.
Every time you place a new trade-in forex trading you’ll need to pay fees via a spread. The spread is the difference between the ask and bid prices of a currency pair. This can be as minimal as 1 point in percentage on major currency pairs. Today, many forex brokers have stringent spreads as a result of increased competition among them.
Customer support is another crucial factor when it comes to forex trading. You want to be sure that the broker offers customer support. This is because you will need all the support you can get to master the art of trading. Reliable brokers will give you different contact details such as email, telephone, an on-site contact form, or live chat. Knowing that you can contact the broker at any time guarantees that your problems will be solved in record time.
Once the broker selection process is complete, you’ll need to fill out a registration form on their website. When your application is finally processed, you’ll be able to deposit money in your trading account and execute your first trade. Remember, don’t begin live trading before you can master your trading skills and strategies. A demo account is something that your broker should offer free of charge.
With the growing forex market in Singapore, you want to understand the basics before venturing in the industry. This will give you exposure and help you know what to do to achieve specific results.