How do I open a Singapore Forex Trading Account?
I am interested to start an account in Singapore for Forex Trading. However, there are many things which I do not understand.
When I register an account with SaxoBank SG for example, I will make the necessary application procedures… But how do I actually transfer the real money to my account if I win money?
Does that mean that they will need my private bank account number? So that when I earn money from my Forex Trading Account, they can send my profits to me?
Another question: Besides Saxo Bank SG, which platform is reliable and safe for me to start my Singapore forex trading account?
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During registration with any chosen company, they will explain to you how the procedures work! For the company i’m using provide options of either cheque deposit or electronic banking to their account. And if you are making profit from your account, just email them through the system provided by them and it will transfer to your account within a week.
Let’s say if you are uncomfortable with exposure of your personal bank account numbers, you can always open a new bank account with a minimum deposit for purpose of forex transaction and transfer those profit to your personal account.
As for whatever company you choose, will depend on whether do they provide a good back-up services, a reliable and easy-to-use platform. Personally, i had tried a well established Singapore company, but their back-up services and platform had totally disappointed me. I’m not in a position to comment on Saxobank, as i have not try them. But IG Market, a London based company, really impressed me!
Lastly, before you decided to open an account, try trade with demo account! There are a lot of books in the market provide some useful tips on forex trading. Basically, you need to start with basic understanding of using technical analysis before you know how to use and set-up the platform. Enjoy trading!
There are many brokers you can use. I would recommend making sure that the broker you use is not a market maker as their interest will probably not be the same as yours.
A few rules to follow to make sure you don’t lose too much in the beginning especially is not to leverage too much (even if the broker lets you use very high leverage) and to be very disciplined in your trading approach.
Good brokers will often times have someone on staff to help answer some of your questions regarding the markets. Make sure you educate yourself as much as possible.
Make sure you understand all of their fees and interest rates before you open a forex trading account. In addition, it’s important you clearly understand the margin requirements – be careful, some brokers have different margin requirements for the weekends, something which can lead to large losses if you are not aware of it.