How well do you know your forex and CFD provider?

In a country like Singapore, with both unregulated and licensed providers in the industry -
it is important to ensure you do your homework and ask some basic questions before
trusting your money and investments with them.

A few basic questions to ask

  • Are they regulated?
  • What happens to your money if they go bust?
  • Are you able to speak to someone locally?

A few simple rules to follow

  • Look to see if your provider is licensed and regulated. All Singapore based leveraged forex trading and CFD service providers must be licensed by the Monetary Authority of Singapore
  • Unlicensed operators do not have to comply with MAS rules and regulations. This includes not being legally obliged to honour any contracts or claims. Will you feel safe with them knowing you have no protection?
  • Remember the Cyprus banking crisis? Find out where and how exactly your money is kept. An offshore provider may not be required to segregate customer funds from its own, which means counterparty risk is higher. Whereas in Singapore, the MAS requires ongoing monitoring and declaration of counterparty risk exposures.
  • Look for a local phone number or address, so you know you can speak to someone in Singapore. Who can you turn to if something goes wrong overseas?

It is important you only deal with regulated, local companies. Offshore providers may be cheaper in the short term but longer term they could cost you everything.

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