The Monetary Authority of Singapore is responsible for the regulation of the Singaporean financial markets, including MAS Regulated Forex Brokers. In Singapore, if a broker is looking to set up a business then they need to be in possession of a Capital Markets Service License, as issued by the MAS.
After New York and London, Singapore comes in at third place for being one of the largest Forex centers globally, and the biggest in its region. It is no surprise that many of Singapore’s people are looking to trade Forex to make investments. There are other reasons too, such as a booming economy with a climate that’s excellent for business at present. If you’re looking to invest in Singapore, read on to find about brokers in Singapore and how best to protect your investment.
MAS Regulated Forex Brokers List
MAS, JFSA, DIFC
Why choose a MAS regulated broker?
This is important. Trading Forex is risky enough on its own without having the additional worry of choosing a broker that is not regulated. Brokers that have been regulated by the MAS will have their customers’ interests at the forefront of their mind with rules to safeguard client interests. For example, they insist that there are segregated accounts to keep business and client funds separate. This means that if the broker goes bankrupt, a customer can still withdraw their money.
MAS Regulated Forex brokers also have to have professional people within their company and they are also required to disclose any information relating to their investment products that are recommended to their customers.
If you make the decision to opt for an unregulated broker, you run the risk of having a lower level of protection in comparison. This is especially true if the broker is based overseas.
MoneySENSE began in 2003 and aims to help consumers to become more self-reliant financially. MoneySENSE issues consumer alerts on a frequent basis, including those highlight the risks of using unregulated brokers. One type of alert occurs when it learns of unregulated brokers posing as MAS-regulated brokers, with fake licensing. Sometimes, the unregulated brokers are sneaky and use similar names to the regulated ones, so MoneySENSE’s alerts can help consumers to tell the difference.
Complaints against MAS brokers
MAS Regulated Forex Brokers also have to deal with complaints effectively and promptly – another advantage of choosing the regulated broker.
The MAS seems to be focused on consumer interest, showing itself to be mindful of international options on regulation. There do exist regulators that are more reputable, but there are also those who have a much worse reputation too!