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In Singapore, the responsibility of regulating forex brokers, and other financial institutions, falls into the hands of the Monetary Authority of Singapore or MAS. Prior to MAS, the job of regulating and supervising the financial sector fell into the hands of several government departments, yet as the development of modern banking and the increased importance of shares in businesses skyrocketed, the departments started showing cracks in their management, thus creating a need for a centralized government-led organization. In 1971 MAS was introduced, and has been serving the Singaporean financial sector, including forex, ever since.
MAS acts sort of like the country’s central bank; managing the foreign reserve, promoting Singapore as a financial center on a global scale (which it totally is), and of course regulating and keeping up with forex brokers. The watchdog has to license, introduce guidelines which all brokers must follow, and supervise said brokerage firms in order to maintain the status of Singapore as a progressive landscape for financial institutions, both local and international.
One of the main duties of MAS regulated brokers is to put the security and safety of customers as their number one priority, an example of which is the requirement to put all client funds into segregated bank accounts. Furthermore, MAS oversees that brokers offering unfavorable trading conditions meet the necessary disciplinary repercussions. Last but not least it is important to note that the leverage in Singapore is capped at 1:20.
Singapore Forex News
Singapore is seeing an increase in online scams over the last couple of years, with the numbers of victims not showing any
Retail traders in the city-state nation of Singapore will have to abide by a new forex leverage change that cuts down the