Are you new to Singapore and looking for tips on trading in Singapore? Do you want to know what the industry is like before committing yourself? There are many considerations when it comes to trading, but this blog post will focus on some of the most important ones.
Here are few things that every trader should know about:
Tip #1: Be Aware of Regulations
The first thing every trader should know about Singapore is that the rules and regulations can be quite complex. You need to make sure you are abiding by them or expect some trouble.
There are many laws surrounding foreign exchange trading, which include: Foreign Exchange Administration Act (FEAA), Banking Amendment (New Arrangements to Borrow) Regulation 2012; Financial Markets Conduct Rules 2014; Commodities Trading Act 1948; etc.
Always be aware of these when conducting business here!
Tip #2: What Does Your Broker Need From You?
What does your broker need from you in order for all the paperwork to go through? Well, first of all you should have a Singaporean bank account because most brokers won’t accept foreign ones.
This means that your broker will need your bank account number and a scan of the front page of your NRIC.
In conclusion, there are a lot of things to consider when it comes to trading, but these 11 tips should get you started.