It is possible to trade binary options if you live in Singapore, but it is good if you understand what trading binary options entail in the first place. Binary options trading entails placing trades on currency pairs, and recently on cryptocurrency pairs. You need to have access to a trading platform that a broker provides. For you to use such a platform, you will have to pay the broker a service fee, then you can access the trading pairs and place your trades.
Now that we have an idea of what binary trading entails, we should ascertain the mechanisms involved in doing this business in Singapore. Binary options trading in Singapore is a new venture, but a lot of individuals are taking it up since it requires minimal capital and high returns if you get the drift of it. The venture is not illegal, and neither is it legal as there is no regulatory authority governing the trading of binary pairs in the country. If you have an interest in venturing into this business, here are some of the brokers you can use while living in Singapore.
Brokers Accessible in Singapore
IQ Option
This broker or rather a platform began its operations back in 2012. They offer quite a variety of trading options, including more than 250 assets, which includes currencies, stocks, indices, cryptocurrencies and commodities among others. Traders have access to two types of accounts that include real and VIP. You do not need a lot of starting capital to open an account. With a real account, the minimum deposit is $10, while with a VIP account, the minimum is $3000. VIP accounts have extra perks not accessible to real account holders. These perks include financial market analysis, unlimited trading, and personal account managers. As a trader, you will have to do due diligence before making your decision to trade. You can try with a little amount first to see how it works. IQ Option is regulated by CySEC.
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BinaryCent
This platform has been in operation since 2017 and is regulated by VSFC. This platform is not for beginners, so if you are just starting, you better consider using a different platform. This platform lacks trading signals, that are vital in making trading predictions. They also do not provide any trading resources or information to guide you in your trades, so you will have to carry out extensive research online and offline to trade effectively. If you are starting, then this platform is not for you. The good thing with this platform is that you can place as low as 10 cents per trade. It also has multiple avenues of depositing and withdrawing funds. You can use bank wire transfer, credit cards and also digital currencies. While the platform is not ideal for learners, or those starting to trade, it is less risky owing to the low trading amounts, and has support services in eight languages.
RaceOption
EaceOption is another reputable platform that you can use to trade binary options living in Singapore. This platform has been in operation since 2014. It belongs to Finance group Corp, a corporation based in Vanuata. RaceOption has three categories; bronze, silver, and gold. The minimum deposit is $250, with the bronze account, and you get a 20% bonus. You also get access to 24/7 chat resources, and a copy trading tool if you are still learning the trade. The minimum deposit for the silver account is $1000, but you get a personal account manager, a 50% bonus and three risk-free trades. You also get all the perks that come with the bronze account. The highest-level gold account gives you all the features and perks you get from the two other levels, along with a 100% bonus. You also an integrated technical analysis that will greatly assist you in predicting the movement of trades. It is an important tool if you want to make significant gains and reduce the risks of losses. The minimum deposit for this level is $3000. This platform has more than 100 binary options, so you will have plenty to stake and trade on, including cryptocurrencies, indices, and commodities.
Brokers in Singapore should have a license from the Monetary Authority of Singapore, though there are no regulatory bodies in Singapore. Still, you can access foreign platforms as long as they have the mentioned license. When you want to trade with the foreign platforms, you might need to use a local operator, but you must make sure that those platforms are approved to operate in Singapore.