Recently, traders in Singapore have started getting involved in binary options trading. Singaporeans of all types are now trading options. What was once limited to the exclusive southwest Singapore neighborhoods of district 6 and district 4 has now expanded to all of Singapore.
The MAS or Monetary Authority of Singapore is the regulator for investment firms in Singapore. We did a search for the popular binary option brokers worldwide, and only found one that is registered with MAS.
The reason there are very few Singapore regulated binary option brokers, has to do with the binary option industry being a new industry. Many regulated brokers have received licenses from Cyprus based CySEC, and are now focusing their efforts on getting regulatory approval in individual European countries like Italy, United Kingdom and Germany.
Brokers For Singapore
With so many brokers to choose from, there are a few of things to consider when choosing a broker. When dealing with a European broker, one thing that traders look for is a local phone number in Singapore;
Many people who use an automated trading software, will use the one called FX Master Bot.
We tried to find a binary options broker whose website / platform is translated into Malay and could not find one. For Singaporeans who speak Mandarin there are more options for brokers with translated trading platforms. Practically all binary option brokers have their platform in English.
Automated Trading Robots
Each week a new company opens up a trading robot website, and blasts emails out to millions of people. Usually these scams are shut down within a few weeks. Investors who know a thing or two about trading, can easily spot the gimmick.
There are two types of investors for Forex and CFD trading. The traders who understand Forex trading or stock market trading and are looking for an alternative trading product. Then there are the get rich quick traders who are looking for someone to auto trade their account and turn $100 into millions. For traders looking to win the lottery, they are better off buying a lottery ticket. For serious traders, they already know the risks of trading Forex and options.
To see the Best Brokers look here.