FXTM Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of FXTM in Singapore
FXTM is a good choice for traders from Singapore. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
ForexTime provides services in 150 countries. The use of innovative technologies that allow increasing the speed of order execution is among the broker's priorities. Here, you can trade currency pairs, precious metals, as well as CFDs on indices, and global and European stocks. It has operated more than 10 years in the Forex markets.
A few figures about FXTM that will be of interest to traders choosing a broker:
-
more than 10 years of active work in the Forex market;
-
provision of services in 150 countries of the world;
-
has over 2 million customers;
-
minimum deposit starting from $10;
-
more than 25 international awards.
-
84% of withdrawal requests are processed within 5 minutes.
Advantages of FXTM for trading in Singapore
Traders Union analysts conducted a detailed analysis of FXTM for traders from Singapore. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
optimal leverage;
auto trading is allowed;
clients’ funds are stored in segregated accounts;
multi-lingual personal managers;
the ability to use MT4 indicators;
the ability to trade using a VPS;
is licensed by a financial regulator.
The FXTM broker does not restrict traders in choosing a trading strategy, but standard account types have restrictions on the maximum number of open and pending transactions.
Analysis of the Main Features of FXTM in Singapore
Traders Union analysts analyzed the key features of FXTM for traders from Singapore. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for FXTM traders from Singapore
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of FXTM trading conditions for traders from Singapore. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4, MetaTrader 5, FXTM Trader
|
---|---|
📊 Accounts: |
Micro, Advantage, Advantage Plus
|
💰 Account currency: |
USD, EUR, GBP, NGN
|
💵 Replenishment / Withdrawal: |
Visa and MasterCard, electronic payment systems, bank transfers
|
🚀 Minimum deposit: |
$10
|
⚖️ Leverage: |
Up to 1:2000
|
💼 PAMM-accounts: |
No
|
📈️ Min Order: |
0.01
|
💱 Spread: |
From 0.0 pips
|
🔧 Instruments: |
Currency pairs, precious metals, CFD contracts on stocks, commodities, and indices
|
💹 Margin Call / Stop Out: |
40-60%; 50/80%
|
🏛 Liquidity provider: |
-
|
📱 Mobile trading: |
Yes
|
➕ Affiliate program: |
Yes
|
📋 Orders execution: |
Instant execution, Market execution
|
⭐ Trading features: |
Stock trading; VPS server; Income and pips calculators; Currency converter; MT4 indicators.
|
🎁 Contests and bonuses: |
Yes
|
FXTM Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by FXTM for traders from Singapore. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
The trading conditions of ForexTime were analyzed by Traders Union specialists for the presence of trading and non-trading commissions. There are no hidden fees in the company, no fee is charged for replenishing a trading account, and the commission for withdrawal is set by payment systems and ranges from 0.5% of the withdrawal amount to €30. On the Advantage account, spreads start from 0.0 pips, but the trader is charged a commission of $0.4 to $2 per lot.
Account type | Spread (minimum value) | Withdrawal commission |
Micro | From $15 | Depends on the payment system |
Advantage | From $0,4 | Depends on the payment system |
Advantage Plus | From $15 | Depends on the payment system |
There is a fixed swap commission for transferring orders to the next day. We have compared FXTM's trading commissions to those of competing companies and brokers were assigned low, medium, or high commission levels.
Expert Review of FXTM
The Traders Union has cooperated with FXTM for several years and during this time the broker has shown itself to be a partner who faithfully fulfills its obligations and Trading conditions in the company are optimal. Clients are presented with various trading accounts designed for both novice and professional traders. For investors, the broker rates its managers based on various factors including their risk levels.
ForexTime claims to cooperate with both newcomers to the foreign exchange market and professionals who create their own trading strategies. So far there have been no serious complaints about the company's work. All traders' questions are promptly answered by the FXTM support team.
The site’s interface allows traders to quickly assess all the broker's capabilities and its trading conditions are suitable for active trading and investment offers. The company has several advantages that make it competitive, however, some nuisances like delayed withdrawals and too few investment programs do not allow the broker to take a leading position in the Traders Union rating.
ForexTime is a reliable and proven broker and is popular among Traders Union clients. The broker provides transparent trading terms, qualified support to its clients and allows them to start working in Forex with minimal investments. Moreover, FXTM offers the copying trades service, FXTM Invest. With the help of this service, both novice and professional investors can get passive income by investing money in the trading strategies of experienced traders.
FAQs
Is FXTM legal in Singapore?
Yes. FXTM operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with FXTM? Does the broker offer courses for traders from Singapore?
Yes, FXTM offers good trading courses and a lot of educational information for clients from Singapore.
Can FXTM be trusted? Has the broker been operating in Singapore long?
FXTM has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with FXTM.
Is FXTM suitable for novice traders from Singapore?
Yes. FXTM offers optimal trading conditions and good education for beginners from Singapore.
How efficient is FXTM customer support in Singapore?
FXTM offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has FXTM had any incidents involving theft of funds of clients from Singapore?
No. FXTM provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if FXTM violates my rights?
Yes. If FXTM violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can FXTM clients from Singapore use the broker’s mobile app?
Yes. The mobile app of FXTM is available for the clients from Singapore.
Does FXTM provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by FXTM.
How can I withdraw funds from my account at FXTM in Singapore?
FXTM supports bank transfers and debit/credit cards of the banks operating in Singapore.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!