Singapore FOREX MarketPresented by

Pradeep bandi

Roll no 02

History The Singapore dollar was pegged to the British pound sterling at a rate of

S$60 = £7 until the early 1970s.

Then to the US Dollar for a short period of time.

Moved towards pegging its currency against a fixed and undisclosed trade-weighted basket of currencies from 1973 to 1985.

From 1985 onwards, the Singapore Dollar has floated within an undisclosed bandwidth, closely monitored by the Monetary Authority of Singapore (MAS) to guard against imported inflation and ensure that Singapore's exports remain competitive.

Features Lower trading cost

High liquidity

You will just need computer or mobile with internet access.

24 hours a day(mon-fri).

Singapore is a multi-racial and multi-lingual society that welcomes foreign visitors.

Only a small margin is needed to purchase a contract of a much higher value.

The country is a financial hub in the region; has many world-class banks, brokers and wealth-managers.

Strong regulatory regime in place to regulate brokers and protect forex traders.

Strong regulation exists to protect money belong to individuals and enterprises.

Size of market Foreign exchange turnover was US$291 bn, a 2.96% increased compared to

oct 2013.

It has emerged as the largest FX center in Asia.

3rd largest FX center in world after united kingdom and united states.

Foreign exchange reserves of Singapore as of sep 2014 is 266142 millions of US$ according to BIS survey.

Trading procedure

Opening a online forex brokerage account Research different brokerages. Request information about opening an account. Fill out the appropriate paperwork. Activate your account.

Start trading Analyze the market.

Determine your margin.

Place your order. 

Watch your profit and loss.

Settlement procedure Continuous Linked Settlement (CLS).

Clearing and Payment Services Pte Ltd (CAPS).

Interbank GIRO.

Credit transfers.

E-Banking.

Conclusion Singapore is best place in Asia to learn forex trading, forex trading is best way to earn money, procedure to open a account is very easy, for trading you need a computer or phone with internet access, Just you have to updated with daily news , and have good knowledge of analyzing.