SGD Forex Account
Compare regulated brokers that accept the Singapore dollar (SGD) as a base currency for your Forex or share trading account.
By Stefan on 27/09/2023
FP Markets is a true ECN broker with razor-thin spreads and deep liquidity. We also like that this broker offers a wide range of currencies for your trading account, including USD, EUR and GBP. Trade CFDs on over 1,000 stocks, indices, ETFs, commodities and currencies through MT4/5 without restrictions.
- Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)* Availability subject to regulation.
- Platforms: MT4, MT5, cTrader, Copy trading
- Regulated entity (Australia): First Prudential Markets Pty Ltd (ASIC No. 286354)
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Brokers that accept SGD
FP Markets (FPMarkets.com) allows traders to open an account with the Singapore dollar (SGD) as their account's base currency. Fund your account through an international bank transfer, Visa, MasterCard or even crypto-currency. FP Markets will credit your MT4 or MT5 account instantly, with no fees applied. Funds deposited into its IRESS trading account are typically processed within one business day and are subject to fees.
About the Singapore Dollar
The Singapore Dollar, abbreviated as SGD or S$, is the official currency of the Republic of Singapore. Banknotes and coins are issued by the Monetary Authority of Singapore (MAS).
Unlike most central banks, that use interest rates to drive monetary policy, MAS focusses only on the exchange rate(1). This is because Singapore is a small and open economy with a focus on international trade. In the past, the MAS has allowed the Singapore dollar to appreciate in order to reduce inflationary pressures at home, by simultaneously lowering the cost of imports, and reducing overseas demand for Singaporean exports.
Since 1985, the currency has been allowed to float, within a band, around central parity against a basket of currencies(2). This currency basket consists of Singapore's largest trading partners. However, the MAS has revealed neither their names, nor the width of the policy band, in order to maintain maximum flexibility in its implementation of monetary policy.
- 1. Monetary Authority of Singapore. What is MAS' Monetary Policy Framework and its Rationale?. https://www.mas.gov.sg/monetary-policy/Singapores-Monetary-Policy-Framework/faqs/section-2
- 2. Bank for International Settlements. An exchange-rate-centred monetary policy system: Singapore’s experience. https://www.bis.org/publ/bppdf/bispap73w.pdf
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