Find the best binary options brokers in Singapore

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Broker 2020!
    Perfect for Beginners!
    Free Trading Education! Free Demo Acc!
    Get Your Sign-up Bonus Now:

  • BINOMO
    BINOMO

    Trustful broker.

Singaporean Traders Guide

If you’re looking to trade binary options, then Singapore is a great place to start your trading journey, and you probably have many, like, which broker should you choose? Well, as awareness of binary options grows more and more brokers are offering their services to Singaporeans, even via mobile or tablet devices, it’s not a problem.

With little regulation and legal hurdles, you won’t struggle to find a broker. Many international brokers have also made their sites properly accessible to countries around the world; most offer their platforms translated into local languages, so you don’t even need to speak English to trade comfortably.

With our expert research, reviews and recommendation of only the best brokers you know when we put our name to a company you will be choosing with confidence and safety, ensuring that your experience of binary options trading is a great one. Read on to find our recommended broker sites to place your trades at.

In this article, you will learn:

    The brokers best suited to your needs What local payment methods are accepted Taxes and fees that apply to SG residents

Traders in Singapore

Like many countries where binary options trading isn’t as commonplace as perhaps in Europe or the US, Singapore has a lack of regulated home-grown brokers. This lack of regulated native brokers is good news for international options brokers who are always looking to break into new markets and extend their reach. So how do you choose a broker and what should you be considering when making your decision?

Licensing And Regulation

There is only one regulated and recommended broker that is local to Singapore. If there is only one regulated, you can be sure that there are many more that are operating unregulated, in this case, your money is most definitely at risk. Never invest your money with a broker who isn’t licensed and regulated by reputable authorities.

Customer Support

While you may prefer the idea of trading with local business, in your local language, the best offshore brokers even go so far as to offering translation services on their sites to languages like Malay and Mandarin. They will also provide comprehensive customer support in many languages. Before you invest, check what forms of assistance they offer and how easy they are to contact.

Mobile Trading Tools

Most transactions, from banking to shopping, now take place on a mobile device. If you have a mobile phone and an internet connection, no doubt you want to be able to trade on the go. Make sure that the broker you choose offers an app or a suitable mobile responsive website.

Free Demo Account

The demo account is the best way to test a platform without risking your funds. While a no deposit bonus also gives you that opportunity, the demo account offers you a more substantial sum to practise trading. Use the demo account to get familiar with the functionality and layout of the platform and to execute many trades.

While there isn’t a vast choice of local brokers, most Singaporeans prefer to trade in a foreign currency making offshore brokers an attractive prospect.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Broker 2020!
    Perfect for Beginners!
    Free Trading Education! Free Demo Acc!
    Get Your Sign-up Bonus Now:

  • BINOMO
    BINOMO

    Trustful broker.

Trader Broker Asset Profit

Broker Fees And Tax

Like any country Singapore will have tax laws and regulations however any profits made from financial instruments such as binary options trading or Forex trading are not classed as income they are classed as a personal investment and fall into the capital gains bracket. That said you should always check with your accountant or another financial expert to ensure that these rules do apply to you as rules and regulations are subject to change and can depend on personal circumstances.

Alongside taxes, the other thing to consider is any fees that arise from binary options trading. As most brokers are offshore, there will need to be a consideration as to whether trading in a foreign currency will have an impact on you when you withdraw funds and the currency is converted back. Is there a conversion fee charged by your bank or credit card?

If you are going to be using a payment method like an e-wallet, then you need to check if they will take a percentage or if they charge a fee per transaction. If the broker charges a fee per transaction, then you will need to consider how many transactions you make and not withdraw every time you complete a successful trade.

Singaporean Licencing

While trading is now legal across all districts; this hasn’t always been the case, and it has only been the last couple of years that the industry has seen real growth. Up until recently, it was only legal to trade binary options in 6 districts of Singapore. Now that has been extended to the entire state. The Monetary Authority of Singapore oversees regulation, but there is a very apparent lack of regulated brokers. It is still a tricky industry to regulate in many countries as it is still very much an unknown quantity.

Mainly the binary options industry across Asia is regulated by each country’s national bank. It happens to be the Monetary Authority of Singapore who has imposed sanctions on unregulated brokers, but like anything when something is new and unknown, there are those that get in early doors and try to make a quick buck. These scam companies operate at the expense of the trader who invests their money in good faith never to see it again. While it is not illegal to trade it is unlawful for an unregulated broker to offer services.

The good news is that it is entirely legal for offshore brokers to offer their services to Singaporeans and many of the top international brokers have taken the opportunity to make their websites accessible and easy to use for many across the world. As binary options become more popular and more widely recognised the regulation will improve which will make room for new native brokers to enter the market place, but in the meantime, there are a whole host of offshore brokers.

If you’re looking to trade binary options, then Singapore is excellent.

How we Recommend Brokers

Our team of experienced experts has extensively researched every broker that we recommend. We do not put our name to any broker that we aren’t entirely confident that they operate above board. From the bonuses and demo accounts that they offer to the user experience on mobile devices, we check every aspect of trading to ensure that we only bring you the very best.

We score each broker in each area so that you can see which brokers offer the benefits you want. We have vetted hundreds of brokers from across the world looking at every aspect of trading including:

    Licensing and regulation Welcome bonuses and incentives Trade types and payouts Mobile trading experience and ease of use of platform Minimum deposit and minimum trade requirements Demo account availability and features Customer help and support Contests and other special features

We look at everything that the broker has to offer to you as traders and how they differ from the competition and our scores reflect this.

If you are looking for somewhere safe to invest your money and don’t have too many other criteria, then you can be safe in the knowledge that all of the brokers that we recommend will be suitable for you. If your standards are a little more select and you want to choose a broker based on the payout or the welcome bonus then equally we will be able to show you those that match your requirements.

One thing is for sure if you are looking for the best binary options Singapore has to offer we have a broker that will fit your needs, and we can help. Our job is to help you make the most of your trading experience ensuring that you trade safely and that the experience is an enjoyable one.

Frequently Asked Questions

Is binary trading in Singapore legal and safe?

Where once binary options trading was only legal in six states of now it is legal in all ten districts. The Monetary Authority of Singapore regulates the industry, but there is only one regulated local based broker.

Do I need to pay fees and taxes on my profits?

The profits from binary options trading are classed as a personal investment and therefore capital gains, not income. Because of this, it is not subject to income tax.

Can I test brokers before trading with real money?

Most brokers offer attractive welcome bonuses while others offer demo accounts with no deposit required. It is worth looking at what is available that fits your criteria.

Is it easy to make deposits and withdrawals?

Depositing with any broker should be a straight forward process. When it comes to withdrawing funds, you will need to confirm your identity for fraud purposes.

Can I trade using my mobile or tablet device?

Many brokers offer apps on both Android and iOS as well as having a mobile responsive website unless you are going to be sat behind a laptop or PC all day you need to be able to trade on the go.

Shelly is proud of her current position as Head of Brand for a well-known organisation that owns several brokerages in the trading sector. She’s consulted for us since 2020 and readers can benefit from her insider knowledge of how brokers work.

Best Binary Options Brokers in Singapore

Updated on: 6 January 2020

Below you can find the best binary options brokers in Singapore.

FEATURES WE LIKE

Binary Options Brokers Singapore – Many Brokers but not all Safe?

If you happened to read some other of my articles on my website then you will notice that I always recommend that traders only register at binary options brokers that have a valid license issued in their home country or in another jurisdiction.

This is important because if a broker is licensed then it means that it only offers safe and fair online trading services. A licensed broker will never scam anyone or conduct any shady practices because the government is supervising it and any wrongdoing will have serious consequences.

Now, the issue with some countries, such as Singapore is the fact that it does not directly regulate and license binary options. This means that unlicensed and unregulated brokers can also offer their binary options services in Singapore.

For these cases there is a good solution that can overcome this problem. The solution is to choose a Singapore binary options broker that is licensed in another jurisdiction. It’s very important that this jurisdiction is a reputable country though.

Broker licenses – European Union, United Kingdom, Cyprus

There are many kinds of licenses that binary brokers can receive. The most reputable however are the ones issued by the European Union through MiFID, the United Kingdom through the Financial Conduct Authority (FCA) and Cyprus through CySEC.

The best license out of these three is the FCA license in the UK, followed by MiFID and last CySEC. Some criticize the CySEC license of offering lower protections than the first two, but usually CySEC licensed brokers also have at least another MiFID license or FCA license.

But how is this relevant for binary options brokers in Singapore?

Somewhere above I said that binary brokers cannot get a direct license in Singapore so why should it be relevant if they have licenses elsewhere? – It’s because a license issued by the above mentioned countries protects traders from any country, including Singapore.

If the FCA in the UK licenses a broker, then that broker cannot just offer safe services in the UK and then scam everyone else from other countries. If the FCA finds out that the broker conducts shady practices abroad then it will suspend the company’s UK FCA license.

And this is actually not just a matter of opinion or interpretation. One of the criteria and conditions of receiving an FCA (or CySEC, MiFID etc.) license is that the broker will have to follow the license terms and conditions and safe trading practices globally, in every country it does business in.

So, a UK licensed binary options broker will treat any of their clients, including from Singapore, as if they would be from the UK. They are not allowed according to the law to treat UK traders one way and Singapore binary options traders differently.

And this is precisely the reason why I specifically chose to display binary options brokers for Singapore that are licensed by the FCA, MiFID and CySEC. It’s because all of these three authorities have this non-discriminatory clause and all three are located in reputable countries.

So, where to sign up?

To conclude what I wrote above, it becomes obvious that if you are from Singapore you should register at a binary options broker that is either licensed by the FCA, MiFID or CySEC. The huge problem is that only a limited number of brokers have such licenses while most have no licenses at all.

And since Singapore does not have specific binary options laws and does not offer binary trading licenses, the shady brokers are also technically allowed to access the country. This means that it’s solely your responsibility as a trader to distinguish the licensed brokers from the unlicensed ones.

And this is where the list that I created comes into play. I specifically set out to only list binary options brokers for Singapore traders that have the above-mentioned licenses. The listed brokers either have one of the mentioned licenses or all of them together.

For example, 24Option has all the three licenses combined from the FCA, CySEC and MiFID. In fact, 24Option has several other licenses as well, such as Banque de France (BDF), Netherlands Authority for the Financial Markets (AFM), Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) in Germany and several more.

Would Singapore offer its own binary options license then I’m sure 24Option would get one of that as well.

Other criteria for choosing a binary broker

So, now we got the legal part sorted. To summarize everything, the idea is that you as a binary options trader from Singapore need a broker that is licensed elsewhere but it has to be in a reputable country, preferably in the United Kingdom.

But there are other criteria you should be looking at when deciding what broker to choose. Once you have selected a legal Singapore binary options broker you will have to look at issues such as minimum deposit, payout rate, types of binary options offered and any extra services.

When it comes to minimum deposit, you should preferably choose a broker that has a lower minimum deposit, such as $200 to $250. This is important because this way you will be able to test the broker out without having to commit too much money right from the beginning.

Then, another important issue is that of the payout rate. It’s obviously very important to choose a broker that has a high payout rate. A high payout rate means that on each winning trade you will earn more money. Good payout rates start from 80% to 85%.

After this, you should also check the types of options available. Here, I mean things such as high/low options, one-touch option, 60 seconds options and long-term options.

Traditionally “binary options” are only the high/low options but more and more brokers offer other types of options as well. This is important because these exotic types of options usually offer higher payouts. Once you become more experienced you can make killer money with these.

A new trend is to offer long-term options as well and you as a Singapore trader should profit from these to the max. Long-term options have long expiration times such as several days or weeks and can be combined with news trading.

Final Words and Broker Recommendations

So, lets wrap this up by pointing out again that there are probably several hundred binary options brokers in Singapore at this moment. The problem is that they can’t acquire direct licenses in Singapore.

The good thing is that there are brokers that are licensed in other countries such as the UK, and other European Union countries. These brokers offer safe trading conditions for Singapore traders as well. Always trade at such brokers only. NEVER trade at a broker that does not have any license.

Once you have a shortlist of licensed brokers, then move on to evaluate them using the criteria I have shown above, such as payout rate, minimum deposit and types of options. Sign up at the broker that offers the best trading conditions.

Below you will find a list of binary options brokers in Singapore that I personally believe are the best in the business.

24Option – Licensed in the UK by the FCA, has a general MiFID European Union license and is registered with various national regulators such as BaFIN in Germany, CySEC, the Danish FCA, CONSOB in Italy, the BFD in France and more. It’s the oldest broker in the business and probably the number #1 top binary broker overall.

Stockpair – Similarly to 24Option, it has FCA license, MiFID, CySEC, BaFIN and several others. Stockpair only has a minimum deposit of $200 and is very friendly to Singapore traders according to what I’ve heard from emails sent to me from some of my Singapore readers.

10Trade – 10Trade is a new binary options broker but the first thing it did after opening was to get a license from the above-mentioned jurisdictions. It also only has a minimum deposit of $100 and has long-term options as well.

And that would be all for this article. I hope I could help you decide which binary options broker to choose if you are from Singapore. Remember what I said above, only the regulated brokers are safe. If you stick to the ones listed above then your assets will always be safe and you will always be offered only high quality services.

Best Binary Options Brokers in Singapore

Updated on: 6 January 2020

Below you can find the best binary options brokers in Singapore.

FEATURES WE LIKE

Binary Options Brokers Singapore – Many Brokers but not all Safe?

If you happened to read some other of my articles on my website then you will notice that I always recommend that traders only register at binary options brokers that have a valid license issued in their home country or in another jurisdiction.

This is important because if a broker is licensed then it means that it only offers safe and fair online trading services. A licensed broker will never scam anyone or conduct any shady practices because the government is supervising it and any wrongdoing will have serious consequences.

Now, the issue with some countries, such as Singapore is the fact that it does not directly regulate and license binary options. This means that unlicensed and unregulated brokers can also offer their binary options services in Singapore.

For these cases there is a good solution that can overcome this problem. The solution is to choose a Singapore binary options broker that is licensed in another jurisdiction. It’s very important that this jurisdiction is a reputable country though.

Broker licenses – European Union, United Kingdom, Cyprus

There are many kinds of licenses that binary brokers can receive. The most reputable however are the ones issued by the European Union through MiFID, the United Kingdom through the Financial Conduct Authority (FCA) and Cyprus through CySEC.

The best license out of these three is the FCA license in the UK, followed by MiFID and last CySEC. Some criticize the CySEC license of offering lower protections than the first two, but usually CySEC licensed brokers also have at least another MiFID license or FCA license.

But how is this relevant for binary options brokers in Singapore?

Somewhere above I said that binary brokers cannot get a direct license in Singapore so why should it be relevant if they have licenses elsewhere? – It’s because a license issued by the above mentioned countries protects traders from any country, including Singapore.

If the FCA in the UK licenses a broker, then that broker cannot just offer safe services in the UK and then scam everyone else from other countries. If the FCA finds out that the broker conducts shady practices abroad then it will suspend the company’s UK FCA license.

And this is actually not just a matter of opinion or interpretation. One of the criteria and conditions of receiving an FCA (or CySEC, MiFID etc.) license is that the broker will have to follow the license terms and conditions and safe trading practices globally, in every country it does business in.

So, a UK licensed binary options broker will treat any of their clients, including from Singapore, as if they would be from the UK. They are not allowed according to the law to treat UK traders one way and Singapore binary options traders differently.

And this is precisely the reason why I specifically chose to display binary options brokers for Singapore that are licensed by the FCA, MiFID and CySEC. It’s because all of these three authorities have this non-discriminatory clause and all three are located in reputable countries.

So, where to sign up?

To conclude what I wrote above, it becomes obvious that if you are from Singapore you should register at a binary options broker that is either licensed by the FCA, MiFID or CySEC. The huge problem is that only a limited number of brokers have such licenses while most have no licenses at all.

And since Singapore does not have specific binary options laws and does not offer binary trading licenses, the shady brokers are also technically allowed to access the country. This means that it’s solely your responsibility as a trader to distinguish the licensed brokers from the unlicensed ones.

And this is where the list that I created comes into play. I specifically set out to only list binary options brokers for Singapore traders that have the above-mentioned licenses. The listed brokers either have one of the mentioned licenses or all of them together.

For example, 24Option has all the three licenses combined from the FCA, CySEC and MiFID. In fact, 24Option has several other licenses as well, such as Banque de France (BDF), Netherlands Authority for the Financial Markets (AFM), Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) in Germany and several more.

Would Singapore offer its own binary options license then I’m sure 24Option would get one of that as well.

Other criteria for choosing a binary broker

So, now we got the legal part sorted. To summarize everything, the idea is that you as a binary options trader from Singapore need a broker that is licensed elsewhere but it has to be in a reputable country, preferably in the United Kingdom.

But there are other criteria you should be looking at when deciding what broker to choose. Once you have selected a legal Singapore binary options broker you will have to look at issues such as minimum deposit, payout rate, types of binary options offered and any extra services.

When it comes to minimum deposit, you should preferably choose a broker that has a lower minimum deposit, such as $200 to $250. This is important because this way you will be able to test the broker out without having to commit too much money right from the beginning.

Then, another important issue is that of the payout rate. It’s obviously very important to choose a broker that has a high payout rate. A high payout rate means that on each winning trade you will earn more money. Good payout rates start from 80% to 85%.

After this, you should also check the types of options available. Here, I mean things such as high/low options, one-touch option, 60 seconds options and long-term options.

Traditionally “binary options” are only the high/low options but more and more brokers offer other types of options as well. This is important because these exotic types of options usually offer higher payouts. Once you become more experienced you can make killer money with these.

A new trend is to offer long-term options as well and you as a Singapore trader should profit from these to the max. Long-term options have long expiration times such as several days or weeks and can be combined with news trading.

Final Words and Broker Recommendations

So, lets wrap this up by pointing out again that there are probably several hundred binary options brokers in Singapore at this moment. The problem is that they can’t acquire direct licenses in Singapore.

The good thing is that there are brokers that are licensed in other countries such as the UK, and other European Union countries. These brokers offer safe trading conditions for Singapore traders as well. Always trade at such brokers only. NEVER trade at a broker that does not have any license.

Once you have a shortlist of licensed brokers, then move on to evaluate them using the criteria I have shown above, such as payout rate, minimum deposit and types of options. Sign up at the broker that offers the best trading conditions.

Below you will find a list of binary options brokers in Singapore that I personally believe are the best in the business.

24Option – Licensed in the UK by the FCA, has a general MiFID European Union license and is registered with various national regulators such as BaFIN in Germany, CySEC, the Danish FCA, CONSOB in Italy, the BFD in France and more. It’s the oldest broker in the business and probably the number #1 top binary broker overall.

Stockpair – Similarly to 24Option, it has FCA license, MiFID, CySEC, BaFIN and several others. Stockpair only has a minimum deposit of $200 and is very friendly to Singapore traders according to what I’ve heard from emails sent to me from some of my Singapore readers.

10Trade – 10Trade is a new binary options broker but the first thing it did after opening was to get a license from the above-mentioned jurisdictions. It also only has a minimum deposit of $100 and has long-term options as well.

And that would be all for this article. I hope I could help you decide which binary options broker to choose if you are from Singapore. Remember what I said above, only the regulated brokers are safe. If you stick to the ones listed above then your assets will always be safe and you will always be offered only high quality services.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Broker 2020!
    Perfect for Beginners!
    Free Trading Education! Free Demo Acc!
    Get Your Sign-up Bonus Now:

  • BINOMO
    BINOMO

    Trustful broker.

Binary Options Trading School
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: