CFD trading is a favoured form of trading in Singapore. To trade CFDs, you need to open an account with a broker. Many brokers offer CFD trading services in Singapore. This article will consider how you can ensure you select the one best suited to your needs. To learn more about CFD trading, view this page here.

Regulation

When choosing a CFD broker, you must ensure that the broker is regulated by the Monetary Authority of Singapore (MAS). The MAS is the financial regulator in Singapore and ensures that financial institutions operating in the country comply with its laws and regulations.

Account types

Another factor to consider when choosing a CFD broker is the type of account best suited for your trading style. For example, if you are a day trader, you will likely need a different account type than a long-term investor.

Trading platform

Another important consideration is the trading platform the broker offers. The trading platform should be user-friendly and offer all the features and tools you need to trade CFDs effectively.

Customer service

When choosing a CFD broker, it is crucial to consider the quality of customer service offered. You should be able to contact customer service efficiently, and they should be able to answer your questions promptly.

Fees and commissions

Another factor to consider when choosing a CFD broker is the fees and commissions charged for trading. Comparing the fees charged by different brokers before selecting one is essential, as some may charge more than others.

Bonus offers

Some CFD brokers offer bonus offers to new and existing customers. These offers can be an excellent way to save money on trading fees, so it is worth considering them when selecting a broker.

Demo accounts

Many CFD brokers offer demo accounts to their clients. A demo account allows you to test the broker’s platform and see how it works before you commit to trading with real money.

Education and research

Some CFD brokers offer educational resources and research tools to their clients. These resources can be helpful for new traders who want to learn more about CFDs and how to trade them effectively. Selecting a broker that offers these resources can be beneficial if you are new to CFD trading.

Country of origin

Choosing a CFD broker is worth considering the country of origin. Some brokers are based in countries with more favourable CFD trading regulations, which can benefit traders.

Trustworthiness

It is crucial to select a broker you can trust, considering factors such as the time the broker has been in business and their reputation. It would be best to also read online reviews of the broker before making a decision.

Minimum deposit

The minimum deposit the broker requires is another essential consideration. Some may require a higher minimum deposit than others, so it is essential to compare the requirements of different brokers before selecting one.

Leverage

Leverage is a feature some brokers offer that allows traders to trade with more money than they have in their accounts. It can be risky, so it is vital to carefully consider whether you need it before choosing a broker.

Who are the best CFD brokerages in Singapore?

PhillipCapital

PhillipCapital is a Singapore-based financial services company that offers CFD trading. The company is regulated by the Monetary Authority of Singapore and offers a variety of account types to suit different traders.

CMC Markets

CMC Markets is a UK-based financial services company that offers CFD trading in Singapore. They are authorised and regulated by the FCA and offer a variety of account types and trading platforms.

IG Markets

IG Markets is a UK-based financial services company that offers CFD trading in Singapore. IG Markets is authorised and regulated by the FCA and offers various account types, including demo accounts.

Saxo Capital Markets

Saxo Capital Markets is a Denmark-based financial services company that offers CFD trading in Singapore. They are authorised and regulated by the Danish Financial Supervisory Authority and offer a variety of account types and trading platforms. 

City Index

City Index is a UK-based financial services company that offers CFD trading in Singapore. They are authorised and regulated by the FCA and offer a variety of account types, including demo accounts.

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