Learn forex trading in Singapore; great FX course, open account easily
Where to learn FX trading in Singapore, Asia? TerraSeeds for overseas students
TerraSeeds Forex Tflow® has attracted students from countries in the region including Indonesia, Brunei and Japan. Overseas students come to learn forex trading in Singapore with TerraSeeds because we are an established education and training company, that we have one of the best forex course and we are situated in a country that is very easy to open a forex trading account and friendly to forex traders.
Why Singapore is the country to go to learn trading, open forex trading account
- Singapore is a multi-racial and multi-lingual society that welcomes foreign visitors
- Tax treaties exist with various nations to avoid double taxation
- Capital appreciation is tax-free
- Singapore has clear, friendly immigration and visiting (VISA) requirements
- Accomodations are friendly and plentiful
- Local travel is very easy by public transport
- Due to Singapore’s accessibility, it is easy to travel to other countries
Singapore is best place in Asia to learn forex trading
- Singapore now the 3rd largest foreign exchange trading centre in the world according to BIS survey
- 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
Monetary Authority of Singapore (MAS)
“Consumers are strongly encouraged to deal only with persons that are regulated by MAS. MAS’ regulatory regime aims at safeguarding the interests of consumers by ensuring that only competent and professional persons may provide financial services. If a consumer chooses to deal with persons that are not regulated by MAS, he forgoes the protection afforded under laws administered by MAS, particularly if these persons are based overseas.” Consumer alert on the pitfalls of dealing with unregulated persons.
Some countries do not have forex trading framework yet; illegal operations run without government regulation put investors at risk
Bank Negara Malaysia
“Bank Negara Malaysia would like to caution members of the public not to participate in any illegal investment or training programme on foreign currency trading offered by individuals or companies both domestic and foreign.” Under the Exchange Control Act 1953 (ECA), it is an offence for a person in Malaysia to buy or sell foreign currency.
Reserve Bank of India (RBI)
“It has been observed that overseas foreign exchange trading has been introduced on a number of internet /electronic trading portals luring the residents with offers of guaranteed high returns based on such forex trading…any person resident in India collecting and effecting / remitting such payments directly /indirectly outside India would make himself/ herself liable to be proceeded against with for contravention of the Foreign Exchange Management Act (FEMA), 1999.” Overseas forex trading through electronic / internet trading portals. Circular No. 46.
What requirements for forex trading account opening?
Singapore regulated forex brokers are required by the Monetary Authority of Singapore to follow procedures. Here’s what a local broker says.
- Foreigners can open trading accounts in Singapore.
- Proof of identity is required: Passport, driver’s license, employment card issued by Singapore Government or any other government-issued identity. A proof of address such as phone bill, utility bill, credit card bill sent to residential address in account applicant’s name. List is non exhaustive.
- Documents in major languages (non-English) are generally accepted.
- Currencies for funding trading account includes USD, SGD, CAD, GBP, JPY, CHF, HKD, AUD (may vary with broker)
- Trading profits can be withdrawn, remitted to non-Singapore banks as long as client can provide a bank statement to show bank account belongs to them.
- Third party deposits, withdrawals are not allowed although funds can come from or move to third countries (non-Singapore, non-country of origin) as long as client can provide a bank statement to show bank account belongs to them.