Demo Account Guide
Demo Account Guide

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Additional FAQ

There are plenty of popular brokers regulated by MAS in Singapore. Here are some of them:

  • OANDA Asia Pacific Pte. Ltd.
  • Interactive Brokers
  • Goldman Sachs (Singapore) Pte.
  • Citigroup Global Markets Singapore Pte. Ltd.
  • CMC Markets Singapore Pte Ltd
  • and many more

Continue Reading at Forex Trading in Singapore: 5 Facts You Need to Know

They are different in terms of service. A broker makes money by bringing together assets to buyers and sellers. Meanwhile, a market maker helps create a market for investors to buy or sell securities.

Continue Reading at What Does a Market Maker Do Behind You?

Generally, there are five major factors to consider when choosing a broker and they are:

  1. Level of regulation: You need to know if the broker is subject to the regulations of the Central Bank of Nigeria and if they operate accordingly. A lack of regulation should be a red flag and set off alarm bells in your mind.
  2. Trading platform: How does the trading platform look? Is there a registration number on the website that can be verified? Is a demo account available where you can test strategies and other account features?
  3. Currency pairs being offered: What kind of currency pairs does the broker have on offer? Is it just the minor pairs or exotic pairs that have low liquidity? Are major pairs that have high liquidity and are more profitable available?
  4. Account features: how are charges and commissions deducted and what are the percentages? What kind of leverage and margin accounts are offered? And what are the terms of deposit and withdrawal? 
  5. Customer service: Is the customer service reliable? Can they provide succinct answers to your inquiries?

Continue Reading at Identifying Fake Forex Brokers in Nigeria

As a general guideline, using a demo account for at least a few weeks can give traders a reasonable idea of a broker's quality. However, it's essential to remember that a demo account may not fully replicate the experience of live trading, as there can be differences in order execution, slippage, and liquidity between the two environments. 

Continue Reading at How Long Should You Trade on Demo Account?