Trading and investment have always been on the radar by many big-scale investors, but now even common people have started showing a huge interest in this. And whoever would have dig a bit into trading and all, they would’ve surely come across the term Forex Trading.
What is Forex Trading?
Forex trading, to explain in simple words, is buying and selling different currencies around the world. Now one may wonder, why would someone even do that? It’s simple, for profit. Different currencies, let’s say, US dollars see rapid fluctuations in their rates due to change in the economy; these rates lead to a profit when one trades these currencies on forex.
But, what about Singapore?
What laws regulate the forex markets in Singapore?
Singapore has legalized Forex Trading, too, with stringent Forex Trading Singapore laws, making it a safe choice for an individual.
- The first thing the law looks out for is for the safety of traders from scams, and hence any broker who is responsible for trading needs to have a legal license.
- One may wonder what the tax laws that go around with forex trading in Singapore are. It’s simple, and if one is doing forex solely for a business purpose, they have to show it clean and pay the required taxes. But if that’s not the case, below a certain amount, things are tax-free for individuals.
Should one start Forex trading in Singapore?
One must be aware of the profit and losses it could bring before they start anything. It’s an individual’s decision and choice. But it can be said the forex is safe law-wise in Singapore.