The 3 Best Binary Options brokers & platforms in Singapore – Comparison and Reviews

Watch out: These are the top three Binary Options brokers in Singapore:

Finding a binary options broker in Singapore is no less than a puzzle and can be as confusing as trading them. Ease of access, options, setup, materials, and perks are some things you need to consider. But prior to that, you will want to know if the broker permits traders from your country.

But, what makes binary option trading a popular choice among traders? Well, the reason is their simplicity and simple yes or no proposition. Whenever you make a binary trade, you get two payoff options (i.e.) a fixed amount or nothing. No other settlement is possible. Such payoffs appeal to traders and even urge the newcomers to try their hands at it. 

However, before you try out your hands at binary options, you must understand how they work, their markets and time frames, companies authorized to provide them, and their pros/cons. 

This article will take you through the best binary options brokers in Singapore and how they will benefit you. But before that, let us understand the trading scenario in Singapore, deposit and withdrawal options, and the legality and regulations associated with binary options. Are you ready? Let’s dive in! 

Binary Options Trading in Singapore 

While many traders are keen on binary options trading, it is still in its developing phase in Singapore. It is regulated and monitored by the Monetary Authority of Singapore (MAS). Incorporated in 1971, the agency governs all segments of the financial services industry. 

Therefore, the guidelines made by MAS cover the individual financial market and the payment gateways that serve these markets. Thus, binary trading and how participants can transact on their trading accounts are regulated and governed by MAS.

Furthermore, MAS makes it mandatory for financial services companies to have a license. But it also lets some offshore brokers market their products in Singapore if they are properly regulated in their motherland. 

Coming to a commonly asked question, is binary options trading allowed by Singaporean law? Well, the answer is, Yes! But, you must do it only with licensed entities.  

For the same, MAS has made it a point to issue several investor alerts. Thus, warning investors about trading with unregulated brokers. But, unfortunately, the warnings have not been listened to, and there are instances of traders losing money to offshore brokers. So, to prevent such cases, MAS decided to set up two tools and help traders avoid scams.

This, in turn, lets traders conduct a quick but thorough check on brokers that claim to have MAS approval. This tool has been a hit among traders and has saved them from unscrupulous brokers.

In addition, the MAS website has worked with experts and offers a dedicated knowledge base and comprehensive education on what binary options are. Thus, traders can fully understand what they are signing up for before they start trading binary options.

The 3 Best Binary Options Brokers in Singapore

There are many brokers wordwide that offer attractive trading features. Not every of them is available in Singapore. These are the top three brokers:

1. Quotex
2. Pocket Option
3. Olymp Trade

Let’s get more into detail.

#1 Quotex

Quotex is a top-notch broker and trading platform established in 2020. It is owned by Maxbit LLC, located in St. Vincent and the Grenadines. Quotex payouts can go up to 95%. While it is not as high as 100% or even 200%, it offers a good profit compared to the market average.

The minimum investment amount with Quotex is $1. However, you cannot go over their $1000 limit per trade.

When it comes to account options, you have the following options: 

• Standard account

To verify a standard account, you have to pay a minimum deposit of $10. This account is made for beginners who can only invest low amounts.

• Pro Account

However, once you get into Binary Options trading, you can invest a deposit of up to $1000 and switch to the pro account, which offers you some premium benefits additionally to the standard account features.

• VIP account

The VIP account is for you if you are a really professional trader who knows everything about binary options trading. To use this account you will have to pay a minimum of $5000. In return you will get access to some premium features.

#2 Pocket Option

Pocket Option is a reliable broker that operates similarly to Olymp Trade. It offers a nice trading platform that gives you an overview over al you should see and know.

If you decide to use this broker, you will enjoy several payment forms, including bank wire transfer, cryptocurrency, credit card, and e-wallet. Pocket Option offers only one account type for every trader.

#3 Olymp Trade

Built-in 2012, Olymp Trade is one of the best binary options brokers in Singapore. Its excellent reputation can be attributed to being an IFC regulated broker. It offers an impressive 250+ assets to trade, including: 

• Forex

Explore a wide range of major, exotic and minor currency pairs with efficient spreads.

• CFD Stocks

Get a hands-on opportunity to trade CFDs (contract for differences) for industry giants without actually purchasing them.

• Cryptocurrencies

Experiment with multiple trading pairs and trade CFDs with popular cryptocurrencies to make huge profits. 

• Commodities

Test your speculation on CFDs and hard/soft commodities like silver, oils, grains, and gold. 

• ETFs

Diversify your portfolio by trading with CFDs on exchange-traded funds and gather multiple assets.

• Indices

Get access to a list of CFDs on widely traded indices.

Olymp Trade offers two trading accounts, namely Real and VIP.

To open a Real account, you will need a minimum of $10 investment, and then you can easily trade up to 250 assets. The VIP account is for pro-level traders. With a personal account manager, thorough market analysis, and access to unlimited trading opportunities, you will be able to take your trade to the next level. But, to avail of the benefits of this account, you will need to invest a minimum of $3000. 

Wait, there is more to it! Olymp Trade’s website, 24/7 customer service, and platform are available in 12 languages and serve traders worldwide. 

Financial Regulations in Singapore

While several conditions have been laid out for licensing binary options brokers in Singapore, companies partially or completely avoid following them. The reasons for the same include: 

• Most binary options prefer to open offices where they can access a large market at low operation costs.
• Singapore is primarily a conservative society that is slow to adapt to changes. 
• The forex market and the stock exchange (Strait Times Index) have established a monopoly in Singapore’s financial market. Thus, many brokers operate in these markets and are wary of setting up business in a relatively new market.
• Singaporean binary options are largely in favor of offshore trading.
• Singapore has a specific language preference as it has a multi-cultural influence. Successful brokers offer their services in Malay, Mandarin, and English.

Features of the platforms

Here is a comparison of all the three platforms. What do they offer in detail?

#1 Quotex

Get a feeling for the features of Quotex.

• 60 seconds Trading

Make quick trades and get access to a wide range of profits and other benefits. 

• Funds Withdrawal

Enjoy hassle-free funds withdrawal and a smooth trading process. 

• Trading History

Analyze your trading history in just a few clicks and make the right decisions. 

#2 Pocket Option

Let’s have a look at some of the top features Pocket Option offers.

• Guaranteed withdrawals

Enjoy faster deposits/withdrawals and processing within 1 hour. 

• Non-stop trading

Enjoy seamless trading even on weekends and make huge profits.

• 100% Secure Trading 

Cast aside all your worries and enjoy complete data protection.  

• 24/7 Multilingual Customer support

Say goodbye to all language-related barriers and get faster complaint resolutions.

• 99% Uptime 

With 10,000+ daily processing of transactions, you can be sure that your trade will face no issues.

#2 Olymp Trade

There are many attractive features when trading with Olymp Trade.

• Analysis & Alerts

Make the most of your trade with Olymp Trade fundamental and technical analysis with its economic calendars and news feed. In addition, you can get access to the 100 most widely used widgets and technical indicators. Besides, you will always get access to fresh information on what is brewing in financial markets, along with timely price alerts.

• Risk Management

With tools like Stop Loss/Take Profit, trailing stop, and negative protection, you can easily manage your losses and profits according to your set levels.

• Trading Community

You can join Olymp Trades’s trading community to discuss trading ideas and opportunities and follow known traders. You will also get access to trader’s sentiment, and community leaves deals. 

Mobile Apps

Some of you might feel better when they can trade Binary Options whereever they are. Therefore you will need a good mobile app with all the necessary features.

#1 Quotex

Luckily for traders, Quotex provides mobile apps for both Android and iPhone. The app is super reliable, and you can use it for trading and withdrawal purposes.

#2 Pocket Option

The Pocket Option mobile app is ideal for people who wish to trade via small screens. It offers all the features available on the web platform and some extra ones. You can easily check the transactions you made and analyze your trading history via the app. 

#3 Olymp Trade

Olymp Trade offers a dedicated mobile app, and you can customize the platform and trade with added efficiency. 

Services for Singaporean Traders 

Let’s have a look at some of the services offered to Singaporean traders by these binary options brokers. 

Deposits

What is the minimum deposit, are there any bonuses? Let’s find out.

#1 Quotex

The minimum amount of investment to trade with Quotex is $1. Also, there is a cap of $1000 limit per trade. All you need is your debit/credit cards to make a deposit.

#2 Pocket Option

You will need to make a minimum deposit of $50. Ethereum, Alt Coins, Visa, MasterCard, Bitcoin, and E-Wallets are among the deposit options. You can also make a deposit via credit cards.

#3 Olymp Trade

To start trading with Olymp Trade, you will need to make a deposit of $10 in case of a real account. At the same time, to leverage the power of a VIP account, you will need $3000. You can make deposits via debit/credit cards and bank transfers. 

Withdrawals

Once you had success trading Binary Options you will consider get your earnings back. Let’s have a look at the withdrawal procedures.

#1 Quotex

Quotex lets you withdraw money via debit/credit cards, Bitcoin, Skrill, Perfect Money, and other altcoins. While the broker doesn’t charge a transfer fee, a third-party fee may be applicable. 

#3 Pocket Option

Pocket Option requires you to withdraw a minimum amount of $10. There are no fees charged for any withdrawal from the platform. Luckily for traders, all requests are processed within 2 to 5 business days. 

#3 Olymp Trade

You can withdraw your trading amount via bank cards, and it will take a maximum of 3 business days to fulfill your request.

Support

Sometimes you will need assistance because something doesn’t work or you need the support the customer support with a question. What support do the three brokers offer?

#1 Quotex

Quotex offers 24/7 customer support in more than twenty languages. Available languages are English, France, India, Spanish and many more.

• Multiple languages
• Live-Chat 24/7
• Email and Ticket-Support
• No phone-support

The platform doesn’t offer a phone support, but it’s possible to get in contact with Quotex via live-chat and ticket support (email).

#2 Pocket Option

Pocket Option offers excellent 24/7 chat support, and you can easily resolve all issues with the help of their chat support team. You can even contact them via email and contact forms. 

#3 Olymp Trade

Olymp Trade offers a comprehensive chat and support feature for its traders. For this, it has divided threads for cryptocurrencies, stocks, and forex. You can raise a ticket to the support team and then contact them. It is a must to follow all the rules set by the moderator. Not following them will lead to you getting permanently blocked from this feature. 

Popular Trade Types in Singapore

Having discussed the best binary options brokers in Singapore, deposit/ withdrawal methods, and their regulations, let us now understand Singapore’s popular binary trade types. There are three trade types that are popular with Singaporean traders. 

• Palladium/JPY 

If you have ample knowledge of precious and semi-precious metals, you can place traders on Gold, Copper, Silver, and Palladium.

• Trading Singaporean Dollar/Japanese Yen 

You can choose many currencies and trade them with the Singaporean dollar. A popular pair includes the Japanese Yen and the Singaporean dollar.  

• USD/CHF Pairings

Another popular currency pairing in Singapore is USD/CHF. Often traders bet high stakes on this pair and reap huge profits. 

Frequently Asked Questions 

Conclusion: Secure brokers are available in Singapore

If you are looking for an excellent binary options broker in Singapore, you can try one of the three on this list. Each one of them enjoys a good reputation and is trusted by the trading community. So the best one for you will be one you can place your trust in and offer the features you need – we recommend using Quotex.

But, before you single out a broker, make sure they allow legal binary trading in Singapore. Besides, don’t forget to check if they’re regulated and the services they offer. In this manner, you will have great clarity on what you are signing up for and what you can expect.