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!
What you will read in this Post
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.
The MAS built a Financial Institutions Directory after months of research. It includes an exhaustive list of all financial service providers, including binary options brokers.
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
#1 IQ Option
Built-in 2012, IQ Option is one of the best binary options brokers in Singapore. Its excellent reputation can be attributed to being a CySEC 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.
IQ Option 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! IQ Option’s website, 24/7 customer service, and platform are available in 12 languages and serve traders worldwide.
#2 RaceOption
RaceOption is a top-notch broker and trading platform established in 2014. It is owned by Finance Group Corp (FGC), located in Vanuatu. RaceOption payouts usually start as low as 60% and can go up to 90%. 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 RaceOptions is $1. However, you cannot go over their $1500 limit per trade. Luckily, RaceOption also has a sell-out feature.
This means you can choose to close your trade before the given time limit and get a partial refund on the basis of the time left.
When it comes to account options, you have the following options:
- Bronze
You can enjoy the basics of the platform with the Bronze account. You just need to make a deposit of $250, and you are good to go! Besides, you can try out their demo account and get a 20% bonus. Furthermore, you will have access to live video chat resources 24 hours a day, smooth withdrawal processing, and a copy trading tool to assist you in enhancing your methods.
- Silver
The silver account gives you everything offered with a Bronze account and more with a $1000 minimum deposit. The unique selling point of this plan is that you will have access to a master class web session, a 50% initial bonus, a personal account manager, and your first three trades will be risk-free.
- Gold
The Gold account is the best for traders who are willing to bet high stakes. This plan includes integrated technical analysis as well as a 100 percent first deposit incentive.
RaceOption is available to all Singaporean traders and other countries worldwide. While not many asset options are available, you can still trade stocks, indices, and commodities.
#3 BinaryCent
BinaryCent is a broker that operates similarly to RaceOption. The platform is not ideal for beginners as it doesn’t offer any trading signals. However, these signals can come in handy for those new to this field. They will not only help them improve payouts but also make better predictions.
Moreover, not much is available in terms of educational resources. So, if you decide to use this broker, you will have to search for additional trading information. But, you get to enjoy several payment forms, including bank wire transfer, cryptocurrency, credit card, and e-wallet.
It offers the same account types- Gold, Silver, and Bronze. So whether you choose BinaryCent’s Turbo, intraday, or long-term trade options, you just need to shell out as little as 10 cents!
BinaryCent’s one-of-a-kind and the challenging platform is excellent for traders looking to test their skills and move to the next level of trading. Moreover, their customer support services and website are available in eight languages.
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 Platform
Here is a comparison of all the platforms-
#1 IQ Option
- Analysis & Alerts
Make the most of your trade with IQ Options 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 IQ Option’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.
#2 RaceOption
- Regular Options/CFD trading
Get access to 100+ regular and CFD trading options.
- 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.
#3 BinaryCent
- 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.
Mobile Apps
#1 IQ Option
IQ Option offers a dedicated mobile app, and you can customize the platform and trade with added efficiency.
#2 RaceOption
Luckily for traders, RaceOption provides mobile apps for both Android and iPhone. The app is super reliable, and you can use it for trading and withdrawal purposes.
#3 BinaryCent
The BinaryCent 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.
Services for Singaporean Traders
Let’s have a look at some of the services offered to Singaporean traders by these binary options brokers.
Deposits
#1 IQ Option
To start trading with IQ Option, 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.
#2 RaceOption
The minimum amount of investment to trade with RaceOptions is $1. Also, there is a cap of $1500 limit per trade. All you need is your debit/credit cards to make a deposit.
#3 BinaryCent
You will need to make a minimum deposit of $250 if you have a bronze trading account. In contrast, a $1000 deposit is required for the Silver trading account. If you wish to enjoy the maximum trading benefits, we suggest you invest in the Gold trading account, for which the minimum deposit required is $ 3000.
Ethereum, Alt Coins, Visa, MasterCard, Bitcoin, and Perfect Money are among the deposit options. You can also make a deposit via credit cards, but the credit card processor will apply a fee of 5%.
Withdrawals
#1 IQ Option
You can withdraw your trading amount via bank cards, and it will take a maximum of 3 business days to fulfill your request.
#2 RaceOption
RaceOption 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 BinaryCent
Binary Cent requires you to withdraw a minimum amount of $50. You will be charged 5% for credit card withdrawals from your processor but no fees from Binary Cent. Luckily for traders, all requests are processed within an hour.
Support
#1 IQ Option
IQ Option 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.
#2 RaceOption
RaceOption offers four types of customer support: chat support, email support, and toll-free numbers for calling. The chat option is open 24/7, and you will get instant solutions for your queries. If you don’t need quick answers and are willing to wait for some time, you can use email support. Another way is to contact the phone numbers provided at the site. The last method is to fill up the contact form and then wait for the team to respond.
#3 BinaryCent
Binary Cent 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.
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
How to Check the Status of a Binary Options Broker in Singapore?
The MAS maintains a dedicated list of all financial services companies with a Capital Markets Services License. Besides, it also has an investor list that blacklists all brokers that have made false claims of having a MAS licensing.
Can Binary Options Make a Trader Rich?
Binary options trading is a profitable investment as compared to other assets. Thus, it is safe to say you can become rich with binary options. However, it is not a one-off thing. A solid strategy, the proper knowledge, and long-term commitment are needed to become successful.
How Does FMA Officially Define Binary Options Brokers in Singapore?
Binary options brokers in Singapore ideally serve the purpose of derivative trading investment firms. Thus, FMA’s official designation for them is a “derivatives issuer.”
Conclusion
If you are looking for an excellent binary options broker in Singapore, you can try one of the five 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.
But, before you single out a broker, make sure they allow 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.
