How to Start Forex Trading in Singapore

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warning icon Important: This broker offers CFDs which are a leveraged product and can result in the loss of your entire capital. Ensure you fully understand the risks before trading.

Currency Management Corporation (CMC) Markets is a leading online trading platform for those seeking low-cost CFDs, forex and stock trades. Find out if this established CFD broker is right for you in this guide.

What can I trade with CMC Markets?

Your CMC Markets trading account gives you access to more than 10,000 global products, including:

Stocks CFDs. Access over 9000 global stocks in more than 20 markets around the world.
Indices. Choose from over 90 indices products, including the Straits Times Index, Australia 200, UK 100 and Germany 30.
Commodities. More than 100 commodity products available to trade.
Forex. More than 330 currency pairs are offered to you through CMC Markets.
Treasuries. Trade on over 55 treasuries products.
Cryptocurrencies. Trade on the price of 12 cryptocurrencies against the US dollar.

CMC Markets does not support stock trading

CMC Markets does not offer or support stocks trading in Singapore. Instead of stocks, CMC Markets trades stocks CFDs, which are traded on margin and does not offer any ownership of the underlying asset to the investor.

Features of a CMC Markets trading account

Market data. CMC Markets provides price data from markets around the world, including the Canadian, German, Swiss, UK and US markets.
Research. CMC Markets offers a wealth of research tools and resources to help you trade. These include events and seminars, market reports, news and analysis.
Convenience. Placing trades through your CMC Markets trading account can be done online, over the phone or using the CMC Markets app on iPhone, iPad or your Android device.
Next Generation platform. CMC Markets' Next Generation platform has been built to suit the needs of active traders. It offers advanced research and charting, unlimited free conditional orders and the ability to process orders in less than one second.
Award-winning charts. The platform offers more than 115 technical indicators and drawing tools, 70 chart patterns and 12 chart types.
Demo account. The free demo account allows you to practice trading with virtual funds before you commit to trading CFDs.
Regulated in Singapore. CMC Markets is regulated in Singapore by the Monetary Authority of Singapore (MAS).

What trading platforms are available?

CMC Markets offers one, award-winning platform for CFD and forex traders called the CFD Next Generation platform.

This is an advanced, powerful web-based and mobile platform available on compatible iOs and Android devices. It features more than 115 technical indicators and chart types to help with your trading analysis, and a range of useful tools including the price projection tool and pattern recognition tool.

You can also connect with other traders via the chart forum, an online trading community enabling you to discuss and stock trading insights.

What support/information is available with a CMC Markets trading account?

If you need assistance with a particular trade or with any aspect of your CMC Markets account, it's easy to get in touch with CMC Markets. Phone, email and live chat support are all available.

There are also plenty of educational resources from CMC Markets you can access in order to improve their trading knowledge. These include instructional articles and videos, trading guides, a blog, events run by market experts and much more, plus a free demo account.

What fees will you pay?

When you trade CFDs or forex using a CMC Markets trading account, you'll need to consider the spread, which is the difference between the buy and the sell price. In addition, you'll need to consider the commission charge that applies to your trades. The minimum spread applied to a forex CFD is 0.7 points, with margins from 0.20%. Commission on stock CFDs start at 0.10%.

If you want to access CMC Markets' price data for stock CFDs, you may need to pay a monthly subscription fee. The charges that may apply depends on your market data classification and the type of account you hold. You can find details of the charges can be found on the platform under the 'market data' section.

How do you fund your account?

Here are the details on the various ways to deposit funds (in Singapore dollars) into your account:

Payment type	Payment type supported	Charge	Transfer time
Corporate PayNow		No charge	1 working day
Credit Card (Mastercard/Visa)		2% of transaction	Instant
Bank Transfer/FAST		No charge	1 working day
Non-POSB/DBS (GIRO)		No charge	2-3 working days
ATM		No charge	1 working day
Cheque		No charge	1 working day
Bill Payment (POSB/DBS)		No charge	1 working day
Non-POSB/DBS MEPS Funds Transfer		Charges depend on remitting bank	1 working day
NETS (At CMC local office)		N/A	2 hours
Inward Telegraphic Transfer (Overseas)		S$10 (or currency equivalent)	2-3 working days
Cash / ATM Cash Deposit		N/A	N/A
AMEX / Diners		N/A	N/A
Payment over the phone	Processed on a case by case basis for accounts: Approaching margin call, or; Urgent deposit after office hours (6pm SGT).	As above	As above

Pros and cons of using a CMC Markets trading account

Pros

Reputable provider. CMC Markets has taken out a large number of industry awards for its CFD trading services.
Trading options. You can trade over 10,000 products on markets around the world.
Competitive fees. A comparison of CMC Markets' ongoing fees and commissions reveals that the CMC Markets CFD Account is an affordable trading platform.
MetaTrader 4. The most popular trading platform in the world is now available as an additional trading option on CMC Markets.

Cons

CFD-only broker. CMC Markets only allow CFD trading, which comes with a wide range of risks – so make sure you're fully aware of these risks before you decide to start trading.

How do I apply for a CMC Markets trading account?

To apply for a Trading Account from CMC Markets, simply click 'Create Account' button on its website to be securely redirected to an online application form. It's vital that you are fully aware of all the risks involved in trading CFDs before you sign up for an account.

To apply for an account, you'll need to provide the following information:

Your name
Your contact details
Your employment details
Details of your financial background

Required documents

CMC Markets will also request the following supporting documents from you to comply with industry 'Know Your Customer' (KYC) requirements:

Client Acknowledgement Form. A duly completed and signed copy of the client acknowledgement form
Proof of identity. A valid photo ID (NRIC), passport or driving licence
Proof of address (dated in the last three months). If your ID does not indicate your current residential address, you'll need to provide one of the following documents addressed to your current residential address:
- Bank or credit card statement
- Utility or telco bill
- Insurance statement or letter
- Any letter issued by government bodies

Frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

Marc Terrano is a Lead Publisher and Growth Marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He's passionate about creating honest and simple reviews and comparisons to help people around the world to get the best value for their money.

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How to Start Forex Trading in Singapore

Source: https://www.finder.com/sg/cmc-markets-cfd-trading-account