Forex trading is inherently risky, and there are all kinds of aspects you should consider when choosing a broker. While trading conditions and fees are important, the most crucial characteristic of any broker is its security: you don’t want to invest your money in a scam. That’s why you should always choose a broker that’s heavily regulated and supervised by a big financial organization like MAS. In this article, we explain why MAS regulation is an important sign of a reliable broker and give you the top 3 options to choose from.
What you should know about MAS
MAS, or Monetary Authority of Singapore, is Singapore’s central bank. Founded in 1971, it’s the main financial regulator in the country that makes all brokers comply with a strict code of conduct. It makes all financial intermediaries from banks and payment systems to brokers more transparent and stable, and any brokerage service licensed by MAS can be considered pretty reliable and secure. MAS is the main regulator of the Forex market in particular, and it makes sure Forex traders are protected from all threats like scams.
Of course, you should always stick to MAS regulated Forex brokers since the regulator won’t be able to protect you from brokers operating without its license. Let’s check out which well-regulated brokers you can choose.
Interactive Brokers
Founded in 1977, Interactive Brokers is one of the oldest and most popular USa-based brokers that is regulated by a variety of major organizations like MAS. It offers a wide choice of trading instruments: a variety of stocks, indices, CFDs, and currency pairs. The broker has rather low fees, but you won’t be able to find any cent accounts here.
Saxo Bank
One of the most well-known European brokers, Saxo Bank is a Danish brokerage company operating in many different countries all across the world. It’s well-regulated and favored by experienced traders for its trading conditions. However, it also has features that can be very interesting for beginners, such as long-term investment portfolios.
Oanda
Oanda is a reputable US broker that provides financial services to millions of traders in many different countries. It’s known for a wide variety of available trading instruments, low minimum deposit (you can start trading with just $1), and friendly customer support. However, its withdrawals are pretty slow, and the broker lacks attractive bonus programs.
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