There are several steps to join the best forex prop firms in Singapore for your career. Notably, Singapore acts as a prominent financial market in Asia – with a stable political environment, skilled domestic traders, and rewarding tax systems. This competitive environment helps local Singaporean traders capitalize on market opportunities with international prop trading firms. As an aspiring trader based in Singapore, carefully evaluate your trading preferences, requirements, and profit goals to join a suitable prop trading firm. By trading with the firm’s capital, you can capitalize on more rewarding positions – without risking personal capital.
>> As one of the world’s biggest prop firms, Funding Traders accepts local traders from Singapore, India, and other Asian countries – providing opportunities to earn bigger.
Read on for a complete guide to joining the best FX prop trading firms in Singapore and become a professional funded trader.
Is Prop Trading Legal In Singapore?
Before joining a forex prop firm, explore if trading is legal in Singapore. With limited local regulations, prop trading is fully legal in the country. In fact, traders can join international prop firms, access global financial markets, and maximize their profits.
Of course, you must deploy effective strategies, actively respond to market fluctuations, and limit position sizing to avoid unexpected risks of prop trading. While prop firms can operate legally in Singapore, you may not receive an SGD-funded account. Top-rated prop firms in Singapore only use USD, EUR, CAD, and GBP as primary currencies for their funded accounts. Indeed, trading with International and domestic prop trading companies is legal for local Singaporean traders.
Evaluate The Firm’s Reputation
First, evaluate a firm’s reputation to join the best prop trading firm in Singapore. Ideally, you should join trustworthy, credible, and reliable firms with a strong international background. To pick a reputable firm, you can verify the firm’s Trustpilot reviews, ratings, and online presence. Additionally, check if the firm has an experienced CEO, a valid international address, and positive feedback from existing traders.
>> As a UAE-based prop firm in Dubai, FT offers the same competitive environment for Singapore-based clients too. Additionally, you can take advantage of a supportive online community, training resources, and live sessions with our CEO – an ex-Wall Street trader.
Ultimately, these factors can help choose the most reliable prop firm to trade locally in Singapore. Definitely, choose an industry-reputable legitimate forex prop firm to start trading in Singapore.
Compare Funded Account Sizes
To join a reputable prop firm, compare the available forex funded accounts in Singapore. For Singapore-based traders, funded account sizes can go up to $1 million+. However, watch out for misleading account sizes that support limited leverage on funded capital. Many local Singapore-based prop trading firms may offer high balances with very limited leverage. Ultimately, these accounts limit your buying power in forex – lowering your profit potential. Instead, join an international prop firm like FT to access institutional-level capital with a higher competitive leverage.
FT supports the biggest trader funding opportunities – starting from $5K. Choose an initial capital and maximize your buying power with a higher leverage of 1:100 for forex:
- Mini ($10,000)
- Starter ($25,000)
- Basic ($50,000)
- Advanced ($100,000)
- Superior ($200,000)
>> As a prop firm with TradeLocker, you can also access exclusively available 500k and $350K funded account sizes on the platform.
If you’re a beginner trading in Singapore, you can also join cheap prop trading firms supporting affordable funded accounts. Definitely, join a legal prop firm in Singapore that supports bigger funded account sizes.
Review Supported Financial Assets In Singapore
Before joining a forex prop trading firm in Singapore, you should also review supported financial instruments. Typically, reputable firms support multiple instruments to empower a wide variety of trading styles and strategies. Look for prop firms that allow Singapore-based clients to trade forex, indices, cryptocurrencies, and other assets. If you prefer trading on a cryptocurrency prop firm account in Singapore, join a prop firm supporting a minimum of 10+ digital currencies. Ultimately, this multi-instrument support will maximize your earnings – with opportunities to capitalize in different financial markets.
>> As a legal prop firm in India, China, and other Asian countries, FT supports multiple financial instruments globally, including:
- Forex
- Cryptocurrencies
- Metals
- Indices
Keep in mind that supported leverage may vary for various assets. Open a free trial prop firm account to evaluate the supported leverage before trading a new asset with Singapore prop firms. Indeed, join a reputable prop firm that supports multiple instruments for Singapore-based traders.
Get Familiar With Evaluation Rules
Now, you’re ready to get familiar with the evaluation rules of a prop trading firm in Singapore. Typically, you’ll need to meet various criteria to get a forex funded account in Singapore. Global prop firms require traders passing an assessment to evaluate their trading abilities. During an evaluation, you’ll need to meet certain prop firm trading rules on a challenge account – including profit targets, loss limits, and maximum drawdowns. Industry-leading firms like Funding Traders support unrestricted trading periods – giving you the flexibility to pass a trading evaluation at your own pace.
>> Aspiring Singapore clients like yourself can also take advantage of weekend /overnight holding, EA support, and news trading – along with flexible rules, including:
1-Step Evaluation:
- Profit Target: 10%
- Daily Drawdown: 4%
- Maximum Drawdown: 5%
- Maximum Loss Per Trade: 2%
2-Step Evaluation:
- Profit Target (Phase 1): 10%
- Profit Target (Phase 2): 5%
- Daily Drawdown: 5%
- Maximum Drawdown: 10%
- Maximum Loss Per Trade: 2%
Definitely, join an international prop trading company in Singapore that supports flexible evaluation rules.
Look For Competitive Profit Sharing Models
Finally, join Singaporean prop firms that support a competitive profit sharing model for your career. Typically, legitimate Singaporean prop firms support favorable compensation structures to reward successful traders. These profit sharing models incentivize profitable traders with higher rewards – promoting consistency among the community. Additionally, Singapore-based traders are encouraged to maintain consistent risk management across all opened positions.
>> To support all Singaporean traders, Funding Traders shares a default 80% profit on all account sizes. Additionally, you can choose exclusively available add-ons to increase your profit split to 100% and keep the entire earnings.
Indeed, carefully review the profit-sharing arrangement to start trading with a rewarding prop firm.
Follow this straightforward process to join the best prop firms in Singapore. To start trading legally in Singapore, look for a reputable prop firm with a positive track record. Ideally, you should join firms that support bigger account sizes, higher leverage, multi-instrument support, and competitive profit-sharing arrangements. Moreover, carefully review the prop trading evaluation guidelines to join a legitimate company. Ready to start forex trading in Singapore? Click here to open a new prop trading account.
