Hey guys, I live in Singapore.
I’m currently wanting to go live from demo, I use a Oanda demo account unfortunately they require you to be 21 before you can sign up for a live account so… that’s out, I like their platform though, and a lot of good reviews.
The second one is called IG… Horrible reviews in many different forums speaking about scamming, lagginess, hanging of their platform, I did sign up for their account tho, but they didn’t even reply me after more than a week. I did E-mail them a while ago, so we’ll see how.
Any other brokers I could use or recommend my friends?
PS: I’m 19.
EDIT: Another question, if I deposit 500 SGD, how does basic trading work? For example, I have 500 SGD in my account. I would like to play with EUR/USD on a particular day, do they convert the 500 SGD into EUR so I can buy USD or something?
Dear Andrew,
I do not know about other brokers, but I have been using Oanda and Profiforex for almost two years now. If Oanda won’t let you open a live account I suggest you try the other one because there is no such restriction.
Your other question: If you deposit to your real account in your currency, it will be automatically converted by either your payment system or the broker to USD or EUR, depending on the broker’s account currency.
Try forex.com they’re one of the biggest although I don’t know if they have minimal 21 years old limit or not
Does that mean that i have to own every pairs base currency if I want to trade many different pairs? PS: Demo account you can randomly buy any pair.
Just like a demo account, you can trade any pair you want in a live account. You don’t have to own each base currency. All you should do is choose a deposit method to put money in your live account. Transfer money from either your Credit Card, or any other method to the broker. The money will be converted to dollars. As long as you have money in your trading account, you can buy and sell any currency pair.
Oanda is good but thats out of the picture for you. I personally don’t like IG and Profiforex. I have been with Fnpro Trading for almost 2 years now and I would suggest you that as they are offering tight spreads without any dealing desk. Also their deposit bonus option is good for starters like you.
And regarding the currency thing, it depends on the base currency the broker is providing. But if you are trading in SGD it will be converted into eur or usd.