You must learn and practice well to consistently be successful. Open a free demo account with any of the brokers listed on this page and try your trading strategy without risking your money. After you feel confident you may open a real account and start trading with real money. Although nothing will really get you completely prepared for challenges that come while trading, you will surely be able to handle them quite confidently. No need to feel confused, most of the brokers have their free Webinars, training materials, and seminars.
If you really wish to trade Binary Options, then you must have a broker. Binary Options trading in Singapore is not a difficult thing once you have a trusted broker to rely on.
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How can you get the ideal Binary Options Broker? There are a lot of ways. The concept of Binary options is fairly new in Singapore, hence it is important to ensure you should never be duped by non regulated brokers. Investors who choose to trade with these platforms are unlikely to recover any money lost. Victims who made police reports said they faced difficulties contacting the foreign operators when things went wrong. If you deal with unregulated entities, you will not have access to avenues for dispute resolution, should a dispute arise later. There are many pitfalls in investing in unregulated financial activities, such as unregulated binary option trading.
A customer may not know if the operator is running a legitimate business or a Ponzi scheme, said Mr Nizam. Also, even if the platforms are not fraudulent, customers may be misled by misrepresentations or the absence of proper disclosures," he cautioned. For instance, sellers of financial products regulated by the MAS have to make their scheme details and business plans known to the authorities and, in some cases, register prospectuses.
Mr Nizam advised that regulations ensure that only fit and proper persons are allowed to engage in binary option activities. He added that Singapore has stringent rules on product suitability, ensuring that products are sold only to customers who understand these products, and whose risk profiles fit the higher-risk investment. In fact, customers here are required to be assessed on their customer knowledge before investing in more complex investment products, including binaries and other derivative products. Seeking legal recourse for investors could be more difficult if the operators are located outside Singapore, said Mr Nizam.
If you were to file a civil action, the operator may not have any persons or assets in the country," he added. This is because almost all of the binary option providers featured in investors' complaints are based overseas.
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The bank accounts used by these providers to receive money from the investors are also located offshore. Join ST's Telegram channel here and get the latest breaking news delivered to you. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused.
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Avoid getting burnt by binary option scams
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