The forex trading market is a big industry. Trillions are traded in and out of it daily. Banks are participating in the trade, proprietary traders as well. You will know it just by looking at their desks. The mere 1 cent changing of your Singapore dollars to other currencies such as the Euro or US dollars is already a way of participating in the market. There are hundreds of banks in Singapore today, and a lot of them can help you join the forex trading market.
You also have international businesses that are opening offices and headquarters in Singapore. For them to do business they need to exchange their own currencies into Singapore dollars. They can utilize their money to pay off labor and other expenses, to name a few.
It is not as regulated as those of other countries.
Forex trading in Singapore has been around for some time, but it is only around 2007 when more people become interested in it. Thus, it is not as regulated or as carefully watched as that of other countries, especially those in Europe and North America. Needless to say, forex brokerage firms are regulated in the country. If you do not want to be a victim of a scam, then you need to choose brokers that are regulated. There are only a few of them.
You can look for a forex broker or use the automated system.
There are two popular ways of doing forex trading in the country. You can hire a professional, or you can make use of an automated forex broker. The advantage of the latter is it works 24/7 and can be tracked even if you are out of the country. You also have more control over your account.
However, it does not provide you with sound advice but only tools to help you come up with good decisions. That is why there are times when hiring a professional forex broker is a good idea too.
It does not guarantee anything.
It does not matter where you do forex. There is still one sure thing: there are no guarantees. The forex trading strategies are there to ensure you can minimize your losses and perhaps look forward to greater profits, but they are not fool-proof plans. There are even times when they do not work at all.
Nevertheless, you can greatly reduce the chances of losing a lot as you learn forex trading more each day.