Singapore snags ‘most ideal country for FX traders’ title
The Lion City recorded a forex suitability score of 8.07 out of 10.
Singapore has outranked Japan and China in the City Index’s list of most ideal markets for forex traders.
According to City Index, Singapore’s high turnover of over-the-counter (OTC) foreign exchange instruments ($929b) has pushed the market to the top of the list.
Singapore’s record is six times higher than China’s record of $153b. China ranked second on the list.
City Index also reported that Singapore has the fastest average broadband speed of all countries analysed at 233.455 Mbps.
“In the fast-paced forex market, even a few seconds can make a significant difference in trade outcomes, so a reliable and speedy internet connection is crucial. Fast broadband is key for forex traders as it allows for faster trade execution, minimises the risk of connection drops or disruptions and allows for multi-platform trading across several devices,” Fawad Razaqzada, forex trading expert from City Index, commented.
Overall, the Lion City received a Forex suitability score of 8.07 out of 10.