Searching for a binary options broker in Singapore can be as complex as trading binary options in the first place. You have to consider their setup, options, educational materials, and perks. But you also need to know if the broker accepts traders from your country.
Binary options trading is relatively new to Singapore. Since its appearance in 2008, more people have taken an interest in the market. After all, binary trading is convenient and doesn’t require a significant investment.
However, binary options trading has a conflicting reputation. Many people question whether it's a scam or if it's even legal in Singapore. Fortunately, plenty of reliable and trustworthy binary options brokers exist worldwide, and some of the most popular ones do accept traders from Singapore.
We’ve put together the three best binary options brokers for Singapore traders to help you decide which one is right for you.
Table of Contents
The Best Binary Options Brokers for Singapore
1) IQ Option
IQ Option got its start in 2012, and as a CySEC regulated broker, they have an excellent reputation. They offer an impressive 250+ assets to trade in, including:
You can trade using two types of accounts: Real and VIP. While they don’t have the same five-tier system of some binary options brokers, IQ Option VIP traders do get access to some extra features.
Opening a Real account is simple. All you need is a $10 investment, and you can trade in IQ Option’s 250 assets. The VIP account takes things up a notch, so you get perks like a personal account manager, financial market analysis, and unlimited trading opportunities. However, this account also requires a $3,000 min. deposit.
Binary options trading with IQ Option can get you a payout of up to 95% on their intuitive platform—both the web-based and mobile versions. IQ Option’s website, platform, and 24/7 customer service are available in 12 languages, and they service traders from all over the world, including Singapore.
Many traders ask this question: Is IQ Option Safe? While binary options might have a questionable reputation, IQ Option is one of the most reputable - and popular - brokers. They're perfect for beginning traders while also catering to more experienced investors.
RaceOption, as a broker and trading platform, works differently from IQ Option, most notably in how it's regulated. Finance Group Corp (FGC) in Vanuata owns RaceOption, but a third-party entity does not regulate the platform. Nonetheless, RaceOption seems to have a positive reputation in the binary option market, and it's been around since 2014.
You have three account options with RaceOption:
Bronze: The Bronze account offers you the basics of the platform with a $250 minimum deposit. You can try RaceOption with their demo account, and once you make your initial investment, you get a 20% bonus. You also have 24/7 live video chat resources, a copy trading tool to help you improve your technique, and withdrawal processing in one hour.
Silver: The Silver account gives you everything you’ll find with the Bronze account, plus more with a $1,000 minimum deposit. You also get a master class web session, personal account manager, a 50% initial bonus, and your first three trades are risk-free.
Gold: The Gold account is the highest tier with a min. deposit of $3,000. You get all the same features as the Silver account, along with integrated technical analysis, and a 100% initial deposit bonus.
RaceOption is available to Singaporean traders and all other countries across the globe. They don’t give you as many asset options as you’ll find with other binary options brokers, but at 100+, you’ve still got plenty, with stocks, commodities, indices, and cryptocurrencies. Read our full in-depth RaceOption review.
BinaryCent is a binary broker that works remarkably similarly to RaceOption. They’re newer, having come onto the binary options scene in 2017. They’re also regulated, but the VSFC, which, while it’s not CySEC, is still a known regulatory body.
If you’re considering BinaryCent, know that their platform isn’t for beginners. It doesn’t have trading signals, which helps those learning binary options trading to make better predictions and improve their payouts.
According to BinaryCent reviews, they doesn’t offer much in the way of educational resources. If you choose to use this broker, you’ll either have to search elsewhere for additional trading information or go in knowing your stuff.
You’ll find the same account types—Bronze, Silver, and Gold—and features as with RaceOption, with some minor differences. Whether you choose BinaryCent’s turbo, intraday, or long-term trade options, you can invest as little as 10 cents per trade. BinaryCent also accepts several payment forms, including credit card, bank wire transfer, cryptocurrency, and e-wallet.
BinaryCent’s challenging platform offers something different for Singapore traders who are looking to test their skills or move to the next level. Their website and customer support services are available in eight languages.
Are Binary Options Legal in Singapore?
While not all brokers are available to traders in Singapore, binary options trading itself is legal in Singapore, as no regulations prevent it.
However, since no laws regulate whether trade can happen at all, it comes as no surprise that there are no binary options regulatory bodies in Singapore. Still, many brokers extend their services to traders in that country. Those that do are required to have a license issued by the Monetary Authority of Singapore.
If you’re from Singapore and want to start trading in the financial markets, there are a couple of other things you should know. Since there are no binary options brokers based in Singapore, you must decide how you want to sign up with a broker elsewhere.
You can use a local operator, but just as common is the option of choosing an offshore broker. Both options reach the same end—you can trade binary options assets with approved brokers based on the few Singaporean regulations for binary options. Before you choose a broker, make sure they are approved for Singapore to save yourself some hassle.
Singaporean traders also have plenty of payment methods, from e-wallets to bank wire transfers. That means there are few restrictions when it comes to depositing and withdrawing funds, which makes for convenient trading and secure transfer of funds.
Does IQ Option Accept Traders from Singapore?
Yes. IQ Option does not only accept traders from Singapore—it’s the most popular binary options trading platform in the country. When you open an account with IQ Option, keep in mind that they are based in Europe, so you’ll need to sign up with the offshore broker option.
When it comes to binary options in Singapore, IQ Option is probably the best one you can get. They have a positive reputation in the binary options market, and they offer all the same services in Singapore as they do for other traders across the world.
If you're looking for a reputable binary options broker in Singapore, try one of the three on this list. Each one has a reputation for being reliable and honest, so the best one for you depends not on whether you can trust it (or even access it), but what you're looking for in terms of features.
Before you choose a broker, always make sure they allow trading in your country. Know whether they’re regulated and what they offer for services, so you know in advance what you’re signing up for and what you’ll get.
Robert Wolfe is the founder and chief editor of Impact Investing Collaborative. Robert is an expert trader with over 10 years of experience trading binary options, Forex, and CFDs. He prides himself in providing accurate and in-depth reviews in order to help others find a trading platform that fits their needs. When Robert isn’t actively trading or managing Impact Investing Collaborative, he enjoys spending time with his 3 kids, playing golf, and spending time outdoors.