Reason for this visit

The mature, open, and stable foreign exchange market in Singapore plays a significant role in Asia, boasting a large scale and massive daily trading volumes. As one of the major financial centers in Asia, Singapore enjoys a highly active forex market, attracting investors and traders worldwide. In terms of regulation, the Singapore forex market operates within a well-regarded regulatory environment overseen by the Monetary Authority of Singapore (MAS). Forex brokers in Singapore must adhere to strict regulatory requirements, including adequate capital, segregated client fund, transparent operation, reporting obligations, and more. Singapore's forex market is home to numerous forex brokers of varying types and sizes, encompassing both traditional and online forex brokers. Driven by robust regulation and technological innovation, the Singapore forex market holds promising development prospects. With the acceleration of digitization and internationalization, the Singapore forex market is poised to remain a key center for forex trading in Asia and globally. In an attempt to help investors better understand the current forex brokers in Singapore, WikiFX survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Singapore to visit forex broker Saxo (licensee: SAXO CAPITAL MARKETS PTE. LTD.) as planned according to its regulatory address that 88 Market Street CapitaSpring #31-01 048948.

On November 10, 2023, the investigators came to CapitaSpring at 88 Market Street in Singapore for a visit to the brokers office. CapitaSpring is a skyscraper featuring an iconic façade in Downtown Core, Singapore, primarily devoted to conventional office space, despite the fact that about 10% of the building contains co-working space.

Upon arrival at the tower for further investigation, the survey personnel spotted a digital directory in the lobby, which displayed that office 31-01 is occupied by “Saxo Capital Markets Pte Ltd”, just the licensee of OANDA.

And then the survey team proceeded to the 31st floor by the elevator, and easily located office 31-01, where the company name and logo of Saxo could be conspicuously seen through the glass door, despite being closed.

Based on the on-site investigation, it is confirmed that the company has a physical presence at the place.

Conclusion

The survey team went to Singapore to visit forex broker Saxo as scheduled, and found the name of the company at its regulatory address. This denotes that the broker has a physical business office at the location. Meanwhile, investors are advised to make a sensible decision following a comprehensive consideration.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.