In today’s era of digitized currency, the world has become a smaller place. As a result, the forex market has proven very advantageous for traders and investors. Many choose this avenue to earn an extra income or even make enough money to live on. In doing this, you will need a special license called Offshore Forex License authorized by MAS (Monetary Authority of Singapore), which gives you the right to trade in several foreign currencies from different countries of your choice. SGX RegCo is another company that issues such a license, but it comes with certain conditions attached to MAS one. To get this special license, there are certain things you must know about how it works and what benefits you can get from it.
Advantages Of Having An Offshore Forex License In Singapore
First of all, you can trade in multiple currencies. The program has no restrictions on the number of currencies one can trade, provided that he/she has the forex license to signify their qualifications as a professional trader or investor. You are also given the freedom to choose your home country to trade in your favorite currency. Furthermore, none is stopping you from trading during weekends and national holidays, unlike SGX RegCo only issues licenses for the whole week except public holidays and weekends. Moreover, there is no need for an office located in this particular country, unlike SGX RegCo, so you don’t have to worry about having an offshore office.
Further Advantages Of Getting An Offshore Forex License In Singapore
Furthermore, you don’t need to appoint a representative in this country, unlike SGX RegCo, which is no longer convenient. According to the program’s terms and conditions, you can directly manage your funds and business operations, including auditing responsibilities, without anyone else’s supervision. The company issues unrestricted licenses with no limits for withdrawal for traders who want to take out their profits regularly. This means that you can withdraw any amount of money whenever you feel like it so long as it is within the legal limits set by MAS and does not violate its policies.
Another great benefit of getting an offshore forex license in Singapore is that you can choose an investment bank or any other financial institution where you want to transfer your money for the program. This means that you will not be restricted to only one financial institution. Thus, there are many benefits that traders and investors will get for having an offshore forex license in Singapore. It opens up opportunities for them to be able to trade in multiple currencies all at once.