Singapore has secured its position as the leading country in forex trading, achieving a perfect score of 10 out of 10 in the global ranking, according to a list released by Forex Suggest, a finance broker based in Luxembourg City. Malaysia, on the other hand, attained the 12th spot with a score of 4.55.
The success of Singapore can be attributed to several factors, including high search volumes for forex trading (490 per 100,000 people) and a significant number of trading jobs (12.89 per 100,000 people) compared to other countries.
Moreover, Singapore’s reputation as a safe haven for investors stems from its triple-A sovereign credit rating, strong current account surplus, and positive foreign currency reserves.
Following closely behind Singapore is Hong Kong, ranking second with an impressive score of 9.55 out of 10. Hong Kong’s attractiveness for investors is due to its lack of foreign exchange controls and restrictions on capital entry, repatriation, and profit remittance. This makes it an appealing destination for those looking to relocate.
Additionally, Hong Kong boasts a notable availability of forex jobs (0.68 per 100,000 people) compared to other countries, even though its average forex trader salary is slightly lower at US$56,410 (RM256,835).
The top 10 forex trading countries featured three other Asia Pacific (Apac) nations, each scoring highly in terms of forex trading prospects. Aside from Malaysia, Apac countries such as Indonesia, the Philippines, India, and Pakistan missed out on the top 10 positions.
Singapore also ranked third in terms of its average annual salary for forex traders, with professionals earning an average of US$92,694 per year. This solidifies Singapore’s position as an attractive destination for forex traders globally.
