Another low-cost online broker is taking the Singapore brokerage trading market by its horns! Webull is a broker dealer registered with the SEC and headquartered in New York. To entice users to try out is zero-fee brokerage services, Webull is offering up to US$500 worth of blue-chip shares as long as a new user funds his/her account. The definition of funding means new user can top up as little as just 1 Singapore cent to get up to US$500 in this super amazing promotion!
Webull’s Amaaaazing Promotion
Here is a step-by-step guide on how to receive free US$500 worth of shares from Webull.
Step 1: Download the Webull mobile app from the Apple/Google Play store or access its desktop version
Step 3: Register and open an account. You can key in your personal details or allow Singpass MyInfo to populate them.
Step 4: Once you have completed your account opening, simply wait for the approval from Webull. It usually takes just 1 business day.
Step 5: Simply fund your account upon account opening via FAST or DDA. Any deposit is fine, even $0.01! Upon successful funding, go to dashboard to redeem your well-deserved rewards.
Simply click “My Rewards” icon to redeem your fractional shares! You will receive 3 blue-chip, fractional shares comprising of either Alphabet, Microsoft, Apple or Tesla. Each of these shares will be worth a minimum of US$10 to a maximum of US$100.
But wait, that’s not all yet.
If your account continues to stay funded for another 30 days, you will receive 2 bonus chances to redeem 2 more free shares. It will stay funded as long as your initial deposit of 1 cent has not been withdrawn. Thereafter, sell the 5 free shares and cash out. That is how you walk away with up to US$500 after just 30 days of doing almost nothing!
Even without the sign-up promotions, Webull is amazing for its ZERO platform fees and commission charges on US Stocks. This is the lowest cost that you can possibly find in the Singapore brokerage scene right now.
It is evident that the “effort-reward” ratio is remarkably high and that is why you should not pass up on this amazing promotion from Webull!
Forex trading is a popular investment activity among Singaporeans, and the city-state has established itself as a hub for foreign exchange trading in the region. Singapore’s location at the crossroads of major trading routes, coupled with its advanced financial infrastructure, has made it an attractive destination for traders worldwide.
In October, it was announced by The Monetary Authority of Singapore (MAS) that the average daily trading volumes (ADTV) for foreign exchange (FX) in Singapore had risen to US$929 billion in 2022, marking an increase of 45% from April 2019. This steady growth helped Singapore to maintain its position as the world’s third-largest FX center, following the UK and the US, with a global FX volume share of 9.5% as of April 2022, up from 7.7% in April 2019. The growth in FX ADTV in Singapore was widespread across major currencies, with the US dollar, Japanese yen, and euro leading the way, with forex trade volume increasing from 39% to 50% in 2022. Following closely behind were the Chinese yuan and the Singapore dollar.
This article explores the best currencies to trade from Singapore, analyzing their performance against each other and providing insights into why they are popular among Singaporean traders.
Top Currencies for Singaporean Traders
The US dollar, euro, Japanese yen, Australian dollar, and Singapore dollar are among the best currencies to trade in Singapore. Each of these currencies has unique characteristics and trading patterns, making them ideal for different types of investors.
The US dollar (USD) is the most widely traded currency in the world, and its influence extends far beyond the United States. The USD is often used as a reserve currency by central banks around the world, and many commodities, such as oil, are priced in dollars. As a result, the USD is one of the most popular currencies for trading from Singapore.
When trading USD from Singapore, traders often pair it with the Singapore dollar (SGD) or other major currencies, such as the euro, Japanese yen, or Australian dollar. The performance of the USD against the SGD and other currencies is closely watched by traders, as it can have a significant impact on their investment portfolios.
In recent years, the USD has experienced highs and lows against the SGD. In 2020, the USD weakened significantly against the SGD due to global economic impacts. However, the USD has since rebounded, and as of March 2023, it is trading at around 1.33 SGD.
Overall, the USD remains a popular currency for trading from Singapore, and its performance against the SGD and other currencies will continue to be closely monitored by traders in the coming years.
Japanese Yen (JPY)
Japan is a major regional economic power with strong trade and investment ties with Singapore, making the JPY an attractive option for traders.
When trading JPY from Singapore, traders often pair it with other major currencies, such as the USD, EUR, or AUD. Traders are drawn to the JPY for several reasons, including its status as a safe-haven currency during global economic uncertainty. Japan’s strong export-oriented economy and the policies of the Bank of Japan also play a role in the JPY’s popularity as a trading currency.
Euro (EUR)
The euro is one of the best currencies to trade in Singapore due to its liquidity, stability, and global relevance. Traders in Singapore can benefit from trading the euro by diversifying their portfolios, managing currency risk, and taking advantage of trading opportunities in the forex market. Additionally, The EUR is a popular choice for traders due to the strong economic ties between the EU and Singapore and the EUR’s status as a reserve currency.
The policies of the European Central Bank also play a role in the EUR’s popularity as a trading currency. The euro is backed by the European Central Bank (ECB), which implements policies to maintain price stability and support economic growth in the eurozone. This makes the euro less prone to sudden fluctuations and provides a sense of security to traders looking for a stable currency to trade.
Australian Dollar (AUD)
The Australian dollar (AUD) is a popular currency for trading from Singapore due to its close economic ties with the Asia-Pacific region, including Singapore. Australia is a major exporter of natural resources, and the AUD is closely tied to commodity prices, making it an attractive option for traders.
The AUD is a commodity currency closely linked to the prices of natural resources such as coal, iron ore, and gold. As Singapore is a major hub for commodity trading in the Asia-Pacific region, traders can use the close correlation between the AUD and commodity prices to make profitable trades. This makes the AUD an attractive currency for traders looking to diversify their portfolios and exploit market opportunities.
Traders can profit from the AUD’s volatility by trading AUD currency pairs such as AUD/USD or AUD/JPY.
The Singapore dollar (SGD) is the official currency of Singapore and is a popular currency for trading both domestically and internationally. As one of Asia’s most stable and developed economies, Singapore attracts significant foreign investment, which drives demand for the SGD.
Singapore has a stable political and economic environment, with controlled inflation and a strong financial system, which adds to the attractiveness of the SGD as a currency for trading. Furthermore, the Monetary Authority of Singapore (MAS) follows a managed float exchange rate regime, which allows for some flexibility in the value of the SGD while maintaining stability. This makes the SGD an attractive currency for forex traders looking for a currency with lower volatility.
The SGD is often used as a proxy for other emerging market currencies in the region, adding to its popularity in forex trading. Overall, the SGD’s stable economy, strong financial system, and flexibility make it a popular currency for trading in Singapore.
“My siblings are already fighting over my properties even though I’m still alive,” my uncle joked, acknowledging the numerous businesses and properties he owns. He stressed the importance of securing a competent lawyer to ensure his assets are distributed fairly.
You see, he plans to use his resources to establish a foundation dedicated to supporting vulnerable communities, particularly children who have been abandoned by their parents. This charitable endeavor holds a special place in his heart. He wants to ensure that his legacy will continue to help those in need even after he’s gone.
If he does not craft a Will in time, his estate will be divided according to Singapore’s intestacy laws. Having a Will will enable him to distribute his estate according to his wishes, after his death. It will allow him to give his money to the people he feels needs it most. Can you imagine how this vital document can change the lives of those around him?
Let us begin to understand what a Will is.
WHAT IS A WILL?
A Will is a legal declaration of how your assets will be distributed after your death. It prevents disagreements and provides clarity over your inheritance, which can be distributed to your loved ones or other charitable institutions after you pass away.
Apart from distribution of financial assets, a Will allows you to appoint your executors and your children’s guardians. You can approach a lawyer to help you draft a Will or use an online writing service. Feel free to change your Will anytime you see fit.
WHAT IS INSIDE A WILL?
Your Will should clearly state who is going to:
a. inherit your estate (i.e., include your beneficiary or beneficiaries),
b. take care of your children who are under 21,
c. carry out your wishes (i.e., your executor), and
d. dispose your assets if your beneficiaries pass away before you.
WHAT ARE THE BENEFITS OF ESTATE PLANNING?
1. As mentioned above, estate planning helps ensure that your assets are distributed according to your wishes after your death.
2. It specifies who will manage your affairs after you pass away to ensure that your matters are taken care of in a timely manner. Lasting Power of Attorney (LPA) allows someone to make decisions on your behalf in the event that you are unable to do so yourself.
3. It can help minimize taxes and legal fees.
4. Estate planning aids in ensuring that your business is smoothly transitioned to your heirs or successors.
CAN YOU PUT YOUR CPF IN THE WILL?
Central Provident Fund (CPF) savings are not covered under a Will and cannot be distributed via a Will.
You are strongly encouraged to make a CPF nomination so that your intended beneficiaries or charities can have quick access to the funds once unforeseen events happen. Moreover, completing your CPF nomination can help lessen administrative delays and avoid paying a fee to the Public Trustee’s Office for administering un-nominated CPF funds.
Not having a CPF nomination can result to your savings being distributed according to Singapore’s intestacy laws (or Islamic inheritance law).
WHAT IF I HAVE NO WILL?
If you die without creating a Will in Singapore, your assets will be distributed according to Singapore’s intestacy laws or Islamic inheritance law. The Intestate Succession Act (ISA) will take effect. Distribution following the law may not be in accordance with your wishes or may not fit your family’s current financial situation.
Image Credits: unsplash.com
Having a Will enables you to distribute your assets on your own terms. Whether you want to provide for your elderly parents or your children, updating your estate plan regularly can ensure that it remains relevant and effective in light of changes in your personal circumstances and the law.
KEY HIGHLIGHTS
a. Paying with cash can encourage mindful spending, as it lacks the convenience that credit cards have.
b. Credit cards have security features and a rewards program, which cash does not have.
c. Interest charges and late payment fees can pile up if you don’t pay off your credit card balance on time.
With the easing of travel restrictions, you are hearing more family and friends discuss their latest holiday plans. Some may even brag about the “free upgrades” they received on flights and hotels by using their credit cards’ miles and accumulated points.
If you are feeling tempted to get a credit card to reap its benefits when you travel, remember to do your own due diligence, and understand the pros and cons of using credit cards versus cash. Both credit cards and cash are widely accepted as payment methods in Singapore. It is imperative that you weigh your options and consider your spending habits, before deciding.
BENEFITS OF USING CREDIT CARDS
#1: UNDENIABLE CONVENIENCE
Credit cards allow you to make purchases without carrying cash, which can be more convenient when you need to make large purchases. You do not need to worry about queues at the ATM, or whether you have enough cash in your wallet. Simply swipe the card anytime and anywhere.
#2: REWARDS AND PROMOTIONS
Many credit cards offer promotions and rewards such as cashback, discounts, and points. You can earn rewards by swiping your card for everyday purchases, which can help you save money in the long run. If you play your cards right, you could be one of those people who fly for “free” due to their air miles redemptions. Imagine boarding the plane and redeeming the staycation of your dreams, without any additional spending on top of your usual expenses!
#3: SECURITY FEATURES
Credit cards come with fraud protection features such as receiving a notification for each transaction. This means that if your card is stolen or used illegally, you won’t be liable for charges. Call the credit card issuer immediately to inform them of any unauthorized transaction. Moreover, you can cancel a credit card if it is lost or stolen.
Image Credits: unsplash.com
In contrast, cash does not give consumer protection against fraud and theft. In the unfortunate event that your wallet is stolen, all the cash inside would certainly be gone.
BENEFITS OF USING CASH
#1: NO FEES
While having a credit card does make purchases in foreign currencies seamless, they tend to come with relatively high foreign exchange fees and unfavorable foreign exchange rates. When you use cash, you do not have to fret about paying fees or interest. Furthermore, some retailers offer devices that are cheaper when purchased in cash.
#2: SPENDING CONTROL
At one point or another, you have probably gone down the rabbit hole of splurging on an item that costs more than your budget. When this happens, sticking to your available cash will be your best bet to stay within your means. Using cash can enable you to track your spending and avoid overspending. With a limited amount of cash in your wallet, you are more likely to think twice before making a purchase.
#3: WIDELY ACCEPTED
While credit cards are widely accepted in Singapore, there are still some places where you can only pay with cash. Small local businesses, hawker centres, or street vendors may opt for cash transactions.
Image Credits: unsplash.com
The choice between credit cards and cash comes down to your financial situation and personal preference. If you value convenience, rewards, and security, a credit card may be a better choice. However, if you prefer mindful spending and avoiding fees and hidden charges, then cash may be the way to go.
I may be far from the money gurus out there but this method has gotten me quite far: using an Excel sheet to track salary and spending.
I have just one monthly log and two main tabs: spending & calorie count. Yep, TMI but I do track my daily calorie intake too.
Every dollar and cent that goes out goes into my spending tab. So whether I’ve topped out my EZ-link card or bought a McDonald’s vanilla ice cream cone, it gets tracked.
At the end of the day, I tally my spending to make sure it says within my daily budget.
No choice, got to do this when you’re not rich.
Review at the end of each month
My Excel sheet refreshes every month, so I get a fresh document ready to track every last day of each month.
At the same time, I’ll be able to see at a glance the total I’ve spent and how much I’ve left.
I used to “roll over” the remaining amount to the next month so I can have more money to spend at the start of each month (especially with bills to pay).
But now, I’ve decided to just shift the “leftover” amount to my savings account instead, since I have other financial commitments ahead of me.
I’ve used this method for years and it’s working very well.
I like how it’s not too complicated and that’s why I’m sharing it with you. It’s simple to implement and doesn’t take a lot of time to track.
Tip: Get the Google Sheets app on your phone so you can always input it right there and then you make a payment.
Using this method, you won’t ever get to the point where you wonder, oops, what happened to my salary?
For folks who want to go a step further, you can break down the spending into various categories, whether it’s bills, transportation, or lifestyle/entertainment costs.
I have never exceeded my budget and it takes a hell lot of discipline.
But if you’re the complete opposite, then maybe having sub-categories would make sense. When the time comes for you to make adjustments, you can straightaway identify the categories that are taking up waaay too much of your budget, and make the decision to cut back wherever necessary.
Or you can try using the newly launched Budgeting tool from OCBC to sync up your spending and paycheck.
Be a little aunty when it comes to coupons and discount codes
There’s nothing wrong with wanting to be a little kiasu when it comes to getting the best deals.
Every dollar you save adds up and the aunty in you will thank you.
I’m not a very outgoing person so staying at home works for me most of the time. But if you’re always meeting friends and having lots of gatherings to go to, take advantage of coupons, discount codes, and even existing brand loyalty programs.
Some brands may not offer much but as I like to put it: it adds up.
For example, Shopee has this daily cashback voucher (usually a higher percentage on weekends) that allows you to earn cashback coins on most purchases.
There’s also a daily app “check-in system” that allows you to earn FREE coins so you can accumulate and use them on your next cart out.
And for bubble tea lovers, the KOI card offers “leaves” for your top-ups and drinks purchases so you can use it to claim a FREE topping, 1-for-1 drinks at times, and more! There are also birthday privileges on your birthday month. The same goes for the Starbucks card.
And when it comes to local deals, don’t forget to follow the Money Digest Facebook page for all the juicy deals my fellow editors are curating daily 😉
Saving money really doesn’t have to be that difficult. Find a routine that works for you and build on it gradually. Don’t get overly ambitious right from the get-go because a complete change to everything rarely works. You won’t last. Period. So as we close, the main takeaways from this article are: automate, track, review, and be a little aunty with discounts. Now, go feed your bank.
