US Dollar - Singapore Dollar Spread Betting
Where Can I Spread Bet on US Dollar - Singapore Dollar? |
Currently, investors are able to take a view on US Dollar - Singapore Dollar, in addition to a variety of similar financial markets, with companies like:
Advert:
US Dollar - Singapore Dollar Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on US Dollar - Singapore Dollar with
Financial Spreads.
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Where Can I Spread Bet on US Dollar - Singapore Dollar for Free? |
Trading the financial markets always involves some risk. Nevertheless, if you want to open a Test Account, that allows you to look at professional level charts and try out spread trading, then please see below.
When looking at which trading option might work for you, also remember that, in the UK, spread betting is free of income tax, stamp duty and capital gains tax*.
If you want to try a low cost trading platform, keep in mind that investors are able to spread bet on US Dollar - Singapore Dollar without having to pay any brokers' fees through providers such as:
If you want to open a (free) virtual money Demo Account which allows you to try out online spread betting, and trading markets such as GBP/USD, the Dow Jones, crude oil and US Dollar - Singapore Dollar, then have a look at:
All of the above currently offer a risk free Practice Account which investors can use to try out theories, access charts and gain experience with an array of orders, e.g. guaranteed stop losses and trailing stop losses.
Where Can I Find Live Spread Betting Prices and Charts for US Dollar - Singapore Dollar? |
The CFD trading chart and prices below gives you a handy guide to the US Dollar - Singapore Dollar currency rate.
The chart above is provided by Plus 500 and typically uses the near-term US Dollar - Singapore Dollar futures price (not the spot market).
If you'd like to access spread trading charts and live prices for US Dollar - Singapore Dollar, you will need to apply for a spread trading account.
In addition, a spreads account also lets you access spot prices. Readers should note that opening an account is subject to status and suitability checks.
Should your new account be accepted, you will be able to log on and make use of the prices and live charts. On most platforms, these are provided for free. So what's the catch? You might get an occasional email and/or call from the broker.
Of course, if you decide to trade then, before starting, you should note that contracts for difference and financial spread betting carry a significant level of risk to your capital and can result in losses that are greater than your initial investment.
Advanced Charts for US Dollar - Singapore Dollar |
Despite the fact that the specific charting packages tend to differ between platforms, to aid your trading analysis, they usually have useful tools and features, including:
- A wide range of intervals - 30 minutes, 1 hour, 1 month and so on
- A variety of display options - line charts and candle charts
- Drawing options and tools - Fibonacci fans, arcs and time zones
Charts on Tradefair also include advanced features:
- Custom Indicators, Back Testing and Optimisation tools
- Overlays - Parabolic SAR, Ichimoku Clouds, Chande Kroll Stop and so on
- A choice of secondary charts - True Strength Index, Standard Deviation, Price and Volume Trend and so on
- Custom email alerts when a market reaches a certain level
FinancialSpreads FX market chart
The following financial spread betting firms provide users with real time charts and prices:
How to Spread Bet on US Dollar - Singapore Dollar? |
As with a variety of markets, investors can spread bet on FX rates, such as US Dollar - Singapore Dollar, to either increase or decrease.
Looking at a spread trading site like InterTrader, you can see they have put the US Dollar - Singapore Dollar Rolling Daily market at S$1.22474 - S$1.22514. This means you could spread bet on the US Dollar - Singapore Dollar rate:
 Moving above S$1.22514, or
 Moving below S$1.22474
Whilst financial spread betting on US Dollar - Singapore Dollar you trade in £x per point where a point is S$0.00010 of the pairs movement. Therefore, if you decide to invest £4 per point and US Dollar - Singapore Dollar moves 26.0 points then that would be a difference to your P&L of £104. £4 per point x S$0.00260 = £4 per point x 26.0 points = £104.
Rolling Daily Forex Markets
An important aspect of this Rolling Daily Market is that there is no set closing date for this market. If you leave your position open at the end of the day, it just rolls over to the next trading session.
If a forex position is rolled over then you are charged a small overnight financing fee. For a more detailed example see Rolling Daily Spread Betting.
US Dollar - Singapore Dollar Rolling Daily - FX Trading Example |
So, if you continue with the spread of S$1.22474 - S$1.22514 and make the assumptions:
- You've done your forex market research, and
- You feel that the US Dollar - Singapore Dollar market will move above S$1.22514
Then you may choose to buy a spread bet at S$1.22514 for a stake of £3 per point.
So, you win £3 for every point (S$0.00010) that the US Dollar - Singapore Dollar pair increases higher than S$1.22514. Conversely, however, it also means that you will make a loss of £3 for every point that the US Dollar - Singapore Dollar market falls lower than S$1.22514.
Looking at this from another angle, should you buy a spread bet then your P&L is calculated by taking the difference between the settlement price of the market and the price you bought the market at. You then multiply that difference in price by the stake.
If after a few sessions the foreign exchange rate started to move upwards then you could choose to close your trade in order to guarantee your profit.
Therefore, if the market moved up then the spread, determined by the spread betting firm, could change to S$1.23004 - S$1.23044. To settle/close your trade you would sell at S$1.23004. As a result, with the same £3 stake:
P&L = (Closing Price - Opening Price) x stake
P&L = (S$1.23004 - S$1.22514) x £3 per point stake
P&L = S$0.00490 x £3 per point stake
P&L = 49.0 points x £3 per point stake
P&L = £147.00 profit
Speculating on forex, whether by spread betting or otherwise, is not always easy. In this case, you had bet that the FX pair would increase. Nevertheless, the forex rate can also decrease.
If the US Dollar - Singapore Dollar rate had started to drop then you could close your spread bet in order to limit your losses.
So if the market fell to S$1.22067 - S$1.22107 then this means you would settle your spread bet by selling at S$1.22067. So your loss would be calculated as:
P&L = (Closing Price - Opening Price) x stake
P&L = (S$1.22067 - S$1.22514) x £3 per point stake
P&L = -S$0.00447 x £3 per point stake
P&L = -44.7 points x £3 per point stake
P&L = -£134.10 loss
Note: US Dollar - Singapore Dollar Rolling Daily spread betting price accurate as of 18-Sep-12.
Advert:
US Dollar - Singapore Dollar Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on US Dollar - Singapore Dollar with
Financial Spreads.
|
Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
'US Dollar - Singapore Dollar Spread Betting' by DB, updated 13-May-13
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