USD/SGD Spread Betting
Where Can I Spread Bet on USD/SGD? |
Investors are currently able to trade without commissions or brokers' fees on USD/SGD, in addition to a broad range of related spread betting markets, through companies such as:
Advert:
USD/SGD Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on USD/SGD with
Financial Spreads.
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Where Can I Spread Bet on USD/SGD for Free? |
Speculating on the markets does involve risks. However, if you want to try a (free) Practice Account, where you can try spread trading on a host of markets, please see below for further details.
When thinking about which investment option might work for you, don't forget that financial spread betting in the UK is tax free*, i.e. it is exempt from stamp duty, income tax and capital gains tax.
If you are interested in a free online spread trading platform, keep in mind that you can take a position on USD/SGD without paying any commissions via companies like:
If you'd like to open a completely free Demo Account / Practice Account where you are able to try financial spread betting on markets like USD/SGD, then look into:
Each of these spread trading firms provide a risk free Practice Account that allows users to test theories, check charts and gain experience with a variety of trading orders.
Where Can I Find Live Spread Betting Prices and Charts for USD/SGD? |
The following CFD chart and prices will offer users a helpful look at the USD/SGD currency rate.
The Plus 500 chart that we use above usually follows the USD/SGD futures price.
If you'd like to study real time spread trading charts and prices for USD/SGD, you will normally require a spread trading account.
In addition, a spreads account would let you speculate on the short-term daily prices. Note that all such accounts are subject to suitability, status and credit checks.
Should your account application be accepted then, when you log in, you will be able to view the real time charts and prices. On most platforms, these will be free. Having said that, you could receive an occasional email or letter from your chosen spread trading firm.
Of course, if you do trade then be aware that spread trading and CFDs do involve a high degree of risk to your funds and can result in losses that are greater than your initial deposit.
Advanced Charts for USD/SGD |
Although charting software and packages tend to vary across the industry, to help your technical analysis, most charts have handy tools, including:
- A number of different time intervals such as 2 minutes, 4 hours, 1 week etc.
- Various views such as bar, candlestick and line charts
- Tools for drawing features such as trendlines, Fibonacci fans, arcs and time zones
- Indicators such as Bollinger Bands, Relative Strength Index (RSI) etc.
Charts from InterTrader also offer advanced features such as:
- Back Testing tools
- Automated alerts for when your chosen market hits a pre-determined level
Example forex rate candle chart
The following spread betting firms let their clients have access to real time trading prices/charts:
How to Spread Bet on USD/SGD? |
As with a wide variety of financial markets, it is possible to speculate on currency rates, like USD/SGD, to rise or fall.
Logging into Tradefair, we can see they are currently valuing the USD/SGD Rolling Daily market at S$1.22893 - S$1.22933. As a result, an investor can spread trade on the USD/SGD rate:
 Moving higher than S$1.22933, or
 Moving lower than S$1.22893
Whilst financial spread betting on USD/SGD you trade in £x per point where a point is S$0.00010 of the pairs movement. So, if you choose to risk £3 per point and USD/SGD moves 32.0 points then that would alter your profit/loss by £96. £3 per point x S$0.00320 = £3 per point x 32.0 points = £96.
Rolling Daily Foreign Exchange Markets
One important thing to note is that this is a 'Rolling Daily Market' and therefore unlike a normal spread betting futures market, there is no settlement date. If your trade is still open at the end of the trading day, it will stay open and roll over into the next day.
If you do let your forex bet roll over then you normally pay a small overnight financing fee. To find out more about Rolling Daily Markets read our feature Rolling Daily Spread Betting.
USD/SGD Rolling Daily - Forex Spread Trading Example |
Now, if you continue with the above spread of S$1.22893 - S$1.22933 and make the assumptions:
- You have done your forex market analysis, and
- Your research suggests that the USD/SGD market will increase and go above S$1.22933
Then you might decide that you are going to buy a spread bet at S$1.22933 and invest £3 per point.
With such a spread bet you win £3 for every point (S$0.00010) that the USD/SGD pair moves higher than S$1.22933. However, such a bet also means that you will lose £3 for every point that the USD/SGD market falls below S$1.22933.
Thinking of this in a slightly different way, if you were to buy a spread bet then your profits (or losses) are calculated by taking the difference between the closing price of the market and the initial price you bought the market at. You then multiply that price difference by your stake.
Therefore, if after a few sessions the currency rate started to increase then you might want to close your spread bet so that you can secure your profit.
So if the market increased then the spread, set by the spread betting company, might move up to S$1.23302 - S$1.23342. To close your position you would sell at S$1.23302. As a result, with the same £3 stake this trade would result in a profit of:
Profit = (Closing Level - Initial Level) x stake
Profit = (S$1.23302 - S$1.22933) x £3 per point stake
Profit = S$0.00369 x £3 per point stake
Profit = 36.9 points x £3 per point stake
Profit = £110.70 profit
Trading currencies, by spread betting or otherwise, doesn't always work out as you would have liked. With the above, you wanted the forex pair to increase. Of course, the currency rate might fall.
If the USD/SGD rate decreased, contrary to your expectations, then you might choose to close your trade in order to limit your losses.
Should the spread pull back to S$1.22515 - S$1.22555 you would settle your spread bet by selling at S$1.22515. As a result, your loss would be:
Loss = (Closing Level - Initial Level) x stake
Loss = (S$1.22515 - S$1.22933) x £3 per point stake
Loss = -S$0.00418 x £3 per point stake
Loss = -41.8 points x £3 per point stake
Loss = -£125.40 loss
Note - USD/SGD Rolling Daily spread betting market correct as of 11-Sep-12.
Advert:
USD/SGD Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on USD/SGD 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.
'USD/SGD Spread Betting' by DB, updated 17-May-13
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