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The Singapore dollar is the official currency of Singapore. The currency is also used in Brunei due to the agreement between the Singapore government and the Brunei government to maintain the exchangeability of their two currencies. It is subdivided into 100 cents and is denoted by S$. The Singapore dollar has a currency code of SGD and is regulated by the Monetary Authority of Singapore. The Singapore dollar was originally issued in 1965 following the breakdown of a monetary union with Malaysia. It is estimated that a total volume of US$33 billion is traded daily on the foreign exchange market.
The Singapore dollar (SGD) maintains a free floating currency exchange rate that is allowed to fluctuate within an undisclosed policy band which is monitored by the Monetary Authority of Singapore (MAS). The currency has banknotes of S$2, S$5, S$10, S$50, S$100, S$500 and S$1000 denominations in circulation. Each bill features artworks of the first President of Singapore, Yusof bin Ishak on one side and illustrations of civic virtue on the other. Singapore's economy is viewed as one of the most competitive economies of the world that primarily relies on the export of consumer electronics, information technology products, pharmaceuticals and financial services.
RISK WARNING: Trading of complex financial products, such as Stocks, Futures, Foreign Exchange (‘Forex’), Contracts for Difference (‘CFDs’), Indices, Options, or other financial derivatives, on ‘margin’ carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any of these markets you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading these markets, and seek advice from an independent financial advisor if you have any questions or doubts. Please carefully read our full ‘General Risk Disclosure’ and ‘Risk Disclosures for Financial Instruments & Investment Services’.
TRADE RESPONSIBLY: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.
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