I think it is best for you to answer truthfully where you are working at right now (of course, if you are currently employed. If you are unemployed, then answer accordingly).
Maybe you are asking why there is a need for brokerages, especially those regulated by MAS, to know about all these information. The reason setting up an account requires such inputs are actually to protect yourself, and the brokerages.
Before allowing you to trade/invest*, brokerages are required to find out where your source of funds come, and this is to prevent Anti-Money Laundering (AML) and Financing of Terrorism, which are part of MAS regulations.
As for investors, the brokerages need to know whether your financial situations are suitable for trading/investing, which is also a means for you to understand your risk appetite. A general rule of thumb would be to trade/invest additional money (or surplus) which you’ve set aside after paying for your liabilities, regular savings, insurances and personal expenses. Everyone has different investment/finance literacy, and the best way to protect investors is to do a quick audit of your financial situation, before giving you the green lights to start trading/investing*.
Hope this helps! 😄
Side note: I have separated investing and trading each time these terms were mentioned. There are significant differences between each term (I know, they seemed to mean the same things). I won’t be covering their differences but you can reach me here to find out more.
I think it is best for you to answer truthfully where you are working at right now (of course, if you are currently employed. If you are unemployed, then answer accordingly).
Maybe you are asking why there is a need for brokerages, especially those regulated by MAS, to know about all these information. The reason setting up an account requires such inputs are actually to protect yourself, and the brokerages.
Before allowing you to trade/invest*, brokerages are required to find out where your source of funds come, and this is to prevent Anti-Money Laundering (AML) and Financing of Terrorism, which are part of MAS regulations.
As for investors, the brokerages need to know whether your financial situations are suitable for trading/investing, which is also a means for you to understand your risk appetite. A general rule of thumb would be to trade/invest additional money (or surplus) which you’ve set aside after paying for your liabilities, regular savings, insurances and personal expenses. Everyone has different investment/finance literacy, and the best way to protect investors is to do a quick audit of your financial situation, before giving you the green lights to start trading/investing*.
Hope this helps! 😄
Side note: I have separated investing and trading each time these terms were mentioned. There are significant differences between each term (I know, they seemed to mean the same things). I won’t be covering their differences but you can reach me here to find out more.