2020 Best Forex Broker Singapore Comparison

Singapore Forex trading requires a foreign exchange broker regulated by the Monetary Authority Of Singapore (MAS) with the 2020 best forex brokers in Singapore offering a range of forex markets and currency pairs, low ecn spreads and CFD trading platforms including MetaTrader 4.

View the best forex broker Singapore 2020 comparison below.

By Justin Grossbard / Updated: Wednesday, February 19th, 2020

Singapore Forex Brokers

2020 Best Forex Brokers In SingaporeTop Singapore Forex Broker 2020 List

The 2020 best MAS regulated forex brokers in Singapore across each forex trading category are:

  • Interactive Brokers – Best MAS Regulated ECN Broker
  • City Index – Lowest Spread Only MetaTrader 4 Account
  • Swissquote – Leading MetaTrader 5 Singapore Broker
  • CMC Markets – Best Forex Market Risk Management Tools
  • Saxo Bank – Best CFD + Cryptocurrency Trading Platform
  • IG – Largest Foreign Exchange Retail Broker
  • OANDA – Strong Customer Support Across Financial Services

Broker Reviewed

Interactive Brokers
Swissquote
CMC Markets
Saxo Capital Markets
Plus500
Our Rating
8.17
7.67
7.17
6.0
5.83
Trade CFD and assets
77% of retail CFD accounts lose money
Trade with CFDs and on Stock Market
182 spot pairs + 140 forwards
Range of risk management tools

Regulations and Licenses

Feature
Interactive Brokers
Swissquote
CMC Markets
Saxo Capital Markets
Plus500
MAS (Singapore)
Pending

Brokerage

Feature
Interactive Brokers
Swissquote
CMC Markets
Saxo Capital Markets
Plus500
No Commission Account Spreads From (EUR/USD):
1.1
(Prime)
0.7
0.6
Commission Account Spreads From (EUR/USD):
0.1
0.6
Commission (per 100k traded side trip)
USD $1mil = 0.20% (IBKR)
Minimum Deposit
$0
USD $1000 (Standard) / $10,000 (Premium) / $50,000 (Prime)
USD $10000
$0
Volume Commission Rebates
Has Islamic Account
No Inactivity Fees
Funding Methods
4
3
6
5
3
No Deposit/Withdrawal Fees

Markets and Instruments

Feature
Interactive Brokers
Swissquote
CMC Markets
Saxo Capital Markets
Plus500
Forex Currency Pairs CFDs
115+
138+
339+
180+
60+
Cryptocurrency CFDs
12+
10+
Index CFDs
26+
26+
46+
67+
Share CFDs
1000+
9000+
20,000+
1816+
Commodities CFD
12+
111+
70+
17+
Stockbroking
50,000+
N/A
9000+
Retail Maximum Leverage
14:1
30:1
500:1
100:1
30:1
Professional Maximum Leverage
400:1
500:1
100:1
300:1

Trading Platforms + Tools

Feature
Interactive Brokers
Swissquote
CMC Markets
Saxo Capital Markets
Plus500
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Proprietary Platform
Automatic / Robot Trading
MetaTrader 4 only
Social + Copy Trading
Standard Stop Loss
Guaranteed Stop Loss Order
Guaranteed Negative Balance Protection
ESMA regulated territories only
ESMA regulated territories only
Only in ESMA regulated territories
ESMA regulated territories only
Demo Account
Unique Feature 1
125 Markets, 31 Countries, 22 Currencies
Has the lowest spread only account
Offers both CFD and Stock trading
CFD and Asset for trade
Trade cannabis index and share CFDs
Unique Feature 2
Earn interest on idle cash balances automatically
Negative balance protection
Trade treasury notes
In house analysts
Guaranteed stop loss trading option

Overall

Interactive Brokers = Best MAS Regulated ECN Broker

Interactive Brokers ProfileIn 2020 Interactive Broker (IBKR) launched in Singapore with:

  • Two ECN forex trading accounts offering the lowest spreads
  • Competitive commissions from 0.08 basis points
  • A range of financial services from CFDs to stockbroking
  • $0 minimum deposit account requirements

IBKR Spreads And Commissions

IBKR is the only true ecn forex broker in Singapore. This means they offer straight-through processing of orders with no dealing desk. The result is that individuals are directly trading with liquidity providers and other IBKR which means there are no mark-ups on spreads. Below provides a 2020 example of a live spread scenario with minimal spreads on major currency pairs.

Example 2020 Live Spreads

With no mark-up on spreads, IBKR charges commissions based on trading volume. This starts at 0.20 basis points and for high-volume traders is 0.08 basis points (the lowest of CFD firms worldwide).

 Interactive BrokersSaxo CapitalIG
GBP/USD0.1 pips + $2USD/lot0.2 pips + $2USD/lot0.9 pips + $2USD/lot
EUR/USD0.1 pips + $2USD/lot0.2 pips + $2USD/lot0.6 pips + $2USD/lot
AUD/USD0.1 pips + $2USD/lot0.4 pips + $2USD/lot0.6 pips + $2USD/lot
USD/CHF0.1 pips + $2USD/lot0.8 pips + $2USD/lot1.5 pips + $2USD/lot
NZD/USD0.1 pips + $2USD/lot0.8 pips + $2USD/lot2.0 pips + $2USD/lot
EUR/GBP0.1 pips + $2USD/lot0.6 pips + $2USD/lot0.9 pips + $2USD/lot

Further discounts are available for active traders. As the table below highlights, the commission can be halved for high trading volume monthly traders. This further cements IBKR as the lowest fee CFD broker operating from Singapore. Accounts over $100k USD have no inactivity fees if no trades occur over an extended period.

Interactive Brokers CFD Trading Costs

Interactive Brokers Forex Trading PlatformIBKR Trading Platform Options

Rather than use standard platforms, IBKR have a strong focus on technology and have four key forex trading platforms:

  1. Desktop TWS – This platform requires a download to a PC and has full functionality for advanced traders, the most detailed trading tools and integrated news feeds and technical analysis
    • The FxTrader provides an optimised interface with each currency pair having a cell with a complementing market data plus order information
  2. IBKR Mobile – Available across smartphone or tablets on Android or iOS, traders can easily trade on the go with similar functionality to the desktop platform
    • The mobile apps allow trading of not just forex but also stocks, futures, options and more
  3. IBKR WebTrader – This web-based platform is similar to the Desktop TWS but doesn’t require downloads which may be required on shared environments
  4. Client Portal – This is the web-based platform providing a simple layout and functionality for a beginner forex trader and enhanced trader tools

IBKR Financial Services Offered To Singapore Traders

A unique feature of IBKR is the wide range of financial services offered (not just currency trading). The most popular it the stockbroking service on to trade shares on global markets. Other options include trading on future markets, bonds to investment services.

Interactive Brokers Trading Platform Markets

Regulation of IBKR

Having received an in-principle licence last year with the Monetary Authority of Singapore, it’s launching in 2020. The company was founded in 1997 and is one of the largest in the world and is listed on the Nasdaq. Current licenses include the UK (FCA), USA (CFTC), Canada (IIROC), Australia (ASIC), India (BSE), Hong Kong (HK SEC) and Japan (FSA). The minimum deposit requirement of IBKR is $0.

What Trader Should Use Interactive Brokers?

Individuals looking to start trading currency with the option of also trading shares should consider IBKR. They operate under MAS regulation with their Singapore licence number CMS100917.

IBKR has the lowest brokerage and widest range of financial services.

Traders looking for a Singapore ECN broker that offers straight-through processing (STP) across global markets achieving fast execution speeds and low spreads should choose IBKR.

Open a demo account >>Visit Interactive Brokers >>


Our Rating

The overall rating is based on review by our experts

8.17
Spreads
10 / 10
Leverage
3 / 10
Trading Platform
9 / 10
Risk Management
7 / 10
Range of Markets
10 / 10
Customer Service
10 / 10

Singapore Forex Trading FAQs

Regulation is the best way to know if a CFD broker can be trusted. In Singapore, the regulator is the Monetary Authority of Singapore (MAS). Other core regulators around the world are ASIC (Australia’s regulator) and FCA (UK’s regulator).

You can view the complete SG trading page for a list of MAS, ASIC and FCA regulated CFD brokers to ensure they are reliable and trustworthy.

Yes, forex trading is legal but the regulator MAS (Monetary Authority of Singapore) has placed some modest restrictions. These are imposed on regulated CFD providers and range from automation and margin requirements.

You can view our recommended best broker for Singapore residences to start currency trading.

The best fx broker for beginner forex traders in Singapore is Plus500. This is based on their forex trading platform, low minimum deposit, customer service and risk management features. You can view the full Plus500 review for more details on this beginner broker.

Monetary Authority Of Singapore MAS Logo

MAS Regulated Forex Brokers In Singapore

In Singapore, regulated brokers are governed by the Monetary Authority of Singapore (MAS). MAS was founded in 1971 as Singapore’s Central Bank Regulator and when choosing a foreign exchange broker, proper regulation is an important element. This is due to the high-risk nature of the Forex market and the potential that exists for traders to lose money due to leverage allowed by the broker. This should be factored in when Trading CFDs in Southeast Asia as negative balance protection is not guaranteed by any regulator in the region.

MAS regulated brokers also offer the Singapore Dollar (SGD) base currency option which can save on exchange costs when trading. Other forex broker regulatory bodies around the world range from the FCA in the United Kingdom, ASIC in Australia, CYSEC in Cyprus.

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