Currency trading in Singapore requires a MAS regulated foreign exchange broker with the best Singapore forex brokers offering low spreads, CFDs and MT4.
View our 2021 best forex broker Singapore comparison below.
Updated: 01/04/2021
What Changed?
Fact Checked
The 2021 best forex brokers in Singapore across each forex trading category are:
Pepperstone has the lowest forex brokerage based on their:
Disclaimer – Pepperstone accepts Singapore traders but is not MAS regulated. It has ‘tier 1’ regulation in the UK (FCA), Australia (ASIC), Europe (CySEC), Germany (BaFin) and Dubai (DFSA), as well as financial licenses in Kenya (CMA) and the Bahamas (SCB). They offer Singapore Dollar (SGD) base currency trading accounts.
Pepperstone offers the lowest foreign exchange trading spreads. The below forex comparison compares the leading forex brokers that publish their average spreads on their website. The fx broker achieves low spreads through access to deep liquidity pools and other financial institutions. The online broker’s Razor account offers straight-through processing with fast execution speeds.
Data taken from broker website. Accurate as at 02/04/2021
Two account types are offered by the fx broker. Pepperstone’s Razor account charges a commission in addition to their low spreads. The MetaTrader 4 and 5 rates vary by base currency selected:
If you are using cTrader, commission fees are based on the fx pair being traded. The formula used to calculate cTrader commission is 0.0035% of the base currency that is being traded, i.e. if you are trading 100,000 units of the SGD/NZD, you will be charged $3.50 SGD when both opening and closing the position.
VIP traders can also join the active trader program offers additional commission rebates. The calculator below compares the overall forex brokerage based on spreads and commissions of three leading forex brokers in Singapore. It highlights how competitive the broker is when it comes to fees.
Commission
Spread Costs
Total
The Pepperstone minimum deposit requirement is SGD $200. There are no fees when depositing funds via payment methods such as debit cards and credit cards (Visa, MasterCard), PayPal, Skrill and Union Pay. Only bank transfers incur funding fees charged by the financial institution up to $20. Withdrawal methods need to match the deposit with no fees charged.
Overall, Pepperstone is the best choice for Singapore Forex Traders looking to minimise their forex brokerage. They offer the MetaTrader 4, MetaTrader 5 and cTrader forex trading platform and have won several awards for customer service and client satisfaction.
The overall rating is based on review by our experts
In 2021 Interactive Brokers (IBKR) launched in Singapore with:
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 2021 example of a live spread scenario with minimal spreads on major currency pairs.
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).
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.
Rather than use standard platforms, IBKR have a strong focus on technology and have four key forex trading platforms:
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.
Having received an in-principle licence last year with the Monetary Authority of Singapore, it’s launching in 2021. 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.
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.
View Full Review >>Visit Interactive Brokers >>
Like CMC Markets, City Index offers traders an extremely wide range of underlying assets. In addition to 84 currency pairs, traders using City Index can engage in stock trading by way of CFD derivatives and in the UK offer spread betting. Commodities, metals, indices and cryptocurrencies round out City Index’s offerings, which amount to a total of over 4,500 underlying assets. Forex brokerage spreads offered by CMC markets start from just 0.5 points, making it an appealing platform for traders looking for low-cost investor accounts.
Although a range of trading platform options are offered by City Index such as WebTrader and AT PRO, MetaTrader 4 remains the most popular trading platform for forex traders’ mainly due to its Expert Advisor functionality and professional-grade interface. Learn more about MT4 on our top forex trading platform page.
City Index clients’ can use MetaQuotes MQL4 language to create automated trading strategies, or alternatively, download and employ EAs developed by more experienced traders’.
In addition to Expert Advisor compatibility, City Index clients’ can develop sophisticated orders and trading strategies with MT4’s comprehensive charting features and trading tools, while staying up to date with market news with the customisable economic calendar.
Open a demo account >>Visit City Index >>
Many Singapore trader prefers a forex trading account with no commissions.
Swissquote specialise in spread only accounts with no commission charge when online trading. They are a MAS regulated forex broker holding co-registration licence 201906194G. Below compares the average spreads of their PRIME account to other Singapore CFD providers making them the top CFD broker in this category.
The spreads above are based on the prime account which has the best spreads but required the minimum deposit of $50,000 USD. As of April 2021, this is approx $66k SGD which will rule out most beginner forex traders. Rather, there are lower minimum deposit options through the standard or premium forex online trading account.
A key advantage of Singapore traders is that the MAS regulated entity offers the full functionality access and information of the Swiss bank including access to:
This makes Swissquote an all-in-one retail investor account option.
Swissquote is suitable for an individual willing to deposit a high amount to receive transparent spread only pricing with no hidden costs or commissions.
Open a demo account >>Visit Swissquote >>
The Next Generation forex trading platform offered by CMC offers:
What makes CMC Markets the top CFD broker when it comes to risk management is they don’t charge fees for selecting a guaranteed stop-loss order (GSLO) if it isn’t executed. You can cancel a GSLO or switch to a regular stop-loss order or trailing stop-loss order at any time to avoid the fees.
The CMC Markets next generation forex platform offers 10,000+ underlying Forex and CFD assets. Assets you can trade on CMC Markets include currency pairs, stocks, indices, treasuries and commodities. With 330 currency pairs, CMC Markets gives traders access to both majors and exotics, a fact that many advanced Forex traders are sure to appreciate. Read more…
Any Singapore trader who is looking to trade CFDs on a large range of markets with in-built and premium risk management tools should consider CMC Markets. Their spreads start at 0.7 points and they have received multiple awards.
Open a demo account >>Visit CMC Markets >>
Saxo Capital Markets is a well-known, high-end top forex broker. Saxo Capital Markets holds a MAS Capital Services License, making them a great option for Singaporean retail investors’. In addition to providing access to foreign exchange markets, traders can also place CFD orders derived from stocks, commodities and ETFs.
Saxo Capital Markets is a high-end brokerage that offers 180 currency pairs with spreads as low as 0.4 points. In addition to these strong offerings in the Forex market, Saxo also gives traders access to CFDs derived from stocks, commodities and ETFs.
Saxo Capital Markets offers two trading platforms depending on the traders’ needs and experience. For those new to forex trading, SaxoTraderGO offers an intuitive interface that is simple to navigate and place orders. Users’ can easily conduct fundamental and technical analysis with the top foreign exchange brokers’ range of real-time charts and signals. Additionally, Saxo Markets in-house analysts provide news about market movements and economic events. The trading platform is available as a mobile platform (compatible with Android and iOS), or a webtrader platform online.
For active, experienced forex traders’, SaxoTraderPRO provides a multi-screen workstation with a range of advanced trading tools and features. As well as SaxoTraderPRO’s algorithmic trading functions and complex order types, users’ can place orders based on Level 2 Market Depth. The professional-grade platform can be downloaded as a desktop trading platform, or on Android and iOS devices.
Open a demo account >>Visit Saxo Capital Markets >>
IG offers spreads from 0.6 pips on major currency pairs and is therefore on par with competitors’ CMC Markets and City Index. Although IG provides market access to over 15,000 financial instruments, only 95 currency pairs are offered. Therefore, IG is an excellent option for traders’ wanting to build a diversified portfolio that does not focus purely on the forex market. As well as currency pairs, users’ can trade Cryptocurrency, ETF, Commodity, Bond, and Index CFDs. Option and Stock trading is restricted to certain countries, with Singaporean clients’ unable to place orders on these financial assets.
IG is an excellent option for users’ wanting to familiarise themselves with Forex and CFD trading. As well as a demo account, IG clients’ are able to develop trading strategies and enhance technical analysis via the CFD broker’s trading platform tutorial and educational materials.
Established in the United Kingdom in 1974, IG has a long-standing reputation as one of the leading foreign exchange brokers regulated by the Monetary Authority of Singapore. In addition to MAS regulation, IG is overseen by various international financial authorities such as the FCA (Financial Conduct Authority, UK) and FMA (Financial Markets Authority, NZ).
Open a demo account >>Visit IG >>
Although it isn’t as versatile as CMC Markets, OANDA is still a well-respected broker in Singapore that will serve most individuals who trade forex quite well. This broker features more than 70 currency pairs, as well as CFD assets and precious metals contracts. Like many CFD brokers, OANDA makes use of MetaTrader 4 as its online trading platform software. Spreads on OANDA are reasonably competitive and are easily factored into trades thanks to the company’s transparent pricing engine.
OANDA’s excellent customer support is accessible via live chat, chatbot, email and phone. Although OANDA’s customer service is available 24 hours, 7 days a week, phone support and live chat are only available between Sunday and Friday. Customer service agents provide helpful, relevant information when contacted, ensuring no questions go unanswered.
In addition to the brokers’ excellent customer service and range of products, OANDA is well-known for their copy and social trading features. Social and copy trading is a useful tool for traders’ wanting to build confidence, as users’ can follow trading strategies of experienced and professional investors’ with similar objectives.
Open a demo account >>Visit OANDA >>
When it comes to trading Forex, leverage is an important component of choosing a broker. Few retail-level traders can successfully turn a profit without relatively high leverage rates, as the movement between currency exchange rates is usually very small on a day-to-day basis. Even major changes in central bank policies tend to produce movements that are too small for traders without ample capital to profit from. This means that all trades must be leveraged if they are to yield reasonable returns. Following are the leverage rates of the five brokers that are listed above:
Keep in mind that leverage will vary by the currency pair being traded, as not all pairs are eligible for the maximum leverage ratio offered by a broker.
To find the right Singapore Forex broker for your personal needs as a trader, there are several factors you’ll need to take into account. First and foremost, you should determine what your own goals and strategies are. If you intend to trade only major Forex pairs, for example, the availability of minors and exotics will not be as useful to you as it might be to other traders. Likewise, if you plan to trade CFDs extensively in addition to Forex currency pairs, it’s important to find a broker that offers contracts on the assets you want to trade-in.
Next, you’ll want to consider the platform that you will use to trade. In order to be as functional as possible, it’s important that a trading platform and the charts it displays be reasonably intuitive to you as a trader. A confusing platform can lead to frustration, which in turn will only distract you from the more important aspects of trading.
Leverage is also a factor you will want to give serious consideration to in picking a platform. If you are a trader who prefers very high rates of leverage, you will want to select a platform that will give you the lowest possible margin requirements on your trades. Many traders, however, find excessive leverage to be too risky. For this type of trader, a platform with more modest leverage ratios can be an ideal solution.
Finally, you will need to take spreads and costs into account. Needless to say, the amount of money it costs you to trade will have a considerable impact on your overall rate of return as a trader. However, don’t choose a broker based exclusively on spreads, as a brokerage that has slightly higher spreads can compensate for that disadvantage in other ways.
If you want to be sure you’re picking the best foreign exchange broker, the best way to do it is to open a demo account before opening a live trading account. Using a demo account, you can learn the broker’s platform and get a feel for the leverage ratios and spreads offered by that broker. Once you feel confident trading on your demo account, you can simply upgrade to a live account, fund it and begin executing trades with real money. Going through a period of using a demo account is especially helpful for beginning Forex traders. This allows them to learn and implement different trading strategies without risking real money in the Forex market while they are still learning the ropes.
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.
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.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.
We use cookies to ensure you get the best experience on our website. By continuing to browse you accept our use of cookies.
Chat now
Loading...