Singapore Forex Brokers

Singapore Forex trading requires a foreign exchange broker regulated by the Monetary Authority Of Singapore (MAS) with the 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 comparison below.

By Justin Grossbard / Updated: Tuesday, December 03rd, 2019

Singapore Forex Brokers

Monetary Authority Of Singapore ForexBest Singapore Forex Brokers 2019 List

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

  • Interactive Brokers – Lowest Fee Forex Broker
  • Swissquote – Lowest Spread Only Trading Account
  • CMC Markets – Best Risk Management Tools
  • Saxo Bank – Best Forex Trading Platform
  • IG – Largest Foreign Exchange Retail Broker
  • OANDA – Best Customer Support
  • City Index – Best MT4 Broker
  • Plus500 – Best Forex Broker For Beginners

Broker Reviewed

Interactive BrokersSwissquoteCMC MarketsSaxo Capital MarketsPlus500
Our Rating
5.45
7.67
7.17
6.0
5.83
Interactive Brokers Review Swissquote Review CMC Markets Review Saxo Capital Markets Review Review Of Plus500
Trade CFD and assets 79% 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

FeatureInteractive BrokersSwissquoteCMC MarketsSaxo Capital MarketsPlus500
MAS (Singapore) Pending

Brokerage

FeatureInteractive BrokersSwissquoteCMC MarketsSaxo Capital MarketsPlus500
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

FeatureInteractive BrokersSwissquoteCMC MarketsSaxo Capital MarketsPlus500
Forex Currency Pairs CFDs 115+ 138+ 339+ 180+ 60+
Cryptocurrency CFDs
12+
14+
Index CFDs 26+ 26+ 46+
67+
Share CFDs 1000+
9000+ 20,000+ 1816+
Commodities CFD
12+ 111+ 70+ 17+
Stockbroking 2000+ N/A 9000+
Retail Maximum Leverage 14:1 30:1 500:1 100:1 30:1
Professional Maximum Leverage
400:1 500:1 100 300:1

Trading Platforms + Tools

FeatureInteractive BrokersSwissquoteCMC MarketsSaxo Capital MarketsPlus500
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 BrokersSwissquoteCMC MarketsSaxo Capital MarketsPlus500
Our Rating 5.45 7.67 7.17 6.0 5.83
Interactive Brokers Review Swissquote Review CMC Markets Review Saxo Capital Markets Review Review Of Plus500
Visit Site Visit Site Visit Site Visit Site Visit Site


Interactive Broakers Logo

Lowest Fee Forex Broker = Interactive Brokers

Interactive brokers are well known to experienced Singapore forex traders due to the broker’s low fees. They specialise in a spread + commission pricing model where the spreads are based on the forex market (similar to an ECN forex broker) and a flat $2.00 USD per lot charge is the brokerage. The resulting brokerage is the lowest of the forex brokers in Singapore.

 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 Interactive Brokers as the lowest fee CFD broker operating from Singapore.

Interactive Brokers CFD Trading Costs

Background To Interactive Brokers

In 2019 Interactive Brokers was received a Monetary Authority of Singapore in principle license and plans to commence in January 2020. The broker 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).

Interactive Brokers Forex Trading PlatformTrading CFDs with Interactive Brokers can be done on four forex platforms:

  1. Client Portal – This is the web-based platform providing a simple layout and functionality for a beginner forex trader
  2. Desktop TWS – This platform requires a download to a PC and has full functionality for advanced traders and integrates news feeds and technical analysis
  3. 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
  4. IBKR WebTrader – This web-based platform is similar to the Desktop TWS but doesn’t require downloads which may be required on shared environments

What Trader Should Use Interactive Brokers?

Interactive brokers are recommended for experienced forex brokers looking to minimise their brokerage when forex trading. They provide access to over 125 markets and with financial markets from forex, stocks to CFDs.

Open a demo account >>Visit Interactive Brokers >>


Our Rating

The overall rating is based on review by our experts

8.00
Spreads
10 / 10
Leverage
8 / 10
Trading Platform
7 / 10
Risk Management
6 / 10
Range of Markets
10 / 10
Customer Service
7 / 10


Lowest Spread Only Account =  Swissquote

Many Singapore trader prefers a forex trading account with no commissions.

Swissquote specialise in spread only accounts with no commission charge when trading. They are a MAS regulated forex broker holding co-registration licence 201906194G. Below compared the average spreads of their PRIME account to other Singapore CFD providers.

 SwissquoteCity IndexCMC MarketsOANDAeToro
GBP/USD1.1 pips1.7 pips0.9 pips1.7 pips4.0 pips
EUR/USD1.0 pips0.7 pips0.7 pips1.1 pips3.0 pips
AUD/USD1.0 pips0.6 pips0.9 pips1.2 pips1.0 pips
USD/CHF1.7 pips2.3 pips1.5 pips1.6 pips3.0 pips
NZD/USD1.5 pips2.8 pips2.0 pips1.6 pips5.0 pips
EUR/GBP1.3 pips0.5 pips1.1 pips1.4 pips4.0 pips

Comparing Swissquote Trading Accounts

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 November 2019, this is approx $68k SGD which will rule out most beginner forex traders. Rather, there are lower minimum deposit options through the standard or premium forex trading account.

Swissquote Forex Accounts In Singapore

Swissquote Singapore Financial MarketsOther Financial Services Offered By Swissquote

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:

  • Stocks + EFTs
  • Funds + Fixed Income
  • Indicies + Commodities
  • Futures + Options

This makes Swissquote an all-in-one retail investor account options.

What Trader Should Use Swissquote

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 >>

CMC Markets CFD Singapore LogoCMC Markets = Best Risk Management Execution

The Next Generation forex trading platform offered by CMC offers:

  1. Guaranteed stop-loss orders – 100% certainty that you will exit a trade at the price requested
  2. Execution + price alerts – to warn a trader when a price change or stop loss is executed
  3. Account close-out – allows a trader to set the close-out option that best suits them

What makes CMC Markets different 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.

Guaranteed Stop Loss Orders By CMC Markets

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…

What Trader Should Use CMC Markets

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 receive multiple awards.

Open a demo account >>Visit CMC Markets >>

 

City Index LogoAbout City Index

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. Commodities, metals, indices and cryptocurrencies round out City Index’s offerings, which amount to a total of over 4,500 underlying assets. Spreads on CMC markets start from just 0.5 points, making it an appealing platform for traders looking for low-cost investor accounts.
Saxo Markets Logo

About Saxo Capital Markets

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. Overall, Saxo Capital Markets is a strong competitor in the Singapore market.
IG Review

About IG

At IG, spreads on currency trades start at 0.6 points, making it a competitive platform with CMC Markets and City Index in terms of cost. Although IG gives its traders access to some 15,000 total markets, its Forex offerings amount to only 90 currency pairs. As a result, IG is an excellent platform for general traders who incorporate Forex into their trading activities, but many not be the best option for those who focus exclusively on the foreign exchange market. Read more…
Oanda Logo

About OANDA

Although it isn’t as versatile as CMC Markets, OANDA is still a well-respected broker in Singapore that will serve most Forex traders quite well. This broker features more than 70 currency pairs, as well as CFD assets and precious metals contracts. Like many Forex brokers, OANDA makes use of MetaTrader 4 as its trading platform software. Spreads on OANDA are reasonably competitive and are easily factored into trades thanks to the company’s transparent pricing engine.

 

Open a demo account >>Visit CMC Markets >>

Highest Leverage Forex Brokers

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:

  • CMC Markets: Up to 30:1
  • City Index: Up to 50:1
  • Saxo Capital Markets: Up to 50:1
  • IG: Up to 50:1
  • OANDA: Up to 50:1

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.

Finding the Right Forex Broker in Singapore

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.

Singapore Skyline

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.

CMC Market Singapore Spreads

If you want to be sure you’re picking the best Forex 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.

Open a demo account >>Visit CMC Markets >>

Singapore Forex Trading FAQs

Regulation is the best way to know if a forex 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 Singapore trading page for a list of MAS, ASIC and FCA regulated forex 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 the best legal forex brokers for Singapore residences to start currency trading.

The best forex 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 forex broker.

Monetary Authority Of Singapore MAS Logo

MAS Regulated Forex Brokers In Singapore

In Singapore, regulated Forex 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 forex 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.

Full List Of MAS Regulated Forex Brokers

MAS BrokersCo. Reg. No
OANDA Asia Pacific Pte. Ltd.200704926K
Balyasny Asset Management (Singapore) Pte. Ltd.201619395D
Blackrock (Singapore) Limited200010143N
Caxton (Singapore) Pte. Ltd.201608384E
CGS-CIMB Securities (Singapore) Pte. Ltd.198701621D
Citigroup Global Markets Singapore Pte. Ltd.199002673E
CMC Markets Singapore Pte Ltd200605050E
Eaton Vance Management International (Asia) Pte. Ltd.201018767G
First State Investments (Singapore)196900420D
GMO Singapore Pte. Limited200301509R
Goldman Sachs (Singapore) Pte.198602165W
Haitong International Financial Services (Singapore) Pte. Ltd.199804150R
HGNH International Financial (Singapore) Pte. Ltd.201632142Z
Interactive BrokersPending Jan 2020
INTL FCStone Pte. Ltd.201130598R
KGI Securities (Singapore) Pte. Ltd195500144H
Long Asia Capital Pte. Ltd.199908215D
Maybank Kim Eng Securities Pte. Ltd.197201256N
Merrill Lynch (Singapore) Pte. Ltd.198602883D
MF Global Singapore Pte Limited (In Creditors' Voluntary Liquidation198403253G
Millennium Capital Management (Singapore) Pte. Ltd.200617839E
Morgan Stanley Asia (Singapore) Pte.199206298Z
OCBC Securities Private Limited196600262R
Orient Futures International (Singapore) Pte. Ltd.201831776Z
Phillip Futures Pte Ltd198305695G
Plus500SG Pte. Ltd.201422211Z
Point72 Asia (Singapore) Pte. Ltd.200914693H
Saxo Capital Markets Pte. Ltd.200601141M
SCB-Julius Baer (Singapore) Pte. Ltd.201825230W
SG Securities (Singapore) Pte. Ltd.198200823Z
Straits Financial Services Pte. Ltd.201023452M
Swissquote Pte. Ltd.201906194G
Systematica Investments Singapore Pte. Ltd.201431676K
UOB Bullion And Futures Limited193500026Z
UOB Kay Hian Private Limited197000447W
Worldquant (Singapore) Pte. Ltd.200914678W