Singapore Forex Brokers

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.

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.

Other 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 = 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.

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 >>

About 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.

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.

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…

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.

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 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 >>