Top forex brokers in Singapore are MAS regulated (Monetary Authority of Singapore). We review the best MAS regulated forex brokers based on trading platforms, CFDs, minimum deposits and fees, trading accounts, spreads and demo accounts.
Below we review the top MAS (Monetary Authority of Singapore) regulated forex brokers in Singapore using the following criteria:
OANDA is a multi-regulated market maker broker that offers Singaporean traders’ commission-free trading on a range of contracts for difference (CFDs). The online broker is overseen by five major regulatory bodies, with OANDA’s Asia Pacific operations regulated by the Monetary Authority of Singapore (MAS). The fx broker caters to a global client base with subsidiaries overseen by the following regulators:
OANDA offers two trading platform options, a proprietary platform or MetaTrader 4 (MT4). Both platforms are available as desktop platforms, web trader platforms and mobile trading apps for iOS and Android devices.
The broker’s proprietary trading platform, OANDA Trade, is easy to use and well-suited to beginner traders. The platform’s key features include:
MT4 is a great option if you want to develop algorithmic trading strategies where you use trading robots. Few platforms offer such features, with most algorithmic traders using either MetaTrader platforms where they are known as Expert Advisors, or cBots on cTrader.
MetaTrader 4’s popular trading tools and features are:
As an OANDA trader, you can trade CFDs derived from 4 main asset classes with no commission fees.
There are no minimum deposit requirements when opening a trading account with OANDA. Singaporean traders can deposit funds using DBS bill pay, PayNow, internet bank transfer, bank wire transfer, PayPal and Cheque. All deposit methods are fee-free except for PayPal, where a 1.8% PayPal fee and 4.2% admin fee apply.
To withdraw funds from your trading account, you can use PayPal, cheque and bank transfer. There are no withdrawal fees for PayPal, cheque, and local Singaporean bank transfers, but international bank transfers incur fees. As shown below, withdrawal fees for international bank transfers double after the first withdrawal for each month.
OANDA offers one trading account type with no choice of pricing structures available. As the broker is a market maker, all CFD trading is commission free, with OANDA’s compensation for their brokerage services built into the spread.
OANDA’s average spreads are competitive when compared to other forex trading financial institutions that offer no commission spreads. The broker is a great option if your trading strategies are going to focus on the EUR/GBP as OANDA offers tight spreads of 1.40 pips. For currency pairs like the EUR/USD and AUD/USD, OANDA offers low spreads of 1.10 pips and 1.20 pips respectively, although City Index offers slightly tighter spreads of 0.80 pips and 0.90 pips.
Data taken from broker website. Accurate as at 07/05/2021
As well as spreads, other trading fees applicable are inactivity fees. If you do not make a trade for a year, OANDA will deduct an inactivity fee of SGD $10 per month.
OANDA offers demo accounts for both MetaTrader 4 and the brokers’s proprietary trading platform. There are no virtual fund and time restrictions, meaning you can access and add/withdraw virtual funds from your demo account as you wish.
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CMC Markets is a broker specialising in forex and contracts for difference (CFDs). CMC Markets UK parent company was established in 1989 and is a public company listed on the London Stock Exchange (LSE).
CMC operates all over the globe, with MAS being one of many regulatory authorities that oversees the broker’s operations. In addition to Singapore, CMC Markets has subsidiaries in New Zealand, Australia, Germany, the UK and Canada.
CMC Markets clients’ can place orders via MetaTrader 4 (MT4) or the forex broker’s proprietary platform, Next Generation. MetaTrader 4 is the most widely used trading platform amongst forex market participants, with MT4’s Expert Advisors (EAs) allowing for automated trading. The MT4 trading platform is available as a desktop, WebTrader, mobile and tablet app. Yet, CMC Markets offering of the MetaQuotes Software is restricted in some ways.
The Next Generation platform has numerous advantages over CMC Markets MetaTrader 4 offering. Clients are able to stay up to date with market movements thanks to an economic calendar, insights and real-time news. Along with the wider product range compared to MT4 (discussed further below), the highly customizable platform web platform offers advanced charting functions and trading tools that require no downloads to employ.
CMC Markets mobile trading apps offer sufficient tools to conduct analysis and place orders. The forex broker offers custom-built apps for Android, iPad and iPhone devices, designed for traders who want to keep up to date with trading conditions while on the go. The fully functional apps provide traders with a customisable app over 40 technical indicators and drawing tools, in addition to the market calendar available on the desktop and WebTrader platforms.
CMC Markets offer clients market access to over 9500 financial instruments. Clients’ can choose from CMC Markets extensive range of forex products with over 330 forward and cash currency pairs available. Many investors’ are drawn to CMC Markets due to its cryptocurrency offering, with the broker offering over 12 crypto products with competitive spreads when compared to other cryptocurrency providers. In addition to the popular Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum products, clients’ can trade less common cryptocurrencies including Dash, EOS and Monero.
In addition to CMC Markets forex and cryptocurrency market access, indices, commodities, share and treasury CFDs can also be traded.
CMC Markets does not require a minimum deposit. Credit and debit cards are charged a 2.3% fee for deposits, however, if the initial deposit is made via credit card, CMC Markets waives the deposit fee. Like many other top forex brokers, CMC Markets charges an inactivity fee if a trading account is dormant for 12 months, equating to USD $15 per month.
CMC Markets clients’ can choose from a CFD Trading or Corporate Account. Market access is similar between the two account types, although a Corporate Account is not able to trade cryptocurrencies.
Regardless of whether a client is signed up to a CFD Trading or Corporate Account, CMC Markets spreads on forex are as low as 0.7 pips for major currency pairs. For forex trading, commission is built into the spreads while shares carry a minimum $7 commission fee.
CMC Markets offers a demo account for prospective clients wanting to practise trading CFDs and forex in a risk-free environment. A trial account is quick to set up, with no payment information is required to gain access. A major benefit of signing up for a trial with CMC Markets compared to other forex broker demo accounts is that there is no time limit. Traders are given up to $10,000 in virtual money to practice trades and build confidence, as well as full access to charting tools and mobile and tablet devices.
View CMC Markets Review >>Visit CMC Markets>>
Swissquote is a MAS regulated top forex broker that was originally established in Switzerland. In addition to MAS oversight, Swissquote subsidiaries are regulated by various well-regarded authorities around the world, including the FCA (Financial Conduct Authority), DFSA (Dubai Financial Services Authority), and SFC (Hong Kong Securities and Futures Commission).
Swissquote offers forex and CFD derivatives trading on MetaTrader 4, MetaTrader 5, and Swissquote’s proprietary platform, Advanced Trader. Advanced Trader is offered as a WebTrader or mobile platform. No download is required to use the WebTrader software, with mobile apps being compatible with iOS and Android devices. The platform provides various charting tools, automatic pattern detection and real-time news sourced from Bloomberg. As well as standard order types, the platform offers sophisticated order types such as Order Cancels Other (OCO), If Done, and If Done/OCO.
As with other top forex brokers, trading via Swissquote on MetaTrader platforms enables investors’ to evaluate trends with advanced analysis tools, automate trades with copy trading and Expert Advisors, as well as backtest strategies against historical data. For clients wanting to trade forex that don’t require hedging abilities, MetaTrader 4 is sufficient. Yet, if investors want to hedge, MetaTrader 5 is better suited as CMC Markets offers a ‘Close By’ function where two open positions (in opposite directions) are linked to reduced spread costs.
To supplement MetaTrader platforms, CMC Markets offers a free Master Edition functionalities with an additional 12 trading tools and 15 indicators. To assist with Expert Advisors and sophisticated trading strategies, the MetaTrader Master Edition provides a Correlation Matrix, Sentiment Trader, Tick Chart Trader, among other tools. Further indicators include a Candle Countdown, Renko Bar, High-Low, Keltner, and Magnifier Indicators, among others.
Swissquote offers a product range covering many assets. As well as forex and CFDs, investors can diversify portfolios by trading ETFs, indices, bonds, options, futures, stocks and crypto. Over 78 foreign exchange products are available. Although sufficient for many forex traders, competitors such as Saxo Markets offer far greater market access for currency trading.
Although cryptocurrency CFDs are available at CMC Markets, they cannot be traded with leverage. In total, five cryptocurrencies are offered:
No deposit fees are charged for bank transfers, yet debit and credit cards carry a fee between 2-2.5%. Transfer methods are limited, with Swissquote clients restricted to making deposits and withdrawals via bank transfer, China UnionPay, and credit/debit cards. Unlike many other top forex brokers, Swissquote does not allow customers to transfer funds via e-wallet providers such as Skrill or Neteller.
Swissquotes requires no minimum deposit for a Standard Account, although Premium and VIP account structures require significant minimum deposits.
Three account types are offered by CMC Markets – a standard account, a premium account, and a prime (VIP) account. Spreads decrease as clients move up tiers, with standard account spreads averaging 1.7 pips for EUR/USD. premium account spreads average 1.4 pips while prime account holders gain access to spreads of 1.1 pips for EUR/USD.
As per industry standard, Swissquote offers a demo account for traders to familiarise themselves with the brokers’ tools and financial markets. Demo accounts are available on Advanced Trader, MetaTrader 4, and MetaTrader 5, allowing future clients to find a platform that suits their preferences prior to depositing real funds. A generous virtual balance is provided compared to other top forex brokers, with trial accounts receiving up to USD $100,000 of virtual funds to simulate trades and practise trading strategies.
Saxo Markets is one of the most well-known top forex brokers due to their large market access and global reach. The forex broker offers a choice of proprietary platforms, an extensive range of products, and professional-grade trading tools.
Saxo Markets offers two trading platforms for clients to choose from, each suited to different levels of forex trading experience. SaxoTraderGO, the broker’s user-friendly, web trading platform is an excellent option for those new to trading foreign exchange. While SaxoTraderPRO is a professional grade interface available as a desktop platform.
SaxoTraderGO provides an intuitive platform with easily accessible tools and charting features. SaxoMarkets in-house analysts supply a stream of news and research to supplement the platform’s technical and fundamental analysis tools. Although well-suited to beginners, SaxoTraderGO offers advanced tools and features for experienced, high-volume traders.
SaxoTraderPRO is a multi-screen, fully customisable platform that provides advanced trading tools suitable for high volume, active investors. Clients using the professional-grade platform can execute trades with few clicks, quickly place algorithmic orders as well as trade directly from charts. Due to the high-risk nature of forex trading, SaxoTraderPRO’s risk management tools assist users’ in maximizing net gains. Pro clients’ can close one or all positions with two clicks, set customised margin alerts, and employ stop-limit orders and trailing stops.
Saxo Markets is an established forex broker providing investors’ extensive market access. Asset classes that Saxo Markets clients’ can trade include futures, options, bonds, crypto, CFDs, ETFs, stocks, indices and forex. Although known for their comprehensive product range, the forex broker only offers two different cryptocurrency products, Bitcoin and Ethereum.
A unique feature that Saxo Markets offer is their SaxoSelect system. Various trading strategies and portfolios are recommended to users’ based on their desired risk level. The combination of mutual funds and robot trading allowing traders to build confidence and save time.
Saxo Bank charges no deposit fees with 19 base currencies to choose from, including the Singapore Dollar (SGD). Deposits can only be made via credit and credit cards, FAST, PayNow, MEPS, HSBC, wire transfer, bank transfer or USD/SGD cheques. There is no fee to withdraw funds from your trading account, yet clients’ are restricted to bank transfers. Saxo Markets require a high minimum initial deposit compared to the industry average. Singaporean clients’ initially need to fund their account with SGD $3000 to trade forex and CFDs. Inactivity fees are reasonable, with clients’ facing a $25 fee if they do not make a trade in the past three months.
Saxo Markets offer three account types with tiered pricing. Standard accounts require an SGD $3000 minimum deposit and offer spreads on AUD/USD as low as 0.5 pips. Platinum account holders are required to deposit SGD $50,000 but will gain access to tighter spreads and priority customer service. For investors’ trading high volumes and wanting access to the lowest Saxo Markets spreads, a VIP account is offered. VIP account holders are allocated a personal relationship manager and are invited to exclusive financial sector events. AUD/USD spreads are as low as 0.4 pips, with SGD 1,000,000 initial minimum funding required to open a VIP account.
Saxo Markets offer a demo account for prospective clients to test trading strategies and explore Saxo platforms. Access is granted for 20 days, with demo users given 100,000 in virtual money for the duration of the trial. Demos are available on both platforms, SaxoTraderGO and SaxoTraderPRO.
View Saxo Markets Review >>Visit Saxo Markets >>
Plus500 is an Australian based forex and CFD provider that holds a MAS Capital Markets Service License. Plus500 is a top forex broker for novice investors’ wanting an intuitive and simple trading platform, with no flat-rate commission fee spreads.
As well as being overseen by regulatory agencies in Australia (ASIC) and Singapore (MAS), Plus500 operates in Europe under CySEC (Cyprus Securities and Exchange Commission) regulation.
Trading platform options when trading CFDs and forex with Plus500 include a webtrader platform and a mobile app. Both platforms are proprietary interfaces and very user-friendly. The mobile app is compatible with iOS and Android and available in 32 languages.
The web and mobile platforms provide advanced charting tools, price alerts, and an economic calendar to assist with strategy development. Plus500 is well-known for their trader sentiment feature, allowing traders’ to assess to supply and demand of different instruments and buy and sell accordingly.
Order types available on the Plus500 platforms include:
Plus500’s product range focuses on currency pairs, crypto and CFDs. Over 70 forex instruments are available to trade, along with CFDs derived from asset classes such as indices, stocks, ETFs and commodities. Four of the most popular cryptos worldwide are offered – Bitcoin, Ethereum, Litecoin, and Ripple.
A minimum deposit of $100 is required to open an account with Plus500. Deposits and withdrawals can be made by credit card, debit card, bank transfer, Skrill, or PayPal. Plus500 requires withdrawals to be processed in the same payment method as deposits are made, and although there are no withdrawal fees, there is a minimum withdrawal amount that must be satisfied.
Two account types are offered by Plus500, a standard account and a professional account. A standard account offers clients’ reasonable spreads with no commissions fees. The retail investor account is well-suited to those new to trading as fees are built into the spreads, simplifying the process. Spreads are as low as 0.6 pips for major currency pairs such as EUR/USD, while currency pairs such as USD/CHF start from 1.4 pips.
A professional account requires traders’ to make at least 10 trades every three months for the past year, with Plus500 or another forex broker. Upgrading to a professional account (investor account) means traders’ will access to higher leverage, although a significant minimum investment portfolio value is required.
Plus500’s demo account is known as one of the best trial accounts offered by top forex brokers. There is no time restriction, unlike many other CFD brokers. Users’ have unlimited access to the trial platform that is available as a webtrader or mobile app, providing an excellent environment to test trading strategies and learn new analysis techniques.
View Plus500 Review >>Visit Plus500 >>
*Your capital is at risk ‘76.4% of retail CFD accounts lose money’
We have created a page to help you choose a broker if you need more information to help you decide which CFD broker is right for you. As trading forex and CFDs comes with a high level of risk, it is recommended to avoid unregulated brokers or those overseen by offshore regulators (i.e. FSA, SCB).
In Singapore, the local financial industry is overseen by the Monetary Authority of Singapore (MAS). MAS acts as the country’s regulator as well as Singapore’s central bank, setting both forex trading rules and monetary policy.
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.