Singapore Forex Brokers

The Monetary Authority of Singapore (MAS) regulates forex brokers in Singapore while many global CFD providers are regulated by ASIC, IIROC or FCA, yet accept local forex traders from the Southeast Asia region. The best brokers in Singapore offer tight spreads, low commissions, a choice of forex trading platform (MT4, MT5 and cTrader), and excellent customer support.

Compare Singapore forex brokers for 2020 based on fees, spreads, and other features below.

By Justin Grossbard / Updated: Tuesday, February 18th, 2020

Forex Brokers In Singapore

Singapore forex brokers top 8

Top Singapore Forex Brokers By Traders Needs

Singapore forex traders can select between a locally regulated Monetary Authority Of Singapore Forex Broker (MAS) or an international forex broker that accepts traders from Southeast Asia. Whether you want to access ECN-like spreads via Pepperstone’s Razor account or start trading CFDs for the first time with Oanda, the list below will find you a forex broker to suit your trading needs in 2020.

  • Forex Broker with the Lowest Fees – Pepperstone
  • Forex Broker Offering the Highest Leverage – IC Markets
  • Best Forex Broker for Experienced Traders – Saxo Capital Markets
  • Best Forex Broker for Beginners- OANDA
  • Best Cryptocurrency Broker in Singapore – City Index
  • No Commission Forex Broker in Singapore – Plus500
  • Best Product Range in Singapore – CMC Markets
  • Best Broker for Copy Trading – AxiTrader

The 2020 Singapore Forex Broker List

The top 8 forex brokers in Singapore shown below are regulated by either the Monetary Authority of Singapore (MAS), or an overseas regulatory body such as ASIC (Australia), CySEC (Cyprus), or the FCA (United Kingdom). More details about conditions of MAS regulated brokers can be viewed at the bottom of this page.

Review Of Pepperstone
REGULATED BY
  • asic
  • fca

Pepperstone

Pepperstone is an ASIC and FCA regulated broker that Singaporean clients can use to trade over 70 foreign currencies. Using MetaTrader 4, MT5, and cTrader, investors can choose the price structure that suits them. The Razor account offers spreads as low as 0.0 pips, with USD $7 round turn commission, while the commission-free account offers spreads from 1 pip. As well as competitive spreads, Pepperstone offers award-winning customer service, leverage up to 500:1, and an Active Trader Rebates programme.

MIN. AMOUNT
USD $200
MIN. SPREADS
0.0 pips (Razor)
MAX. LEVERAGE
500:1
OUR BROKER RATING
9.17
  • Account Types
    Standard, Razor (MT4/MT5), Razor (cTrader),
  • Commission (per 100k side trip)
    USD$3.50
  • Trade Sizes
    Mini-lots, Micro-lots, Standard-lots
  • Trading Instruments
    Commodities, Gold, Silver, Metals, Oil, Equity Indices, Cryptocurrency, Shares CFD, Currency Index
  • Trading Platforms
    MetaTrader 4, MetaTrader 5, cTrader
  • Deposit Methods
    Visa, MasterCard, Bank Transfer, Neteller, Skrill, UnionPay
  • Funding Costs
    $0 (except bank wire $20 min withdrawal USD$80)
  • Regulation
    ASIC, FCA
  • Customer Support
    24/5- Live chat, Phone, eMail
  • Education
    Available
  • Risk Management
    Standard risk features
  • Bonus Offers
    Refer a Friend, Active Trader Rebates
  • Trustpilot Reviews
    4.6 - ‎512 reviews
details

IC Markets

IC Markets is an Australian forex broker licensed and regulated by ASIC. Singapore clients can choose their commission structure, either $6 (cTrader) or $7 (MT4, MT5) round trip commission with a raw spread account, or a no commission standard account with spreads from 1.0 pips. Investors can open an account in SGD and trade forex, stocks, cryptocurrency, bonds, commodities and indices using cTrader and MetaTrader 4 and 5.

MIN. AMOUNT
USD$200
MIN. SPREADS
0.0 pips
MAX. LEVERAGE
500:1
OUR BROKER RATING
4.5
  • Account Types
    Standard Account, Raw Spreads (MetaTrader 4), Raw Spreads cTrader, Islamic Account
  • Commission (per 100k side trip)
    USD$3.50
  • Trade Sizes
    Mini-lots, Micro-lots, Standard-lots
  • Trading Instruments
    Commodities, Gold, Silver, Metals, Oil, Equity Indices, Cryptocurrency, Shares CFD, Bonds, Futures
  • Trading Platforms
    MetaTrader 4, MetaTrader 5, cTrader
  • Deposit Methods
    Visa, MasterCard, PayPal, Neteller/VIP, Skrill, UnionPay, Wire Transfer, BPAY, FasaPay, Broker to Broker, POLi, Thai Internet Banking, RapidPay, Klarna, Bitcoin Wallet, Vietnamese Internet Banking
  • Funding Costs
    $0
  • Regulation
    ASIC
  • Customer Support
    24/5 - Live chat, Phone, Email
  • Education
    Available
  • Risk Management
    Standard risk features
  • Bonus Offers
    Introducing broker program
  • Trust Pilot
    4.5 / 5
details

Saxo Markets

Saxo Capital Markets is a MAS regulated broker in Singapore. An excellent option for experienced and active traders, Saxo Capital Markets offers three different account types, a large range of financial instruments and relatively low commission. Research and trades can be executed on the award-winning SaxoTraderGo or SaxoTraderPro platforms.

MIN. AMOUNT
SGD $3,000
MIN. SPREADS
0.3 pips
MAX. LEVERAGE
30:1
OUR BROKER RATING
5.7
  • Account Types
    Classic, Premium, Platinum, VIP
  • Commission (per 100k side trip)
    0.08%
  • Trade Sizes
    Mini-lots, Standard-lots
  • Trading Instruments
    Forex, CFDs, Stocks, Commodities, Futures, Forex Options, Listed Options, ETFs, Bonds, Mutual Funds
  • Trading Platforms
    SaxoTraderGO, SaxoTraderPRO
  • Deposit Methods
    Credit/Debit Card, Bank Transfer, Securities Transfer, Wire Transfer, HSBC Singapore Bank Transfer, MEPS (SGD), PayNow (SGD), FAST (SGD)
  • Funding Costs
  • Regulation
    MAS, FCA, FSC, ASIC, ACPR, DFSA
  • Customer Support
    24/5 - Phone, Email
  • Education
    Available
  • Risk Management
    Segregated Account
  • Bonus Offers
    Refer a Friend
  • Trust Pilot
    3.9 / 5
details

Oanda

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MIN. AMOUNT
$0
MIN. SPREADS
0.3 pips
MAX. LEVERAGE
20:1 (Retail) 50:1 (Professional)
OUR BROKER RATING
  • Account Types
    Standard (Spread-only or Core), Premium Account
  • Commission
    Core pricing spreads start at 0.2, with $50 commission per 1 million
  • Trade Sizes
    Mini-lots, Micro-lots, Standard-lots
  • Trading Instruments
    Equity Indices, Metals, Cryptocurrency, Bonds
  • Trading Platforms
    Oanda Trader, MetaTrader 4
  • Deposit Methods
    Credit/Debit Card, EFT, Bank Wire, PayPal, PayNow, DBS Bill Pay, Cheque (SGD)
  • Funding Costs
    None
  • Regulation
    MAS, ASIC, IIROC, FCA, CFTC
  • Customer Support
    24/6 - Live Chat, Email, Phone
  • Education
    Available
  • Risk Management
    Standard
  • Bonus Offers
    None
  • Trust Pilot
    3 / 5
details

About City Index
REGULATED BY
  • asic
  • mas
  • fca

City Index

City Index is a MAS regulated CFD provider that also has ASIC and FCA (UK) regulation. With over 4,500+ markets available to be traded across Forex, Bitcoin, Indices and shares the broker offers the choice of their own trading platform or MT4 and some advanced features such as guaranteed stops to help manage risk.

MIN. AMOUNT
SGD $500
MIN. SPREADS
0.5 pips
MAX. LEVERAGE
50:1
OUR BROKER RATING
7.17
  • Account Types
    Standard, VIP
  • Commission (per 100k side trip)
    Shares CFDs only
  • Trade Sizes
    Mini-lots, Micro-lots, Standard-lots
  • Trading Instruments
    Forex, Cryptocurrencies, Shares, Indices, Commodities, Metals
  • Trading Platforms
    AT Pro, MetaTrader 4, Web Trader, iOS and Android Apps
  • Deposit Methods
    Visa, MasterCard, PayNow, Bank Transfer, Cheque, Wire Transfer
  • Funding Costs
    No
  • Regulation
    MAS, FCA, ASIC
  • Customer Support
    24/5 - Live chat, Phone, Email
  • Education
    Available
  • Risk Management
    Segregated Accounts
  • Bonus Offers
    Monthly rebates (professional trader account)
  • Trust Pilot
    2 / 5
details

Plus500

Plus500 Singapore offers a commission-free pricing structure where fees are built into the spread and can be as low as 0.6 pips. Specialising in CFDs, Plus500 delivers trading on forex, crypto, ETFs, commodities, shares, options and indices. Plus500 is a London Stock Exchange-listed company, part of the of FTSE 250 Index, and internationally regulated by ASIC, FCA, CySEC, FSCA, and FMA.

MIN. AMOUNT
$100
MIN. SPREADS
0.6 pips
MAX. LEVERAGE
300:1
OUR BROKER RATING
4.5
  • Account Types
    Retail, Professional
  • Commission
    None
  • Trade Sizes
    Mini-lots, Micro-lots, Standard-lots
  • Trading Instruments
    Indices, Share CFD, Commodities, Cryptocurrencies, Options, ETF
  • Trading Platforms
    Plus500 Web Trading Platform, iOS and Android app
  • Deposit Methods
    Visa or Master Card, PayPal, Skrill, Bank Transfer
  • Funding Costs
    No Fees (Min deposits - Visa/MasterCard and Electronic Wallet $100), Bank Transfer ($500)
  • Regulation
    MAS, FCA, ASIC, CySEC, FMA, FSCA
  • Customer Support
    24/7 - Live Chat, Email
  • Education
    None
  • Risk Management
    Advanced Tools
  • Bonus Offers
    First Deposit Bonus, Trader Points, Rebates Programme
  • Trust Pilot
    4 / 5
details

CMC Markets

CMC Markets is a MAS regulated broker that gives investors' access to thousands of products. With over 300 forex pairs, 50 bonds, 12 cryptocurrencies and 9400 shares, CMC Markets have one of the most diverse product ranges. Commissions start at 0.1%, with various bonus offers such as cash rebates for high volume traders.

MIN. AMOUNT
$0
MIN. SPREADS
0.7
MAX. LEVERAGE
30:1
OUR BROKER RATING
6.83
  • Account Types
    Standard, Pro
  • Commission
    0.1%
  • Trade Sizes
    Mini-lots, Micro-lots, Standard-lots
  • Trading Instruments
    Forex, CFDs - Bonds, EFTs, Indices, Commodities, Shares, Treasuries
  • Trading Platforms
    MetaTrader 4, Next Generation
  • Deposit Methods
    Visa, MasterCard, Bank Transfer, Wire Transfer, PayNow, Cheque, NETS,
  • Funding Costs
    $0
  • Regulation
    MAS, ASIC, FCA, FMA, IIROC
  • Customer Support
    24/5- Live Chat, Phone, Email
  • Education
    Available
  • Risk Management
    Segregated Accounts
  • Bonus Offers
    Rebates
  • Trustpilot Reviews
    4.6 - ‎512 reviews
details

AxiTrader

AxiTrader is a forex broker available on MetaTrader 4. Offering a Basic account with commission built into the spread, or a Pro account where spreads are as low as 0.0 with $7 round trip commission, AxiTrader gives investors' access to copy and social trading on Forex, CFDs and Cryptocurrency.

MIN. AMOUNT
$0
MIN. SPREADS
0.0
MAX. LEVERAGE
400:1
OUR BROKER RATING
7.33
  • Account Types
    Standard, Razor (MT4/MT5), Razor (cTrader),
  • Commission
    Basic $0 (Inc. in Spread), Pro AUD $7 (Round Trip)
  • Trade Sizes
    Mini-lots, Micro-lots, Standard-lots
  • Trading Instruments
    Forex, CFDs, Crypto
  • Trading Platforms
    MetaTrader 4
  • Deposit Methods
    Visa, MasterCard, Bank Transfer, Wire Transfer, Skrill, Neteller
  • Funding Costs
    $0
  • Regulation
    ASIC, FCA, FMA, DFSA
  • Customer Support
    24/5 Live Chat, Phone, Email
  • Education
    Available
  • Risk Management
    Standard risk features
  • Bonus Offers
    None
  • Trustpilot Reviews
    3.6
details

1) Lowest Spread Forex Broker – Pepperstone

Pepperstone is an Australian forex broker that provides an ECN-like environment for traders’ wanting access to foreign exchange and CFD markets. The transparent fee structure, ECN-like spreads, and fast execution speeds make Pepperstone an excellent option for Singapore based forex traders.

In addition to tight spreads and automated trading, Pepperstone provides resources to assist traders’ with sophisticated trading strategies as well as view real-time market news and data. Choosing Pepperstone as your forex broker will give you access to their quality newsfeed, economic calendar, daily market report emails, as well as real-time, interactive charts with over 50 technical indicators. Traders have access to forex, crypto and CFD markets comprised of:

  • 80+ currency pairs
  • 5 cryptocurrencies
  • 14 commodity CFDs
  • 14 stock index CFDs

Through a professional investor account with Pepperstone, you will have access to leverage of up to 500:1 in the forex market, while the maximum leverage for retail investor accounts is 30:1. Pepperstone offers nine currencies to set up your trading account, with clients’ being able to choose the Singapore Dollar as their base currency. Other base currencies include JPY, AUD, CAD, NZD, HKD, USD, GBP, and EUR.

Average Spreads
(21/02/2019)
EUR/USDUSD/JPYAUD/USDGBP/USD
Pepperstone0.16*0.25*0.27*0.49*
London Capital Group0.200.300.400,60
Price Markets0.200.200,600.80
IG Markets0.263*0.293*0.512*0.992*
XTB0.300.500.500.60
AxiTrader0.44*0.62*0.42*0.85*
CMC Markets0.8050.8790.7512.793

Razor vs. Standard Accounts

When signing up with Pepperstone, traders are required to make an initial deposit of $200 and can choose between a Razor or Standard account. Both account types allow scalping, hedging, and Expert Advisors and provide traders access to foreign exchange and CFD markets.

FX Per Lot Commission From:MetaTrader 4Propriety Broker
Pepperstone2.29 GBPN/A
London Capital Group10 USD4.50 USD
Price Markets3.5 USD3.5 USD
IG (DMA Account)N/A6.00 USD
XTB3.00 GBP3.00 GBP
AxiTrader$7 USD per lotN/A

A Standard Account is a great option for investors’ new to forex trading. Fees and commission are built into foreign exchange spreads, ranging from 1.0-1.3 pips.

Initially designed for scalpers and algorithmic trading, Pepperstone’s Razor Account gives investors’ access to low spreads seen in ECN environments. Pepperstone works with over 20 top-tier liquidity providers allowing for ECN-like spreads as low as 0.0 pips. Spreads are fee-free with round-turn commission of SGD$9.10 attached to trades.

 

Pepperstone Forex Pairs Singapore SGD

Active Trader Program

If you’re trading high volumes Pepperstone’s Active Trader Program will reward you. The program allows you to earn cash rebates as well as gain access to reduced commissions. Forex rebates are settled daily and paid into your trading account.  For instance, if you’re trading 200-500 lots per month, you could be rebated up to approximately $500.

VIP Account

Upgrading from a retail investor account to a VIP account gives traders access to premium rebates through the active program. As well as higher rebates, VIP clients gain access to a Pepperstone client manager, exclusive VIP events, trading seminars and new products on the market.

An ECN-like Trading Environment with No Dealing Desk Involvement

Pepperstone offers ultra-fast execution and no dealing desk (NDD) execution for both Razor and Standard accounts. Pepperstone clients enjoy reduced latency due to servers in New York and London with fibreoptic connections to liquidity providers. The forex broker offers lightning-fast execution with most executed in less than 30 milliseconds.

Trading Platforms

Pepperstone offers three trading platform options.

  • MetaTrader 5: A highly customisable, user-friendly trading platform with a range of asset classes, ultra-fast processing speeds, development of Expert Advisors with MQL5, 21 timeframes, multi-threaded backtesting, and access to Smart Trader tools. The platform is available online as well as Mac OS, Windows, Android and iOS devices.
  • MetaTrader 4: The predecessor to MT5 offers access to Smart Trader tools, the MQL4 programming language, extensive technical indicators, and multiple order types. MT4 is available as a web-based platform or download on Android, iOS, Windows. MT4 can be downloaded on Mac computers with additional software installations.
  • cTrader: Designed by traders to be an intuitive trading platform, cTrader offers a functional workspace with advanced features suitable for all investors. Traders can customise code in C#, evaluate markets with various indicators, and access educational resources to develop their trading knowledge.

Pepperstone is regulated by ASIC in Australia and in the FCA in the UK. Although not regulated by the Monetary Authority of Singapore, they are seen as a trustworthy and a top forex broker for 2020. Similar to MAS regulation, ASIC and the FCA ensure clients’ funds are held in segregated funds at top-tier banks and are not used for operational purposes.

In addition to ECN-like spreads, ultra-fast order execution and CFD trading, the internationally regulated broker also offers award-winning customer support. Pepperstone’s multilingual customer service is accessible via live chat, phone and email, 24/5.

Open a demo account >>Visit Pepperstone >>


Our Rating

The overall rating is based on review by our experts

9.17
Spreads
10 / 10
Leverage
10 / 10
Trading Platform
10 / 10
Risk Management
7 / 10
Range of Markets
8 / 10
Customer Service
10 / 10

Forex Brokers FAQs For Singapore Traders

Forex trading is legal in Singapore the largest foreign exchange centre in the Asia-Pacific region. Singapore forex brokers are overseen by the regulatory body MAS (Monetary Authority of Singapore), which is seen as a credible and efficient financial market authority.

When choosing your broker, assess the fees, trading platform, customer service, leverage, and products provided. Generally, there are two pricing structures offered. Either all-inclusive spreads, where fees and commission are built into the spread, or alternatively, tighter spreads with round trip or percentage-based commission. A range of trading platforms and apps are available depending on your trading preferences and needs. If you prefer MetaTrader 4, MT5 or cTrader, Pepperstone may be the best broker for you, whereas Saxo Markets offer their own unique trading platform, SaxoTrader.

If you choose a Singapore based forex broker, check to see whether they hold a MAS license. For an international broker, look at the countries they are regulated by around the world, i.e. FCA, FMA, ASIC.

If you’re looking for an international broker to trade forex with, Pepperstone offers competitive spreads, multiple fee structures, and good customer service. Pepperstone is an Australian forex broker and regulated by the FCA and ASIC.

IC Markets and AxiTrader are alternative options, depending on your trading preferences.

A MAS forex broker is licensed and regulated in Singapore. Brokers are required to follow MAS’s regulatory framework, including holding clients’ funds in segregated accounts. Saxo Markets is MAS regulated and a great option for active traders, whereas Oanda suits investors’ new to forex trading.

Alternatively, City Index offers five cryptocurrencies to trade, and Plus500 offers a no-fee structure where a commission is built into the spread. To see whether a broker is regulated by the Monetary Authority of Singapore, check the list above, or use the search MAS’s Financial Institutions Directory online.

Monetary Authority Of Singapore (MAS) Regulation Explained

The Monetary Authority of Singapore (MAS) functions as the central bank of Singapore and the sole regulatory body of the financial sector, overseeing broker operations. In regards to MAS’s influence to SGD exchange rates, MAS operates a managed float exchange rate regime rather than controlling a fixed exchange rate, creating a competitive environment for broker operations and forex trading in Singapore.

As well as providing a competitive financial sector, MAS is internationally recognised as a credible authority throughout global markets, enforcing similar standards to the FSA (NZ), CySEC (Cyprus), FCA (UK), IIROC (Canada) and ASIC (Australia). As the regulatory body of Southeast Asia’s largest financial sector and Singapore’s central bank, MAS has one of the lowest corruption ratings in the world and a strong history of safeguarding consumer interests and promoting financial institutions in Singapore.

Like other top-tier regulatory authorities, MAS enforces the requirement for all licensed forex brokers in Singapore to hold investors funds in segregated accounts, ensuring client funds are not used as operational capital. This ensures that if a brokerage company faces difficulty or there is an economic downturn affecting the markets, investors’ can withdraw funds from forex and CFD trading account.

At current, MAS does not regulate cryptocurrency instruments as they are not considered legal tender. Due to the high level of risk associated with cryptocurrency markets, MAS is seeking to implement legislation to ensure appropriate oversight. As crypto products tend to be highly volatile, brokers tend to offer leverage up to 5:1 due to the high risk trading environment.

Why Trade Forex in Singapore?

Tax-Free Trading: Tax structures are favourable to currency traders in Singapore. If you’re trading forex on the side, and it is not your professional occupation, all profit is tax-free.

A Growing Forex Market: As an established financial hub, Singapore is the largest forex centre in the Southeast Asia. MAS recently announced that foreign currency trading volume increased 22% since April 2016, reaching a new high of US$633 billion.

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