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: Saturday, January 18th, 2020
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.
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.
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.
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.
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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.
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.
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.
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.
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
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)
London Capital Group
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:
London Capital Group
IG (DMA Account)
$7 USD per lot
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.
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.
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.
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.
The overall rating is based on review by our experts
10 / 10
10 / 10
10 / 10
7 / 10
Range of Markets
8 / 10
10 / 10
2) Forex Broker Offering the Highest Leverage – IC Markets
IC Markets is an ASIC regulated forex broker where trades are executed on third party trading platforms (cTrader, MT4, and MT5 ). They offer 10 base currencies, low initial deposits, and 24/7 customer service.
Fees are low with no inactivity, deposit or withdrawal fees charged. Depending on your investment preferences there is the choice of the following account structures and pricing.
Raw structure: spreads from 0.0 with $7 round trip commission
Standard structure: spreads from 1.0 with $0 commission
Raw structure: spreads from 0.0 with $6 round trip commission
IC Markets offer flexibility with position sizes, with investors’ gaining access to leverage up to 500:1 on forex trades and Commodity CFDs.
Other instruments offer relatively high leverage compared with the market average. Futures CFDs, Indices CFDs, and Bond CFDs all have a maximum leverage of 200:1.
IC Markets MT4 and MT5 servers are located in the Equinix NY4 data centre in New York. The low latency trading environment provides an average execution speed of 40ms, ideal for high-frequency trading.
Range of Products
IC Markets allows clients’ to easily set up their account with SGD as their base currency (other base currencies include USD, AUD, EUR, GBP, NZD, JPY, CHF, HKD, CAD.) Using IC Markets as your forex broker will grant you access to a wide range of markets, including:
3) Best Forex Trader for Experienced Traders – Saxo Capital Markets
For active and experienced traders, Saxo Capital Markets is one of the best forex brokers regulated by MAS. The Danish forex broker was established over 25 years ago and has since become a top forex broker popular among many Southeast Asian residents. As well as being MAS regulated, Saxo Markets has various international entities that are regulated by FCA (UK), ASIC (Australia), FSC (Mauritius), among others.
Saxo Markets is more suited to advanced traders as they require a significantly higher initial deposit than Oanda, IC Markets and FXTM. High volume traders can upgrade retail investor accounts to VIP status and gain lower, ECN-like spreads. As they derive prices from international liquidity providers such as ECNs, market-making firms, and banks, traders enjoy competitive ECN-like spreads within a range of financial markets.
Saxo Markets is a Danish forex broker established over 25 years ago. It has since become a top forex broker popular among many Southeast Asian residents. As well as being MAS regulated, Saxo Markets has various international entities that are regulated by FCA (UK), ASIC (Australia), FSC (Mauritius), among others.
Low all-inclusive spreads
Access to a diverse range of financial instruments
Higher initial deposit than the market average
Offers three different account tiers
Saxo Capital Markets Trading Platforms
The intuitive and easy-to-use trading platform is available on desktop, mobile and tablet. As well as helpful features such as margin alerts and stop orders, the platform provides comprehensive portfolio summaries, performance analysis, and returns breakdown.
A great option for experienced or professional traders without the fees of institutional apps. The platform can be set up across multiple screens, offers advanced features including in-depth market analysis, and can be downloaded on Windows or Mac. The SaxoTraderPro platform syncs with the mobile and tablet SaxoTraderGo apps to allow you to trade wherever you are.
Oanda is a great option for beginners looking for forex trading platform in Singapore. They are MAS (Monetary Authority of Singapore) regulated, offer nine base currencies, and access to customer service 24 hours a day, Sunday to Friday.
With 70 major and minor currency pairs, choosing Oanda as your trading platform will give you access to a wide range of forex investment opportunities. As well as forex trading, you will have access to indices, commodities, spot metals, and bonds.
Oanda offers two fee structures and no minimum deposit. Spreads are as low as 0.3 pips when choosing the commission + core spread, or 1.4 pips with a spread only structure.
For more experienced investors’, Oanda trades can be executed through MetaTrader 4. To upgrade to a premium account clients’ require a deposit of $50,000 but will have access to tighter spreads.
The wide range of training and research tools available make Oanda the best trading platform for beginners. Investors’ can develop strategies using Oanda’s newsfeed, currency heat maps, webinars, as well as economic and technical analysis tools.
The intuitive web and mobile layouts are user-friendly for those new to forex trading. The award-winning mobile app is available on both iOS and Android. To keep up to date with the latest market changes, set up alerts to notify you of the latest price movements.
5) Best Cryptocurrency Broker in Singapore – City Index
Competitive fees, MAS (Monetary Authority of Singapore) regulation, and over three decades of experience make City Index a top forex trading platform for Singapore investors’. Forex spreads are competitive at 0.5 pips.
Fees are some of the lowest among the top forex in Singapore. There are no fees for withdrawals, and inactivity fees only kick in after 24 months.
City Index is a great option for Singapore investors’ wanting to trade Cryptocurrency as a CFD. Along with offering some of the lowest spreads on Crypto CFDs, they tend to have lower overnight funding and daily costs than IG, CMC and Plus500. Crypto CFDs are exempt from commissions with City Index only charging a commission on share CFDs.
Cryptocurrencies that are offered as CFDs by City Index:
Bitcoin Cash (BCH)
City Index offers Crypto CFD strategies including going long or short (Bitcoin and Ethereum only), and trading on both margin and volatility. As Cryptocurrencies have a history of being more volatile than regular currency, utilize City Index’s risk management tools by setting up price alerts and stop losses.
Plus500 is a top global trading platform available in 31 languages. The Singapore subsidiary, Plus500SG is MAS (Monetary Authority of Singapore) regulated and offers trading in forex, commodities, indices, and over 2000 CFDs.
The Plus500 trading platform provides access to both standard and unique resources to develop strategies but lacks comprehensive analytical tools. Yet an economic calendar, over 100 technical indicators, and a ‘traders sentiment’ feature that shows the ratio of buyers/sellers for a particular instrument are beneficial to an experienced trader who prefer to do their research on alternative software.
The average spread is 0.6 and no commission is charged with fees built into the spread. Clients have access to five free withdrawals per month, so the chances of being charged fees are low.
Strong Transparency and Oversight
Plus500 SG is MAS regulated and a subsidiary of Plus500. The parent company is listed on the UK stock exchange, part of the FTSE 250 Index, and FCA regulated.
Transparency is another reason they are one of Singapore’s best forex brokers. As well as following Monetary Authority of Singapore’s Client Money Protection guidelines, Plus500 discloses its financial statements.
Plus500’s customer service is among the best, they are contactable via live chat 24/7.
CMC Markets is a MAS (Monetary Authority of Singapore) regulated forex broker in Singapore. No minimum deposits, commissions from 0.1%, access to a range of financial markets, and cash rebates for investors’ who trade CFDs in high volumes give CMC Markets the reputation as one of Singapore’s best forex brokers.
As a leading forex trading platform in Singapore, CMC Markets offer a diverse range of products:
AxiTrader is a top forex broker available on MetaTrader4. The Australian broker offers competitive spreads, high leverage, and access to over 80 currency pairs.
A basic account offers zero commission spreads from 1.0 pips, while a pro account with AxiTrader gives access to spreads as low as 0.0, with USD$7 round trip commission.
AxiTrader hold licenses in Australia (ASIC), Dubai (DFSA), New Zealand (FMA), and the United Kingdom (FCA), yet are not regulated by the Monetary Authority of Singapore (MAS). Investors’ funds are held in segregated accounts with leading banks, resulting in AxiTrader’s high liquidity.
Social and Copy Trading
AxiTrader offers several tools to implement social and copy trading. Whether you lack experience or time, AxiTrader provides three third-party options for automated forex trading in Singapore.
DupliTrade: a system that enables automated forex trading on MetaTrader4. With a large range of signal providers, users can follow their favourite strategists who share similar goals. Although the software is free, DupliTrade requires an initial deposit of AUD$5,000.
Myfxbook: Also available through MT4, Myfxbook grants access to a community where you can follow traders, analyse your performance, and study experienced traders strategies.
ZuluTrade: A social trading platform where followers can mimic experienced traders strategies, leave comments, and participate in forums. Minimum deposit fees are competitive, starting at AUD$300.
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.
How to check if a Singapore forex broker is reliable?
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.
Which international forex broker is the best In Singapore?
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.
Which MAS Singapore forex broker is the best?
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.