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 South East Asia. Below combines these CFD providers to find the best forex account depending on the individuals’ foreign exchange trading needs.
- 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 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 authority (ASIC, FMA, or FCA). 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.
0.0 pips (Razor)
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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20:1 (Retail) 50:1 (Professional)
City Index are one of the largest CFD brokers in the UK. Offering a large range of products including indices, cryptocurrency and shares cfd, the broker is popular of its competitive spreads, proprietary and MetaTrader platforms, collection of in-house research tools and customer support. Spreads for EUR/USD begins at 0.5 pips and don't have commissions.
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.
1) Lowest Spread Forex Broker – Pepperstone
Pepperstone is an Australian forex broker that focuses on the forex, CFDs, and cryptocurrency markets. The transparent fee structure, fast execution speeds, and range of account and reward programs make Pepperstone a great option for forex traders in Singapore.
In addition to tight spreads and highly automated trading, Pepperstone provides resources to assist investors’ to keep up to date with market movements. Choosing Pepperstone as your forex broker will give you access to their quality newsfeed, economic calendar, daily market report emails, as well as interactive charts with over 50 technical indicators.
Depending on your trading platform preference, Pepperstone is available on MetaTrader 4, MetaTrader 5, and cTrader. Traders have access to forex and CFD markets comprised of:
- 80 currency pairs
- 5 cryptocurrencies
- 14 commodity CFDs
- 14 stock index CFDs
As a professional client of Pepperstone’s, you will have access to leverage of up to 500:1 in the forex market. As a retail client, the maximum leverage 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.
|London Capital Group||0.20||0.30||0.40||0,60|
Razor vs. Standard Accounts
Two account structures are offered, a Razor account and Standard account. A standard account is a great option for investors’ new to forex trading. Fees and commission are built into the spread, ranging from 1.0-1.3 pips.
The Razor account gives investors’ access to foreign currency spreads as low as 0.0-0.3 pips, with a round trip commission of SGD$9.10. (A minimum account balance of $200 is required.)
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 example, if you’re trading 200-500 lots per month, you could be rebated up to approximately $500.
|FX Per Lot Commission From:||MetaTrader 4||Propriety Broker|
|London Capital Group||10 USD||4.50 USD|
|Price Markets||3.5 USD||3.5 USD|
|IG (DMA Account)||N/A||6.00 USD|
|XTB||3.00 GBP||3.00 GBP|
|AxiTrader||$7 USD per lot||N/A|
At Pepperstone, most orders are executed in less than 30 milliseconds. The lightning-fast execution speeds enable investors to act quickly on market movements.
Pepperstone are regulated by ASIC in Australia and in the FCA in the UK. Although not MAS regulated, they are seen as a trustworthy and reliable forex broker with international popularity. Clients’ funds are held in segregated funds at top-tier banks and are not used for operational purposes.
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.
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. They offer 10 base currencies, low initial deposits, and 24/7 customer service.
IC Markets is available on cTrader, MT4, and MT5 platforms. 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.
The IC Markets MetaTrader 4 and 5 server is located in the Equinix NY4 data centre in New Yor
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:
- 60 foreign currencies
- 19 commodities
- 120 stocks
- 17 indices
- 5 bonds
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 forex broker is more suited to advanced traders as they require a significantly higher initial deposit than Oanda, IC Markets and City Index.
- 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.
4) Best Forex Broker for Beginners – OANDA
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.
As well as a low initial deposit of $1, Oanda offers two fee structures. 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 MetaTrader4. To upgrade to a premium account clients’ require a deposit of $50,000 but will have access to smaller 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 (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- 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.
6) Best No Commission Forex Broker – Plus500
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.
7) Best Product Range in Singapore – CMC Markets
CMC Markets is a MAS (Monetary Authority of Singapore) regulated forex broker in Singapore. No minimum deposits, commissions from 0.1%, 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:
- Over 300 currency pairs
- Access to more than 200 index/commodity markets
- 50 bond instruments
- 12 cryptocurrencies
- 9400 shares
8) Best Forex Broker for Copy Trading – AxiTrader
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 Brokers FAQs For Singapore Traders
Is forex trading legal in Singapore?
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 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) is the central bank of Singapore. As the sole regulatory board of forex trading, MAS is internationally recognised as a credible authority.
As regulator of the Asia-Pacific region’s largest financial market and Singapore’s central bank, MAS has one of the lowest corruption ratings in the world and a strong history of safeguarding consumer interests. Brokers are subject to similar standards as the FCA (UK), SFBC (Switzerland), NFA (US), and ACPR (France).
MAS enforces the requirement for all licensed forex brokers in Singapore to hold investors funds in segregated accounts, separating business and client funds. This ensures that if a brokerage company faces difficulty or there’s economic downturn affecting the markets, investors’ can withdraw their funds.
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 Asia Pacific region, and the third-largest in the world (after London and New York). MAS recently announced that foreign currency trading volume increased 22% since April 2016, reaching a new high of US$633 billion.