Singapore traders can choose between a Monetary Authority of Singapore (MAS) regulated forex brokers or a tier-1 regulated broker. The best brokers in Singapore offer low costs and a choice of forex trading platforms (MT4, MT5 and cTrader).
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 2021.
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 markets and CFD markets. The transparent fee structure, ECN-like spreads, and fast execution speeds make Pepperstone an excellent option for Singapore-based forex traders. To achieve institutional grade spreads, the fx broker uses multiple liqudiity sources and straight-through processing (STP) execution.
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:
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.
When signing up with online forex broker, traders are required to make an initial deposit of $200 and can choose between a Pepperstone Razor or Standard account. Both account types allow scalping, hedging, and Expert Advisors and provide traders access to foreign exchange and CFD markets.
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.
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.
Pepperstone offers ultra-fast execution and no dealing desk (NDD) execution for both Razor and Standard accounts. When online trading, Pepperstone clients enjoy reduced latency due to servers in New York and London with fiberoptic 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.
Pepperstone is regulated by the Australian Securities and Investments Commission (ASIC) in Australia, the CMA in Kenya, the DFSA in Dubai, SCB in the Bahamas, CySEC in Europe and the FCA (Financial Conduct Authority) in the UK. Although not regulated by the Monetary Authority of Singapore (MAS), they are seen as a trustworthy and a top forex broker for 2021. Similar to MAS regulation, regulators such as ASIC require broker’s to hold an Australian Financial Services License (AFSL) and display strong risk disclaimers. Additionally, policies like segregated client funds ensuring your trading account balance is held in segregated funds at top-tier banks and 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. Demo accounts are offered for all Pepperstone account types and trading platform options.
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The overall rating is based on review by our experts
IC Markets is an FCA, CySEC and 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.
The online forex broker also offers the additional option of an Islamic account for those following Sharia Law. As Islamic traders cannot receive or make payments derived from interest rates, the swap free account charges a flat-rate overnight financing fee to comply with Islamic finance practises.
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.
IC Markets allows clients’ to easily set up their account with the Singapore Dollar (SGD) as their base currency, or alternatively the US Dollar (USD) and Hong Kong Dollar (HKD), or AUD, EUR, GBP, NZD, JPY, HKD, CHF or CAD.
Using IC Markets as your forex broker will grant you access to a wide range of markets, including:
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 Asia 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.
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.
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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 to 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.
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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:
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, utilise 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 prefers to do their research on alternative software.
The average spread is 0.6 pips, 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.
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.
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*Your capital is at risk ‘76.4% of retail CFD accounts lose money’
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:
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Axi. (formally 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 Axi gives access to spreads as low as 0.0 pips, with USD$7 round trip commission.
Axi 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 Axi’s high liquidity.
Axi offers several tools to implement social and copy trading. Whether you lack experience or time, Axi provides three third-party options for automated forex trading in Singapore.
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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. You can view the global forex broker best comparison to get a feel of broker features outside of MAS jurisdiction.
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.
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 Southeast Asia. MAS recently announced that foreign currency trading volume increased 22% since April 2016, reaching a new high of US$633 billion.
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.