The 11 forex brokers for beginners on this page, ranked
Ordered by score, highest first, global and desk scores together, as on our list of sixteen, where eight scores come from our global testing and eight were scored from each firm's published Singapore information through the same eight categories, without order-speed tests; on this page, six carry a global score and five a desk score. The phrase beside each name comes from that firm's Singapore record; its place in the list comes from its score.
- OANDA - MT4, MT5 and TradingView platforms
- MultiBank Group - Standard, Pro and ECN accounts
- IG - ProRealTime and L2 Dealer platforms
- Interactive Brokers - Deposit and trade in up to 29 currencies
- Saxo - Classic, Platinum and VIP account tiers
- eToro - Funding by PayPal, Skrill or Neteller
- Phillip Nova - NOVA, Phillip MT5 and TradingView
- Phillip Securities (POEMS) - 10 currency ledgers
- KGI Securities - KGI MaxxTrader beside MetaTrader 4
- OCBC Securities (iOCBC) - iOCBCfx and FIX API platforms
- Maybank Securities (Maybank Trade) - Currenex platform for Maybank Forex
Which of the 11 brokers on our MAS-licensed list is the best trading platform for beginners in Singapore?
OTC derivatives, FID
1. OANDA: MT4, MT5 and TradingView platforms
Minimum deposit, as stated: S$0, no minimum to open
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | Learn how to open an account with us, deposit or withdraw funds and more. Create account Demo account | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | S$0, no minimum to open | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | 0.8 pips, advertised minimum, Spread only account | Singapore site, 24 September 2026 |
| MAS licence (FID) | OANDA Asia Pacific Pte. Ltd.: leveraged forex not listed, OTC derivatives listed | FID, 24 September 2026 |
Leveraged forex and OTC derivatives, FID
2. MultiBank Group: Standard, Pro and ECN accounts
The score is MultiBank Group's global score; the Singapore entity is MEX Global Markets Pte. Ltd.
Minimum deposit, as stated: US$50, minimum initial deposit, Standard; US$10,000, minimum initial deposit, ECN (compare page); US$5,000, minimum initial deposit, ECN (live-account page)
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | Open a free demo account | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | US$50, minimum initial deposit, Standard | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | US$10,000, minimum initial deposit, ECN (compare page) | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | US$5,000, minimum initial deposit, ECN (live-account page) | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | Not published on the Singapore site | Singapore site searched |
| MAS licence (FID) | MEX Global Markets Pte. Ltd.: leveraged forex listed, OTC derivatives listed | FID, 24 September 2026 |
OTC derivatives, FID
3. IG: ProRealTime and L2 Dealer platforms
Minimum deposit, as stated: No account-opening minimum specified; S$50, minimum per card deposit transaction
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | Practise trading with $200,000 virtual funds | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | S$50, minimum per card deposit transaction | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | 0.6 pips, advertised minimum, IG CFD account | Singapore site, 24 September 2026 |
| MAS licence (FID) | IG Asia Pte Ltd: leveraged forex not listed, OTC derivatives listed | FID, 24 September 2026 |
Leveraged forex and OTC derivatives, FID
4. Interactive Brokers: deposit and trade in up to 29 currencies
Minimum deposit, as stated: US$0, minimum balance
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | Paper Trading Try IBKR risk-free with simulated funds. | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | US$0, minimum balance | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | Not published on the Singapore site | Singapore site searched |
| MAS licence (FID) | Interactive Brokers Singapore Pte. Ltd.: leveraged forex listed, OTC derivatives listed | FID, 24 September 2026 |
Leveraged forex and OTC derivatives, FID
5. Saxo: Classic, Platinum and VIP account tiers
Minimum deposit, as stated: S$0, no minimum deposit
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | Sign up for a 20-day demo account to try out trading in our platform with a simulated USD 100,000. | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | S$0, no minimum deposit | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | 0.8 pips, advertised minimum, Classic account | Singapore site, 24 September 2026 |
| MAS licence (FID) | Saxo Capital Markets Pte. Ltd.: leveraged forex listed, OTC derivatives listed | FID, 24 September 2026 |
Leveraged forex and OTC derivatives, FID
6. eToro: funding by PayPal, Skrill or Neteller
Minimum deposit, as stated: US$50
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | $100K Demo Account | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | US$50 | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | Not read: its Singapore spread page did not load | Singapore site, did not load, 24 September 2026 |
| MAS licence (FID) | eToro Singapore Pte. Ltd.: leveraged forex listed, OTC derivatives listed | FID, 24 September 2026 |
Leveraged forex and OTC derivatives, FID
7. Phillip Nova: NOVA, Phillip MT5 and TradingView
Scored on six of eight categories; blank: trading costs and trading experience.
Minimum deposit, as stated: S$0, no first-time deposit for individual and joint accounts
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | Get your free demo account in minutes Experience our trading platforms firsthand and practice your strategies risk-free with a demo account. | Singapore site, 24 September 2026 |
| Demo account, as the Singapore site states it | Request a 30-day FREE demo The Phillip Nova demo request form is currently under maintenance. | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | S$0, no first-time deposit for individual and joint accounts | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | 0.6 pips, advertised minimum, Phillip MT5 account | Singapore site, 24 September 2026 |
| MAS licence (FID) | Phillip Nova Pte. Ltd.: leveraged forex listed, OTC derivatives listed | FID, 24 September 2026 |
OTC derivatives, FID
8. Phillip Securities (POEMS): 10 currency ledgers
Scored on five of eight categories; blank: trading costs, trading experience and customer service.
Minimum deposit, as stated: S$0, no minimum to open a CFD account
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | Register for a free POEMS CFD MT5 Demo Trading Account. | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | S$0, no minimum to open a CFD account | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | 0.3 pips, advertised minimum, FX CFD account | Singapore site, 24 September 2026 |
| MAS licence (FID) | Phillip Securities Pte Ltd: leveraged forex not listed, OTC derivatives listed | FID, 24 September 2026 |
Leveraged forex and OTC derivatives, FID
9. KGI Securities: KGI MaxxTrader beside MetaTrader 4
Scored on six of eight categories; blank: trading costs and trading experience.
Minimum deposit, as stated: US$10,000, minimum initial deposit, individual and joint accounts
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | Register for a free demo account to practice in a risk-free environment before you start trading. | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | US$10,000, minimum initial deposit, individual and joint accounts | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | EUR/USD not named; major pairs from 1 pip, advertised minimum | Singapore site searched |
| MAS licence (FID) | KGI Securities (Singapore) Pte. Ltd.: leveraged forex listed, OTC derivatives listed | FID, 24 September 2026 |
Leveraged forex and OTC derivatives, FID
10. OCBC Securities (iOCBC): iOCBCfx and FIX API platforms
Scored on six of eight categories; blank: trading costs and trading experience.
Minimum deposit, as stated: S$1,000, initial deposit, local residents; S$5,000 foreigners, S$100,000 corporates
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | We offer a free 1-month demo account with US$100,000 virtual funds. | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | S$1,000, initial deposit, local residents; S$5,000 foreigners, S$100,000 corporates | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | Not published on the Singapore site | Singapore site searched |
| MAS licence (FID) | OCBC Securities Private Limited: leveraged forex listed, OTC derivatives listed | FID, 24 September 2026 |
Leveraged forex and OTC derivatives, FID
11. Maybank Securities (Maybank Trade): Currenex platform for Maybank Forex
38.1/100
#11 of 11
on this page
Scored on seven of eight categories; blank: trading experience.
Minimum deposit, as stated: S$0, no minimum sum to open a live account; funds for a 1,000 notional position needed to trade
Sources
| Fact | As stated | Source |
|---|---|---|
| Demo account, as the Singapore site states it | To open a Maybank Forex Demo Account, please fill in the form below. | Singapore site, 24 September 2026 |
| Minimum deposit, as stated | S$0, no minimum sum to open a live account; funds for a 1,000 notional position needed to trade | Singapore site, 24 September 2026 |
| Advertised EUR/USD spread | 1.3 or 1.0 pips, advertised typical (two of its pages differ), Maybank Forex account | Singapore site, 24 September 2026 |
| MAS licence (FID) | Maybank Securities Pte. Ltd.: leveraged forex listed, OTC derivatives listed | FID, 24 September 2026 |
Demo accounts and minimum deposits at the 11 brokers, side by side
Compare what each broker’s demo gives you before you commit money: how long it lasts, how much virtual funding you practise with, and the platform you will trade on once you go live. Then weigh the stated minimum deposit against the cash you actually have ready. I would pick the broker whose demo platform matches its live one, so your practice carries straight over to real trading.
| Broker | MAS entity (FID) | Demo account, as the Singapore site states it | Minimum deposit, as stated | Advertised EUR/USD spread and basis | Source |
|---|---|---|---|---|---|
| OANDA MT4, MT5 and TradingView platforms | OANDA Asia Pacific Pte. Ltd. | Learn how to open an account with us, deposit or withdraw funds and more. Create account Demo account | S$0, no minimum to open | 0.8 pips, advertised minimum, Spread only account | Singapore site, 24 September 2026 |
| MultiBank Group Standard, Pro and ECN accounts | MEX Global Markets Pte. Ltd. | Open a free demo account | US$50, minimum initial deposit, Standard; US$10,000, minimum initial deposit, ECN (compare page); US$5,000, minimum initial deposit, ECN (live-account page) | Not published on the Singapore site | Singapore site, 24 September 2026 |
| IG ProRealTime and L2 Dealer platforms | IG Asia Pte Ltd | Practise trading with $200,000 virtual funds | No account-opening minimum specified; S$50, minimum per card deposit transaction | 0.6 pips, advertised minimum, IG CFD account | Singapore site, 24 September 2026 |
| Interactive Brokers Deposit and trade in up to 29 currencies | Interactive Brokers Singapore Pte. Ltd. | Paper Trading Try IBKR risk-free with simulated funds. | US$0, minimum balance | Not published on the Singapore site | Singapore site, 24 September 2026 |
| Saxo Classic, Platinum and VIP account tiers | Saxo Capital Markets Pte. Ltd. | Sign up for a 20-day demo account to try out trading in our platform with a simulated USD 100,000. | S$0, no minimum deposit | 0.8 pips, advertised minimum, Classic account | Singapore site, 24 September 2026 |
| eToro Funding by PayPal, Skrill or Neteller | eToro Singapore Pte. Ltd. | $100K Demo Account | US$50 | Not read: its Singapore spread page did not load | Singapore site, 24 September 2026 |
| Phillip Nova NOVA, Phillip MT5 and TradingView | Phillip Nova Pte. Ltd. | Get your free demo account in minutes Experience our trading platforms firsthand and practice your strategies risk-free with a demo account. | S$0, no first-time deposit for individual and joint accounts | 0.6 pips, advertised minimum, Phillip MT5 account | Singapore site, 24 September 2026 |
| Phillip Securities (POEMS) 10 currency ledgers | Phillip Securities Pte Ltd | Register for a free POEMS CFD MT5 Demo Trading Account. | S$0, no minimum to open a CFD account | 0.3 pips, advertised minimum, FX CFD account | Singapore site, 24 September 2026 |
| KGI Securities KGI MaxxTrader beside MetaTrader 4 | KGI Securities (Singapore) Pte. Ltd. | Register for a free demo account to practice in a risk-free environment before you start trading. | US$10,000, minimum initial deposit, individual and joint accounts | EUR/USD not named; major pairs from 1 pip, advertised minimum | Singapore site, 24 September 2026 |
| OCBC Securities (iOCBC) iOCBCfx and FIX API platforms | OCBC Securities Private Limited | We offer a free 1-month demo account with US$100,000 virtual funds. | S$1,000, initial deposit, local residents; S$5,000 foreigners, S$100,000 corporates | Not published on the Singapore site | Singapore site, 24 September 2026 |
| Maybank Securities (Maybank Trade) Currenex platform for Maybank Forex | Maybank Securities Pte. Ltd. | To open a Maybank Forex Demo Account, please fill in the form below. | S$0, no minimum sum to open a live account; funds for a 1,000 notional position needed to trade | 1.3 or 1.0 pips, advertised typical (two of its pages differ), Maybank Forex account | Singapore site, 24 September 2026 |
More Singapore forex broker pages
The other pages built on our list of sixteen Singapore brokers. The anchor text is each page's own heading.
Best Forex Brokers in Singapore: 16 MAS-Regulated Brokers ComparedAll sixteen brokers on our list, ranked by score.Best Forex Demo Account in Singapore: the 13 Brokers on Our MAS-Licensed List That Advertise a DemoThirteen of the sixteen brokers on our list offer a demo account on their Singapore sites.MetaTrader 4 (MT4) Brokers in Singapore: the 6 Brokers on Our MAS-Licensed List That Offer MT4Six of the sixteen brokers on our list offer MetaTrader 4 on their Singapore sites.MetaTrader 5 (MT5) Brokers in Singapore: the 4 Brokers on Our MAS-Licensed List That Offer MT5Four of the sixteen brokers on our list offer MetaTrader 5 on their Singapore sites.Best CFD Broker in Singapore: the 14 Brokers on Our MAS-Licensed List That Offer CFDsFourteen of the sixteen brokers on our list offer CFDs to retail clients on their Singapore sites.
FAQs
Which trading platform is best for beginners in Singapore?
I recommend OANDA: it scores 92 out of 100, its global score from our global broker test, and its Singapore site states a demo account and no minimum deposit to open (S$0), so you can practise before committing funds (OANDA Asia Pacific Pte. Ltd., its Singapore site read 24 September 2026).
How much money do I need to start trading forex in Singapore?
That depends on your broker. OANDA states no minimum deposit to open (S$0), eToro states US$50, and KGI Securities states a minimum initial deposit of US$10,000 for individual and joint accounts (each broker's Singapore site, read 24 September 2026). Your first position also needs margin of 5% (20:1) as a retail customer under Table 18 (Singapore Statutes Online, read 24 September 2026). I would start with what you can spare.
Can I practise on a demo account before trading forex in Singapore?
Yes, every broker on our list that states a minimum deposit and a demo account advertises the demo on its own Singapore site (read 24 September 2026). Saxo states a 20-day demo account, and OCBC Securities states "We offer a free 1-month demo account with US$100,000 virtual funds." I would work through a full demo cycle before you fund a live account.
What leverage can a beginner use for forex in Singapore?
Regulation 24A and Table 18 set 5% (20:1) for a retail customer and 2% (50:1) for an accredited, expert or institutional investor, on FX CFDs and spot forex for leveraged trading without stop-loss features, and a licence holder may ask for more (Singapore Statutes Online, read 24 September 2026).
How do I check that a forex broker is licensed by MAS?
Search the broker's legal name on the MAS Financial Institutions Directory, which we read on 24 September 2026, and match the name it prints to the name on the firm's Singapore site. Each of the sixteen entities on our list is a capital markets services licensee that FID lists as dealing in leveraged foreign exchange or over-the-counter derivatives. Before you deposit, I would confirm that match myself.
Related pages
About the author
Justin Grossbard is the CEO & Co-Founder of CompareForexBrokers established in 2014, along with Noam Korbl and works as Strategic Head Of Research.
Fact Checked
Why trust Compare Forex Brokers
Our reviews are reader-supported. We may receive payment when you click a link to a partner site. Learn how we make money.