Beginner forex brokers compared: minimum deposit and demo
| # | Broker | Score /100 | Minimum deposit and demo | EUR/USD spread and basis | Platforms | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 |  OANDA#1 Highest score, global- S$0 minimum to open | 88.3Global score | Deposit: S$0, no minimum to open; demo: yes | 0.8 pips, advertised minimum, Spread only account | OANDA web TradingView MetaTrader 4 MetaTrader 5+1 more platform, listed in this broker's detailsOANDA web, OANDA mobile, TradingView, MetaTrader 4, MetaTrader 5 | Official site of OANDA | |
| |||||||
| 2 |  MultiBank Group- US$50 Standard account minimum | 80.3Global score | Deposit: 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); demo: yes | Not published on the Singapore site | MetaTrader 4 (desktop, web trader, mobile)MetaTrader 5 | Official site of MultiBank Group | |
| |||||||
| 3 |  IG- S$50 minimum per card deposit | 68.2Global score | Deposit: No account-opening minimum specified; S$50, minimum per card deposit transaction; demo: $200,000 in virtual funds | 0.6 pips, advertised minimum, IG CFD account | MetaTrader 4ProRealTimeL2 DealerTradingView+2 more platforms, listed in this broker's detailsMetaTrader 4, ProRealTime, L2 Dealer, Web trading, Mobile trading app, TradingView | Visit IG | |
| |||||||
| 4 |  FOREX.com- 12-week demo with $20,000 | 67.6Global score | Deposit: $150, minimum deposit; $250 minimum per card transaction; the page prints ”$” without naming the currency; demo: 12 weeks, $20,000 in virtual funds | 0.5 pips, advertised minimum, account not named (FOREX.com platform; the page says MT4 pricing may differ) | TradingViewMetaTrader 4mobile appWeb Trading | Official site of FOREX.com | |
| |||||||
| 5 |  Interactive Brokers- US$0 minimum balance | 62.3Global score | Deposit: US$0, minimum balance; demo: Paper Trading | Not published on the Singapore site | Client PortalIBKR DesktopIBKR MobileTrader Workstation+1 more platform, listed in this broker's detailsClient Portal, IBKR Desktop, IBKR Mobile, Trader Workstation, IBKR GlobalTrader | Official site of Interactive Brokers | |
| |||||||
| 6 |  Saxo- 20-day demo, S$0 minimum | 60.1Global score | Deposit: S$0, no minimum deposit; demo: 20 days, USD 100,000 in virtual funds | 0.8 pips, advertised minimum, Classic account | SaxoTraderSaxoInvestorTradingView (access) | Visit Saxo | |
| |||||||
| 7 |  eToro- US$50 minimum deposit | 54.9Global score | Deposit: US$50; demo: $100K in virtual funds | Not read: its Singapore spread page did not load | eToro platform (web, app)TradingView charts | Visit eToro | |
| |||||||
| 8 |  Phillip Nova- 30-day NOVA demo, S$0 to open | 48.3Desk score, 6 of 8 | Deposit: S$0, no first-time deposit for individual and joint accounts; demo: 30 days (NOVA) | 0.6 pips, advertised minimum, Phillip MT5 account | Phillip MT5NOVATradingView | Official site of Phillip Nova | |
| |||||||
| 9 |  Phillip Securities- S$0 to open a CFD account | 44.3Desk score, 5 of 8 | Deposit: S$0, no minimum to open a CFD account; demo: yes | 0.3 pips, advertised minimum, FX CFD account | POEMS 2.0POEMS Mobile 3.0POEMS ProPOEMS CFD MT5 | Official site of Phillip Securities | |
| |||||||
| 10 |  KGI Securities- US$10,000 initial deposit | 41.7Desk score, 6 of 8 | Deposit: US$10,000, minimum initial deposit, individual and joint accounts; demo: yes | EUR/USD not named; major pairs from 1 pip, advertised minimum | KGI MetaTrader 4KGI MaxxTrader | Official site of KGI Securities | |
| |||||||
| 11 |  OCBC Securities- 1-month demo, S$1,000 for residents | 39.6Desk score, 6 of 8 | Deposit: S$1,000, initial deposit, local residents; S$5,000 foreigners, S$100,000 corporates; demo: 1 month | Not published on the Singapore site | iOCBCfxFIX API | Official site of OCBC Securities | |
| |||||||
| 12 |  Maybank Securities- S$0 to open a live account | 38.1Desk score, 7 of 8 | Deposit: S$0, no minimum sum to open a live account; funds for a 1,000 notional position needed to trade; demo: yes | 1.3 or 1.0 pips, advertised typical (two of its pages differ), Maybank Forex account | Currenex (Maybank Forex) | Official site of Maybank Securities | |
| |||||||
Sources: firms' Singapore sites, MAS Financial Institutions Directory, September 2026. Spreads: advertised minimum or typical, untested. "Not published": recorded search found none. "Not read": page didn't load. Desk scores: scored from published information, not tested. "+" row: MAS entity, register permissions, score basis, review link.
Which forex broker is best for beginners in Singapore?
Ordered by score, highest first, global and desk scores together, as on our list of eighteen, where nine scores come from our global testing and nine were scored from each firm's published Singapore information through the same eight categories, without order-speed tests; on this page, seven 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 - S$0 minimum to open
- MultiBank Group - US$50 Standard account minimum
- IG - S$50 minimum per card deposit
- FOREX.com - 12-week demo with $20,000
- Interactive Brokers - US$0 minimum balance
- Saxo - 20-day demo, S$0 minimum
- eToro - US$50 minimum deposit
- Phillip Nova - 30-day NOVA demo, S$0 to open
- Phillip Securities (POEMS) - S$0 to open a CFD account
- KGI Securities - US$10,000 initial deposit
- OCBC Securities (iOCBC) - 1-month demo, S$1,000 for residents
- Maybank Securities (Maybank Trade) - S$0 to open a live account
Best trading platform for beginners in Singapore
1. OANDA: S$0 minimum to open
EUR/USD spread and basis
0.8 pips, advertised minimum, Spread only account
Platforms
OANDA web, OANDA mobile, TradingView, MetaTrader 4, MetaTrader 5
MAS entity and permission
OANDA Asia Pacific Pte. Ltd.: OTC derivatives register
- Cheapest round turn, 1.0 lot
- at least US$8.00, advertised minimum, Spread only account
- Minimum deposit
- S$0, no minimum to open
Why We Recommend OANDA
OANDA is the broker I recommend for a first forex account in Singapore. You can open the account before you fund it, and the funds in the account simply limit the size of your positions. A demo account is there for practice. In my opinion, a beginner should practise on the demo first and then stay on the platform they know.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- oanda.com (EUR/USD spread, round turn)
- oanda.com (minimum deposit, demo and deposit)
- oanda.com (platforms)
- oanda.com (demo and deposit)
2. MultiBank Group: US$50 Standard account minimum
The score is MultiBank Group's global score; the Singapore entity is MEX Global Markets Pte. Ltd.
EUR/USD spread and basis
Not published on the Singapore site
Platforms
MetaTrader 4 (desktop, web trader, mobile), MetaTrader 5
MAS entity and permission
MEX Global Markets Pte. Ltd.: Leveraged forex and OTC derivatives register
- Cheapest round turn, 1.0 lot
- Not published
- Minimum deposit
- 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)
Why We Recommend MultiBank Group
The Standard account at MultiBank Group opens with a minimum initial deposit of US$50 and runs commission-free, which keeps your first step small. A free demo account sits alongside it for practice before you make the live switch. MetaTrader 4 comes on mobile, so you can learn on a phone first. I recommend MultiBank Group for a low-cost start on MetaTrader.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- mexglobalmarkets.com (minimum deposit, demo and deposit)
- mexglobalmarkets.com (platforms)
- mexglobalmarkets.com (demo and deposit)
- mexglobalmarkets.com (demo and deposit)
3. IG: S$50 minimum per card deposit
EUR/USD spread and basis
0.6 pips, advertised minimum, IG CFD account
Platforms
MetaTrader 4, ProRealTime, L2 Dealer, Web trading, Mobile trading app, TradingView
MAS entity and permission
IG Asia Pte Ltd: OTC derivatives register
- Cheapest round turn, 1.0 lot
- Not published
- Minimum deposit
- No account-opening minimum specified; S$50, minimum per card deposit transaction
Why We Recommend IG
IG pairs a practice-first setup with a wide range of trading platforms. Its demo account comes loaded with virtual funds, so you can build a routine on the demo before you switch to a live account. Card deposits carry a minimum of S$50 per transaction. I recommend it for a beginner who wants the demo and several platforms under one account.
4. FOREX.com: 12-week demo with $20,000
EUR/USD spread and basis
0.5 pips, advertised minimum, account not named (FOREX.com platform; the page says MT4 pricing may differ)
Platforms
TradingView, MetaTrader 4, mobile app, Web Trading
MAS entity and permission
StoneX Financial Pte. Ltd.: Leveraged forex and OTC derivatives register
- Cheapest round turn, 1.0 lot
- Not published
- Minimum deposit
- $150, minimum deposit; $250 minimum per card transaction; the page prints "$" without naming the currency
Why We Recommend FOREX.com
FOREX.com gives a beginner demo access for 12 weeks with a virtual balance, so you can plan the practice period before going live. TradingView, MetaTrader 4, a mobile app, and web trading are the platforms, so the choice can fit your routine. I recommend it for a beginner who wants the first months to be practice months before any money moves.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- forex.com (EUR/USD spread, platforms)
- forex.com (minimum deposit, demo and deposit)
- forex.com (demo and deposit)
5. Interactive Brokers: US$0 minimum balance
EUR/USD spread and basis
Not published on the Singapore site
Platforms
Client Portal, IBKR Desktop, IBKR Mobile, Trader Workstation, IBKR GlobalTrader
MAS entity and permission
Interactive Brokers Singapore Pte. Ltd.: Leveraged forex and OTC derivatives register
- Cheapest round turn, 1.0 lot
- Not published
- Minimum deposit
- US$0, minimum balance
Why We Recommend Interactive Brokers
At Interactive Brokers the minimum balance is US$0, and the practice account, Paper Trading, runs on simulated funds so you can rehearse each step first. The platform list is long: Client Portal, IBKR Desktop, IBKR Mobile, Trader Workstation, and IBKR GlobalTrader. It suits a beginner who wants a broker to grow with as they move from Paper Trading to live trading.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- interactivebrokers.com.sg (minimum deposit, demo and deposit)
- interactivebrokers.com.sg (platforms)
- interactivebrokers.com.sg (demo and deposit)
6. Saxo: 20-day demo, S$0 minimum
EUR/USD spread and basis
0.8 pips, advertised minimum, Classic account
Platforms
SaxoTrader, SaxoInvestor, TradingView (access)
MAS entity and permission
Saxo Capital Markets Pte. Ltd.: Leveraged forex and OTC derivatives register
- Cheapest round turn, 1.0 lot
- at least US$6.00, advertised minimum, VIP account
- Minimum deposit
- S$0, no minimum deposit
Why We Recommend Saxo
Saxo opens with a minimum deposit of S$0, and its demo account runs on simulated funds, so you can practise before any of your money is at risk. FX spot and forwards carry no commission. In my opinion, it is the right pick for a beginner who wants to open an account with nothing and learn the ropes before funding it.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- home.saxo (EUR/USD spread, round turn)
- home.saxo (minimum deposit, demo and deposit)
- home.saxo (platforms)
- home.saxo (demo and deposit)
7. eToro: US$50 minimum deposit
EUR/USD spread and basis
Not read: its Singapore spread page did not load
Platforms
eToro platform (web, app), TradingView charts
MAS entity and permission
eToro Singapore Pte. Ltd.: Leveraged forex and OTC derivatives register
- Cheapest round turn, 1.0 lot
- Not read
- Minimum deposit
- US$50
Who eToro suits
eToro suits a beginner who wants one platform and nothing else. The demo account comes with virtual funds for practice, and the eToro platform runs on web and app with TradingView charts built in. CFD classes cover forex, crypto, stocks, ETFs, indices, and commodities, all from the same place. If you would rather learn one interface than choose between terminals, eToro suits you.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- etoro.com (minimum deposit, demo and deposit)
- etoro.com (platforms)
8. Phillip Nova: 30-day NOVA demo, S$0 to open
Scored on six of eight categories; blank: trading costs and trading experience.
EUR/USD spread and basis
0.6 pips, advertised minimum, Phillip MT5 account
Platforms
Phillip MT5, NOVA, TradingView
MAS entity and permission
Phillip Nova Pte. Ltd.: Leveraged forex and OTC derivatives register
- Cheapest round turn, 1.0 lot
- at least US$6.00, advertised minimum, Phillip MT5 account
- Minimum deposit
- S$0, no first-time deposit for individual and joint accounts
Who Phillip Nova suits
Phillip Nova works for a beginner who wants to open an account before funding it and to practise on the NOVA demo first. Individual and joint accounts open at S$0, with no first-time deposit required, and a demo on the NOVA platform lets you practise the basics before anything goes in. You can move between Phillip MT5 and the broker's own platform over time.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- phillipnova.com.sg (EUR/USD spread, round turn)
- phillipnova.com.sg (minimum deposit, demo and deposit)
- phillipnova.com.sg (platforms)
- phillipnova.com.sg (demo and deposit)
- phillipnova.com.sg (demo and deposit)
9. Phillip Securities (POEMS): S$0 to open a CFD account
Scored on five of eight categories; blank: trading costs, trading experience and customer service.
EUR/USD spread and basis
0.3 pips, advertised minimum, FX CFD account
Platforms
POEMS 2.0, POEMS Mobile 3.0, POEMS Pro, POEMS CFD MT5
MAS entity and permission
Phillip Securities Pte Ltd: OTC derivatives register
- Cheapest round turn, 1.0 lot
- at least US$3.00, advertised minimum, FX CFD account
- Minimum deposit
- S$0, no minimum to open a CFD account
Who Phillip Securities (POEMS) suits
The CFD account at Phillip Securities (POEMS) suits a beginner who wants the demo and the live account on one platform family. It opens at S$0, with no minimum required, and a free POEMS CFD MT5 demo account handles the practice side. The platforms available for the CFD account span POEMS 2.0, POEMS Mobile 3.0, POEMS Pro, and POEMS CFD MT5.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- phillipcfd.com (EUR/USD spread, round turn, platforms)
- poems.com.sg (minimum deposit, demo and deposit)
- phillipcfd.com (demo and deposit)
10. KGI Securities: US$10,000 initial deposit
Scored on six of eight categories; blank: trading costs and trading experience.
EUR/USD spread and basis
EUR/USD not named; major pairs from 1 pip, advertised minimum
Platforms
KGI MetaTrader 4, KGI MaxxTrader
MAS entity and permission
KGI Securities (Singapore) Pte. Ltd.: Leveraged forex and OTC derivatives register
- Cheapest round turn, 1.0 lot
- Not published
- Minimum deposit
- US$10,000, minimum initial deposit, individual and joint accounts
Who KGI Securities suits
KGI Securities is for a beginner who already holds a larger sum ready to commit, since individual and joint accounts ask for a minimum initial deposit of US$10,000. A free demo account lets you practise before live trading, so the routine is settled before the deposit goes to work. The platforms give you a MetaTrader base and the broker's own platform.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- kgieworld.sg (EUR/USD spread, minimum deposit, demo and deposit)
- kgieworld.sg (platforms)
- kgieworld.sg (demo and deposit)
Other MAS-licensed brokers with a demo for beginners
11. OCBC Securities (iOCBC) 39.6/100 Desk-based assessment: scored from published information, not tested
OCBC Securities Private Limited; MAS register
OCBC Securities (iOCBC) asks an initial deposit of S$1,000 from local residents.
12. Maybank Securities (Maybank Trade) 38.1/100 Desk-based assessment: scored from published information, not tested
Maybank Securities Pte. Ltd.; MAS register
Maybank Securities (Maybank Trade) sets no minimum sum to open a live account.
Read our Maybank Securities (Maybank Trade) review Official site
How much money do you need to start forex trading in Singapore?
Several MAS-licensed brokers state S$0 or US$0, and KGI Securities at US$10,000 is the highest stated minimum. OANDA is my choice for a small first deposit because it states no minimum to open. Our Best Forex Brokers in Singapore (2026) and Best MT4 Brokers in Singapore (2026) pages compare amounts in each firm’s stated currency.
Which forex demo account in Singapore runs longest?
FOREX.com’s 12-week forex demo account is the longest stated in Singapore. OCBC Securities (iOCBC) states 1 month, and our Best Forex Demo Accounts in Singapore (2026) page compares them. See our Forex Market Hours in Singapore (SGT) and Best CFD Brokers in Singapore (2026) pages.
How to start forex trading in Singapore
To start forex trading in Singapore, you choose an MAS-licensed entity by its legal name, check the account currency and the funding rails the firm publishes, apply online, sit the knowledge assessment, practise on a demo, then fund the account and place a first trade. The steps below set out what the firms on this list publish about each stage, read on their own Singapore sites on 24 September 2026, and they are not a promise about how a particular firm’s application will go.
- Choose an MAS-licensed entity. The MAS Financial Institutions Directory listed 1,579 Capital Markets Services licensees when we read it on 24 September 2026. The directory lists entities by legal name, not by brand, so before you match a firm to a record, find the legal name as the firm prints it on its own Singapore legal page. What you bring to this step is that legal name, and you can check it against the records on our register page.
- Check the account currency and how you can fund it. This is the step where you decide whether you want to hold the account in Singapore dollars, and which funding rail you will use. On the firms' own Singapore pages, read on 24 September 2026, 14 of the 18 publish funding by PayNow, 11 of the 18 publish funding by FAST, and 7 of the 18 publish an SGD-denominated trading account. For what each firm publishes about opening and funding an account, our Singapore forex brokers page carries the figures.
- Apply online, through Singpass or MyInfo where the firm publishes it. What you bring to this step is the identity credential itself, where the firm publishes that route. Of the 18, 7 publish Singpass as an onboarding route and 9 publish MyInfo, on their own Singapore pages read on 24 September 2026. The Singapore pages we read for the other firms do not name Singpass or MyInfo, and that is not a statement that those firms have no such route.
- Sit the knowledge assessment. MAS Notice SFA 04-N12, "Sale of Investment Products", read 25 September 2026, requires a licensed person to conduct a Customer Knowledge Assessment before transacting in an unlisted Specified Investment Product for a customer. The assessment takes in the customer's educational qualifications, investment experience, and work experience, and a customer who does not provide that information is deemed not to possess the knowledge. Where the customer is assessed to have the knowledge, the firm may allow transactions for one year from the assessment date, after which it must conduct a new assessment. In practice, 13 of the 18 publish an assessment step on their own Singapore pages, read on 24 September 2026, so expect to answer questions of that kind when you apply.
- Practise on a demo. On the firms' own Singapore sites, read on 24 September 2026, 14 of the 18 publish a forex demo account. Use it to decide what you want to have found out before the account is funded.
- Fund the account and place a first trade. Table 18 of the Fourth Schedule to the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations sets the minimum margin a licence holder dealing in leveraged foreign exchange must collect from a customer who is not an accredited, expert, or institutional investor at 5% (20:1). That is a minimum, so a firm may ask for more. If the value of acceptable collateral in your account falls below the minimum, the licence holder must contact you immediately, and you then have 2 business days after being told to make good the shortfall. Bring cash ready for that window before you place the first trade.
FAQs
Which trading platform is best for beginners in Singapore?
How much money do I need to start forex trading in Singapore?
Which forex brokers in Singapore have no minimum deposit?
Can I practise forex on a demo account in Singapore before trading live?
What leverage can a beginner use for forex in Singapore?
Related pages
About the author
Justin Grossbard is the Co-Founder and CEO of CompareForexBrokers, which he established with Noam Korbl in 2014. He has over 20 years of professional experience in online marketing and holds a Master's in Marketing from Monash University.
Our reviews are reader-supported. We may receive payment when you click a link to a partner site. Learn how we make money.