Beginner Singaporean traders will want to choose a top forex trading platform offered by a forex broker from Singapore’s MAS regulator. Learn our experts best beginner Forex trading platforms: Singapore recommendations and basic platform needs.
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Here are our top trading platforms for beginner traders from MAS regulated brokers
City Index is an international broker that facilitates foreign exchange and CFD trading for retail investor accounts. As well as oversight from MAS (Monetary Authority of Singapore), the broker’s different subsidiaries follow regulation set by ASIC (Australian Securities and Investments Commission) and the FCA (Financial Conduct Authority, UK). When trading with City Index, customers gain access to different Forex products and CFD asset classes, including Stock Index, Share, ETFs, Bond, Commodity and Cryptocurrency markets.
When trading CFDs and Forex with City Index, customers have various trading platforms to choose from that suit different levels of trading experience. The broker offers MetaTrader 4 (MT4) and AT Pro as desktop trading platforms, as well as MT4 and proprietary software as a web trader platform or mobile trading apps.
As AT Pro is an advanced platform, CompareForexBrokers recommends MetaTrader 4 or City Index’s proprietary trading platform for those new to CFD and forex trading.
The broker’s online web trader platform is one of the best options for those new to trading CFDs as it provides an easy-to-navigate trading environment with features such as one-click trading.
With HTML 5 charts and over 65 technical indicators, City Index traders can analyse CFD and forex markets with ease. As well as analysing charts, users can also trade directly from charts, with the ability to edit positions, stops and limit orders from the same screen.
In addition to managing the high risk of trading with basic order types such as trailing stop loss and limit orders, traders can pay a premium to place Guaranteed Stop Loss Orders (GSLOs) to ensure orders are closed at the exact price desired by the customer, regardless of volatile markets.
Although many of MetaTrader 4’s features are designed for experienced high volume investors, beginner traders can benefit from the wide range of trading and analysis tools. MT4 trading platform features include:
To automate trading MT4 users can create their own Expert Advisors using the MQL4 programming language, or download EAs and indicators online through MetaTrader’s Marketplace. The MetaTrader’s Marketplace is one of the largest trading communities, offering a large library of free and paid technical indicators and Expert Advisors.
When trading forex with the online broker clients gain access to tight no commission spreads on major, minor and exotic currency pairs. Compared to other top forex brokers, City Index’s spreads are generally lower than competitors. For the USD/JPY and EUR/USD currency pairs, City Index offers low spreads of 0.80 pips commission-free, while brokers such as CMC Markets offer spreads of 1.20 pips. Likewise, City Index offers spreads of 0.90 pips for the AUD/USD fx pair, with brokers including OANDA and Axi offering 1.20 pips.
Data taken from broker website. Accurate as at 04/06/2021
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City Index offers crypto trading with five different CFDs available to trade. Rather than trading the underlying crypto asset, Contracts for Difference (CFDs) offer traders many advantages as they are not buying and selling the physical underlying asset. City Index customers can go long and short, use leverage, avoid the need for digital wallets and utilise many more risk management tools. Compared to other top brokers, crypto CFD spreads are tight and overnight financing costs are competitive. Traders can access the following Crypto markets when trading CFDs with City Index:
Although crypto CFD trading is becoming increasingly popular, beginner traders should be aware that cryptocurrency markets are incredibly volatile and therefore come with a high risk of losing money.
OANDA is a forex and CFD broker regulated by various top-tier financial market regulators including MAS (Monetary Authority of Singapore), ASIC (Australian Securities and Investments Commission) and the FCA (Financial Conduct Authority, UK).
The top forex broker offers MetaTrader 4 as a trading platform option, with a range of charting and trading tools accessible to beginners wanting to develop automated trading strategies.
When trading Forex and CFDs with OANDA, Singaporean traders can choose between a Standard Account and a Premium VIP Account. Forex spreads do not vary between account types, yet VIP account holders receive personalised customer support. Opening an OANDA trading account can be done online, with no specific initial minimum deposit required.
After signing up with OANDA, customers gain access to financial markets covering forex, indices, metals, commodities and bonds. Below shows financial instruments that include the Singapore Dollar along with OANDA’s EUR/USD spreads as of 21 June 2020.
While currency trading is OANDA’s main focus, customers also gain access to global markets with the broker offering:
The online broker offers MetaTrader 4 as a trading platform option as well as their proprietary OANDA Trade (web trader), desktop, and mobile app platforms. OANDA’s MetaTrader 4 offering is available as both a desktop trading platform and mobile app. The MT4 mobile trading app is fully functional with impressive technical analysis tools, including 9 chart types, 11 drawing tools, 32 overlay indicators and 50 technical tools on both the iOS and Android apps.
OANDA customers can automate trading via MetaTrader 4’s Expert Advisor (EA) algorithmic trading features. While developing EAs from scratch using the MQL4 programming language may be a challenge for beginner traders, users can purchase or download free EAs from the MetaTrader marketplace. As one of the most popular forex trading platforms, the MT4 marketplace is huge and offers a diverse range of technical indicators and EAs.
As well as a large marketplace to source trading tools, beginner traders can benefit from MT4’s established trading community. Those new to trading can share ideas and learn about financial markets and forex trading from experienced MT4 users.
As well as inbuilt tools and a marketplace online, OANDA MT4 users can access a suite of proprietary add-ons comprising of technical analysis tools compatible with MT4. The package includes easy-to-use market scanning, pattern recognition, chart trading and automated alert tools.
View Oanda Review >>Visit Oanda >>
Saxo Capital Markets is a fully regulated broker that accepts Singaporean forex traders. As well as oversight from the Monetary Authority of Singapore (MAS), Saxo subsidiaries follow the regulation of an additional 14 financial authorities, including the Danish Financial Supervisory Authority (FSA), the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC).
When trading with Saxo Markets, beginners traders are provided with a user-friendly trading platform, a choice of account types plus incredible market access.
The top forex broker offers two proprietary trading platforms to Singaporean traders, each suited to different levels of experience. SaxoTraderGO is a simple interface designed for beginner traders, while SaxoTraderPRO offers a wider range of advanced trading tools aimed towards experienced forex traders. SaxoTraderGO features beneficial to those new to CFD trading include:
The trading platform is available as an iOS or Android mobile trading app or online via a web trader platform online.
When trading forex and CFDs with Saxo Markets, customers can choose between a classic, platinum and VIP account type. The classic account type provides access to standard spreads and customer support, with platinum and VIP account holders gaining access to discounted pricing with tighter spreads as well as priority customer support. While the classic account is offered spreads of 0.6 pips for the EUR/USD forex pair, VIP account holders can trade the same fx pair at 0.4 pips.
To start trading CFDs, Saxo Markets requires customers to make a minimum deposit that is much higher than other top forex brokers. A classic account requires a minimum deposit of $3,000 Singapore Dollars, while a platinum account requires SGD $300,000 and a VIP SGD $1.5 million. Regardless of account type, Saxo customers can open an account with one of 19 base currencies including SGD, AUD, USD, JPY and GBP.
The online broker offers customers some of the best market access available to retail investor accounts. With over 10,000 CFDs and thousands of standard instruments from 9 different asset classes, Saxo Markets product offering is hard to beat.
Contracts for Difference (CFDs)
View Saxo Markets Review >>Visit Saxo Markets >>
eToro is a pure social-copy trading broker regulated by the FCA (Financial Conduct Authority, UK), ASIC (Australian Securities and Investments Commission) and CySEC (Cyprus Securities and Exchange Commission). Although not regulated by MAS, the account mirroring service is available to Singaporean traders.
As well as gaining access to a large trading community through the broker’s proprietary social-copy trading platform, eToro customers can effortlessly buy and sell a range of CFDs using the broker’s account mirroring services. Social-copy trading services are excellent for beginners, as users can learn about forex markets while copying the trading strategies of more experienced investors.
As developing trading strategies with strong risk management tools can be complex, eToro customers can copy the strategies created by ‘Popular Investors’. When choosing Popular Investors to follow and copy, traders can view a Popular Investor’s risk profile, trading history and location.
Similarly to other social networks, eToro provides a news feed where beginner traders can keep up to date with forex markets and information from the Popular Investors a trader follows.
For beginner traders wanting to simplify CFD trading even further, eToro’s CopyPortfolio products can be used. While a higher minimum deposit of $5,000 is required to use the portfolio management service, it allows traders to easily invest in a well-diversified, balanced bundle of financial instruments. Although the minimum deposit is high, eToro does not charge any management fees for using the CopyPortfolio features.
There are two types of investment portfolios available:
Top Trader Portfolios include a selection of top-performing Popular Investors strategies. The traders included in the bundle are dependent on the overall strategy of the portfolio, with all portfolios being medium to long-term investment products. On the other hand, Market Portfolios bundle different financial assets, rather than top traders. Assets included may range from Forex and ETFs to Commodities and Indices.
CMC Markets is a MAS regulated broker that is also overseen by financial authorities in the UK, NZ, Germany, Canada and Australia. While CMC Markets customers can trade CFDs and forex 0n MT4, the broker’s proprietary trading platform, Next Generation, offers a greater range of risk management tools that are designed for beginner traders.
CMC Markets Next Generation is a user-friendly trading platform with extensive charting and trading tools, with 12 chart types, 70 chart patterns and 115+ technical indicators available to use when researching investment opportunities. As technical analysis and risk management can be complex for beginner traders, Next Generation offers the following features:
The trading platform can be viewed in a standard, simplified format or an advanced multiscreen layout. To begin with, the standard interface allows beginner traders to easily find their way around the platform, yet once a trader has developed confidence trading, they have the option to move into an advanced interface where provides more advanced trading tools.
The proprietary trading platform is available as an iOS and Android mobile trading app. When compared to other software, the Next Generations trading app offers superior mobile charting features, with 35 drawing tools and technical indicators available to use on the go.
As CFD and forex trading is a high-risk investment activity, it is important for beginners to choose a top forex broker known for its risk management tools. The order types offered by CMC Markets allow traders to minimise risk by setting caps on profits and losses. When using Next Generation, customers can utilise the different free order types as well as having the option to pay a premium to place Guaranteed Stop Loss Order (GSLO).
GSLO’s enable traders to gain absolute certainty of the price trade is executed at, with no potential for slippage due to lag. While many brokers will keep a GSLO’s premium if the order is not triggered, CMC Markets will refund the cost.
As well as order types to manage risk, traders use the trading platforms ‘account close-out’ feature to automatically close all open trades when trading balances fall to a certain level. Types of close-out options include:
View CMC Markets Review >>Visit CMC Markets>>
Although Interactive Brokers do not hold a MAS financial services license, the broker is overseen by many top-tier financial authorities in Japan, India, Hong Kong, Australia, Luxembourg, the UK, Canada and the US (CFTC). The online broker’s proprietary web trader platforms, Client Portal and IBKR WebTrader are well-suited to beginner traders even though there are many advanced trading tools available on both platforms.
Interactive Brokers Client Portal is an excellent choice for beginner traders, offering an intuitive, all-in-one trading platform. Users can easily manage orders, analyse markets, and stay up to date with news through the web trader interface. 135 different financial markets are offered on both web trader platforms, ranging from across Forex, to bonds, options, funds, futures, and warrants. Client Portals trading tools include:
As a VIP client signed up to a Pro account type, Interactive Brokers client’s gain access to the IBKR Web Trader platform. The customisable platform offers Pro customers a range of easy-to-use trading tools to help beginners develop trading strategies, including:
SwissQuote is a MAS regulated forex broker that is overseen by financial authorities in Switzerland, the UK, Hong Kong and the UAE in addition to Singapore. The online brokers MetaTrader 5 trading platform offering is well-suited to beginners, with various automated trading, technical analysis and add-ons available.
The popular forex trading platform offers more than just currency pairs. As a multi-asset platform, users can trade a range of CFDs derived from Bonds, Commodities and Stock Indices. To access Swissquote’s financial markets via MT5, traders can download a desktop platform, use web trader online or trade on the go using the MT5 mobile trading app (compatible with both Android and iOS devices).
View the best MT5 beginner brokers on our international page.
MetaTrader 5 provides many inbuilt trading and analysis tools to assets with trading strategy development:
As well as MetaTrader 5’s inbuilt tools and features, traders can download additional plugins to enhance technical analysis and trading:
IG Markets is a fully regulated CFD broker that is overseen by MAS, the CFTC, FCA, BaFin, ASIC and FSB among others. As well as providing access to forex markets, IG Markets offers a wide range of CFD trading products. With over 17,000 financial instruments offered by the online broker, beginner traders can easily develop well-diversified trading strategies that include multiple asset classes.
As an IG Markets customer, traders can choose from the broker’s proprietary platform, MetaTrader 4 (MT4) and L2 Dealer. While L2 Dealer is suited to experienced traders, beginner traders can start out using MT4 or IG’s proprietary soft that is available as a web trader platform or mobile trading apps.
IG Markets online trading platform is a great option for those not wanting to download and install a desktop trading platform. Traders will easily be able to find their way around the proprietary web trader platform, with analysis and charting tools that are accessible to beginners. Additional features include alerts and notifications, real-time Reuters news and automated trading tools.
IG Markets customers using MT4 can access the platforms standard inbuilt trading tools such as Expert Advisors, extensive charting features and Autochartist. In addition to the wide range of pre-installed features, a further 18 add-ons and technical indicators are available on MT4 when trading with IG Markets.
For beginners wanting an easy-to-use trading platform, tight spreads and strong risk management tools, City Index is one of the best brokers for Singaporean traders. Those new to trading can choose between MT4 and the broker’s proprietary web trader platform, with both trading platforms offering a range of order types, charting tools and low spreads on currency pairs. City Index offers demo accounts for both platforms, allowing beginner traders to familiarise themselves with CFD and forex trading prior to trading with real money.
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.