Singapore forex brokers compared: costs, spreads and platforms
Broker comparison table
| # | Broker | Score /100 | Cheapest round turn, 1.0 lot | EUR/USD spread and basis | Platforms | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 |  OANDA#1 Highest score, globalMT4, MT5 and TradingView platforms | 88.3Global score | at least US$8.00, advertised minimum, Spread only account | 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 | |
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| 2 |  MultiBank GroupStandard, Pro and ECN accounts | 80.3Global score | Not published | Not published on the Singapore site | MetaTrader 4 (desktop, web trader, mobile)MetaTrader 5 | Official site of MultiBank Group | |
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| 3 |  IGProRealTime and L2 Dealer platforms | 68.2Global score | Not published | 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 | |
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| 4 |  FOREX.comStandard, MetaTrader 4 and Corporate accounts | 67.6Global score | Not published | 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 | |
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| 5 |  CMC MarketsPre-IPO, options and share basket CFDs | 64.6Global score | Not published | 0.5 pips, advertised minimum, CFD (Next Generation) account | Next GenerationMetaTrader 4TradingView | Official site of CMC Markets | |
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| 6 |  Interactive BrokersDeposit and trade in up to 29 currencies | 62.3Global score | Not published | 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 | |
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| 7 |  SaxoClassic, Platinum and VIP account tiers | 60.1Global score | at least US$6.00, advertised minimum, VIP account | 0.8 pips, advertised minimum, Classic account | SaxoTraderSaxoInvestorTradingView (access) | Visit Saxo | |
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| 8 |  Plus500Demo with unlimited virtual funds | 58.8Global score | Not published | Not published on the Singapore site | Plus500 platform (web)Plus500 app (Apple App Store, Google Play) | Visit Plus500 | |
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| 9 |  eToroFunding by PayPal, Skrill or Neteller | 54.9Global score | Not read | Not read: its Singapore spread page did not load | eToro platform (web, app)TradingView charts | Visit eToro | |
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| 10 |  moomooZero commission and platform fee on leveraged forex | 49.5Desk score, 7 of 8 | Not published | EUR/USD not named; spreads from 0.6 pips, advertised minimum | moomoo app | Official site of moomoo | |
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| 11 |  Phillip NovaNOVA, Phillip MT5 and TradingView | 48.3Desk score, 6 of 8 | at least US$6.00, advertised minimum, Phillip MT5 account | 0.6 pips, advertised minimum, Phillip MT5 account | Phillip MT5NOVATradingView | Official site of Phillip Nova | |
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| 12 |  Phillip Securities10 currency ledgers | 44.3Desk score, 5 of 8 | at least US$3.00, advertised minimum, FX CFD account | 0.3 pips, advertised minimum, FX CFD account | POEMS 2.0POEMS Mobile 3.0POEMS ProPOEMS CFD MT5 | Official site of Phillip Securities | |
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| 13 |  KGI SecuritiesKGI MaxxTrader beside MetaTrader 4 | 41.7Desk score, 6 of 8 | Not published | EUR/USD not named; major pairs from 1 pip, advertised minimum | KGI MetaTrader 4KGI MaxxTrader | Official site of KGI Securities | |
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| 14 |  OCBC SecuritiesiOCBCfx and FIX API platforms | 39.6Desk score, 6 of 8 | Not published | Not published on the Singapore site | iOCBCfxFIX API | Official site of OCBC Securities | |
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| 15 |  UOB Kay HianUTRADE MT4 and UTRADE Delta platforms | 39.2Desk score, 6 of 8 | Not published | 1.8 pips, advertised minimum, LFX account | UTRADE MT4UTRADE Delta | Official site of UOB Kay Hian | |
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| 16 |  Maybank SecuritiesCurrenex platform for Maybank Forex | 38.1Desk score, 7 of 8 | Not published | 1.3 or 1.0 pips, advertised typical (two of its pages differ), Maybank Forex account | Currenex (Maybank Forex) | Official site of Maybank Securities | |
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| 17 |  CGS InternationalDMA CFDs on more than 21,000 counters | 37.8Desk score, 6 of 8 | Not published | EUR/USD not named; spreads from 0.7 pips, advertised minimum | CFD MobileCFD ViewPoint | Official site of CGS International | |
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| 18 |  uSMARTGold and silver CFDs beside stock CFDs | 36.2Desk score, 6 of 8 | at least US$5.00, advertised minimum, FX CFD account | 0.5 pips, advertised minimum, FX CFD account | uSMART appOpen API | Official site of uSMART | |
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Spreads are advertised minimum or typical figures from each firm's own Singapore site, never tested. "Not published" means a recorded search found no figure. "Not read" means the page did not load. A round turn is one standard lot of EUR/USD at the advertised minimum, US$10 a pip, so "at least". A desk score is scored from published information, not tested. The "+" holds the MAS entity and permissions, minimum deposit, score basis, and review link. Sources: the firms' own Singapore sites and the MAS Financial Institutions Directory, read 24 September 2026.
Key sections
Which is the best forex broker in Singapore?
Ordered by score, highest first, both kinds together: nine scores come from our global testing; nine were scored from each firm's published Singapore information through the same eight categories, without order-speed tests. 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
- FOREX.com - Standard, MetaTrader 4 and Corporate accounts
- CMC Markets - Pre-IPO, options and share basket CFDs
- Interactive Brokers - Deposit and trade in up to 29 currencies
- Saxo - Classic, Platinum and VIP account tiers
- Plus500 - Demo with unlimited virtual funds
- eToro - Funding by PayPal, Skrill or Neteller
- moomoo - Zero commission and platform fee on leveraged forex
- 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
- UOB Kay Hian (UTRADE) - UTRADE MT4 and UTRADE Delta platforms
- Maybank Securities (Maybank Trade) - Currenex platform for Maybank Forex
- CGS International - DMA CFDs on more than 21,000 counters
- uSMART - Gold and silver CFDs beside stock CFDs
Singapore forex broker reviews
1. OANDA: MT4, MT5 and TradingView platforms
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 gives Singapore traders CFDs across forex, indices, shares, precious metals, commodities, crypto, and bonds, plus a demo account. You trade on the OANDA web platform and apps, TradingView, MetaTrader 4, or MetaTrader 5. Spread only wraps commission into the spread. Core pricing adds a commission for tighter advertised spreads. With S$0 to open, your funds set your position size. I would recommend OANDA to traders building capital and wanting platform choice.
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)
- oanda.com (platforms)
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.
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 opens commission-free and the ECN account adds commission, and both run on MetaTrader 4 across desktop, web, and mobile, with MetaTrader 5 alongside and a demo for practice. The Standard account has a US$50 minimum initial deposit. I would recommend MultiBank Group to newer traders who want a low-cost start on MetaTrader, because the Standard account lets them begin commission-free and move into ECN pricing later.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- mexglobalmarkets.com (minimum deposit)
- mexglobalmarkets.com (platforms)
3. IG: ProRealTime and L2 Dealer platforms
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 suits traders wanting tools beyond basic charting. ProRealTime handles the charting, L2 Dealer sits alongside, and MetaTrader 4, TradingView, web, and mobile are available. The IG CFD account trades forex on an advertised minimum spread of 0.6 pips; share CFDs carry a commission, a fixed fee or a percentage of trade value. Commodities and knock-out CFDs are also listed. I would send experienced traders wanting platform choice and commission-priced share CFDs to IG.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- ig.com (EUR/USD spread)
- ig.com (minimum deposit)
- ig.com (platforms)
4. FOREX.com: Standard, MetaTrader 4 and Corporate accounts
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 charges commissions on share CFD trading only, so your FX costs run through the spread, advertised from a minimum of 0.5 pips. You can trade from TradingView, MetaTrader 4, the web platform, or the mobile app, and a demo account is available. The CFD range covers shares, indices, and commodities as well as forex. I would point FX-first traders, and companies with a corporate account, to FOREX.com.
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)
5. CMC Markets: pre-IPO, options and share basket CFDs
EUR/USD spread and basis
0.5 pips, advertised minimum, CFD (Next Generation) account
Platforms
Next Generation, MetaTrader 4, TradingView
MAS entity and permission
CMC Markets Singapore Pte Ltd: Leveraged forex and OTC derivatives register
- Cheapest round turn, 1.0 lot
- Not published
- Minimum deposit
- No stated minimum; funds needed to open a position
Why We Recommend CMC Markets
CMC Markets' CFD range covers forex, indices, commodities, shares, treasuries, crypto, share baskets, options CFDs, and pre-IPO CFDs. The broker lists the Next Generation platform, MetaTrader 4, and TradingView, and a demo account lets you try the platforms first. Its FX Active pricing carries a commission of 0.0025% per transaction. I would recommend CMC Markets to Singapore traders who want pre-IPO and options exposure beside their FX.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- cmcmarkets.com (EUR/USD spread)
- cmcmarkets.com (minimum deposit)
- cmcmarkets.com (platforms)
6. Interactive Brokers: deposit and trade in up to 29 currencies
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
Interactive Brokers runs multi-currency accounts for Singapore traders: you deposit and trade in a wide range of currencies, with a US$0 minimum balance to maintain. The platform lineup spans Client Portal, IBKR Desktop, IBKR Mobile, GlobalTrader, and Trader Workstation, with Paper Trading for strategy development. CFDs cover forex, shares, and indices. I would recommend Interactive Brokers to traders who hold funds across currencies.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- interactivebrokers.com.sg (minimum deposit)
- interactivebrokers.com.sg (platforms)
7. Saxo: Classic, Platinum and VIP account tiers
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's Classic account advertises a minimum spread of 0.8 pips on EUR/USD, tightening on the Platinum and VIP tiers. FX spot pairs and forwards trade with no commission, and index, commodity, and bond CFDs are commission-free too. Trading runs on SaxoTrader and SaxoInvestor, with TradingView alongside and a demo available. I would recommend Saxo to active traders who want pricing that steps down at the upper account levels.
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)
- home.saxo (platforms)
8. Plus500: demo with unlimited virtual funds
EUR/USD spread and basis
Not published on the Singapore site
Platforms
Plus500 platform (web), Plus500 app (Apple App Store, Google Play)
MAS entity and permission
Plus500SG Pte. Ltd.: OTC derivatives register
- Cheapest round turn, 1.0 lot
- Not published
- Minimum deposit
- Per method, shown in the platform
Why We Recommend Plus500
Plus500 keeps trading inside its own web platform and mobile app, downloadable from the Apple App Store and Google Play. It charges no dealing commission, and its CFDs range across forex, crypto, indices, commodities, shares, options, and ETFs. The demo's virtual funds do not run out, so take as long as you need. I would recommend Plus500 to Singapore traders who prefer one self-contained platform.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- plus500.com (minimum deposit)
- plus500.com (platforms)
9. eToro: funding by PayPal, Skrill or Neteller
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
A US$50 minimum opens the account at eToro, which runs its own web and mobile platform with TradingView charts. It accepts PayPal, Skrill, and Neteller, with a demo available. CFDs cover forex, crypto, stocks, ETFs, indices, and commodities. Currency CFDs price on the spread, and stock and crypto CFDs price on per-trade commissions. It fits traders who want FX, stock, and crypto CFDs together in one app.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- etoro.com (minimum deposit)
- etoro.com (platforms)
10. moomoo: zero commission and platform fee on leveraged forex
Scored on seven of eight categories; blank: trading costs.
EUR/USD spread and basis
EUR/USD not named; spreads from 0.6 pips, advertised minimum
Platforms
moomoo app
MAS entity and permission
Moomoo Financial Singapore Pte. Ltd.: Leveraged forex and OTC derivatives register
- Cheapest round turn, 1.0 lot
- Not published
- Minimum deposit
- Not stated on the Singapore site
Who moomoo suits
moomoo serves Singapore traders from its mobile app, with Paper Trading available and an XAU/USD (gold) CFD in its market range. Its leveraged forex has zero commission and a zero platform fee, and advertised minimum spreads start from 0.6 pips, so the spread is where your dealing costs sit. This setup suits traders who do most of their trading from a phone and want gold CFD exposure alongside their FX.
Broker's Detail
- Read 24 September 2026:
- eservices.mas.gov.sg (MAS entity and permissions)
- moomoo.com (EUR/USD spread)
- moomoo.com (platforms)
Other MAS-licensed forex brokers we rate
11. Phillip Nova 48.3/100 Desk-based assessment: scored from published information, not tested
Phillip Nova Pte. Ltd.; MAS register
Phillip Nova advertises minimum spreads of 0.6 pips on its Phillip MT5 account.
12. Phillip Securities (POEMS) 44.3/100 Desk-based assessment: scored from published information, not tested
Phillip Securities Pte Ltd; MAS register
Phillip Securities (POEMS) prices its FX CFD account from an advertised minimum spread of 0.3 pips.
13. KGI Securities 41.7/100 Desk-based assessment: scored from published information, not tested
KGI Securities (Singapore) Pte. Ltd.; MAS register
KGI Securities lists a US$10,000 minimum initial deposit for individual and joint accounts.
14. OCBC Securities (iOCBC) 39.6/100 Desk-based assessment: scored from published information, not tested
OCBC Securities Private Limited; MAS register
OCBC Securities (iOCBC) requires a S$1,000 initial deposit from local residents and S$5,000 from foreigners.
15. UOB Kay Hian (UTRADE) 39.2/100 Desk-based assessment: scored from published information, not tested
UOB Kay Hian Private Limited; MAS register
UOB Kay Hian (UTRADE) runs an LFX account with an advertised minimum spread of 1.8 pips.
16. 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) charges no brokerage fees on FX through its Maybank Forex account.
Read our Maybank Securities (Maybank Trade) review Official site
17. CGS International 37.8/100 Desk-based assessment: scored from published information, not tested
CGS International Securities Singapore Pte. Ltd.; MAS register
CGS International sets a S$2,000 minimum for its CFD account and S$5,000 for its FX Classic account.
18. uSMART 36.2/100 Desk-based assessment: scored from published information, not tested
uSMART Securities (Singapore) Pte. Ltd.; MAS register
uSMART offers gold and silver CFDs on XAU/USD and XAG/USD alongside forex and stock CFDs.
What it costs to trade with a Singapore broker
The cheapest round turn on our list is at least US$3.00 with Phillip Securities (POEMS) on its FX CFD account, worked out from that firm’s advertised minimum EUR/USD spread, not tested, and the comparison table prints it beside every broker we could price. A round turn here is one standard lot of EUR/USD bought and sold, priced from a firm’s advertised minimum spread, and “at least” sits on each figure because an advertised minimum can only be exceeded when you actually trade.
Five of the eighteen brokers on our list publish both halves for one account, an advertised spread and a commission position, so a round turn can be worked out: Phillip Securities (POEMS) on its FX CFD account, uSMART at least US$5.00 on its FX CFD account, Saxo at least US$6.00 on its VIP account, Phillip Nova at least US$6.00 on its Phillip MT5 account, and OANDA at least US$8.00 on its Spread only account.
The lowest advertised EUR/USD spread on our list is 0 pips, on two accounts that both charge a commission on top: OANDA’s Core pricing account, at US$3 per 100,000 units traded, and CMC Markets’ FX Active account, at 0.0025% per transaction. The lowest advertised spread on an account whose own pages state no separate commission is 0.3 pips, Phillip Securities (POEMS), FX CFD account. Fifteen of the eighteen publish a commission position for forex on their Singapore pages; we searched the Singapore pages of KGI Securities, OCBC Securities (iOCBC) and UOB Kay Hian (UTRADE) for one and found none. The shapes differ: Saxo states “no commission charged” on FX spot and forwards, Plus500 states “no dealing commission”, FOREX.com charges commissions on share CFDs only, and moomoo states zero commission and zero platform fee on leveraged forex. Interactive Brokers charges 0.20 basis point times trade value, with a minimum of US$2.00 per order, on its Tier I schedule.
Four of the eighteen publish no EUR/USD spread figure at all on their Singapore sites, and we searched their Singapore pages for one: MultiBank Group, Interactive Brokers, Plus500 and OCBC Securities (iOCBC). Three publish a spread floor that does not name the pair: moomoo from 0.6 pips, CGS International from 0.7 pips, and KGI Securities from 1 pip, on major currency pairs. eToro’s Singapore spread page did not load when we read it, so its pricing is not read. Maybank Securities (Maybank Trade) prints EUR/USD two ways on two of its own pages, 1.3 pips and 1.0 pips, both advertised typical; the two pages differ and we do not choose between them.
What leverage can Singapore forex traders use?
The margin rules sit in regulation 24A and Table 18 of the Fourth Schedule to the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations. Table 18 sets a minimum margin of 5% (20:1) on foreign exchange CFDs and on spot foreign exchange contracts for leveraged trading without stop-loss features for a customer who is not an accredited investor, expert investor or institutional investor, and 2% (50:1) for contracts entered into only with accredited, expert or institutional investors. The rule is the percentage; the ratio in brackets is arithmetic. These are minimums, so a licence holder may ask for more margin than Table 18 sets. If the collateral in your account falls below the minimum, the licence holder must contact you immediately, and you must make good the shortfall within 2 business days after being told. No ratio above what the Table 18 minimums allow applies to a retail customer. My own planning habit is to size every position against the margin your investor type carries, and I would write that number down before opening anything. The calculator below prices a position at the retail minimum so you can see what a trade would tie up.
The rule: regulation 24A and Table 18 of the Fourth Schedule to the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations, on Singapore Statutes Online.
How much do you need to start trading forex in Singapore?
The stated minimum deposit to start trading forex in Singapore runs from S$0 to US$10,000 across our list, from each firm’s own Singapore site. OANDA publishes S$0. KGI Securities publishes the top of that range for individual and joint accounts. The deposit is only the entry cost: each position also needs margin, which the leverage section carries. For your first account, the Best Forex Broker for Beginners in Singapore guide compares brokers.
Opening a forex account in Singapore
Opening a forex trading account in Singapore means choosing one of the MAS-licensed entities on this list and completing that firm’s own application, and what each firm publishes about the practical steps varies. Before you commit to a forex account, I would check two things first: how you can fund it, and what currency it is denominated in.
Show only the brokers that state:
| Broker | PayNow | FAST | SGD account | Singpass | MyInfo |
|---|---|---|---|---|---|
| OANDA | Stated | Stated | Stated | Not read, 24 September 2026 | Not read, 24 September 2026 |
| MultiBank Group | Stated | Stated | Stated | Stated | Stated |
| IG | Stated | Stated | Stated | Not read, 24 September 2026 | Not read, 24 September 2026 |
| FOREX.com | Stated | Stated | Stated | Stated | Stated |
| CMC Markets | Stated | Stated | Stated | Not stated | Not read, 24 September 2026 |
| Interactive Brokers | Not read, 24 September 2026 | Not read, 24 September 2026 | Not read, 24 September 2026 | Not read, 24 September 2026 | Not read, 24 September 2026 |
| Saxo | Stated | Stated | Not stated | Stated | Stated |
| Plus500 | Not stated | Not stated | Not stated | Not stated | Not stated |
| eToro | Not stated | Not stated | States no | Not read, 24 September 2026 | Not read, 24 September 2026 |
| moomoo | Stated | Not stated | States no | Stated | Stated |
| Phillip Nova | Stated | Stated | Not stated | Stated | Stated |
| Phillip Securities (POEMS) | Stated | Stated | Not stated | Not stated | Stated |
| KGI Securities | States no | States no | Not stated | Not stated | Not stated |
| OCBC Securities (iOCBC) | Stated | Not stated | Not stated | Not stated | Not stated |
| UOB Kay Hian (UTRADE) | Stated | Stated | Not stated | Not stated | Stated |
| Maybank Securities (Maybank Trade) | Stated | Stated | Stated | Stated | Stated |
| CGS International | Stated | Not stated | Stated | Not stated | Not stated |
| uSMART | Stated | Stated | Not stated | Stated | Stated |
Fourteen of the eighteen brokers on our list publish funding by PayNow, and eleven publish funding by FAST. KGI Securities publishes a funding list that names telegraphic transfer and no instant rail. Plus500’s and eToro’s Singapore pages do not mention PayNow, and Interactive Brokers’ Singapore funding page was not read in full, so nothing is known there. Seven publish an SGD-denominated trading account: OANDA, IG, CMC Markets, MultiBank Group, Maybank Securities (Maybank Trade), CGS International and FOREX.com. Two publish an account-currency list that excludes the Singapore dollar: eToro’s page states “etoro offers three account currency options: USD, GBP, and EUR”, and moomoo’s states “All currency will be USD Denomination”. Eight say nothing either way. Seventeen state a minimum deposit, and the ”+” details in the comparison module print every figure; moomoo’s pages state none that we could read.
Seven publish Singpass as an onboarding route, and nine publish MyInfo. Phillip Nova’s account-opening page states the MyInfo route and also states, on the day we read it, that account opening through MyInfo was temporarily unavailable. A firm that publishes nothing about a step has not refused it, and we do not read a silence as a no.
MAS Notice SFA 04-N12, “Sale of Investment Products”, which we read on 25 September 2026, requires a licensed firm to conduct a Customer Knowledge Assessment, a review of a customer’s knowledge and experience in an unlisted Specified Investment Product, before transacting in that 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 it, the firm may allow transactions for one year from the assessment date, after which it must conduct a new assessment. Where the customer is assessed not to have it, the firm shall inform the customer of the outcome; if the customer still wants to proceed, the firm must say so in writing, and it cannot proceed unless it is also an exempt financial adviser, in which case it must provide financial advisory services. MAS addresses its guidance on that notice, in Practice Note SFA PN-01, to firms carrying on leveraged foreign exchange trading among other regulated activities, and counts spot foreign exchange for leveraged foreign exchange trading as a capital markets product.
The notice: Sale of Investment Products, on the Monetary Authority of Singapore.
Which forex brokers are licensed by MAS?
Every forex broker on our list trades with Singapore clients through an entity the Monetary Authority of Singapore (MAS) Financial Institutions Directory lists as a Capital Markets Services licensee. Of those, thirteen are listed for leveraged forex and OTC derivatives, and five for OTC derivatives only. Our MAS-Regulated Forex Brokers in Singapore page carries the full register, licensees outside our list, and the Investor Alert List by month.
Is forex trading legal in Singapore?
Yes, forex trading is legal in Singapore through an entity that holds a capital markets services licence for the product. MAS rules set the margin such a licence holder must collect from its customers (Table 18), and a licence holder dealing in spot foreign exchange contracts for leveraged foreign exchange trading falls squarely under them. Not every platform you will see online holds that licence. A joint Singapore Police Force and MAS release of 6 June 2025 reported that the websites of two unregulated trading platforms would be blocked, with access blocked for Singapore residents with effect from 20 June 2025, because the platforms had been determined to be in breach of the Securities and Futures Act 2001. The release strongly encourages the public to deal only with regulated online trading platforms holding valid capital markets services licences, which are listed on MAS’s Financial Institutions Directory. I would treat that advice as the first filter for any platform you are considering. My own starting point is the licence check, and I would not move on to spreads or platforms until it clears.
How to choose a forex broker in Singapore
I would run the five checks the infographic below draws. Check the entity is on the MAS Financial Institutions Directory and not on the MAS Investor Alert List. Match the legal name on the firm’s Singapore site to the entity. Read the advertised spread and its basis word, advertised minimum or typical, because an advertised figure is not a tested one. Check the margin the firm sets against the Table 18 minimum for a retail customer that the leverage section sets out, which a licensee may always raise. Finish with the minimum deposit and funding in SGD through PayNow or FAST.
Search the MAS Financial Institutions Directory · Search the Investor Alert List
Which forex trading platforms do Singapore brokers offer?
Singapore brokers on our list offer MetaTrader 4, MetaTrader 5, and TradingView. Seven brokers offer MetaTrader 4, and four offer MetaTrader 5. OANDA, IG, FOREX.com, CMC Markets, Saxo, eToro, and Phillip Nova offer TradingView, and OANDA names all three together on its Singapore platforms page. Interactive Brokers and Plus500 offer only their own platforms. The module’s Platforms column and platform chips filter the rows. Our Best MT4 Brokers in Singapore (2026) and Best MT5 Brokers in Singapore (2026) pages compare the firms.
Can you copy trade with a MAS-licensed broker?
Yes, eToro Singapore (eToro Singapore Pte. Ltd.) offers copy trading on its Singapore site through CopyTrader, and CopyTrader is also available in its demo account, functioning there the same way as it does in real mode. I would still read eToro’s own Singapore pages for the costs of copying before you commit, so your decision rests on the figures your copied trades would actually carry. My view is that copying is only worth it when those costs are clear to you in advance.
What time does the forex market open in Singapore?
The forex week opens with the Sydney session on Monday morning and closes with New York early on Saturday, Singapore time. SGT is UTC+8 with no daylight saving, so SGT times move by an hour as Sydney, London, and New York change their clocks. The London and New York overlap is the busiest window. For exact times, see our Forex Market Hours in Singapore (SGT) page.
Global and desk scores: how we rank Singapore brokers
Nine of the eighteen scores are global scores carried over from global testing. Each comes from our global broker test, which scores every brand through eight published categories with the same weights, and none is a Singapore test. You can read how we run the global test in our methodology.
The other nine brokers have no global score, so each carries a desk-based assessment: a score built from the firm’s published Singapore information through the same eight categories and weights as the global test. Every column that needs a test is left blank, including limit and market order speeds and tested spreads. A category is scored only when its evidenced columns carry at least half its weight, so a blank category is unscored, not zero, and the score is renormalised over the categories that carry one. Each desk-scored card states how many of the eight categories it was scored on.
Best forex broker in Singapore by trader type
Which forex brokers do Singaporeans search for most?
Interactive Brokers was the brand Singaporeans searched for most on Google in August 2026, with 62,410 searches that month. Counts the whole Interactive Brokers brand. Our search data covers nine of the 18 brokers on our list, and our list opens with OANDA, a different broker from the month's most searched brand. Search volume measures interest, not quality or safety, and it does not change the order of the list.
- Brand searches, all 9 brokers
- 86,690August 2026, -0.9% vs July
- Most searched
- Interactive Brokers72.0% of all searches
- Biggest riser (1,000+ searches)
- IG Group+19.2% vs July
| # | Name | Brand searches per month | Login searches | vs July | 12 months |
|---|---|---|---|---|---|
| 1 | Interactive BrokersCounts the whole Interactive Brokers brand | 13,560 | 0.0% | ||
| 2 | OANDA | 330 | -17.3% | ||
| 3 | IG Group | 250 | +19.2% | ||
| 4 | eToro | 280 | +3.1% | ||
| 5 | CMC Markets | 210 | +0.3% | ||
| 6 | Plus500 | 110 | +1.1% | ||
| 7 | Saxo Markets | 740 | -6.0% | ||
| 8 | FOREX.com | 20 | n/a | ||
| 9 | MultiBank Group | 10 | n/a |
Source: Google search volume, Singapore, August 2026.
How this is measured
Google Ads reports how many times a month people in Singapore searched each broker's brand terms, and the brokers are ranked on that figure alone.
A term counts for a broker only when that broker's own website holds the first organic Google result for it in Singapore; bare brand words that any company could own are left out.
A month-on-month change prints only where the previous month reached 1,000 searches, because Google rounds smaller volumes.
The figures refresh on the 15th of each month with the newest month Google has published, and the first-result check repeats every quarter.
FAQs
Which is the best forex broker in Singapore?
Is it legal to trade forex in Singapore?
What leverage can a retail forex trader use in Singapore?
How do I check if a forex broker is licensed by MAS?
Which forex broker has the lowest spread in Singapore?
Why are some Singapore brokers given a desk score instead of a tested score?
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.
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