Lowest Spread Forex Brokers

Forex and CFD brokers in Singapore offer tight fixed or ECN-like spreads, competitive commission charges, and low account fees. In addition to finding the lowest commission and account fees, Singaporean traders’ should compare the trading platforms and tools offered, as well as the asset classes available to trade.

By Justin Grossbard / Updated: Tuesday, February 18th, 2020

Curency Movements Image

The team at CompareForexBrokers has compiled a list of Singapore’s top forex and CFD brokers based on spreads, commission fees, market access and trading platforms available. Whether you are new to forex trading and wanting a fixed all-inclusive spread or a high volume trader looking for ECN-like spreads, our list of top forex brokers will help you find a brokerage firm suited to your trading needs.

  1. IC Markets Is The Lowest Spread Forex Broker
  2. Pepperstone Has The Lowest Commissions And Trading Costs
  3. City Index Has The Lowest Crypto Spreads
  4. OANDA Has The Best Setup For Beginner Traders
  5. FXTM Has The Best Currency Pair Range
  6. Saxo Markets Has The Lowest Non-Commission Spreads
  7. CMC Markets Is The Best Stockbroker + CFD broker

Read on to discover different account types, products and trading tools offered by the top 7 forex and CFD brokers that accept Singaporean clients’.

 

Broker Reviewed

IC Markets
Pepperstone
City Index
Plus500
FXTM
Our Rating
8.17
9.17
6.83
5.83
6
Best Spread Broker
Further Active Trader Discounts
72% of retail CFD accounts lose money
Range of risk management tools
High leverage

Regulations and Licenses

Feature
IC Markets
Pepperstone
City Index
Plus500
FXTM
ASIC (Australia)
FCA (UK)
FSCA (South Africa)
Pending

Brokerage

Feature
IC Markets
Pepperstone
City Index
Plus500
FXTM
No Commission Account Spreads From (EUR/USD):
1.0
1.0
0.5
0.6
1.3 (Standard)
Commission Account Spreads From (EUR/USD):
0.0
0.0
0.1 (ECN)
Commission (per 100k traded side trip)
USD $3.50
AUD/USD$3.50
USD$2.00
Minimum Deposit
USD $200
AUD/USD $200
$0
USD$500
Volume Commission Rebates
Has Islamic Account
No Inactivity Fees
Funding Methods
15
16
6
3
13
No Deposit/Withdrawal Fees

Markets and Instruments

Feature
IC Markets
Pepperstone
City Index
Plus500
FXTM
Forex Currency Pairs CFDs
65+
66+
84+
60+
59+
Cryptocurrency CFDs
10+
4+
5+
10+
4+
Index CFDs
16+
2+
21+
67+
11+
Share CFDs
100+
5+
4500+
1816+
180+
Commodities CFD
19+
4+
29+
17+
3+
Stockbroking
10+
Retail Maximum Leverage
500:1
500:1
20:1
30:1
1000:1
Professional Maximum Leverage
500:1
500:1
400:1
300:1
500:1

Trading Platforms + Tools

Feature
IC Markets
Pepperstone
City Index
Plus500
FXTM
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Proprietary Platform
Automatic / Robot Trading
MT4 only
Social + Copy Trading
Investment account only
Standard Stop Loss
Guaranteed Stop Loss Order
Guaranteed Negative Balance Protection
ESMA regulated territories only
ESMA regulated territories only
ESMA regulated territories only
Demo Account
Unique Feature 1
ECN pricing
Smart Trader Tools
Best for beginners
Trade cannabis index and share CFDs
Floating leverage
Unique Feature 2
Range of fee free funding options
Fast Execution Speed
Guaranteed stop loss trading option
Range of account types

Overall

IC Markets Logo

The Lowest Spread Forex Broker Is IC Markets

IC Markets is a leading forex broker offering a commission-free Standard account in addition to ECN-type Raw accounts. Like Pepperstone, trades can be executed on MetaTrader 4, MetaTrader 5 or cTrader, with IC clients’ gaining access to spreads on major currency pairs as low as at 0.0 pips and averaging 0.1 pips. IC Markets diverse mix of liquidity providers allow for an ECN environment with institutional-grade pricing and high leverage of 500:1, reducing slippage and maximising potential gains made.

IC Markets About

Standard Account

Similarly to Pepperstone’s Standard Account, IC Markets offers clients an all-inclusive spread that charges no round turn commission fee. Although average spreads are higher, averaging 1.0 pips on major forex pairs, calculating fees is simplified, suiting those new to forex and CFD trading. Standard accounts with IC Markets are available on MetaTrader 4 or MetaTrader 5 platforms, with the same ultra-fast order execution as the top forex brokers Raw Spread Accounts.

IC Markets Standard Account

Raw Spread Account

Singaporean clients’ joining IC Markets under a Raw Spread Account will gain access to some of the lowest spreads possible through a Retail Investor Account structure. Clients’ signing up to a Raw Accounts are able to execute orders via MetaTrader 4 or MetaTrader 5. Latency is reduced due to IC Markets MetaTrader servers being located in New York at the Equinix NY4 data centre, making the account structure and platforms an excellent option for scalpers and day traders, as well as those wanting to utilise Expert Advisors.

IC Markets Raw Spreads

To open a Raw Spread Account, customers are required to make an initial deposit of $200. Trades carry a $9 (SGD) round-turn commission fee, with no mark-ups on institutional grade spreads. Major SGD currency pairs can be as low as 0.0 pips, yet they average between 0.3-0.9 pips.

IC Markets SGD Spreads

cTrader Raw

As with the MetaTrader Raw Spread Account type, IC’s cTrader Raw account offers ECN-like spreads as low as 0.0 pips. Like a standard account, traders’ are required to make an initial deposit of $200, yet commission fees are USD $6 per lot round-turn. As a Singaporean client, USD commission fees are converted to SGD base currencies at the current spot rates when orders are placed.

IC Markets Raw Spread Banner

Islamic Account

At IC Markets, Standard, MetaTrader Raw and cTrader Raw account types are all available as swap-free, Islamic Accounts. This allows forex and CFD traders of Islamic belief to avoid earning or paying interest. Instead of being charged overnight percentage-based financing fees, positions held for a certain length of time encounter flat-rate financing charges. For example, open positions in the AUD/SGD market will incur a $5 (per lot) fee, while open CHF/SGD positions will see a $10 (per lot) fee when the position is open for more than one day.

Product Range

In addition to over 64 Forex pairs, IC Markets clients’ gain access to a range of markets including Cryptocurrencies, Commodities, Indices, Bonds and Stocks.

  • Forex: 60+ Currency Pairs, 500:1 leverage, and ECN-like spreads from 0.0 pips.
  • Indices: 17+ Indices, up to 200:1 leverage, no commissions and spreads from 0.5 points.
  • Commodities: 19+ Commodities, up to 500:1 leverage, available as Spot or Futures.
  • Stock CFDs: 120+ Stocks across NYSE, NASDAQ, and ASX, with the ability to earn dividends.
  • Bond CFDs: 6+ Bond CFDs, up to 200:1 leverage and no commission fees.
  • Crypto CFDs: 10 Crypto products, up to 5:1 leverage with the ability to go long or short.
  • Futures CFDs: Over 4 Future CFDs available with 200:1 leverage and no commissions.

IC Markets Currency Pairs


Our Rating

The overall rating is based on review by our experts

8.67
Spreads
10 / 10
Leverage
10 / 10
Trading Platform
9 / 10
Risk Management
5 / 10
Range of Markets
8 / 10
Customer Service
10 / 10

Lowest Spread Broker FAQs

Saxo Markets offers the tightest fixed spreads compared to other forex and CFD brokers that accept Singaporean clients’. Prospective clients’ can choose between three account tiers: Classic, Platinum and VIP, where fixed spreads range from 0.3 to 0.6 pips for major currencies. As the forex spreads are fixed, Saxo Markets clients’ do not pay any additional flat-rate commission as the spread includes commission fees.

 

IC Markets offers an ECN-like, Raw Spread Accounts that give clients’ access to spreads as low as 0.0 pips with institutional-grade pricing, NDD (No Dealing Desk) execution and round-turn commission of SGD $9 per lot. IC Markets’ clients can trade a range of financial instruments with Raw Spread Accounts, including Forex, Indices, Commodities, and CFDs.

Compared to competitors, Pepperstone’s Razor Account charges the lowest trading costs overall. Razor account holders gain access to spreads as low as 0.0 pips, with traders paying a competitive flat rate commission fee of AUD $7. In addition to tight spreads and low commission fees, Pepperstone does not charge inactivity, deposit, or withdrawal fees.

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