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
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.
IC Markets Is The Lowest Spread Forex Broker
Pepperstone Has The Lowest Commissions And Trading Costs
City Index Has The Lowest Crypto Spreads
OANDA Has The Best Setup For Beginner Traders
FXTM Has The Best Currency Pair Range
Saxo Markets Has The Lowest Non-Commission Spreads
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’.
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.
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.
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.
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.
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.
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.
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.
The overall rating is based on review by our experts
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The Forex Broker With The Lowest Commission Is Pepperstone
Pepperstone is a top forex broker based in Australia. Although not MAS regulated, Pepperstone is a great option for Singaporean traders wanting to gain access to tight ECN-like spreads, low commission fees, as well as excellent customer support. Regulated by the Australian Securities and Investments Commission (ASIC), Pepperstone promotes investor protection by complying with ASIC’s requirement for client funds to be segregated from operational capital.
ECN-Like Trading = Pepperstone Razor Account
Two account types are offered, a Standard Account and a Razor Account. A Standard Account simplifies trading by providing all-inclusive commission free spreads that range from 1.0-1.3 pips for forex products such as EUR/USD.
Razor Account holders gain access to a similar environment to ECN trading, where traders can place orders on a range of forex and CFD products with institutional grade pricing. The ultra-tight Razor spreads that start from 0.0 pips for major currency pairs are due to Pepperstone’s top-tier international liquidity providers along with No Dealing Desk (NDD) execution. Commission fees are low, with traders paying AUD$7 round turn per 100,000 traded.
Along with ECN-like spreads and low commission fees, account fees are also incredibly competitive when trading with Pepperstone. Unlike most top forex brokers, Pepperstone does not charge a general account or inactivity fee. It is incredibly easy to withdraw or deposit funds with the forex and CFD broker, with no fees attached to deposits and withdrawals made by POLi, BPay, PayPal, Neteller, Skrill, Credit or Debit Cards (including Union Pay), as well as bank transfers.
Certain trading tools and features are offered by Pepperstone to allow traders to develop complex trading strategies and risk management techniques. As well as scalping and hedging, Pepperstone clients can develop algorithmic trading strategies through buying or creating Expert Advisors. To trade forex and CFDs with Pepperstone, clients’ can chose one of the 3 top trading platforms available worldwide.
Although certain experienced investors’ prefer cTrader, the vast majority of forex and CFD market participants trade with MetaTrader 4 or 5 due to the MetaQuotes coding languages available and Expert Advisor functions.
Additionally, Pepperstone offers its clients a suite of add-ons called Smart Trader Tools. These tools extend the technical analysis abilities of the platform, allowing for advanced research and complex trading strategies.
City Index is a top forex broker known for its Cryptocurrency market access. As well as offering clients lower financing fees, crypto spreads are much tighter than competitors such as Plus 500, CMC, and IG Markets. Trading Crypto as a CFD rather than buying the underlying asset ultimately reduces risk and maximises potential profits by entering leveraged positions. Trading CFDs simplifies Crypto trading as it eliminates the need for a complex digital wallet with traders able to enter both long and short positions.
As a City Index client, traders can place orders on eight different Crypto CFDs. The most frequently traded Crypto, Bitcoin, is offered against the following major currencies:
In addition to Bitcoin measured against major currencies, City Index clients can trade the following Crypto CFDs:
City Index offers incredibly competitive spreads on Crypto CFDs. For instance, trading Bitcoin with City Index gives clients’ access to average spreads as low as 35, while Plus500’s Bitcoin spread is 55, and CMC Markets 48.
In regards to general account fees, they are relatively low when trading Crypto CFDs with City Index. As long as funds are denominated in Singapore Dollars, Singaporean clients’ face no fees when transferring funds from your bank to City Index. If deposits and withdrawals are made via debit or credit cards, a 2% fee will be charged. Unlike many top forex brokers who charge inactivity fees after 6 months, City Index allows clients’ to not trade for 24 months before inactivity fees click in. If your trading account is idle for longer than 2 years, a $15 monthly fee will be charged.
High Risk and Volatile Markets
As Crypto markets are extremely volatile and face less regulation than other financial markets, the products are considered high-risk instruments. Unlike Forex and other traditional financial products, Cryptocurrency markets are more volatile due to standard economic factors (i.e. changes to inflation and so on) not effecting markets in the same way as traditional markets. Additionally, Cryptocurrency instruments usually have a fixed money supply, and therefore there is no Central Bank interference where increasing and decreasing money supplies affect the value of the instrument.
City Index provides risk management tools so traders can develop trading strategies that account for the high-risk nature of trading Cryptocurrency CFDs. Traders can implement take profit and stop loss orders to protect balances while diversifying portfolios by trading City Index Products other than Crypto.
As well as Crypto CFDs, City Index offers tight spreads and low fees on the following products:
The Best Beginner Trading Platform Is Offered By OANDA
OANDA is an excellent online broker for those new to CFD and forex trading. As well as requiring no minimum deposit to open an account, clients can choose between spread-only pricing and commission plus core spread pricing.
With spread-only pricing, fees are simplified to provide a soft entry into trading financial instruments. Commission fees are included in the spread, eliminating the need to work through complex commission fee calculations. For frequently traded forex pairs such as AUD/USD, USD/JPY and EUR/USD, all-inclusive spreads start from 1.4 pips with no additional commission fees.
With commission plus core spread pricing, OANDA clients’ access tighter spreads starting from 0.2 pips on major currency pairs, paying a $50 commission per $1 million traded.
OANDA’s market is less extensive than top forex brokers such as Saxo Markets and CMC Markets, yet with five different asset classes and over 100 instruments, OANDA clients can still create and execute diversified trading strategies. Unlike many top forex brokers that have a set leverage level, OANDA traders’ can manually change leverage for different orders. This is a useful risk management tool for those new to forex and CFD trading as traders’ can reduce their exposure when trading different high-risk financial instruments. OANDA asset classes include:
OANDA clients’ can execute trades via MetaTrader 4 or OANDA’s proprietary desktop platform, OANDA Trade. Although investors’ can trade Forex and CFDs on both platforms, there are differences in regards to the technical and fundamental analysis capabilities.
For those wanting to employ Expert Advisors, MetaTrader 4 has been the longstanding favourite among retail investors. Like Pepperstone, a suite of add-ons is available to enhance technical analysis. Add-ons can be downloaded from the OANDA website and include automatic pattern recognition, automated alerts and marketing scanning features.
The proprietary platform is designed to be user-friendly and an intuitive interface suiting both beginners and experienced traders. Both platforms offer advanced charting features, customisable preferences, and ultra-fast order execution.
For those wanting to trade on the go, clients can choose between MT4’s mobile app and OANDA’s proprietary mobile trading app. Both trading apps are compatible with Android and iOS devices.
With FXTM, investors can trade forex and CFDs. Compared to other top forex brokers, FXTM offers a wider range of account types for traders to choose from, that vary with instruments available, trading platform, leverage and commission fees. In addition to major, minor, and exotic currency pairs, FXTM clients gain market access to a range of CFD asset classes including Shares, Metals, Indices, Energy and Cryptos.
FXTM provides a range of account types depending on traders’ preferences and needs. Each account structure varies in regards to market access, commission and account fees as well as trading platform combability. For forex trading, maximum leverage is 1000:1 for all account types except a Pro Account and Share Trading Account.
Standard Account Types
Standard accounts at FXTM come in three forms. Compared to the industry average, FXTM’s standard accounts require low minimum deposits, charge competitive commission fees, and provide clients access to a range of CFDs and currency pairs.
FXTM’s Standard Account offer commission-free spreads starting from 1.3 pips. FXTM customers can place orders via MetaTrader 4 (MT4) or MetaTrader 5 (MT5) and are required to make a minimum initial deposit of USD $100. Products available to trade vary between MT4 and MT5. On MT4, users are able to trade 59 Currency Pairs, 5 Spot Metals, 14 Spot CFDs and 4 Cryptos. While MT5 only offers 33 Forex instruments and 2 Spot Metals.
Designed for forex and metals trading, FXTM’s Cent account requires a low minimum deposit of USD $10, with traders able to place orders on 25 forex pairs and 2 spot metals. All-inclusive spreads start at 1.5 pips, with no additional commission fees other than a wider spread. In terms of trading platforms, FXTM clients using a Cent Account type can only trade via MetaTrader 4.
FXTM’s Share Trading Account is designed purely for Share CFD trading and available exclusively on MT4. Clients’ can design trading strategies using the 180+ Share CFDs offered by the broker, with spreads starting from 0.1 pips. Leverage is fixed to 10:1, with traders needing to deposit $100 to open a Share Account.
ECN Account Types
For those wanting ECN-like spreads, FXTM offers three different account structures. All ECN-type accounts are offered on both MetaTrader 4 and 5.
Standard ECN Account
FXTM’s ECN Account is the forex and CFD brokers most popular account type. ECN Account holders gain access to ultra-tight spreads as low as 0.1 pips, with clients’ paying a commission fee of $2 per lot. Leverage is high compared to the market average, with traders’ able to leverage positions up to 1000:1. To open an ECN Account a USD $500 initial deposit is required.
ECN Zero Account
An ECN Zero Account offers high spreads yet no commission fees. The all-inclusive spreads start from 1.5 pips and a low minimum deposit of USD $200 is required to establish an ECN Zero Account. Like FXTM’s Standard ECN Account, users can trade via MT4 or MT5 with a maximum leverage of 1000:1.
FXTM Pro Account
Pro Account holders are able to access true ECN-like spreads as low as 0.0 pips on major forex pairs with no additional flat rate commission fees. Pro Accounts have lower leverage limits than FXTM’s ECN and ECN Zero Accounts, with the ability to use maximum leverage of 200:1.
FXTM clients’ can choose between MetaTrader 4 and MetaTrader 5. Although many forex and CFD traders’ prefer MT4, MT5 offers more tools to develop complex trading strategies such as multi-currency backtesting, market depth, netting, and a more extensive collection of technical indicators.
MetaQuotes platforms provide an extensive range of trading and risk management tools. These include:
Trading Signals: evaluates market movements across a range of asset classes
Pivot Point Strategy: users’ can assess market sentiment with different technical indicators and pivot point calculations
Daily Market Analysis: stay updated with forex markets with comprehensive market insights and analysis
Currency Converter: a free tool that calculates exchange rates for major forex pairs
Forex News Timeline: available on MetaTrader platforms and on the FXTM website
Economic Calendar: displays economic news with traders’ able to set up alerts and assess major indicators
Profit Calculator: assess potential profits and losses at different market prices
Margin Calculator: allows traders’ to evaluate risk levels
Pip Calculator: calculate potential gains and losses before placing orders
Although not regulated by MAS, FXTM is overseen by CySEC in Cyprus, IFSC in Belize, the FCA in the UK, as well as the FSB in South Africa.
Saxo Markets is a top forex and CFD broker offering tight commission-free spreads on a range of forex and CFD products. Clients’ gain access to over 182 Forex markets, including major, minor and exotic currency pairs, with spreads dependent on the account structure chosen. Traders’ can sign up to one of three account types with Saxo Markets. A Classic account, a Platinum account, or a VIP account.
Classic Account Type
Saxo Markets classic account provides clients’ with tight non-commission spreads and 24/5 customer support. To open a Classic Account with Saxo Markets, traders’ are required to make an initial deposit of $3000 Singapore Dollars. Spreads are tight when compared to competing forex brokers offering commission-free, all-inclusive pricing. For instance, spreads on the USD/JPY currency pair equates to 0.6 pips, while GBP/USD spreads average 0.7 pips.
Platinum Account Type
Platinum Saxo Markets customers’ gain access to even tighter spreads then Classic account holders. Average spreads on major currency pairs tend to reduce by 0.1 pips when moving from a Classic account to a Platinum account. USD/JPY bid-ask prices become more competitive at 0.5 pips (compared to 0.6 pips for a Classic account). Similarly, GBP/USD spreads are 0.6 pips as a Platinum client (compared to 0.7 pips with a Classic account).
In addition to tighter spreads, Platinum account holders receive a dedicated Personal Relationship Manager to ensure traders’ always have a direct point of contact with a Saxo Markets. The minimum initial deposit is much higher to open a Platinum account, with traders’ needing to deposit SGD $50,000 to move up to Saxo’s Platinum tier.
VIP Account Type
With Saxo Markets, VIP customers’ receive various benefits that are suited to high volume traders. Like with Platinum clients’, VIP account holders receive a Personal Relationship Manager to ensure no questions go unanswered. In addition to providing access to the latest products and trading platform features, Saxo’s Personal Relationship Managers curate information about markets and news that is relevant to your portfolio and trading strategies, as well as offers to exclusive VIP events and information sessions.
Saxo Markets dedicated Senior Sales Traders provide VIP clients’ with post-trade support, risk management advice and live market evaluations to assist in maximising gains from trades. Similarly, in-house analysts are constantly assessing major asset classes and market movements, reporting their findings back to VIP clients’ to supplement any independent research conducted by the client.
Most importantly, a VIP account with Saxo gives traders’ tight non-commission spreads. While a Classic account holder can trade AUD/USD with 0.5 pip spreads, VIP clients’ can trade the same currency pair with a tighter spread of 0.3 pips. To access Saxo low spreads, prospective customers’ are required to make a minimum deposit of $1,000,000 Singapore Dollars.
Forex Trading Platforms
Saxo Markets offer two proprietary trading platforms. For those new to forex trading, or wanting a single screened workspace, SaxoTraderGO is an easy-to-navigate platform that also provides both basic and advanced trading tools. To aid in developing risk management strategies, clients’ can set up price, margin call, and portfolio change alerts, as well as employ a range of order types and order time limits. SaxoTraderGO is offered as a web, mobile, or tablet platforms, compatible with iOS and Android devices.
SaxoTraderPRO is a multi-screen, professional-grade desktop trading platform that is suited to experienced, high volume traders. Visually, SaxoTraderPRO appears similar to SaxoTraderGO, yet the Pro platform offers more sophisticated customisability. Traders can run up to six screens at once while utilising the platforms comprehensive charting tools that include over 50 technical indicators and a suite of drawing tools.
MAS Regulated Forex Broker
Saxo Markets holds a Capital Services License issued by the Monetary Authority of Singapore (MAS). The MAS regulated broker is perceived globally as a trustworthy company where investors’ interests are protected. MAS ensures Saxo Markets adheres to stringent regulation that is similar to other top-tier financial authorities, including ASIC (Australian Securities and Investments Commission) and the FSA (Financial Services Authority, UK).
CMC Markets is a MAS regulated forex and CFD broker where Singaporean clients’ gain access to over 9,500 CFD financial markets. All products at CMC Markets are offered as CFDs including Forex. Allowing traders’ to speculate on price movements without owning the underlying asset being traded.
CFD Product Range
Customers can trade over 9000 shares including major tech companies such as Facebook and Apple, as well as Singapore equities. When trading Share CFDs Singaporean traders’ are charged a commission fee of 0.10%, (minimum SGD $10), with margin rates starting at 10%.
In regards to Forex CFDs, CMC Markets clients’ gain market access to over 330 spot and forward forex pairs. Spreads on major currencies such as AUD/USD, USD/JPY and EUR/USD start at 0.7 pips, with margin rates starting at 5%.
CMC Markets’ product range includes 90 indices such as Hong Kong 50, Japan 225 and Australia 200. For customers wanting to trade the Singapore Free, spreads start at 0.3 with margin rates from 5%.
Investors’ trading with CMC Markets gain market access to 12 Cryptocurrency products including popular Cryptos such as Bitcoin, Litecoin, Ripple and Ethereum. Singaporean clients’ should note that Cryptocurrency is an incredibly volatile financial instrument and is not considered legal tender in Singapore and therefore Crypto markets are not regulated by MAS.
In addition to Forex, Share and Crypto CFDs, CMC customers’ can diversify portfolios with Commodity and Treasury CFDs. Spreads on popular commodity CFDs such as Crude Oil and Gold start at 0.3 pips, while margin rates are generally 20%. Treasury CFD products comprise of bonds, treasury notes, gilts and bunds. Minimum spreads range from 1.0 – 4.0 on major treasury products, with margin rates 20%.
Risk Management Tools
CMC markets offer various basic and advanced risk management tools to assist clients’ in maximising the possibility of profits from CFD and forex trades. Traders can set boundary price ranges, pre-set order preferences and use price ladders with automated trade execution.
Included in the range of order types, CMC will ensure stop-loss orders are executed at a traders’ desired price for a fee with a Guaranteed stop-loss orders (GSLOs). As well as GSLOs, CMC Markets offers the following order types to manage exposure to high-risk financial markets.
Limit and stop entry orders
Partially close trades
Trailing stop-loss orders
When trading CFDs with CMC Markets, clients’ can choose between two trading platform options. The popular desktop trading platform, MetaTrader 4, is suitable for those wanting to develop or buy Expert Advisors, allowing algorithmic trading strategies and sophisticated orders to be executed. Advanced analysis is available with tools such as an economic calendar, pattern recognition and insights. Yet, when trading on MetaTrader 4 with CMC Markets users’ are restricted to three of seven asset classes offered by CMC Markets. Unless a trader is wanting to focus on Indices, Commodities or Forex trading, the Next Generation is better suited.
CMC Markets proprietary platform, Next Generation is a web-based platform suitable for both beginner and experienced forex and CFD traders. Although there are less technical and fundamental analysis tools built into the web-based platform, users’ can trade CMC Markets full product range.
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.
Which fx broker has the lowest ECN spreads?
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.
Which Broker has the lowest overall trading costs?
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.