Forex Brokers With The Lowest Spreads

The best low spread forex broker for Singapore traders by category are shown below.

  • IC Markets - The Lowest Spread Forex Broker
  • Pepperstone - Great Low Spreads With 4 Trading Platforms
  • City Index - Good Trading Tools To Find The Lowest Spreads
  • OANDA - Most Trusted Broker And No Commission Account
  • Eightcap - Cost Trading With 95 Cryptocurrencies
  • Saxo Markets - Trade With Tight Spread On Mobile Trading App
  • IG Group - Large Range Of Markets With Good Spreads
  • CMC Markets - Top Spreads For Over 300 Currency Pairs
Broker Our Rating Regulation Standard
EUR/USD Spread
Standard
GBP/USD Spread
Standard
AUD/USD Spread
Raw
EUR/USD Spread
Raw
GBP/USD Spread
Raw
AUD/USD Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
98 ASIC, FCA
CySEC, DFSA
1.12 1.69 1.22 0.17 0.59 0.24 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
66 ASIC, MAS, FCA 0.70 1.1 2.2 0.07 0.011 0.8 $2.50 95ms $150 84+ 25+ 30:1 500:1 Visit Site
81 FCA, CIRO, ASIC
MAS, JFSA, FSC-BVI
KNF, NFA/CFTC, MFSA
0.6 0.9 0.7 - - - - - $0 70+ 4+ Visit Site
75 FCA,ASIC,
CySEC,SCB
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $100 40+ 250+ 30:1 500:1 Visit Site
54 ASIC, FINMA
FCA, MAS
1.20 1.8 0.9 - - - - 135ms $2000 209+ 9+ 50:1 50:1 Visit Site
71 ASIC, FCA, BaFin
FINMA, NFA/CFTC, MAS
CySEC, DFSA, FMA
JFSA, BMA, FSCA
1.13 1.66 1.01 0.16 0.59 0.29 $6.00 174ms $450 100+ 12+ 30:1 200:1 Visit Site
69 ASIC, MAS, FCA
CIRO, FMA, BaFin
1.12 1.30 1.64 0.5 0.9 0.6 $2.50 138ms $0 338+ 19+ 30:1 500:1 Visit Site

1. IC Markets The Lowest Spread Forex Broker

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$200

Why We Recommend IC Markets

We consider the CFD Broker IC Markets the best because of their extremely tight spreads and low fees. They offer an average spread of 0.76 pips on the top 5 most traded currency pairs for their standard account and 0.16 pips for their Razor or RAW account both well above the industry average of 1.52 pips and 0.44 pips respectively.

When you combine these low spreads with a choice of 3 trading platforms – MetaTrader 4, MetaTrader 5 and cTrader and 2250+ tradeable instruments we think IC Markets is a worthy winner as the best broker.

Pros & Cons

  • Very low-cost broker
  • Offers all major third-party trading platforms
  • Does not require a minimum deposit
  • Excellent 24/7 customer support and FAQs knowledge base
  • No deposit and withdrawal fees
  • They are not regulated by the MAS
  • Execution speeds could be better
  • They are licensed by very few regulators
  • Their educational materials are not extensive

Broker Details

Apart from the low fees, what we like most about IC Markets is their customer support. We tried reaching out to their customer support team and found them to be both highly responsive and knowledgeable.

What also adds to our experience is the fact that they have a detailed FAQs knowledge base available on their website. Even though they don’t offer a dedicated account manager to their customers, we rank their overall customer support highly.

They are great for beginners as well since they don’t charge any minimum deposit so you can open an account for free. If you just want to try their services and your hand at forex trading, then you can also use their free demo account. They offer the major trading platforms MT4 and cTrader so beginners can get used to these platforms.

Another reason it is easy to open an account with them is the friendly deposit options which not only covers Visa, Mastercard, and wire transfers but also several other payment services.

High trading volume users can benefit from their commissions of just USD 3.5 per side. They offer a Standard account and a Raw account which can both be converted into swap-free Islamic accounts.

ic markets account types and products for singaporean traders

2. Pepperstone Great Low Spreads With 4 Trading Platforms

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader, TradingView, Capitalise.ai

Minimum Deposit

$0

Why We Recommend Pepperstone

What we like most about Pepperstone is that they offer 4 major trading platforms – MT4, MT5, cTrader, and TradingView. This means you can pick a trading platform that suits your trading style. We like MetaTrader 4 and 5 because they have expert advisors to create automation features and customer indicators along with TradingView for their 15+ charts and 100+ technical indicators.

We recommend Pepperstone because they offer excellent raw spreads with their Razor account. Ross Collins tested the spreads of 20 MT4 brokers and found Pepperstone has an average spread of EUR/USD 0.36 pips for the EUR/USD pair comfortably making them one of the cheaper brokers.

Pros & Cons

  • They offer the SGD as a base currency.
  • No minimum deposit when opening a Raw account.
  • Very fast execution speeds.
  • All major third-party trading platforms are available.
  • Their educational materials could be better.
  • They are not regulated by the MAS.
  • They don’t offer a fixed spread account.

Broker Details

Pepperstone is one of our favourite brokers because they do well in many ways. Their execution speeds are some of the fastest we have come across. We tested 20 brokers and Pepperstone stood 3rd with a market order speed of 100 ms and a limit order speed of 77 ms. The execution speed is crucial because it prevents slippage so your trades can get executed at the right rates.

While they are not regulated by the MAS of Singapore, they hold licences from some top-tier financial regulators such as the FCA of the UK, the ASIC of Australia, and the CySEC of Cyprus.

We especially love their customer support because they offer a dedicated account manager to all traders who sign up for their Active Trader account. We tried reaching out to their customer support team and our queries got resolved quite quickly even during odd hours so they truly offer 24/7 customer support.

It’s very easy to fund your account with Pepperstone and they don’t charge any deposit, withdrawal, or inactivity fees. You can use Visa, Mastercard, wire transfer, or choose from several payment wallets.

pepperstone accounts and products for singaporean traders

3. City Index Good Trading Tools To Find The Lowest Spreads

City Index

Forex Panel Score

66

Average Spread

EUR/USD = 0.07
GBP/USD = 0.011
AUD/USD = 0.8

Trading Platforms

MT4, TradingView, Web Trader

Minimum Deposit

$0

Why We Recommend City Index

City Index combined good trading tools with low spreads as a market maker. Their City Index trading Platform comes with 3rd party tools to help you identify trading opportunities, a trading coach and a guaranteed stop-loss order for risk management. The broker also offers MetaTrader 4 and TradingView platforms.

Most clients with City Index will sign up for their standard account spreads and the spreads are competitive. With an average of 1.24 pip across 5 major pairs (well below the industry average of 1.54 pip) you are getting good value when you trade.

Pros & Cons

  • Low-cost forex broker
  • Regulated by the MAS of Singapore
  • Excellent Customer Support with Dedicated Account Manager
  • Good execution speeds
  • Does not offer swap-free accounts.
  • Accepts very few payment providers such as Paypal or Neteller.
  • No customer support on weekends.
  • Does not offer MT5 or cTrader

Broker Details

With 84 currency pairs, City Index has a large range of Forex pairs to trade with. This is a good thing because the broker has impressive spreads with their standard account. They average just 0.7 pips for the EUR/USD pair, 0.6 pips for USD/JPY, 1.1 pips for GBP/USD and 1.1 pips for EUR/GBP which are all very competitive. All these spreads come with no commission costs meaning you only pay the spread when you open your trading positions.

Traders should know that City Index does not offer the MT5 or cTrader and they have to make do with either MT4, TradingView, or the proprietary trading platform (also offered as a mobile app) that City Index has developed.

The City Index trading Platforms comes with a guaranteed stop loss for risk management, “performance Analytics to better understand your trading psychology and Smart Signals which compiles trading ideas for you with the use of statistics. A free demo account is available to test the platform.

City Index has a minimum deposit of $150 regardless of which type of account you open.

 

city index account types products singaporean traders

4. OANDA Most Trusted Broker And No Commission Account

OANDA

Forex Panel Score

81

Average Spread

EUR/USD = 1.4
GBP/USD = 2
AUD/USD = 1.4

Trading Platforms

MT4, TradingView, OANDA Trade (fx Trade)

Minimum Deposit

$0

Why We Recommend OANDA

We recommend Oanda because not only is it regulated by the MAS of Singapore, but it holds several licenses from reputed financial authorities such as the FCA of the UK and the ASIC of Australia.

According to data from their website, the average Standard spread they charge for the top five most traded major currency pairs clocks in at 0.70 pips which is one of the lowest we have ever seen. According to our test, they offered a spread of 1.54 pips for trading the benchmark EUR/USD currency pair.

Pros & Cons

  • No minimum deposit.
  • MAS-regulated broker.
  • Offers a dedicated account manager.
  • Licensed by the FCA and ASIC.
  • No swap-free account and no fixed spread account.
  • They don’t offer the MT5 or the cTrader.
  • Do not accept payments through PayPal, Neteller, or Skrill.
  • No customer support on weekends

Broker Details

OANDA is a good option for beginners looking for low-cost brokers because they don’t charge any minimum deposit, have an unlimited free demo account and 3 platforms to choose from – Oanda Trade, TradingVIew and MT4 trading platform and spread-only accounts.

If you sign up with OANDA can benefit from a dedicated account manager who can help you find your way around the brokerage experience. This is just one of the reasons we highly rate their customer support for which they have won several awards we found their live chat customer support experience to be excellent and this is available 24/5.

Depositing money with them is easy if you’re using one of the three main methods which are Visa, Mastercard, or wire transfer.

What can be seen as a drawback in their service is that they don’t offer any commission-based accounts. A lot of high-volume traders prefer to pay a commission rather than a high spread, so those traders may find themselves avoiding OANDA.

 

oanda account types singapore traders

5. Eightcap Top Low-Cost Trading With 95 Cryptocurrencies

Eightcap

Forex Panel Score

75

Average Spread

EUR/USD = 0.06
GBP/USD = 0.73
AUD/USD = 0.27

Trading Platforms

MT4, MT5, TradingView, Capitalise.ai

Minimum Deposit

$100

Why We Recommend Eightcap

With 95 crypto products we recommend Eightcap for crypto trading this is far more than the 10-20 cryptos most other brokers offer. Eightcap also has a large range of other financial instruments including 56 currency pairs and 586 stocks along with a few indices, energy commodities, and metals.

You can trade with MetaTrader 4, MetaTrader 5, TradingView and they even have Captialise.ai for code-free automation.

Pros & Cons

  • Tight Raw and Standard spreads.
  • A high number of cryptocurrency products.
  • Decent commission of $3.5 per side.
  • Offers MT4, MT5, and TradingView.
  • Not regulated by the MAS.
  • Does not have a proprietary trading platform.
  • Very high minimum deposit.
  • No swap-free accounts or fixed spread accounts

Broker Details

We find that a good reason to trade through Eightcap is that you can choose between MT4, MT5 and TradingView. These are three of the most popular third-party trading platforms and most traders are familiar with at least one of them. All these tools are suitable for trading Eightcaps’ large range of cryptos.

We compiled the average spread of the 5 major currency pairs and then combined them to get an overall average. Eightcap has an overall average spread of 1.06 pips for its Standard account. We also combined the average spreads for the same 5 majors for 20 other brokers to get an industry average of 1.52 pips on average. With a 0.46 pip improvement on the industry average, it is fair to say the spreads with Eightcap are very decent.

It is a similar story for their Raw spreads with a combined average of 0.3 pips for the majors and 0.44 pips for the industry.

eightcap accounts and products

6. Saxo Markets Trade With Tight Spread On Mobile Trading App

Saxo Markets

Forex Panel Score

55

Average Spread

EUR/USD = 0.9
GBP/USD = 0.7
AUD/USD = 0.9

Trading Platforms

MT4, TradingView, SaxoTraderGo, SaxoTrader Pro

Minimum Deposit

$0

Why We Recommend Saxo Markets

We recommend Saxo Markets primarily for their mobile trading app SaxoTraderGo which offers a convenient way for traders to access the financial markets while they’re on the move. The app is available on both Android and iOS devices. They offer decent technical analysis tools such as live charts, annotations, and automated Trade Signals. If you want something else, the reliable MT4 and TradingView are also available.

Other good reasons to sign up with Saxo Markets include the fact that they are licensed by the MAS of Singapore so they are safe for traders from Singapore and they offer a great range of stock CFDs with 8,800 options.

Pros & Cons

  • A high number of stock trading CFDs.
  • Excellent proprietary mobile trading app
  • Regulated by the MAS.
  • Dedicated account manager
  • No zero-spread account for high-volume traders
  • No MT5 or cTrader
  • Requires a minimum deposit of $100
  • Limited alternative payment options

Broker Details

One of the primary strengths of Saxo Markets in our opinion is that they can be trusted by traders from Singapore. Not only are they licensed by the MAS, but they also hold licenses from the FCA of the UK and the ASIC of Australia (which are both tier-1 financial regulators). They also offer the SGD as a base currency.

Another reason to trade through them is that they offer access to markets which most CFD brokers do not offer access to. Even though the number of currency pairs they offer is quite low (only 7), they offer several unique different options which traders can be excited about.

Apart from the 8,800 stocks that we have already mentioned, they offer 675 ETFs, 29 indices, 8 bonds, 20 commodities, and 10 index options. That’s why Saxo Markets can be a great choice for CFD traders looking beyond forex pairs.

saxo markets accounts and products for SG traders

7. IG Group Large Range Of Markets With Good Spreads

IG Group

Forex Panel Score

71

Average Spread

EUR/USD = 0.16
GBP/USD = 0.59
AUD/USD = 0.29

Trading Platforms

MT4, IG Trading Platform, L2 Dealer, ProRealTime

Minimum Deposit

$0

Why We Recommend IG Group

We recommend IG Group primarily because of the wide range of markets that they offer. Most forex traders will like that they offer 100 currency pairs but IG goes beyond that. They offer 13,000+ stocks, 13,000+ options, 2,246 ETFs, 80+ indices, and a lot more including cryptocurrencies.

Most traders will trade using IG Groups’ commission-free standard account and for commission-free trading, IG Group averages 1.13 pips for the EUR/USD pair, 1.01 for AUD/USD and 1.71 for EUR/GBP.

Pros & Cons

  • Wide range of trading instruments
  • No minimum deposit for the Standard account
  • Regulated by the MAS of Singapore
  • Very high commission
  • No MT5, cTrader, or TradingView
  • $450 minimum deposit for Raw account

Broker Details

IG Group is one of the oldest online brokers in the industry and also one of the largest. This market maker is MAS-regulated and offers the SGD as a base currency making them a good option as a Singapore trader. In fact, in our opinion, they are one of the safest brokers because of the number of jurisdictions in which they are authorised across the world.

The broker’s main account is the spread-only account which has no commissions meaning there is a compensation markup in the spread. The average spread with this account type is 1.13 pips when trading EUR/USD.

IG Group does not charge a minimum deposit if you open a Standard account with them, however, the Raw account requires $450. However to use the RAW account you need to qualify as a professional trader so this will only matter to a few of you.

IG Trading Platform is their signature trading platform. The platform deal ticket is simple and clean and gives you a quick overview of market prices, spreads and leverage. There are 28 indicators and you can use 4 timeframes on a single chart. For risk management a guaranteed stop loss is available. MetaTrader 4 is also available for trading automation.

ig markets account types products singapore

8. CMC Markets Top Spreads For Over 300 Currency Pairs

CMC Markets

Forex Panel Score

69

Average Spread

EUR/USD = 0.5
GBP/USD = 0.9
AUD/USD = 0.6

Trading Platforms

MT4, CMC NGEN

Minimum Deposit

$0

Why We Recommend CMC Markets

We recommend CMC Markets because of the low commission of USD 2.5 that they charge which is better than the average 3.5 USD charged by most other brokers.

Another good reason to trade through CMC Markets is their incredible range of 175 currency pairs available when trading through MetaTrader 4 and 330 currency pairs when trading through the Next Generation trading platform. They also do well in terms of other instruments which include 14 cryptocurrencies.

Pros & Cons

  • Wide range of currency pairs
  • Regulated by the MAS
  • SGD as a base currency
  • No minimum deposit
  • Charges a deposit fee
  • Slow execution speeds
  • No MT5, cTrader, or TradingView
  • Average customer support

Broker Details

CMC Markets is a market-making broker and encourages you to use its proprietary trading platform called Next Generation to trade its 12,000 markets. This platform comes with 115 indicators, 70 chart patterns, and advanced order execution such as a guaranteed stop loss and pattern recognition scanner.

Traders can also opt for the MT4, but they don’t offer any other third-party trading platform. Traders can take advantage of a free demo account to get a hang of trading through CMC.

Another factor working in favour of CMC Markets is that they don’t require any minimum deposit regardless of which type of account you want to open. We found that CMC Markets offers excellent educational material for traders which can be helpful for both beginners and advanced users.

We have tested the execution speeds of 20 brokers including CMC Markets. What we found was that CMC Markets ranked 16th of all the brokers taking 138 ms for limit orders and 180 ms for market orders. The execution speed is important because it prevents slippage so that you can trade at a more accurate price.

cmc markets account types products overview singapore