To help reduce brokerage we compared the best low-spread forex brokers that cater for Singaporean CFD traders factoring in commissions and other fees. Other factors such as the forex platform were also considered to determine the best lowest spread forex broker.
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Forex Brokers With The Lowest Spreads
The best low spread forex broker for Singapore traders by category are shown below.
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.50 |
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 |
|
|
9.33 |
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 |
|
|
6.83 | 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 |
|
|
8.83 |
FCA, CIRO, ASIC MAS, JFSA, FSCM KNF, NFA/CFTC |
0.6 | 0.9 | 0.7 | - | - | - | - |
|
|
|
- | $0 | 70+ | 4+ |
|
||
|
6 |
FCA, FSCA, CySEC FSCM, CMA |
1.9 | 2 | 2 | 0.0 | 0.0 | 0.5 | $2.00 |
|
|
|
160ms | $500 | 63+ | - | 30:1 | 300:1 |
|
|
6.0 |
ASIC, FINMA FCA, MAS |
1.20 | 1.8 | 0.9 | - | - | - | - |
|
|
|
135ms | $2000 | 209+ | 9+ | 50:1 | 50:1 |
|
Picking a broker with the lowest forex spreads is vital in keeping your overall trading costs low. This is because most costs such as commissions, are fixed, whereas spreads are variable and slippage can occur in volatile market conditions. The following list contains the lowest spread forex brokers and is curated for Singapore traders.
The Lowest Spread Forex Broker
IC Markets is a leading forex broker offering a commission-free Standard account in addition to ECN-type Raw accounts. 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 0.0 pips and averaging 0.1 pips.
IC Markets diverse mix of liquidity providers allows for an ECN environment with institutional-grade pricing and high leverage of 500:1, reducing slippage and maximising potential gains made.
Standard Account
IC Markets Standard Account 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 broker’s 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 Account 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.
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.
https://www.compareforexbrokers.com/awards/lowest-spreads/#Summary
Islamic Account
At IC Markets, Standard, MetaTrader Raw and cTrader Raw account types are all available as swap-free, Islamic Accounts. The broker offers Islamic accounts to allow 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.
IC Markets Regulation
IC Markets is a reputable broker with tier-1 regulation in Australia with the Australian Securities And Investments Commission (ASIC) and throughout Europe with the Cyprus Securities Exchange Commission (CySEC). IC Markets are not regulated by the Singapore Monetary Authority (MAS) so Singapore traders will likely be signed with IC Markets Seychelles subsidiary Raw Trading Ltd which is regulated by the Seychelles Financial Services Authority (FSA).
Our Verdict On IC Markets
IC Market’s global reach, low standard and RAW spreads and competitive commission rates are why the broker was considered the best for traders looking to minimise brokerage. They also have a low minimum deposit requirement of just $200.
The Forex Broker With The Lowest Commission
Pepperstone is a top forex broker based in Australia that offers an excellent trading experience with straight-through processing (STP) execution. Although not MAS regulated, Pepperstone is a great option for Singaporean forex traders wanting to gain access to tight ECN-like zero spreads, competitive trading conditions, low commission fees, as well as top customer support.
Pepperstone is regulated by the Australian Securities and Investments Commission (ASIC), FCA (UK), CySEC (Europe), CMA (Kenya) and DFSA (Dubai) so have a reputation as a trustworthy broker throughout the world. Traders in Singapore will be signed with Pepperstone Markets Limited which is based in the Bahamas. With this subsidiary, you will get regulation from the Securities Commission of the Bahamas.
ECN-Like Trading = Pepperstone Razor Account
Two account types are offered, a Standard Account and a Razor Account, with both offering lower spreads than the industry average. 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) and STP 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. There are no deposit or withdrawal fees, and it is incredibly easy to withdraw or deposit funds with the forex and CFD broker, with POLi, BPAY, PayPal, NETELLER, Skrill, Credit or Debit Cards (including Union Pay), as well as bank transfers available.
Trading Platforms
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. Additionally, third party social trading services can be integrated into online trading platforms. To trade forex and CFDs with Pepperstone, clients’ can choose 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.
To start trading, retail traders can easily sign up for both a demo account and an online trading account.
The Broker That Has Low Cryptocurrency CFD Costs
City Index is a top forex broker with regulation from the Singapore Monetary Authority (MAS) which is 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.
Cryptocurrency Products
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:
Spreads
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.
Account Fees
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 faceless 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 affecting 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 impact 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 Broker That Offers The Best Beginner Trading Platform
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.
A broker is a good option for Singapore traders as they are regulated by the Monetary Authority of Singapore
Spreads
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.
Product Range
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. As financial markets experience a lot of volatility, 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:
Trading Platforms
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 regarding the technical and fundamental analysis capabilities.
For those wanting to employ Expert Advisors, MetaTrader 4 has been the long standing 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 with 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 decide between the MT4 mobile app and the OANDA trading app. Both trading apps are compatible with Android and iOS devices.
The Broker That Has A Wide Currency Pair Range
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 the 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 with regard to market access, commission and account fees as well as trading platform compatibility. 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.
Standard Account
FXTM’s Standard Account offers 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.
Cent Account
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.
Shares Account
FXTM’s Share Trading Account is designed purely for Share CFD trading and is 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.
Trading Platforms
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:
Although not regulated by MAS, FXTM is overseen by CySEC in Cyprus, the FCA in the UK, as well as the FSB in South Africa. Traders in Singapore will join Exinity Limited which is regulated by the Financial Services Commission (FSC) of Mauritius.
The Forex Broker That Has The Lowest All Inclusive Spreads
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 for forex brokers offering commission-free, all-inclusive pricing. For instance, spreads on the USD/JPY currency pair equate 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 than 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 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
SaxoTraderPRO is a multiscreen, professional-grade desktop trading platform that is suited to experience, 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 Licence 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).
Saxo Markets ReviewVisit Saxo Markets
It should be noted that on this page some of the brokers such as IC Markets are not MAS regulated, which is worth taking into consideration for Singapore traders. To view all the brokers, navigate back to the homepage of Compare Forex Brokers for Singaporean traders.
To find out more about other brokers around the world, such as FxPro, HotForex, AvaTrade or eToro you can view our forex broker review page.
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