Metatrader 5 (MT5) is an upgrade on MT4 with 44 analytical objects, 38 technical indicators and 21 timeframes. We review 6 of the best brokers with MT5 for Singapore traders including feature such as costs, account types and trading platform.
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Overall, the best MT5 forex broke in Singapore is IC Markets based on ultra-tight spreads starting from 0.0 pips, advanced charting and analytics, professional customer support and SGD live trading accounts all for your convenience. With more than 180,000 clients worldwide, IC Markets is the largest Forex CFD provider in terms of Forex volume, according to Finance Magnates Q2 2020 Intelligence Report.
In terms of regulation that protects Singapore’s traders, IC Markets holds two tier-1 licenses and one tier-2 license from:
Clients in Singapore can register with Raw Trading Ltd (Trading as IC Markets Global) an entity regulated by the FSA with a Securities Dealer Licence Number: SD018.
At IC Markets, all retail traders can choose between two different pricing models:
For low-cost trading, IC Markets raw spread accounts come with cheaper than regular spreads. While the Raw spread account has attached a commission of USD 3.5 per 100,000 units traded, on average the EUR/USD spread is kept at 0.0 pips 95% of the time – based on price data compiled from 1 August 2019 – 31 June 2019.
Spreads start from 0.0 pips on all currency pairs and all Spot Metals, with the average spread on EUR/USD being 0.1 pips – one of the most competitive worldwide. By comparison, the average USD/SGD spread is 0.3 pips with the raw spread model, respectively 1.3 pips with the variable spread model.
Compare and review the average spreads offered by the best forex brokers in Singapore in the table below.
Note* To compile the spread comparison table we used price data from the Raw pricing model.
Equipped with an even richer set of technical analysis tools and more complex tools for order management compared to the popular MetaTrader 4 software, MetaTrader 5 allows for better control of trading positions. Additionally, its MQL5 environment allows for superior backtesting capability for even more robust Expert Advisors.
IC Markets’ MetaTrader 5 platform grants access to real-time quotes for a range of markets on both the desktop and Webtrader versions as well as on the broker’s mobile apps. The MT5 Webtrader supports all popular browsers – Chrome, Firefox, Safari, Internet Explorer 10+, and includes all the features and benefits of the desktop version of the trading platform.
Clients can also take advantage of real-time trade reporting, better control over risk with the use of micro lots and a built-in Economic Calendar to keep track of major macroeconomic reports and other key volatility-inducing events.
But, what makes IC Markets’ MT5 software one of the best available on the market includes:
With IC Markets, Singapore-based traders can take advantage of a 24/7 customer support service via live chat, email and over the phone. Clients are able to reach the broker’s dedicated support team by dialling +61 (0)2 8014 4280 (global phone number), or by using some of the following toll-free numbers:
In addition, clients can make various inquiries by using some of the following emails:
Another advantage of IC Markets is that it will not charge any additional fees on deposits and withdrawals. Yet, clients need to be aware that fees may be charged on payments to and from some international banks. IC Markets’ account base currencies supported include USD, EUR, AUD, GBP, SGD, NZD, JPY, CHF, HKD and CAD.
With IC Markets, Singapore-based clients are able to fund their trading account by choosing one of the following payment options:
Based on our review, we consider IC Markets as the best MetaTrader 5 Forex broker due to its true ECN execution, raw pricing, trading platform features, professional customer support service and competitive options for account funding and withdrawals. Retail trader from Singapore can also open a free Demo account, which allows them to test trading strategies in real market conditions and to familiarize themselves with IC Markets’ trading platform features and tools.
Pepperstone was selected as the best forex brokers with MetaTrader 5 platform based on their lows spreads on over 60 currency pairs. At Pepperstone, spreads start from 0.0 pips (Razor Account) with prices derived from a diverse network of liquidity providers and no dealing desk intervention.
Pepperstone is a leading Australian CFD and Forex broker regulated in a number of jurisdictions worldwide. Unlike IC Markets, Pepperstone has 5 tier-1 licenses and two tier-1 licenses, including:
Similar to IC Markets, Pepperstone also offers some of the best trading conditions on its MetaTrader 5 software.
Singaporean clients can start trading Forex and CFDs by choosing from two types of trading accounts with Pepperstone:
The Australian brokerage has ensured ECN-style trading conditions for clients on its Razor trading account. Those include raw pricing sourced directly from a deep pool of Tier 1 liquidity providers, no dealing desk execution and lightning-fast order execution speeds. In other words, perfect conditions for day traders, scalpers and clients who use Expert Advisors.
On Pepperstone’s MetaTrader 5 software, Singapore-based traders are able to enjoy ultra-tight spreads on Forex pairs, which can go as low as 0.0 pips during the most liquid times. What is more, the average spreads on major currency pairs on the Razor account remain very competitive all the time due to Pepperstone’s deep interbank liquidity:
Spreads on Spot Metals and Spot Energies are also one of the best among top CFD and Forex brokers:
Pepperstone will charge a small trading commission in exchange for ECN conditions on its Razor Account. Commissions depend on the base account currency and the trading platform. For example, trading Forex on a USD-denominated Razor Account will be associated with a commission of $7.00 per round turn per 1 Standard Lot on the broker’s MetaTrader 5 platform. The commissions for other base account currencies are presented in the table below.
Note* SGD denominated accounts can enjoy MT5 commission fee starting from SGD 4.55 per 100,000 unit traded (SGD 9.10 round-turn commission).
Pepperstone’s Active Trader program allows clients to earn Forex cash rebates and to save on commissions. The commission discount (rebate) will depend on how many standard lots clients trade on a monthly basis. In other words, the more they trade, the higher the commission discount will be.
When it comes to the order execution speed, Pepperstone claims that most trade orders are filled in less than 30 ms.
Pepperstone’s Standard account may be a more appropriate choice for novice traders because all trading costs are incorporated in the bid-ask spread. Singaporean clients can enjoy competitive variable spreads that start from 1.0 pip on major currency pairs. The average Foreign Exchange trading spreads on Pepperstone’s Standard account are presented as follows:
Overall, Pepperstone claims the first spot for low spread, which are competitive within the FX industry standards. Pepperstone shines as a low-cost forex broker not just for forex trading but also for trading CFDs. At Peppersone, the minimum initial deposit is USD 200, or the account base currency equivalent. SGD-based trading accounts are also offered by Pepperstone. You can claim your live trading account today by clicking the button below.
View Pepperstone Review >>Visit Pepperstone >>
FxPro also supports MetaTrader 5 that lets you trade with NDD execution model, ultra-fast execution under 11ms with up to 7,000 orders executed per second. Founded in 2006, FxPro is one of the well-recognized online brokers in the Forex space. With clientele in over 170 countries, the brokerage doesn’t have a MAS license but is regulated in multiple jurisdictions as follows:
Although FxPro cannot be considered as an STP broker or as a true ECN broker, it does offer award-winning market execution of trade orders with no dealing desk intervention on its MetaTrader 5 platform.
FxPro supports various execution models across its range of trading platforms offerings which includes MetaTrader 4, MetaTrader 5, cTrader and a proprietary trading platform in-house built by FxPro experts.
FxPro’s model of execution includes market execution and instant execution. However, traders can only send instructions for market execution with MT5 order execution.
Our review of FxPro’s MT5 software has found that:
We used a third party MT5 script to test the execution quality from our MT5 terminal to FxPro’s trade servers and found that the trade speed matches FxPro’s claims. Only Pepperstone and FP Markets are faster in terms of execution speed and Oanda is shy behind FxPro. Please note that the test was conducted using market orders, which is a more accurate way to measure the order speed in real-time.
The broker is able to ensure such a reliable execution because all client orders are executed at its Equinix Datacenters – LD5 in London and AM4 in Amsterdam, which are both co-located and cross fibre connected with top-tier liquidity providers.
It is essential that we mention some of the many international awards FxPro has received in regard to its execution engine:
In addition to NDD execution and speed, Singapore-based clients can also take advantage of reasonable spreads offered on FxPro’s MetaTrader 5 software. The MT5 floating spreads start from 1.41 pips on EUR/USD (average spread of 1.65) respectively 23.80 pips for USD/SGD (average spread of 25.21).
FxPro is top MT5 broker with fast trade execution due to proprietary technology and powerful servers collocated in LD5 London or Amsterdam. Active traders can consider an account with FxPro but it will come with a big downside as spreads are on average higher than the competition.
View FxPro Review >>Visit FxPro >>
FP Markets is the best pick with the best Islamic forex accounts for Muslim traders. The MetaTrader 5 Islamic account is swap-free equipped without having interest fees credited or debited, which is fully compliant with the Muslim faith (Riba-free).
With over 15 years of business history and more than 30 Industry Awards, FP Markets is one of the best trusted global CFD and Forex brokers. Along with the MetaTrader 5, FP Markets also includes MetaTrader 4 (MT4) in its offerings.
FP Markets is the trading name of:
Islamic, or swap-free, accounts are in line with Muslim law, as they are not associated with any swaps or interest charges on trading positions held overnight. Instead, the broker will charge an administration fee on those positions, deducted from clients’ account balance.
With FP Markets, Singaporean Muslim clients are able to access financial markets through the broker’s MetaTrader 4 and MetaTrader 5 platforms. The Islamic account option is available on both the Standard and Raw account types, while Muslim clients can access all financial instruments available on both trading platforms.
The minimum deposit required to open an Islamic account is AUD 100 or currency equivalent, while Forex spreads start from 0.0 pips on the Islamic Raw account and from 1.0 pip on the Islamic Standard account.
Muslim clients can take advantage of true ECN pricing and execution on both account types, with order execution speeds being less than 40 ms, which makes the Islamic account suitable for various trading styles (scalping, day trading and swing trading).
Along with the desktop version of MT5, Muslim traders can also access the broker’s Webtrader platform version as well as its mobile apps for iOS and Android devices.
As for FP Markets’ administration fees, the following table visualizes all trading instruments that incur such a fee. We should note that some exotic currency pairs and Shares CFDs, not listed below, will incur swap charges on overnight positions because the Islamic account status will not apply.
Additionally, some instruments such as EUR/USD, XAU/USD or AUS200 Index will not incur an admin fee for the first ten nights of trading. Such a fee will be charged from the eleventh night.
Our review has found that FP Markets offers the best conditions on its MetaTrader 5 Islamic account, designed for Singapore-based clients of the Muslim faith. Traders can access over 67 CFD instruments, 80 technical indicators, 44 analytics and 6 pending stop order types to enhance your trading experience.
View FP Markets Review >>Visit FP Markets >>
ThinkMarkets was hand-picked for the biggest MetaTrader 5 broker in Singapore based on the range of financial instruments. ThinkMarkets clients can trade on the forex market and tap into over 15,000 CFDs all from the next-generation MetaTrader 5 platform.
ThinkMarkets is another leading multi-regulated broker. ThinkMarkets is the trading name of:
Our review has found that Singaporean traders can access the most diverse range of markets on the MetaTrader 5 software if they sign up for a trading account with this brokerage.
Trading CFDs on retail investor accounts carries a high level of risk since clients can incur rapid capital losses due to high leverage, especially during periods of heightened market volatility. Therefore, retail traders need to be fully aware of how these complex instruments work before they start trading on a live account.
Singaporean traders are able to access more than 1,600 financial instruments on ThinkMarkets’ MetaTrader 5 platform across several asset classes:
The next-gen MT5 platform offered by ThinkMarkets is feature-rich and it’s available for download on every device, including desktop, web browser, Android, iPad and iPhone.
With the MetaTrader 5 platform, you get more timeframes (21 TFs), more pending orders (6), a built-in economic calendar, partial order filling, hedging and netting along with MQL% programming language.
ThinkMarkets also offers a free MT5 trading guide to learn how to trade on their trading platform.
ThinkMarkets clients’ funds are protected for up to $1 million in case the brokerage is unable to meet its financial obligations. The insurance protection comes at no additional cost for clients. Potential clients from Singapore can test drive MT5 on a risk-free demo account with USD 25,000 in virtual funds. Click the button below and claim your free demo account today.
View ThinkMarkets Review >>Visit ThinkMarkets >>
Avatrade was selected as the best MT5 broker to buy bitcoin and other cryptocurrencies via a Contract for Difference or CFD. With over a decade of business history, AvaTrade is among the global, multi-regulated CFD and Forex brokers, as it has operations on 6 continents. This MT5 broker doesn’t hold a MAS license but, it is regulated by 7 other regulatory bodies, including:
Our review has found that AvaTrade, one of the best online brokers in Singapore, offers the most competitive trading conditions and the largest range of Cryptocurrencies on its MetaTrader 5 platform.
By ensuring an initial deposit of just $100 (or currency equivalent), Singaporean retail traders are able to access CFDs on 11 Cryptocurrencies as well as on the Crypto 10 Index. With AvaTrade, retail clients will not need to create a digital wallet, since they will be trading Cryptocurrency CFDs, which enables them to profit from both bullish and bearish market conditions.
Note* Crypto trading on MetaTrader 5 accounts is 24/7, but it is not available on Islamic accounts.
Singapore-based traders can take advantage of price movements of the following Cryptocurrencies:
Overall, Avatrade makes crypto CFD trading easy and intuitive with a total of 14 crypto pairs. Furthermore, you can fund your Avatrade account with a minimum deposit of USD 100 so you can buy and sell a fraction of a Bitcoin.
View AvaTrade Review >>Visit AvaTrade >>
The best forex trading platform in Singapore is MetaTrader 5 by MetaQuotes Software. Released in 2010, MetaTrader 5 (MT5) is a multi-asset trading platform for CFDs and currencies. The advantages of MT5 in online trading include real-time quotes, advanced tools, expert advisors (EAs), 21 timeframes, all types of trade orders, copy trading and so much more.
The best forex brokers offering MetaTrader 5 for online trading include: IC Markets, Pepperstone and FxPro.
Yes, forex trading is a legal activity in Singapore. The Monetary Authority of Singapore (MAS) which regulates the financial sector promotes professional conduct among licensed brokers and helps retail traders to be more protected. If profits from forex trading are not your main source of income you are granted tax-exempt status.
Are you looking for MAS Regulated Forex Brokers In Singapore 2021? Our guide offers a comprehensive Forex brokers list to choose from.
The local time in Singapore is GMT/UTC+8. The forex market is open 24 hours a day, 5 days a week from 5:00 AM on Monday through 5:00 AM on Saturday, which are the standard forex trading hours in Singapore.
After carefully reviewing different aspects of some of the best MetaTrader 5 brokers in Singapore we concluded that IC Markets offers the best trading conditions. Pepperstone and FxPro also provide decent conditions but, making the right choice ultimately comes down to your own trading needs.
The Monetary Authority of Singapore (MAS) is the nation’s central bank and financial industry regulator.
In October 2019, similar to other reputable regulators worldwide, the MAS imposed restrictions on leverage, which regulated brokers can offer their retail clients. Singapore-based retail investors can now access leverage ratios of up to 1:20 to trade Forex and CFDs, down from 1:50 previously.
Professional traders can still access max leverage of 1:50, but they have to qualify as such. To become an accredited investor, a client needs to have over SGD 2 million in personal assets or to provide proof that he/she earns over SGD 300,000 per year.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.