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 features such as costs, account types and trading platform.
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| Broker Review | Our Rating | Regulation | Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | Visit Broker |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Read review ›
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85 |
ASIC, FSA-S CySEC |
0.10 | 0.70 | 0.10 | $3.50 | 0.62 | 0.82 | 0.83 |
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134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
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Read review ›
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98 |
ASIC, FCA, BaFin CySEC, DFSA |
0.10 | 0.30 | 0.20 | $3.50 | 1.10 | 1.40 | 1.20 |
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77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
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Read review ›
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61 |
FCA, FSCA CySEC, SCB, FSCM |
0.43 | 0.6 | 0.53 | $3.50 | 1.2 | 1.5 | 1.7 |
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151ms | $0 | 69+ | 30+ | 30:1 | 200:1 |
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Read review ›
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80 |
ASIC,CySEC FSCA,FSA-S,FSC-M |
0.10 | 0.50 | 0.30 | $3.00 | 1.1 | 1.2 | 1.2 |
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225ms | $100 | 70+ | 10+ | 30:1 | 500:1 |
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Read review ›
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68 |
FCA, FSCA ASIC, FSA-S, CySEC |
0.1 | 0.3 | 0.2 | $3.50 | 1.1 | 1.3 | 1.1 |
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161ms | $0 | 46+ | 21+ | 30:1 | 500:1 |
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Read review ›
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64 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
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160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
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Forex Panel Score
Average Spread
EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17
Trading Platforms
MT4, MT5, cTrader, TradingView
Minimum Deposit
$200
Why We Recommend IC Markets
We recommend IC Markets as the best MT5 Forex broker overall for its low-cost trading on MetaTrader 5. The broker is great for forex trading, offering an average spread of just 0.16 pips when you combine the major pairs, the joint lowest we’ve tested.
This is highly beneficial if you engage in high-volume or frequent trading, as it reduces transaction costs. Its MT5 platform with level 2 pricing provides complete transparency, showing a full range of prices directly from IC Market’s providers.
Pros & Cons
Broker Details
With more than 180,000 clients worldwide, IC Markets is one of the largest Forex CFD providers in terms of Forex volume, with over US $1.2 trillion in trading volume as of March 2023. Where IC Markets stood out from our analysis, however, was its low spreads and advanced MT5 trading tools making it the best MT5 forex broker in Singapore.
Forex Trading With Ultra-Tight Spreads
From our testing, IC Markets has some of the lowest spreads trading with the MT5 trading platform.
Where IC Markets stood out was its Standard account, with lowest spreads against 15 other top brokers we tested. The broker averaged 1.03 pips across the USD major pairs, coming out on top overall. The next nearest broker was CMC Markets averaging 1.11 pips.
For our RAW spread testing, we found IC Markets averaged 0.32 pips across the 6 major currency pairs. This put the broker 3rd overall, just behind Fusion Markets (0.22 pips) and City Index (0.25 pips).
The combination of low spreads across both its account types, ensured IC Markets kept its trading costs low while we traded using MT5.
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Standard Account Spreads
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0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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0.90 | 1.10 | 1.50 | 1.50 | 1.00 |
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1.00 | 1.20 | 1.00 | 1.00 | 1.10 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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0.60 | 0.70 | 0.80 | 0.90 | 0.60 |
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1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
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1.20 | 1.70 | 1.50 | 1.40 | 1.30 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 10/01/2024
Advanced MT5 Trading Tools
IC Markets’ MetaTrader 5 platform gives you access to real-time quotes for the broker’s full range of markets on the desktop, Webtrader and mobile app. From our MT5 testing, we found the broker allowed multiple forms of trading including scalping, hedging, automated trading, social trading and copy trading.
In particular, we liked that IC Markets let you integrate popular copy trading and social trading tools like ZuluTrade and Myfxbook with MT5.
Other key highlights we found include 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.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2
Trading Platforms
MT4, MT5, cTrader, TradingView
Minimum Deposit
$0
Why We Recommend Pepperstone
Based on our tests, we recommend Pepperstone as a top MT5 broker with RAW spreads. The broker offers exceptionally tight spreads, averaging 0.1 pips on EUR/USD with the Razor account, over 50% better than the industry average.
Pepperstone received a 99/100 in our review, making it our highest-rated broker. Its excellence in trading services is evident through its solid variety of platforms, industry-low trading costs, and outstanding customer service.
Pros & Cons
Broker Details
Pepperstone is a leading Australian CFD and Forex broker regulated in a number of top-tier jurisdictions worldwide. We selected Pepperstone as one of the best forex brokers with MetaTrader 5 based on the broker’s low RAW spreads. We also rate Pepperstone highly for its diverse range of trading platforms and Smart Trader Tools, a MetaTrader enhancement.
Competitive RAW Account Spreads
You can start trading with either Pepperstone’s Standard and Razor account, but it is the broker’s Razor (Raw spread) account where you’ll obtain the lowest spreads. From our spread analysis, Pepperstone achieved average spreads of 0.1 pips for EUR/USD.
As highlighted from our spread module below, Pepperstone’s RAW spreads comes out on top when compared to other top brokers such as IG Group and XTB.
Having consistently low spreads reduces your trading costs, especially during volatile market conditions when spreads can fluctuate wildly.
Fast Execution Speeds
From our execution speed testing, Pepperstone is one of the fastest brokers we’ve seen in Singapore. Testing against 20 other top brokers, Pepperstone was the third fastest broker overall with speeds of 77ms for limit orders and 100ms for market orders.
Only BlackBull Markets (72ms and 90ms) and Fusion Markets (79ms and 77ms) achieved faster speeds from our testing.
We found Pepperstone’s fast execution speeds reduced our latency at the point of trade execution, resulting in a more consistent (and lower) spread.
While we tested on MT4, MT5 is a faster and more powerful platform so will almost certainly achieve the same, if not better, results.
| Broker | Overall | Limit Order Speed | Limit Order Rank | Market Order Speed | Market Order Rank |
|---|---|---|---|---|---|
| Pepperstone | 3 | 77 | 2 | 100 | 5 |
| BlackBull Markets | 1 | 72 | 1 | 90 | 2 |
| City Index | 6 | 95 | 6 | 131 | 8 |
| Eightcap | 9 | 143 | 12 | 139 | 10 |
| FP Markets | 10 | 225 | 20 | 96 | 4 |
| IC Markets | 10 | 134 | 10 | 153 | 14 |
| CMC Markets | 16 | 138 | 11 | 180 | 17 |
| ThinkMarkets | 20 | 161 | 18 | 248 | 20 |
MetaTrader 5 Enhancements
Pepperstone not only offers both MetaTrader platforms, but Smart Trader Tools, an MetaTrader enhancement tool that we think elevates the broker as one of the top MT5 brokers.
When testing the 28 apps included in the Smart Trader Tools add-on, we particularly liked the Trade Terminal and Mini Trade Terminal. The Trade Terminal allowed us to easily set stop loss or take profit levels across all of our open orders by the same pip distance (E.g. 30 pips away).
Similarly, the Mini Terminal allowed us to create an order template for lot sizes, stop loss and take profit levels across all of our new orders.
Both of these tools made it much smoother and quicker to manage the risk profile of trading activities, both open orders and new orders.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 0.23
GBP/USD = 0.72
AUD/USD = 0.65
Trading Platforms
MT4, MT5, cTrader, TradingView, BlackBull CopyTrader
Minimum Deposit
$0
Why We Recommend BlackBull Markets
We recommend BlackBull Markets as a good broker for MT5 execution speed based on our independent testing. BlackBull Markets has the fastest execution speeds we’ve tested, averaging 77 ms for limit orders and 90 ms for market orders (anything less than a second is excellent).
This fast execution is a major advantage, especially if you trade frequently. It means your trades are executed almost instantaneously, reducing the risk of price slippage and ensuring you get the prices you ask for.
Pros & Cons
Broker Details
BlackBull Markets earned top marks for execution speeds, being our fastest MT5 broker overall. We also liked the broker’s excellent platform tools, including FIX API trading, which improved our MT5 trading experience overall.
Fastest Execution Speeds
Based on our execution speeds testing, BlackBull Markets is the fastest MT5 broker overall. The broker averaged execution speeds of 72 ms for limit orders and 90 ms for market orders, putting it at the top of our list.
As mentioned above, we found having fast execution speeds lowered our latency in order execution, which greatly reduced our risk of slippage.
Excellent Trading Platform Tools
Other than MT5, BlackBull Markets offers a solid range of platforms, including MT4, cTrader and TradingView.
When trading with MT5, we particularly appreciated utilising the broker’s VPS (Virtual Private Server) and API FIX service, which gave us better trading connectivity, faster execution speeds and lower latency.
The broker also offers a range of the useful add-on trading tools including an MyFxBook integration for MetaTrader 4, as well as ZuluTrade and Hokocloud.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.1
Trading Platforms
MT4, MT5, cTrader, TradingView
Minimum Deposit
$100
Why We Recommend FP Markets
FP Markets offer incredibly tight RAW spreads, averaging at 0.1 pips, and in our tests, they provided zero spreads on EUR/USD 97.83% of the time. This is a huge benefit if you’re a scalper because the cost of each trade is minimised, maximising your potential profits from small price movements.
Scalping requires fast and frequent trades, and with FP Markets’ almost non-existent spreads, you get an optimal environment for this trading style.
Pros & Cons
Broker Details
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. Where FP Markets stands out to us, however, is for scalping due to the broker’s competitive spreads and fast market execution speeds on the MT5 platform.
Tight Spreads for MT5 Trading
From our spreads analysis, Muslim clients can take advantage of true ECN pricing with very competitive spreads for the broker’s Standard and RAW accounts.
Against the industry average of 0.45 pips, FP Markets achieved RAW account spreads of 0.22 pips for the top 5 most traded currency pairs. For its Standard account, FP Markets’ averaged 1.30 pips against the industry average of 1.52 pips for the top 5 majors.
Commissions CAD $7, which is the industry average, but having such tight spreads keeps your trading costs low, regardless.
The good news is, trading with MT5 will give you access to the majority of the broker’s products.
Fast Market Order Speeds
Our execution order speed testing of 20 top brokers revealed that FP Markets achieved fast market order speeds.
FP Markets had an average market order speed of 96ms which put the broker as the 4th fastest broker for market orders.
As such, when combining the broker’s tight spreads and fast execution speeds, we believe FP Markets is suited for scalpers who want low latency while entering and exiting positions over a short period of time.
Forex Panel Score
Average Spread
EUR/USD = 0.1
GBP/USD = 0.3
AUD/USD = 0.2
Trading Platforms
MT4, MT5, ThinkTrader
Minimum Deposit
$0
Why We Recommend ThinkMarkets
ThinkMarkets offers solid spreads on MT5, with average RAW spreads of 0.2 pips across the forex majors, one of the lowest average spreads we’ve recorded.
However, what truly sets ThinkMarkets apart is its VPS service, which ensures that your trading strategies run smoothly and continuously without any internet or power issues.
It’s valuable if you use Expert Advisors to automate your strategies, as it provides stability and constant connectivity to the markets while being able to run across all trading sessions.
Pros & Cons
Broker Details
ThinkMarkets is our top pick for the top brokerage with a VPS service for MT5. We also rank ThinkMarkets highlight for its competitive RAW spreads pip spreads, the broker achieving 0-pip spreads 95% of the time.
Top MT5 VPS Service
When we signed up for ThinkMarkets’ ThinkZero account, we were given access to a free VPS service, which made our trading experience very smooth with strong connectivity and low latency.
While a lot of brokers offer VPS services, not all are free and ThinkMarkets provided the additional benefits of 24/7 customer support and an account manager which gave us great customer service coverage and ensured our trading was hassle-free.
Competitive Raw Spreads
When analysing RAW spreads, ThinkMarkets offers ultra competitive average spreads of 0.20 pips for the 5 most traded currency pairs.
This put ThinkMarkets 4th in our list of most competitive RAW spread brokers, just behind Tickmill, IC Markets and Fusion Markets.
From testing ThinkMarkets’ ThinkZero (RAW) trading account, we had access to both MetaTrader 4 and MetaTrader 5 in a demo account. To use the broker’s own platform, ThinkTrader, we had to open a Standard account.
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RAW Account Spread Comparison
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0.06 | 0.27 | 0.23 | 0.42 | 0.59 |
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0.10 | 0.20 | 0.60 | 0.40 | 1.00 |
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0.02 | 0.17 | 0.50 | 0.27 | 0.30 |
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0.23 | 0.65 | 1.00 | 0.90 | 0.90 |
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0.10 | 0.20 | 0.50 | 0.30 | 0.50 |
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0.10 | N/A | N/A | N/A | N/A |
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0.02 | 0.05 | 0.36 | 0.19 | 0.23 |
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0.30 | 0.50 | 0.60 | 0.50 | 0.50 |
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0.17 | 0.30 | N/A | 0.54 | 0.68 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 10/01/2024
Forex Panel Score
Average Spread
EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.1
Trading Platforms
MT4, MT5, AvaTradeGo, AvaOptions
Minimum Deposit
$100
Why We Recommend AvaTrade
AvaTrade is a solid pick with the MetaTrader 5 platform for day trading, as the spreads offered are fixed and very competitive. The fixed spreads start from 0.9 pips on EUR/USD, which is impressive compared to the average variable spreads of 1.24 pips offered by other brokers.
Fixed spreads are ideal for day trading as they won’t widen (get expensive) during price spikes or news announcements, allowing you to trade without worrying about the spread.
Pros & Cons
Broker Details
We awarded AvaTrade as the best broker for day trading in Singapore because it offers the most competitive fixed-spread trading from our testing. We also scored the broker highly for its solid trading platforms and social trading tools.
Competitive Spreads For Day Trading
AvaTrade offers fixed spreads, which are different from the variable spreads that most brokers offer. When testing using MT5, we found AvaTrade offers stable fixed spreads of 0.9 pips while trading EUR/USD.
When we measured against the top 10 fixed spread brokers, AvaTrade came out on top, offering an average of 1.4 pips across the 7 most traded currency pairs. While you can obtain tighter spreads with a RAW/ECN-style account, AvaTrade’s fixed spreads are consistent enough to keep your trading costs low.
As such, this is why AvaTrade is suited for day trading where consistently low spreads are important.
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Fixed Account Spreads
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0.90 | 1.10 | 1.50 | 1.50 | 1.00 |
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0.70 | 1.20 | 1.50 | 1.30 | 1.00 |
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1.94 | 2.36 | 2.11 | 2.05 | 1.83 |
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1.60 | 1.90 | 1.70 | 2.10 | 1.60 |
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3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
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1.50 | 1.80 | 2.00 | 2.00 | 1.80 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 10/01/2024
Great Trading Platforms And Social Trading
We scored AvaTrade 8/10 for its trading platforms, with the broker offering a solid range of third-party and proprietary platforms.
In addition to both MetaTrader platforms, AvaTrade offers its own excellent AvaTradeGo platform, as well as speciality platform AvaOptions to trade options, to diversify your trading portfolio.
Lastly, we love AvaTrade’s range of copy trading options, which few brokers can boast, including the popular third-party platforms, DupliTrade and ZuluTrade, as well as its own, AvaSocial where you can copy successful trading strategies.
Forex Panel Score
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
We recommend Eigthcap as they have 95 crypto products to trade, far more than any other broker. According to our tests, Eightcap also has 56 Forex pairs to trade with spreads averaging 0.06 pips for EUR/USD. To help your trading, you can you FlashTrader which adds stops and targets for every trade you make automatically.
Pros & Cons
Broker Details
Top Crypto Offering for MT5
From our analysis of MT5 brokers, Eightcap is the best cryptocurrency broker with the most products (95), lowest spreads and best MT5 tools to trade them with.
Competitive Crypto Spreads with MT5
When our head of research, Ross Collins, tested average spreads for cryptocurrencies, he found Eightcap had the lowest spreads overall against other MT5 brokers such as eToro, IG Group and IC Markets.
As an example, Eightcap averaged 12 points for Bitcoin compared to the next nearest, IC Markets, at 18.2 pts.
From further analysis, we also found the broker offers the widest selection of cryptocurrencies with 95 cryptocurrencies. Compared to other MT5 brokers, Pepperstone offers 19 cryptos, IC Markets offers 25, and ThinkMarkets offers 27.
Top MT5 Tools
When we tested Eightcap’s platforms to trade its extensive crypto range, we found many helpful trading tools such as Capitalise.ai for code-free automation, and FlashTrader, which helps you manage your risk and trade faster.
To us, FlashTrader is the highlight. We liked that we could target multiple profits, calculate our position size, and place stops and limits in just one click, using our trade ticket. That way, we had more time and freedom to focus on our trading strategy without having to manually calculate our positions.
IC Markets is the best MetaTrader 5 broker in Singapore as it offers excellent competitive spreads that we consistently rate as the lowest average spreads across the industry. You can expect average Standard account spreads of 0.62 pips on EUR/USD and a RAW account average of 0.02 pips on EUR/USD.
Additionally, IC Markets offers fast execution speeds of 134 ms on limit orders and 153 ms on market orders. Regarding the overall user-friendliness of the broker and customer support, IC Markets performed better than most other brokers in our in-depth market testing.
MetaTrader 5 (MT5) is a trading platform that allows you to buy and sell financial markets such as CFDs, forex, stocks, cryptocurrencies and commodities. Developed by MetaQuotes Software Corp in 2010, it is the successor to MetaTrader 4 (MT4) offering many of the same features but designed to better meet the needs of more traders.
These features include more technical tools for greater technical analysis and the ability to trade centralised assets (I.e. those with a central exchange like stocks) and decentralised assets like Forex. MT5 has 64-bit processing for more powerful backtesting.
From our testing, we deduce that MT5 offers fast trading performance alongside useful features such as 20+ different timeframes, 38 technical and 39 graphical indicators, and the ability to open multiple positions at the same time.
We also like the Expert Advisors tool which allows you to automate your trades but keep in mind you cannot use EAs on mobile.
Factors you should compare when choosing a forex broker with MetaTrader 5 in Singapore include:
IC Markets is one of the Lowest Spread Forex Brokers offering MetaTrader 5 in Singapore. Our team tested the RAW spreads from over 40 different brokers and IC Markets has one of the lowest spreads from an average of just 0.02 pips for the EUR/USD pair.
We also found Pepperstone to be a close runner-up with tight spreads starting from 0.1 pips for the EUR/USD pair. Here’s how these brokers compare to the rest:
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RAW Account Spread Comparison
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|---|---|---|---|---|---|
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0.10 | 0.20 | 0.60 | 0.40 | 1.00 |
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0.02 | 0.17 | 0.50 | 0.27 | 0.30 |
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0.17 | 0.30 | N/A | 0.54 | 0.68 |
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0.10 | 0.70 | 1.60 | 1.20 | 0.40 |
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0.44 | 0.42 | 0.50 | 0.40 | 0.30 |
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0.10 | 0.10 | 0.90 | 0.40 | 0.50 |
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0.30 | 0.50 | 0.60 | 0.50 | 0.50 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 10/01/2024
FP Markets offer the biggest variety of financial instruments on MT5 with:
This vast range of trading markets allows you to find new opportunities and boost your profit potential constantly. It is also good for traders like us who prefer to diversify our trades instead of trading the same currency pair or stock repeatedly.
MetaTrader 5 (MT5) is the newer version of MetaTrader 4 (MT4) with additional features and more efficient trading. These are the most notable differences between the two for us:
| MetaTrader 4 | MetaTrader 5 |
|---|---|
| Supports only 9 timeframes | Supports 21 timeframes |
| Can only process 4 order types | Is compatible with over 6 order types |
| Uses MQL4 scripting language | Uses the newer MQL5 scripting language |
| Basic backtesting functionality | Improved backtesting with better performance and efficiency |
| 30 built-in indicators | 38 different built-in indicators |
However, despite these differences, MT4 is still the preferred platform for many traders, including a few on our team.
While there is a lot to love about MetaTrader 5, it’s not perfect. Here are some of the biggest advantages and disadvantages of using MT5 we’ve encountered:
There are no fees to use MT5, any Forex Fees come from trading itself or any Expert Advisors or 3rd part apps you use.
Spreads
The spread is the difference between the bid and ask prices. From our testing, these spreads vary significantly between brokers and can also change based on factors like time of day and market conditions.
Standard spreads are also usually higher than RAW spreads. For instance, IC Markets has an average RAW spread of just 0.02 pips for EUR/USD, but it has an average standard spread of 0.62 pips for the same pair but this is before commission costs are factored in.
Commission
Commission is the fee a broker charges for a specific number of trading lots. Pepperstone, for example, has a commission of 3.50 USD sideways per standard lot (100,000) traded.
The final trading cost is a combination of these two values which you can calculate here:
Calculate Your Trading Costs Below
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
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Total Fees
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Spread Costs
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Yes, the MetaTrader 5 platform is completely free to download and use. However, it is important to understand that you will still have to pay trading costs from spread and commission. Your bank or payment provider might also charge fees when you withdraw or deposit funds to your forex broker on MetaTrader 5.
You can also do online trading on MetaTrader 5 and engage in copy trading or trading with derivatives. MT5 also has a mobile trading app.
Yes, MetaTrader 5 is good for beginners with its intuitive yet customisable trading layout and overall stability. MetaTrader 5 is also one of the most popular forex trading platforms with a large community, so you can find plenty of tutorials and guides as a beginner.
In our experience, some technical tools and advanced scripting features of MT5 might confuse new traders. Luckily, these features are easy to disable or ignore altogether.
Yes, MetaTrader 5 is completely legal in Singapore. That being said, we suggest sticking to forex brokers on MT5 that are regulated by MAS and other similar regulatory institutes like ASIC to avoid losing your funds to a malicious/scam broker.
Yes, you can engage in hedging on MetaTrader 5 in Singapore and open multiple positions on the same symbol, even in opposite directions. This is a very advanced trading strategy that allows you to reduce risk and maximise your profits.
But, we do recommend avoiding the Hedging Strategies if you’re a beginner as it requires extensive knowledge and understanding of how the forex market works to be successful.
Forex trading is legal in Singapore. In fact, Singapore is one of the largest forex trading regions in Asia.
Additionally, while you can technically trade with almost any broker you want without any issues, we highly suggest choosing MAS-regulated brokers to ensure that your funds are in safe hands.
The Monetary Authority of Singapore (MAS) is the primary financial regulatory body along with the central bank of Singapore.
MAS regulates forex brokers in the country by mandating them to follow operational requirements like maintaining a specific amount of capital and liquidity as risk requirements. It is also the authority that can get you reimbursed if a MAS-regulated broker mismanages your funds.
The simplest way we’ve found to verify if MAS regulates a broker is with the Financial Institute Directory of Singapore.
All you have to do is search for the name of the broker you’re using or plan to use. If it is regulated by MAS, it will be listed in this directory. Alternatively, you can check with the broker to see if they are MAS-regulated.
You might have to pay up to 22% income tax on your forex trading if you are a professional trader and forex trading is your main source of income. We recommend consulting a tax attorney or financial consultant for further specifics.
However, if you trade on the side as a retail investor, you will not have to pay any taxes to the Inland Revenue Authority of Singapore (IRAS).
Yes and no. MetaTrader 5 and cTrader are both reliable trading platforms with their own sets of pros and cons.
We prefer MetaTrader 5 because it has a much larger and more active community that produces custom robots and other tools with MT5 scripting language.
cTrader, on the other hand, offers significantly better customisation options with more timeframes and built-in indicators.
So, the choice between the two comes down to your preferences and requirements.
| Metrix | cTrader | MT4 | MT5 |
|---|---|---|---|
| Year Released | 2011 | 2005 | 2010 |
| Accessibility | Windows, iOS, Android | MAC, Windows, iOS, Android | MAC, Windows, iOS, Android |
| Browser | cTrader Web | WebTrader | WebTrader |
| Cost | Free | Free | Free |
| Automated Trading | cTrader Automate | Expert Advisors | Expert Advisors |
| Strategy backtesting | Yes | Yes | Yes |
| Customisable charts | Yes | Yes | Yes |
| Adjustable session times | Yes | No | No |
| Depth of Market | Yes | No | Yes |
| Custom backgrounds | Yes | No | No |
| Social/Copy Trading | Yes | No | No |
| Detachable charts | Yes | No | No |
| Cloud hosted profiles, templates, passwords | Yes | No | No |
We prefer MetaTrader 5 over TradingView as it is supported by more forex brokers. Additionally, the Expert Advisors automation tools are also more robust than the Auto Trading in TradingView. You can learn more in our analysis of the Best TradingView Brokers.
However, TradingView is not a slouch either as it has a more intuitive user interface and better-implemented social networking features.
Similar to our comparison with cTrader, the choice between MT5 and TradingView comes down to your personal preferences and requirements.
Yes, you can automate trades on MetaTrader 5 as it is one of the Automated Trading Platforms with its Expert Advisors (EA) tool. Some major benefits of EA we like include:
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 November 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. View all the brokers that can accept Singaporean traders on our Compare Forex Brokers homepage.
Ask an Expert
What is the largest market in Singapore?
Forex trading is the worlds largest market in terms of volume and it is no different in Singapore.