Forex Brokers in Singapore require the best forex trading platforms to ensure fast CFD trading across a range of forex pairs, the ability to trade a range of financial instruments including Cryptocurrency CFDs such as bitcoin, and the options of a demo account.
View the best forex platforms in Singapore for 2020 below.
By Justin Grossbard / Updated: Tuesday, January 07th, 2020
Singapore Forex Trading Platform Brokers
The best forex brokers in Singapore across each forex trading platform category are:
Pepperstone is a forex broker regulated by ASIC (AU), CySEC (Cyrpus), and the FCA (UK). The popular forex broker offers retail investor accounts either fixed spreads with a built-in commission or flat rate commission with ECN-like spreads. Additionally, Pepperstone requires no minimum deposit and provides access to international financial markets.
If you want a platform optimised for ECN-like currency trading, you can explore Pepperstone on MetaTrader5 with a demo account.
MetaTrader 5 Trading Platform
MetaTrader is internationally recognised as the best retail currency trading platform. After the success of MetaTrader 4, MetaQuotes released its latest trading platform MetaTrader 5 (MT5) in 2010. The latest MetaTrader platform is more comprehensive than its predecessor, with quicker processing speeds, a simpler programming language, an economic calendar, and more investment opportunities than solely forex trading. The collection of automated trading options and advanced features are suited to active forex traders, while the simplified programming language is easy for beginners to pick up, making MT5 a platform suitable for all investors.
A benefit is the ability to create unique technical indicators and Expert Advisors (trading robots) using MQL5, MetaTrader 5’s programming language. MQL5 is more efficient than MQL4, with less time spent writing and updating code. Other upgrades include more order fill policy options and pending order types, hedging and netting, and improvements to Strategy Tester and marketplace.
Advanced risk management and analysis can be implemented on the platform with additional indicators and add-ons available for download from the Pepperstone website. Whether you are trading currency pairs, cryptocurrencies or CFDs, MetaTrader 5 provides resources to optimise your strategies. Smart Trader Tools include but are not limited to:
Pivot Point: pivot calculation based on historic prices
Renko: continuous or separated Renko blocks
Donchian: high and low values to assess price volatility
Freehand: Draw directly on charts
Keltner: a central moving average showing bullish and bearish trends
Mini Terminal: Place buy and sell orders, create smart lines, and view order ladders
Trade Terminal: shows all the activity on your account including an account summary, central trading panel, order list, quick-access trading panel, and list of market categories
Sentiment Trader: live and historical market sentiment data
Correlation Matrix: identifies absent, weak, medium or strong correlation between different instruments
Tick Chart Trader: allows extra-fast trading using a keyboard or mouse
Market Manager: Shows watch lists, open positions and pending orders, as well as price activity and account summaries.
USD$5 per lot
Default Margin Call
Bitcoin Bitcoin Cash Litecoin Ethereum Dash
Bitcoin Bitcoin Cash Dash EDO EOS Ethereum Metaverse ETP IOATA Litecoin Neo OmiseGo TRON Monero XRP ZCash Santiment Network Token
The increased market access across different asset classes is a significant upgrade in MT5 from MT4. As well as foreign exchange, investors’ have access to expanded capital markets including index, cryptocurrency, commodity and CFD instruments. Due to the high risk of losing capital when trading cryptocurrency CFDs, Pepperstone offers lower leverage at 5:1 for crypto instruments.
Pepperstone offers a demo account to explore your forex trading account and the resources available on MetaTrader 5. MetaTrader 5 is compatible on Mac OS, Mac iOS, Windows, and Android. Pepperstone is also available on MetaTrader 4 and cTrader.
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CMC Markets Is The Best MetaTrader 4 Forex Brokers
CMC Markets holds a capital market license from MAS (Monetary Authority of Singapore, Singapore’s regulatory body) and is regarded as a top forex broker in Singapore and around the world. CMC Markets are multi-regulated by the FMA (NZ), ASIC (AU) and FCA (UK).
As well as being a licensed forex broker in Singapore, CMC Markets offer 500:1 leverage and competitive market access to over 9,500 investment opportunities, including fx trading.
CMC Markets is available on two trading platforms, MetaTrader 4 (MT4) and Next Generation. Free demo accounts are available on both platforms with access to CMC Markets educational resources, charting features, customer service and a real-time newsfeed.
MetaTrader 4 Trading Platform
MetaTrader 4 is a desktop and mobile-based trading platform. MT4 has been a global favourite for automated and algorithmic trading since its release in 2005. MT4 provides extensive customisation features and offers numerous drawing tools for chart analysis.
The popular forex platform is compatible with Microsoft Windows, mobiles, and tablets. For Mac OS computers Wine and PlayOnMac applications need to be installed prior. As with MetaTrader 5, Smart Trader Tools can be downloaded from the CMC website.
An alternative option CMC Markets offers to MetaTrader 4 is Next Generation, the web, mobile, and tablet compatible platform. Next Generation hosts extensive charting features including price projection, pattern recognition, client sentiment, and chart trading tools. Sophisticated orders can be placed, though Next Generation lacks backtesting or VPS capacity which is available on MetaTrader 4.
The chart forum community gives traders the opportunity to engage with like-minded analysts and investors. Clients can view, copy, and comment on expert analysis made by CMC Markets global market analysis team.
Saxo Markets offers user-friendly platforms, competitive spreads and access to diverse global markets. Saxo Markets is a MAS (Monetary Authority of Singapore) regulated broker with offices in Singapore. As well as MAS regulation, they are overseen by ASIC (AU) and the FCA (UK). Three platform options are available that offer demo accounts, with no account registration required for standard accounts to trial SaxoTraderGO and SaxoInvestor.
SaxoTraderGO is a seamless platform for investors who prefer easy access to their portfolio from a range of devices. Available on Mac and Windows computers, phones, and tablets, investors’ have access to a diverse range of instruments from a single multi-currency account.
As well as charting, market research, and technical analysis features, the platform gives access to the Saxo Academy. No account registration is required to demo SaxoTraderGO via a standard account. The platform provides a trial balance to simulate trades and explore the various research tools.
Saxo Markets Pro desktop platform is suitable for active or professional traders. The sophisticated multi-screen platform provides personalised market information, advanced trading tools and algorithmic orders.
A software download and account registration are required to demo SaxoTraderPRO. After downloading the desktop application USD $100,000 of trial cash is provided to simulate trades. Full access to advanced trading tools and functions is given to develop strategies and familiarise investors’ with SaxoTraderPRO.
The platform is fast-loading, intuitive and fully customisable. Traders’ are able to choose between 1-click and 2-click trading, save workspaces, set up alerts, and modify chart themes. SaxoTraderPRO is available on Mac and Windows and access to the demo software is granted for 20 days.
Launched in 2018, SaxoInvestor is a user-friendly platform for phones, tablets, and computers. The demo account does not require account registration and provides a trial balance to practise trading. It is not possible to practise CFD or forex trades as the platform is limited to stocks, mutual funds, ETFs, bonds, and managed portfolios. The objective of SaxoInvestor is to focus on new investment opportunities and markets such as cybersecurity and electrical vehicles. The demo account offers a simple overview of mock portfolios and market data, with trial access to the platform restricted.
Interactive Brokers Offers The Best CFD Trading Platform
If you are looking to focus on CFD (contract for difference) trading in Singapore, Interactive Brokers is a strong candidate. Interactive Brokers offers a transparent fee structure with low commissions, a range of trading platform options, and over 13 stock CFDs and 5900 stock index CFDs.
Interactive Brokers have a long-standing reputation as a trusted CFD broker. Founded in 1978, parent company IBKR is listed on the New York Stock Exchange. They recently established offices in Singapore and received approval for a MAS (Monetary Authority of Singapore) license, with operations in Singapore expected to commence early 2020. The forex broker is currently regulated by top-tier financial authorities such as the FCA (UK), IIROC (Canada), ASIC (Australia), SILL (Luxemburg), SEBI (India) and SFC (Hong Kong).
Unlike forex brokers Pepperstone and Oanda, Interactive Brokers do not offer complex instruments such as cryptocurrency CFDs.
Trading Platforms and Features
Regardless of experience, Interactive Brokers provide a suitable platform for trading either CFDs or foreign currency. For novice investors’, trades can be executed on the mobile platform (iOS and Android) or online with the Client Portal or WebTrader. For experienced traders requiring advanced tools, clients can use either WebTrader (online) or Trader Workstation (desktop).
Designed for beginners, Client Portal is a user-friendly trading platform providing an intuitive introduction to CFD trading. With all the tools you require to start off, it is simple to execute quick trades, analyse market news, set up notifications, and view portfolio performance within a simple layout.
Interactive Brokers WebTrader offers an organised trading platform where investors’ have access to both basic and sophisticated tools. Traders can interpret charts, market data, and news, with the Portfolio News tool filtering market news relevant to your current portfolio. Basic orders can be executed with one click while the Order Management panel allows for comprehensive orders to be placed.
WebTrader Tools and Resources:
Market Depth: assess the liquidity in different markets
BookTrader: to evaluate depth of book
Market Scanners: filter and scan suitable markets for investment opportunities
Interactive Brokers desktop platform allows traders to engage in sophisticated trades and technical analysis. Designed for high volume traders using a Pro account, Trader Workstation offers advanced tools in a single workspace. CFDs, stocks, futures, metals options, forex, funds, and bonds can all be traded from the same account and workstation.
Trader WorkStation Tools and Resources:
Risk management tools: Risk Navigator and Model Navigator
DepthTrader: measure market liquidity
Basket Trader: replicate or create custom baskets
FXTrader: over 20 order types
BookTrader: price ladder
ComboTrader: custom or pre-set combination strategies
ChartTrader: real-time charts and advanced technical analysis
Option Strategy Lab: produce different strategies based on your price and volatility forecasts
Market Scanners: find the best-performing instruments
ArbTrader: an arbitrage tool for cash or stock-for-stock mergers
Customisable Accumulate/Distribute Algos and various trading algorithms
Portfolio Builder: create and back-test strategies
Volatility Lab: view industry comparisons, implied volatility, and historical volatility
As well as the advanced tools for research and analysis available on the desktop platform, investors’ gain access to an asset management service where you can follow and implement strategies of professional portfolio managers.
Interactive Brokers desktop, mobile and Client Portal platforms offer the unique IBot feature where orders can be placed via voice or text commands. The technology can be used on Facebook Messenger, Amazon Alexa, Client Portal, and IB’s desktop and mobile platforms.
Interactive Brokers offer share CFD trading across all platforms. The competitive commission and overnight financing fees make Interactive Broker one of the best brokers for CFD trading. Commission is subject to the value of share CFDs traded per month, with higher volume traders entitled to lower fees. If clients trade less than SGD $50,000,000, commission peaks at 0.11% per trade. On all volumes, the initial margin requirements on share CFDs is 20%.
A restriction of Interactive Brokers’ is that MAS states Singapore residents are restricted to share CFDs and unable to trade CFD products based on underlying’s traded in Singapore. Yet, this may change when Interactive Brokers begin Singaporean operations which are expected to commence early 2020.
City Index Offers The Best Charting Forex Platform
City Index is a MAS (Monetary Authority of Singapore), FCA (UK), and ASIC (AU) regulated broker available on WebTrader and MT4 trading platforms. WebTrader is an online platform that is user-friendly for both beginners and advanced traders. For seasoned traders, City Index’s brokerage services are also available on AT Pro and MetaTrader 4 as well as mobiles and tablets.
City Index’s WebTrader platform is fully-customisable with a range of tools to create the best trading strategies. The research portal and price alerts ensure investors’ stay informed with the latest news and economic events. The Technical Insight hub provides a snapshot of the most bullish, bearish, and popular instruments.
WebTrader provides robust charting features with 12 different chart types and over 80 indicators for technical analysis. You can trade directly from charts with one click, with positions and stop and limit orders clearly displayed. The drawing tools offered range from basic trend lines to Fibonacci retracements, with the ability to save all charting for future use.
Another option when using City Index as your broker is AT Pro. Advanced traders can apply automated trading strategies and utilise the extensive charting options with over 100 indicators. In addition to extensive and customisable charting, drawing, and analysis tools, AT Pro’s offers:
Trade signals on charts showing possible entry and exit points
Code your own strategies in Visual Basic, .NET, and C#
Back-testing with historical data
If your preference is trading forex, City Index is available on MetaTrader4 (MT4). Trading on MT4 offers different spreads, lot sizes, and leverage to AT Pro and WebTrader. Investors’ have access to expert advisors where you can download automated trading strategies or create your own, as well as 24/7 customer service. The platform is fully customisable, from the economic calendar to charting features. MT4 has a range of order execution tools that assists clients in producing the best strategies, including:
Plus500 is a forex broker regulated by MAS (Monetary Authority of Singapore), ASIC (AU), FMA (NZ), CySEC (Cyprus), and the FCA (UK)
Plus500 offers a comprehensive mobile trading platform available on iOS, Android, Windows Phone, and Smartwatches. The software is fully functional and allows you to make deposits and withdrawals, access the education centre and execute trades. The two-step login ensures security, while the user-friendly layout allows investors’ to analyse information and make trades on the go. In addition to basic trading features, the app offers advanced and unique features to help investors’ make informed trades:
Economic and Corporate Calendar
The account snapshot gives investors’ an overview of their account balance, leverage, and open positions in different instruments. You can create lists of your favourite instruments to save time executing trades.
The alert function is more comprehensive than other forex brokers. The Plus500 app allows users to set up alerts for price changes in indices, forex, shares, options, ETFs, and commodity markets. You can design alerts for when prices change by either a chosen percentage or if prices increase/decrease to a specific amount.
A unique feature offered by Plus500 is the traders’ sentiment alert function. For example, users can set an alert for when buyers of SGD/JPY reach 60%. For all alerts, you can choose whether you want to receive emails, SMS or push notifications to keep you updated with market movements.
Plus500’s mobile charting function is excellent. Users’ have access to over 115 indicators to create different investment strategies, ranging from moving averages to linear regressions and stochastics.
The Economic calendar compiles Dow Jones data to keep traders up to date with significant economic events. As well as providing the event time and details, Plus500 suggests the expected impact that will occur, as well as the instruments that will be affected.
The corporate event calendar supplies information regarding significant financial changes. The calendar outlines the time, company, and country, as well as the type of event, i.e. dividend payments for corporations or earnings releases for countries.
Plus500 offers a demo account available on the app where you can simulate strategies, analyse the market, and explore Plus500’s different features.
The Monetary Authority of Singapore (MAS) operates as Singapore’s central bank and the regulatory authority of the financial sector. As well as conducting central bank duties, MAS issues Capital Market Services licenses and ensures Singapore’s forex brokers comply with regulations. Singapore boasts the largest forex market in Southeast Asia, and third largest in the world. Licensed forex brokers are monitored by MAS, with the financial sector in Singapore seeing low rates of corruption and misconduct due to the stringent enforcement of the Monetary Authority of Singapore Act.
Tax and Forex Trading Accounts in Singapore
Generally, capital gains from forex trading in Singapore are not taxable and investors’ are not required to report forex profit. Yet, if forex trading is your main source of income capital gains are classed as taxable income.