Forex Trading Platform Singapore Comparison

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.

Next Generation

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.

Open a demo account >>Visit CMC Markets >>

Saxo Markets Offer The Best Demo Account

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

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.

SaxoTraderPRO

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.

SaxoInvestor

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.

Open a demo account >>Visit Saxo Capital Markets >>

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).

Client Portal

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.

WebTrader

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

Trader Workstation

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:

• Technical Analytics
• 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
• Rebalance Portfolio
• 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.

IBot

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.

CFDs

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.

Open a demo account >>Visit Interactive Brokers >>

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:

• Stop and limit orders
• Trailing stops
• Partial close
• Hedging tools

Open a demo account >>Visit City Index >>

Plus500 Has The Best Mobile Trading Platform

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:

• Account Snapshot
• Alert functions
• Charting
• 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.

Open a demo account >>Visit Plus500 >>