Best Day Trading Platforms and Brokers in Singapore 2024
With one of the most stable economies underpinned by thriving manufacturing and financial services industries, Singapore offers diverse opportunities for short-term traders.
To trade currency pairs containing the Singapore dollar (SGD) like USD/SGD, stocks listed on the Singapore Exchange (SGX) or key export commodities like copper, you’ll need an online broker.
Following in-depth testing by our experts, we’ve pinpointed the best day trading platforms in Singapore. Every broker listed is authorized by the Monetary Authority of Singapore (MAS).
Top 9 Platforms For Day Trading In Singapore
Our assessments have uncovered the following 9 platforms as standout options for Singaporean day traders:
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1
IG71% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
2
CityIndexAll trading involves risk and losses can exceed deposits.
$00.01 Lots1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.ASIC, FCA, MASCFDs, Forex, Stocks, Cryptos, Options, Commodities, BondsMT4, TradingView, TradingCentralPayNow, Wire Transfer, Mastercard, BPAY, Credit Card, PayID, Debit Card, Visa, PayPalUSD, EUR, GBP, AUD, CZK -
3
FOREX.com20% Welcome Bonus Up To $5000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:400NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
4
CMC MarketsSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSACFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread BettingWeb, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPalUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN -
5
Plus50080% of retail CFD accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSACFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, CryptoWebTrader, AppPayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple PayUSD, EUR, GBP, AUD, ZAR, CZK -
6
MoomooEnjoy 5.8% p.a. Guaranteed Returns for up to 30 days + deposit S$10,000 and get 13 TSLA fractional shares
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$01:2SEC, FINRA, MAS, ASIC, SFCStocks, Options, ETFs, ADRs, OTCs ,FuturesDesktop Platform, Mobile AppWire Transfer, ACH TransferUSD, HKD, SGD -
7
Gemini
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.00001 BTCNYDFS, MAS, FCACryptosActiveTrader, AlgoTrader, TradingViewBitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, EtanaUSD, EUR, GBP, CAD, AUD, HKD, SGD -
8
MultiBank FX20% deposit bonus
$500.1 Lots1:500SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSCForex, CFDs, indices, shares, metals, commodities, cryptocurrenciesMultiBank-Plus, MT4, MT5, cTraderWire Transfer, Swift, Visa, Mastercard, Credit Card, Skrill, Neteller, Perfect Money, GlobePay -
9
Saxo Bank66% of retail accounts lose money.
S$0Vary by asset1:30DFSA, MAS, FCA, SFC, FINMA, AMF, CONSOBForex, CFDs, indices, shares, commodities, cryptocurrencies, futures, options, warrants, bonds, ETFsTradingViewWire Transfer, Credit Card, Visa, MastercardUSD, EUR, GBP, CAD, AUD, JPY, SEK, DKK, CHF
This is why we think these brokers are the best in this category:
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- CityIndex - City Index is an established and award-winning forex, CFD and spread betting broker with top-tier global regulation, including in the UK (FCA) and Australia (ASIC). With 30+ years in the industry, 13,500+ instruments and 24/5 customer support, City Index is a solid pick for aspiring traders.
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
- Plus500 - Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.
- Moomoo - Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
- Gemini - Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.
- MultiBank FX - MultiBank FX is an established broker offering forex and CFD products since 2005. With 20,000+ instruments, plenty of local payment methods and 24/7 multilingual customer support, the broker is a popular choice among traders globally. New clients can also access a variety of bonus offers and access the hugely popular MT4 and MT5 trading platforms.
- Saxo Bank - Saxo Markets is a multi-award-winning trading brokerage, investment firm and regulated bank. With a huge 72,000+ trading instruments, plus investment products and managed portfolios, clients have no shortage of opportunities. The trusted brand also offers transparent pricing and top-tier regulatory protection from 10+ agencies including FINMA, FCA & ASIC.
Best Day Trading Platforms and Brokers in Singapore 2024 Comparison
| Broker | MAS Regulated | SGD Account | Minimum Deposit | Markets | Platforms |
|---|---|---|---|---|---|
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✔ | ✔ | $0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
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✔ | - | $0 | CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds | MT4, TradingView, TradingCentral |
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✔ | - | $100 | Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
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✔ | ✔ | $0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting | Web, MT4 |
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✔ | - | $100 | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto | WebTrader, App |
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✔ | ✔ | $0 | Stocks, Options, ETFs, ADRs, OTCs ,Futures | Desktop Platform, Mobile App |
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✔ | ✔ | $0 | Cryptos | ActiveTrader, AlgoTrader, TradingView |
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✔ | - | $50 | Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies | MultiBank-Plus, MT4, MT5, cTrader |
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✔ | - | S$0 | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures, options, warrants, bonds, ETFs | TradingView |
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
Christian Harris, Reviewer
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
Cons
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders
CityIndex
"City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms."
Tobias Robinson, Reviewer
CityIndex Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds |
| Regulator | ASIC, FCA, MAS |
| Platforms | MT4, TradingView, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. |
| Account Currencies | USD, EUR, GBP, AUD, CZK |
Pros
- Thousands of instruments including thematic indices and interest rates that are not available at many alternatives
- Extended hours trading on 70+ popular shares including Amazon and Tesla
- Excellent reputation with over 1 million account holders and tier-one regulatory oversight
Cons
- $15 monthly inactivity fee
- US traders not accepted
- Cryptocurrency trading not available in all locations
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
FOREX.com Quick Facts
| Bonus Offer | 20% Welcome Bonus Up To $5000 |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto |
| Regulator | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:400 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
CMC Markets
"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "
CMC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting |
| Regulator | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
| Platforms | Web, MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
Pros
- The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
- CMC offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha and Price+ schemes also offer perks for active traders with up to 40% discounts on spreads.
Cons
- An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
- While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
- Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
Plus500
"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."
Plus500 Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto |
| Regulator | FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA |
| Platforms | WebTrader, App |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, AUD, ZAR, CZK |
Pros
- Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
- You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities
- Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility
Cons
- Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
- Algo trading and scalping are not supported, which may deter some day traders
- Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
Moomoo
"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."
Moomoo Quick Facts
| Bonus Offer | Enjoy 5.8% p.a. Guaranteed Returns for up to 30 days + deposit S$10,000 and get 13 TSLA fractional shares |
|---|---|
| Demo Account | Yes |
| Instruments | Stocks, Options, ETFs, ADRs, OTCs ,Futures |
| Regulator | SEC, FINRA, MAS, ASIC, SFC |
| Platforms | Desktop Platform, Mobile App |
| Minimum Deposit | $0 |
| Minimum Trade | $0 |
| Leverage | 1:2 |
| Account Currencies | USD, HKD, SGD |
Pros
- There is no minimum deposit requirement making the broker accessible for beginners
- The ‘Moomoo Token’ generates dynamic passwords for transaction security - a unique and helpful safety feature
- There are reduced options contract fees from $0.65 to $0
Cons
- There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
- There is no phone or live chat support - common options at most other brokers
- It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
Gemini
"Gemini’s ActiveTrader platform and TradingView integration make it a good choice for serious crypto traders seeking a reliable charting environment, though we were disappointed by some unnecessary fees and previous security breaches."
Gemini Quick Facts
| Demo Account | No |
|---|---|
| Instruments | Cryptos |
| Regulator | NYDFS, MAS, FCA |
| Platforms | ActiveTrader, AlgoTrader, TradingView |
| Minimum Deposit | $0 |
| Minimum Trade | 0.00001 BTC |
| Account Currencies | USD, EUR, GBP, CAD, AUD, HKD, SGD |
Pros
- The TradingView integration delivers top-quality tools, including backtesting and algo trading capabilities
- There is a decent range of educational guides and tutorials suitable for beginners
- The trading app features a user-friendly, modern design and intuitive interface, with an excellent range of charting tools for day traders
Cons
- There is no practice profile or demo account for prospective traders
- The exchange has a history of concerning incidents including the collapse of its Earn program and a phishing breach
- There are high fees for some funding methods including a 3.49% fee for card transactions
MultiBank FX
"MultiBank FX is a great option for active forex traders with 55 currency pairs, spreads from 0.0 pips and high leverage up to 1:500."
MultiBank FX Quick Facts
| Bonus Offer | 20% deposit bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies |
| Regulator | SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC |
| Platforms | MultiBank-Plus, MT4, MT5, cTrader |
| Minimum Deposit | $50 |
| Minimum Trade | 0.1 Lots |
| Leverage | 1:500 |
Pros
- Vast range of local payment methods with fast withdrawals within 24 hours
- 24/7 multilingual customer support available across all accounts
- Renowned MT4 and MT5 platforms, plus proprietary MultiBank-Plus solutions and social trading
Cons
- Average education and market research
- $5,000 minimum deposit required to access ECN spreads
- $60 monthly inactivity fee
Saxo Bank
"Saxo is best for active traders and high-volume investors with an unrivalled selection of instruments alongside premium market research and fee rebates. The 190 currency pairs with tight spreads also make Saxo great for forex traders."
Saxo Bank Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures, options, warrants, bonds, ETFs |
| Regulator | DFSA, MAS, FCA, SFC, FINMA, AMF, CONSOB |
| Platforms | TradingView |
| Minimum Deposit | S$0 |
| Minimum Trade | Vary by asset |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, SEK, DKK, CHF |
Pros
- Heavily regulated and trustworthy brand based in Switzerland
- High-level research hub with curated market research, plus unique insights with 'Outrageous Predictions'
- Excellent educational resources including podcasts, webinars and expert-led video insights
Cons
- Clients from some jurisdictions not accepted including the US and Belgium
- High funding requirements for the trading accounts
- Access to Level 2 pricing requires a subscription
Methodology
To identify the best day trading platforms in Singapore, we analyzed our library of 500 online brokers, removed all those that don’t accept Singaporean traders, and sorted them by their overall score.
Our ratings combine 100+ data points with findings from our hands-on evaluations.
- We selected brokers that accept Singaporean day traders.
- We recommended trusted brokers authorized by the MAS.
- We prioritized brokers with competitive day trading fees.
- We favored brokers with a wide range of financial markets.
- We focused on brokers with reliable charting platforms.
- We preferred brokers with transparent leverage.
- We investigated each broker’s execution quality.
- We checked that brokers offer convenient account funding.
How To Choose A Day Trading Broker In Singapore
There are several categories to consider when choosing a day trading broker:
Regulation & Trust
Choose a trustworthy broker with licensing from a reputable authority.
This will help to protect you from misconduct and scams, which have become frequent in Singapore. One notable example that hit the headlines was the notorious Ponzi-style scheme reported by the Straits Times where American national, Michael Philip Atkins, used his Singapore-based firm, Aureus Capital, to defraud his victims of over $18 million.
The Monetary Authority of Singapore (MAS) is a highly respected ‘green tier’ authority in line with our Regulation & Trust Rating and enforces strict transparency rules and safeguards for traders. The MAS also acts as the central bank of Singapore, further highlighting its pivotal role in the nation’s financial system.
Importantly, the MAS has the power to issue penalties, prosecute individuals and revoke licenses from day trading platforms that do not adhere to its rules. The website offers a useful Warning List of all enforcement actions against individuals and companies.
- IG stands out as a highly trusted option for Singaporean traders, with multiple ‘green tier’ licenses, including from the MAS, plus a long history spanning an impressive 50 years. The firm is also publicly listed on the London Stock Exchange, underscoring its credibility.
Financial Markets
Choose a broker with the financial markets you’re interested in.
This will allow you to diversify your portfolio and gain confidence using short-term trading vehicles, with one of the most popular being contracts for difference (CFDs).
Singaporean day traders may be looking for local markets, such as currency pairs containing the Singapore dollar (SGD) like USD/SGD or AUD/SGD, as well as stocks listed on the Singapore Exchange (SGX) like DBS and Singtel.
With its manufacturing industry accounting for 20-25% of the country’s annual GDP, you may also be interested in trading the country’s chief import and export commodities like oil, iron and copper.
- Pepperstone remains a top choice for Singaporean traders, with a wide range of local markets including eight SGD currency pairs, the Singapore 25 Index, and the iShares MSCI Singapore ETF (among 1300+ other global assets). You can also leverage the powerful Autochartist pattern recognition tool to uncover trading ideas on any of these assets.
Day Trading Fees
Secure a broker with competitive fees to help protect your profits.
We routinely evaluate spreads and commissions on popular markets, as well as common non-trading costs for active traders, such as deposit or withdrawal fees.
To get a full picture of the broker’s service, we also consider any additional tools and resources available. For example, the best brokers may offer access to Singapore stock market research, or live interest rate updates from the country’s central bank.
- IC Markets continues to deliver market-leading pricing, including spreads averaging 0.85 on USD/SGD and 0.027 on oil. You also get free access to award-winning analysis tools, including Trading Central, where you can get curated insights and chart patterns on SGD currency pairs, commodities and more.
Charting Platforms
Consider a broker with a range of powerful charting platforms for technical analysis.
This will ensure you can execute short-term strategies in a reliable environment. Most brokers offer MetaTrader 4 and MetaTrader 5, though I personally prefer the sleeker workspace provided by TradingView.
I love using TradingView’s intuitive economic calendar where you can filter events by country and category.For example, you can see in the image below that I can filter by ‘Singapore’ and ‘Money’ to view a central bank release for foreign exchange reserves – a very useful insight if you want to trade gold.
Some brokers also provide their own proprietary solutions which often deliver a scaled-back package of tools, making them ideal for beginners.
- AvaTrade excels when it comes to charting tools, with superior third-party terminals including MT4 and MT5, plus an award-winning proprietary app. There’s also a range of additional features to suit different needs, including auto trading via DupliTrade.
Leverage & Margin
Select a broker with transparent leverage and margin requirements.
Day traders often use leverage to gain exposure to larger trades, essentially allowing you to magnify potential profits while only depositing a small margin.
Let’s say I want to speculate on the USD/SGD pair after an interest rate update from the MAS, using leverage of 1:30.
If my initial margin is 250 SGD, my trade could actually be worth 7,500 SGD (30 x 250 SGD).
However, leverage can also significantly increase the size of losses, so ensure you have a solid strategy for risk management.
- Deriv offers clear leverage requirements, with very high rates up to 1:1000. That said, beginners may be better suited to the broker’s multipliers which are available up to x30 and prevent you from losing more than your initial deposit if the market moves against you.
Execution Quality
Opt for a broker with reliable order execution.
The quality of a broker’s execution can have a significant impact on fast-paced trading strategies.
Execution quality is the measure of how quickly and efficiently trades are filled. Our routine tests involve checking execution data where available, including latency (the time delay) and slippage (the difference in requested and filled price).
- City Index offers impressive average execution speeds of 20 milliseconds, with 99.83% of trades being executed in less than 1 second. It’s also got some of the best analysis resources we’ve seen, including trade ideas on major central bank meetings, including the MAS.
Minimum Deposit
Choose a broker with a minimum deposit that suits your budget.
You will likely need up to 250 USD (approximately 335 SGD) to open a live account, though many of our recommended platforms offer much less.
Many day trading brokers also offer locally supported methods, including e-wallets like Apple Pay and Google Pay, which are increasing in popularity in Singapore. These can help to reduce transaction costs and processing times for Singaporean traders.
- XM lets you start with only $5, making it a top pick for novices or those on a tighter budget. You can also open accounts based in SGD, with convenient and fee-free payment methods including bank cards, Apple Pay and Google Pay.
FAQ
Who Regulates Day Trading Platforms In Singapore?
The Monetary Authority of Singapore (MAS) regulates day trading platforms and online brokers in Singapore.
Traders can also register with other overseas firms, however, we recommend opting for a tightly regulated broker and ensuring that you still adhere to MAS regulations and tax requirements from the Inland Revenue Authority of Singapore (IRAS).
Which Is The Best Broker That Accepts Day Traders In Singapore?
See our list of the best day trading platforms in Singapore to find one that works for you.
For example, Pepperstone is a top pick if you’re looking for local markets, including Singapore indices and ETFs. It also offers some of the best third-party platforms and tools that I’ve seen. Alternatively, XM is a great choice for convenient funding, with SGD-based accounts.
Recommended Reading
Article Sources
- Singapore Economy - GuideMeSingapore
- Singapore Exchange (SGX)
- Monetary Authority of Singapore (MAS)
- Singapore Forex Trading Scam - The Straits Times
- Financial Institutions Directory - MAS
- DBS - SGX
- Singtel - SGX
- Hoe Leong - SGX
- Popular Payment Methods in Singapore - Adyen
- Inland Revenue Authority of Singapore (IRAS)
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