Best Forex Brokers In Singapore 2024
Forex traders in Singapore should sign up with a broker that is authorized by the Monetary Authority of Singapore (MAS). Through a MAS-licensed forex broker, you’ll be able to trade in the world’s third-largest foreign exchange centre, with highly developed regulations protecting retail traders.
We’ve pinpointed the best forex brokers in Singapore after extensive testing. All of these platforms cater to forex traders in Singapore with authorization from the MAS and currency pairs containing the SGD, such as USD/SGD.
7 Top Forex Brokers In Singapore
These 5 forex brokers that accept clients from Singapore came out ahead of the rest after our exhaustive analysis and hands-on tests:
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1
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 -
2
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 -
3
Plus50082% of retail CFD accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100Variable1:30FCA, 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 -
4
CityIndexAll trading involves risk and losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$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 -
5
IGSpread 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 trading spread bets and 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), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
6
MultiBank FX20% deposit bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$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 -
7
Saxo Bank66% of retail accounts lose money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
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
Here is a short summary of why we think each broker belongs in this top list:
- FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
- CMC Markets - CMC presents an extensive array of 300+ forex pairs characterized by tight spreads and rapid executions, surpassing the offerings of many competitors in terms of currency diversity. Forex indices also present a fairly unique and holistic way to speculate on the value of key currencies like the USD, EUR and GBP.
- Plus500 - Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives. Plus500 offer a first deposit bonus, up to $10,000 AUD. Also get leverage up to 1:300.
- CityIndex - Trade a wide selection of 80+ currency pairs with spreads from 0.5 pips and industry-favorite platforms. City Index has 40+ years experience in forex trading with liquidity from tier-one banks.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
- MultiBank FX - MultiBank FX offers trading on 50+ major, minor and exotic currency pairs. Spreads are tighter than many competitors and the broker offers higher leverage than most alternatives. Automated trading strategies are also permitted.
- Saxo Bank - Tier 1 liquidity on an impressive range of 189 currency pairs and spot metals, plus 130 forwards, from 0.4 pips.
Best Forex Brokers In Singapore 2024 Comparison
| Broker | MAS Regulated | SGD Account | Minimum Deposit | Forex Assets | EUR/USD Spread | Forex App Rating |
|---|---|---|---|---|---|---|
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✔ | - | $100 | 80+ | 1.2 | / 5 |
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✔ | ✔ | $0 | 300+ | 0.7 | / 5 |
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✔ | - | $100 | 60+ | Dynamic | / 5 |
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✔ | - | $0 | 84 | 0.5 | / 5 |
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✔ | ✔ | $0 | 80+ | 0.8 | / 5 |
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✔ | - | $50 | 45+ | 0.3 | - |
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✔ | - | S$0 | 40+ | 0.2 (varies by region) | - |
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."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | 20% Welcome Bonus Up To $5000 |
|---|---|
| GBPUSD Spread | 1.3 |
| EURUSD Spread | 1.2 |
| EURGBP Spread | 1.4 |
| Total Assets | 80+ |
| Leverage | 1:400 |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| 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.
- 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.
- 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.
Cons
- 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.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
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
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.7 |
| EURGBP Spread | 1.1 |
| Total Assets | 300+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | Web, MT4 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
Pros
- 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.
- CMC Markets offers a rich investment offering with over 12,000 CFDs and more recently options trading, providing opportunities to trade market volatility and hedge existing positions.
- 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.
Cons
- Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
- An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
- The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
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
| GBPUSD Spread | Dynamic |
|---|---|
| EURUSD Spread | Dynamic |
| EURGBP Spread | Dynamic |
| Total Assets | 60+ |
| Leverage | 1:30 |
| Platforms | WebTrader, App |
| 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
- The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
- Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility and extended hours trading on 7 stock CFDs
Cons
- The absence of social trading means users can’t follow and replicate the trades of experienced traders
- 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
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
| GBPUSD Spread | 0.8 |
|---|---|
| EURUSD Spread | 0.5 |
| EURGBP Spread | 0.8 |
| Total Assets | 84 |
| Leverage | 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. |
| Platforms | MT4, TradingView, TradingCentral |
| Account Currencies | USD, EUR, GBP, AUD, CZK |
Pros
- A free demo account with unrestricted access to all markets and trading tools
- No minimum deposit to get started
- Thousands of instruments including thematic indices and interest rates that are not available at many alternatives
Cons
- Cryptocurrency trading not available in all locations
- $15 monthly inactivity fee
- No Islamic account for Muslim traders
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.9 |
| Total Assets | 80+ |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities.
- 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.
Cons
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
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 |
|---|---|
| GBPUSD Spread | 0.8 |
| EURUSD Spread | 0.3 |
| EURGBP Spread | 0.8 |
| Total Assets | 45+ |
| Leverage | 1:500 |
| Platforms | MultiBank-Plus, MT4, MT5, cTrader |
Pros
- Global presence with 10+ regulatory licenses, including ASIC (Australia) and MAS (Singapore)
- Renowned MT4 and MT5 platforms, plus proprietary MultiBank-Plus solutions and social trading
- MAM, PAMM and FIX API access for high-volume or pro traders, plus EAs and VPS hosting for algorithmic trading
Cons
- $60 monthly inactivity fee
- $5,000 minimum deposit required to access ECN spreads
- Average education and market research
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
| GBPUSD Spread | 0.7 (varies by region) |
|---|---|
| EURUSD Spread | 0.2 (varies by region) |
| EURGBP Spread | 0.6 (varies by region) |
| Total Assets | 40+ |
| Leverage | 1:30 |
| Platforms | TradingView |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, SEK, DKK, CHF |
Pros
- The ISA account is highly accessible and flexible with no entry or exit fees
- High-level research hub with curated market research, plus unique insights with 'Outrageous Predictions'
- Access to comprehensive third-party analysis tools including TradingView and Updata
Cons
- High funding requirements for the trading accounts
- Access to Level 2 pricing requires a subscription
- Clients from some jurisdictions not accepted including the US and Belgium
How We Rate Forex Brokers In Singapore
Trust & Regulation
The first thing we look for when reviewing a forex broker is proof that it’s a reliable brand. We urge anyone who is thinking of trusting their money with an online broker to do the same.
Forex traders in Singapore benefit from oversight by the Monetary Authority of Singapore (MAS), a ‘green-tier’ regulator that also serves as the country’s central bank.
The MAS requires that all forex brokers operating in Singapore obtain a Capital Markets Service license, and this brings several important protections for retail traders:
- Brokers must segregate client and business funds to obtain a license.
- Brokers must regularly submit detailed reports of their finances, trading statistics and complaints.
- Brokers must limit leverage to a maximum of 1:50 to cap potential losses.
- The MAS regularly audits platforms to ensure they’re keeping to regulatory requirements.
While leverage is limited in Singapore, unlike some regulators, notably the FCA and ASIC, the MAS does not mandate negative balance protection. That means you can lose more than is in your account.Fortunately, some forex brokers still provide this, so I recommend signing up with one of these to protect yourself from heavy losses.
We also suggest keeping abreast of the MAS’s Investor Alert List for scam forex brokers, who are more active than ever across the world.
One notable example saw US fraudster Michael Philip Atkins extradited to Singapore after defrauding around 1000 investors in an $18 million scheme that he ran through a scam forex investment company.
- There’s good reason IG has held its superb 4.9/5 Trust score from our experts for years: It’s an exceptionally transparent company with around 50 years in the business, a listing on the London Stock Exchange, and regulation from a host of top watchdogs including the MAS.
Currency Pairs
We recommend forex brokers with dozens of currency pairs because a broad range of currencies can mean more flexibility in terms of short-term trading strategies and more opportunity to profit.
Traders in Singapore benefit from their currency, the Singapore dollar (SGD), being fairly popular and available in various currency pairs, such as the USD/SGD, EUR/SGD and NZD/SGD.
- Interactive Brokers continues to impress forex traders in Singapore as a MAS-regulated firm with a huge range of 100+ forex pairs, including an outstanding selection of six pairs featuring SGD.
Forex Platforms
Choose a trading platform that’s quick, responsive and feature-rich and it will give you a cutting edge when you hit the foreign exchange markets.
Experienced forex day traders have long preferred third-party platforms like MetaTrader 4 and cTrader because they pack a lot of charting and algorithmic trading power into an intuitive interface.
However, we have found that newer platforms like TradingView combine these advantages with slicker looks and cutting-edge integrated research tools.
TradingView and several top brokers’ bespoke platforms also have a huge advantage for traders in Singapore as they provide sophisticated economic calendars and data feeds, making it easy to research new positions by checking MAS decisions and reports.
I’m a big fan of TradingView’s analysis features. With a couple of clicks, it lets me bring up a full feed of upcoming events or recent news from Singapore, and I can also easily compare the SGD to numerous currencies in a table or search for regional news.It’s the most convenient way I know of to quickly review a range of news and forex data.
- FOREX.com has maintained a stellar reputation among forex day traders by providing superb platform options – including MetaTrader 4 and 5, TradingView and a WebTrader platform – backed up by superb third-party tools like AutoChartist.
Trading Fees
Many day trading strategies like scalping operate on very slim margins, making it crucial to choose a forex broker that charges low fees.
The spread between bid and ask prices is often the most important fee to look at when you make frequent short-term trades.
However, securing the tightest spread generally involves paying a commission – usually no more on a round turn than $10 (13.5 SGD) per lot – though I’ve been impressed lately to find several budget brokers offering tight spreads with no commission.
- IC Markets remains our leading forex broker for trading fees, which start from 0 pips on its Raw account with competitive commissions of $3.50 (4.70 SGD), plus rebates of up to $2.50.
Account Funding
We look for forex brokers that provide inclusive account options with a good range of fast and affordable funding methods.
A low minimum deposit means you can start trading forex without forking out hundreds of SGD, and swap-free accounts allow Muslims (the third biggest religion in Singapore) to speculate on currency markets while adhering to Islamic law.
We’ve found that among the most convenient ways to fund your forex trading account is often an e-wallet like PayPal. Since these have fast become a leading payment method in Singapore, where e-wallets accounted for 22% of POS payments in 2023, you’ll have a choice of digital payment options to pick from at most top forex brokers.
- CMC Markets consistently impresses with its range of account options for traders in Singapore, who can sign up for SGD accounts with no minimum deposit. There is also a good range of payment options available, including PayPal as well as online banking and cards.
Methodology
To find the top forex trading platforms in Singapore, we shortlisted brokers accepting traders from Singapore and ranked them by their
rating, taking into account various factors, such as:
- Highly trusted with authorization from the MAS.
- A good range of currency pairs, such as USD/SGD.
- Powerful charting platforms with superior tools.
- Excellent trading environment at a competitive price.
- Convenient accounts to suit FX traders in Singapore.
FAQ
Is Forex Trading Legal In Singapore?
Forex trading is legal in Singapore, and the strong regulatory framework in the country makes it a good place to trade.
We also recommend speaking to an accountant and understanding your tax liabilities in Singapore if you profit from forex trading, as this may count toward your regular income in line with the Inland Revenue Authority.
Who Regulates Forex Trading In Singapore?
The Monetary Authority of Singapore, or MAS, is the country’s central bank and sole financial regulator.
This is a strong watchdog that we classify as a ‘green-tier regulator’, so you can consider Singapore a relatively safe place to trade currencies online.
How Much Money Do I Need To Start Trading In Singapore?
After years spent reviewing hundreds of forex brokers, we can say it’s unusual for a trading platform to require more than $250 (around 335 SGD) to sign up.
However, even this is on the high end, with many forex trading platforms requiring significantly lower minimum deposits and some requiring zero, notably IG and CMC Markets.
Recommended Reading
Article Sources
- Monetary Authority of Singapore (MAS)
- Investor Alert List (MAS)
- Inland Revenue Authority of Singapore (IRAS)
- Forex Trading Scheme - Channel News Asia
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