The best Forex (Foreign Exchange) brokers in Singapore, according to our research, are:
- City Index
- IG Markets
- Plus500
- CMC Markets
- Saxo
- Oanda
- Swissquote
- Interactive Brokers
To create this list of the best Forex brokers for Singaporean traders, here is what we considered:
- If the broker is MAS regulated
- Forex spreads and commissions
- The overall quality of the broker
- Awards won
- Available languages
What are the best forex brokers in Singapore?
Below is our curated list and review of the best forex brokers for traders living in Singapore, with details and information about the country laws, the features, and the characteristics.
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
City Index
best for day traders
City Index operates in Singapore under StoneX Financial Pte. Ltd., authorized by MAS. The broker provides access to over 6,000 global markets, allowing SGD deposits and benefits for accredited investors in Singapore.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About City Index
City Index is a global forex and CFD broker founded in 1983, offering trading on currencies, indices, commodities, cryptocurrencies, and stocks. City Index provides proprietary platforms alongside MetaTrader 4. City Index is regulated by multiple top-tier authorities including FCA, ASIC, and MAS. City Index is known for competitive spreads, extensive research tools, and educational resources. City Index is part of the NASDAQ-listed StoneX Group. The City Index’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.
City Index Features
The features of City Index are listed below.
- StoneX Financial Pte. Ltd. is the entity of City Index operating in Singapore authorized by MAS with a license n° 201130598R and a local branch in Raffles Place.
- City Index opens access to over 6,000 global markets including 84 forex pairs to traders in Singapore.
- City Index enables both SGD deposits and base currencies alongside USD in Singapore.
- There is no specified minimum deposit by City Index account type instead this is decided by the funding method which varies but is typically 150SGD.
- City Index charges a 2% fee on credit card deposits in Singapore.
- The spreads available on forex trading with City Index start from just 0.3 pips with the EUR/USD and USD/SGD from 0.5 pips.
- There is a rewarding City Index rebate program for Singaporean traders allowing for up to $8.50 per 10 lots traded.
- Accredited investors with City Index benefit from a sign-up bonus of 150SGD and higher leverage of up to 50:1 on major currency pairs while retail clients in Singapore are limited to a 20:1 leverage.
City Index Pros and Cons
Advantages of City Index
The advantages of City Index are listed below.
- Regulatory Trust
- Advanced Trading Tools
- Diverse Market Access
Disadvantages of City Index
The disadvantages of City Index are listed below.
- Limited MetaTrader Options
- Educational Content Gaps
- Customer Support Issues
IG Markets
total number of assets
IG Markets operates in Singapore as IG Asia Pte. Ltd. IG Markets allows SGD as a base currency and offers access to over 17,000 instruments along with cash rebates in Singapore.
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About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- The business name of IG Markets in Singapore is IG Asia Pte. Ltd. and they operate under MAS authorization and regulation with license n° 200510021K with a registered office located in Battery Road.
- SGD is valid as an account base currency and for deposits with IG Markets.r
- Minimum funding of 450 SGD to open the trading account in Singapore is required.
- With a single account, IG Markets makes over 17,000 global instruments available including around 80 forex pairs.
- Spreads on forex with IG Markets starts from 0.6 pips on EUR/USD.
- The IG Markets maximum leverage is up to 20:1 for retail clients due to regulation in Singapore. If you qualify as accredited investors, leverage is up to 50:1.
- Singaporean traders can be rewarded with cash rebates when they satisfy the minimum notional amount (USD million) of volume traded on IG Markets.
- The broker won awards for having Singapore’s “best web trading platform” and mobile trading app for 2018 though IG Markets have no Chinese support.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
Plus500
overall trading experience
Plus500 operates as Plus500SG Pte Ltd in Singapore under MAS license. Plus500 offers over 2,000 financial instruments and allows SGD deposits with language support in English and Chinese.
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About Plus500
Plus500 is a global fintech company founded in 2008, offering online Futures trading services in different markets such as Agriculture, Cryptocurrencies, Metals, Commodities, Forex, Interest Rates, Energy and Equity Indices. Plus500 provides proprietary web and mobile trading platforms. Plus500 is regulated by multiple top-tier authorities including FCA, ASIC, and CySEC. Plus500 is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The Plus500 CEO is David Zruia since April 2020.
Plus500 Features
The features of Plus500 are listed below.
- Plus500 operates in Singapore as Plus500SG Pte Ltd under MAS license n° CMS100648-1 and a local registered office in Temasek Avenue.
- Plus500 in Singapore provides both English and Chinese language availability.
- Plus500 offers access to over 2,000 financial instruments with more than 60 forex pairs
- Forex trading with Plus500 comes with floating spreads from 0.8 pips on EUR/USD and leverage up to 20:1 in Singapore.
- A Plus500 professional account is unavailable for traders in Singapore.
- SGD available for deposits in Singapore and base currency for your Plus500 trading account.
- Singaporean traders are eligible for a first deposit bonus with Plus500 in case they deposit more than 200 SGD.
Plus500 Pros and Cons
Advantages of Plus500
The advantages of Plus500 are listed below.
- Well-regulated CFD provider
- Over 2000 tradable CFDs
- Unlimited demo account offered
Disadvantages of Plus500
The disadvantages of Plus500 are listed below.
- Limited Regulatory Protections for Professionals
- Inactivity fees
- Limited deposit methods
CMC Markets
wide range of CFDs
CMC Markets operates in Singapore as CMC Markets Singapore Pte. Ltd., regulated by MAS. The broker provides access to over 10,000 CFD products with SGD deposit options in Singapore.
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Platforms:
About CMC Markets
CMC Markets is a global online financial trading company founded in 1989 and headquartered in London. CMC Markets offers trading on forex, indices, commodities, cryptocurrencies, and shares through CFDs and spread betting. CMC Markets provides proprietary and MetaTrader platforms for desktop, web, and mobile. CMC Markets is regulated by multiple authorities including FCA, ASIC, and BaFin. CMC Markets is listed on the London Stock Exchange. The CMC Markets CEO is Lord Peter Cruddas.
CMC Markets Features
The features of CMC Markets are listed below.
- CMC Markets is MAS regulated as CMC Markets Singapore Pte. Ltd. with license n° 200605050E and traders can rely on the local office located in Raffles Place, Singapore.
- CMC Markets’ website is available in Singapore both in English and Chinese.
- CMC Markets provide access to over 10,000 CFD products including more than 300 forex pairs. Singaporean traders can find a floating spread from 0.7 pips on EUR/USD.
- Deposits allow SGD and can be made in Singapore through wire transfer, credit or debit cards, or the Paynow service and in most cases are fee-free. The SGD alongside USD, and HKD are all available as base currencies with CMC Markets.
- The CMC Markets active trader rebate program offers up to 20% in spread discount if you trade large volumes of lots.
- Leverage is limited to 20:1 on forex for retail Singaporean clients due to regulation while professional traders with CMC Markets can avail of leverage up to 50:1.
- Among the many awards won by CMC Markets are “Best Platform Features” and “Best Education” in Singapore for 2020.
CMC Markets Pros and Cons
Advantages of CMC Markets
The advantages of CMC Markets are listed below.
- Regulatory Trust
- Low Trading Costs
- Extensive Trading Platform
Disadvantages of CMC Markets
The disadvantages of CMC Markets are listed below.
- Complex Fee Structure
- Limited Funding Options
Saxo
best for professional traders
Saxo provides services in Singapore as Saxo Capital Markets Pte. Ltd., regulated by MAS. Saxo offers accounts in SGD with access to over 40,000 instruments and reward-based pricing in Singapore.
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About Saxo
Saxo is a Danish investment bank and online trading platform founded in 1992. Saxo offers trading in forex, stocks, CFDs, futures, options, and other financial instruments across global markets. Saxo provides proprietary trading platforms and white-label solutions for institutional clients. Saxo is regulated by multiple authorities including the Danish FSA and UK FCA. Saxo serves retail and institutional clients in over 170 countries. The Saxo CEO and co-founder is Kim Fournais.
Saxo Features
The features of Saxo are listed below.
- Saxo provides its services in Singapore as Saxo Capital Markets Pte. Ltd. with regulation from MAS n° 200601141M and a local physical office in Market Street CapitaSpring.
- Accounts in Singapore are set up by default in SGD to easily manage deposits. Local transfers are available using FAST, PayNow and MEPS. There’s no minimum deposit to open a Saxo account.
- A single Saxo account connects to over 40,000 tradable instruments with more than 200 forex pairs
- Singaporean residents can earn Saxo rewards points by trading, depositing funds, and other activities to upgrade their pricing plan from bronze up to diamond to reduce trading costs and other benefits.
- Spread on forex starts from 0.6 pips in the case of EUR/USD while the leverage available is up to 20:1. If you qualify as an accredited investor with Saxo then the maximum leverage is up to 50:1
- The proprietary trading platforms of Saxo won several awards in Singapore in both 2020 and 2021.
Saxo Pros and Cons
Advantages of Saxo
The advantages of Saxo are listed below.
- Regulation and Trust
- Extensive Product Range
- Advanced Trading Platform
Disadvantages of Saxo
The disadvantages of Saxo are listed below.
- High Minimum Deposits for Premium Accounts
- Lack of Spread Betting Options
- Custody Fees in Certain Regions
Oanda
best for beginners
Oanda operates in Singapore under OANDA Asia Pacific Pte. Ltd., regulated by MAS. Oanda accepts SGD deposits through local options and provides access to over 100 instruments in Singapore.
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About Oanda
OANDA is a global multi-asset broker founded in 1996, offering trading on forex, CFDs, commodities, indices, and cryptocurrencies. OANDA provides proprietary platforms and API solutions. OANDA is regulated by multiple authorities including FCA, ASIC, and MAS. OANDA is known for competitive spreads, fast execution, and currency data services. OANDA serves both retail and institutional clients worldwide. The Oanda Chief Executive Officer is Gavin Bambury since August 2019.
Oanda Features
The features of Oanda are listed below.
- Oanda is active in Singapore as OANDA Asia Pacific Pte. Ltd. holding a MAS license n° 200704926K and with a local office in Collyer Quay.
- Oanda accepts SGD for deposits and base currency with local funding options in Singapore including DBS bill pay, PayNow, FAST, and NETS.
- Trade over 100 instruments including 70 forex pairs with Oanda.
- Forex trading with Oanda in Singapore charges a floating spread from 0.6 pips on EUR/USD and a maximum leverage for retail clients up to 20:1 and for accredited investors up to 50:1.
- Oanda was the “mobile platform/App” award winner for 2019 in Singapore.
Oanda Pros and Cons
Advantages of Oanda
The advantages of Oanda are listed below.
- Comprehensive Platforms
- Robust Education
- Highly Regulatory Trust
Disadvantages of Oanda
The disadvantages of Oanda are listed below.
- Higher Spreads
- Proprietary Platform Limitations
- Inactivity Fees
Swissquote
best for transparency
Swissquote operates in Singapore as Swissquote Pte. Ltd., under MAS regulation. Swissquote only accepts accredited investors and offers SGD as a base currency with access to 130 instruments in Singapore.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Swissquote
Swissquote is a Swiss online banking and trading company founded in 1996. Swissquote offers trading on forex, stocks, CFDs, cryptocurrencies, and other financial instruments. Swissquote provides various trading platforms including MetaTrader and a proprietary platform. Swissquote is regulated by multiple authorities including FINMA and FCA. Swissquote serves over 500,000 clients worldwide and is listed on the SIX Swiss Exchange. The Swissquote CEO is Marc Bürki.
Swissquote Features
The features of Swissquote are listed below.
- Swissquote’s trading name in Singapore is Swissquote Pte. Ltd. and the broker operates via MAS regulation, license n° 201906194G and has a local office in Raffles Quay.
- Accredited, expert, asset managers, and institutional investors are the only ones eligible to open a trading account in Singapore with Swissquote.
- Swissquote lacks language support with its website available only in English.
- Swissquote makes SGD available in Singapore for both deposits and base currency.
- The Swissquote minimum deposit is 1,000 SGD with a fee of 20-40 SGD in Singapore.
- Swissquote allows trading in over 130 financial instruments with more than 70 forex pairs
- Spread on forex starts from 1.1 pips on EUR/USD with leverage up to 50:1 since only Singaporean professionals are accepted.
Swissquote Pros and Cons
Advantages of Swissquote
The advantages of Swissquote are listed below.
- Regulated and Trusted
- Comprehensive Product Range
- Advanced Trading Platforms
Disadvantages of Swissquote
The disadvantages of Swissquote are listed below.
- High trading Fees
- Complex Pricing Structure
- Steep Minimum Deposit Requirement
Interactive Brokers
wide range of global markets
Interactive Brokers operates in Singapore as Interactive Brokers Singapore Pte. Ltd., regulated by MAS. The broker allows SGD account selection and provides access to 130 global markets in Singapore.
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Platforms:
About Interactive Brokers
Interactive Brokers is a global electronic broker founded in 1978, offering trading in stocks, options, futures, forex, bonds, ETFs, and cryptocurrencies across 150 markets in 33 countries. Interactive Brokers provides advanced trading platforms, low commissions, and access to a wide range of financial instruments. Interactive Brokers is known for its sophisticated technology and serves both retail and institutional clients. Interactive Brokers is regulated by multiple top-tier authorities worldwide. The CEO of the Interactive Brokers Group is Milan Galik.
Interactive Brokers Features
The features of Interactive Brokers are listed below.
- Interactive Brokers Singapore Pte. Ltd. is the entity authorized and regulated by MAS with license n° CMS100917 and with a registered office in Marina View.
- Interactive Brokers does a good job having many languages on their website including Chinese for traders based in Singapore.
- SGD currency is selectable as the account currency of your choice with Interactive Brokers while deposits in SGD are only available via bank wires in Singapore.
- Trading with Interactive Brokers is available on 130 global markets counting more than 7,000 CFDs and more than 100 forex pairs.
- Forex trading in Singapore with IB charges a floating spread from 0.2 pips on EUR/USD and limited leverage up to 20:1 available on Interactive Brokers.
Interactive Brokers Pros and Cons
Advantages of Interactive Brokers
The advantages of Interactive Brokers are listed below.
- Low Trading Fees
- Advanced Trading Tools
- Wide Market Access
Disadvantages of Interactive Brokers
The disadvantages of Interactive Brokers are listed below.
- Not user-friendly
- No MetaTrader Support
- Additional Fees
Is forex trading legal in Singapore?
Forex trading in Singapore is completely legal.
In fact, within Singapore, forex market oversight is provided by MAS (Monetary Authority of Singapore) who are one of the most respected and influential regulators in the entire region. Altogether this means you should have no fear at all in regard to the legality of trading in Singapore.
How to trade forex in Singapore
For forex trading in Singapore, the regulatory body of the country, MAS actually prohibits unregulated brokers from operating within Singapore. In that case, if you do decide to trade with forex trading brokers which are not MAS regulated, you will not be prosecuted, but the broker operation risks being banned from the country.
In this case then, we certainly recommend that you stick to trading with MAS-regulated brokers as featured. The process of setting up is simple, you just need to select your broker, provide the related ID and proof of residence documents, fund your account, and start forex trading.
What should Singaporean traders look for in a forex broker?
As a Singapore-based trader, there are a few key areas to monitor when seeking a new forex broker. It is important to note that MAS is one of the most respected regulatory bodies out there with a max leverage of 20:1 and bonuses available.
Here are some tips to make sure you make a well-informed broker choice:
1. Register with MAS regulated brokers only
This is the first and perhaps most important point in forex trading. Always choose a regulated broker. In Singapore, since brokers not regulated by MAS cannot offer services then it is made a little easier.
With that said, try to steer clear of any unregulated broker but do remember that even if a broker, like FXTM for example, is not regulated by MAS, they can still be a very top level forex broker.
2. Look for the lowest SGD forex pair spread
In Singapore, you will most likely benefit from having your account in SGD. This means you will be saving on conversion fees and we definitely recommend sticking with this and trading these SGD pairs where you can.
This means you should find the broker above offering the best spreads rates on SGD pairs.
3. Choose the broker before choosing the bonus
You will find that forex broker bonus offers are not too common in Singapore. With that said, there are some available. These are great but remember to think of the bigger picture beyond just the bonus when choosing your broker. A big bonus is great, but not if the other trading conditions of a broker do not fit your needs. Think broker ahead of bonus.
How to verify if a forex broker is regulated in Singapore
In forex trading, you may very well want to double-check the details of your broker’s regulation for yourself. As a Singapore-based trader, this will mean checking through MAS for your broker. Follow this link to reach the MAS homepage.
From there, you will need to know the business or trading name of your broker.. Type this name into the search bar and they should pop up as being regulated on the MAS website.
You can typically find the business or trading name at the very bottom of the broker landing page and typically in slightly smaller print.
Is forex trading taxable in Singapore?
As far as Singapore tax regulation goes, if you have made money from overseas investments, they may not need to be taxed. With that said, since all brokers you should be dealing with are regulated by MAS within Singapore, forex trading will be liable to tax.
This amount of tax will vary from 0% up to 22% depending on your income. If this income is below 22,000 SGD then you won’t have to pay any tax.
- [Disclaimer: we are not accountants, we have done internet research. If you don’t know how to handle this matter, we strongly suggest you contacting Singaporean local authorities before proceeding]
DISCLOSURE
InvestinGoal.com may receive a monetary compensations from the brokerage companies listed above.