Top 7 Best Forex Brokers in Singapore for 2020

Filippo Last Updated: January 2020 10 min read
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If you are a Singapore-based trader who is looking to get involved in the forex trading market for the first time, or change your forex broker, you have come to the right place.

Here you will find a collection of helpful information from us on all things forex trading Singapore. This includes a list of the best Singapore forex brokers. There should be something to fit all of your trading needs.

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    Is Forex Trading legal in Singapore?

    Searching for a Singapore forex broker, given the region, this may be one of the first questions in your mind. The good news is though, unlike neighbors Malaysia where there is some ambiguity it and forex trading is neither legal or illegal, 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 detailed below. 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.

    Top 7 Best Forex Brokers in Singapore

    Here are some of what we found to be the best forex brokers in Singapore for your consideration.

    Open an account
    80% of retail CFD accounts lose money

    1 CMC Markets

    The first on our listing of top Singapore forex brokers is CMC Markets. From the outset you can bank on their trusted regulation from ASIC, the FCA, and MAS. As a forex trader with CMC you can trade within a collection of 9500 assets including a total of 26 currency pairs.

    The broker make available both a standard and corporate account for your selection with a full demo account freely available and a forex islamic account available to those who need one. You can also benefit from there being no minimum deposit in place with the broker.

    Thinking of deposits , these allow SGD deposits and can be made 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 this broker and spreads on trading through the trusted MT4 start from only 0.3 pips.

    While there is no bonus to be offered there is an active trader rebate program in place that offers up to $10 per lot traded as a rebate to you.

    78
    Rated: Excellent
    security 94
    cost 55
    trading 75
    education 81

    Platforms: Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC, IIROC, FMA, CBRC Minimum Deposit: $0
    Open an account
    72% of retail CFD accounts lose money

    2 City Index

    Next on the list if you are searching for a top Singapore broker is City Index. They are again well regulated within Singapore by the MAS as well as the FCA and ASIC worldwide. Forex trading here is known for the very low spreads particularly SGD forex pairs.

    You will have three distinct account types to choose from, these being a CFD account, an MT4 account, and a DMA account. There is no specified minimum deposit by account type but instead this is decided by the funding method which varies but is typically 250 SGD or 250 USD. An Islamic trading account is available on request while a fully functioning demo account is also available.

    City Index deposits can be made through wire transfer, credit or debit cards, and eWallets with a 2% fee on credit card deposits in particular. Gladly, both SGD deposits and base currencies are also available alongside USD and the spreads available on forex trading start from just 0.3 pips with the USD/SGD from 0.5 pips and 4.6 pips through a CFD or MetaTrader account.

    Trading is available through the MT4, AT Pro,or Webtrader platforms and while there are no bonuses available, there is a rewarding rebate program that allows for up to $8.50 per 10 lots traded.

    88
    Rated: Excellent
    security 94
    cost 66
    trading 100
    education 69

    Platforms: MT4 Dekstop, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: MAS, FCA, MIFID-ESMA, ASIC Minimum Deposit: $100
    Open an account
    80.5% of retail investor accounts lose money

    3 Plus500

    Plus500 is a globally recognized forex broker and they are again regulated by MAS as well as the FCA, ASIC, and CySEC. They are well-known for their excellent value services with many actions across the broker being free of charge.

    WIth Plus500 you have one broad account type available. This is in addition to a complete demo account and an Islamic account available when requested. Your Plus500 minimum deposit is typically 200 SGD through credit card or eWallet and 500 SGD through wire transfer with most of the deposit methods being free of charge and SGD deposits of course available.

    You can also avail of an SGD base currency though this must be requested as soon as you open your account and before you start trading. From there, you will find variable spreads starting from 1 pip on CFD forex pairs and 3 pips on USD/SGD in particular. Additionally, you may receive a Plus500 First Deposit Bonus.

    75
    Rated: Excellent
    security 95
    cost 70
    trading 67
    education 49

    Platforms: Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC, FMA, CYSEC, ISA, Offshore Minimum Deposit: €100
    Open an account
    72% of retail investor accounts lose money

    4 Saxo Bank

    The next of our best broker choices in Singapore comes from Saxo Bank. This is another very well regulated broker choice with regulation coming in the form of MAS, the FCA, and ASIC. They are renowned for hosting a very wide range of asset types that includes both bonds and mutual funds.

    When you do open a Saxo Bank account, you will be greeted with three possible account type choices with a varying minimum deposit. A classic account is available for 3,000 SGD, Platinum for 50,000 SGD, or VIP for a 1,000,000 SGD minimum deposit. With the increased deposit you can benefit from improved spreads, direct customer support, and more. As a forex trader you will also be able to try a full demo account before depositing and have access to an Islamic trading account where needed.

    When depositing, wire transfers, credit and debit cards, or multiple eWallet methods such as FAST, PayNow, and MEPS are available typically fee-free and with SGD deposits and base currency available. Spreads here are also competitive starting from 0.3 pips or 1.3 pips on USD/SGD traded through proprietary trading platforms.

    Saxo Bank does not provide for any trader bonus at this time.

    80
    Rated: Excellent
    security 94
    cost 67
    trading 75
    education 76

    Platforms: Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, MIFID-ESMA, ASIC, SFC, FSB, DFSA, CYSEC Minimum Deposit: 2000
    Open an account
    73.5% of retail investor accounts lose money

    5 Oanda

    Oanda is the next globally well known broker to be featured as one of the top Singapore broker choices. They are recognized as a top choice for beginners with their low minimum deposits, spreads, and trade sizes, and are regulated by MAS, FCA, and ASIC.

    You will have one account type choice and this forex broker features no minimum deposit once you have tried out the fully functional demo account on offer. An Islamic account is also available when needed.

    Deposits can be made through the common methods like wire transfer, credit and debit cards, and eWallets. The majority of these are fee-free with both SGD deposits and base currencies catered for. While no bonus is in place, spreads do start on the MT4 platform from a competitive 1 pip on forex. This is 1.7 pips on USD/SGD.

    78
    Rated: Excellent
    security 93
    cost 66
    trading 68
    education 79

    Platforms: Proprietary Desktop Platform, Proprietary Web Platform Regulations: FSA, MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC Minimum Deposit: $0
    Open an account
    76% of retail CFD accounts lose money

    6 IG Markets

    IG Markets are another top forex broker in Singapore that bring the regulation of the FCA, NFA, DFSA, and MAS to the table for forex traders. They also offer a huge asset catalogue of more than 16000 assets, 90 of which are forex currency pairs.

    There is one account type available though both demo accounts and Islamic trading accounts are available where needed. With this one account type, the minimum deposit varies depending on the currency with 300 USD, 450 SGD, 2500 HKD, or 250 GBP all functioning as the minimum.

    You can fund your IG Markets account through wire transfers, credit or debit cards, and eWallets with most being fee free. Both SGD deposits and base currencies are allowed and while there is no IG Markets bonus in place, spreads start from a competitive 0.6 pips on forex (3 pips on USD/SGD) with trading through MT4 and other proprietary platforms.

    90
    Rated: Excellent
    security 97
    cost 64
    trading 100
    education 84

    Platforms: MT4 Dekstop, MT4 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, CFTC, MIFID-ESMA, ASIC, FMA, FSB, DFSA Minimum Deposit: £250
    Open an account
    79% of retail investor accounts lose money

    7 Swissquote

    The last featured top Singapore broker is Swissquote. They are convincingly regulated by MAS, FCA, and DFSA and also boast a huge range of assets including bonds and mutual funds to select from.

    Three account types in the form of Standard, Premium, and Prime accounts area available with a minimum deposit ranging from $1000 for a standard account, $10,000 at the next level, and $50,000 for the highest level account. Spreads can reduce as you raise levels and you are free to try out a demo account or request an Islamic account where needed.

    Deposits can be made both through wire transfers or online payments and are generally free within Switzerland but have a fee of 20-40 SGD in Singapore. With that though, both SGD deposits and base currencies are available and with spreads starting from 1.1 pips on forex trading (2.8 pips on USD/SGD).

    While there is no bonus yet available, the most-respected trading platforms MT4 and MT5 as well as proprietary platforms are available.

    82
    Rated: Excellent
    security 97
    cost 72
    trading 75
    education 80

    Platforms: ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FINMA, FCA, MIFID-ESMA, SFC, DFSA Minimum Deposit: €500.00

    Singaporean trader? Here’s what to 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 too though 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 always make the best 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 in this case.

    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 thoughts. 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 brokers 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 that can differ from time to time. 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.

    With that in mind then, you will have to pay capital gains tax on your profits. This amount of tax will vary between 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]

     

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