Finding the best forex broker Singapore users can rely on to help navigate the complex and dynamic financial landscape of forex trading in Singapore is a vital piece of the puzzle. Forex and CFD trading in Singapore are growing in popularity, with many new traders looking to work with the best platforms around.
Whether you are new to forex trading or an experienced trader seeking out new opportunities, choosing the right forex broker or trading platform is crucial to your success. This list will help to make your decision that little bit easier, by cutting through the masses and focusing on the best MAS regulated forex brokers in Singapore.
That being said, with so many different Singaporean forex brokers available, it can be difficult to know where to start your search. Taking into account your individual trading needs and objectives, you can narrow down the field and find the best forex broker in Singapore for you.
The Best Forex Broker Singapore : Our Top 12 List Is Here
1. IG Markets is rated the best broker in Singapore all around
Minimum Deposit – $100 USD/ 140SGD
MAS Regulation Number – 200510021K
Instruments Available – 2000+
Spreads – from 0.2
IG Markets is our idea of the best forex broker Singapore. As a multi regulated broker with a global presence, IG offer a wide range of currency pairs, an excellent forex trading platform and tight spreads.
The instrument range offered by IG goes way beyond forex, and is largely unrivalled amongst most forex brokers in Singapore apart from potentially that provided by Plus500. With a list of real stocks, ETFs, options, Turbos, commodities, and CFDs across thousands of assets, you will never be short of a market to trade.
IG Markets are an MAS regulated broker, alongside FCA, ASIC, and many other International agencies. This goes some to making IG a truly trusted forex broker Singapore users can rely on. For anyone already used to other forex trading platforms, IG Markets offers a variety including those from MetaTrader, NinjaTrader, and its own proprietary platform, WebTrader.
2. The best forex broker in Singapore – FXChoice have been delivering tight spreads, and great service for a decade
MINIMUM DEPOSIT : $10
INSTRUMENTS : 100+
SPREADS : From 0.0
LEVERAGE : Up To 1:1000
YEAR FOUNDED : 2010
FXChoice are an international broker that has been building a strong reputation over the past 10+ years, in all the areas they choose to compete. When considering what separates FXChoice from the remainder of the best forex brokers in Singapore, one thing that clearly stands head and shoulders above the competition is the range of promotions that the broker delivers to users. Deposit bonuses, no deposit bonuses, loyalty programs, and referral bonuses are just some of the additional extras you can expect when you make FXChoice your choice.
Outside of the gloss of bonuses and looking under the hood of the broker, you will find NDD (No dealing desk) execution, with low spreads, all available on the best trading platforms in MT4, and MT5. If you are looking to invest in real stocks or ETFs, you will want to do that elsewhere; FXChoice do not compete in those areas. Where they do compete is delivering a good range of forex pairs, commodities, indices, and stocks CFDs primarily from UK, USA, and European listed markets.
The FXChoice spreads start from 0.0 on Pro accounts (with $3.5 per lot commissions) or 0.5 on the Standard account, which competes with the best value brokers on the market. You also have one of the lowest entry points to trading in Singapore, with FXChoice minimum deposit being just $100 to get started, and $10 thereafter for any additional deposits made.
As an internationally regulated broker with FSC, FXChoice do not hold local offices in Singapore, but are available all around the clock when you need to get hold of customer support on a ticket system, telephone callback, or live web chat. This is made possible by virtue of the fact they have customer support 24 hours a day, 5 days a week. This area is also one that the broker has won numerous awards over the years, with Excellent Customer Service awards from live help now from 2019 through to present day.
So why FXChoice as top forex broker Singapore?
Spreads, service, and selection are what keeps FXChoice reviews coming back positive year upon year. As one of the only trusted brokers on the market to accept cryptocurrency deposits, there is also rather a niche place for FXChoice among forward thinking traders looking to utilize their crypto rather than let it sit. We have taken reviews from all around trusted portals to get a longer look back at FXChoice than we were able to do in our own full review of the broker, and as you can see from the above, there are many trusted platforms that continue to show FXChoice as being up there among the best.
3. Plus500 is the best CFD broker in Singapore (with forex trading)
Minimum Deposit – $100 / 140 SGD
MAS Regulation Number – CMS100648-1
CFD Instruments Available – 2000+
Spreads – from 0.7
If you’re looking for a trusted, reliable and regulated forex broker in Singapore, Plus500 is a great choice. Plus500 is a leading online provider of CFD trading services, offering its customers the opportunity to trade a wide range of financial instruments on the world’s major markets.
Plus500 is authorised and regulated by the Monetary Authority of Singapore (MAS), so you can be sure that your trading activities are conducted in a safe and secure environment.
Whilst Plus500 has one of the best forex trading platforms in Singapore, they are also one of the best CFD brokers globally. They offer a wide variety of currency pairs and CFDs to trade, have some of the lowest spreads in the industry. You will also find an award winning CFD trading platform, and an easy to use mobile trading app, so you can trade on the go.
All around, Plus500 offer the best trading platform for beginners, and are the best CFD broker in Singapore.
4. The Next Best Forex Broker Singapore Continues With PhillipCapital
Minimum Deposit – $5000
MAS Regulation
CFD Instruments Available – 5000+
PhillipCapital has been consistently considered as one of the best forex brokers in Singapore, with a long standing history dating back to 1975. You will find a wide range of currency pairs (40), competitive spreads, and excellent customer service. PhillipCapital also offers a variety of trading platforms, including MetaTrader 4 and its own proprietary platform, PROfit.
Phillip Capital is headquartered locally, which shows a good commitment to forex traders in Singapore. Overall, although PhillipCapital may not be solely a forex broker, the range of instruments including futures, options, securities trading, and direct market access is something which puts this platform firmly in the list of the best forex brokers Singapore has available.
You will need to keep an eye on the PhillipCapital minimum deposit, which is higher than a lot of other retail forex trading platforms in Singapore, and the processes required to open different types of accounts can be more complicated than a standard online broker. With all that being said, you are best to check this out yourself first, and see whether you require the full range of services offered by Phillip Capital, or the more simple Cash Plus account.
5. CMC Markets
CMC Markets is another Internationally regulated top forex broker in Singapore, offering a large selection of currency pairs and competitive spreads. CMC Markets also offers a variety of trading platforms, including MetaTrader 4 and its own proprietary platform, Next Generation.
Regulated by MAS under Reg. No./UEN 200605050E , this puts CMC Markets firmly in the list of brokers that anyone interested in forex trading in Singapore will want oto pay attention to.
6. Oanda
Oanda is another great forex broker in Singapore, offering a wide range of currency pairs and tight spreads. Oanda also offers the popular MetaTrader 4 platform and its own proprietary web-based platform, fxTrade.
7. FXCM
FXCM is another top forex broker in Singapore, offering a wide range of currency pairs and competitive spreads. FXCM also offers the popular MetaTrader 4 platform as well as its own proprietary web-based trading platform, Trading Station.
8. AvaTrade
AvaTrade is another excellent forex broker in Singapore, offering a wide range of currency pairs and tight spreads. AvaTrade also offers the popular MetaTrader 4 platform as well as its own proprietary web-based trading platform, AvaTrader.
9. Saxo Bank
Saxo Bank is another great forex broker in Singapore, offering a wide range of currency pairs and competitive spreads. Saxo Bank also offers the popular MetaTrader 4 platform as well as its own proprietary web-based trading platform, SaxoTrader.
10. Swissquote
Swissquote is another top forex broker in Singapore, offering a wide range of currency pairs and tight spreads. Swissquote also offers the popular MetaTrader 4 platform as well as its own proprietary web-based trading platform, Advanced Trader.
11. Interactive Brokers
Interactive Brokers is another excellent forex broker in Singapore, offering a wide range of currency pairs and low commissions. Interactive Brokers also offers the popular MetaTrader 4 platform as well as its own proprietary web-based trading platform, Trader Workstation.
12. TD Ameritrade
TD Ameritrade is another great forex broker in Singapore, offering a wide range of currency pairs and tight spreads. TD Ameritrade also offers the popular MetaTrader 4 platform as well as its own proprietary web-based trading platform, thinkorswim.
Is forex trading legal in Singapore?
Yes, forex trading is legal in Singapore and regulated by MAS.
There are many best forex brokers in Singapore to choose from and it is easy to get started, but not easy to be successful. Having access to some trading strategies and a dedicated trading plan will make your journey that bit more structured.
All you need to start trading forex in Singapore is a computer with an internet connection and a trading account with an MAS regulated forex broker. You can trade forex online with a growing number of regulated trading platforms in Singapore, all from the comfort of your own home.
Forex Regulators in Singapore
Forex brokers in Singapore are required to be regulated by the Monetary Authority of Singapore (MAS). MAS is a member of the Asian Bankers Association, International Organization of Securities Commissions and the Financial Action Task Force.
The forex industry in Singapore has been growing at a rapid pace over the past few years and there has been a range of Internationally recognised forex and CFD brokers in Singapore emerging.
Forex brokers in Singapore offer a variety of services and are not only limited to forex these days. You will usually find many offering CFDs, commodities, indices, stocks, and cryptocurrencies alongside forex trading, forex investment and forex education.
There are many forex brokers in Singapore that offer a wide range of services so it is important that you choose a broker that best suits your needs and requirements.
Forex Trading Singapore Dollar
If you’re looking to start trading forex in Singapore, there are a few things you should know. First of all, the Singapore dollar is the official currency of Singapore.
It’s also one of the most traded currencies in the world, and is considered to be a safe haven currency in Asia. That means that it’s often used as a store of value during times of economic uncertainty.
The Singapore dollar is also one of the most liquid currencies in the region, which means that it’s easy to buy and sell. The Singapore dollar is a floating currency, meaning that its value is constantly changing in relation to other currencies, and this is where forex trading comes in.
If you would like to know more about how forex trading works, we have put together a free dedicated section to help with the basics of forex education.
Best Forex Broker Singapore Rating Criteria
When selecting the forex broker Singapore, some of the key considerations include the size of the broker’s dealing desk, the trading platforms offered, the level of customer support provided, and the types of instruments available.
Additionally, it is important to look for a broker that offers competitive spreads and low trading commissions, as these factors can have a significant impact on your bottom line.
If you are new to forex trading and are looking for guidance on how best to get started, there are a number of online resources and educational platforms available that can help you on your journey. With the right tools, trading indicators, knowledge, and support, you can make the best choices for your trading success and achieve your financial goals but it is by no means easy.
Not everyone is suited to forex trading, but for those that are, it is important to choose a broker that best suits your needs. Here are some things to consider when choosing the best forex broker in Singapore for you.
1. Regulations and Licensing
The first thing you should check when choosing a forex broker is whether they are regulated and licensed by the Monetary Authority of Singapore (MAS), or an international regulator of good standing.
This ensures that the broker is compliant with Singaporean laws and regulations.
2. Best Forex Trading Platforms and Tools
The next thing to consider is the trading platform and tools that the broker offers. Make sure that the platform is user-friendly and has all the features and tools you need to trade effectively.
Depending on the level you are already at in your forex trading, you may need different types of trading platforms. The best forex trading platforms are often supplied by the best forex brokers, and they have different versions or platforms for different users. You will find proprietary, and trading platforms such as MT4/MT5 often provided by the same forex brokers in Singapore.
3. Customer Service
Good customer service is essential for any broker. You should be able to contact customer service easily and they should be able to help you with any queries you have.
It is important that the customer support are knowledgable about local instruments and available during Singapore trading hours.
4. Fees and Commissions
When choosing a forex broker, it’s important to compare the fees and commissions that they charge. Some brokers may have higher fees but offer better trading conditions, so it’s important to compare the overall value that the broker offers.
5. Deposit and Withdrawal Options
The deposit and withdrawal options offered by a broker are also important to consider. Make sure that the broker offers options that are convenient for you and that you are able to withdraw your money easily.