Best Forex Brokers in SINGAPORE 2020

Last updated: May 17th, 2020

In this article we provide you with full list of best forex brokers in Singapore fully regulated in credible jurisdictions.

Compare in detail all authorised forex brokers in Singapore for the year of 2020.

Forex BrokerVisitTrader's ScoreWhy trade?PlatformsRead Review

XM

Very famous FX platform in Singapore
  • Low Spreads
  • SGD Base Currency
  • SWAP Free Islamic Accounts
  • Leverage: 888:1
  • Local Deposit Methods
  • Fast Trade Execution
  • No requotes
  • 56 currency pairs
  • Deposit min: $10
  • 35$ No Deposit Bonus
  • MT4, MT5 WebTrader iOS/Android

    etoro

    Social Trading Platform
  • Deposit min: $200
  • Islamic Account
  • Market maker
  • 46 currency pairs
  • 1500+ Stocks
  • Indices, ETF
  • 15+ Crypto!
  • Leverage: 400:1
  • Spread: 3 Pips
  • English support
  • CopyTrader™ iOS/Android

    Pepperstone

    True ECN FX Broker
  • For advanced and beginners
  • Deposit min: $200
  • Islamic Account
  • 86 Currency pairs
  • MT4/MT5/cTrader
  • Leverage: 400:1
  • Spread: 0,1 Pips
  • Arabic/English support
  • MT4; MT5, cTrader, WebTrader iOS/Android

    XTB

    Best CFD Broker in Europe
  • Good for beginners
  • SWAP Free Islamic
  • Market maker
  • High quality online education
  • 48 Currency pairs
  • MT4/MT5
  • Deposit Min: $400
  • Leverage: 300:1
  • Spread from 0 Pips
  • English support
  • Fast Withdrawals
  • MT4; MT5 WebTrader iOS/Android

    HotForex

  • Deposit min: $50
  • Swap FREE Islamic
  • 48 currency pairs
  • Expert Advisor/Forex Robot
  • Leverage: 1000:1
  • Spread: from 0 Pips
  • Bonuses: 100%
    MT4, MT5 HF Copy

    Henyep Markets

  • Deposit min: $800
  • Islamic Account
  • DFSA License Dubai
  • FCA UK License
  • Leverage: 200:1
  • Spread: 1 Pips
  • MT4/MT5 iOS/Android -
  • Deposit min: $100 Leverage: 30:1 Spread: from 1 Pips
  • MT4 AvaGO AvaOptions iOS/Android

    Instaforex

  • Deposit min: $100
  • Leverage: 1000:1
  • Spread: from 1 Pips
  • MT4; WebTrader

    What is the best forex broker Singapore?

    This is the carefully selected list of what we believe are the top forex brokerages.

    1. XM ⇒ best for low spreads + deposit money in SGD
    2. eToro ⇒ best platform for Forex, Oil, Crypto
    3. IQ Option ⇒ all in one; Top in Singapore
    4. Pepperstone ⇒ true ECN fx broker + low spreads
    5. HotForex ⇒ good reputation in Asia + competitive spreads

     

    • 2018 Winner – Best Forex Trading Platform in Singapore 
    • Deposit in SGD currency
    • Trade SGD vs all major currencies (USD,EUR,JPY,AUD,NZD)
    • Perfect for large deposits
    • Perfect for micro accounts
    • 50% BONUS up to the deposit of $ 500*
    • 20% BONUS up to $ 4500*
    • No slippages / price requotations
    • Very fast trade execution
    • Metatrader 4 and 5 trading platforms are available
    • Free VPS for deposits over $ 5000
    • An Excellent trading platform for Expert Advisor OR FX Robots
    • 56 global currency pairs available
    • Spreads starting from 1Pip
    • Max. Leverage up to 888: 1*
    • Guaranteed Stop Loss
    • Protection against the negative balance

     

    XM webtrader (click to enlarge)

    What to look for in a good Singapore forex trading platform online

    If you are just starting out to trade forex, it might be very frustrating to select the right online trading platform due to sheer number that is available to Singaporeans.

    • REGULATION – All trusted online trading platforms must be regulated by some of the sound international institutions such as FCA (UK), ASIC (Australia) or CySEC (Cyprus). There are also many Singapore brokers that are regulated directly by MAS Monetary Authority (Central bank).

     

    • COMMISIONS – Commisions are calculated as a fixed fee that you pay for each round Lot traded. Commisions are usually around $7. Some fx brokerages offer a trading account where you do not pay a commisions. For this type of account, however, look at the spreads for your currency pair, which tend to be usually slightly more expensive than the merchant account where you pay the flat commision transaction fee.

     

    • SPREAD – If you choose a trading account with no commisions, the optimum spread for intraday trading is around 1.2 pips. If you choose a trading account with an order execution fee, the best Forex broker offers a spread on the EUR / USD currency pair from as low as 0.01 pips.

     

    • CUSTOMER SUPPORT – This is crucial! Quality brokers offer customer support 24 hours 5 days a week. All of them have customer support not only in English language but also other world languages and some might even have support in Malay or Thai language.

     

    • TRADING PLATFORMS – The MT4 trading platform, or an improved version  MT5, is nowadays a golden standard in forex trading. Some professional trading platforms also include cTrader. Almost each brokerage is offering its own Webtrader solution (many use Sirix platform which is excellent) and inhouse built iOS/Android Apps.

    best forex broker singapore


    What is better Market Maker or ECN ?

    There is a never ending discussion on forex forums among the traders whether Market maker or ECN is better solution.

    Dealing desk or Market Makers are creators of the market prices. That means they are the counter party for each trade that you open via your trading platform. With small volume (if you trade up to 50 standard lots each day) market makers have no problem to fulfill your orders in mili-seconds. In case you start trading volume of millions $$ every day they might be in trouble and start hedging their positions on the forex market.

    In our opinion if you are just starting out with small capital (less than $1k deposit) then just start with market maker without any doubt.

    We recommend ECN brokerage (Electronic Communication Network) for high volume and high frequency trading , otherwise you dont’ reap the full benefits of ECN broker in our opinion. You pay besides the spread also the commision around “$7 per trade” for each trade regardless if you trade micro lots of standard lots.

    Is Forex Legal in Singapore?

    Yes unlike in Indonesia where forex is illegal, Singaporeans are free trade currencies online with any forex broker they want. Currency trading has been very popular and is fortunately completely legal in the country. At the moment there are more than 550 financial providers present in the country. Though the forex trading is completely legal here, always make sure to check the reviews before depositing.

    The most sophisticated traders of course turn to top notch foreign forex trading companies for example XM which are located in the world’s renowned financial centers like London (FCA regulated), Cyprus (Cysec) or Australia (ASIC) and select the one that fits their own trading style the best.

    Is Income from Forex Taxable in Singapore?

    This is good question. As many investors know, in Singapore there is no capital gains tax, in fact there is only income tax. The profits made during intraday trading should be logically can be subject to income tax. However if you want to be 100% sure, we strongly advise you to speak with your local IRAS tax advisor whether the profits are income or capital gains.

    What are the best times to trade forex

    Important to know: Local citizens need to align with different time zones. Since most trading activity is during Asian, European and US sessions, you will need to wake up a bit earlier.

    singapore forex market hours
    Singapore forex market hours

    the best time to trade is during off hours meaning during the late-US, Asian or European trading sessions, that means 8AM until 12PM Singaporean time zone.

    Most people trade forex during the peak times (during high volatility), but we think this is the best way to blow your trading account fast. Most traders should stay away from high volatility.


    MAS is responsible for regulating forex brokers in Singapore

    MAS (Monetary Authority of Singapore) regulates financial market operators in Singapore including forex trading brokers and stock trading companies.

    MAS monetary authority singapore logo
    Image source: mas.gov.sg

    What is MAS Monetary Authority of Singapore

    MAS (Monetary Authority of Singapore) established by the government in 1971 as a Central bank of SG is a powerful local regulatory agency with a serious regulatory capacity. Its main role is to keep a healthy monetary market by ensuring the financial stability of the country by ensuring inflation rate and economic growth is at a sustainable level. Besides being a central bank, MAS is also the only official regulatory body in the country. Its main role is the regulation of financial capital market. Besides other tasks they are the watchdog for forex trading companies in Singapore.

    It is wise to consider MAS-regulated brokers

    MAS-regulated brokers are a safe bet for Singaporeans who are serious about online trading and want to start trading with their hard earned cash. The fact is, that MAS-regulated brokerages need to meet very strict requirements set by the Monetary Authority.

    MAS has introduced financial educational programme called MoneySENSE

    MoneySENSE has started in the last decade as a financial educational for masses of financial consumers with a goal to educate and increase financial literacy in the country.

    Complete list of all MAS regulated forex brokers

    BrokerMore InfoFull nameContact
    PLUS500SG PTE. LTD.1 TEMASEK AVENUE #18-07 MILLENIA TOWER 039192
    Saxo Capital Markets Pte. Ltd. 3 CHURCH STREET #30-00 SAMSUNG HUB 049483
    CMC Markets Singapore Pte. Ltd. 9 RAFFLES PLACE #30-02 REPUBLIC PLAZA TOWER 1 048619
    City Index Asia Pte. Ltd
    GFT Global Markets Asia PTE LT
    OCBC Securities Private Limited18 CHURCH STREET #06-00 OCBC CENTRE SOUTH 049479
    OANDA Asia Pacific Pte Ltd50 COLLYER QUAY #04-03 OUE BAYFRONT 049321
    IG Asia Pte Ltd9 BATTERY ROAD #01-02 MYP CENTRE 049910

     


    Overview of Singapore financial market

    Forex is very popular in Singapore and the country is a gateway to the South East Asia and also an international financial hub together with Hong Kong.

    Since 1999 the SGX is the main Singaporean Securities Exchange. SGX holds the main stock market index called STI (Straight Times Index) that consists and tracks the performance of top 30 companies listed on SGX exchange.

    Most commonly traded forex pairs

    Forex brokers allow Singaporeans to trade with all major and exotic world forex pairs , but  they most frequently traded including the local currency are:

    1.  USD SGD
    2.  EUR SGD
    3.  GBP SGD
    4.  SGD JPY

    Singapore currency trading facts

    Name of currency: Singapore Dollar

    International short name: SGD

    The SGD currency has been introduced in 1965 when Singapore has gained its independency. During the first decades the SGD was pegged to GBP and then to USD but since 1985 it is floating.

    Read more interesting facts about SGD Dollar on Wikipedia.org

    How to start forex trading

    Forex stands for “foreign exchange” and describes the trading of currencies in the foreign exchange market. Unlike the securities markets, the foreign exchange market is decentralized : trading takes place directly and almost completely electronically between the market participants. Market participants are large banks and other institutional investors. Here is full article on getting started with forex trading in Singapore where you can find the A to Z guide.

    Let’s dive into the main definitions:

    • Base Currency: In USD /SGD currency pair this is the USD
    • Quote Currency: In the USD /SGD, this is the SGD
    • Standard lot: 100,000 units of the base currency
    • Pip: a change by one unit on the fourth decimal place
    • Long position: Speculation on appreciation of the base currency
    • Short position: Speculation on devaluation of the base currency

    The hypothetical forex trade: The USD/SGD is quoted on the foreign exchange market at 0.75, for 1.00 USD are therefore paid 0.75 SGD. Say you expect the USD to appreciate against the Singapore dollar and therefore you open a long position of one standard lot (100,000 units) at a price of 0.75

    Your assessment was correct: the exchange rate rises to 0.80 USD/SGD within a few hours. You smooth the position to this course and make a profit.