Best Forex Brokers in Singapore in 2023

Our trading experts have prepared this broker’s guide with the aim of helping you save time with Singapore forex accounts research.

Top 6 Forex Brokers in Singapore

Here is the list of the best forex brokers in Singapore based on our in-depth analysis.

  • Pepperstone is the Best Forex Broker in Singapore with the lowest spread
  • XM – High Leverage 1:1000 + No Deposit Bonuses
  • OctaFX – Top Regulated CFD Broker & Fast Account Opening
  • Skilling – Excellent Mobile Trading Apps
  • XTB – Great web-based trading platform (xStation)


How did select the best FX brokers in Singapore?

To evaluate each broker, our expert Team has conducted the following steps:

  1. Verified if the broker is regulated by a reputable regulatory body.
  2. Analyzed the costs associated with forex trading, such as spreads, withdrawal charges, and commission.
  3. Verified the min deposit required to open an account.
  4. Opened a account and evaluated forex trading platform’s functionality, including charting, features, ease of use, and customer service.

Compare the best forex brokers

Broker More InfoBenefits PlatformsReview



  • 70+ Currency fx pairs
  • SGD base account currency
  • Min deposit $1
  • Fast & safe deposits/withdrawals
  • All SGD currency crosses available
  • Average EUR/USD spread 0,09 Pip
  • ECN Razor spread 0.0 Pip
  • Regulated: UK, EU, UAE, Asia, Australia
  • Islamic Accounts
MT4; MT5,
Pepperstone Review



  • $30 No Deposit Bonus
  • Leverage: 1000:1
  • Min Deposit  $5
  • Base Account Currency SGD, USD
  • 56 Currency pairs
  • Fegulated: UK, EU, AU, South Africa
  • Islamic Accounts
  • FX Spreads from 0 Pips
  • English support 24/5
MT4 / MT5
XM Apps
XM Review
  • 50% Welcome Bonus
  • Min. First Deposit $25
  • Forex spreads from 0.7 Pip
  • CopyTrading
  • Negative balance protection
  • Fast deposits/withdrawals
  • Regulated in SVG and Cyprus
MT4, MT5

  • Perfect for beginners
  • Min Deposit $100
  • Forex Spreads from 0.2 Pip
  • Intuitive and easy to use 
  • Strictly Regulated & Licensed
  • FOREX, Shares CFDs, Cryptocurrencies, 
  • 46 Currency pairs
  • Access to 2000+ markets
  • Quality Online education
  • Fast Withdrawals
MT4 Metatrader
  • Leverage up to 1000:1
  • Bonuses up to 100%
  • Min Deposit $50
  • Average EUR/USD 0.8 Pips
  • Islamic Accounts
  • 48 currency pairs
  • Spread: from 0 Pips
MT4, MT5
HFM App for iOS/Android
Hotforex Review

1) Pepperstone – Best Overall with Ultra Low Spreads


Founded in 2010, Pepperstone is authorised and regulated, multi-awarded ECN broker with ultra low spreads.

Competitive pricing and state of the art trading tools Metatrader 4, Metatrader 5 and cTrader, makes it a good choice for those who want to start trading.

Pepperstone is truly a world leader in forex trading, with the aim to provide an excellent customer support and top notch trading tools .

Pepperstone broker is well known for its Extremely Low Spreads & High Customer Loyalty.

  • Account Currencies: SGD, USD, EUR, GBP, AUD, CHF, HKD, NZD, JPY
  • Non-dealing desk ECN/STP broker
  • Awarded as “2022 Best Forex Trading Platform in Singapore”
  • Access to over 70+ currency pairs
  • Spreads from 0.0 Pips (on Razor Account)
  • Average spreads on Razor Account are:
  • AUD USD: 0.17 Pips
  • EURUSD: 0.09 Pips
  • GBPUSD: 0.59 Pips
  • USDCAD: 0.31 Pips
  • USDCHF: 0.35 Pips
  • USDJPY: 0.25 Pips
  • Account Types: Razor, Standard, Islamic Account, MAM/PAMM
  • CFDs on Stocks, CFDs ETFs, Indices, CFDs on Commodities
  • Hedging / Scalping trading strategies allowed
  • MT4, MT5, cTrader, TradingView platforms
  • Only FX and CFDs
  • Stocks trading only as CFDs
  • Not available to USA traders


2) XM – High Leverage 1:1000 & No Deposit Bonus

Established in 2009, XM Group company has quickly become the leader  in retail fx exchange industry. XM Group is regulated in three tier-1 jurisdictions ,FCA U.K., ASIC Australia, CySEC Cyprus and one tier-2 jurisdiction making it a very safe platform. With the complete MetaTrader suite it is challenging its direct competitors. It caters to all types of forex traders.

  • 50% BONUS up to the deposit of $ 500*
  • 20% BONUS up to $ 4500* deposit
  • Super safe & perfect for larger deposits
  • 56 currency pairs
  • Base account currency: SGD Dollar
  • Max. Leverage up to 1000: 1
  • Trade SGD vs all major currencies (USD,EUR,JPY,AUD,NZD)
  • Micro lots
  • Free Demo Account
  • No slippages / price requotations
  • Metatrader 4 / Metatrader 5
  • Free VPS for deposits over $5000
  • Excellent for Expert Advisor or FX Robots
  • Stocks trading only as CFDs
  • Not available to USA traders

 Visit XM.COM

How to pick a good forex broker?

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

1. Regulation

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

2. Fees and 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, every solid fx broker offers a spread on the EUR / USD currency pair from as low as 0.01 pips.

3. Local customer support

Loca broker’s customer support in your time zone is crucial if you are located in Singapore. High quality forex 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.

4. Forex Trading Platforms

The MT4 Metatrader trading platform, or an improved version MT5, is nowadays a golden standard in forex currency trading. Some professional trading platforms also include cTrader or recently TradingView.

Almost each brokerage offers its own proprietary web based solution that is good especially for beginners. Getting an access to a web based platform as a beginner can be a smart move, since you don’t need to fiddle with Metatrader or cTrader, since there is a steep learning curve. There is also no need to install any additional software to your computer, you just open the web browser then login and start trading right away.

FAQ (Frequently Asked Questions)

Q: Is Trading Forex Legal in Singapore?

Yes forex trading is legal in Singapore but regulated by Tier-1 financial markets regulator MAS Monetary Authority of Singapore. It is important for you as a trader to ensure that you are using a licensed and reputable broker before engaging in forex trading in Singapore.

Q: Can SG residents choose international broker?

Yes you as a Singaporean resident are technically free to choose any international forex broker that is not regulated by the Monetary Authority of Singapore (MAS). The MAS has strict regulations in place to protect you as an investor and prevent money laundering and other illegal activities.

Q: Is income from forex taxable in Singapore?

Singapore has 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.

Q: What is the Best Time to Trade on Foreign Exchange?

SG citizens need to align with different time zones. Since most trading activity happens during Asian, European and US trading sessions, you will need to wake up a bit earlier.

singapore forex market hours

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

How to start forex trading

Forex stands for “foreign currency exchange” and describes the trading of currencies on the FX markets. 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. Don’t forget, there is a significant risk of loosing money, as financial markets tend to be volatile.  If you can, use risk management tools like stop loss orders to mitigate any future loss. Here is full article on getting started with online 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 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.

What is CFD trading and how does it work?

CFD trading is a popular form of online trading in Singapore. CFD, or Contract for Difference, is a type of derivative instrument that allows traders to speculate on the price movement of an underlying asset, without actually owning the asset.

CFDs are traded on margin, meaning that traders only need to put down a small deposit, or margin, to open a position. This makes Trading CFDs an attractive proposition for many traders as it allows them to take on larger positions than they would be able to with their own capital.

However, it is important to remember that CFD trading is a leveraged product, which means that losses can exceed deposits. Therefore, it is essential that traders have a good understanding of the risks involved before entering into any trades.

In Singapore, It is available through a number of online brokers. Most of these brokers offer demo accounts, which allow traders to test out the platform and familiarise themselves with the features before risking any real money.

MAS Monetary Authority of Singapore

MAS (Monetary Authority of Singapore) regulates financial market operators in Singapore including forex trading brokers and stock trading companies for example CMC Markets, Saxo Markets, City Index, Interactive Brokers etc.

MAS monetary authority singapore logo
Image source:

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, it is also the only official regulatory body in the country. Its main role is the regulation of financial capital market. MAS also issues the capital markets services licence. Besides other tasks they are the watchdog for financial brokerages in Singapore.

MAS regulated forex brokers are a safe bet for Singaporeans who are serious about online trading and want to start trading with their hard earned cash. It is a matter of fact that MAS-regulated brokerages (Oanda, Saxo Markets, City Index, CMC Markets, Interactive Brokers etc.) need to meet very strict requirements set by the Monetary Authority.

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