Best Forex Brokers in SINGAPORE 2019

Last updated: September 12th 2019

In this article we provide you with full list of best forex brokers in Singapore fully regulated in credible jurisdictions. Many of them we have carefully tested and reviewed for you .

Quick comparison: Best Forex Brokers Singapore

  • XM.COM  ⇒ MT4/MT5, deposit money in SGD, low spreads, super fast
  • ⇒ MT4/MT5 + very low spreads & awesome support
  • eToro ⇒ automatically copy other traders
  • IQ Option ⇒ forex, binary options, stocks …

Compare in detail all authorised forex brokers in Singapore for the year or 2019.

Forex Broker's Name
singapore forex
More InfoTrust ScoreMinimum depositIslamic AccountMax. Leverage (EURUSD)Trading PlatformOur Review


9.8 / 10 $5YES Swap free tradingup to 888:1MetaTrader 4
MetaTrader 5
Android/iOS Apps
XM review


9.5 / 10 $50YES Swap free trading1000:1
MetaTrader 4HotForex review


75% of CFD retail accounts lose money.

9 / 10
$200YES Swap free trading300:1 under ASIC license

eToro review

Henyep Markets

9 / 10 $1000YES Swap free trading200:1
MetaTrader 4


9 / 10 $10-500:1
Forex, Stocks, ETF
Binary Options
Android/iOS Apps
IQ OPTION review


8 / 10 $100-400:1
MetaTrader 4
AvaTrade review


76.4% of retail CFD accounts lose money
8.6 / 10 $100--WebTraderPlus500 review

24 Option

8.5 / 10 $200-WebTrader
Android/iOS Apps


5 / 10 $300-1000:1
MetaTrader 4Instaforex review

  • 2018 Winner – Best Forex Trading Platform in Singapore !!
  • Deposit into account 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 500: 1*
  • Guaranteed Stop Loss
  • Protection against the negative balance

Visit XM.COM + GET the BONUS

xm logo

Is Forex Trading 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.COM which are located in 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 Trading 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 in Singapore

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.

According to “the best time to trade is during off hours meaning during the late-US, Asian or European trading sessions, that means 2AM until 6PM 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

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.

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

How to start forex trading in Singapore

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.

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.

* T&C’s Apply. Trading Bonuses are not available for European Union residents
** Maximum Leverage for European Union residents/citizens is 30:1