Best Forex Brokers in Singapore

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.

  • XM is the Best Forex Broker in Singapore with the lowest spread
  • OctaFX – Top Regulated CFD Broker & Fast Account Opening
  • Pepperstone –  ECN Razor spread 0.0 Pip
  • XTB – Great web-based trading platform (xStation)
  • Skilling – Excellent Mobile Trading Apps
  • HFM (HotForex) – High Welcome Bonuses for clients from SG


How did select the best FX brokers in Singapore?

To evaluate each forex 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



  • $50 No Deposit Bonus
  • Leverage: 1000:1
  • Min Deposit  $5
  • Base Account Currency SGD
  • 50+ Currency pairs
  • Safe & Regulated
  • Islamic Accounts
  • FX Spreads from 0 Pips
  • English support 24/7
MT4, MT5

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



  • $5000 cash bonus or 10% spread rebate
  • 70+ Currency fx pairs
  • SGD base account currency
  • Min deposit $10
  • 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

  • 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
HFM logo
  • 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

winner's cup

Pepperstone – Best Overall with Ultra Low Spread


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 a well known broker for its extremely low spread & high customer loyalty.

  • Account Currencies: SGD, USD, EUR, GBP, AUD, CHF, HKD, NZD, JPY
  • Non-dealing desk ECN/STP broker
  • Awarded as “2023 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


XM – High Leverage MT4 Broker with No Deposit Bonuses

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.

  • Base account currency: SGD Dollar
  • Max. Leverage up to 1000: 1
  • 50% BONUS up to the deposit of $ 500*
  • 20% BONUS up to $ 4500* deposit
  • Super safe & perfect for larger deposits
  • 56 currency pairs
  • 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 $500
  • Excellent for Expert Advisor or FX Robots
  • Stocks trading only as CFDs
  • Not available to USA traders

 Visit XM.COM

Expert guide for choosing 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. MAS 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. Trading 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’s (Frequently Asked Questions)

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.

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.

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.

What is the Best Time to Trade on Foreign Exchange for traders located in SG?

The best time for foreign currency trading in Singapore is during off hours, during the late-US, Asian or European trading sessions, starting from 8AM until 12PM Singapore time zone.

How to start forex trading as a Singapore citizen?

As a Singapore citizen we recommend you to take these steps to start trading forex: First of all do the research and compare forex brokers. Choose a reputable, MAS-regulated forex broker. Open a trading account (demo or live) with the selected broker. If you feel you are ready, you can deposit funds using a preferred payment method. Develop a trading plan and trading strategies, and dont forget to set goals. Begin trading!

What is 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 regulated forex brokers are a safe and secure bet for Singaporeans who are serious about online fx trading and want to start their trading career. 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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