Do you live in Singapore and you want to start with forex trading ?
Here is the full list of best forex brokers in Singapore regulated by MAS that we have carefully tested and reviewed for you in 2018.
Top 10 Forex Brokers in Singapore (Comparison)
Table of Contents
|Forex Broker's Name||Trust Score||Bonus||Max. Leverage||Trading Platform||Our Review|
|9.5 / 10||$30 FREE*|
up to $4000 bonus
|9.4 / 10||up to $5000 bonus||200:1||MetaTrader 4|
|9.3 / 10||-||300:1||MetaTrader 4||Markets.com review|
|4.||9 / 10 ||-||400:1||CopyTrader™ ||eToro review|
|5.||8.9 / 10||100%**||500:1||MetaTrader 4||HotForex review|
**Your capital is at risk
|8.9 / 10||-||500:1||WebTrader|
|IQ OPTION review|
|7.||8.6 / 10||-||WebTrader|
|8.||8.6 / 10||40%||400:1||MetaTrader 4||AvaTrade review|
**CFD Service. 80.6% lose money
|7 / 10||-||-||WebTrader||Plus500 review|
|10.||5 / 10||1000:1||MetaTrader 4||Instaforex review|
- 2018 Winner – Best Forex Trading Platform in Singapore !!
- Perfect for large deposits
- Perfect for micro accounts
- NO DEPOSIT BONUS $ 30*
- 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
Is Forex Trading Legal in Singapore?
Singaporeans can trade currencies online with any forex company they want. Currency trading has been very popular and fortunately completely legal in the country.
Most sophisticated traders of course turn to top notch foreign forex trading companies with are located in London (FCA regulated), Cyprus (Cysec) or Australia (ASIC) and select the one that fits their own trading style the best.
Who regulates forex brokers in Singapore?
MAS (Monetary Authority of Singapore) regulates currency trading companies in SG.
What is MAS Monetary Authority of Singapore ?
MAS (Monetary Authority of Singapore) – is a central bank of SG. Its main role is to keep a healthy monetary market by ensuring the financial stability of the country by ensuring inflation rate and economing growth is at 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.
Singapore currency 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.
What is 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.
Now 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 / citizens
** Maximum Leverage for European Union residents/citizens is only 30:1