Advertising DisclosureWe're committed to the highest standards of editorial integrity. Still, it's crucial to recognize that some products we mention come from our partners.

Here's an insight into how we make money. While we strive to be comprehensive, the compensation we receive can influence the products, companies, or services we showcase and review. Not all available options may be featured on this page.

8 Best Forex Brokers in Singapore for 2024

Looking for the top broker in Singapore? Based on our hands-on analysis, we’ve identified 8 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Vladimir Zernov
Reviewed By:
Ola Alder
Updated: Apr 11, 2024

List of Top Forex Brokers & Platforms in Singapore

Plus500 - Best Overall
Well-known LSE-listed company. MAS regulation. Easy-to-use proprietary platform. Above average instrument selection.

IG - Best MAS-Regulated
MAS regulation. 17,000+ financial instruments. Well-known and established broker. Responsive proprietary trading platforms. Comprehensive research and educational tools.

AvaTrade - Best Forex Trading Platform
Propriety web and mobile platform, MetaTrader4/5. Above average instrument selection. Multiple account types.

IC Markets - Best Low Spreads
Low fees. A decent range of trading platforms. Suitable for beginners and advanced traders.

OANDA - Best Trading App
Well-known and established broker. MAS regulation. Multiple account types. Strong educational and research content.

Swissquote - Best for Beginners
Intuitive platform. Comprehensive courses and webinars.

Tickmill - Best for Education
90 videos, 700 webinars, and offline seminars for traders. Several account types. Multiple third-party tools. Wide range of available instruments.

Vantage - Best for Cryptocurrency Trading
34 cryptocurrencies. Vantage mobile app. Live webinars.

Forex Trading in Singapore

Singapore is a well-regulated industry with reputable brokers offering a wide range of products and services to traders. When choosing a forex broker in Singapore, it is important to consider the broker’s reputation, regulatory compliance, trading costs, customer support, and the range of products and services offered.

To provide CFD and forex trading solutions to clients in Singapore, any broker has to be authorized by the Monetary Authority of Singapore (MAS). MAS is a central bank and integrated financial regulator that oversees the financial industry in Singapore.

How did FX Empire choose the best Singapore forex brokers?

FXEmpire's Methodology

  • We focused on brokers that accept traders from Singapore.
  • We preferred brokers with MAS regulation and included brokers regulated by other reputable regulators who can provide high levels of protection to their clients.
  • We sought out brokers who offered exceptional local support, including SGD deposits/withdrawals, a physical presence in Singapore, Chinese language websites/platforms, and customer support, as well as incentives for Singapore traders.
  • We chose brokers without offshore entities as they do not provide sufficient protection levels to their clients.
  • We tested brokers’ trading software, fees, customer services, instruments, research, and educational support.
  • We listed brokers that got highly ranked compared to the industry in key areas, like fees, platforms, tradable instruments, and others.

Our team of experts has identified brokers’ strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Without further ado, let’s move to the selected top forex brokers.

Best Overall

Plus500

4.3
Start Trading
CFD Service, 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    2047
  • Fees
    Medium

Plus500 has been in business since 2008 being one of the few publicly traded CFD brokers—it is listed on the London Stock Exchange under the ticker PLUS.

Based on our hands-on analysis, Plus500 offers one of the most user-friendly trading platforms in the market, which was tailor-made to suit the needs of beginner and seasoned traders. It is regulated in multiple jurisdictions, including MAS regulation (*beginners have access to an unlimited demo account where they need to start their trading experience with Plus500).

Regional Features

  • MAS-regulated
  • Office in Singapore (1 Temasek Avenue, Millenia Tower)
  • SGD available for deposit
  • First deposit bonus for Singapore traders
  • Website available in Singapore both in English and Chinese.
  • Local customer support
  • SGD available as a base currency
  • SGD available in forex pairs

The broker offers more than 2,500 CFD instruments. Experienced traders may choose the professional account which suits their needs. Plus500 has some great research tools built into the platform. We checked the +Insights tool, which provides real-time and historical data trends, customizable filters, and Traders’ Sentiment data.

*This information is NOT relevant to EU residents. EU residents are to be serviced by European regulation subsidiaries of the Plus500 Group such as Plus500CY Ltd which is autorized and regulated by CySEC, licence No 250/14. Different regulatory requirements apply in Europe such as leverage limitations and bonus restrictions

Pros
  • Regulated in multiple jurisdictions around the world, including MAS.
  • A wide variety of markets and instruments to trade, with over 2,500 available CFDs.
  • User-friendly and intuitive trading platform.
  • Fast-responding chat support available 24/7.
Cons
  • No phone support.
  • Clients are limited to 1 trading platform (WebTrader).
  • High swap fees.
Plus500 Review

Best MAS-Regulated

IG

4.6
Start Trading
71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
  • Min Deposit
    $250
  • Tradable Instruments
    17252
  • Fees
    Medium

Regulated by 11 of the world’s top financial regulators and agencies, including MAS, IG has been in business for more than 47 years. The IG Group is also a public company listed on the London Stock Exchange and is part of the FTSE 250 Index.

IG Asia Pte Ltd (Co. Reg. No. 200510021K) holds a capital markets services license issued by the Monetary Authority of Singapore. MAS ensures that client money is held in segregated bank accounts to protect them in case the broker has financial problems.

Regional Features

  • MAS-regulated.
  • Office in Singapore (9 Battery Road, Straits Trading Building).
  • SGD available for deposit.
  • First deposit bonus for Singapore traders for deposits of SGD 5,000 (for clients who make at least one trade during the promo period).
  • SGD available in forex pairs.
  • SGD available as base currency.
  • Local customer support.

The broker provides access to more than 17,000 financial instruments in forex, stocks, indices, commodities, bonds, ETFs, and cryptocurrencies. Testing IG’s fees, we found them very competitive and better than the industry average with some exceptions such as stocks.

IG offers a custom-built web platform and mobile trading app, and from our hands-on testing, we found them simple and easy to use. Advanced traders have access to third-party platforms like L2 Dealer, MetaTrader 4, and ProRealTime.

The broker also provides strong educational and research support. Educational materials include videos, courses, articles, and webinars, so beginner traders have plenty of information to study.

Pros
  • Globally regulated and safe broker.
  • Feature-rich and easy-to-use web platform and mobile app.
  • Low fees.
Cons
  • Inactivity fee.
IG Review

Best Forex Trading Platform

AvaTrade

4.6
Start Trading
Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
    $100
  • Tradable Instruments
    853
  • Fees
    Medium

Founded in 2006, AvaTrade is regulated by as many as eight regulators around the world, including ASIC, Japan’s FSA, and CySEC. The broker provides access to more than 1,250 instruments in forex, stocks, indices, commodities, cryptos, and FX options.

Regional Features

  • Website available in Singapore both in English and Chinese.
  • Local customer support.
  • SGD available in forex pairs.

From our live testing, we found that AvaTrade offers a wide range of trading platforms: MetaTrader 4, MetaTrader 5, AvaTrade Web platform, as well as AvaTrade Go and AVASocial mobile apps.

Our hands-on examination showed that the proprietary AvaTrade Web platform is designed to trade markets as quickly and simply as possible, so it is easy to use even for beginner traders. The platform provides clean and responsive charts and gives access to different markets, positions, and indicators, so users can manage their whole account from the web platform.

The broker’s in-house AvaTrade Go mobile platform is simple to use and provides access to useful technical tools and features. The AvaSocial copy trading mobile app suits clients who are interested in copying the best practices of experienced trades.

Pros
  • Easy-to-use web and mobile trading platform.
  • Proprietary copy trading platform.
  • Multiple account types.
  • 1,250+ instruments.
Cons
  • No alerts on the web platform.
AvaTrade Review

Best Low Spreads

IC Markets

4.5
Start Trading
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
  • Min Deposit
    $200
  • Tradable Instruments
    2251
  • Fees
    Low

Regulated by CySEC, ASIC, SCB, and the FSA of Seychelles, IC Markets provides access to more than 1,700 CFD instruments in forex, stocks, indices, cryptocurrencies, and commodities.

Regional Features

  • SGD available for deposit.
  • Website available in Singapore both in English and Chinese.
  • Local customer support available.
  • SGD available as base currency.
  • SGD available in forex pairs.

IC Markets offered low spreads in various instruments. During our evaluation, the spread for EUR/USD was 0.6 pips and for Apple 0.04 pips during peak trading times. Examined over 80 brokers, we found IC Markets spreads in EUR/USD is considered very competitive compared to the industry average.

Traders will enjoy access to a wealth of tools, products, and support to elevate their trading. This includes access to raw spread trading accounts, the MetaTrader 4, MetaTrader 5, and cTrader platforms, as well as additional third-party tools like AutoChartist which provides real-time trading ideas.

Pros
  • Competitive trading fees.
  • Lots of tools and platforms available.
  • Strong educational and research support.
Cons
  • The broker’s offering may be overwhelming for beginners.
IC Markets Review

Best Trading App

OANDA

4.5
Start Trading
Your capital is at risk. Spreadbetting only available in UK.
  • Min Deposit
    $0
  • Tradable Instruments
    306
  • Fees
    Low

*Leverage trading is high risk. Losses can exceed deposits. Information on this website is general in nature and should not be construed as financial advice. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Founded in 1996, OANDA is considered one of the pioneer brokers that achieved a considerable reputation in the market. The broker has 8 entities globally overseen by multiple regulators, including the Monetary Authority of Singapore (MAS).

Regional Features

  • MAS-regulated.
  • Office in Singapore (One Raffles Place Tower 1).
  • SGD available for deposit.
  • Website available in Singapore both in English and Chinese.
  • SGD available in forex pairs.
  • SGD available as base currency.
  • Local customer support.

OANDA offers multiple proprietary trading platforms: OANDA Trade for Web and Desktop and OANDA mobile app. MetaTrader 4 is also available on the desktop. Clients from Singapore have access to 128 instruments from different markets.

From our hands-on test, the OANDA mobile app stands out with its intuitive and user-friendly interface. The same range of standard and advanced order types seen on the web and desktop platforms are available on the app. Charting options include 16 time frames, 8 chart types, 16 overlays, 17 indicators, 13 drawing tools, 1-click trading, and alerts available via the app.

Real-time news from Dow Jones and an economic calendar are also built-in. The app is available in English, German, Japanese, and Chinese.

Pros
  • An in-house built mobile app with an intuitive and user-friendly interface.
  • $0 minimum deposit.
  • MAS-regulated.
  • Strong research and educational support.
Cons
  • No CFDs on shares.
  • Bank transfer withdrawal fees.
OANDA Review

Best for Beginners

Swissquote

4.4
Start Trading
Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.
  • Min Deposit
    $1000
  • Tradable Instruments
    506
  • Fees
    Medium

Swissquote is a leading bank offering various financial services, including forex and CFD brokerage. The Gland, Switzerland-based bank is listed on the SIX Swiss Exchange and its entities are regulated in multiple regions of the globe.

Regional Features

  • Office in Singapore (One Raffles Quay, North Tower)
  • SGD available for deposit
  • Website available in Singapore both in English and Chinese.
  • Local customer support
  • SGD available as base currency
  • SGD available in forex pairs

We rated Swissquote as best for beginners based on the strength of its platform, educational resources, and customer support. In our hands-on tests, we found Swissquote’s Advanced Trader Platform to be both user-friendly and feature-rich.

Traders new to the markets can take advantage of impressive educational offerings, including detailed courses, live webinars, and downloadable ebooks. When we reached out to Swissquote via live chat, phone, and email we had a positive experience with customer support.

Swissquote also provides high-quality news and research by in-house analysts. Fresh reports and videos are published daily. Tradable instruments ranging from forex to commodities, indices, stock CFDs, and forex options round out a strong overall offering from this broker.

Pros
  • Extensive regulatory oversight.
  • User-friendly platform.
  • Great research and news resources.
  • Strong educational resources.
Cons
  • Higher than average minimum deposit.
  • Only one withdrawal method (bank wire).
Swissquote Review

Best for Education

Tickmill

4.5
Start Trading
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    747
  • Fees
    Low

Founded in 2014, Tickmill is comprised of well-regulated entities entailing a high degree of protection. The broker offers trading in forex, commodities, indices, stocks, bonds, futures, options, and cryptocurrencies.

Regional Features

  • Deposits starting from $5,000 or equivalent, processed in one transaction by bank wire transfer, are included in Zero Fees. Policy, where the broker will cover transaction fees up to $100 or equivalent.
  • Website available in Singapore both in English and Chinese.
  • SGD available in forex pairs.
  • Local customer support available.

In our in-depth examination, we found the broker excels in the educational and research categories due to an impressive collection of educational and research materials.

Tickmill provides access to different types of educational content, including a dedicated glossary, multiple videos, an infographics section, and several ebooks. The broker’s 90 video tutorials and 700 educational webinars cover a wide range of topics, so both beginner and advanced traders will find something useful. Traders can also enjoy regular seminars and webinars in multiple languages.

Tickmill offers attractive spreads, commissions, and swaps. Swap-free trading is also available via the broker’s Islamic accounts. Futures and options traders have access to TradingView and Agena platforms, while CFD traders are limited to the choice between the highly popular MetaTrader4 and MetaTrader 5.

Pros
  • Competitive fees.
  • A wide range of tradable instruments and supporting tools.
  • Multiple account types.
Cons
  • Customer support is only available during office hours.
Tickmill Review

Best for Cryptocurrency Trading

Vantage

4.5
Start Trading
Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment. When acquiring our derivative products, you have no entitlement, right or obligation to the underlying financial assets. Past performance is no indication of future performance and tax laws are subject to change. The information on this website is general in nature and doesn't take into account your personal objectives, financial circumstances, or needs. Accordingly, before acting on the advice, you should consider whether the advice is suitable for you having regard to your objectives, financial situation and needs. We encourage you to seek independent advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.
  • Min Deposit
    $50
  • Tradable Instruments
    935
  • Fees
    Low

Founded in 2009, Vantage is headquartered in Sydney, Australia, and has more than 1,000 employees across 30 global offices. The broker provides access to instruments in forex, commodities, indices, shares, and cryptocurrencies. Vantage offers multiple trading platforms, including MetaTrader 4, MetaTrader 5, ProTrader, and the Vantage app.

Regional Features

  • SGD available for deposit.
  • Website available in Singapore both in English and Chinese.
  • SGD available as base currency.
  • SGD available in forex pairs.
  • Credit deposit bonus available.
  • Local customer support.

From our hands-on examination, Vantage offers trading in 43 CFDs on cryptocurrencies, including Bitcoin, Polkadot, Dogecoin, and Cardano. The selection of cryptocurrencies is above average for the industry. Clients may use cryptocurrencies for withdrawals.

Vantage’s clients will enjoy tight spreads, low commissions, and no inactivity fees. Also, the broker frequently updates written and video analysis, as well as multiple live webinars every week.

Pros
  • 43 CFDs on cryptocurrencies.
  • Withdrawals are available in crypto.
  • Multiple available trading platforms.
  • Free forex VPS hosting.
  • Excellent research materials.
Cons
  • Users must navigate chatbot questions before reaching a human agent.
Vantage Review

Our Methodology

FX Empire has been reviewing brokers since 2010 and developed an in-depth review program of CFD brokers. We have more than a decade of experience testing brokers and abide by strict guidelines for editorial integrity. Our review process follows a thorough protocol that results in a score that is based on objective criteria and measurable data. As a result of our work, we publish a comprehensive and unbiased review, which is meant to help traders choose the broker that suits their needs.

To choose the best broker for you, we rate brokers across nine categories and calculate a score that reflects their performance. The categories include

  • Trust and Stability
  • Fees
  • Platform and Tools
  • Tradable Instruments
  • Account Types
  • Deposit and Withdrawal
  • Research
  • Customer Support
  • Education

We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as we can for each broker. In total, we examine brokers according to over 250 data points.

Each category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.

We highlight each broker’s strengths and weaknesses, explain regulatory details and share the results of our live tests of brokers’ fees, customer support, and trading platforms. To learn more about our review process, click here.

Meet our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

How To Choose A Forex Broker In Singapore?

Use our guide to choose the forex broker in Singapore according to your needs.

How to choose a safe broker as a Singapore-based trader?

The process of choosing a broker begins with learning where your potential broker is regulated. Singapore-based traders may choose between MAS-regulated brokers and brokers regulated by other top-tier regulators. Some traders would find the domestic regulation more comfortable to work with.

Traders should focus on important protection options like negative balance protection, segregated funds, and the compensation fund which will cover your back if the broker has financial problems. MAS ensures that the broker’s employees have sufficient qualifications before the broker can open their business in Singapore.

Read more about Best regulated forex brokers.

What fees should you focus on when choosing the broker?

Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.

The spread is the difference between the bid and the ask price. The higher the spread, the more you pay for the trade. We consider spreads below 1 pip for EUR/USD and 3 pips for GBP/JPY to be low. Read more about Best lowest spread forex brokers.

A commission is a fixed cost of entering the trade. Usually, accounts that charge commissions offer low spreads. Commissions below $3 are considered to be low for forex pairs and gold.

A swap/rollover fee is charged when you hold a leveraged position overnight. Traders should pay extra attention to these fees if they plan to use swing trading strategies, which involve holding positions for several days or even weeks. For forex pairs, a swap rate below 0.5 pips is viewed as a good result. Check our Best forex brokers with low swaps.

An inactivity fee is a fee that is charged by the broker if your account is dormant. In this case, a certain amount of money is charged every month. An inactivity fee below $10 is considered to be low.

Learn more about Best zero spread forex brokers.

How to choose the right account for trading in Singapore?

As a trader in Singapore, you should understand the difference between various types of accounts.

  • Demo accounts are used for practice without risking real money. Such accounts should be used by novice traders making their first steps in markets. Read more about Best forex demo accounts.
  • Spread-based accounts typically charge spreads and swap/rollover fees. These accounts are usually a good choice for traders whose trading volume is expected to be relatively modest. Check Best STP forex brokers.
  • Commissions-based accounts charge commissions in addition to spreads and swap/rollover fees. Usually, spreads are tight in such accounts. These accounts are suitable for traders whose trading volume is expected to be high. Check Best ECN forex brokers.
  • On Islamic accounts, swap/rollover fees are not charged to ensure compliance with Sharia law. Read more about Best Islamic forex accounts.
  • Professional accounts usually have a high minimum deposit and offer access to the high leverage that most professional traders are looking for. Check Best forex brokers for professionals.

How to choose a trading platform?

Typically, most brokers provide access to MetaTrader4 and/or MetaTrader5. Those are sophisticated platforms with a variety of tools tailored mainly for experienced traders, hence, beginners may have to spend some time learning the ropes.

Read more about Best MetaTrader 4 brokers and Best MetaTrader 5 brokers.

Some brokers have also developed in-house trading platforms. Usually, such platforms are focused on the needs of different levels of traders. They are easy to navigate and simple to use.

The choice of trading platform depends on personal preferences and trading experience. Beginner traders will be better off starting with a simple platform or a mobile app, while advanced traders will likely choose MT4/MT5.

Check out our dedicated guide on Best forex trading platforms.

What leverage is available for traders in Singapore?

Leverage allows traders to use borrowed funds to increase their profits. The higher the leverage, the higher your potential profits are. However, leverage is a double-edged sword, and using high leverage also boosts your potential losses.

The maximum potential leverage that the broker can offer is determined by the regulator. MAS-regulated entities may offer a maximum leverage of 1:20. Typically, top-tier regulators limit leverage to 1:30 or less.

To get access to higher leverage, traders should open accounts with entities that are regulated by offshore regulators and offer fewer protections.

Professional traders can also get access to higher leverage. If you are qualified as an Accredited Investor in Singapore, you can use the leverage of up to 1:50. To get an Accredited Investor status in Singapore, traders must meet one of the following criteria:

  • Have a minimum income of SGD 300,000 in the last 12 months
  • Have at least SGD 2 million of net personal assets.
  • Have at least SGD 1 million of net financial assets.

Read more about best forex brokers with high leverage.

What to look for when choosing a forex broker in Singapore?

Here are the five must-do things when selecting a crypto trading broker:

  • To check the broker’s regulations, protections, and level of transparency.
  • To consider broker’s fees, including spreads, commissions, and swap rates.
  • To choose the account type that suits your needs and trading experience.
  • To explore a list of offered instruments before starting trading.
  • To interact with the support team when opening an account with the broker.

How to avoid forex scams?

To avoid forex scams, traders should first check the broker’s regulations. If the broker is regulated by a Tier 1 regulator, you are mostly protected. An unregulated broker is the most suspicious one by definition. In addition to regulations, check the following red flags:

  • The broker offers a big cash bonus for opening the account.
  • The broker heavily promotes automatic trades and/or trading signals from unknown sources.
  • A broker promises profits and cites unrealistic success rates.
  • You cannot find broker’s employees on specialized websites.
  • The broker’s stated address is not suitable for a serious company (too small, strange location).
  • The support team does not respond or responds rarely.
  • Clients report problems with funds’ withdrawal on specialized sites that publish broker reviews.

FAQ

Yes, traders in Singapore can participate in the foreign exchange market and also trade other derivatives, such as shares, commodities, indices, and cryptocurrencies. These are usually traded as Contracts for Difference (CFDs), which are online leveraged products without physical delivery.
We assessed that AvaTrade provides the best platform solutions to traders in Singapore. Its clients can choose from a wide range of tools on the renowned MetaTrader 4 & 5 or access multiple markets via AvaTrade’s WebTrader and AvaOptions platforms.
Brokers in Singapore that are regulated by the Monetary Authority of Singapore (MAS) are required to provide negative balance protection to retail traders
Yes, trading with brokers that are not regulated by MAS is possible. However, you should check their overseas licensing carefully as their protections may differ materially from the protections guaranteed by MAS.
Brokers operating under the MAS regulatory framework are required to provide negative balance protection, segregated client funds, and a maximum leverage of 1:20 for retail traders. Offshore brokers usually have much bigger minimum leverage requirements and may lack negative balance protection or segregated funds.
Trading crypto CFDs is legal and available to retail traders in Singapore, however, it comes with a high risk of losing money.
A broker that is licensed by MAS should display its licensing info on its website, usually at the bottom of the main page. Additionally, licenses can be verified at MAS’ Financial Institutions Directory.
We found that Swissquote is the best broker for beginners in Singapore. It has a rich collection of highly informative educational materials and reliable customer support.
Tax policies are very complex, so make sure to consult a tax professional before making any investment decisions. You can also read more about Singapore’s tax policies from the website of the Inland Revenue Authority of Singapore (IRAS).

About the Author

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.