Best Forex Brokers in Singapore 2022

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Profits and risks walk shoulder to shoulder. As a Singaporean trader you need to know how to reduce your risk and one of the key things is to choose a reliable broker. Let us help you to do by checking out our list of the best brokers in Singapore.  The list is built from our own expert research and through that of our traders.

The brokers below represent the best Forex brokers for trading in Singapore.

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BrokerOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptooffers promotions
AvaTrade
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71% of retail investor accounts lose money when trading CFDs with this provider

ASIC, CySEC, FSCA, FSA(JP), FSC, BVI, CBI

$100

1:30 (ASIC), 1:30 (CySEC), 1:500 (FSCA), 1:25 (FSA(JP)), 1:3500 (FSC), 1:1000 (BVI), 1:30 (CBI)

MT4, MT5, Proprietary, AvaSocial, AvaTradeGo, AvaOptions, WebTrader

2006

Market Maker

FP Markets
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DISCLAIMER: This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

ASIC, CySEC

$100

1:30 (ASIC), 1:30 (CySEC)

MT4, MT5, IRESS, WebTrader

2005

DMA, ECN, No dealing desk, STP

TMGM
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The information provided on this website is general in nature only and does not constitute personal financial advice. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Investing in CFDs and Margined FX Contracts carries significant risks and is not suitable for all investors. You may lose more than your initial deposit. You don’t own, or have, any interest in the underlining assets. We recommend that you seek independent advice and ensure fully understand the risks involved before trading. It is important that you read and consider disclosure documents before you acquire any product listed on the website. The information and advertisements offered on this website are not intended for use by any person in any country or jurisdiction where such use is contrary to the local laws and regulations. Products and Services offered on this website is not intended for residents of the United States.

ASIC, FMA, VFSC

$100

1:30 (ASIC), 1:500 (FMA), 1:500 (VFSC)

MT4, IRESS

2013

ECN, STP

OCTAFX
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Forex margin trading involves substantial risks

SVGFSA

$50

1:500 (SVGFSA)

MT4, MT5

2011

ECN, STP

IC Markets
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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.

ASIC, CySEC, FSA(SC)

$200

1:30 (ASIC), 1:30 (CySEC), 1:500 (FSA(SC))

MT4, MT5, cTrader

2007

ECN, No dealing desk

FXTM
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82% of retail CFD accounts lose money

FCA, CySEC, FSC

$10

1:30 (FCA), 1:30 (CySEC), 1:3500 (FSC)

MT4, MT5

2011

No dealing desk

Plus500
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77% of retail CFD accounts lose money.

FCA, ASIC, CySEC, ISA, MAS

$100

1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC), 1:100 (ISA), 1:20 (MAS)

Plus500

2008

No dealing desk

eToro
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68% of retail CFD investors lose money

FCA, ASIC, CySEC, MiFID

$199

1:-2 (FCA), 1:30 (ASIC), 1:30 (CySEC), 1:30 (MiFID)

eToro Platform

2007

Market Maker, No dealing desk, STP

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of Best Forex Brokers for trading in Singapore

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

AvaTrade

AvaTrade

Regulated By:ASIC, CySEC, FSCA, FSA(JP), FSC, BVI, CBI

Foundation Year:2006

Headquarters:Ireland

Min Deposit:$100

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71% of retail investor accounts lose money when trading CFDs with this provider

AvaTrade was founded in 2006 and is authorised and regulated across all six continents it operates including by the CBI, BVI FSC, ASIC, FSCA, FSA and ADGM. It is one of the oldest online forex and CFD brokers with a well-established reputation for customer support, competitive fees and spreads – all in addition to offering a large range of financial instruments, even including ETFs and FX options for those who like to diversify across assets.

Users can choose to open several different account types – Retail, Professional, Spread betting and Options. The differences are discussed in the account opening section below. Retail, professional accounts offer access to over 1,250+ financial instruments across the AvaTrade propriety web-based platform, MetaTrader 4 and MetaTrader 5. Additional platforms include DupliTrade, AvaTradeGo, AvaOptions and AvaSocial, all of which are discussed further down this review.

Pros: Cons:
  • Global regulation – CBI, BVI FSC, ASIC, FSCA, FSA and ADGM.
  • A wide selection of platforms for every type of trader including MT4/MT5.
  • Competitive spreads and fees.
  • Multilingual customer support.
  • Not available to residents in the USA and Iran.

FP Markets

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Australia

Min Deposit:$100

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DISCLAIMER: This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

A solid Australian broker, with sturdy ASIC regulation that offers transparent dealing, across a wide selection of 10,000 plus assets. A variety of account types across Forex and CFD’s and 0 pips spreads on their ECN trading. Leverage on the MT4 platform of up to 1:500 and trading of Bitcoin too.

Pros Cons
  • DMA and ECN execution
  • Over 10,000 trading instruments to choose from.
  • Modern trading platforms.
  • Low spreads on forex currency pairs.
  • Really none that we can see

TMGM

TMGM

Regulated By:ASIC, FMA, VFSC

Foundation Year:2013

Headquarters:Australia

Min Deposit:$100

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The information provided on this website is general in nature only and does not constitute personal financial advice. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Investing in CFDs and Margined FX Contracts carries significant risks and is not suitable for all investors. You may lose more than your initial deposit. You don’t own, or have, any interest in the underlining assets. We recommend that you seek independent advice and ensure fully understand the risks involved before trading. It is important that you read and consider disclosure documents before you acquire any product listed on the website. The information and advertisements offered on this website are not intended for use by any person in any country or jurisdiction where such use is contrary to the local laws and regulations. Products and Services offered on this website is not intended for residents of the United States.

TMGM can cater well to experienced, sophisticated traders: semi-professionals, professionals and also fund managers. For traders new to the markets, TMGM offers good educational resources and customer service. However, the feature rich MetaTrader platform does take time to learn and is less intuitive than some of the platforms offered by other brokers.

Pros: Cons:
  • Fast execution.
  • Tight spreads in forex.
  • No deposit or withdrawal fees.
  • Large range of trading instruments overall.
  • Trademax Global Limited entity lacks negative balance protection.
  • 2-step authentication not available.
  • Narrow range of commodities available to trade.
  • High inactivity fee of $30 a month.

OctaFX

OCTAFX

Regulated By:SVGFSA

Foundation Year:2011

Headquarters:Saint Vincent and the Grenadines

Min Deposit:$50

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Forex margin trading involves substantial risks

OctaFX was founded in 2011 and offers Forex ECN trading, as well as CFD trading on Indices, Metals and Cryptocurrencies, across the MetaTrader and cTrader suite of trading platforms for Windows Desktop, Web (Windows and Mac) and Mobile (Android and iOS), as well as their own OctaFX Trading App.

The broker’s OctaFX.eu website is an approved domain registered with the Cyprus Securities and Exchange Commission (CySEC) under Octa Markets Cyprus Ltd. This enables users to trade with a broker under European regulatory oversight. The broker’s OctaFX.com website is registered in St. Vincent and the Grenadines and has no restrictions from European regulators, enabling users to take advantage of higher leverage and bonus promotions.

Pros: Cons:
  • Wide range of trading accounts (Micro, ECN, Pro, Sharia) for beginners and advanced traders
  • Can access Forex ECN with 1:500 leverage
  • Trade on MT4, MT5 and cTrader across Desktop, Web and Mobile
  • Access copy trading, bonus promotions and a wide range of research tools
  • Decision between CySEC regulated OctaFX.eu, or St.Vincent and the Grenadines registered OctaFX.com
  • Limited commodity markets, no individual Stock CFDs
  • Limited deposit and withdrawal options – only through Neteller, Skrill or Bitcoin*

IC Markets

IC Markets

Regulated By:ASIC, CySEC, FSA(SC)

Foundation Year:2007

Headquarters:Australia

Min Deposit:$200

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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.

IC Markets was founded in Sydney, Australia, in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

The broker offers three core trading accounts called Raw Spread (cTrader), Raw Spread (MetaTrader) and a Standard Account (MetaTrader). Spreads start from zero pips on the Raw Spread accounts with commission-payable. The Standard Account offers commission-free trading with spreads from just one pip. The broker also offers demo trading accounts and Islamic swap-free accounts.

Pros: Cons:
  • Raw spread accounts with institutional grade liquidity available.
  • Commission-free trading available.
  • MetaTrader and cTrader available on desktop, web and mobile.
  • Wide range of tradable products with 24/7 customer support.
  • Impressive library of educational material and videos.
  • Beginner traders may be overwhelmed by the choice of markets and platforms.

FXTM

FXTM

Regulated By:FCA, CySEC, FSC

Foundation Year:2011

Headquarters:Cyprus

Min Deposit:$10

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82% of retail CFD accounts lose money

FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.

Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available.

 Pros:  Cons:
  • Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
  • Competitive spreads
  • MetaTrader 4 and MetaTrader 5 platform support
  • Low maximum order size
  • No native Mac desktop app

Plus500

Plus500

Regulated By:FCA, ASIC, CySEC, ISA, MAS

Foundation Year:2008

Headquarters:Israel

Min Deposit:$100

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77% of retail CFD accounts lose money.

Plus500 is a publicly traded company that was founded in 2008 and is the main sponsor of football club Atlético Madrid. The Plus500 trading platform is offered by Plus500 UK Ltd which is authorised and regulated by the UK Financial Conduct Authority and is also a subsidiary of Plus500 Ltd which is a publicly-traded company listed on the London Stock Exchange.

The broker’s trading platform is available in more than 50 countries and is authorised and regulated around the world by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS) and the Israel Securities Authority (ISA), among others.

Pros: Cons:
  • Multiple regulations from around the world – FCA, CySEC, ASIC, MAS, ISA.
  • More than 2,500+ CFDs to trade on, covering multiple asset classes.
  • Commission-free trading.
  • Simple to use proprietary trading platform.
  • Multilingual customer support 24/7.
  • No phone support offered.
  • Lack of market news and trader education.

eToro

eToro

Regulated By:FCA, ASIC, CySEC, MiFID

Foundation Year:2007

Headquarters:Cyprus

Min Deposit:$199

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68% of retail CFD investors lose money

eToro is an online trading platform that was founded in 2007 by the Assia siblings and their friend David Ring in Tel Aviv, Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading. Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. It made the markets accessible to everyone, no matter what their level of experience by creating a user-friendly environment and allowing traders to copy the trades of other traders’ strategies automatically.

Pros: Cons:
  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
  • Spreads are higher than average
  • Does not have the MetaTrader platform

How to Choose a Forex Broker as a Singapore trader

High tech hub country of Singapore is one of the richest in Asia Pacific area with a thriving economy, top salaries in the world, big investments from foreign countries and according to statistics it has the largest volumes of transactions in Forex after London and New York. It looks like Singapore traders have excellent opportunities to invest their money in currencies.

However, one should not forget that opportunities do not come without risks. As has been said, risk can be significantly reduced if you trade with a good broker. How do you know which one is good? A number of things to consider: it has to be regulated (by MAS), offer you excellent trading platforms and software, must have low spreads or commissions, offer you a good choice of accounts to choose from, care about their customers and provide a lot of other extra valuable services.

General Regulation & Singapore Regulation

 Each country in the world has its own regulatory framework and an entity that regulates and monitors financial markets. In some countries, like Russia or France and several more, Forex is regulated by Central Banks and brokers need to get licenses with these institutions to be able to legally offer their services to traders from those countries. Of course, under these circumstances it becomes difficult to do business due to large amount of bureaucracy, not clear regulatory requirements and a risk to be closed by those supervising institutions. In other countries, the suprevision is given to some independent institution that monitors only financial markets. These tend to be more liberal and provide brokers with greater chances to set up their businesses in the country. Loose or strict, brokers will still have to follow a regulatory framework set by regulatory institutions, adhere to the rules of providing services, have sufficient capital, reduce risks for their clients and etc.

In Singapore, the agency that regulates Forex market is MAS (Monetary Authority of Singapore). Any broker who wants to offer financial services in the country has to be MAS licensed. MAS is the Central Bank of Singapore, so it has other tasks too. Those involve supervising all financial, credit and insurance intermediaries offering their services to Singapore residents. Brokers regulated by MAS have to limit their clients risks by keeping their money in segregated accounts in case brokers go broke. In that instance investors money would still be safe. Among other things that MAS regulated brokers have to do is to fully disclose all services and products that they offer to their clients. The regulator also has a lot of educatory resources and a special programme for investors MoneySENSE that helps them to make rational and independent decisions regarding investing. So, if you live in Singapore, be sure to choose a MAS regulated broker.

Trading Platform & Software

The Profession of a trader is a very independent one. You can be your own boss and set your own working hours. However, as you will be trading online you will need to have a good trading platform. Those who have tried a lot of platforms know that some of them are excellent, some just good and some simply inhibitive to trading. If you have time and desire you can keep on testing for yourself each trading platform and software, but the best way is to simply choose which is easy to use and has a lot of useful extra features. In terms of simplicity, you need to know which button does what. If you hit ‚buy‘, it buys and if you hit ‚sell‘ it sells. This is easy and what it is supposed to be. In terms of extra features, you would want to have a good chart station or possibility to have multitude of different charts with different instruments so that you could compare them and chack their values on different time frames. You would also want to have multiple indicators, ability to make your own notes, close your entire position with one click, test your strategy, copy function and news feed on the platform.

Commissions & Spreads 

Forex industry probably has the best type of commissions from the rest of financial industry. The fact is that Forex brokers are compensated from spreads which are difference between bid and ask prices. These can be fixed and variable. Fixed spreads will be around 1-4 pips for major pairs and 5-15 for currency crosses. Variable spreads tend to be much smaller under normal market conditions. They can be 0.2-2 pips for majors and 2-5 pips for crosses. When markets are affected by some fundamental news and start acting like crazy spreads expand and can be 10-20 times bigger. But they stay like that just for a few minutes till markets absorb new information and start acting normally again.

Account Types

A strong and reliable broker will offer you a lot of different types of accounts to choose from. Let us briefly look at some of them.

Demo account

Before you start trading you need to do some testing. A demo account is a good platform for doing that. You will be able to find out how your trading strategies work under real market conditions without risking a dime.

Micro account

Investing in currencies does not mean you need to have millions or hundreds of thousands of dollars to start with. With most brokers it is enough to have 100$ to open a micro account. So, you will be able to trade real money and earn real money with such a small amount and even if you lose your initial deposit it won‘t be a very big sum of money.

Mini account

Mini account is a predecessor of micro account. These started when most retail brokers started offering their services to the average Joe around the world. A mini lot size is 10k and you can usually open it with 100$ or 200$ depending on leverage offered by your broker. However, you should have at least 1000 or better 2000$ to trade with a level of confidence and comfort and not to worry about margin call.

Standard account 

A standard lot size is 100k and you can open it with as little as 1000$ or 2000$ depending on the leverage offered by your broker. However, the risk of losing big is greater on this account and your initial deposit should be at least 10k or better 25k so that you could trade with comfort and ease.

If you have any specific needs you may discuss them with your broker and you can be offered VIP or some other kind of account that would fit your needs, capital size and trading style best.

Customer Service

Customer service is the mirror of the character of the broker. If it is not properly functioning in a quick and efficient manner, you will not want to stay with such broker for too long. Living in Singapore you should also expect customer service in your local language or dialect. Lots of foreign scammy companies can come without being able to offer you that and that would be a red flag not to trade with them.

Additional Services 

Brokers compete with each other to win as many customers as they can by offering lots of extra services. It may include free webinars, daily and weekly analysis of various financial instruments, instant news feed from most popular financial news services (Reuters, Bloomberg and etc.) and many more. Those are really helpful, especially if you are a novice to Forex.

Conclusion 

As you may see a Singapore trader has a lot to pick from in terms of choosing a reliable Forex broker. We have set expectations which you need to have about your broker in order to trade with piece of mind and concentrate on your trading strategy. If you need, go through the mentioned points in the article before opening a real account with a specific broker. When you feel confident that you have found the one, then move on and do open an account. See our list of the best ones below.

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