Since 2011, we’ve traded with and reviewed over 150 brokers in Singapore. To find the best brokers in Singapore for you, we’ve dedicated over 50 hours per broker, exploring more than 250 factors across 9 key areas. We’ve then compared them to identify the top performers in various categories. With decades of combined experience, our team of trading experts provides reliable and trusted opinions.
Singapore is the third largest FX center in the world after the UK and the U.S. Forex trading in 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 broker’s reputation, regulatory compliance, trading costs, customer support, and the range of products and services offered.
Except for mentioned above factors, licensing by the Monetary Authority of Singapore (MAS) is something that traders in Singapore should seek when choosing their brokers. MAS is a central bank and integrated financial regulator that oversees the financial industry in Singapore. In order to provide CFD and forex trading solutions to clients in Singapore, any broker has to be authorized by MAS.
FX Empire is an industry leader with over ten years of experience reviewing forex brokers. We use our industry-leading methodology that evaluates over 250 variables across nine key categories to come up with the best brokers for you.
To present the best brokers in Singapore, we broke this page into categories to reflect traders’ specific needs. In each category, we chose the winner that stood out in the particular category.
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.
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
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.
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
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.
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
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.
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
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.
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
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.
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
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.
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
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.
CMC Markets has been in business for more than 30 years and is overseen by multiple regulators, including MAS. The UK-based company is listed on the London Stock Exchange under the ticker CMCX.
Regional Features
Our tests showed CMC Markets’ clients have access to over 12,000 trading instruments in forex, indices, cryptocurrencies, commodities, stock CFDs, ETF CFDs, and Treasury CFDs. The offering includes 338 currency pairs, 83 indices, 19 cryptocurrencies, 10,323 global stock CFDs, 1,093 ETF CFDs, 135 commodities CFDs, and 52 Treasury CFDs.
We found the Treasury CFDs offering especially interesting as such a wide range of bonds is rarely available on the market.
Our analysis indicated that CMC Markets offers competitive fees. The broker’s spreads are among the tightest in the industry, which makes it attractive for active traders. CMC Markets offers the proprietary Next Generation platform, which is available in web and mobile versions. Traders may also work with the highly popular MetaTrader 4 on desktop, web, and mobile.
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
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.
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
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.
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.
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 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.
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.
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.
Use our guide to choose the forex broker in Singapore according to your needs.
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.
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.
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.
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 on a monthly basis. An inactivity fee below $10 is considered to be low.
As a trader in Singapore, you should understand the difference between various types of accounts.
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.
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.
Read more about Best MetaTrader 4 brokers and Best MetaTrader 5 brokers.
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:
Here are the five must-do things when selecting a crypto trading broker:
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:
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.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.