Singapore has a thriving economy that has made it record considerable growth when it comes to forex trading. This means that many forex brokers see opportunities in the country, making them accept Sinagoprean clients. As a result, identifying the best forex brokers in Singapore has become an uphill climb. That is why we have tested and reviewed forex brokers to have the best recommendations listed below.
In this guide
Best Forex Brokers in Singapore
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Compare Best Forex Brokers in Singapore of 2023
- 1. Oanda – Overall Best Forex Broker in Singapore
- 2. Plus500 – Easy-to-Use CFD Forex Broker in Singapore
- 3. Saxo – Best Forex Broker for Advanced Traders in Singapore
- 4. City Index – Best Forex Broker for Low Costs in Singapore
- 5. Plus500 – Best Forex Broker for CFD in Singapore
- 6. Pepperstone – Best Forex Broker for ECN Trading in Singapore
- 7. IG Markets – Best MT4/MT5 Forex Broker in Singapore
- Who Regulated Forex Brokers in Singapore?
- How to Choose the Best Forex Broker in Singapore
- FAQs
- Verdict
How we test?
OnlineTrading aims to provide quality, simple, and proven information to its readers. Our team of financial experts carefully checks every detail to provide a unique and comprehensive guide to safe trading around the world.
Feedback from regular users is very important to us, so we try to consider the opinions of reviews and feedbacks from several trusted platforms. We spend about 100 – 250 hours analysing and collecting information on each trading platform to ensure our recommendations are reliable.
Naturally, we always remain impartial, honest and recommend only licensed and reliable brokers.
Compare Best Forex Brokers in Singapore of 2023
The forex brokers that we recommend here have undergone thorough testing and hours of reviews. We not only considered the currency pairs’ availability when comparing forex brokers in Singapore but other elements that make them a considerable choice. These elements are:
- Regulations/Licenses
- Trading Platform
- Customer Service
- Charges
- Demo Account
Our forex brokers in Singapore comparison was also based on user reviews on Google Play, App store, and Trustpilot. Below is a summary of how we rated the forex brokers in Singapore based on comprehensive tests and reviews.
Compare brokers
1. Oanda – Overall Best Forex Broker in Singapore
Oanda has proven to be the best forex broker in Singapore because of its ability to host any trader. It is also regulated by the Monetary Authority of Singapore (MAS), which is the leading financial regulator in the country.
Oanda is an easy-to-use forex broker with customisable features. With over 70 currency pairs listed on its platform, trading forex is interesting, allowing you to diversify your portfolio across diverse markets.
Unlike other forex brokers with multiple trading platforms, Oanda only allows trading on the MetaTrader 4 platform. This platform is equipped with plenty of quality trading tools, including learning and research resources to help boost your overall trading skills.
Another reason why we liked Oanda for this category is its transparency when it comes to pricing. For example, there is no minimum deposit required to start buying and selling currency pairs. Trading fees are also low, and non-trading fees such as transaction charges are not applicable.
✔User-friendly account opening
- Zero minimum deposit requirement.
- Customer service is available 24 hours via phone, live chat and email.
- Advanced research and learning resources available.
- There is an inactivity fee should you fail to open a position for over 12 months.
2. Plus500 – Easy-to-Use CFD Forex Broker in Singapore
Risk Warning: 79% 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.
Plus500 only has a single proprietary trading platform, making it easier to trade peacefully. The platform is easy to use and has an intuitive design that will make traders’ experiences worthwhile. Once you create a forex CFD trading account, you will gain access to adequate trading tools provided.
Singaporeans are required to make a deposit of $100 to start trading. The good news is that this requirement is among the lowest in the market, and you do not need to pay any transaction charges. Moreover, Plus500 does not charge commissions* but spreads, which are also among the lowest.
We recommend this CFD broker because it has one of the best customer services in the trading industry. The support service is available 24/7, allowing you to venture into the forex market any time you please and still receive the best guidance.
✔24/7 customer support service.
- Regulated by the Monetary Authority of Singapore.
- Best trading apps for mobile devices as rated on Google Play and App Store.
- Zero commission* and low spreads.
- Limited research materials for advanced traders.
*other fees may apply
3. Saxo – Best Forex Broker for Advanced Traders in Singapore
Saxo Capital Markets is a MAS-regulated broker that has allowed Singaporean retail traders to access the foreign exchange markets and try their luck at making profits. You can also trade CFDs on other instruments such as stocks, ETFs, and commodities.
Advanced traders looking for various currency pairs will have a great time trading at Saxo Capital Markets. We consider this broker one of the high-end forex brokers since it offers more than 180 currency pairs to trade with. In general, you will have over 40,000 instruments at your disposal.
Additionally, this forex and CFD broker charges low spreads, allowing you to trade across diverse currency markets without incurring abnormal trading charges. It also has excellent trading platforms, including the SaxoTraderGO and SaxoTraderPRO.
The SaxoTraderPRO is specifically tailored for advanced traders looking for a professional-grade platform with advanced features to help improve their skills even further. Saxo Capital Markets is definitely worth a try, so feel free to sign up for a demo account.
✔ Wide array of products
- Intuitive design and customisable platforms.
- Low trading charges.
- Plethora of excellent research and educational materials.
- Relatively high minimum deposit requirement.
4. City Index – Best Forex Broker for Low Costs in Singapore
There are many forex brokers in Singapore with low trading costs, but City Index takes the lead in this category. With access to over 12,000 global markets, forex traders have more than 84 currency pairs to choose from.
Many forex traders enjoy trading using the MT4 platforms because of the advanced interface and expert advisor functionality. City Index’s MT4 platform has low commissions and spreads, making it accessible for traders who place multiple trades within a day. It also executes trades fast —an advantage for traders opening positions based on short-term price movements.
City Index has a minimum deposit requirement of $100, which is low compared to its peers. You will also make deposits and withdrawals free of charge through e-wallets, bank transfers, and acceptable credit cards. Additionally, there is a $12 monthly inactivity fee should your trading account remain dormant for over 12 months.
✔ Fast account opening
- Regulated by the Monetary Authority of Singapore (MAS).
- Diverse learning and research tools.
- User-friendly and customisable forex trading platforms.
- Customer service is only available five days a week.
5. Plus500 – Best Forex Broker for CFD in Singapore
Risk Warning: 79% 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.
Plus500 offers endless opportunities across the most popular global markets. You will have access to over 2,000 tradable instruments to trade forex and CFDs. We assure you that Singaporeans can trust this broker since the MAS regulates its activities.
Plus500 has the best mobile trading app that works seamlessly on both Android and iOS devices. The features on this forex broker are outstanding, with an intuitive design and user-friendly platform. You will also benefit from its round-the-clock customer service daily.
Forex CFD trading at Plus500 is more beneficial since you will not incur commissions. Trading with spreads minimises expenses, allowing you to try diverse markets, and diversify your portfolio.
Although you will enjoy trading forex CFDs at a low cost, the broker still charges funding costs for positions left overnight. You should also expect a $10 monthly inactivity fee should you not log into your forex CFD account for three months. That being said, make sure that you are an active trader before trading with Plus500.
✔24/7 customer support service.
- Charges spread on forex CFD trading.
- $100 minimum deposit, which we consider low.
- Over 60 forex pairs to trade with.
- Limited research resources.
6. Pepperstone – Best Forex Broker for ECN Trading in Singapore
