VIP Subscription

Best Forex Brokers in Singapore April 2024

Share
Copied!

Meet Thadeus, a trading guru, brilliant writer, and financial fanatic with years of expertise in the industry. Get ready to learn from his wealth of knowledge.

Article was updated: April 16, 2024
Estimated reading time: 12 minutes

Singapore’s dynamic economic landscape has fostered substantial growth in the forex trading sphere. With a rising market, numerous forex brokers actively engage with Singaporean clients, presenting a plethora of options. However, choosing the top forex brokers amid this abundance can be a challenging endeavour. That is why our meticulous assessment and comprehensive guide below aim to navigate this maze, providing a curated list of the finest forex brokers in Singapore. Besides top forex brokers, we will offer additional guidance to ensure you are fully prepared to dive into the Singaporean currency market. 

Essence

  • Engage in forex trading Singapore to leverage currency fluctuations within Singapore’s thriving economy for profitable transactions.
  • Opt for forex brokers regulated by MAS (Monetary Authority of Singapore) to ensure security and adherence to local financial laws.
  • The best forex broker Singapore should offer a wide range of assets tailored for Singaporean investors, enabling portfolio diversification and growth.
  • Evaluate broker credibility through user reviews and industry reputation within the Singaporean market for reliability and client satisfaction.
  • Access quality learning tools and research materials provided by brokers to enhance trading strategies and decision-making skills.
  • Select a broker aligned with your specific trading goals and strategies for optimal results within the Singaporean forex market.

List of the Best Forex Brokers in Singapore

  • Plus500 Best Forex Broker for CFD* in Singapore
  • eToroBest Forex Broker in Singapore for Beginners 
  • AvaTrade Best Forex Broker in Singapore For Mobile Trading
  • Pepperstone Best Forex Broker for ECN Trading in Singapore 
  • FP Markets Best Forex Broker For MetaTrader Users in Singapore
  • OANDAOverall Best Forex Broker** in Singapore 
  • Saxo Best Forex Broker for Advanced Traders in Singapore

*81% of CFD retail accounts lose money on Plus500

**76.6% of retail investor accounts lose money when trading CFDs with OANDA provider

Compare the Best Singapore Forex Brokers

Making an informed decision is crucial when selecting the ideal Singaporean forex broker. To ensure you have comprehensive insights, we’ve compiled a comparison table below. 

Best Forex BrokerLicenceSupport ServiceSoftwarePayment MethodDemo Account
Plus500FCA, MAS, CySEC, ASIC, MAS, FSA24/7Plus500 WebtraderBank Wire Transfer, Credit/debit cards, Paypal, SkrillYes
eToroASIC, CySec, FCA, FSAS24/5eToro investing platform, Multi-asset platform, Copy TraderDebit card, Bank transfer, Neteller, Skrill, eToro Money, Online BankingYes
AvaTradeCBI, CySec, ASIC, BVIFSC, FSA, SAFSCA, ADGM, ISA24/5MT4, MT5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, Capitalise.aiCredit card, Debit card, Wire transfer, Paypal, Skrill, NETELLER, WebMoneyYes
PepperstoneFCA, ASIC, DFSA24/7MetaTrader 4, MetaTrader 5, cTrader, TradingView, Capitalise.ai, Social TradingCredit cards, Bank transfer, PayPal, Neteller, Skrill, Union PayYes
FP MarketsCySec, ASIC, FCA, FSCA, SEBI24/7MT4, MT5, cTrader, IressCredit and Debit cards, Bank transfer, PayPal, Neteller, Skrill, PayTrust FasaPayYes
OANDAFCA, MAS, CySEC, FSA24/5MT4Credit or debit cards and Wire transferYes
SaxoFSA, MAS24/5SaxoTraderGO, SaxoTraderPRO
Bank Wire Transfer, Debit cardsYes

We understand the significance of affordable trading and exploring desired assets with your forex broker. In this regard, we have prepared tables below detailing fee structures and available assets from our recommended forex brokers in Singapore. These insights aim to empower informed decisions aligned with your financial capacity and trading goals.

Fees

Forex BrokerFeesMinimum Deposit RequirementTransactionInactivity
Plus500From 0.0 pips$100Free$10 monthly
eToro2 pips$50$5 withdrawal$10 monthly
AvaTrade0.03 pips$100Free$50 quarterly
PepperstoneFrom 0.0 pips$500FreeNone
FP MarketsFrom 0.0 pips$100FreeNone
OANDAFrom 0.6 pips$0Free$10 monthly
SaxoFrom 0.5 pips$0 (for Classic account)$0$0

Assets

Forex BrokerCryptocurrenciesStocksCommoditiesETFsOptions
Plus500YesYesYesYesYes
eToroYesYesYesYesNo
AvaTradeYesYesYesYesYes
PepperstoneYesYesYesYesNo
FP MarketsYesYesYesYesNo
OANDAYesYesYesYesNo
SaxoYesYesYesYesYes

Our Opinion & Overview of the Best Forex Brokers in Singapore

1. Plus500 – Best Forex Broker for CFD in Singapore

Plus500 1
Plus500 2
Plus500 3
Plus500 4
Plus500 5
Plus500 1
Plus500 2
Plus500 3
Plus500 4
Plus500 5

*illustrative prices

Through our comprehensive exploration of Singapore’s CFD market, Plus500 emerged as the standout choice. The platform’s singular, proprietary trading interface caters perfectly to all users, boasting an intuitively designed system that enriches your trading journey. Upon setting up a forex CFD trading account, access to a robust suite of trading tools plus 60+ currency pairs becomes readily available.

Our testing revealed Plus500’s low $100 deposit requirement, which is among the industry’s most accessible. The absence of transaction charges and minimal spreads ensures a cost-effective trading experience. Plus500 also has a 24/7 support service, which empowers traders to venture into the forex market anytime while receiving unparalleled guidance. Considering our comprehensive assessment, we give Plus500 a 4.4-star rating.

Plus500 Review
TradingGuides Rating:
✔ Educational materials
✔ Regulated in many countries
Pros & Cons
Fees
Trading Assets
Pros
  • 60+ currency pairs to choose from
  • $100 minimum deposit, which we consider low
  • Best trading apps for mobile devices as rated on Google Play and App Store
  • Zero commission and low spreads
Cons
  • Limited research materials for advanced traders
  • No MT4 platform, known to be perfect for professional forex traders

Type Fee
Overnight Funding yes
Currency Conversion Fee 0.7%
Guaranteed Stop Order spread applies
Inactivity Fee $10 per month
Withdrawls/Deposits  $0

Plus500 provides access to 2800+ CFDs across a wide range of different asset classes, including: Indices – Country and Sector, Forex, Commodities, Individual shares, ETFs, Options

Note: 81% 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.

2. eToro – Best Forex Broker in Singapore for Beginners

eToro 1
eToro 2
eToro 3
eToro 4
eToro 5
eToro 1
eToro 2
eToro 3
eToro 4
eToro 5

As users exploring forex trading in Singapore, we found eToro to be an exceptional choice for beginners. Regulated and acknowledged by the Monetary Authority of Singapore (MAS), eToro’s excellent reputation since 2007 assures a secure trading atmosphere for its users. Its platform, designed with innovative social and copy trading features, creates an engaging learning environment. 

Offering a modest minimum deposit of $50 and free deposits, along with a reasonable $5 withdrawal fee, eToro prioritizes user affordability. We accessed over 50 currency pairs and additional securities, which facilitates effective portfolio diversification. Our experience in the Singaporean market led us to award eToro a well-deserved 5-star rating, affirming its suitability and excellence for beginners venturing into forex trading.

eToro Review
TradingGuides Rating:
✔Copy/Social trading
✔Low minimum to fund an account and begin investing
Pros & Cons
Fees
Trading Assets
Pros
  • Additional 4,500+ assets for portfolio diversification
  • User-friendly trading platform with a copy feature
  • Low minimum deposit requirement for Singaporean traders
  • Quality learning materials
Cons
  • Withdrawal fees of $5
  • No third-party platforms

Types Fee
Minimum Deposit £50
Conversion Fee depends on your payment method, currency, and eToro Club level.
Overnight Fee vary according to the value and direction (BUY or SELL) of your position
Withdrawal Fee all withdrawal requests are subject to a $5 USD fee
Inactivity Fee monthly inactivity fee of $10 USD (charged after 12 months)

  • Stocks – there is a total of 800 stocks offered ranging from the biggest tech businesses in the U.S. to smaller companies from all over the world. Stock trading is always commission-free with eToro.
  • Cryptocurrencies – being one of the first brokers to jump on the cryptocurrency bandwagon, it comes as no surprise that eToro dominates this segment. With more than 20 coins and a number of cryptocurrency pairs, there is enough for all crypto traders.
  • Currency Pairs – in the early days, eToro was just another FX broker and even though they’ve developed since, the broker has stayed true to its roots. As a trader, you can choose between 49 currency pairs ranging from majors and minors to a few exotic ones.
  • Long-Term Investments – unlike many online brokers, eToro is also suitable for long-term investments. For example, their investment portfolios are a great way to diversify your portfolio and limit risk.
  • Additional assets – in addition to the above, eToro provides access to commodities, indices, and ETFs as CFDs. There is also a range of unique assets such as Crypto Portfolios that are only offered by eToro. This means that you can create a diverse portfolio with ease.

3. AvaTrade – Best Forex Broker in Singapore For Mobile Trading

AvaTrade 1
Avatrade 2
Avatrade 3
Avatrade 4
Avatrade 5
AvaTrade 1
Avatrade 2
Avatrade 3
Avatrade 4
Avatrade 5

While testing AvaTrade, we were impressed by its user-friendly trading platform, which is also highly customisable. Besides the desktop platform, this broker’s app AvaTradeGO is very impressive with fast trade execution speed. Its menu is easily accessible, and users are guaranteed instant notifications, which come in handy in making the best trading decisions. You simply have to deposit at least $100 to get started.

Among the 1,250+ assets AvaTrade lists, there are over 60 currency pairs to choose from. We also like the broker’s AvaSocial and DupliTrade platforms, which allow users to get together on its platform, share various ideas, and mirror positions with increased profitability. The presence of the MT4 platform further solidifies AvaTrade’s position, leading us to award it with a 4.7-star rating. 

AvaTrade Review
TradingGuides Rating:
✔ One of the most popular brokers in the UK/EU
✔ Quick deposits and withdrawals
Pros & Cons
Fees
Trading Assets
Pros
  • Seamless forex trading on both Android and iOS mobile devices
  • The AvaTradeGO app is highly rated by users on Google Play, the App Store, and Trustpilot
  • Low minimum deposit requirement
  • Features social and copy trading, thus boosting user experience
Cons
  • Limited asset offerings compared to its peers
  • Its inactivity fee of $50 applies after only three months

Type Fee
Minimum Deposit £100
Inactivity Fee USD Account: $50
EUR Account: €50
GBP Account: £50
Administration Fee USD Account: $100
EUR Account: €100
GBP Account: £100
Deposit Fee $0
Withdrawal Fee $0

AvaTrade impresses with a robust portfolio of over 1250 assets, encompassing a wide range of trading instruments.

Forex – AvaTrade facilitates trading in a broad spectrum of currency pairs, enabling exposure to the dynamic forex market and diverse CFD options.

Stocks and Commodities – The platform offers a comprehensive selection of stocks and commodities, allowing users to invest in companies and raw materials across global markets.

Cryptocurrencies – AvaTrade supports trading in cryptocurrencies, providing access to a multitude of digital assets, including popular ones like Bitcoin, Ethereum, and more.

ETFs, Bonds, Treasuries, and Indices – AvaTrade’s offerings extend to ETFs, bonds, treasuries, and indices, offering diversification opportunities and exposure to various sectors and industries.

4. Pepperstone – Best Forex Broker for ECN Trading in Singapore

Pepperstone website
Pepperstone
Pepperstone platforms
Pepperstone tools
Pepperstone website
Pepperstone
Pepperstone platforms
Pepperstone tools

From our analysis as active traders in Singapore, Pepperstone shines as the go-to destination for ECN trading. With its electronic communication network platform, we experienced lightning-fast trade execution and incredibly low spreads, starting from 0.0 pips for EUR/USD on the razor trading account. The utilization of liquidity providers ensures consistent liquidity across various tradable assets.

Trading with Pepperstone necessitates a reasonable $200 minimum deposit, offering a diverse selection of platforms like cTrader, TradingView, MT4, and MT5, catering to different trading styles. These platforms seamlessly execute forex trades on desktop and mobile devices, providing convenience. Furthermore, the availability of 90+ currency pairs, coupled with advanced features, contributes significantly to maximum experience. Comparing it to its peers, Pepperstone earns a 4.6-star rating. 

Pepperstone Review
TradingGuides Rating:
✔ Top tier liquidity
✔ No dealing desk intervention
Pros & Cons
Fees
Trading Assets
Pros
  • 90+ currency pairs to trade
  • Social trading platform for traders to socialize and copy the trades with the highest profit potential
  • Customizable features on the advanced ECN platform
  • Multiple platforms to choose from
Cons
  • $200 minimum deposit requirement, which most traders consider high
  • Only CFD assets to trade

Type Fee
Minimum Deposit  $200
Withdrawal fee $0
Deposit fee $0
Inactivity fee No
Account fee No

1200+ instruments across FX, indices, cryptocurrencies*, equities, energy and commodities, and more, across three, free powerful platforms.

*Only Pro clients get access to cryptos.

5. FP Markets – Best Forex Broker For MetaTrader Users in Singapore

FP Markets 1
FP Markets 2
FP Markets 3
FP Markets 4
FP Markets 5
FP Markets 1
FP Markets 2
FP Markets 3
FP Markets 4
FP Markets 5

From our thorough testing within Singapore’s forex realm, FP Markets is the paramount choice for MT4 users. Renowned for superior trade execution and stellar customer service, this broker has proven reliable for newbies and expert forex traders. Note that the FP Markets platform’s customisable, user-friendly interface enhances users’ trading journey. 

Offering 70+ currency pairs with spreads starting at 0.0 pips FP Markets fosters diverse trading. Leveraged trades go up to 500:1 on MT4 and MT5 platforms, thus adding flexibility. With an excellent mobile app and an array of CFD assets like commodities, indices, shares, and cryptocurrencies, FP Markets proves ideal for Singaporean MT4 traders, thus earning a 5-star rating. 

FP Markets Review 2024
TradingGuides Rating:
✔Low trading fees
✔Accounts can be opened fast and easy
Pros & Cons
Fees
Trading Assets
Pros
  • Low spreads for forex trading starting from 0.0 pips
  • Leverage options up to 500:1 for professional traders on MT4 and MT5 platforms
  • 60+ currency pairs and additional asset offerings for portfolio diversification
  • Excellent research tools
Cons
  • Forex and CFD assets offered
  • Social trading is limited to MT4 and MT5 users only

Type Fee
Minimum deposit $100
Overnight fee $0
Deposit fee $0
Withdrawal fee Depends on payment method
Inactivity fee $0

There are plenty of trading options to choose from on FP Markets. These include 70+ currency pairs, more than 10,000 stocks on global exchanges, 5 cryptocurrency CFDs,  46 ETFs, 19 major global indices, and commodities. The commodities available include gold, silver, oil and more.

6. OANDA – Overall Best Forex Broker in Singapore

oanda 1
oanda 2
oanda 3
oanda 4
oanda 5
oanda 1
oanda 2
oanda 3
oanda 4
oanda 5

At OANDA, we discovered an exceptional forex brokerage catering to every trader’s needs in Singapore. Regulated by MAS, it stands as the top choice, ensuring a secure trading environment. Its user-friendly interface and customisable features also enhance the trading experience. Boasting over 70 currency pairs, Oanda fosters portfolio diversification across multiple markets. 

Despite offering the web, TradingView, and MetaTrader 4 platforms, OANDA’s arsenal of top-notch trading tools and educational resources empowers traders to elevate their skills. Plus, its transparent pricing structure with no minimum deposit requirement and minimal fees, including no transaction charges, solidifies OANDA as the go-to platform. From our analysis, we give the broker a 5-star rating. 

OANDA Review
TradingGuides Rating:
✔ Outstanding research tools
✔ Fast and user-friendly account opening
Risk Warning
76.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the risk of losing your money.
Pros & Cons
Fees
Trading Assets
Pros
  • Zero minimum deposit requirement
  • Customer service is available 24/5 via phone, live chat and email
  • Advanced research and learning resources available
  • A user-friendly and intuitive design platform
Cons
  • There is an inactivity fee should you fail to open a position for over 12 months
  • Only CFD assets offered

Type Fee
Minimum deposit $0
Overnight fee Yes
Deposit fee $0
Withdrawal fee $0 to your PayPal account*
Inactivity fee Yes

*We do not charge a fee for withdrawals made to your PayPal account. If your PayPal account is denominated in a currency other than GBP, EUR or USD, you may incur an exchange fee levied by PayPal.

With OANDA, you can trade forex, indices, metals (a wide range of metals, including gold and silver), commodities and bonds.

Note: 76.6% of retail investor accounts lose money when trading CFDs with this provider.

7. Saxo – Best Forex Broker for Advanced Traders in Singapore

Saxo Markets 1
Saxo Markets 2
Saxo Markets 3
Saxo Markets 4
Saxo Markets 5
Saxo Markets 1
Saxo Markets 2
Saxo Markets 3
Saxo Markets 4
Saxo Markets 5

As professional researchers and traders navigating Singapore’s forex landscape, Saxo impresses as the go-to platform for advanced trading. Besides being MAS-regulated, it offers access to diverse markets, including forex, CFDs, stocks, ETFs, and commodities. With an extensive range of over 180 currency pairs and 40,000+ instruments, it’s ideal for sophisticated strategies. 

We are also impressed by this broker’s low spreads, which ensure cost-effective trading across multiple currency markets. The SaxoTraderGO and SaxoTraderPRO platforms stand out for their professional-grade tools tailored for advanced traders seeking skill enhancement. With no minimum deposit requirement, customizable interfaces, and rich educational resources, Saxo is worth trying. Our experience warrants it a 4.4-star rating.

Saxo Review 2024
TradingGuides Rating:
✔ Competitive forex spread costs
✔ Best for experienced traders
Pros & Cons
Fees
Trading Assets
Pros
  • Intuitive design and customisable platforms
  • Low forex trading charges
  • Numerous currency pairs to explore
  • Plethora of excellent research and educational materials
Cons
  • No third-party platforms like MT4
  • Only CFD assets offered

Type Fee
Minimum deposit $0 (for Classic account)
Inactivity fee $0
Deposit fee $0
Withdrawal fee $0
Manual order fee €50 per order
Stocks from $1 on US stocks
Futures $1 per lot
Listed options $0.75 per lot
ETFs from $1
Bonds from 0.05% on govt. bonds
Mutual funds $0

Stocks, Crypto, Forex, CFDs, ETFs, Commodities, Futures, Forex options, Bonds, Listed options, and Mutual funds.

What do Other Traders Say?

As mentioned earlier, we do not just base our broker findings on multiple tests and comparisons. We also analyze user testimonials on Google Play, the App Store, and Trustpilot. This ensures our recommendations are not biased, and you get the best of the best. See below some comments we gathered.

1. Plus500

plus500 review 1 plus500 review 2

Users praise Plus500 for its simplicity, low spreads, and attentive customer service, underscoring its appeal for new traders and straightforward trading experience.

  • “After many years of trading on this platform I had the chance to learn and improve my trading skills. It’s the best app and easy to use. I’ve tried other platforms but this one it’s far better 👍” – Ludovic Gyorfi

  • “Very good, no problems with deposits or withdrawals, real time prices, you can make alot of money here.” – ramzyki

2. eToro

eToro review 1 eToro review 2

Positive feedback revolves around eToro’s social trading features, easy-to-use interface, and responsive customer service, emphasising its suitability for both beginners and seasoned traders.

  • “Good reliable platform for investing in various asset classes and also for day trading. The assigned RMs are proactive and available to give guidance as needed. The RM follows up until the query is resolved.” – Ankit

  • “Really I think it is amazing app” – AmirFerdos

3. AvaTrade

avatrade review 1 avatrade review 2

We noticed that most users appreciate AvaTrade’s seamless trade execution, especially on mobile devices. With low trading fees and a supportive customer service team, users highly recommend the broker to both newbies and professional traders in Singapore. 

  • “I was contacted within 10 minutes from opening my account. The account validation process took less than 1 hour. I was literally trading on a live account within 2 hours from opening my account. Very impressed with the service.” – Mr Coetzee

  • “Very smooth and clean, educational videos to support your understanding of the system and trading in general. Interactive customer service that actively try to support you as best they can, very friendly and understanding” – Jaundre Koekemoer

4. Pepperstone

pepperstone review 1 pepperstone review 2

Positive sentiments towards Pepperstone focus on its rapid trade execution, competitive spreads, and strong customer service, highlighting its versatility for various trading strategies.

  • “One of best broker of the world. Nice support, brazilian account manager, trading view plataform, local brazilian withdraw.” – Juninsm

  • “I’ve used many trading platforms, and this is my favourite. Took me a while to get used to it, as it was slightly different from what I was used to, but now love it & all its features.” – Jana from Gold Coast

5. FP Markets

FP Markets review 1 FP Markets review 2

Users admire FP Markets for its outstanding customer service, customizable interface, and diverse range of trading options, frequently mentioning low spreads and quick trade execution as highlights.

  • “Customer support is really marvelous, my problem was taken seriously and solved within no time. Thanks to the team for their efforts. Great!” – Tariq

  • “The app is user friendly. Even for beginners, it is easy to use, and the customer service live chat is quick in replying.” – Wayne K

6. OANDA

Users appreciate OANDA’s user-friendly platform, extensive educational resources, and transparent pricing model, highlighting the absence of minimum deposit requirements as a standout feature.

  • “Account was easy to open and was contacted next day by Luke a VERY helpful account manager who was very knowledgeable and answered all my questions quickly. Happy with service.” – Lucy P T

  • “The most reliable broker out there I’ve been with them for years and they’ve never disappointed me and when it comes to withdrawal they are super fast I would rate them 10/10 but obviously no broker is perfect but so far so good” – Zukisa Gaca

7. Saxo

saxo markets review 1 saxo markets review 2

Traders commend Saxo for its wide range of tradable assets, advanced trading tools, and professional-grade platforms, often mentioning the high-quality research materials available.

  • “SAXO offers an outstanding platform with easy to use tools, informed up to date analysis, education tools and articles, among many other features.
    SAXO continues to advance its products with the user success at its core.
    Trading with SAXO is a full experience of excellence.” – Francesco Nicolo

  • “Took a bit to get used to, but now I can really appreciate the slick UI and great performance. Wide range of products and their support replied in a timely manner the few times I had questions. Also never had any problems with outages which is a huge relieve” – Chistoph Muller

How to Start Trading with Forex Broker in Singapore

Understanding how to initiate forex trading using a forex broker in Singapore is crucial for aspiring traders. Now that we’ve identified the best forex brokers, let’s navigate the steps to getting started. 

  1. Acquire Comprehensive Knowledge – Understanding the specifics of forex trading in Singapore is pivotal. Understand the market dynamics, regulatory nuances governed by MAS, and regional influences. A robust foundation of knowledge paves the way for informed decisions.
  2. Strategic Broker Selection – Opt for a reputable MAS-regulated forex broker aligned with your trading objectives. Beyond reputation, consider fees, available assets, and platform suitability tailored to the nuances of the Singaporean market. Seek reliability, transparency, and compatibility with your trading style.
  3. Account Opening – Create a forex trading account with the broker of your choice. Most brokers in Singapore will require your personal details for this process, including your name, email address, phone number, date of birth, location, and more. You should also participate in the account verification process, as this is a way to keep online trading safe from imposters. 
  4. Initiating the Initial Deposit – Your account will be fully approved and activated, after which you will fund it per your broker’s deposit specifications. This opens doors to diverse financial markets, enabling participation in currency pairs, commodities, indices, and more. Be mindful of your financial commitments and trade within your means.
  5. Executing Trades Prudently – Employ your market analysis and chosen trading strategies to execute positions. Pay close attention to the intricacies of the Singapore forex market—market hours, volatility patterns, and regional influences. Monitor your trades vigilantly, ensuring alignment with your established strategies. For beginners, we advise you to get started using a broker’s demo account to familiarise yourself with how forex trading works without spending real money. 

How to Choose the Right Forex Broker in Singapore

With many options in the Singaporean financial market, pinpointing the perfect forex broker can be daunting. Therefore, consider the following key factors to make the best choice.

Prioritize brokers regulated by the Monetary Authority of Singapore (MAS). A MAS-regulated broker ensures legal compliance and adherence to stringent industry standards. This not only assures legality but also provides an added layer of protection for your funds against potential malpractices.

Evaluate the availability of currency pairs and other tradable instruments. Determine whether you prefer direct trading or opt for Contract for Difference (CFDs) to speculate on price movements. Ensure the broker’s offerings align with your specific trading goals and strategies.

Scrutinize the broker’s fee structure comprehensively. Consider aspects like minimum deposits, spreads, commissions, and any additional costs. Align these charges with your budget and trading strategy to avoid potential long-term financial constraints.

Prioritize a broker that offers customer service aligned with your schedule and preferences. Assess service availability—some operate 24/5 while others provide round-the-clock support. Additionally, evaluate communication channels such as phone, email, or live chat to suit your interaction style.

Leverage demo accounts as a valuable tool to test the broker’s platform and tools. This pivotal step allows you to familiarize yourself with the intricacies of the forex market and assess the compatibility of the broker’s offerings with your trading strategies before transitioning to live trading.

Explore user testimonials across various platforms to gain insights into traders’ experiences. Gauge feedback on reliability, customer service, platform usability, and overall satisfaction. These testimonials serve as valuable references to complement your decision-making process.

Forex Trading in Singapore

Positioned as a financial epicentre in the Asia-Pacific region, Singapore fosters a robust and dynamic forex trading market. Governed by the stringent oversight of the Monetary Authority of Singapore (MAS), the forex landscape here operates within a well-regulated framework, ensuring transparency, security, and investor protection.

Technological advancements play a pivotal role, granting traders access to cutting-edge platforms and tools. The market’s reliance on sophisticated technology enables seamless trade execution, real-time analysis, and extensive access to global markets.

Singapore’s geopolitical stability and economic resilience further bolster its appeal as a forex trading hub. Its strategic geographical location and flourishing economy promote international investments and cultivate an environment conducive to forex trading.

Moreover, Singapore boasts a diverse trading community, welcoming seasoned professionals and retail traders alike. This diversity fosters an ecosystem of knowledge exchange and varied trading experiences.

FAQs

Is it safe to trade forex in Singapore?

Yes. Forex trading in Singapore is considered safe, especially when conducted through MAS-regulated brokers. MAS implements stringent regulations, ensuring transparency, security, and investor protection within the forex market.

Do you have to pay tax for forex trading in Singapore?

No. Forex trading in Singapore is considered a personal investment and, thus, is not subject to capital gains tax. Profits derived from forex trading are not taxable as long as they are not considered the primary source of income. 

Which broker is the cheapest in Singapore?

Identifying the “cheapest” broker can vary based on individual trading preferences and strategies. From our analysis, Oanda takes the lead in this category as it has no minimum deposit requirement with low spreads from 0.6 pips. 

Is forex trading profitable in Singapore?

Absolutely. Forex trading in Singapore can be profitable, but success depends on various factors, including market knowledge, strategy, risk management, and market conditions. Many traders find success through continuous learning and disciplined trading practices.

What is the best forex trading time in Singapore?

Singapore falls within the Asia-Pacific trading session, and the best trading times generally align with overlaps between major sessions. Active trading periods often occur during the overlap between the Asian and European trading sessions, typically from 8:00 AM to 12:00 PM SGT (Singapore Time).

Conclusion

As you kickstart your forex trading venture in Singapore, our recommended brokers, tested rigorously and highly rated by users, offer a strong starting point. However, exercise caution—test their platforms using the demo accounts provided to familiarise yourself with their features and suitability. Remember, your choice of MAS-regulated forex brokers in Singapore should harmonize with your goals. Therefore, make informed decisions based on thorough exploration, ensuring your journey into Singapore’s forex market aligns seamlessly with your aspirations and trading style.

How we test?

Our test process is really based on two different aspects: our independent tests and research, as well as user reviews from Google Play, the App Store, and Trustpilot, etc.

The first thing we do when testing is to check every detail and test every tool and instrument. Our experts spend more than 200 hours on every article. We pay special attention to the specific function or the criteria that we’re comparing during the comparing stage. This means that we must determine which broker is more suited for beginners, and which is better suited for experts, for example. Find out more about our test process here.

Thadeus Geodfrey logo
Thadeus Geodfrey

Is a regular dad trying to be smart about how we play and win in this big game of life. He has worked within the very best of the financial industry producing numerous training resources. He is an experienced copywriter with immense financial background. Now earns a full time living as a Trader, and as our writer.

His articles help everyday families build sustainable wealth, stop stressing about their financial security, and start living the life they’ve always wanted.
If he is not trading or writing, he is at the gym.

One Reply to “Best Forex Brokers in Singapore”

  • Derek Morris says:
    Starting my trading journey five years ago, finding suitable guidance was a daunting task. This site provides invaluable information that was once elusive to me. With consistently updated content, it keeps me informed and equipped to navigate the ever-evolving landscape of trading. It's a go-to resource for staying abreast of the latest trends and sharing insights with others. The experience of trading in Singapore, once unimaginable for me, has proven fascinating, thanks to the valuable insights shared by others. I highly recommend this resource; it always has everything I need, with consistently relevant information.

Leave a Reply

Your email address will not be published. Required fields are marked *

Plus500 Review

25,000 hours of testing 73+ brokers. Our recommended broker is Plus500.

Our recommended broker is Plus500.

Plus500 Review Register at Plus500 now!

81% of retail CFD accounts lose money

TradingGuide
© Copyright 2024 TradingGuide