Best Forex Brokers in Singapore for 2024

Last updated Jul 31, 2024

We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the top Forex brokers Singapore based on our analysis:

  1. 1
    IC Markets Logo
    IC Markets - Best Forex trading platform Singapore - A wide range of trading assets. Low spreads. Variety of trading platforms.
  2. 2
    Pepperstone Logo
    Pepperstone - Wide selection of trading platforms. Tight spreads and favourable trading conditions. Numerous regulatory licenses.
  3. 3
    AvaTrade Logo
    AvaTrade - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources.
  4. 4
    Tickmill Logo
    Tickmill - Low trading fees. Variety of trading platforms. Extensive library of educational materials and analytical tools.
  5. 5
    Roboforex Logo
    Roboforex - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts.
  6. 6
    FxPro Logo
    FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools.
  7. 7
    CMC Markets SG Logo
    CMC Markets SG - Low trading fees. Wide range of markets and products. Access to the popular MetaTrader 4 and CMC Markets platforms.
  8. 8
    XM Logo
    XM - Wide range of trading assets. Extensive educational resources. Tight spreads on the Ultra Low account.
  9. 9
    InstaForex Logo
    InstaForex - Large selection of trading instruments. PAMM accounts and the ForexCopy automatic trade copying service for passive income. 24/7 efficient customer support.
  10. 10
    Oanda SG Logo
    Oanda SG - Tight spreads. Advanced trading platforms. Quality analytics.

This list is a comprehensive guide crafted to aid you in discovering a broker that not only aligns with your unique trading style but prioritizes safeguarding your financial assets. Each broker on this list stands out for their distinctive features, cutting-edge technology, and robust security measures, ensuring a top-tier trading experience in Singapore's dynamic Forex market.

List of the Best Forex Brokers in Singapore

1
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2007
Minimum Deposit
S$200
2
Register81.7% of retail investors lose money when trading CFDs with this broker
Foundation Year2010
Minimum Deposit
S$1
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2005
Minimum Deposit
$100
4
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2013
Minimum Deposit
$100
5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2009
Minimum Deposit
$10
6
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2006
Minimum Deposit
$100
7
Foundation Year1988
Minimum Deposit
S$1
8
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2009
Minimum Deposit
S$5
9
Register71.99% of retail investors lose money when trading CFDs with this broker
Foundation Year2007
Minimum Deposit
$1
10
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2001
Minimum Deposit
S$1

In our pursuit to provide unparalleled insights into Singapore's currency market, we have meticulously analyzed many local firms, focusing on identifying the most dependable and user-friendly Forex trading brokers. This section is dedicated to presenting in-depth reviews of the top Forex brokers in Singapore, specifically tailored to assist you in making a well-informed decision. Our reviews offer thorough profiles of each broker, enriched with authentic feedback from traders who have experienced their services firsthand. Whether you are just beginning your CFD and Forex trading journey or searching for the perfect ally in navigating the financial markets, our extensive reviews are designed to steer you clear of common pitfalls and direct you toward the most suitable trading platform to fulfill your financial aspirations in 2024.

1. IC Markets

IC Markets Logo
1
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsETFPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTraderTradingView
compare IC Markets trading accounts

IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.

IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.

Pros and Cons of IC Markets

Pros

  1. A wide range of trading assets.
  2. Low spreads.
  3. Variety of trading platforms.
  4. Quality educational materials.
  5. Efficient customer support service.

Cons

  1. High minimum deposit.

2. Pepperstone

Pepperstone Logo
2
Register81.7% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyETFStocksPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTraderTradingView
compare Pepperstone trading accounts

Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.

The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.

The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.

Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.

Pros and Cons of Pepperstone

Pros

  1. Wide selection of trading platforms.
  2. Tight spreads and favourable trading conditions.
  3. Numerous regulatory licenses.
  4. A large number of trading assets.

Cons

  1. Lack of diversity in types of trading accounts.

3. AvaTrade

AvaTrade Logo
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Trading Assets
ForexStocksIndicesETFCryptocurrencyBondsPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4MetaTrader 5WebTraderAvaTradeGO
compare AvaTrade trading accounts

AvaTrade is ideal for traders looking for various trading tools and a high level of investment protection. Beginners will be comfortable with the intuitive interface of the AvaTradeGO mobile platform, while experienced traders will appreciate the depth of MetaTrader's customization and analytical tools. However, traders who need access to STP or ECN accounts should pay attention to other brokerage companies.

Pros and Cons of AvaTrade

Pros

  1. A wide selection of financial assets.
  2. Innovative trading platforms.
  3. Highly rated educational resources.

Cons

  1. Limited trading account options.
  2. Account inactivity fee.

4. Tickmill

Tickmill Logo
4
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesBondsCryptocurrencyPrecious MetalsEnergy CarriersSoft CommoditiesStocksETF
Trading Platforms
MetaTrader 4MetaTrader 5TradingView
compare Tickmill trading accounts

Tickmill offers high-quality services and conditions for trading on the international Forex market. With reliable regulation, access to popular trading platforms, and comprehensive educational and analytical materials, Tickmill becomes an attractive choice for traders of different experience levels.

The broker is suitable for novice traders, thanks to accessible educational materials and the ease of opening an account, as well as for experienced traders who value low spreads, platform stability, and a variety of trading instruments.

Pros and Cons of Tickmill

Pros

  1. Low trading fees.
  2. Variety of trading platforms.
  3. Extensive library of educational materials and analytical tools.

Cons

  1. Not enough different types of trading accounts.

5. RoboForex

Roboforex Logo
5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesStocksETFPrecious MetalsEnergy CarriersSoft CommoditiesFutures
Trading Platforms
MetaTrader 5MetaTrader 4R WebTraderR MobileTraderR StocksTrader
compare Roboforex trading accounts

RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.

Pros and Cons of Roboforex

Pros

  1. A variety of trading platforms.
  2. Over 12,000 trading assets.
  3. Different types of trading accounts.
  4. Competent 24/7 customer support.
  5. Loyalty programs and bonus offers for clients.
  6. Low spreads and fees.

Cons

  1. Regulation in an offshore jurisdiction.
  2. Beginner traders may find a lack of educational materials.

6. FxPro

FxPro Logo
6
4.4/5
FxPro review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4FxPro EdgeMetaTrader 5cTrader
compare FxPro trading accounts

FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.

Pros and Cons of FxPro

Pros

  1. Various trading platforms.
  2. A diverse range of available markets and products.
  3. Multiple analytics tools.
  4. Extensive educational materials.

Cons

  1. An inactivity fee.
  2. Absence of cent accounts and services for copying trades.

7. CMC Markets

CMC Markets SG Logo
7
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsETFPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4CMC Markets
compare CMC Markets SG trading accounts

CMC Markets SG has been a reliable CFD and Forex broker in the business for a long time. Top-tier financial authorities regulate the company, offers an excellent trading platform, and has low commission fees.

We believe it is an excellent choice for beginners and experienced traders. CMC Markets is a good option if you seek a trustworthy and reputable broker with extensive experience.

Pros and Cons of CMC Markets SG

Pros

  1. Low trading fees.
  2. Wide range of markets and products.
  3. Access to the popular MetaTrader 4 and CMC Markets platforms.
  4. Extensive analytical materials.
  5. Comprehensive educational materials.

Cons

  1. Limited account options.
  2. Inactivity fee.
  3. No online chat.

8. XM

XM Logo
8
4.2/5
XM review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesStocksPrecious MetalsEnergy CarriersSoft CommoditiesCryptocurrency
Trading Platforms
MetaTrader 5MetaTrader 4
compare XM trading accounts

XM broker offers a wide range of services, making it an attractive option for various traders. With over 1500 trading instruments, extensive educational resources, and numerous trading platforms, XM is ideally suited for beginners and experienced traders. Novice traders will particularly appreciate the accessible educational materials and low entry threshold, while professionals will find the competitive spreads and diversity of instruments appealing.

Pros and Cons of XM

Pros

  1. Wide range of trading assets.
  2. Extensive educational resources.
  3. Tight spreads on the Ultra Low account.
  4. Many analytical materials.
  5. Commission-free deposits and withdrawals.

Cons

  1. Inconsistency in technical support.
  2. Inactivity fee.
  3. Standard account has a higher spread than the market average.

9. InstaForex

InstaForex Logo
9
Register71.99% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4InstaForex Webtrader
compare InstaForex trading accounts

InstaForex is a popular broker that offers a wide range of trading instruments and specialized accounts. The unique possibility of accruing interest on the account balance, ForexCopy's automatic transaction copying service, and support for cryptocurrency trading make InstaForex an attractive choice for a variety of traders. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus.

InstaForex is suitable for beginner traders and investors interested in passive income through PAMM accounts, as well as for those looking for innovative features such as cryptocurrency trading and automatic trade copying.

Pros and Cons of InstaForex

Pros

  1. Large selection of trading instruments.
  2. PAMM accounts and the ForexCopy automatic trade copying service for passive income.
  3. 24/7 efficient customer support.
  4. Wide range of methods for depositing and withdrawing funds.
  5. Decent analytical section.

Cons

  1. Trading commissions are above average.
  2. No trading accounts with market execution of orders (ECN or STP).
  3. Broker commission on fund withdrawals.

10. Oanda

Oanda SG Logo
10
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyPrecious MetalsEnergy CarriersSoft CommoditiesBonds
Trading Platforms
MetaTrader 4TradingViewfxTrade
compare Oanda SG trading accounts

Oanda is an excellent choice for Singaporean traders seeking a reliable and regulated broker with competitive spreads and various trading assets.

With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.

Pros and Cons of Oanda SG

Pros

  1. Tight spreads.
  2. Advanced trading platforms.
  3. Quality analytics.
  4. Extensive learning section.

Cons

  1. Limited trading account types.
  2. Inactivity fee.
  3. High swaps.

How are Forex Brokers Regulated in Singapore?

The regulatory framework for Forex and CFD brokers in Singapore is comprehensive and stringent, designed to ensure the transparency and integrity of trading activities. The primary regulatory body overseeing these markets is the Monetary Authority of Singapore (MAS), pivotal in establishing and enforcing the country's Forex trading rules.

Key Regulatory Bodies in Singapore

  • Monetary Authority of Singapore (MAS). MAS is the central authority regulating financial markets in Singapore, including Forex brokers. It is responsible for setting and enforcing guidelines to protect investors and maintain the market's integrity.

  • Singapore Exchange (SGX). SGX, as a leading exchange in Asia, also contributes to regulating financial markets, including Foreign exchange trading, ensuring adherence to high standards and practices.

Verifying Broker Authorization

To verify a broker's authorization under MAS, traders can use MAS's online financial institutions directory. This resource allows investors to check if a Forex broker is regulated and authorized to operate in Singapore. A broker's website will typically include a statement of their regulatory status under MAS.

Traders should look for the broker’s name in the MAS directory for confirmation. Additional broker licensing and regulation information can be found on various financial market websites and platforms for further validation.

About the Monetary Authority of Singapore (MAS)

The Monetary Authority of Singapore, established in 1971, serves as Singapore's central bank and financial regulatory authority. Renowned for its robust regulatory framework, MAS collaborates with other financial institutions to oversee and regulate Singapore's Forex market.

This regulatory environment in Singapore provides a secure and transparent framework for Forex trading, emphasizing investor protection and market fairness. MAS’s proactive and comprehensive approach to regulation is vital to sustaining the integrity and stability of Singapore’s financial markets, including Forex trading, thus ensuring a reliable and competitive environment for traders.

How to Choose a Forex Broker in Singapore?

An appropriate online Forex broker is crucial to success in the international currency market. Singapore traders must evaluate several vital factors that align with their trading needs and preferences. The best broker should meet your requirements and enhance your trading performance. Here are important considerations when choosing a Forex broker in Singapore:

  1. Regulatory Compliance. Ensure the broker is regulated by the Monetary Authority of Singapore (MAS) or other reputable authorities. This ensures the broker's reliability and commitment to ethical trading practices.

  2. Account Types. Opt for a broker with account types suitable for your trading experience and investment capital level. The broker should provide various options catering to your specific trading needs.

  3. Trading Platforms. The functionality and user-friendliness of trading platforms are vital. Choose a broker with intuitive, efficient platforms that can improve your trading experience.

  4. Trading Conditions. Investigate the broker’s trading terms, including Forex spreads, commission fees, minimum deposit requirements, and the range of trading instruments offered. Make sure these terms are favorable for your trading strategies.

  5. Customer Support. Evaluate the quality of customer support, focusing on the team's responsiveness and efficiency. Ensure the broker offers easily accessible and convenient communication channels.

You can find the best broker by thoroughly considering these factors. It is advisable to start with a demo account to test the broker's services and their compatibility with your trading style.

How We Compiled the List of Top Forex Brokers in Singapore

Our process for identifying the best Forex trading platforms in Singapore was executed with meticulous attention to detail and a robust set of criteria:

  1. The positioning of brokers is based on our primary list of Forex brokers, ensuring that they align with our established rankings.

  2. Brokers have been evaluated using our detailed methodology, designed to assess their performance and services objectively.

  3. All brokers in this top list accept Forex and CFD traders from Singapore, ensuring accessibility and suitability for Singaporean Forex market participants.

Our criteria ensure that the Forex and CFD brokers we recommend adhere to high-reliability standards and offer trading conditions essential for safe and successful participation in the Forex industry.

Conclusion

Choosing the right Forex broker is crucial in navigating the Forex market effectively. Factors such as the broker's credibility, adherence to regulatory standards, trading conditions, and the quality of customer support play a significant role in this decision. Our carefully crafted list of the best Forex brokers in Singapore in 2024 is designed to facilitate this critical choice. It provides in-depth insights and comprehensive information grounded in thorough research and authentic user feedback. We aim to offer invaluable assistance in finding a broker that meets and exceeds your specific trading needs, paving your way to financial success and a rewarding Forex trading experience in Singapore.

FAQ

What Is the Best Forex Trading Platform in Singapore?

The best Forex trading platform in Singapore differs based on individual trader requirements and preferences. Popular platforms include MetaTrader 4 (MT4) and MetaTrader 5 (MT5), known for their robust features and user-friendly interfaces. Other platforms like cTrader and proprietary platforms of specific brokers may also offer unique advantages. When choosing, it's essential to consider usability, tools offered, mobile trading options, and platform stability.

Yes, Forex trading is legal in Singapore. The Monetary Authority of Singapore (MAS) well-regulated the sector, ensuring financial markets operate transparently and ethically. Traders should engage with brokers regulated by MAS to ensure safety and compliance with local laws.

How to Start Trading Forex in Singapore?

To start Forex trading in Singapore, follow these steps:

  1. Educate yourself about Forex trading basics.

  2. Choose a Forex broker, preferably one regulated by MAS.

  3. Open and fund your trading account.

  4. Start with a demo account to practice trading without risking real money.

  5. Develop a trading strategy based on your risk tolerance and financial goals.

  6. Begin trading with real funds, starting small and gradually increasing your investment as you gain experience.

Can Singapore Traders Use International Forex Brokers?

Singapore traders can use international Forex brokers; however, choosing brokers regulated by reputable authorities like MAS, FCA, ASIC, or CySEC is recommended. This ensures compliance with international standards and provides a level of protection. Traders should be aware of the regulatory status and reputation of the broker before investing.

What Are the Forex Trading Hours in Singapore?

Forex markets operate 24 hours a day, five days a week, across various time zones. The currency market opens on Monday morning for Singapore traders, with the Sydney session at 5:00 AM (Singapore Time). It closes on Saturday morning with the New York session at 5:00 AM (Singapore Time). Traders must note the overlapping market sessions, which can offer higher volatility and trading volume. Singaporean traders can use the Forex Market Time Converter tool to track these trading hours effectively. This tool helps plan trading activities according to the global open market sessions.

Are Forex Gains Taxable in Singapore?

In Singapore, Forex gains are generally not taxable as they are considered capital gains, which Singapore does not tax. However, if Forex trading is conducted professionally or as a primary source of income, it may be regarded as taxable. It's advisable to consult with a tax professional for personalized advice.

What Leverage Is Available for Forex Traders in Singapore?

In Singapore, the leverage available to retail Forex traders is capped at 1:20, following the rules of the Monetary Authority of Singapore (MAS). This limitation protects retail investors from the high risks associated with excessive leverage. However, if a trader qualifies as an accredited investor, the leverage limit is extended to 1:50. These regulations are part of MAS's commitment to ensuring a safe and responsible trading environment.

How to Avoid Forex Scams in Singapore?

To avoid Forex scams in Singapore, follow these guidelines:

  1. Only trade with MAS-regulated Forex brokers.

  2. Be wary of promises of high returns with little or no risk.

  3. Research the broker's background and regulatory status.

  4. Avoid brokers that pressure you to invest quickly or promise guaranteed returns.

  5. Be cautious with unsolicited investment offers.

  6. Educate yourself on common Forex scam tactics.

  7. Report any suspicious activity to MAS or the police.

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

Discover the Best Forex Brokers Worldwide: