Singapore traders can trade forex via the Monetary Authority of Singapore (MAS) regulated forex and CFD brokers. It is best to trade with only regulated forex brokers as they are mandated to protect funds deposited by the customer/traders. They can legally accept forex traders in Singapore.

In this review, we have compared forex brokers that are regulated by the MAS. Our comparison is based on safety, fees, and other trading conditions.

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Comparison of Best Forex Brokers in Singapore

Broker MAS License No EUR/USD Spread (Pips) Min. Deposit Visit
City Index

SGD 215
Visit Broker
CMC Markets

No minimum deposit
Visit Broker


SGD 200
Visit Broker


No minimum deposit
Visit Broker

Saxo Markets

SGD 3,000
Visit Broker

IG Markets

SGD 250
Visit Broker

Note: The spread and minimum deposit is as per information on these brokers’ websites in June 2024. Please see our methodology below.

Best Forex Brokers in Singapore

Here are 2024’s Best Forex Brokers in Singapore that we have reviewed:

  1. City Index – Overall Best Forex Broker in Singapore
  2. CMC Markets – Singapore Forex Broker with most Currency Pairs
  3. Plus500– Singapore Broker with MAS Regulation
  4. OANDA – Singapore-based Broker with Low Fees
  5. Saxo Markets – Singapore Forex Broker with Most CFD Instruments
  6. IG Markets – MAS Regulated Broker with most Shares CFDs
  7. AvaTrade – Singapore Forex Broker with CopyTrading Feature
  8. Interactive Brokers – Forex Broker with No commissions on stocks and ETFs

#1 City Index- Overall Best Forex Broker in Singapore

EUR/USD Benchmark:
0.7 pips
Trading Platforms:
MT4, Trading View, City Index Trader
Account Minimum:
SGD 215 ($150)

City Index is regulated with the MAS as StoneX Financial Pte. Ltd. Their registration number is 201130598R.

Total Fees: Low typical spread for major pairs. There is no extra commission per lot except for shares CFDs. In addition, there are fees for credit/debit card deposits, GSLOs, inactivity fees (SGD 21), and swaps. Overall, total fees are not too high.

Trading conditions
Account types: City Index offers three accounts.
CFD Account – for indices, forex, commodities, and other CFDs
MT4 Account – for indices and forex only
DMA Account – for forex only

Further, you can practice trading and check out their services using a demo account.

Instruments: 17 indices CFDs, 84 currency pairs, 6,000+ shares CFDs, 7 pairs of metals CFDs, and 10 commodities (agriculture and oil) CFDs are available. All the CFDs are available on the CFD account alone.

Leverage: Here is the leverage for City Index’s CFDs

Instruments (CFDs) Leverage
Currency Pairs 20:1
Indices 20:1
Shares 10:1
Metals 5:1
Commodities 5:1

Platforms: The City Index proprietary trading platform is a WebTrader. They also support TradingView, MT4 and City Index mobile CFD trading app. The MT4 platform is available on smartphones as well.

Risk management: City Index offers guaranteed stop loss order but no negative balance protection. Hence, it can be quite risky to trade through them using leverage. You may lose more than your trading account balance on a loss-making trade.

Funding/withdrawals: Funding is easy via internet banking, PayNow, credit/debit cards, cheque, bill payment, and bank wire transfer. All deposit transactions are instant or take up to a day except cheque and wire transfer.
Withdrawals are free but there is a 2% levy fee for credit/debit cards deposit transactions.

Customer Support: Singapore traders can get 24/5 support via email, local mobile phone number, and live chat. Speaking with their live chat support, we had a 7-minute holding time before a response. We got an email response after several hours.

City Index Pros

  • Regulated by the MAS
  • No extra commission per lot, and their spreads are moderate for most instruments
  • They have a dedicated website for traders from Singapore
  • Local bank transfer options available
  • Negative balance protection
  • City Index supports MT4 and offers a proprietary trading platform.

City Index Cons

  • High minimum deposit
  • GSLO is not available on MT4
  • City index charges account inactivity fee.
  • The forex broker does not offer MT5.
  • Limited CFD range on MT4.

#2 CMC Markets- Singapore Forex Broker with most Currency Pairs

EUR/USD Benchmark:
0.7 pips
Trading Platforms:
MT4, CMC Markets Next Generation WebTrader and Mobile App
Account Minimum:
No minimum deposit

CMC Markets are regulated with the MAS as CMC Markets Singapore Pte. Ltd. They hold a capital markets services license with registration number UEN200605050E. They have been in operation for over 30 years.

Total Fees: There are no commissions for forex and no inactivity fees. There is a minimum $10 (SGD 14) commission for shares CFDs. There is a fee for guaranteed stop-loss orders and certain deposit methods. Overall, fees are low.

Trading conditions
Account type: CMC Markets offers two account types – CFD and Corporate Accounts.

Instruments: CMC Markets offer the following CFDs: 339 forex pairs, 95 indices, 111 commodities (agriculture, oil, metals), 9451 shares, 46 treasuries and 8 cryptocurrencies.

Leverage: Here is the leverage for retail traders:

Instruments (CFDs) Leverage
Forex 20:1
Indices 20:1
Commodities 5:1
Shares 10:1
Treasuries 5:1
Cryptocurrencies 2:1

Platforms: CMC Markets support MT4 and their proprietary Next Generation trading application that is available as WebTrader and on mobile applications.

Risk management: You can use guaranteed stop loss orders. However, there is no negative balance protection.

Funding/withdrawal: There are up to nine deposit channels if you are depositing funds in SGD. CMC Markets charge a 2% levy when you deposit with credit/debit cards. They charge no fees for other deposit methods.
In addition, the withdrawal of funds is free.

Customer support: You can get 24/5 support via live chat, email and a mobile number on their website. We tested the email support and got a response within 12 minutes. Live is not so good, as it has delays.

CMC Markets Pros

  • Regulated by the MAS
  • Over 10,000 CFD instruments
  • Zero withdrawal fees
  • User friendly website and trader
  • Fast processing of deposits and withdrawals
  • No mandatory minimum deposit or withdrawal
  • Offers commission-free trading for most instruments
  • Guaranteed stop loss order

CMC Markets Cons

  • Customer support is not available 24/7
  • Charges commission fees for shares trading
  • Charges dormant account fees
  • Does not support MT5 platform
  • Does not offer negative protection

#3 Plus 500 – Singapore Broker with MAS Regulation

EUR/USD Benchmark:
1.1 pips
Trading platforms:
Plus500 WebTrader and Mobile App
Account Minimum:
SGD 200

Plus500 holds a license to offer capital Market Services by the MAS. Their registered company name is Plus500SG Pte. Ltd. with registration number UEN 201422211Z.

Total fees: There is no extra commission per lot and the spread for major pairs is low. Additional charges include swaps, currency conversion fees, and account inactivity fees ($10). Also, there are no deposit and withdrawal charges.

Trading conditions

Account type: Plus500 offers one trading account.

Instruments: Plus500 offers 66 currency pairs, 22 commodities (metals, oil, agriculture), 96 ETFs, 27 indices, 1,655 shares, 356 options and 19 cryptocurrencies. All instruments are CFDs.

Leverage: Leverage for retail traders are shown below

Instruments (CFDs) Leverage
Forex 20:1
Indices 20:1
Commodities 5:1
Shares 10:1
ETFs 5:1
Options 5:1
Cryptocurrencies 2:1

Platforms: No MetaTrader, cTrader or any other known third-party platform. Only Plus500 proprietary trading platform is available to customers as WebTrader and also available on mobile devices. You can try their demo account to see if their trading app suits your needs.

Risk management: Plus500 offers guaranteed stop-loss order and negative balance protection for Singapore traders. This makes them a relatively safe broker to trade through.

Funding/withdrawal: You can deposit your funds via credit/debit card, ApplePay, PayPal, bank wire transfer, and PayNow. Funding your account is easy with these conventional methods. Plus500 does not charge extra fees for deposits or withdrawals.

Customer Support: A local mobile number is available for support. You can also get support via email and live chat with is available 24/7. We tested their email, getting a response after 12 minutes so overall support is good.

Plus500 Pros

  • They are regulated by MAS
  • Guaranteed stop loss order
  • Plus500 does not charge commissions
  • No deposit and withdrawal charges
  • Has 24/7 live chat support that is responsive
  • Offers negative balance protection for retail clients
  • Offers a wide range of instruments to trade
  • Has SGD account currency

Plus500 Cons

  • Minimum deposit ranges from SGD 200-500
  • Does not support MT4, MT5 or EAs
  • Charges dormant account fees
  • Slow processing of deposits & withdrawals

#4 Oanda – Singapore-based Broker with Low Fees

EUR/USD Benchmark:
1 pip
Trading platforms:
MT4, OANDA Trader, Trading View
Account Minimum:
No minimum deposit

Oanda is regulated with the MAS as OANDA Asia Pacific Pte. Ltd. Their registration number is 200704926K. They hold a license for capital markets services in Singapore.

Total Fees: No extra commission per lot, low spread for majors, and no deposit fees. You may incur a fee for some withdrawal methods. There is also an inactivity fee of SGD 10 and a premium fee for guaranteed stop-loss orders. Overall, total fees are low.

Trading conditions
Account types: OANDA offers Standard and Premium Accounts.

Instruments: 68 forex pairs, 18 indices CFDs, 21 metal CFDs, 6 commodities CFDs (oil, metals, agriculture), 4 cryptocurrency CFDs, and 5 bonds CFDs are available.

Leverage: Here is the leverage per CFD instrument for retail traders.

Instruments(CFDs) Leverage
Forex 20:1
Indices 20:1
Metals 5:1
Commodities 5:1
Bonds 5:1
Cryptocurrencies 2:1

Platforms: You can trade with OANDA’s customizable proprietary platform (OANDA Trader). It is available as a webtrader, desktop platform, and mobile/tablet app. Metatrader 4 and TradingView are available too.

Risk management: OANDA offers guaranteed stop loss orders. No negative balance protection so your loss can exceed your deposit.

Funding/withdrawals: You can deposit your funds easily with PayNow, DBS, PayPal, cheques, bank wire transfer, and internet banking transfer. Withdrawals can be carried out through PayPal, cheques, bank wire transfer, and internet banking transfer only. There are no extra fees except for certain withdrawal methods.

Customer Support: Oanda offers 24/5 support via email and live chat. After speaking with their live support, we discovered they give quick responses with no holding time. We got no response from their email. Overall, customer support is good.


  • Regulated in Singapore
  • No mandatory minimum deposits on all accounts
  • Guaranteed stop loss is available
  • Low fees with zero commissions on trades
  • Simple account opening process
  • Offers free deposits and processes them quickly


  • No negative balance protection
  • Limited number of CFDs
  • Charges inactivity fee
  • Charges currency conversion fees

#5 Saxo Markets- Singapore Forex Broker with Most CFD Instruments

EUR/USD Benchmark:
0.7 pips
Trading platforms:
SaxoTraderGO and SaxoTraderPRO
Account Minimum:
SGD 3,000 for bronze account plan only

Saxo Markets are regulated with the MAS as Saxo Capital Markets Pte. Ltd. with registration number 200601141M. The CFD broker is a subsidiary of Saxo Bank A/S so they are less risky.

Total Fees: Total fees are high. There are commissions for CFDs, US stocks, commodities, options, and US ETFs. No inactivity fee but you can incur withdrawal fees and currency conversion charges. Swaps are charged based on Singapore Overnight Rates (SORA).

Trading conditions

Account types: Saxo Markets offers 5 accounts: Bronze, Silver, Gold, Platinum and Diamond Accounts.

Instruments: Saxo Markets offer Forex CFDs, Index CFDs, Stock CFDs, Commodity CFDs (metals, oil), Bond CFDs, Crypto FX and Options CFDs. Total number of CFDs is over 19,000.

Instruments(CFDs) Leverage
Forex 20:1
Indices 20:1
Stocks 10:1
Commodities 5:1
Bonds 5:1
Options 5:1
Cryptocurrencies 2:1

Platforms: Saxo Markets offer 3 trading platforms: Saxo Investor for web, SaxoTraderGO for mobile and SaxoTraderPRO for desktop. The SaxoTraderPRO is available for only traders with Gold, Platinum and Diamond Accounts.

Risk management: No guaranteed stop loss order and you can lose more than your trading capital.

Funding/withdrawals: You can fund your account via MEPS, PayNowUEN, and PayNow QR code. You can also use your HSBC account if you have one or bank cards. You can choose your preferred withdrawal method when you open your trading account.

Customer support: Singapore traders can get support via live chat, email, and phone calls to the CFD broker.

Saxo Markets Pros

  • Wide market range i.e. wide no. of CFDs are available on their platform
  • Regulated by the MAS
  • No commissions for trading forex, and they only charge spreads
  • No inactivity fee
  • Local bank transfer options available
  • Available on all devices, web, desktop, android, and iOS

Saxo Markets Cons

  • No guaranteed stop loss orders
  • No negative balance protection
  • Extra commission on some CFDs
  • Their live chat option is slow and unavailable for those who haven’t opened an account with Saxo

#6 IG Markets – MAS Regulated Forex Broker with most Shares CFDs

EUR/USD Benchmark:
1.04 pips
Trading Platforms:
IG Trader, L2 Dealer, ProRealTime, and MT4.
Account Minimum:
SGD 250 for credit/debit cards and e-wallets

The CFD broker is regulated with the MAS as IG Asia Pte. Ltd. IG Markets are licensed to operate in Singapore. Their license number is 200510021K.

Total fees: Total fees are considerably high. There is inactivity fee (SGD 25), ProRealTime Charts fee (SGD 60), an account documentation fee for US stocks (SGD 72) , and 0.5% currency conversion charges (for trading in other currencies other than your account base currency).

Trading conditions

Account type: IG offers just one trading account

Instruments: 99 forex CFDs, 34 indices CFDs, 35 commodity CFDs (metals, energies, agriculture), 13 cryptocurrency CFDs, 12 bonds, 17 ETFs and 16000+ shares CFDs are available with IG Markets.

Leverage: The following leverage is available for retail traders

Instruments(CFDs) Leverage
Forex 20:1
Indices 20:1
Shares 10:1
Commodities 5:1
Cryptocurrencies 2:1

Platform: IG Markets offer a proprietary online trading platform with a mobile trading app and progressive web trader. The broker also supports L2 Dealer, ProRealTime, and MT4 trading platforms.

Risk management: GSLOs are available but have no negative balance protection.

Funding/withdrawal: Funding is convenient via internet bank transfer, credit/debit cards, cheques, and bill payments. You can also withdraw funds via bank transfer and credit/debit cards. IG Markets charge no extra fees for funding or withdrawals. Your bank or card issuer might charge you though.

Customer support: IG Markets offers support to clients via email and live chat available 24/5. When we tested the live chat, we got a response in under 5 minutes. We tested their email but got no response after several hours. Customer support is fair.

IG Markets Pros

  • Licensed with the MAS
  • Multiple trading platforms with MT4
  • Guaranteed stop loss order
  • Offers commission-free trading
  • Free deposits and withdrawals
  • Offers a wide range of instruments

IG Markets Cons

  • No negative balance protection
  • Charges account inactivity fee
  • Customer support is not available 24/7
  • Charges currency conversion fees
  • Does not support MT5 platform

How to Choose the Best Forex Broker in Singapore

Here are few factors you should consider:

1. Verify Broker’s MAS regulation

To do this, search for the CFD broker’s regulation statement at the footnote of their website. Here is an example below with CMC Markets.

Checking Broker's MAS License No.

After this, go to Enter the CFD broker’s name in the search box and click on search. You will arrive at the picture below with the broker’s details on the MAS website.

Checking Broker's MAS Info.

If you scroll down the page, you will also find their Singapore office address.

2. Spreads and Commissions

Spreads and commissions determine your total trading fees. You want to check if these fees are high or low. So, how do you go about this? We will use City Index as an example. Visit their website at, and click on forex.

You will see the page as the screenshot below. Scroll down and click on full pricing information.

Checking Broker's Spreads.
You will find the spreads for forex clearly laid out as shown below. You will find the spreads of major currency pairs, as well as others.

Checking Broker's Spreads.
As you can see in the example above, the CFD brokers mention their ‘minimum’ & ‘average’ spreads. Average spreads or typical spreads is the one that you will normally be charged during normal market conditions. The minimum is the lowest spreads for each of these instruments.

Similarly, you can compare the spreads of each of the broker. Compare the overall fees for the instruments that you want to trade.

Some CFD brokers charge low spreads, but they charge commissions instead. If you see near zero spreads on the broker’s pricing page, then it is likely that they charge commissions.

To know more about commissions, you can speak to your preferred CFD broker.

3. Are withdrawals and deposits fast and easy?

You should be able to deposit/withdraw funds easily and quickly. These depend on the funding methods supported by your CFD broker. Contact them to know their deposit/withdrawal methods so you can have an idea.

4. Total Forex Pairs and CFDs

The forex market is volatile and not all CFDs can be traded every time. This is why you need many options so you can switch between markets. From currency pairs to indices, shares, and commodities, your CFD broker should have them all.

Most CFD brokers have pages on their website where you can find the list of available instruments. For example, City Index claims to offer CFD trading on 1000s of instruments & you can search these instruments from their ‘Pricing’ page which looks like the screenshot below.

Forex Broker's total Instruments.

On their pricing page they have a search box which you can use to check if your desired instrument is available or not. And what will be the fees charged.

According to our review, CMC Markets have the most currency pairs (339)

5.Ease of Account Opening

Opening a trading account should not take too long. Documents required for your KYC process should be basic like a driver’s license, passport, or identity card.

Normally, most forex & CFD brokers complete this process in 48 hours. You should receive a notification from your broker about the process involved once you complete their form to signup for a trading account.

How to open Account with a Forex Broker?

To start trading, you need to open a live trading account with a forex broker.

Follow the steps below to open an account with a forex broker in Singapore, where we will use IG Markets as an example. Generally, the steps involved are the same with each broker, so you can follow these generic steps as references

Step 1) Go to the IG Markets website at and click on ‘Create live account’.

IG Markets Website Singapore

Step 2) On the form that appears, fill out your name and email, create a username and password, select your country of residence (Singapore will be selected by default), and then click on ‘Next’. You can also choose to fill this out with Myinfo by Singpass

Signup on IG Markets SG

Create IG Markets Account with Myinfo Singpass

Step 3) Supply your date of birth, phone number, select nationality, check the box to indicate you are not a US citizen and provide your NRIC Number or FIN then click ‘Next’.

Account Registration with IG Markets

Step 4) Provide your address and click ‘Next’.

User Address on IG Markets SG

Step 5) Answer questions relating to your employment, financial status, trading experience and knowledge, then click ‘Next’.

Financial Status on IG Markets

Trading Experience on IG Markets Singapore

Step 6) Check the box to agree to the terms and conditions and click ‘Finish’, on the page that appears then click the ‘Explore our dealing platform’ button and you will be redirected to the IG Markets dashboard to continue with your registration.

Open Account with IG Markets Singapore

Step 7) On the dashboard, click on ‘Upload now’ to activate your account and upload the required verification documents.

Users Dashboard on IG Markets SG

Account Verification on IG Markets

After your account is activated, you can make deposits, place trades and withdraw funds from it.

What is a forex broker?

A Forex broker, also known as a foreign exchange broker or FX broker, acts as a middleman between you and the massive, global market for trading currencies.

Here’s what they do:

They provide access to the Forex market:

Think of them as your gateway to buying and selling different currencies.
They offer trading platforms where you can execute your trades and monitor currency prices.

They facilitate currency exchange:

You don’t directly interact with other traders. The broker matches your buy orders with sell orders from other clients or directly fulfills them (depending on the broker type).
They ensure smooth and secure transactions, eliminating the need to worry about counterparty risk.

They make money through fees:

They typically charge spreads (the difference between the buy and sell price of a currency pair) or commissions on your trades.

Do I need a broker for Forex Trading?

Yes, you generally need a forex broker to trade in the foreign exchange market. They act as an intermediary between you and the vast interbank market where currencies are actually traded. Here’s why:

1) Access to the Market: Retail traders like you and me can’t directly access the interbank market. Forex brokers have the licenses and relationships to do so, and they provide you with a platform to place your buy and sell orders.

2) Order Execution: Your broker takes your order and finds a counterparty to match it with on the interbank market. They handle the execution of the trade, ensuring it’s done efficiently and at the best available price.

Which broker has the best forex trading platform Singapore?

IG Markets, Saxo, Plus500, and CMC Markets are regarded as having good trading platform. However, the best forex trading platform in Singapore will depend on your trading preferences. Here is a summary of features on their trading platforms.

1. IG Markets: This broker offer a range of platforms you can use to trade, including their own proprietary IG Markets trading platform. They also integrate with MetaTrader 4, and ProRealTime. Key features of their platform include research and educational resources, and competitive pricing (commission-free trading).

2. CMC Markets: This broker also offers their own proprietary trading platform known as Next Generation and also integrate with MT4 trading application. Key features include GSLO function, market analysis and education resources.

3. City Index: This brokers offers a proprietary WebTrader platform and can integrate with MetaTrade 4 trading application and Trading View. Key features on City Index platform are GSLO (Guaranteed Stop Loss Order) functionality and Supports algorithmic trading via Expert Advisors on MT4.

4. Plus500: This broker offers only their proprietary trading platform, the Plus500 Trader that is available on web and mobile devices.The key features are Guaranteed stop-loss orders to manage risk as well as negative balance protection to ensure you never lose more money than you deposited.

Overall, the best trading platform is platform that offers risk management tools/features and educational resources, is available on different devices (web, mobile for android and iOS), and integrates with other platform.

What are some red flags to watch out for when choosing a forex broker?

Its best to trade with forex brokers that offer some form of safety for your funds. Here are some red flags to avoid when choosing a forex broker:

1) Unregulated Brokers: Do not trade with forex brokers that are not regulated.

2) Hidden Fees: Another sign to avoid a broker is high fees or commissions.

FAQs on Best Forex Brokers in Singapore

How do I check a forex broker’s regulation in Singapore?

The MAS regulates Forex & CFD brokers in Singapore. Visit the ‘Financial Institutions Directory’ on their website at to verify your preferred broker’s regulation.

Which broker is best for forex trading?

Although the answer to this is relative and depends on individual trader. Generally, if a CFD broker is regulated with the MAS, they are low-risk and you can open an account with them. You should then compare the overall fees, no. of CFD instruments, platforms, ease of withdrawals, trading conditions mainly, risk management, and negative balance protection. Based on our research, the best forex brokers in Singpore with good trading conditions are Plus500, IG Markets, City Index, CMC Markets and Oanda.

Which Forex broker has the most number of CFDs?

According to our research, Saxo Markets have the most CFD instruments. They offer over 19,000 CFD instruments.

Which forex broker has the lowest spread in Singapore?

Based on our research and comparison, CMC Markets has one of the lowest spreads for trading forex pairs, with an average of 0.7 pips for majors like EURUSD. The broker also offers commission-free trading for forex.

Can I trade forex in Singapore?

Yes, forex trading is legal in Singapore. Make sure that you trade through a broker that is regulated by the Monetary Authority of Singapore (MAS).

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