Singapore traders can trade forex via Monetary Authority of Singapore (MAS) regulated forex and CFD brokers. Only regulated forex brokers are considered safe or low-risk. 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

201130598R
0.8
$150
Visit Broker
CMC Markets

200605050E
0.7
No minimum deposit
Visit Broker
Plus500

201422211Z
0.8
200 SGD
Visit Broker
Oanda

200704926K
0.9
No minimum deposit
Visit Broker
Saxo Markets

200601141M
0.6
3000 SGD for bronze account plan only
Visit Broker
IG Markets

200510021k
0.6
450 SGD for credit/debit cards only.
Visit Broker

Note: The spread and minimum deposit is as per information on these brokers’ websites in Feb. 2022. Please see our methodology below.

Best Forex Brokers in Singapore

Here are 2022’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

#1 City Index- Overall Best Forex Broker in Singapore

EUR/USD Benchmark:
0.8 pips
Trading Platforms:
HTML5 webtrader, MT4, and City Index mobile CFD trading app
Account Minimum:
$150

City Index is regulated with the MAS as StoneX Financial Pte. Ltd. Their registration number is 201130598R. The CFD broker is low risk because they hold a license to operate in Singapore.

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 ($15), 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

Instruments: 20 indices CFDs, 84 currency pairs, 4500+ shares CFDs, 5 metals CFDs, and 26 commodities 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: A HTML5 webtrader, 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.

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 support via email, local mobile 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
  • No withdrawal fees

City Index Cons

  • High minimum deposit
  • GSLO is not available on MT4
  • Number of CFDs is not the same across all accounts
  • No negative balance protection

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

EUR/USD Benchmark:
0.7 pips
Trading Platforms:
MT4 and their Next Generation trading platforms
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 are considered low-risk since they are regulated.

Total Fees: There are no commissions for forex and no inactivity fees. There is a minimum $10 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 offer two account types – CFD and Corporate Accounts. The minimum deposit for both accounts is S$0.

Instruments: CMC Markets offer the following CFDs: 339 forex pairs, 95 indices, 111 commodities, 9451 shares, and 46 treasuries. Total number of CFD instruments is 10,042.

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

Platforms: CMC Markets support MT4 and their Next Generation trading platforms. cTrader and other platforms are not available.

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, withdrawal of funds is free.

Customer support: You can get support via email and a mobile number on their website. We tested the email support and got a response within 12 minutes. Customer support is good.

CMC Markets Pros

  • Regulated by the MAS
  • Over 10000 CFD instruments
  • No minimum deposit
  • Funding options are flexible so deposit is easy
  • No inactivity fees
  • Guaranteed stop loss order

CMC Markets Cons

  • No negative balance protection
  • Extra commission for shares CFDs
  • No local mobile number

#3 Plus 500- Singapore Broker with MAS Regulation

EUR/USD Benchmark:
0.8 pips
Trading platforms:
Plus500 proprietary trading platform
Account Minimum:
200 SGD

Plus500 holds a license to offer capital Market Services with the MAS. Their registered company name is Plus500SG Pte. Ltd. with registration number UEN 201422211Z. Plus500 are regulated so they are considered low-risk.

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

Trading conditions

Account type: Plus500 offers one trading account.

Instruments: Plus500 offers 67 currency pairs, 22 commodities, 96 ETFs, 27 indices, 1000+ shares, and 14 cryptocurrencies. All instruments are CFDs.

Leverage: Leverage for retail traders are shown below

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

Platforms: No MetaTrader, cTrader or any other known third-party platform. Only Plus500 proprietary trading platform is available to customers.

Risk management: Plus500 offers guaranteed stop loss order and negative balance protection for Singapore traders.

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. We tested their email, getting a response after 12 minutes so overall support is good.

Plus500 Pros

  • They are regulated
  • Guaranteed stop loss order and negative balance protection
  • Good customer support
  • Plus500 does not charge commissions
  • No deposit and withdrawal charges

Plus500 Cons

  • Account inactivity fee
  • Minimum deposit ranges from 200 SGD-500SGD
  • No metatrader or alternative trading platforms

#4 Oanda – Singapore-based Broker with Low Fees

EUR/USD Benchmark:
0.9 pips
Trading platforms:
MT4, OANDA’S customisable trading platforms
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 so they are low-risk.

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 10 SGD 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: 69 forex pairs, 19 indices CFDs, 23 metal CFDs, 6 commodities CFDs, 4 cryptocurrency CFDs, 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
Cryptocurrencies 2:1
Bonds 5:1

Platforms: You can trade with OANDA’s customizable platform. It is available as a webtrader, desktop platform, and mobile/tablet app. Metatrader 4 is 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: There is a FAQs section for Singapore traders. 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.

OANDA Pros

  • No minimum deposits on all accounts
  • Guaranteed stop loss is available
  • Convenient deposits and withdrawals
  • Low fees with zero commission

OANDA Cons

  • Losses can exceed deposits
  • Limited number of CFDs
  • Inactivity fee
  • No local mobile number

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

EUR/USD Benchmark:
0.6 pips
Trading platforms:
SaxoTraderGO and SaxoTraderPRO
Account Minimum:
3000 SGD 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 four accounts: Saxo Account, Joint Account, Corporate Account, and Accredited Investor Account. Kindly note that the ideal account for retail trading are Saxo Account and Joint Account.

Instruments: Saxo Markets offer Forex CFDs, Index CFDs, Stock CFDs, Commodity CFDs, Bond CFDs, and Options CFDs. Total number of CFDs is over 19000.

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

Platforms: Saxo Markets offer two trading platforms: SaxoTraderGO and SaxoTraderPRO. The former is for retail traders.

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. 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

Saxo Markets Cons

  • No guaranteed stop loss orders
  • No negative balance protection
  • Extra commission on some CFDs

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

EUR/USD Benchmark:
0.6 pips
Trading Platforms:
IG’s online trading platform, mobile trading app, progressive web app, ProRealTime, and MT4.
Account Minimum:
450 SGD for credit/debit cards only

The CFD broker is regulated with the MAS as IG Asia Pte. Ltd. IG Markets are licensed to operate in Singapore so they are considered low-risk. Their license number is 200510021k.

Total fees: Total fees are considerably high. There is inactivity fee (25 SGD), ProRealTime Charts fee (60 SGD), an account documentation fee for US stocks ($50), 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: 98 forex CFDs, 33 indices CFDs, 35 commodity CFDs, 9 cryptocurrency CFDs, 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
Commodities 5:1
Cryptocurrencies 2:1
Shares 10:1

Platform: IG Markets offer an online trading platform, a mobile trading app, progressive web app, ProRealTime, and MT4.

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: We tested their email but got no response after many. Customer support is poor.

IG Markets Pros

  • Licensed with the MAS
  • Multiple trading platforms with MT4
  • Large number of shares
  • Guaranteed stop loss order

IG Markets Cons

  • No negative balance protection
  • Total fees are high
  • Inactivity fee

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 https://eservices.mas.gov.sg/fid. 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 cityindex.com.sg, 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 trading account.

FAQs on Best Forex Brokers in Singapore

Which is the best forex broker in Singapore?

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, and a few other factors.

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 https://eservices.mas.gov.sg/fid to verify your preferred broker’s regulation.

Which Forex broker has the most number of CFDs?

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

City Index is the #1 Rated Forex BrokerRead More