Best Forex Brokers Singapore
The right forex broker is one that is regulated in Singapore by MAS, provides easy funding and quick withdrawals at low fees, offers wide range of CFD instruments and has low trading fees.
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Singapore traders can trade forex via the 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.
| Broker | MAS License No | EUR/USD Spread (Pips) | Min. Deposit | Visit |
|---|---|---|---|---|
| City Index | 201130598R |
0.7
|
SGD 215
|
Visit Broker |
| CMC Markets | 200605050E |
0.7
|
No minimum deposit
|
Visit Broker |
|
Plus500 |
201422211Z
|
0.8
|
SGD 200
|
Visit Broker |
|
Oanda |
200704926K
|
1
|
No minimum deposit
|
Visit Broker |
|
Saxo Markets |
200601141M
|
0.7
|
SGD 3,000
|
Visit Broker |
|
IG Markets |
200510021k
|
1.04
|
SGD 450
|
Visit Broker |
Note: The spread and minimum deposit is as per information on these brokers’ websites in August 2023. Please see our methodology below.
Here are 2023’s Best Forex Brokers in Singapore that we have reviewed:
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 (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
City Index Cons
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. 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
CMC Markets Cons
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 is 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 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
Plus500 Cons
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 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.
OANDA Pros
OANDA Cons
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
Saxo Markets Cons
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 (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
IG Markets Cons
Here are few factors you should consider:
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.
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.
If you scroll down the page, you will also find their Singapore office address.
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.
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.
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.
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.
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)
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.
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.
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.
According to our research, Saxo Markets have the most CFD instruments. They offer over 19,000 CFD instruments.
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.
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).
