Best Lowest Spread Brokers in Singapore
Here is are the best forex brokers in Singapore that offer the lowest spreads.
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Spread is the difference between the bid and ask price, and it is one of the ways brokers make money for themselves. Seeing that spread varies from one broker to another, you can take advantage of brokers who offer low spreads.
This article is aimed at giving you some insight into the trading conditions of the best lowest spread brokers in Singapore.
Mind you, forex trading is regulated by the Monetary Authority of Singapore (MAS) and it is in your best interest to trade with MAS regulated brokers only.
| Forex Broker | MAS Regulation | Trading Platforms | Currency Pairs | |
|---|---|---|---|---|
| Pepperstone |
No
|
MT4, MT5, cTrader, capitalise.ai, trading view
|
60+
|
3.00 pips
|
| FXTM |
No
|
MT4, MT5
|
60+
|
–
|
| City Index |
Yes
|
MT4, Trading View, City Index WebTrader, CityIndex Mobile App
|
80+
|
0.12 pips
|
| Oanda |
Yes
|
FxTrading App, MT4, MT5
|
40+
|
1.4 pips
|
| IC Markets |
No
|
MT4, cTrader
|
60+
|
0.6 pips
|
| Saxo Bank |
Yes
|
SaxoInvestor, SaxoTraderPRO, SaxoTraderGO
|
185+
|
1.4 pips
|
The following is a list of the best CFD brokers for traders based in Singapore, according to our research.
Aside from spread we have used other criteria like regulation, tradable instruments, platforms, other fees, and funding methods to create this unbiased list of best low spread brokers in Singapore.
Pepperstone is an online Forex broker that was established in Melbourne, Australia in 2010.
They are not regulated in Singapore by the MAS, however they have multiple regulations abroad.
In Australia, Pepperstone is regulated by the ASIC, they are also regulated by CySEC, FCA (UK), DFSA, CMA, SCB, BaFin and FSCA.
Despite not having MAS regulation, Pepperstone accepts residents from the country and will register your account under SCB Bahamas.
Fees:
Spread: The typical EUR/USD spread from the Standard account is 1.1 pips.
Commission: Commission for the standard account is free, while that of the razor account depends on your trading platform:
MT4/MT5 platform commission: You will be charged a commission of SG$4.55 per standard lot (100,000 of base currency) per side, and SG$9.10 for round turn.
cTrader platform commission: US$3.00 per standard lot per side, making it US$6 for a round turn.
Pepperstone Trading and TradingView platforms commission: SG$4.76 (US$3.50) per standard lot when you open the trade and US$3.50 when you close the trade, making it a round turn of SG$9.52 (US$7).
Deposit and withdrawal: Pepperstone does not charge deposit and withdrawal fees.
Inactivity fee: Free
Funding Methods:
Pepperstone accepts visa card, master card, PayPal, bank wire, and bank transfer for deposit and withdrawal.
You should note that withdrawal requests received before 07:00 (AEST) are processed that same day, and those received before 21:00 (GMT) are processed the following day.
Pepperstone does not charge deposit and withdrawal fees, however in the case of International Telegraphic Transfer (TT) fees, it is passed down to the clients. TTs are usually about $20.
Trading Platforms:
Pepperstone Trading – This is the proprietary trading platform of Pepperstone. Pepperstone Trading Platform has options for charts and charts analysis, technical indicators, allows you to follow public watchlists or customise your own. You can also track instrument performance on the platform.
Pepperstone has demo version for practise as well as live trading. It is available on web (WebTrader) and mobile apps (android and iOS)
MT4/MT5 – These are two of the most popular trading platforms among traders. MetaTrader4 and MetaTrader5 are available on Mobile, desktop, and web. MT5 comes with 21 time frames and 38 inbuilt indicators. Both platforms come with expert advisors and platform customization.
cTrader – Enables you to code your own strategies using C# and open API. You can customize the platform using cTrader Automate. Comes with advanced charting tools. cTrader is built to replicate institutional trading environment. Available on mobile, desktop, and web.
TradingView – You can trade directly from tradingview chart. Gives you access to economic calendar and latest market news. Allows you to connect with the world’s largest social trading network. As a cloud based platform, tradingview offers protection against data loss.
Trading Tools:
cTrader Automate – Enables you automate trade without coding. Has a strategy library where you can get strategy ideas. Pepperstone also offers demo account for learning how to trade.
Tradable Instruments
Forex: you can trade up to 60+ Forex pairs on Pepperstone. This includes 6+ major pairs, 6+ minor pairs, 25+ crosses and 15+ exotic pairs. The maximum leverage for Forex is 1:400.
Commodities: Pepperstone offers 30+ commodities. This includes 15+ soft, 4 energies, and 10+ metals.
Indices: You can trade up to 20+ indices this includes 5+ North America indices, 10 European indices, and 6+ Asia/Africa indices.
Currency indices: Pepperstone offers three currency pairs.
Shares: You can trade 800+ shares on Pepperstone.
ETF: Pepperstone offers 100+ ETFs.
Pepperstone Pros
Pepperstone Cons
FXTM is a reputable Forex broker that was established in 2011.
They have clients from 150+ countries across several continents including Europe, Asia, Latin America and Africa.
Forex Time or FXTM is not regulated by the Singapore MAS, however they have regulation with the Financial Services Commission (FSC) of Mauritius as Exinity Limited.
In Kenya, Exinity Capital East Africa Ltd is regulated by the CMA and Exinity UK Limited is regulated by the FCA. FXTM is regulated by CySEC and FSCA as ForexTime Ltd.
Fees:
Spread: The typical EUR/USD spread on the Advantage account starts from 0.0 pips.
Commission: FXTM does not charge commission on the Advantage Plus Account. However commission ranges between SG$4.76 (US$3.5) per side for 1 lot (U$100k) traded on the Advantage Account with a round turn of SG$9.52 (US$7).
Deposit and withdrawal: FXTM does not charge deposit fees, however withdrawal fees vary depending on the method. Withdrawal with visa, maestro, and master card cost SG$4.08 (US$3). Bank wire transfer withdrawal cost SG$43.55 (30 EUR), while e-wallet withdrawal is free.
Inactivity fee: If your trading account is inactive for up to six months, you are charged inactivity fee of SG$6.81 (US$5) every month.
Funding Methods:
Bank transfer, wire transfer, e-wallets, and cards are the available methods of deposit and withdrawal from FXTM. The duration it takes each method differs:
Deposit and withdrawal with Skrill, Neteller takes about 24 hours
Withdrawal using visa card, MasterCard and Maestro card takes about 24 hours, while deposit is instant.
Deposit using bank wire transfer takes about 3-5 working days while withdrawal takes about 24 hours.
Fasapay withdrawal takes 24 hours, while deposit is instant.
Trading Platforms:
MT4 and MT5 are FXTM’s mobile, desktop, and web platforms. MT4 offers 30 technical indicators, while MT5 offers 38.MT4 comes with 9 timeframes, while MT5 has 21. Economic calendar is available on MT5 but not on MT4. Market depth is available on MT5 but not on MT4. FXTM also offers demo account for practicing trading strategies and learning how to trade.
Tradable Instruments
You can trade up to 1000+ tradable Instruments on FXTM such as 60+ Forex pairs, spot metals, CFD commodities, stocks, stock CFDs, CFDs on indices.
.
FXTM Pros
FXTM Cons
City Index was established in 1983 and is a trading name of Stone X group Inc.
City Index is regulated as StoneX Financial Pte Ltd by the monetary authority of Singapore (MAS) with registration number 201130598R.
CityaIndex is also regulated by FCA (UK), and ASIC. City Index parent company Stone X is listed on NASDAQ: SNEX. They also have office branch at One Raffles Pl, #12-62, Tower 2 One, Singapore 048616.
Fees:
Spread: The typical EUR/USD spread from the Standard account is 0.7 pips.
Commission: Free
Deposit and withdrawal: Free
Inactivity fee: City Index charges inactivity fee of SG$15 if your account is dormant for up to 24 months.
Funding Methods:
Bank transfer, card, PayPal and wire transfer are the available deposit and withdrawal methods. Although they do not charge fees for deposit and withdrawal, all TTs fees will be transferred to you (the client).
You should also know that withdrawal request takes up to three working days to process and card withdrawal can take up to 10 working days for the funds to get to your account.
Trading Platforms:
Trading View – Access to 100+ pre-inbuilt custom indicators. Enables you to trade in chat and provides 12+ chart types. Has 50+ drawing tools and gives you access to strategy tester.
MT4 – Some features include available on web, desktop, and mobile It has cccess to custom indicators and expert advisors. Gives you access to proffesional charting tools.
CityIndex Mobile App – Some features include customizable workspace, access to Intelligent tools like smart signal and comprehensive trade tickets, 14 time intervals, and access to one-clicking dealing.
CityIndex WebTrader – Some features include 60+ technical indicators, available on playstore and app store, one swipe trading, and smart signals.
They also offer demo account where you can learn to trade and practice new strategies before going live.
Tradable Instruments
You can trade up to 4000+ instruments on City Index, they include 80+ Forex pairs, 20+ commodities, 40+ indices, 4700+ shares, 5+ metals.
City Index Pros
City Index Cons
You can read more about the trading conditions on our City Index Review.
Oanda was established in 1996 and is regulated by the Monetary Authority of Singapore with registration number 200704926K.
They are also regulated by the BVI Financial Services commission, IIROC, FCA, ASIC, and Institute Financial Futures Association Japan.
Fees:
Spread: The typical EUR/USD spread on OANDA starts from 1.1 pips.
Commission: OANDA charges fixed commission + core spread pricing starting from 0.0 pips, commission starts from SG$68 (US$50) per $1 Million traded.
Deposit and withdrawal: Oanda does not charge deposit and withdrawal fee, except for withdrawal through bank wire that incurs a fee of $20
Inactivity fee: SGD 10 is what will be charged from your account as inactivity fee if you use your account for 12 months.
Funding Methods:
Skrill, Neteller, credit card, debit card, and bank wire are the available deposit and withdrawal methods on Oanda.
Although almost all methods are free, the third party platform may charge you some fees and Oanda will not be responsible for that.
Trading Platforms:
FxTrading App – Some features include that its available on iOS and android, one click trading, and 4 pending order types.
MT4 and MT5 – Some features include availability on web, desktop, and mobile, 21 chart frames and six pending border types on MT5. Access to expert advisors, and 9 chart frames and 4 pending order types on MT4.
Oanda also offers a demo account for learning how to trade.
Tradable Instruments
They offer 40+ Forex pairs, 6+ indices, 2 metals, 150+ shares, 7+ commodities, and 15+ cryptocurrencies.
Oanda Pros
Oanda Cons
Learn more about OANDA trading conditions on our detailed OANDA Review.
IC market is an online Forex broker that was established in 2007. Although not regulated in Singapore, IC market is regulated by the Financial Service Authority (Seychelles), ASIC, and CySEC.
Fees:
Spread: They charge a minimum spread of 0.6 pips for trading the EUR/USD.
Commission: On The Raw Spread Account on cTrader, commission is SG$4.08 (US$3) per $100k per side which is SG$8.16 round turn. The Raw Spread Account is SG$9 for a round turn. While the Standard Account on IC Markets is commission-free.
Deposit and withdrawal: Free
Inactivity fee: Free
Funding Methods:
Skrill, Neteller, bank wire MasterCard, visa card, PayPal and UnionPay are the available deposit and withdrawal methods on IC market.
Withdrawal using a card may take up to 3-5 days, while bank wire can take up to 14 days. Neteller, Skril and PayPal withdrawal are instant.
Note that withdrawal submitted before 12:00 AEST/AEDT is processed on the same day, but any other submission after 12:00 AEST/AEDTis processed on the next business day.
Trading Platforms:
MT4/MT5 – MetaTrader applications are available on web, desktop, and mobile, they provide access to Autochartist and access to Algorithmic trading.
cTrader – This is also available with full market depth, detachable charts, level II pricing, live sentiments.
There is also a demo account where you can practice how to trade before going live.
Tradable Instruments
They offer 60+ Forex pairs consisting of 5 major pairs, 30+ exotic pairs and 20+ minor pairs. You can trade 22+ commodities CFDs including energies, soft CFDs on commodities and precious metals, 9+ bonds, 20+ Crypto currency CFDs, 2100+ stocks, and 4 futures CFDs.
IC Markets Pros
IC Markets Cons
Saxo Market was established in 1992 and is regulated by the monetary authority of Singapore (MAS). They are also regulated by the FCA (UK), Swiss FINMA, and ASIC.
Fees:
Spread: They charge a minimum spread of 0.7 pips for trading the EUR/USD on the Classic Account.
Commission: No commission on Forex trade. They charge commissions on shares, bonds and ETFs, starting from SG$1.02 (US$0.75) to SG$1.36 (US$1).
Deposit and withdrawal: Saxo market does not charge deposit and withdrawal fee except when you are withdrawing via manual Funds Withdrawal Form, then a fee of SGD 50 will be charged.
Inactivity fee: Free
Funding Methods:
You can deposit and withdraw money using bank transfer, debit card, and stock transfer. Keep in mind that you cannot use more than three cards in your account.
Also note that all deposits and withdrawals come from or go to an account that bears your name.
Trading Platforms:
Saxo Investor –
SaxoTraderPRO
Tradable Instruments
They offer 185+ Forex pairs, 23,500+ stocks, 7,000+ ETFs, 5,900+ bonds, 17,400 mutual funds, 100+ cryto ETFs, 10+ commodities.
Saxo Markets Pros
Saxo Markets Cons
Find out more about Saxo Markets features on our detailed post Saxo Markets Review.
Spread is one of the ways CFD brokers make their money. When you place a trade, there is a difference between the price you are willing to pay for a currency pair (bid price) and the price a seller is willing to sell (ask price).
The difference between these two prices is referred to as the spread. The spread is also the basis for a form of
trading known as spread betting.
The spread represents the broker’s fee for facilitating the trade. It’s usually expressed in pips, which is the smallest price movement for a particular currency pair. For example, a pip in EUR/USD is 0.0001.
Here’s an Example:
-Suppose the EUR/USD exchange rate is quoted at 1.1234/1.1238.
-The bid price is 1.1234 euros per US dollar.
-The ask price is 1.1238 euros per US dollar.
-The spread is 4 pips (1.1238 – 1.1234).
So, for every euro you buy at the ask price, you’re effectively paying 4 pips more than the price at which you could sell it (the bid price). This 4-pip spread represents the broker’s commission for executing the trade.
Here are the common spreads in forex trading
1) Variable spreads: A broker offers variable spreads if they pass on the best bid price at a certain time. The variability depends on the broker and the currency pair(s) or CFDs. Variable spreads are constantly changing and are cheaper when liquidity is high. However, they are subjected to high volatility due to economic news and macroeconomic events.
2) Fixed spreads: Fixed spreads are consistent. Most of the time, they remain unchanged regardless of market conditions. It is easier to plan your trading fees with fixed spreads because they are not constantly changing like variable spreads. It is important to note that fixed spreads can change dramatically during important news events. Other than this, they are constant.
There is not a specific figure that can be tagged as a low spread. However, there are factors you can consider to help you come to a conclusion. The first factor to consider is the currency pair or pairs you want to trade. Generally, major currency pairs have lower spreads compared to minor currency pairs. Exotic currency pairs have the highest spreads of all currency pairs.
Another factor you can consider, especially for major currency pairs, is the industry average. For example, the industry average spread for the EUR/USD 1 pip. Therefore, any forex broker that offers a spread below 1 pip for EUR/USD will be considered a low spread broker for EUR/USD. The only downside with this factor is that it does not apply to all currency pairs. A broker with a spread lower than the industry average for EUR/USD might have a spread higher than the industry average for GBP/USD. This is why you should take time to research the spreads of the brokers you want to choose.
Finally, you should consider the type of spread that your broker offers. It is essential to consider this factor because it helps you take advantage of low spreads and affect your trading time. If your broker offers a fixed spread. There is really nothing you can do than trade at any time. Variable spreads fluctuate and based on market conditions, they can be high or low. When there is no big news or huge macroeconomic events going on, variable spreads are usually low. This might be the best time for you to trade with low spreads.
After reading so far, you should already know that Forex trading in Singapore is regulated by the Monetary Authority of Singapore (MAS). As such it is advised that you trade with MAS regulated brokers.
However, in the case where MAS regulation is not available, brokers who have top tier regulation from bodies like FCA, ASIC, IIROC, and CySEC may be considered.
Even when a broker is regulated by any top tier regulatory bodies, you should do your due diligence to investigate what body your account will be registered with. This is because some brokers with top tier regulations may register your account with offshore regulation.
Offshore regulations come with less restrictions, and this could mean less customer protection.
Although your focus is a low spread broker, you do not want to get carried away with spread and miss out on considering other fees.
Some brokers who charge low spread may charge high commission, and when this is the case, you may save money and spread and lose it on commission and other fees.
Not all brokers charge deposit and withdrawal fee as well as inactivity fees, so you may be able to avoid those fees.
When it comes to fees, no broker is really perfect, just choose one whose fee structure suits your trading style best.
You should consider a broker with several funding methods because it gives you a wide range of options to choose from depending on your immediate need.
For instance, if you just received a margin call and need to find your account before your position is closed, you need a funding method that is instant.
Having several options to choose from also helps when one option is not feasible, as the others may save the day.
You may want to consider brokers who offer platforms that are available on web, desktop, and mobile.
This way in case one platform is down, you can manage your trading account on the other, also in case of loss or change of device, you can manage your account on another device without worrying about compatibility.
Brokers who offer a wide range of tradable Instruments may be a better option, seeing that you will not need to switch between different brokers to trade, as you can carry out all your trades with the same brokers.
A wide range of products enables you to hedge against risk.
Spread is one of the ways CFD brokers make their money. When you place a trade, there is a difference between the price you are willing to pay for a currency pair (bid price) and the price a seller is willing to sell (ask price).
The difference between these two prices is referred to as the spread. The spread is also the basis for a form of
trading known as spread betting.
The spread represents the broker’s fee for facilitating the trade. It’s usually expressed in pips, which is the smallest price movement for a particular currency pair. For example, a pip in EUR/USD is 0.0001.
Here’s an Example:
-Suppose the EUR/USD exchange rate is quoted at 1.1234/1.1238.
-The bid price is 1.1234 euros per US dollar.
-The ask price is 1.1238 euros per US dollar.
-The spread is 4 pips (1.1238 – 1.1234).
So, for every euro you buy at the ask price, you’re effectively paying 4 pips more than the price at which you could sell it (the bid price). This 4-pip spread represents the broker’s commission for executing the trade.
Here are the common spreads in forex trading
1) Variable spreads: A broker offers variable spreads if they pass on the best bid price at a certain time. The variability depends on the broker and the currency pair(s) or CFDs. Variable spreads are constantly changing and are cheaper when liquidity is high. However, they are subjected to high volatility due to economic news and macroeconomic events.
2) Fixed spreads: Fixed spreads are consistent. Most of the time, they remain unchanged regardless of market conditions. It is easier to plan your trading fees with fixed spreads because they are not constantly changing like variable spreads. It is important to note that fixed spreads can change dramatically during important news events. Other than this, they are constant.
There is not a specific figure that can be tagged as a low spread. However, there are factors you can consider to help you come to a conclusion. The first factor to consider is the currency pair or pairs you want to trade. Generally, major currency pairs have lower spreads compared to minor currency pairs. Exotic currency pairs have the highest spreads of all currency pairs.
Another factor you can consider, especially for major currency pairs, is the industry average. For example, the industry average spread for the EUR/USD 1 pip. Therefore, any forex broker that offers a spread below 1 pip for EUR/USD will be considered a low spread broker for EUR/USD. The only downside with this factor is that it does not apply to all currency pairs. A broker with a spread lower than the industry average for EUR/USD might have a spread higher than the industry average for GBP/USD. This is why you should take time to research the spreads of the brokers you want to choose.
Finally, you should consider the type of spread that your broker offers. It is essential to consider this factor because it helps you take advantage of low spreads and affect your trading time. If your broker offers a fixed spread. There is really nothing you can do than trade at any time. Variable spreads fluctuate and based on market conditions, they can be high or low. When there is no big news or huge macroeconomic events going on, variable spreads are usually low. This might be the best time for you to trade with low spreads.
Low spreads are not a guarantee that conditions are favorable for trading. You have to combine your analysis with other minute details to take advantage of low spreads. Here is how you can do this:
1. Know the kind of spread offered by your broker (fixed or variable). If it is the latter, only trade when the spreads are low. That is, when there is no significant economic event going on.
2. Find out other trading fees. Especially commissions and swaps. They tend to increase your trading fees once they are added to the fees incurred from spreads.
3. Trade with low leverage. The higher your leverage, the higher your risk of a margin call. If the market moves against your trade, you will suffer a heavy loss to your capital.
4. Be flexible. Combine technical analysis and fundamental analysis. Every successful trader needs to work with both analysis. You might naturally prefer one to the other. However, you need to be aware of what is going on with both sides. As you use indicators and trendlines, also pay attention to economic events and releases that might have a strong impact on the market.
IC markets is the broker with the lowest spread in Singapore.
However, they charge a commission of SG$4.08 (US$3) per $100k per side which is SG$8.16 round turn on the cTrader Raw Spread Account. The Raw Spread Account is SG$9 for a round turn. While the Standard Account on IC Markets is commission-free..
Yes, low spread is a good thing in Forex for you as a trader. Low spread reduces the impact of spread on the profit you make.
However, you should know that some brokers who charge low spread may charge high commission because brokers make money from spread, and commission among other fees.
Spread from zero pip to five pip is considered a good spread, asit enables the broker make money and is still tight enough to benefit you (the trader).
