Trading Experience
Trading Conditions
Account Types
Trading Platforms
Regulators
Trading Tools
3 matches
Trading Experience
Trading Conditions
Account Types
Trading Platforms
Regulators
Trading Tools

Best Forex Brokers in Singapore 2019

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  • Trading conditions:

    CMC Markets

    CMC Markets are a well-known market maker broker, based in London and operating globally. While it currently only offers a single live account, spreads are tighter than most of its competitors and the required minimum deposit is low enough for all beginner traders. The focus on new traders continues with CMC Market's education and analysis sections, which are insightful, well-structured and updated frequently.

    We also like the proprietary New Generation trading platform, wide asset choice and responsive customer service. Overall, an excellent broker for all traders and one of our highest rated.

  • Trading conditions:

    CityIndex

    City Index is a long-established and well-regulated market maker owned and operated by NYSE listed GAIN Capital.

    Offering tight spreads for a market maker, City Index also has a varied and excellent platform choice, including the powerful ATPro platform for more experienced traders. The education section is good for beginners and research and analysis is updated frequently across all asset classes available to trade. Overall, City Index is a good market maker broker and competitive with other traditional brokers in its class.

  • Trading conditions:

    Plus500

    With 50+ Forex pairs available, tight spreads and fast execution, Plus500 is a popular broker with both its new and long-standing customers. Award-winning customer service is available 24/7 and the Plus500 platform is web-based with no need for any downloads or setup, making this a good provider for those starting out who want to keep it simple. 

    Plus500 has one account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.

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The Monetary Authority of Singapore (MAS)

A Forex broker who wants to set up a base of operations in Singapore is required to have a Capital Markets Service Licence issued by MAS. Though internationally-based brokers are still allowed to operate unregulated in Singapore, it is highly recommended that you use a MAS regulated broker for the protection they offer consumers:

  • MAS regulated brokers are required to segregate broker and client funds – so if a broker falls into bankruptcy, all customers will be refunded.
  • The management of MAS compliant brokers are required to pass a fit and proper test – they must have qualifications commensurate with the financial services industry and have an unblemished professional background.
  • MAS requires brokers to deal with all customer complaints via a legal framework, overseen by the regulator. If you do have an issue with a MAS regulated broker you can apply for the Financial Industry Disputes Resolution Centre (FIDReC) to intervene and investigate your complaint.
  • As part of a recent raft of regulatory tightening, MAS has limited the amount of leverage that can be offered by brokers at 20:1, though this can be increased if you are an accredited investor (requiring personal assets of more than 1.5 million USD). Though this low level of leverage does limit potential profits it also limits the losses traders can be exposed to.

MAS is not only responsible for regulating Forex brokers but for all aspects of finance in Singapore. MAS also acts as the country’s central bank and enforces compliance with legislation on insurance, banking, equities, and currency. All regulated entities will have a profile (example: Plus500) on the MAS website.

MAS is increasingly being viewed as a world-class regulator, with a strict code of conduct. This was further underlined by the recent announcement by MAS and the UK’s Financial Conduct Authority (FCA) that they plan to deepen cooperation across a range of sectors. Though the focus of the partnership is on preventing cybercrime, the collaboration also includes sharing best practices and innovations in the development and delivery of training programmes and facilitating mutual recognition of professional standards and certifications.

MAS has also recently announced a campaign to incentivise major members of the foreign-exchange industry to set up systems in Singapore, removing the delay caused by routing trades via Tokyo or London. UBS and CitiGroup have already set up local pricing engines and MAS hopes to bring in at least six more major companies. Though this won’t have a direct effect on CFD Forex trading, we expect the sector to expand further over the coming years as Singapore becomes a major Forex trading hub.

MoneySense

MoneySense was founded in 2003 and is Singapore’s national financial education programme. All MoneySense programmes are overseen by the MoneySense Council, which is co-chaired by MAS and comprises representatives from various government agencies.

It is focussed on educating the public and providing them with the information to make more informed financial decisions.

MoneySense can be useful for traders as they regularly post alerts regarding various financial scams, including unregulated brokers and people fraudulently claiming to represent regulated brokers.

MoneySense is a good example of how seriously MAS takes its role as an educator. A financially educated populace is more likely to make intelligent investment decisions and will be better customers for responsible brokers.

Conclusion

The Singapore financial sector is tightly regulated and has one of the lowest rates of malpractice in the world. As MAS takes further steps to enhance the country’s reputation as a secure place to trade we expect the CFD Forex trading industry to grow. By using a MAS regulated Forex broker you can guarantee the security of your funds and know that your rights are protected.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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