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As a resident of Singapore, there are advantages and disadvantage of trading with a locally regulated broker.  Though unregulated brokers are allowed to operate in the country, it is best to use a either a MAS regulated broker, which are required to attain a Capital Markets Service Licence, or a well-respected international broker. Since MAS regulated brokers are only allowed to offer maximum leverage of 20:1 for traders without an accredited investor licence, there is an appeal of using an internationally regulated which can offer improved trading conditions.

To test these Forex brokers, we opened both demo accounts and real accounts, set up the trading software, read the educational material, deposited and traded S$350 of our money, and created all kinds of trouble for the customer service teams. Plus we put the withdrawal procedures to the test to see how long it took to process and receive our money. While experimenting with these brokers, we rate the quality of their financial regulation, trading platform choice and read the fine print to get a grasp of the trading conditions and how transparent the broker is with sharing them.  These are the best Forex brokers in Singapore for 2021, according to our testing and our research. 

English

Best Forex Brokers in Singapore 2021

Last updated on 1 May 2021
Updated 1 May 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FP Markets
Min. Deposit
AUD 100
4.234.23
Min. Spread
0 pips
Fx Pairs
60+
REGULATED BY
Overall Rating
11110.54.23/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
2
Black Bull Markets
Min. Deposit
USD 200
3.423.42
Min. Spread
0.20 pips
Fx Pairs
31
REGULATED BY
Overall Rating
1110.503.42/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.
3
Pepperstone
Min. Deposit
AUD 100
4.614.61
Min. Spread
0 pips
Fx Pairs
80+
REGULATED BY
Overall Rating
11110.54.61/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
4
AvaTrade
Min. Deposit
AUD 100
4.484.48
Min. Spread
0.90 pips
Fx Pairs
50+
REGULATED BY
Overall Rating
11110.54.48/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
5
IG Markets
Min. Deposit
AUD 250
4.694.69
Min. Spread
0.60 pips
Fx Pairs
93
REGULATED BY
Overall Rating
11110.54.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
6
eToro
Min. Deposit
AUD 50
3.693.69
Min. Spread
1 pips
Fx Pairs
52
REGULATED BY
Overall Rating
1110.503.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
7
IC Markets
Min. Deposit
AUD 200
4.464.46
Min. Spread
0.10 pips
Fx Pairs
60
REGULATED BY
Overall Rating
11110.54.46/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
8
MarketsX
Min. Deposit
AUD 250
4.394.39
Min. Spread
0.60 pips
Fx Pairs
50+
REGULATED BY
Overall Rating
11110.54.39/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and Marketsx platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC.
9
Axitrader
Min. Deposit
AUD 5
4.344.34
Min. Spread
0 pips
Fx Pairs
80+
REGULATED BY
Overall Rating
11110.54.34/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA
10
CMC Markets
Min. Deposit
AUD 5
4.694.69
Min. Spread
0.70 pips
Fx Pairs
330
REGULATED BY
Overall Rating
11110.54.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.
11
Plus500
Min. Deposit
AUD 200
4.094.09
Min. Spread
0 pips
Fx Pairs
70+
REGULATED BY
Overall Rating
11110.54.09/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Plus500 proprietary platform support. Plus500 Group is regulated by FCA, CySEC, ASIC, and MAS.

FP Markets – Best Forex Broker in Singapore

FP Markets supports the MT4 version and the newer and more feature-filled version MT5. For professional traders, the Iress platform is available. This is a customisable web-based platform that offers the trader custom alerts, news feeds and a range of other options to fine-tune the trading experience. 

With a minimum deposit of 100 USD, traders can open a commission-free trading account with 60+ FX pairs, metals, indices and commodities to trade. Averages spreads are 0.1 pips (EUR/USD), 0.2 pips (GBP/USD) and 0.1 pips (USD/JPY), and leverage up to 30:1 on Forex pairs. Commission on this account is 6 USD round turn, making the trading costs at the low end for the industry. 

The Traders Hub portal gives beginner CFD traders the education they need to get started and includes eBooks, video tutorials and trading courses. This section also features market analysis, so traders get an expert opinion on current market movements and a view ahead into the week ahead. 

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

BlackBull Markets – Best Trading Conditions

BlackBull Markets is an ECN-only broker providing direct market access on the MT4 platform. BlackBull Markets offers three account types, the ECN Standard, ECN Prime and ECN Institutional. Leverage on all accounts is set at a maximum of 500:1. The ECN Standard Account has a minimum deposit of 200 USD and no commission, with a minimum spread of 0.8 pips. The ECN Prime Account has a minimum deposit of 2000 USD and spreads start at 0.1 pips. A commission is charged of 3 USD per lot per side (6 USD round-turn). The institutional account has a minimum deposit of 20,000 USD and spreads starting from 0.0 pips. This account is specifically for professional traders, and commission is negotiable.

BlackBull Markets is a true ECN/STP broker and does not operate a dealing desk. Equinix servers based in New York (NY4), London (LD5) and Tokyo (TY3) allow for lightning-fast market access, while Straight Through Processing prevents slippage and failed executions that can occur at other ECN brokers.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.

Pepperstone – Best ECN Trading Execution

Pepperstone is the leading Australian ECN/STP Forex broker. Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads from 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.

Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods. For beginners interested in ECN trading, Pepperstone’s also has one of the better education sections offered by a market execution broker.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
    AlertAccepts Australian Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.

    AvaTrade – Best Mobile Trading Experience

    Winner of the award for the best Forex broker of 2020, AvaTrade offers Singapore forex traders a preeminent mobile trading experience. Avatrade spreads are some of the tightest for a commission-free account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD. Maximum leverage is set at 1:400 on MT4 and MT5, which include EA’s, indicators, scalping, hedging, and provides free access to the integrated Trading Central dashboard for both platforms.

    The AvaProtect tool available in the mobile app enhanced AvaTrade’s reputation as a client-focused broker, allowing traders to purchase loss protection for a time. Any losses during that time are fully refunded, but any profits are the traders to keep. 

    Pros
    • Good for beginners
    • Well regulated
    • Low minimum deposit
    Cons
    • Dealing desk
    • Limited market analysis
    AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

    IG Markets – Best Regulated Broker

    IG Markets is the world’s largest CFD broker by revenue and listed on the LSE and a member of the FTSE 250, giving IG Markets a stricter layer of oversight than most regulated brokers. Yearly audits and compliance reports to the LSE and the FCA provide a high level of oversight on all CFD trading. 

    IG Markets offers a single CFD account type is offered. Forex trading is commission-free, and spreads start at 0.6 pips on the EUR/USD. Other instruments also available through the same account include commodities, indices, cryptocurrencies, over 16,000 shares and ETFs, options, interest rates and bonds. Negative balance protection is provided to all clients, and all funds are kept in segregated accounts.

    The IG Academy has structured courses for beginner, intermediate and advanced traders and daily classroom-style lessons. Market analysis is updated regularly by the IG Markets research team of finance professionals. 

    Pros
    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis
    Cons
    • High minimum deposit
    AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

    eToro – Best Social Trading Broker

    eToro were the creators of the first social trading system and remains the leading social trading broker in Malaysia. eToro offers a free unlimited demo account on its proprietary platform, and for traders who want to start trading with a live account, the minimum deposit is 200 USD. 

    eToro’s web-based platform, also available as a mobile app, is intuitive and easy to use. The complex trading features found on other platforms like MetaTrader and cTrader are either removed or are blended into the trading experience in a more natural way. This point-and-click platform is built for beginners and needs little introduction before opening trades. eToro lets traders copy individual traders or algorithmically managed investment portfolios following a selected strategy named CopyPortfolios.

    Pros
    • Well regulated
    • Good for beginners
    • Innovative trading tools
    Cons
    • Limited education
    • Wide spreads
    AlertAccepts Australian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.

    IC Markets – Tightest Spreads

    IC Markets is an Australian ASIC-regulated ECN broker with three simple accounts with variable spreads on the MT4, MT5 and cTrader platforms. Two Raw Spread Accounts are available on either cTrader, MT5 or MT4 and a Standard Account is available on MT4 and MT5. The Raw Spread Accounts charge a small commission of 3 USD (cTrader) or 3.5 USD (MT4/MT5), but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and the lowest spreads in the industry.

    IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis and expert-led webinars. IC Markets also provides technical support for all three trading platforms 24/5 and more general queries

    Pros
    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice
    Cons
    • High minimum deposit
    • Limited market analysis
    AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

    Marketsx – Best Mobile Platform

    Marketsx is a trading platform operated by Markets.com that offers traders fast, commission-free trading with spreads as tight as most ECN brokers. Marketsx offers a large variety of tradeable instruments. Over 2000 global shares, 50+ currency pairs, 41 global indices, 27 commodities, 60 ETFs, 7 cryptocurrencies, and 4 government bonds. Spreads start at 0.60 pips on major FX pairs with no commission and leverage of 30:1.

    The platform is based on native design for iOS and Android, providing a smoother and more stable trading experience. The Marketsx app has built-in advanced charting – trendlines, channels, pitchforks, and Fibonacci Retracements. The Marketsx trading tools menu features a range of tools that crunch big data from leading analysts, hedge funds, and commentators to give traders better insight into the market. Each tool has integrated buy and sell buttons so traders can act instantly upon the information presented. In the chart view, traders can see their orders, related instruments, and open positions with a single click.

    Pros
    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals
    Cons
    • High minimum deposit
    AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and Marketsx platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC.

    Axi – Best ECN broker on MT4

    Axi only offers support for the MT4 platform. This singular focus allows them to offer the best ECN MT4 experience with the help of the MT4 NexGen plugin that includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Apart from MT4 NexGen, traders at Axi have access to a range of tools, including AutoChartist and PsyQuation – an AI diagnostic that tracks your trading style and coaches you into more profitable trades. VPS hosting is also available, along with all the trading algorithms which install on MT4. 

    The ECN trading conditions come from Axi’s pricing model, which connects to over 20 liquidity sources, so traders experience less slippage and requotes than with a broker with a singular source. Spreads on the Pro Account start at 0 pips with a 7 USD per lot commission, and the leverage maximum is 1:500 for non-European and Australian traders.

    Pros
    • Low minimum deposit
    • Wide range of assets
    • Well regulated
    • Tight spreads
    Cons
    • Poor customer service
    • Limited demo account
    AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA

    CMC Markets – Best Singapore Regulated Broker

    Few brokers have a minimum deposit as low at 5 AUD, in exchange for all the features available at the brokerage. The company vision “to provide the most superior and unrivalled trading experience for our clients” definitely comes in at a reasonable level for beginner traders.

    While ASIC-regulated CMC Markets currently only offers a single live account, spreads are tighter than most of its competitors with a minimum spread for EUR/USD at 0.7 and GBP/USD at 0.9 (no commission per lot) keeping trading cost at 7 USD per lot. Max leverage is 500:1 , and margin rate is 0.20% on this account. 

    Pros
    • Well regulated
    • Tight spreads
    • Good for beginners
    • Excellent education
    • Excellent market analysis
    Cons
    • No swap-free account option
    AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.

    The Monetary Authority of Singapore (MAS)

    Singapore is one of the largest financial centres in the world and has a well-regulated financial trading sector. The Monetary Authority of Singapore (MAS) oversees all regulated brokers in the country and is increasingly seen as a responsible and reputable regulator.

    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.

    All MAS regulated brokers

    Here is our curated list of all of the MAS-regulated brokers we have reviewed, ordered by overall score. The broker with the highest score is at the top of the list.

    Scroll for more detailsPreviousNext
    Overall Rating
    CMS License
    Regulators
    Min. Deposit
    Cost of Trading
    Trading Commission
    No. of FX Pairs
    Compare
    Official Site
    4.69 /5
    Read Review
    1596
    AUD 5
    USD 7
    Fees Included in Spread
    330
    Visit Broker >
    Your capital is at risk
    4.69 /5
    Read Review
    AUD 250
    USD 6
    Fees Included in Spread
    93
    Visit Broker >
    Your capital is at risk
    4.27 /5
    Read Review
    CMS100122-4
    USD 0
    USD 7
    4 USD per lot
    38
    Visit Broker >
    Your capital is at risk
    4.09 /5
    Read Review
    CMS100648-1
    AUD 200
    USD 8
    Fees Included in Spread
    70+
    Visit Broker >
    Your capital is at risk

    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.

    Forex Risk Disclaimer

    Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

    Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

    Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

    Our Methodology

    Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

    With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

    In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

    All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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    Featured Brokers

    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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