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 2020, according to our testing and our research. 

English

Best Forex Brokers in Singapore 2020

Last updated on 3 Dec 2020
Updated 3 Dec 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Sweden
1
FP Markets
Min. Deposit
AUD 100
4.174.17
Min. Spread
0 pips
Fx Pairs
60+
Deposit & Withdrawal Methods
11110.54.17/ 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 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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FP Markets is a leading ASIC-regulated STP broker, providing tight spreads on their RAW account, coupled with the choice of MT4, MT5 and IRESS trading platforms. A standard commission-free account is available for entry-level traders looking for a lower minimum deposit.

Relative to other Forex brokers, FP Markets has made a serious investment in new traders with award-winning customer service and a lightweight education section, which includes daily email updates of the latest financial news impacting the currency markets.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets
2
AvaTrade
Min. Deposit
AUD 100
4.184.18
Min. Spread
0.90 pips
Fx Pairs
50+
Deposit & Withdrawal Methods
11110.54.18/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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Hugely respected worldwide, AvaTrade is one of the largest and best value brokers in the Forex industry. AvaTrade has built its reputation on providing a secure and innovative trading environment for beginner traders; it continues to add to that reputation with the recent addition of AvaProtect – an automated loss-protection tool – to its product lineup.

With support for the leading trading platforms and top-quality multilingual support, AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
3
Pepperstone
Min. Deposit
AUD 100
4.514.51
Min. Spread
0 pips
Fx Pairs
80+
Deposit & Withdrawal Methods
11110.54.51/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.16 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
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Pepperstone is a renowned Australian Forex broker, fully-regulated by ASIC and popular worldwide for its fast ECN execution of trades, tight spreads and a wide choice of trading platforms. Award-winning 24-hour support anchors their customer support, where a personalised service for individual customers is available through numerous channels.

Founded in 2010, Pepperstone won the fastest-growing company award (2014) in Australia, from BRW Magazine and emerged as the 2014 Winner of the Governor of Victoria Export Awards cementing their reputation as a strong newcomer with well-appreciated trading conditions.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
Read More About Pepperstone
4
IG Markets
Min. Deposit
USD 250
4.634.63
Min. Spread
0.60 pips
Fx Pairs
93
Deposit & Withdrawal Methods
11110.54.63/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 250:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
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If you’re a beginner Forex trader, you can’t find a much better broker than IG Markets. Despite being a market-maker with a single account, IG is one of our highest rated brokers for good reason. Spreads are very tight considering the low minimum deposit and the educational support and market analysis are probably the best in the industry. A wide choice of platform (including MT4) is also available and customer service is world-class.

All of this is coupled with regulation from the FCA and ASIC and a long history of satisfied clients. As the winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
Read More About IG Markets
5
eToro
Min. Deposit
AUD 50
3.333.33
Min. Spread
1 pips
Fx Pairs
47
Deposit & Withdrawal Methods
1110.503.33/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
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eToro is one of the largest brokers in the world and is well-known as the pioneer, and industry leader, in social trading. Also ASIC-regulated, eToro’s spreads are on par with other market maker brokers and the minimum deposit is only 50 USD for Australian traders.

The social trading experience is quite different from traditional Forex trading and eToro offers an unlimited demo account for traders to try the platform and social trading concept; setting up a live account is a simple instant process.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
6
IC Markets
Min. Deposit
AUD 200
4.264.26
Min. Spread
0.10 pips
Fx Pairs
60
Deposit & Withdrawal Methods
11110.54.26/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
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IC Markets presents itself as the best and largest true ECN broker. ASIC regulated and with support for MT4, MT5 and cTrader, IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure uncomplicated and the company understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Headquartered in downtown Sydney, IC Markets represents the best of highly-reputable and competitive Australian brokers.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
7
MarketsX
Min. Deposit
AUD 250
4.394.39
Min. Spread
0.60 pips
Fx Pairs
50+
Deposit & Withdrawal Methods
11110.54.39/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
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Markets.com is a global playing the Forex market and has strong brand recognition. With strong International regulation and feedback from the industry, they have built a client base of over 5 million accounts since 2010.  The trading conditions are reasonable for Markets.com being a market maker, and it was a positive step to see this broker adopt the MetaTrader suite of tools.  We recommend Markets.com as traders enjoy trading with them. They are a broker to set up a serious trading account on trusted software and regulation.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
Read More About MarketsX
8
Axitrader
Min. Deposit
USD 5
4.434.43
Min. Spread
0 pips
Fx Pairs
80+
Deposit & Withdrawal Methods
11110.54.43/ 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
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Founded in 2008 in Sydney, AxiTrader is an ASIC and FCA regulated ECN broker for serious traders. While trading platform choice is limited to MT4, Axitrader’s platform setup and support have received multiple awards including Best MT4 Broker 2018 (Compare Forex Brokers Australia) and Best MT4 Provider 2018 (UK Forex Awards).

Neither account at AxiTrader requires a minimum deposit, spreads are tight and all clients receive AutoChartist for free; as an ECN broker all trades are posted directly to market and educational and analytical support is good for beginners.

Pros
  • Low minimum deposit
  • Wide range of assets
  • Well regulated
  • Tight spreads
Cons
  • Poor customer service
  • Limited demo account
Read More About Axitrader
9
CMC Markets
Min. Deposit
AUD 5
4.684.68
Min. Spread
0.70 pips
Fx Pairs
330
Deposit & Withdrawal Methods
11110.54.68/ 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.
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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.

Pros
  • Well regulated
  • Tight spreads
  • Good for beginners
  • Excellent education
  • Excellent market analysis
Cons
  • No swap-free account option
Read More About CMC Markets
10
Plus500
Min. Deposit
AUD 200
3.693.69
Min. Spread
0 pips
Fx Pairs
70+
Deposit & Withdrawal Methods
1110.503.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. Plus500 proprietary platform support. Plus500 Group is regulated by FCA, CySEC, ASIC, and MAS. All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
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With 50+ Forex CFD pairs available, tight spreads and fast execution, Plus500 is a popular broker with both its new and long-standing customers.  Even though a lot of effort has been put into creating a user-friendly platform, CFDs are complex financial products, and thus the platform is not suitable for inexperienced traders.

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.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500

🏆FP Markets – Best Forex Broker in Singapore

FP Markets is the leading Australian, ASIC-regulated, Forex broker with a strong presence in Singapore and South East Asia. Highlights include:

  • Low trading costs
  • Leading market research
  • MT4 & MT5 platform support

✔️Low Trading Costs of Raw ECN MT4/MT5 Account

The RAW ECN trading account offers clients tight ECN spreads coupled with a trading commission of 6 USD (round trip) per standard lot. With ECN spreads as low as 0.1 pips on EUR/USD, the trading cost per lot is 7 USD which is matched by few other brokers. This account offers traders up to 500:1 leverage on  60+ FX pairs, metals, indices and commodities. 

✔️Reliable Market Research Supports Traders

Frequent updates from the in-house FP Markets research team, give beginner and intermediate traders market context. Broken down by fundamental and technical analysis, traders can choose the new they read to match their trading style. In addition, the client gets free access to a premium tool called Autochartist to find trading opportunities in charts. 

✔️MT4 & MT5 platform support suits beginners

FP Markets offers clients a choice between the antiquated, but much-loved, MT4 and the newer but less popular MT5. The MT4 software version is more limited in advanced functionality but with wide support from an active community of traders, while the MT5 version with less support makes use of multi-asset functionality for stocks and futures. 

🚩Summary of FP Markets

FP Markets is an all-round satisfying broker. With the right mix of regulation, platform support, trading conditions, customer service and deposit and withdrawal methods, they are a comprehensive broker choice for residents of Singapore.

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 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

🏆AvaTrade – Best on-the-go trading option

AvaTrade delivers the best mobile app trading experience by combining its existing strengths with a new trading app. These include:

  • Unique tools like AvaProtect
  • Fast and intuitive trading app
  • Competitive trading conditions
  • Fast withdrawal process

✔️Hedging protection against losing trades

Offering protection up to 1 million USD per trade, clients can purchase a hedge against a loss at the time the trade is opened. This protection is available to traders on the desktop and mobile app. 

avatrade-avaprotect-2020

✔️Research and Trade on the Go

AvaGo has succeeded in making research and trading on the go easier than with the classic set of apps offered at other brokerages. It is stuffed with technical analysis tools, investor sentiment indicators, live pricing and watch lists on FX pairs, commodities, stocks and crypto.

✔️Tight spreads on the majors

With fixed spreads on EUR/USD at 0.9 pips and USD/JPY at 1.6 pips, AvaTrade has some of the lowest trading costs for a market maker broker. Expect no slippage and commissions on trades and no fees on fund withdrawal.

AvaTrade Spreads

AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

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.

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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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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