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The 10 Best Forex Brokers in Singapore for 2024
Swen Keller
- Last Updated 23 August, 2024
Best for Large Selection of Instruments
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In this article, we list the best forex brokers in Singapore. To build our list we took into consideration the fees, security, unique features, and pros/cons of each brokerage firm. We also got firsthand feedback from our employees with a brokerage account with each trading platform.
Best CFDs Broker in Singapore: Our Opinion
Our pick for the best brokerage firm in Singapore is Plus500 for its vast collection of market educational tools for informed trading strategies, such as Insights, alerts, economic calendar, and much more. The brokerage firm is also commission-free and is only compensated for its services via tight spreads.
Unlike most online brokerages, Plus500 does not charge users commissions per trade. Rather, its only brokerage fees are via dynamic spreads.
However, the trading platform is at the top of our list for its in-depth market educational resources and tools.
These include Insights, a feature available on their mobile and web platforms that enables users to learn about trends using unique internal data from the company. The brokerage account also provides access to real-time email alerts for price changes/trends, an economic calendar, SMS/push notifications, etc.
Beyond these, Plus500 supports more than 2800 tradable CFD instruments and 2700 CFD shares via its proprietary trade platforms.
Key Feature of Plus500
Trading Academy
The Plus500 Trading Academy provides a collection of educational resources that help users learn about their brokerage account on the platform as well as how-to videos/courses to sharpen their trading skills.
It offers a section for newbies called the Beginners Guide and caters to experienced traders as well via the Trader’s section. Users can learn about various investment strategies including the stock market, commodities, ETF, crypto, Indices, Forex, and the economic markets in general. There’s also a section for the latest news in the Academy.
Plus500 Security
Plus500 is fully regulated and authorized through its subsidiaries in different jurisdictions. Plus500CY, for example, is regulated by the Cyprus Securities and Exchange Commission (CySEC) while Plus500UK is regulated by the Financial Conduct Authority in the United Kingdom. It is also regulated in the Seychelles, Australia, South Africa, Singapore, Israel and Estonia.
Concerning brokerage account and deposit security, Plus500 offers negative balance protection, and risk management tools, as well as, use segregated bank accounts to store customer funds.
Plus500 Fees
Plus500 does not charge commissions as trading fees. The only brokerage fees charged are dynamic spreads, a 0.7% currency conversion fee, a $10 inactivity fee, and overnight funding fees (dynamic as well).
The inactivity fee is charged if you do not place a trade in 3 months. There’s also a Guaranteed Stop Order wider spread that is used if you use the feature on an instrument that it isn’t for.
Pros
- Large selection of tradable instruments
- Fully regulated
- In-depth market data tools
Cons
- Currency conversion brokerage fees
Review from Our team (Direct Feedback from Our Employee who Personally Uses Plus500)
Plus500 offers a lot of educational and market data resources that help make informed trading decisions when trading CFDs.
Pepperstone - Best Brokerage Account with No Minimum Deposit
Founded in 2010, Pepperstone made it to our list of the top online brokerages in Singapore for its no-minimum policy. The Forex broker allows users to start trading with any amount, eliminating the minimum deposit barrier present with most online brokerages.
Pepperstone also offers a large selection of trading platforms including cTrader, TradingView, Pepperstone proprietary platform, MetaTrader 4, and MetaTrader 5.
Concerning financial markets available, Pepperstone offers CFDs across Forex, Crypto, Indices, Commodities and Shares.
Key Features of Pepperstone
Active Trader
The Pepperstone Active Trader program enables members to earn discounts/rebates on their Forex, Index, and commodities commissions. It is designed for high-volume traders and discounts depend on the number of lots you trade monthly. The more you trade, the higher the discounts on commissions will be. Also, unlike most similar programs from online brokerages, Pepperstone refunds the rebates daily and then into your trading account a day after your position is closed.
Security of Pepperstone
Pepperstone is regulated by the following bodies: ASIC, BaFin, CMA, CySEC, DFSA, FCA, and SCB. The Forex trading platform also stores customer funds in segregated accounts. It does not keep deposits in the same account as its operational funds. The broker also conducts regular audits.
Fees of Pepperstone
Pepperstone charges both commissions and spreads as trading fees. However, whether you’re charged a commission or spread is dependent on the type of account you choose.
If you choose the Razor account you will be charged commissions while the standard account is charged via spreads. The exact trading fees charged vary based on the trading platform and asset involved. But there is a standard spread that starts from 1.00 pips.
Pros
- Large selection of trading platforms
- Well regulated
- Trading fees discounts
Cons
- High minimum commission fee
Review from Our team (Direct Feedback from Our Employee who Personally Uses Pepperstone)
Pepperstone provides a large selection of trade platforms, especially the popular ones, which makes onboarding easy. However, their trading fees quickly add up.
IG Markets - Best Forex Trading Broker for a Large Selection of Markets
The IG Markets is the oldest online brokerage platform in the world and has been operational for 45+ years. Currently, IG Markets has 313,000+ clients globally.
It stands out for its large selection of markets as the broker offers 17,000+ products. Some available markets include ETFs, Options, Sectors, Bonds, Interest Rates, Knock-out trading, Forex, Indices, Cryptocurrencies, Shares/Stock market, and Commodities.
IG Market also offers a suite of proprietary trading platforms and charting tools plus the popular MetaTrader 4 and ProRealTime.
Key Features of IG
L2 Dealer
The L2 Dealer is IG Market’s Direct Market Access (DMA) tool. Unlike the trading platforms available on most online brokerages, the DMA allows users to trade Forex or Share CFDs directly via the order books of global exchanges. With the platform, traders can get pricing data straight from an exchange while being able to directly engage with the order book. The benefits of this include being able to view underlying market liquidity, entering auctions, and access to sophisticated order types.
Security of IG
IG International is regulated and licensed to carry out investment and digital asset business by the Bermuda Monetary Authority.
In addition, your deposited funds in its custodian account are kept in segregated accounts at regulated financial institutions. IG states that they do not use trader funds for company operations and that user funds are ring-fenced from their creditors.
Fees of IG
IG Markets charges spreads from 0.6 points on popular Forex pairs, 0.1 points on Commodities, and 0.9 points on Indices. The exchange also charges a 2-year inactivity fee if you haven’t traded in that timeframe, an overnight funding fee, guaranteed stop premiums, and varying commissions on Shares and DMA trading.
Third-party charges of 2.3% are applicable if you’re funding with a debit/credit card.
Pros
- Large selection of markets available
- Direct Market Access supported
- Operational for over 45 years
Cons
- High minimum commission fee/spreads
- DMA comes at the cost of slower execution
Review from Our team (Direct Feedback from Our Employee who Personally Uses IG)
IG Market is an advanced trading platform best suited for experienced traders and high-volume traders.
XS.com - Best Forex Broker for High Leverage
XS is a forex and CFD broker made it to our list for its high leverage. In comparison to other online brokerages in Singapore, XS offers up to 1:2000 leverage on its Elite, Pro, and Standard accounts, which is arguably one of the highest.
The forex broker supports 3 trade platforms (MetaTrader 4, MetaTrader 5, XS web trader) and over 5 subaccount types to choose from.
Concerning deposits, XS.com supports more than 8 payment options including Skrill, Apple Pay, Google Pay, Skrill, etc.
Key Features of XS.com
XS MasterCard
The XS MasterCard is a branded prepaid MasterCard that comes alongside a mobile app, which enables users to transfer funds from their XS wallet to the card and vice-versa.
The XS cards are fully integrated with the XS client custodian account to simplify deposits and withdrawals.
Traders can use the XS prepaid MasterCard for ATM, POS, eCommerce, and mobile app transactions. You can also track all XS card transactions via your mobile device.
XS.com Security
XS and its operations are regulated by the following regulatory bodies: ASIC, CySEC, FSA, FSCA, and LFSA. Concerning account security, the broker is DSS compliant, has SSL encryption, and requires 3D Secure on all card transactions. User deposits are also kept in segregated accounts in regulated banks. Deposits are not used in company operations.
XS.com Fees
XS broker charges both commissions and spreads. Its investment brokerage fees start from 0.0 pips and $6 commission per round lot turn. It also charges swap trading fees for overnight trades and inactivity fees.
Pros
- Multiple deposit options
- XS MasterCard
- High leverage
- Fully regulated
Cons
- Limited trading platforms
- Numerous account types
Review from Our team (Direct Feedback from Our Employee who Personally Uses XS.com)
The XS broker makes depositing and withdrawals seamless with their numerous payment options and proprietary XS MasterCard. It also has very high leverage for risk-takers.
FxPro - Best Forex Broker With Ample Selection Of Trading Tools In Singapore
Founded in 2006, FxPro stands out for its ample selection of trading tools. FxPro supports 2100+ instruments and offers several features including Algorithmic Trading, Spread Betting, and Demo trading.
FX Pro offers 50+ technical indicators/charting tools, and 6 chart types with 15-minute timeframes.
It also supports the trading of stocks, forex, Indices, and over 26 cryptocurrency CFDs.
The forex broker has a mobile app that gives users access to several features including an economic calendar, full-screen TradingView charts, an earnings calendar, trading signals from Trading Central, NDD executions, Push Notifications, etc.
Key Features of FxPro
Demo Trading
The FxPro demo account allows traders to practice their trading strategies with virtual funds before trading in the live account with actual funds. The FxPro demo account offers $100,000 but users can add more funds if the initial balance is exhausted.
The demo account gives users access to all FxPro features including all supported trade platforms. Users can open demo accounts on all platforms.
FxPro Security
FxPro is regulated by several regulatory bodies including the FCA, CySEC, FSCA, and the SCB.
FxPro secures users’ funds through storage of users’ funds in segregated bank accounts, high-level data encryption, password protection, email confirmation for account changes, and two-factor authentication.
FxPro Fees
FxPro fees are high. The broker’s fees are up to $3.50 per lot and the commissions are as high as $35 for every $1 million traded.
FxPro also charges rollover/swap fees for overnight trades.
Pros
- Ample selection of trading instruments
- Suitable for both beginners and advanced traders
- Demo account
- Educational resources
Cons
- High fees and commissions
Review from Our team (Direct Feedback from Our Employee who Personally Uses FxPro)
FxPro is suitable for both newbies and experienced traders who are interested in trading a variety of instruments with top-tier tools. That said, the fees are high.
Oanda - Best Forex Broker With Currency Conversion Features in Singapore
Founded in 1996, Oanda is one of the oldest forex brokers. Oanda made it to our list of best brokers in Singapore for its currency conversion features which allow users to convert over 200 currencies.
Oanda supports 68+ major and minor currency pairs and over 12 cryptocurrencies. It also offers several features including corporate FX payments and Exchange Rates API.
Key Feature of Oanda
Oanda Currency Converter
The currency converter enables users to convert major currencies and check the latest foreign exchange rates. The currency converted supports 200+ currencies and can access data dating as far back as 1990 for over 38,000 FX pairs.
The exchange rates displayed on the Oanda Currency converter are compiled from leading market data contributors and updated real time.
Oanda Security
Oanda is a secure forex broker regulated by several bodies including the Canadian Investment Regulatory Organization (CIRO), and the Monetary Authority of Singapore (MAS).
Other security measures inlude two factor authentication and a security team that constantly monitors the platform/users accounts.
Oanda Fees
Oanda charges high spreads on common currency pairs. Commissons start from 1% while spreads start from 1 pip on CFDs.
Pros
- High welcome bonus
- No minimum initial deposit
- Conversion of 200+ currencies
- Large selection of supported fiat currencies
Cons
- High spreads on common currency pairs
- Limited crypto CFDs
Review from Our team (Direct Feedback from Our Employee who Personally Uses Oanda)
Oanda is a secure forex broker that is suitable for users who are interested in trading different currencies.
AvaTrade - Best Forex Broker In Singapore For Social Trading
AvaTrade is a leading forex broker in Singapore that stands out for its social trading feature which allows traders to copy the trading strategies of experienced traders. The Platform is suitable for both beginners and advanced traders.
AvaTrade supports a variety of instruments including commodities, forex, stocks, 17 crypto CFD trading, and indices.
Key Features of AvaTrade
AvaSocial
This is a social trading mobile app that allows inexperienced users to follow and copy the trades of experienced traders. This decreases the loss incurred by inexperienced traders and also gives professional traders an opportunity to generate additional income.
AvaSocial gives traders a social environment to interact with each other, ask their mentors questions in a group chat or one on one and network with like minded traders.
AvaTrade Security
AvaTrade is regulated by different bodies including the Australian Securities and Investment Commission (ASIC), the Financial Services Authority, the Cyprus Securities and Exchange Commission, Polish Financial Supervision Authority amongst others.
AvaTrade secures users cardsdata using 256-bit SSL encryption and McAfee. It is also WebTrust compliant.
AvaTrade Fees
AvaTrade charges up to 0.35% in spreads. Also, the minimum spread on Forex majors is USD/JPY and AUD/USD at 1.1, USD/CHF and GBP/USD at 1.6, NZD/USD at 1.8, USD/CAD at 2.0, and EUR/USD at 0.9.
It also charges a high inactivity fee of $100. AvaTrade also charges overnight premium, administration fees, and inactivity fees.
Pros
- Supports social trading
- Overs a 20% deposit bonus
- It offers risk management tools
- Supports high leverage
Cons
- High inactivity fees
- Higher fees for retail investor accounts
Review from Our team (Direct Feedback from Our Employee who Personally Uses AvaTrade)
AvaTrade is suitable for both beginners and advanced traders. Also, its social trading feature is one of the best.
Deriv - Best Forex Broker In Singapore for Automated Trading
Founded in 1999, Deriv is one of the most reputable forex brokers in the industry and has had no major controversies since its launch.
It made it to our list of top Forex brokers for its automated trading. It offers a trading bot with prebuilt trading strategies.
Concerning deposits, Deriv requires a $5 initial deposit which is one of the lowest in the industry.
Key Features of Deriv
Deriv Trading Bot
The Deriv trading bot comes with 3 prebuilt strategies embedded with support for 50+ assets, traders can also program the bot without coding knowledge.
The DBot supports all available markets on Deriv including derived indices, forex, commodities, stock, Indices, and synthetic indices.
Deriv Security
Deriv is regulated by various regulatory bodies around the world including the Vanuatu Financial Services Commission, the Malta Financial Services Authority, etc.
Deriv holds users’ funds in segregated accounts and secures accounts with password and two-factor authentication.
Deriv Fees
Deriv charges spreads/commissions for forex trading and spreads for crypto trading. The spreads for forex trading start at 0.5 pips. Deriv charges $1 for forex trading conditions.
Pros
- Low minimum initial deposit
- Secure Forex trading platform
- Supports automated trading
- Large selection of cryptocurrencies
Cons
- High fees
- Low selection of available crypto CFDs
Review from Our team (Direct Feedback from Our Employee who Personally Uses Deriv)
Deriv is a beginner-friendly platform. It also offers fast execution speed and allows trade automation.
Exness - Best Forex Broker In Singapore For Unlimited Leverage
Founded in 2008, Exness made it to our list of top brokers for unlimited leverage. Exness charges low spreads starting from 0.0 pips and offers a low minimum initial deposit of $10.
Exness also stands out for its wide selection of crypto CFDs and a large selection of deposit and withdrawal methods.
Key Features of Exness
Unlimited Leverage
Exness offers experienced traders unlimited leverage. That said, due to the volatile nature of the market, the unlimited leverage feature is not available by default as it is not suitable for beginners. Traders must meet certain criteria for unlimited leverage to show in qualifying trades.
Unlimited Leverage on Exness is not available for cryptocurrencies, commodities, exotic currencies, Stocks, and Indices.
Exness Security
Exness is licensed by CySec, FCA, FSA, and the FSCA. It is also independently audited by Deloitte.
Available user account security measures include email authentication, password login, and mandatory verification for all transactions.
Exness Fees
Exness spreads start from 0.0 pips for professional trading accounts and 0.3 pips for standard accounts.
It also charges up to $3.5 commission on each side per lot for pro accounts.
Pros
- Unlimited leverage on certain assets
- Low minimum initial deposit
- Low spreads
Cons
- Strict restrictions on access to unlimited leverage
- High commissions
Review from Our team (Direct Feedback from Our Employee who Personally Uses Exness)
Exness trading platform offers an ample selection of cryptocurrencies and stocks it is, however, best for advanced traders.
BDSwiss - Best Forex Broker in Singapore For Corporate Accounts
BDSwiss is a reputable forex broker that stands out for its corporate accounts that cater to legally registered corporations. It supports the trading of 26+ crypto CFDs and offers industry average spreads.
BDSwiss offers a maximum leverage of 1:2000 and a minimum initial deposit of $100.
Key Features of BDSwiss
BDSwiss Corporate Accounts
BDSwiss corporate accounts are suitable for businesses and corporations that wish to trade on BDSwiss. Corporate account holders have access to optimized liquidity and 240+ tradable instruments.
The account opening process is simple and can be done online through the platform’s intuitive interface. Corporate accounts are promptly reviewed and can be approved/accessible to users in less than 24 hours from the time of application.
BDSwiss Security
BDSwiss is a secure broker regulated by several regulatory bodies around the world including the Financial Services Authority.
BDSwiss is compliant with statutory security standards and offers several security measures including negative balance protection.
BDSwiss Fees
BDSwiss charges up to 72.9 in crypto CFD spreads. It also charges inactivity fees, conversion fees, and overnight fees.
Pros
- It offers negative balance protection
- Offers corporate accounts
- Industry average spreads
Cons
- High initial minimum deposit
- Overnight and inactivity fees
Review from Our team (Direct Feedback from Our Employee who Personally Uses BDSwiss)
BDSwiss has an intuitive web and mobile interface that is suitable for both individual and corporate traders.
| BROKER | PAYMENT METHODS | TRADING FEES | TRADING PLATFORMS | MAXIMUM LEVERAGE | MIN. INITIAL DEPOSIT |
|---|---|---|---|---|---|
| Plus500 | Wire transfer, Google Pay, electronic wallets (PayPal, Skrill, etc), debit and credit cards, and more | Zero commissions, variable spreads, $10 inactivity fee, 0.7% currency conversion fee | Proprietary (Plus500 CFDs, Plus500 Invest, and Plus500 Futures) | 1:30 | $100 |
| Pepperstone | Credit card, debit card, PayPal, MPESA, and bank transfer | $3.50 in commissions per 7 round USD turn, an average of 1 pip spread markup | TradingView, cTrader, Pepperstone, MetaTrader 4, and MetaTrader 5 | 1:500 | No minimum |
| XS.com | Bank transfer, credit card, debit card, Skrill, and Neteller | Spread from 0.0 pips, $6 commission per round lot turn, swap/rollover | MT4, MT5, XS Web Trader | 1:2000 | $200 |
| IG Markets | HK FPS, credit card, bank transfer, and debit card | Spreads from 0.6 pips, account documentation fee, currency conversion charge, overnight funding, inactivity fee, ProRealTime charts fee, Direct Market Access Charge | IG Online Platform, IG mobile Trading app, MetaTrader 4, and ProRealTime | 1:200 | $50 for credit card or debit card deposit |
| FxPro | Neteller, Skrill, debit card, Bank wire transfer, PayPal, and credit card | Commission fee of 35 USD for every 1 million USD traded (FX and Metals), Swap charges, commission of $3.50 charged per lot | cTrader, MetaTrader 5, MetaTrader 4, and the FxPro trading platform | 1:500 | $100 |
| Oanda | Credit card and debit card, bank transfer, Skrill, and Neteller | Spreads starting from 1 pip and commissions starting from 1% on CFDs | Oanda Trade Web, TradingView, MT4 | 1:200 | No minimum deposit |
| AvaTrade | Credit and debit card, wire transfer, e-payments (Skrill, Neteller, WebMoney) | Up to 0.35% in spreads, overnight financing, inactivity fees ($100) | AvaOptions, AvaTrade Go, MetaTrader and AvaSocial | 1:400 | $100 |
| Deriv | Credit card, debit card, E-wallets (Skrill), bank transfer, and cryptocurrencies | Commission-free trading with spreads starting from 0.1 pip | Deriv X, Deriv Ez, Deriv Bot, Deriv Go, Deriv MT5, Deriv Trader, Smart Trader | 1:1000 | $5 |
| Exness | Exness Bitcoin wallet, Electronic Payment Systems, mobile banking, bank cashier, debit card and credit card | Spread from 0.0 for professional trading accounts and 0.3 pips for standard accounts, up to $3.5 commission per side | Exness Terminal, MT web terminal, MT4, MT5, and the Exness mobile app | 1:unlimited | $10 |
| BDSwiss | Credit/Debit cards, Bank Wire transfers, Skrill, Neteller, and local funding methods | Overnight charges, up to 72.9 in cryptocurrency CFD spreads, currency conversion, inactivity fee | MetaTrader 4, MetaTrader 5, BDSwiss mobile, and WebTrader | 1:2000 | $100 |
Which Online Broker has the Lowest Fees in Singapore?
Plus500 has the lowest fees in Singapore. It charges zero commissions and tight spreads.
What is a Forex Broker Account and How Does it Work?
A forex broker account is a financial services company that provides traders access to a platform to buy and sell foreign currencies, commodities, assets in the stock market, and more. All transactions on a forex exchange are between two currency pairs.
Which is the Best Forex Broker to Trade with Singaporean Dollars?
Plus500 is the best forex broker to trade with Singaporean dollars as it holds a capital markets license from the Singaporean Monetary Authority. This means it is fully regulated in the country and your funds are secure.
Things to Consider When Choosing an Online Trading Broker
Before choosing an online trading broker you need to consider their commission fees, spreads, type of custodian account offered, deposit options supported, regulation status with the Monetary Authority of Singapore (and other relevant bodies), trade platforms offered, minimum initial deposit, and maximum leverage.
Final Thoughts
Plus500 comes out on top of this list of the best online brokerages in Singapore. The CFD trade platform is fully regulated in the country and does not charge commission fees.
It also offers a deep data tool called Insights for in-house trader analysis. That said, other best online brokerages in the country have their perks like Pepperstone, and its no minimum deposit or IG’s Direct Market Access function for pro traders. But to pick the right choice you need to consider its minimum fee for trades, trade platforms available, maximum leverage offered, deposit options, and your personal forex trading goals.
FAQ
Most frequent questions and answers
Plus500 is legal and regulated in Singapore.
Yes, Singapore allows regulated online brokerages to operate in its jurisdiction.
Plus500 charges zero commissions on all trades while XS.com charges spreads that start from 0.0 pips.
No, if you are a resident in Singapore you can open an account with Pepperstone.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
We always try to provide the most accurate information available, and make sure our team follow through.
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