5 Best Singapore Forex Brokers List

Updated May 10 2022

5 Best Singapore Forex Brokers List

Here’s our selection of the 5 Best Singapore Forex brokers for the year 2022:

Broker Reason
Oanda Best overall broker for Singapore Forex traders
CMC Markets Best for professional currency traders
IG
Best for high volume currency traders
Interactive Brokers Best in most trusted financial regulation
Saxo Bank Best for high net worth individuals

All the above brokers are required to possess a financial license from MAS (Monetary Authority of Singapore). This grants Singapore Forex traders a great layer of protection in the event of any dispute as complaints can be dealt with locally.

Each one of these brokers was analysed using our proprietary methodology along with the TTBTrust score (our proprietary safety scoring system) prior to being ranked using our comparison tool.

1. Oanda - Best overall broker for Singapore Forex traders

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74-89% of retail CFD accounts lose money.

Oanda is an international Forex broker founded in 1996 with headquarters in the United States. Oanda specialises exclusively in currency trading solutions for all trader levels. Their greatest selling points are their strong regulatory framework and robust proprietary platforms.

Key data
Currency Pairs68
EUR/USD SpreadDynamic - From 0.8 Pips
Commissions

No, but they do charge currency conversion fees. If your account base currency is GBP and you trade the EUR/USD pair, you'll be paying a conversion fee.

Minimum Deposit$, €, £, - 0.
Financial Regulators
  • CFTC (U.S)
  • NFA (U.S)
  • ASIC (Australia)
  • FCA (UK)
  • MAS (Singapore)
  • IIROC (Canada)
  • FFAJ (Japan)
  • BVI (British Virgin Islands)
MT4Yes
MT5Yes
cTraderNo
TradingViewYes
Proprietary PlatformYes

Oanda is amongst the most well regulated brokers in the currency trading arena. They hold 7 financial licenses from reputable regulators (being one of them MAS).  

The GoodThe Bad
  • High trustworthiness, regulated by the best regulators in the world
  • Fast, simple and professional trading platforms
  • Competitive spreads in their currency pairs
  • Extremely limited offering of assets (104)
  • No ability to purchase real stocks or cryptocurrencies, only CFDs

Oanda's best selling points are having no commissions and one of the most simple and user-friendly trading platforms out there. Regardless of your experience level, Oanda has great features for all traders along with no commissions and tight spreads.

Another great point for Oanda is having no minimum forex trade size, users can open positions from as little as $1.

2. CMC Markets - Best for professional currency traders

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71% of retail CFD accounts lose money.

CMC Markets is a global broker headquartered in the U.K that holds 6 high value financial licenses and offers CFD trading on stocks, etfs, commodities, currencies, bonds and cryptocurrencies.

Key data
Currency Pairs330+
EUR/USD SpreadDynamic - From 0.7 Pips
Commissions

Yes and they vary per share exchange location. For U.S shares, there is a minimum $10 in-and-out commission. 

Minimum Deposit0
Financial Regulators
  • ASIC (Australia)
  • FCA (UK)
  • IIROC (Canada)
  • MAS (Singapore)
  • BaFin (Germany)
MT4Yes
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

CMC Markets holds 5 financial licenses (being one of them MAS). They have been around since 1989 and are also a publicly traded company in LSX. With over 330+ currency pairs and more than 10,000+ assets, they are amongst the most competitive brokers in the industry.

The GoodThe Bad
  • Comprehensive asset offering with more than 12,000+ tradable assets and the possibility to add data connections to exchanges to add more
  • Powerful professional platform with customisable layouts and integrated reuters feed
  • High commissions on stocks and ETFs
  • Platform is not beginner friendly

The best thing about CMC Markets is their proprietary trading platform. It’s built with customisable work spaces and professional traders in mind. If you’re an experienced trader, you’ll be able to deploy custom workspaces with the right tools you need per trading session. On the other hand, for beginners, their platform can be quite intimidating.

3. IG - Best for high volume currency traders

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73% of retail CFD accounts lose money.

IG is a global broker established in 1974 that holds 10 reputable financial licenses and provides CFD trading on stocks, commodities, ETFs, indices, cryptocurrencies, bonds, futures, options along with real stocks through their share dealing account.

Key data
Currency Pairs210
EUR/USD SpreadDynamic - From 0.9 Pips
Commissions

Yes, they charge depending on the client’s account base currency and exchange location of the shares being traded. For example, for some clients US shares can have a minimum charge of $10 in-and-out.

Minimum Deposit

0 for Bank Transfers, 300 € for Paypal and Debit / Credit cards.

Financial Regulators
  • ASIC (Australia)
  • FCA (UK)
  • NFA (United States)
  • ADGM (United Arab Emirates)
  • FINMA (Switzerland)
  • MAS (Singapore)
  • FFAJ (Japan)
  • FSCA (South Africa)
MT4Yes
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

IG holds 8 financial licenses from mostly reputable financial regulators (being one of them MAS). They have been around since 1974 and are also a publicly traded company in LSX.

The GoodThe Bad
  • Broad platform offering with high customisability and integrated news feeds
  • Comprehensive asset offering with more than 10,000 + CFDs or real stocks and ETFs
  • There are too many small costs such as custody, in-and-out-commissions in some cases, management fees, etc
  • Their standard contracts can be too large some times for low volume traders

IG being one of the oldest brokers around and serving almost every country in the world has access to great liquidity pools for matching extremely large orders. If you’re a high net worth trader and you’re looking for a broker that will execute your transactions at the best possible conditions, IG is a great choice. On the other hand, beginner to intermediate low volume traders may find their pricing structure and contracts quite expensive and complicated due to high minimums.

4. Interactive Brokers - Best in most trusted financial regulation

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Investing in financial products involves taking risk.

Interactive Brokers is a global brokerage founded in 1978 that holds 11+ high tier financial licenses and provides discounted electronic trading services in nearly all the globe with access to more than 100,000+ financial instruments.

Key data
Currency Pairs105
EUR/USD SpreadDynamic - From 0.1 pips
Commissions

Commissions depend on market and residency:

  • US residents are eligible for zero commission US stock trading. Else, for US stocks it is $0.005/share with a minimum $1 and maximum 1% of the trade value.
  • European stocks have €3 minimum and 0.05% trade value.
  • Forex commissions are volume based starting at 0.20 basis points of trade value or $2 minimum per trade, and going low as 0.08 basis points and $1.
  • Options start at $0.25 per contract and go as low as $0.15 per contract.
  • Futures start at $0.85 per contract and go as low as $0.25 per contract
Minimum Deposit$ - 0
Financial Regulators
  • SEC (United States)
  • FINRA (United States)
  • FCA (United Kingdom)
  • ASIC (Australia)
  • IIROC (Canada)
  • MNB (Hungary)
  • BSE (India)
  • CBI (Ireland)
  • FSA (Japan)
  • CSSF (Luxembourg) CSSF
  • MAS (Singapore)
MT4No
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

Interactive Brokers holds 11 high reputation financial licenses (being one of them from MAS). They are considered the industry standard for what an online discount broker should be. 

The GoodThe Bad
  • High regulation
  • Exceptional number of investment instruments (Above 100,000+)
  • Competitive discount fees
  • Complicated account opening process
  • Platforms are not beginner friendly
  • Narrow choice of deposit options (Mostly bank transfer)

For currency traders looking for alternative investments in parallel with their Forex strategy, Interactive Brokers can be a great choice as they provide access to over 78 worldwide markets and hundreds of thousands of assets.

The negative side of interactive is their little options when it comes to payment methods and the complexity of their trading platforms which beginners can find quite intimidating.

5. Saxo Bank - Best for high net worth individuals

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65% of retail CFD accounts lose money.

Saxo Bank is a Danish investment bank operating since 1992. It is one of the most regulated brokerages in the world with an exceptional selection of financial instruments.

Key data
Currency Pairs182
EUR/USD Spread0.8 Pips average - 0.4 for VIPs
Commissions

$0.02/share (min $10) for US Stocks, from 0.10% (min €10) for other equity markets, €4 per futures contract

Minimum DepositFrom 500 € to 2,000 € depending on residence
Financial Regulators
  • ASIC (Australia)
  • HKMA (Hong Kong)
  • ADGM (United Arab Emirates)
  • FINMA (Switzerland)
  • MAS (Singapore)
  • FFAJ (Japan)
  • AFM (Netherlands)
MT4No
MT5No
cTraderNo
TradingViewYes (through API)
Proprietary PlatformYes

Saxo Bank holds 7 financial licenses belonging to the most reputable financial regulators in the world (being one of them MAS). 

The GoodThe Bad
  • Exceptional selection of financial instruments at one place
  • 2 highly-customizable proprietary trading platforms
  • API integration for 3rd party services like Excel or TradingView
  • High minimum deposit for certain countries
  • Withdrawals via bank transfer only
  • High fees on options and futures

Saxo Bank is amongst the most expensive choices due to their high minimum deposit requirements (depending on location) and their maintenance or inactivity fees. Despite being an expensive choice, they do have attractive commissions for big traders and a whopping asset count above 50,000+.

Author

Stefano Treviso

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74-89% of retail CFD accounts lose money.