5 Best Singapore MetaTrader 4 (MT4) Brokers List

By Stefano Treviso, Updated on: Feb 09 2024.

Here’s our selection of the 5 Best Singapore MetaTrader 4 (MT4) brokers for the year 2023:

Broker	Reason
Oanda	Best for beginner to intermediate traders
Pepperstone	Best in low commissions
IG	Best in most assets offered
CMC Markets	Best for professional traders
City Index	Best for spread betting

The majority of the above brokers hold a financial license from MAS (Monetary Authority of Singapore). This grants Singapore traders a great layer of protection in the event of any dispute as complaints can be dealt with locally. In the particular case of those brokers that don’t hold a MAS license, we decided to include them due to being a popular choice amongst Singapore traders.

Each one of these brokers was analysed using our proprietary methodology.

1. Oanda - Best for beginner to intermediate traders

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78.3% 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
EUR/USD Spread	Dynamic - From 0.8 Pips
Commissions	None
Minimum Deposit	0
Financial Regulators	CFTC, NFA, ASIC, FCA, MAS, IIROC, FFAJ, BVI.
MT4	Yes
MT5	Yes
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

Oanda holds 6 financial licenses from the world’s most reputable regulators (including MAS). They have been around since 1996 and are well-known as the leaders of currency exchange rates.

The Good	The 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 is a multi-platform broker, meaning that they offer their own proprietary trading platform and also some of the world’s most famous ones (as in this particular case, MetaTrader 4). If you’re looking for a broker with no commissions, tight spreads and MT4, Oanda is definitely one of the best choices out there. On the other hand, if you’re looking for a more professional solution with RAW spreads to execute high volume traders that require industry leading execution speeds, you may be looking at a different option to better serve your needs.

2. Pepperstone - Best in low commissions

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74-89% of retail CFD accounts lose money.

Pepperstone is an Australian broker founded in 2010 with the aim of providing a professional trading experience with low fees and tight spreads. Currently Pepperstone counts with 7 financial licenses and operates in almost every country around the world.

Key data
EUR/USD Spread	Dynamic - From 0 to 0.77 Pips
Commissions	For Standard account : All fees included in the spread For Razor account: From $7 per Lot round turn
Minimum Deposit	$200
Financial Regulators	BaFin, FCA, ASIC, DFSA, CySec, SCB, CMA.
MT4	Yes
MT5	Yes
cTrader	Yes
TradingView	Yes
Proprietary Platform	No

Pepperstone holds 7 financial licenses from which 4 belong to high reputation financial regulators. They are quite famous for their RAW spreads account offering and their execution below 30ms.

The Good	The Bad
Well regulated on several jurisdictions Low latency, fast execution under 30ms Competitive spreads and low commissions from 0.0 pips on their Razor account	Avaliable asset offering is not that comprehensive No ability to purchase real stocks or cryptocurrencies, only CFDs

Pepperstone is a multi-platform broker, they offer: MetaTrader 4 & 5, cTrader and TradingView as their trading platforms. For traders well versed in MetaTrader looking for industry leading RAW spreads (from 0 pips) and fast execution (below 30ms) Pepperstone is definitely a great choice. On the other hand, if you’re not an experienced trader or you’re not well familiar with any of their platforms, there are better options for you.

3. IG - Best in most assets offered

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79% of retail CFD accounts lose money.

IG is a global broker established in 1974 that holds 8 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
EUR/USD Spread	Dynamic - From 0.6 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	From $10 to $450.
Financial Regulators	ASIC, FMA, NFA, ADGM, FINMA, MAS, FFAJ, FSCA, BMA.
MT4	Yes
MT5	No
cTrader	No
TradingView	No
Proprietary Platform	Yes

IG holds 8 financial licenses from which 7 belong to high tier financial regulators. They have been around since 1974 and they are considered industry leaders in many areas of financial trading.

The Good	The 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 offers their own proprietary trading platforms and also Metatrader 4. Their asset offering boasts more than 10,000+ instruments with the possibility to add more via data subscriptions to global exchanges. If you’re a high volume trader that specifically needs to access a large portfolio of assets through MetaTrader 4 and you’re comfortable with their commission pricing structure, IG can be a great choice for you. On the other hand, if you’re a beginner or you’re a low volume trader, you might find them quite expensive.

4. CMC Markets - Best for professional traders

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78% 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
EUR/USD Spread	Dynamic - 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 Deposit	0
Financial Regulators	ASIC, FCA, IIROC, MAS, BaFin.
MT4	Yes
MT5	No
cTrader	No
TradingView	No
Proprietary Platform	Yes

CMC Markets holds 5 licenses from only high tier financial regulators. They are industry leaders when it comes to professional trading platforms as their solution is definitely built with the needs of experts in mind.

The Good	The 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

If you’re looking to access a broad range of instruments with tight spreads and to do so via MetaTrader 4, their offer may seem attractive for you. On the other hand, just like IG, their commission structure is quite expensive with their in-and-out commissions for low volume traders. If you’re trading on a low capital then you may be better served with other brokerage services providers.

5. City Index - Best for spread betting

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69% of retail CFD accounts lose money.

City Index is a global broker founded in 1983 that holds 4 financial licenses and offers advanced trading platforms, mobile apps, diverse market research tools and an extensive range of markets.

Key data
EUR/USD Spread	Dynamic - From 0.8 Pips
Commissions	Spread betting markets have no commission CFDs or FX trading has no commission as well (except equities: shares & ETFs) Equity commissions depend on the market’s location (eg: UK and Europe have a 0.08% of transaction value fee, US equities and Asian ones have different percentages as well) The minimum equity commission rates are $10, £10 or 10€.
Minimum Deposit	$100
Financial Regulators	FCA, ASIC, MAS, ADGM.
MT4	Yes
MT5	No
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

City Index holds 4 financial licenses from high tier financial regulators (including MAS). They have been around since 1983 and are part of a larger publicly traded company called StoneX Group.

The Good	The Bad
All assets are CFDs, there is no possibility to buy real stocks or ETFs Cryptocurrency offering is below most of its competitors (only 5) While easy to execute a trade, platform is difficult for a novice to navigate	All assets are CFDs, there is no possibility to buy real stocks or ETFs Cryptocurrency offering is below most of its competitors (only 5) While easy to execute a trade, platform is difficult for a novice to navigate

Their asset offering is made of 5,000+ instruments and their specialty is offering spread betting. If you’re interested in this type of trading via Metatrader 4, they can be a great choice for you.