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5 Best Singapore MetaTrader 5 (MT5) Brokers List

By Stefano Treviso , Updated on: Aug 29 2022.

Here’s our selection of the 5 Best Singapore MetaTrader 5 (MT5) brokers for the year 2022:

Broker Reason
FP Markets Best in most assets offered
Pepperstone Best in most platforms offered
IC Markets
Best in most competitive commissions
FxPro Best in execution speed
Oanda Best in most trusted regulatory framework

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. For the particular case of brokers that do not hold a license we still included them due to being popular choices amongst Singapore traders.

It’s very important to point out that the amount of MAS regulated brokers with MT5 is quite low as well, so it’s likely that Singapore traders look for reputable international choices.

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. FP Markets - Best in most assets offered

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74.34% of retail CFD accounts lose money.

FP Markets is a leading Australian broker with a 10,000+ asset offering accompanied by a great variety of tech options such as deploying your own VPS and accessing ENC / DMA pricing.

Key data
Total Asset Offering10500
EUR/USD SpreadDynamic - From 0 to 1.2 Pips
Commissions

Commissions vary as follows:

  • Standard account has none
  • Raw account has a $3 per lot commission
  • For IRESS accounts there are various commission structures ranging from 0.1% to 0.08% with a minimum $10 charge.
Minimum Deposit$100
Financial Regulators
  • ASIC (Australia)
  • CySec (Cyprus)
  • FSA (St. Vincent and the Grenadines)
MT4Yes
MT5Yes
cTraderNo
TradingViewNo
Proprietary PlatformYes

FP Markets holds 3 financial licenses from which only 1 belongs to a high value regulator. Their specialty is providing over 10,000+ different assets to trade via MetaTrader 5.

The GoodThe Bad
  • Customisable or removable leverage
  • Broad asset offering (10,000 +)
  • Competitive forex commissions
  • No ETFs are offered
  • Stock trading commissions are expensive when compared to similar brokers
  • Website is slow and confusing
  • Fees for the majority of deposit and withdrawal methods

If your main goal is to trade as many assets as possible through MT5, you may find the FP Markets offer to be very attractive. On the other hand, their spreads are not that competitive when compared to other industry leading brokers.

2. Pepperstone - Best in most platforms offered

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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
Total Asset Offering1650
EUR/USD SpreadDynamic - 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 (Germany)
  • FCA (UK)
  • ASIC (Australia)
  • DFSA (United Arab Emirates)
  • CySec (Cyprus)
  • SCB (Bahamas)
  • CMA (Kenya)
MT4Yes
MT5Yes
cTraderYes
TradingViewYes
Proprietary PlatformNo

Pepperstone holds 7 financial licenses from which 4 belong to high value financial regulators. Despite them not being regulated by MAS, they are one of the most popular MetaTrader 5 brokers in the world.

The GoodThe 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 offers a multi-platform environment with execution under 30ms and the possibility of choosing between accounts with or without commission depending on the spreads you want to gain access to.

If you’re an experienced MetaTrader 5 trader, you’ll find their offer quite interesting.

3. IC Markets - Best in most competitive commissions

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76.27% of retail CFD accounts lose money.

IC Markets is an Australian broker with a global presence specialising in Forex trading. One of their greatest advantages is providing RAW spread accounts with interbank pricing.

Key data
Total Asset Offering1800
EUR/USD SpreadDynamic - From 0 to 0.6 Pips
Commissions

No commissions in standard accounts but rather a 1 Pip spread markup on interbank prices received. For Raw spreads accounts, $7 per lot round turn.

Minimum Deposit$200
Financial Regulators
  • ASIC (Australia)
  • CySec (Cyprus)
  • FSA (Seychelles)
MT4Yes
MT5Yes
cTraderYes
TradingViewNo
Proprietary PlatformNo

IC Markets holds 3 financial licenses from which 1 belongs to a high tier regulator. They have been around since 2007 and are considered one of the most popular alternatives for a MetaTrader 5 broker.

The GoodThe Bad
  • Customisable leverage per asset before opening trades
  • Interbank rates and low commissions
  • Great platform variety
  • Avaliable assets are limited (Also No ETFs)
  • No ability to purchase real stocks or cryptocurrencies, only CFDs

IC Markets offer is quite similar to pepperstone, the main differences boil down to IC Markets not offering ETFs but having a larger number of stocks whereas Pepperstone offers less stocks but they do include ETFs and their regulatory framework is stronger. Ultimately it comes down to which advantages are the most important for you.

4. FxPro - Best in execution speed

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74.46% of retail CFD accounts lose money.

FxPro is a regulated global brokerage firm offering a vast array of tradable instruments including CFDs on FX, Stocks, Crypto, Commodities, Indices, Energies and Futures.

Key data
Total Asset Offering2200
EUR/USD SpreadDynamic - From 1.2 Pips
Commissions

No commissions on MT4 & 5 ($45 per $1million USD traded on cTrader

Minimum Deposit€, £, $ - 100
Financial Regulators
  • CySec (Cyprus)
  • ASIC (Australia)
  • SCB (Bahamas)
  • FSCA (South Africa)
MT4Yes
MT5Yes
cTraderNo
TradingViewNo
Proprietary PlatformYes

FxPro holds 4 financial licenses from which only 1 belongs to a high value regulator. Their specialty is currencies trading via MetaTrader platforms (especially MT5) and their biggest selling point is providing a trade execution speed under 14ms.

The GoodThe Bad
  • Moderate asset offering (around 2,500+ instruments)
  • Great plafform variety (FxPro Edge CFD, MetaTrader 4 & 5, cTrader)
  • No real stocks or ETFs
  • Proprietary platform is not user friendly

FxPro’s offer is quite interesting, especially for traders looking to execute professional strategies such as “scalping” where great funds are at risk if execution doesn’t happen at the best speed possible. If speed is your priority, you may find FxPro to be a great fit for you.

5. Oanda - Best in most trusted regulatory framework

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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
Total Asset Offering100
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 holds over 6 financial licenses from mostly high value regulators (including MAS). They are one of the most trusted brokers in the world and are also considered the industry standard for currency exchange rates.

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 biggest advantages are having a commission-free setup, great platform variety and a strong regulatory framework. On the other hand, if you’re looking to trade something other than currencies, you may find their asset offering quite low.

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