5 Best Singapore Forex Brokers List

By Stefano Treviso, Updated on: Aug 21 2023.

Here’s our selection of the 5 Best Singapore Forex brokers for the year 2023:

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.

1. Oanda - Best overall broker for Singapore Forex traders

Visit

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
Currency Pairs	68
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 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 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'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

Visit

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
Currency Pairs	330
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 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 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

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

Visit

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
Currency Pairs	80
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 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 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 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

Visit

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 Pairs	0
EUR/USD Spread	Dynamic - 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, FINRA, FCA, ASIC, IIROC, MNB, BSE, CBI, FSA, CSSF, MAS.
MT4	No
MT5	No
cTrader	No
TradingView	No
Proprietary Platform	Yes

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 Good	The 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 transfers)

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

Visit

69% 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 Pairs	182
EUR/USD Spread	Dynamic - From 0.4 to 0.8 Pips
Commissions	$0.02/share (min $10) for US Stocks, from 0.10% (min €10) for other equity markets, €4 per futures contract.
Minimum Deposit	From $500 up to $2,000
Financial Regulators	ASIC, HKMA, ADGM, FINMA, MAS, FFAJ, AFM.
MT4	No
MT5	No
cTrader	No
TradingView	Yes
Proprietary Platform	Yes

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

The Good	The 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+.