Best Forex Brokers Singapore 2022

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The Monetary Authority of Singapore (MAS) authorizes forex brokers and regulates the forex market in Singapore. Any forex broker that accepts clients from Singapore is required to hold a Capital Markets Services (CMS) license issued by the Monetary Authority of Singapore.

There are certain regulatory compliances that must be met by the MAS-regulated forex brokers.

However, some brokers accept clients from Singapore without MAS regulations. Such brokers register clients with offshore regulation and are not protected under the Securities and Futures Act of Singapore. Traders must avoid these unregulated brokers for the safety of your funds.

These are the 6 Best Forex Brokers in Singapore as per our research

  1. City Index – CFD Broker with Best Research Tools
  2. CMC Markets – Best Forex Broker with 339 Forex Pairs
  3. Oanda – Best Low Spread Forex Broker
  4. Plus500 – Best Forex Trading Platform for SGD Accounts
  5. Saxo Markets – Best Broker for Advanced Traders
  6. IG Markets – Highest Number of Trading Instruments

We have created a list of the best forex brokers in Singapore based on several other factors apart from MAS regulation. All the important pros and cons of the best forex brokers in Singapore have been discussed and compared in this guide.

List of Best Forex Brokers Singapore

Following is the list of best forex brokers in Singapore. These brokers offer foreign exchange trading as Contract for Deposit (CFDs) for the purpose of leveraged spot forex trading. We have selected the best brokers based on several parameters like safety, fees, trading conditions, support, trading platform, deposit, withdrawals, etc.

The legal entities that accept clients from Singapore have been reviewed and compared in this list for the clients residing in Singapore.

#1 City Index – CFD Broker with Best Research Tools

EUR/USD Spread
0.8 pips
Trading Platforms
MT4, Webtrader
Minimum Deposit
$150

City Index is a UK-based brokerage firm and is a subsidiary of GAIN Capital Holdings Inc. The parent company is listed on the NYSE with ticker GCAP.
StoneX Financial Pte. Ltd. is the legal entity of City Index that is regulated by the Monetary Authority of Singapore.

Safety
City Index holds the CMS license to offer Exchange-Traded Derivatives Contracts, Over-The-Counter Derivatives Contracts, and Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading.

Apart from MAS, City Index is also regulated by top-tier regulatory authorities like the FCA of UK (446717) and ASIC of Australia (345646). The incorporation of its parent group, StoneX Group Inc, dates back to 1983 in the UK. Making it one of the oldest forex brokers in the world. City Index can be considered safe for traders in Singapore due to MAS regulatory licenses and additional top-tier global regulatory licenses.

Fees
The fee is built only into spreads with the Standard account type. Clients who trade high volume can also trade with Direct Market Access (DMA) account where spreads are negligible at the expense of trading commission.

The spread for EUR/USD with the standard account is 0.8 pips on average but can range from 0.5 to 1.3 pips depending on the market conditions. The swap rates for a standard lot of EUR/USD are $0.30 and $6.60 for short and long positions respectively.

The spread with the DMA account for EUR/USD is 0.3 pips on average. The trading commission is calculated based on the monthly traded volume. For $1 million to $100 million worth of trading volume in a month, the commission is $60 for each million traded. The commission decreases with an increase in monthly trading volume.

Available Instruments
More than 4500 instruments are available for trading at City Index as CFD. This includes 84 currency pairs, 20 indices, 26 commodities, and 5 metals. The maximum leverage for forex pairs is 1:20 and for commodities, indices, and metals, it is 1:5. The leverage can be increased if the clients qualify to be professional traders.

Deposit and Withdrawal
Clients residing in Singapore can deposit and withdraw through credit/ debit cards, Paynow, FAST/ Internet banking, Bill Payment, and wire transfers. Withdrawals are only transferred to the registered bank account under the client’s name via wire transfer. There is no commission for deposit or withdrawal.

The minimum deposit amount at City Index for the Standard account is $150 while for the DMA account is $25,000.

Customer Support
The customer support service is user-friendly and every query can be resolved within minutes via the live chat window. There is also email support at [email protected] and local phone support at +65 6826 9988.

Trading Conditions
The account can be opened with 8 base currencies but SGD cannot be chosen as a base account currency. Trading can be done via webtrader and MetaTrader 4 trading platforms. No other platforms are supported.

City Index is a great choice for CFD trading in Singapore. It is safe and the trading fee is lower compared to many other CFD brokers. The variety of research and education tools are much better than many other forex brokers in Singapore.

City Index Pros

  • Rich variety of available instruments
  • Low overall fees
  • Local phone support available in Singapore
  • Local EFT Deposit & Withdrawals are available
  • Multiple Research and Education Tools

City Index Cons

  • MT5 trading platform not available
  • SGD cannot be chosen as account currency

#2 CMC Markets – Best Forex Broker with 339 Forex Pairs

EUR/USD Spread
0.7
Trading Platforms:
MT4
Minimum Deposit:
0

CMC Markets is a UK-based CFD broker that was launched in 1989. CMC Market is listed on the London Stock Exchange (LSE) with the ticker symbol CMCX.

CMC Markets Singapore Pte. Ltd. is the legal entity of CMC Markets that is regulated by the Monetary Authority of Singapore (MAS).

Safety
CMC Markets is a CFD broker that holds the CMS license from MAS for offering Over-The-Counter Derivatives Contracts and Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading.

Apart from MAS, CMC Markets is also regulated by the Financial Conduct Authority (FCA) of the UK under license number 173730. Clients in Singapore are registered under MAS-regulated entities.

Fees
The trading fees at CMC Markets are built only into spreads. There is no commission on forex, metals, and commodities. The commission is only incurred while trading stocks and ETFs. The spreads start from 0.3 pips. For EUR/USD, the average typical spread is 0.7 pips.

There are no deposit or withdrawal fees but a monthly inactivity fee is charged if no trades are executed for 12 months consecutively. S$15 is deducted each month after 12 months of inactivity.

Deposits and Withdrawal
Clients residing in Singapore can deposit and withdraw at CMC Markets through Credit cards, PayNow, Bank Transfer, FAST, Non-POSB/DBS, MEPS Funds Transfer, Bill Payment, Cheque, ATM, NETS, and Inward Telegraphic Transfer. The processing time is different for each method. 2% transaction fee is levied on Credit cards transaction.

Available Instruments
CMC Markets allow clients to trade with more than 10,000 financial instruments via CFD. This includes 339 forex pairs CFD, 95 Indices, 111 commodities, 46 treasuries, and more than 9400 shares. The maximum leverage for forex pairs is 1:20. For indices and shares CFD, the max leverage is 1:5. This can be increased up to 1:50 by meeting the criteria for a professional account.

Trading Conditions
There are no choices for account types and SGD can be chosen as the base currency of the account.

Customer Support
The customer support service at CMC Markets in Singapore is decent as the live chat window is not available all the time. They do have a local office in Singapore but no local phone number is available for customer support. They do have an international helpline number (1800 559 6000) that is available 24/7.

According to our review, CMC markets is very safe for clients residing in Singapore. The spreads are also lower than many of the competitors. They do not support the MT5 trading platform but the availability of SGD as base currency is an advantage for clients in Singapore.

CMC Markets Pros

  • Highest number of forex pairs available to trade
  • SGD can be chosen as base account currency
  • Wide range of trading instruments available
  • Low minimum deposit

CMC Markets Cons

  • MT5 trading platform not available
  • Slightly higher spreads on Indices CFD

#3 Oanda – Best Low Spread Forex Broker

EUR/USD Spread
0.6
Trading Platforms
MT4
Minimum Deposit
$0

Oanda is a renowned forex and CFD broker that is well regulated by top authorities globally. It was launched in 1996 and has partnered with multiple global brands.

Safety and Regulation
OANDA Asia Pacific Pte. Ltd. is the legal entity of Oanda in Singapore under which local clients are registered and protected. The entity holds a CMS license issued by the Monetary Authority of Singapore (CMS100122-4) to offer over-the-counter derivatives contracts in Singapore.

Oanda is regulated by the US Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) of the US (NFA # 0325821). Oanda is also regulated by the Financial Conduct Authority of the UK (542574), ASIC of Australia (412981), Financial Services Agency of Japan, and Investment Industry Regulatory Organization of Canada.

Fees
Oanda offers two account types namely Standard and Premium. Although, clients can choose the spread only or commission-based pricing structure with both the account types.

The average typical spread for EUR/USD is 0.6 pips with the spread-only pricing and 0 pips with the commission-based core pricing. The commission on the core spread pricing model is $50 per trade worth $1 million traded.

Trading conditions
Clients can open an account with the Singapore Dollar (SGD) as the base currency of the account. They offer a rich variety of research and education tools to enhance the trading experience. Oanda offers its own proprietary trading platform along with MetaTrader 4 trading platform.

Available Instruments
The number of available instruments is comparatively lower than many of the regulated CFD brokers in Singapore. A total of 126 financial instruments can be traded as CFDs. This includes crosses of 70 forex pairs, 16 Indices, 22 metals, 9 commodities, 4 cryptocurrencies, and 5 bonds.

Deposit and Withdrawal
Clients can deposit and withdraw through multiple methods. There is no commission on the transaction and no lower limit on deposit amount exists at Oanda. For the SGD based accounts, deposits can be made via DBC Bill Pay and PayNow. Clients can also deposit through FAST, NETS, Bank Transfer, PayPal, and Cheques.

The support service only exists through FAQs. There is no live chat or phone support. Queries can be resolved through the mail where the relevant reply can take up to 3-12 hours.

Oanda Pros

  • Spreads are low
  • SGD can be chosen as base currency of the account
  • Multiple top-tier regulatory license

Oanda Cons

  • No support services available
  • Limited number of available instruments
  • MT5 trading platform not available

#4 Plus500 – Best Broker for SGD Accounts

EUR/USD Spread
0.8
Trading Platforms
Proprietary
Minimum Deposit
S$ 200

Plus500 is an Israel-based CFD broker that was launched in 2008. It is a publicly-traded company that is listed on the London Stock Exchange under the ticker symbol PLUS.L.

Safety and Regulation
PLUS500SG PTE. LTD. is the legal entity under which clients in Singapore are registered. It is regulated by the Monetary Authority of Singapore (MAS) with a CMS license (CMS100648-1). The broker holds the license to offer Securities, Over-The-Counter Derivatives Contracts, and Spot Foreign Exchange Contracts for the Purpose of Leveraged Foreign Exchange Trading.

Plus500 holds multiple top-tier regulatory licenses in different jurisdictions. Plus500 is regulated by the FCA in UK (509909), ASIC in Australia (417727), FSCA in South Africa (47546), and CySEC in the UK (250/14). Multiple top-tier regulations apart from MAS and listing on LSE makes Plus500 very safe for clients in Singapore.

Fees
Plus500 offers a single account type for retail clients. The trading fees are built into spreads and swap fees if a position is kept open overnight. No trading commission is charged at Plus500.

They also incur a monthly inactivity fee of $10 equivalent if no trades are executed for 10 consecutive months. A currency conversion fee will only be applicable if the deposit currency is different from the base currency of the account. The maximum leverage at Plus500 in Singapore is 1:20 as the regimes of MAS.

The spread at Plus500 for EUR/USD as a benchmark is 0.8 pips on average.

Trading conditions
They have their own proprietary trading platform which has a user-friendly interface. Plus500 does not support MetaTrader or cTrader trading platforms, unlike other CFD brokers.

Available Instruments
The number of available instruments is decent when compared with other regulated CFD brokers in Singapore. A total of 1896 CFD instruments can be traded which includes 71 forex pairs.

Deposit and Withdrawal
The minimum deposit amount depends on the method chosen for the deposit. Client residing in Singapore can deposit through Debit/Credit card, ApplePay, PayPal, Bank transfer, and PayNow. The minimum deposit amount for bank transfer and PayNow is 500 SGD. For all the other methods the minimum accepted amount is 200 SGD.

Customer Support
The customer support service is available through a live chat window where most of the queries can be resolved within minutes. Phone or email support is not available at Plus500.

Plus500 Pros

  • Spreads are low
  • SGD can be chosen as base currency of the account
  • Multiple top-tier regulatory license

Plus500 Cons

  • No phone support services available
  • Higher minimum deposit amount
  • MT4 and MT5 trading platform not available

#5 Saxo Markets – Best Broker for Advanced Traders

EUR/USD Spread
0.6
Trading Platforms
Proprietary
Minimum Deposit
$500

Saxo Capital Markets is a subsidiary of Saxo Bank Group based in Denmark. It was incorporated in 1992 and is a global investment and trading service, provider.

Safety and Regulation
Saxo Capital Markets Pte Ltd is the legal entity of Saxo Markets regulated under the Monetary Authority of Singapore (MAS). They hold the CMS license (200601141M) to offer trading services on multiple instruments and asset classes.

Saxo capital markets hold several other regulatory licenses apart from MAS. They are regulated by the top-tier FCA (551422) and ASIC (280372) of the UK and Australia respectively. The parent company Saxo Bank is a trusted banking brand that holds several licenses in different jurisdictions.

Fees
The trading fees are built only into spreads except for stocks. Stock trading involves a commission that depends on the plan selected by the trader. The spreads differ slightly according to the monthly subscription plan chosen by the trader.

The spread for EUR/USD is 0.6 pips on average with the basic bronze plan that is free. With the diamond plan that costs SGD 145 per month, the EUR/USD average spread is 0.4. Subsequently, the spreads, as well as commission, are lower with the platinum and diamond plan.

The swap rates are the same for the Bronze, Silver, and Gold subscriptions. It is lower for the Platinum and even lower for the Diamond subscription plan.

Trading conditions
Saxo Markets offers its proprietary trading platforms called SaxoTraderGo and SaxoTradertPro. The Metatrader or any other third-party trading platforms are not supported.

Available Instruments
Saxo markets offer a wide range of trading and investment products. Overall, there are more than 10,000 financial instruments available to trade as CFDs. This includes 182 currency pairs and several other asset classes.

Deposit and Withdrawal
For deposits and withdrawals of SGD in Singapore, Saxo Markets accept FAST, PayNow, and MEPS. For other currencies, TT wire transfer, Onshore interbank transfer, and Credit/Debit cards can be used to deposit and withdraw. The minimum deposit amount at Saxo Markets is $500.

The deposits and withdrawals are free for SGD accepted methods. The currency conversion fee will not be applicable if the base account currency is also SGD.

Customer Support
The pricing structure at Saxo Markets is quite complicated and it lacks the support service to resolve queries of the clients. It can be difficult to calculate how much the clients are liable to pay with or without trading. There is no live chat or local phone support in Singapore.

Saxo Markets Pros

  • Spreads are low
  • SGD can be chosen as base currency of the account
  • Multiple top-tier regulatory license

Saxo Markets Cons

  • Pricing pattern is complex
  • No support services available
  • Higher minimum deposit amount
  • MT4 and MT5 trading platform not available

#6 IG Markets – Highest Number of Trading Instruments

EUR/USD Spread
0.85
Trading Platforms
MT4
Minimum Deposit
0

The history of the IG group dates back to 1974. IG Markets is considered the first spread betting firm in the world. IG Asia Pte Ltd is a subsidiary of IG Group Holdings Plc which is listed on the London Stock Exchange under ticker symbol IGG.

Safety and Regulation
IG Asia Pte Ltd is the legal entity of IG in Singapore. It holds a CMS license (200510021K) issued by the Monetary Authority of Singapore (MAS). IG Asia Pte Ltd is authorized to offer over-the-counter derivatives contracts on various asset classes.

Apart from the MAS, IG is also regulated in the US by CFTC and NFA (0509630). IG Markets is also regulated by other top-tier regulators like FCA (195355) in the UK, ASIC in Australia, JFSA in Japan, and FINMA in Switzerland.

Multiple top-tier regulations and public listing of the parent company on the London Stock Exchange make IG one of the safest CFD brokers in Singapore.

Fees
There are no choices of account types but Direct Market Access can be chosen for forex trading. This involves variable commission. Trading fees on CFDs are only built into spreads except for CFDs on stocks. CFDs on stocks involve commission.

The spreads for EUR/USD at IG Markets start from 0.6 pips but are 0.85 on average. The maximum leverage is 1:20 on forex as per the regulations of MAS.

Trading conditions
IG Markets has its proprietary trading platform for web, PC, and mobile. Additionally, clients can also choose to trade with the MT4 trading platform that is widely accepted for CFD trading globally.

Available Instruments
More than 17,000 financial instruments can be traded at IG Markets including 99 forex pairs. This is highest number of CFD instruments offered by any broker in this list.

Deposit and Withdrawal
Deposits and withdrawals are free of additional commission at IG Markets from the broker’s side. Clients residing in Singapore can deposit and withdraw through Internet Bank Transfer (FAST), Telegraphic Transfer, PayNow, Credit/Debit card, Standard Chartered Cheque, and Standard Chartered Bill Payment.

Customer Support
The support service is available through email and phone support with the local phone number +65 6390 5133. Live chat support is not available but a lot of common queries can be resolved through FAQs. IG Markets also has a global community of traders where clients can connect with other clients and communicate through forums and discussions. This can also assist in learning and education.

IG Markets Pros

  • Wide range of trading instruments
  • SGD can be chosen as base currency of the account
  • Multiple top-tier regulatory license

IG Markets Cons

  • No live chat support services available
  • MT5 trading platform not available

How to Verify the Broker is MAS regulated?

The Monetary Authority of Singapore is the Central Bank of Singapore. It regulates the entire financial sector of Singapore with an aim to promote the economic growth of the nation. Out of the several roles it plays, MAS is also a financial regulator for the financial service providers in Singapore.

Every FSP that is legally accepting clients’ money for the purpose of trading or investment needs a Capital Market Services license from the MAS. Clients opening an account with MAS-regulated brokers are registered and protected under the Securities and Futures Act.

Hence, it is very important for clients residing in Singapore to check the authenticity of the CMS license issued by MAS.

The regulation details of the brokers are mentioned in the footnote of their websites. Some brokers may have a separate page for regulation details. Clients can cross-check the regulatory license details through the official website of MAS (www.mas.gov.sg).

CMC Markets footnote

IG Markets footnote
The name of the broker can be searched in the Financial Institutions Directory on the MAS website. The regulation details provided by the broker must match with the license details mentioned on the MAS website.
CMC Markets MAS license

IG Markets MAS license
If you cannot find any broker or its legal entity in the Financial Institutions Directory of the MAS, the broker is very likely to be fake. Clients must check the types of instruments that the FSP is authorized to offer.

Comparison of Best Forex Brokers in Singapore

Forex Broker Typical EUR/USD Spread Minimum Deposit Trading Platforms
Visit
City Index

0.8 pips
$150
MT4, Webtrader
Visit Broker
CMC Markets

0.7 pips
$0
MT4
Visit Broker
Oanda

0 pips
100 EUR
MT4
Visit Broker
Plus500

0.8 pips
$200
Proprietary
Visit Broker
Saxo Markets

0.6 pips
$500
Proprietary
Visit Broker
IG Markets

0.85 pips
$0
MT4
Visit Broker

FAQs on Best Forex Brokers Singapore

Which is the best MT4 broker in Singapore?

MetaTrader 4 is the most widely used CFD trading platform so a lot of brokers offer MT4 platforms. According to our review, IG Markets, Oanda, CMC Markets, and City Index are the best forex brokers with MT4 trading platform.

Which is the best forex broker for beginners?

Forex brokers that offer user-friendly interface, low spreads, and helpful research and eduction tools can be very beneficial. According to our review, City Index, CMC Markets, and IG Markets are the best forex brokers for beginners in Singapore.

Are Forex Brokers legal in Singapore?

There are regulated forex brokers in Singapore. Forex Trading is legal & you must ensure that you are trading via MAS regulated brokers for ensuring that your funds are protected.

City Index is a regulated Forex Broker Visit Broker