Best Forex Brokers in Singapore

The post Best Forex Brokers in Singapore by Dan Schmidt appeared first on Benzinga. Visit Benzinga to get more great content like this.

Choosing the right forex broker is crucial for your success in the forex market. Singapore is a hub for forex trading and there are numerous brokers operating in the country. Each broker offers different features, services and trading platforms, making it important to do your research before making a decision. Before a forex broker in Singapore can onboard forex and CFD traders, they must first obtain authorization from the Monetary Authority of Singapore (MAS), the country’s financial regulator.

Keep reading to learn who the best forex brokers in Singapore are, highlighting their key features and benefits.

Best Forex Brokers in Singapore

Let’s take a deeper look at who made the list of the best regulated forex brokers accepting traders in Singapore and how to choose the right forex broker for your FX needs.

Best for Overall Offerings: FOREX.com

Best For

Excellent Trading Conditions and Overall Offerings

Pairs Offered

80+

get started securely through FOREX.com’s website

More Details

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. The products and services available to you will depend on your country of residence and the FOREX.com entity that holds your account, as well as any as well as any applicable regulatory guidelines. To verify the availability of any products or features within your country of residence, please contact the broker directly

Account Minimum

$100

Pairs Offered

80+

1 Minute Review

FOREX.com is a highly trusted global broker for forex and CFD traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for traders searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels.

FOREX.com is regulated by Commodity Futures Trading Commission (CFTC) and member of the National Futures Association (NFA) in the U.S. They also are regulated by the Financial Conduct Authority (FCA) in the UK among other regulators including CIRO, ASIC and more.

Best For

• Beginner forex traders
• Active forex traders

Pros

• Impressive, easy-to-navigate platform
• Up to 30:1 leverage
• Access to 80+ FX pairs and 80+ technical indicators
• Trade to your full capability with the mobile app with quality execution with one-swipe trading, advanced TradingView charting and analysis tools, real-time trade & order alerts and full account management features
• Exclusive trading tools including Trading Central, TradingView, Smart Signals and Performance Analytics
• EUR/USD spread as little as 0.0 and low commissions
• 30 indicators for technical analysis, nine timeframes and graphical objects such as Line Studies and Shapes on MT4
• Various tradable asset classes including forex, shares CFDs, crypto CFDs, commodities and indices

Cons

• No negative balance protection
• $15 per month inactivity fee after no trading activity for 12 months

Why We Picked It: FOREX.com offers a wide range of trading instruments, including over 80 currency pairs, commodities, indices, and cryptocurrencies. Traders can choose between a Standard Account with no commissions or a RAW Spread Account with tighter spreads and commission-based pricing. The platform supports multiple trading interfaces, including its proprietary Web Trader, Advanced Trading Platform, and MetaTrader 4 and 5, catering to different trading styles.

Additional features include advanced charting tools, algorithmic trading support, and risk management options like stop-loss and limit orders. FOREX.com also provides extensive educational resources, real-time market analysis, and a mobile app for seamless trading on the go. Spreads are competitive, with EUR/USD starting from as low as 0.2 pips on the RAW Spread Account. No deposit or withdrawal fees apply, though some services may vary by region.

Best for Leveraged Trading: Plus500

Best For

Leveraged Trading

Pairs Offered

60+

get started securely through Plus500’s website

More Details

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. The trading of futures is available through Plus500US Financial Services LLC d/b/a Plus500, a Futures Commission Merchant registered with the US Commodity Futures Trading Commission and a member of the National Futures Association (NFA ID number 0001398).

Account Minimum

$100

Pairs Offered

60+

1 Minute Review

Plus500 is a CFD broker with a wide portfolio of 2800+ CFDs, 2700+ Shares, and a variety of Futures (Crypto, Metals, Agriculture, Forex, Interest Rates, Energy, and Equity Index). For those who are new to the market, CFDs are similar to binary options in the U.S. where traders take all-or-nothing speculation on the prices of certain securities like indices, commodities or currencies. While not legal to trade in the U.S., CFDs are legal in many jurisdictions across the globe and Plus500 offers a wide array of tradable markets using these instruments. U.S. customers can, instead, take advantage of the US-based Plus500 Futures platform.

Plus500 US offers a deposit bonus of up to $200, which allows you to trade without paying commissions until the deposit amount is used up. The bonus only applies to your first deposit. In addition, there are:

• No Data fees
• No Platform fees
• No Deposit and withdrawal fees (except wire withdrawal)
• No Routing fees

Remember, however, that there could be overnight funding, currency conversion, guaranteed stop order, and inactivity fees.

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Best For

• Traders looking for a smooth mobile experience

Pros

• Low spreads and commissions and no withdrawal fees
• Web platform and mobile app offer robust charting capabilities, ensuring a consistent experience across all devices
• Unlimited demo account & 24/7 customer support

Cons

• Lacks some advanced tools making it less attractive for active traders
• Higher fees than competitors, which include currency conversion, overnight funding and more fees

Why We Picked It: Plus500 offers a wide range of CFD products, including CFDs on forex, stock indices, individual stocks, commodities, ETFs, options, and cryptocurrencies (subject to regulatory restrictions). Established in 2008 and publicly traded on the London Stock Exchange, Plus500 is regulated by multiple authorities. The platform accommodates both standard and micro contracts, with a low minimum deposit of $100, making it accessible to traders with different capital levels.

Plus500 is designed with user-friendliness in mind, offering an intuitive trading platform that’s accessible on both web and mobile. Traders can take advantage of advanced analytical tools, real-time price quotes, and leverage of up to 1:30 for retail clients. To ensure security, client funds are kept in segregated accounts in line with regulatory standards. Plus500 also offers a free, unlimited demo account, allowing users to practice trading strategies risk-free. On top of that, their 24/7 multilingual customer support ensures help is always available when needed.

Best for Low Fees: Axi

Best For

Low Fees

Pairs Offered

70+

get started securely through Axi’s website

More Details

Disclosure: Over-the-counter derivatives are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone and may result in you losing substantially more than your initial investment. You do not own, or have any rights to, the underlying assets. You should only trade with money you can afford to lose.

Account Minimum

$0

Pairs Offered

70+

1 Minute Review

Founded in 2007, AxiCorp has grown from a two-person startup to an industry-leading online trading company, trusted by thousands of traders worldwide. 

Axi is a fully digital and user-friendly global award-winning broker offering CFD trading on the popular MetaTrader4 (MT4) platform. It provides clients with extensive trading education for different levels and experiences, as well as smart automated trading solutions that include PAMM accounts and a Copy Trading app. On the Axi blog, you can access free market news, trading guides, price prediction articles and other useful resources that can help you build your trading skills and understand the markets better. 

Talented Axi traders who wish to become professionals can receive funding through the Axi Select capital allocation programme. 

You can open a Live trading account at Axi with a minimum deposit of $500. Axi also offers a free demo account that allows you to hone your skills and trade risk-free with $50,000 USD in virtual currency. 

Best For

• Derivatives traders who use MT4
• Copy Trading
• Automated trading
• Traders looking for funding

Pros

• Competitive spreads with fast execution speed
• Copy trading to learn from professional traders
• Autochartist integration and advanced analytics driven by AI and ML
• Trading Central and user-friendly MetaTrader 4 platform
• Economic calendar with country and category filters for news of economic affairs and economic indicators from across the globe
• Axi Select capital allocation program offering funding up to $1 million USD
• No deposit or withdrawal fees

Cons

• Doesn’t accept U.S. traders
• Web trading platform could use some work
• $10 per month after 12 months of inactivity

Why We Picked It: Axi provides a secure environment for trading CFDs, offering a demo account with $50,000 in virtual funds that you can test on MT4. It includes features like copy trading to simplify your experience, educational tools, and AI-driven technology that learns from your trading patterns to help you make better decisions. With access to over 40 forex pairs, more than 30 indices, precious metals, oil, commodities, and over 30 leading cryptocurrencies, Axi ensures a diverse range of trading opportunities. Leverage trading is also available, allowing for greater market exposure. Fees are competitive, with low trading costs, a $10 monthly maintenance fee for inactive accounts, and no deposit or withdrawal fees.

Best for Automated Trading: Pepperstone

Best For

$0 Commissions and Low Fees

Pairs Offered

100+

Get started securely through Pepperstone’s website

More Details

Disclosure: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Account Minimum

$0

Pairs Offered

100+

1 Minute Review

Pepperstone is an Australian broker focused on providing international forex, CFD and cryptocurrency trading through CFD. Though U.S. traders currently cannot open an account with Pepperstone, the broker remains an affordable and comprehensive option for international traders. 

Pepperstone offers traders access to over 100 forex pairs, over 2,400 CFDs for index funds and stocks and 20 cryptocurrencies. Leverage options with Pepperstone are 1:400 max for retail traders depending on the jurisdiction and Max Pro accounts are 1:500. Pepperstone also stands out for its integration with TradingView, along with various advanced trading tools like algorithmic trading, Autochartist, API trading and more.

Best For

• International traders interested in trading CFDs from foreign markets and currencies
• Traders who are already familiar with the MetaTrader, cTrader and TradingView platforms
• Traders who are looking for leverage when trading cryptocurrencies

Pros

• Trade in 100 foreign currencies and more than 1,200 CFDs
• Leverage available for both forex and cryptocurrency trading
• Comprehensive webinar training
• Trusted by traders across 183 countries
• Low trading fees
• Spreads as low as 0.0 pips with deep liquidity and no requotes
• Growing selection of tradable markets
• TradingView integration
• Regulated in 3 x Tier-1 jurisdictions,2x Tier-2 jurisdiction and 2x Tier-3 jurisdiction

Cons

• Not available to U.S. traders
• No interactive courses

Why We Picked It: Pepperstone offers forex, CFD, and cryptocurrency trading through CFDs. You can trade over 100 forex currency pairs with ultra-tight spreads from 0.0 pips, low pricing, and top-tier liquidity on Razor accounts. Plus, access 116 U.S. share CFDs on cTrader, MT5, and TradingView—available 24/7. They offer more than 1,200 CFDs on index funds and stocks, and 20 cryptocurrencies. Leverage options go up to 1:400 for retail traders, depending on jurisdiction, and up to 1:500 for Max Pro accounts. Pepperstone also integrates with TradingView and provides advanced tools such as algorithmic trading, Autochartist, and API trading.

Lowest Cost Broker: Interactive Brokers

Best For

Professional Traders

Pairs Offered

100+

Get started securely through Interactive Brokers’s website

More Details

Account Minimum

$0

Pairs Offered

100+

1 Minute Review

Interactive Brokers is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. You can buy assets from all around the world from the comfort of your home or office with access to over 160 global markets, allowing you to access the forex market with ease. Options, futures and fund trading are also available, and most traders won’t pay a commission on any purchase or sale.

IBKR is geared primarily toward experienced traders and investors but now with the availability of free trades with IBKR Lite, casual traders can also acclimate to IBKR’s offerings.

Best For

• Access to foreign markets
• Detailed mobile app that makes trading simpler
• Massive range of accounts and assets

Pros

• Quality desktop platform and mobile app mirrors the desktop platform
• Tight spreads as narrow as 1/10 PIP
• Industry-leading product and service portfolio featuring ultra-low trading fees
• Algorithmic trading available
• Asset selections that cover over 160 financial markets
• More regulated globally than any other broker
• Deep liquidity and real time quotes from 17 of the world’s largest FX dealers
• Low commissions, 0.08 to 0.20 bps times trade size, with no hidden spreads or markups

Cons

• The scope of this platform may intimidate some traders
• Only accepts institutional traders in the U.S.
• Lack of forex charts on the web platform

Why We Picked It: Interactive Brokers (IBKR) is a well-established online brokerage firm that officially launched its Singapore operations in 2020, operating as Interactive Brokers Singapore Pte. Ltd. Licensed and regulated by the Monetary Authority of Singapore (MAS), IBKR offers Singaporean investors access to over 150 markets across 33 countries, facilitating trades in 27 currencies. The platform supports a diverse range of financial instruments, including stocks, ETFs, bonds, options, futures, forex, and mutual funds, all accessible through a single integrated account.

One of IBKR’s standout features is its competitive fee structure. Additionally, IBKR imposes no account maintenance or inactivity fees, and there is no minimum deposit requirement, making it accessible to both novice and seasoned investors. The platform also offers advanced trading tools, comprehensive research resources, and educational materials to enhance the trading experience.

Monetary Authority of Singapore (MAS) Regulation

As Singapore’s central bank, the Monetary Authority of Singapore (MAS) also oversees financial sector businesses, including forex brokers, and has the reputation of being one of the strictest regulators in the world. Similar to regulatory requirements in other regions of the world, MAS regulation requires that forex brokers segregate investor accounts from broker funds to help protect investors from broker insolvency risks or impropriety.

Traders in Singapore will find that many of the leading forex brokers are global players that are also monitored by regulatory authorities in other parts of the world, such as the U.K.’s FCA and Cyprus’s CySEC. Additional oversight for Singapore’s forex market is provided by the Singapore Foreign Exchange Market Committee, a panel comprised of both government authorities and representatives of private banks.

How We Made Our Forex Brokers in Singapore Selections

As one of the world’s leading forex markets, Singapore attracts forex trading brokers from all over the world. We looked at a number of key areas with an eye on customer service, regulation, trade costs, trader tools, and trade execution.

Spreads

Unlike stock trading, many forex trades don’t require a commission for the trade. Instead, brokers make money from the spread between the bid and the ask price. Closer spreads generally mean the trader spends less in trading expenses, but other fees may apply, particularly for trades held overnight.

Monetary Authority of Singapore (MAS) Regulation

Singapore’s central bank also regulates forex brokers as well as advises the Singaporean government on foreign exchange matters. As part of regulatory requirements for brokers, leverage is limited and investor funds must be kept separate from broker funds.

Cash Management

It’s important for traders to be able to fund their accounts easily and to move money back out of accounts when needed. Ease of cash management allows for more nimble trading, as is often appropriate for forex trading.

Trader Tools

Modern forex trading benefits from charting tools to help traders understand markets and demo accounts that allow traders to test trading strategies with no risk. An expansive learning center and an up-to-date news feed also put the tools a trader needs on the trading dashboard.

Customer Support

If questions arise or if there is a problem with the platform, it’s important that traders can reach support staff easily to get answers or seek a resolution.

Trading Forex From an International Hub

As the largest financial market in the world, trading opportunities abound with forex and Singapore’s traders are in the heart of one of the world’s leading forex trading centers. With no capital gains tax on trading profits, forex traders in Singapore have an advantage over traders in the U.S. and much of Europe, allowing a higher effective return on trades.

MAS has published an investor alert list of forex brokers that may be wrongly perceived as being listed or authorized by MAS. This list is useful for confirming MAS regulation designed to provide essential trading protections for Singapore’s growing forex community. Traders are encouraged to do their own research and due diligence in choosing a broker. Any of the brokers in our roundup can be a great starting point, each with their own advantages and unique focus for traders.

Frequently Asked Questions

The post Best Forex Brokers in Singapore by Dan Schmidt appeared first on Benzinga. Visit Benzinga to get more great content like this.