Best Forex Broker in Singapore
Best Forex Broker in Singapore is Interactive Brokers
Top Forex Brokers in Singapore are:
Interactive Brokers - Premier choice for professional traders, offering an advanced trading platform and a diverse range of financial instruments.
Swissquote - Highly regulated by FINMA, Swissquote impresses with an extensive selection of financial instruments.
Saxo Bank - Established, global access, award-winning platform
OANDA - Multi-regulated, innovative technologies, excellent service
Plus500 - Fast-growing FCA-regulated UK broker with diverse asset options
As the foreign exchange (Forex) market continues to attract a growing number of investors and traders in Singapore, the choice of a reliable and trustworthy Forex broker becomes paramount for individuals seeking to navigate the dynamic world of currency trading. In the pursuit of superior trading opportunities and optimal risk management, it is essential to identify the best Forex brokers in Singapore that align with one's trading goals and regulatory preferences. In this comprehensive guide, the experts at TU will present an in-depth analysis of the leading Forex brokers in Singapore for the year 2024, highlighting their key features, regulatory compliance, trading platforms, customer support, and other crucial factors that contribute to a secure and rewarding trading experience.
Do you want to start trading Forex? Open an account on RoboForex!Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex brokers Singapore comparison
The following table is the result of brokers' analysis by leading TU experts. Our criteria were the authorisation or regulation by MAS or one of the top regulators in the world (as FCA UK, ASIC Australia), as well as favorable trading conditions.
| Broker | Regulation | Advantages | Minimum Deposit |
Average EUR/USD Spread | ||
|---|---|---|---|---|---|---|
1 |
SEC, FCA, MAS |
Competitive ECN broker, Spreads and commissions from $1 USD per lot., TWS: Advanced forex trading platform for desktop and mobile |
$100 |
0.2 pips |
||
2 |
CFTC, NFA, FCA, MAS |
Forex and CFD trading, Award-winning platforms, Proprietary platform: fxTrade, Low minimum deposit, Competitive spreads |
No minimum deposit required |
0.8 pips |
||
3 |
FINMA, FCA, MAS |
Regulated & secure, Wide product range, Competitive spreads, Advanced platforms |
$1,000 |
1.1 pips |
||
4 |
FSA, MAS |
Low-risk broker, Extensive product catalog, Competitive spreads, Demo account, good customer support |
€2000 EUR |
0.5 pips to 0.7 pips (Depends on account type) |
||
5 |
CySEC, ASIC, FMA, FCA, MAS |
Easy to use platform, great customer support, good UX |
$100 |
0.8 pips |
||
6 |
MAS, ASIC, FINMA, FCA, CFTC |
Excellent web trading platform, various deposit and withdrawal options |
£250 |
1.13 pips |
||
7 |
FCA, MAS |
Wide range of trading assets, good mobile app features, low fees for Forex |
$0 |
0.51 pips |
||
8 |
ASIC, MAS, FCA |
Variety of research tools, seamless account opening, low fees |
£100 |
0.69 pips |
||
9 |
FSC and CySec |
- Availability of favorable trading conditions and a minimum deposit
|
$10 |
1.4 pip |
||
10 |
FMRRC |
Low threshold for entering the market (the first deposit starts at $5), social trading platform generates passive income. |
$50 |
1.1 pip |
||
11 |
FSA, FCA, FSCA |
Low Forex fees, Easy account opening, Free deposit, and withdrawal |
$100 |
1.2 pip |
||
12 |
CySEC, FCA, FSA, FSCA |
Low Spread, Fast Money, Fast Execution |
$1 |
1.0 pip |
||
13 |
AFSC |
A large choice of working instruments – above 90, low spreads - from 0 pips, high speed of order execution, there are additional useful resources: spread monitoring, risk depth, risk calculator and others, ability to engage in scalping and hedging, availability of Islamic accounts |
$200 |
1.0 pip |
||
14 |
FCA, CySEC, FSCA, SCB |
Easy Account Opening, Great Customer Service, Free Deposit and withdrawa |
$100 |
1.6 pip |
||
15 |
FSA, FCA |
Copy trading service, laboratory of tools for algorithmic trading, compensation fund for each client - 20,000 euros |
$100 |
1.3 pip |
||
16 |
FSC |
It includes a wide variety of financial instruments for trading, you can generate passive income with its ForexCopy System of copy trading and PAMM accounts, the lowest risk option for working with tick deals, a wide range of deposit bonuses: from 30% to 100% of replenishment amount |
$1 |
2 pips |
||
17 |
CySEC |
Instant registration allowing access to your account, usability of the platform, more than 250 CFDs on stocks, precious metals, oil and gas, indices, cryptocurrencies, tight spreads |
100 EUR |
1.0 pip |
||
18 |
MiFID and EFSA |
Commission-free accounts, Advanced trading tools |
$100 |
0.6-0.8 pip |
||
19 |
FCA, DFSA, FSCA, FSA, CMA |
Favorable trading conditions and low spreads - from 0 pips, controlled by several regulators, no commissions for account replenishment and bank transfers |
$5 |
1.2 pip |
||
20 |
VFSC, CySEC |
Spreads from 0 pips, flash order execution that takes 0.5 seconds, deposits in US dollars, bitcoins, Ethererum, PAMM service, copy trading |
$10 |
1.2 pip |
What is the MAS authorization?
The Monetary Authority of Singapore (MAS) operates under a streamlined licensing regime that aims to simplify the regulatory framework for financial intermediaries. Under this system, intermediaries are required to hold either a Capital Markets Services License or a Financial Advisers License, collectively referred to as MAS Licenses, to engage in regulated financial activities. This single licensing regime allows intermediaries to conduct one or more financial services activities under a unified authorization, providing clarity and efficiency in compliance with regulatory requirements.
Benefits of MAS Authorization
The MAS authorization offers several benefits to both financial intermediaries and investors. Firstly, it provides a clear and comprehensive regulatory framework, promoting transparency and accountability in the financial industry. By consolidating licensing requirements, intermediaries can navigate the regulatory landscape more efficiently, reducing complexity and administrative burdens associated with multiple licenses.
Learn more about the types of Forex licenses and the best Forex regulatorsHow to check if the Forex broker is verified by MAS?
Checking if a Forex broker is verified by MAS (Monetary Authority of Singapore) is crucial to ensure the broker operates within the regulatory framework and offers a trustworthy trading environment. Here are some tips to verify if a Forex broker is approved by MAS:
Direct Communication: Reach out to the broker through their live chat service or email and inquire about their regulatory status. MAS-regulated brokers are transparent about their authorization and will provide the necessary information promptly. A responsive and informative customer support team is often indicative of a legitimate broker
Website Information: Visit the broker's website and look for regulatory information. Reputable brokers proudly display their licensing and regulation details, typically found in the footer section or the 'About' page. Exercise caution and read the information carefully, as some unscrupulous brokers may make false or misleading claims about their regulatory status. Check for specific license numbers and the regulatory bodies mentioned
Verify with MAS: To confirm a broker's legitimacy, visit the official MAS website at www.mas.gov.sg. MAS maintains an institution directory where you can search for the broker's name. If the broker is regulated by MAS, their name should be listed in the directory. Alternatively, you can contact MAS directly to request verification. It is always advisable to rely on official sources for confirmation
Research and Due Diligence: Apart from checking with MAS, conduct thorough research on the broker by exploring independent reviews, forums, and other reliable sources. Look for feedback from other traders who have used the broker's services. Consider the broker's reputation, track record, and any potential regulatory actions or complaints against them
The Steps to Starting Forex Trading in Singapore
One of the first steps as a newcomer to Forex trading in Singapore is selecting a reliable brokerage to open an account. It's important to choose one that maintains proper licensing from the Monetary Authority of Singapore (MAS) for assurance. Some top options include Interactive Brokers, OANDA, Saxo Bank and Swissquote - all reputable names with strong regulation offering competitive costs and platforms.
Be sure to thoroughly research each broker's fees, account types available, trading tools provided and more to determine the best fit. Account minimums, platform usability and additional services are worth evaluating to align with your needs. Customer support quality should also factor into your decision.
Before risking capital, take full advantage of any demo account offered for practice. This allows becoming familiar with how the platform works and gaining initial market exposure without risk. Most newcomers benefit greatly from this risk-free learning period before going live.
From the start, develop a customized trading plan outlining your strategy, markets of interest and position sizing rules. Include parameters for entries, exits and risk management to structure your approach. With a defined process, you can work towards achieving consistent profits over time as your skills progress.
In early stages, focus on micro lot positions until gaining experience. Large trades should be avoided until understanding market dynamics better. With ongoing practice and education, you can slowly increase exposure comfort levels.
Forex Profits and Taxes in Singapore
You may be pleased to learn that income derived from most individual Forex trading activities is generally not subject to capital gains tax by the Singapore government.
As Forex trading profits are viewed as capital gains rather than business or employment income, you won't owe taxes on profits simply from opportunistically trading currencies. The Inland Revenue Authority of Singapore (IRAS) does not impose taxes on capital gains for individuals.
However, if your Forex trading resembles more of a full-time business through its scale, frequency, and organization, the IRAS may consider those gains to be taxable trading income. Only a tax expert can confirm how your unique situation could be viewed.
Rather than risk uncertainty or penalties, consult a trusted tax advisor experienced with Singapore Forex taxation. Get personalized guidance tailored to your trading history, structure, and goals. An advisor ensures you make fully informed decisions and comply with regulations that may change over time.
Forex Risk Disclaimer
Please note that Forex trading carries significant risks and may not be appropriate for all individuals. Before you start Forex trading, consider your investment goals, experience, and how much risk you can handle. Only invest money you can afford to lose. Trading various financial instruments also involves risks and requires evaluation based on your circumstances. Additionally, trading various financial instruments involves inherent risks, which should be evaluated based on your specific circumstances. Past performance is not indicative of future results, and no guarantees can be made regarding the profitability or success of your trading activities.
FAQs
Does Singapore allow Forex trading?
Yes, Singapore allows Forex trading and has a well-regulated financial market that accommodates Forex trading activities.
Which Forex broker has high leverage in Singapore?
There are several Forex brokers in Singapore that offer high leverage, including RoboForex, IC Markets, Tickmill, and many others. Traders should carefully consider the risks associated with high leverage before choosing a broker.
Who is the best trader in Singapore?
It is subjective to determine the "best" trader in Singapore as trading success varies among individuals. Singapore is home to many skilled and successful traders who have achieved notable accomplishments in the financial markets.
When is the best time to trade Forex in Singapore?
The best times to trade Forex in Singapore are:
The optimal trading times in Singapore are as follows:
Between 9:00 PM and 12:00 AM SGT, when the New York and London exchanges overlap
From 8:00 AM to 2:00 PM SGT, during the overlapping hours of the Tokyo and Sydney exchanges
Between 4:00 PM and 5:00 PM SGT, when the Tokyo and London exchanges overlap
Methodology for compiling our ratings of Forex brokers
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).