75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

AuthorAuthor: Jeffrey CammackPublished: October 14, 2019
EditorEditor: Alison HeyerdahlUpdated: March 1, 2024

Last Updated On March 1, 2024

Jeffrey Cammack

As a resident of Singapore, there are advantages and disadvantages to trading with a locally regulated Singapore broker.  Though unregulated brokers are allowed to operate in the country, it is best to use either a MAS regulated broker which is required to attain a Capital Markets Service Licence or a well-respected international broker. Since MAS regulated brokers are only allowed to offer a maximum leverage of 20:1 for traders without an accredited investor licence, there is an appeal of using an internationally regulated which can offer improved trading conditions.

We understand that traders have different needs. Beginner traders may want a broker with excellent educational materials, while more experienced traders may look for a broker with fast execution and advanced trading tools. Others want high levels of leverage or low deposit accounts. The MAS-regulated brokers below cater to these differing needs but are also listed because of their excellent reputations in the Forex trading industry.

These are the best Forex brokers in Singapore for 2024, including MAS and internationally regulated brokers. 

Best Forex Brokers in Singapore 2024

Scroll for more detailsPreviousNext
Broker
Broker Score
Official Site
MAS Regulated
Min. Deposit
Max. Leverage (Forex)
Beginner Friendly
EUR/USD - Standard Spread
Cost of Trading
EUR/USD - Raw Spread
Total CFDs
Currency Pairs
Platforms
Compare
FP Markets
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
AUD 10030:1Excellent0.10 pipsUSD 70.10 pips1016270MT4, MT5, cTrader, IRESS
Pepperstone
4.61 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
AUD 10030:1Excellent1.00 pipsUSD 100.17 pips1275100MT4, MT5, cTrader, TradingView
IG
4.69 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
AUD 030:1Excellent0.60 pipsUSD 60.85 pips1929580MT4, L2 Dealer, ProRealTime
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
AUD 10030:1Excellent0.90 pipsUSD 90.90 pips87255MT4, MT5, Avatrade Social, AvaOptions
Markets.com
4.68 /5
Read Review
Visit Broker >
70.3% of retail CFD accounts lose money
AUD 10030:1Excellent0.70 pipsUSD 70.60 pips100956MT4, MT5, markets.com
Axi
4.44 /5
Read Review
Visit Broker >
75.6% of retail CFD accounts lose money
AUD 030:1Excellent1.00 pipsUSD 100.00 pips18870MT4

Comparing Forex Brokers in Singapore

Although Forex brokers accept clients from most countries, their trading conditions and regulatory supervision may be different for Singapore residents. This is especially true for brokers who hold a MAS license. To find the best Forex broker for Singapore residents, we need to explain what the differences are and how they affect traders in Singapore.

MAS Regulation: Regulators supervise Forex brokers and other financial services companies to make sure they’re behaving ethically and within the law. Tier 1 regulators, like MAS, have the best legal structure and enforcement mechanisms in the world, ensuring a clean market and the protection of participants. The advantages of registering with a MAS regulated broker include:

  • Segregated trading accounts which protect client funds from broker mismanagement or default
  • Negative balance protection ensures that client losses can not exceed the amount in the trading account.
  • Client fund protection that includes higher margin close-out percentages designed to limit client losses.
  • Effective fraud investigation processes and frequently published investment scam reports.

Broker Trading Conditions and Costs: Better Forex brokers will often have lower trading costs, meaning that spreads are tight and minimum deposits are low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers should also publish their spreads, execution policy, maximum leverage available, and a list of all CFDs available to traders in Singapore. Note that trading conditions and negative balance protection availability change depending on a trader’s country of residence, and some MAS brokers will encourage traders to register their account under their offshore license in order to circumvent leverage restrictions.  

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analyses to highlight trading opportunities and provide a complete learning experience.

Broker Trading Platform: Brokers will have their own trading platform or provide support for a third-party platform, such as MT4MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use.

To test these Forex brokers, we opened both demo accounts and real accounts, set up the trading software, read the educational material, deposited and traded 350 USD of our money, and created all kinds of trouble for the customer service teams. Plus we put the withdrawal procedures to the test to see how long it took to process and receive our money. While experimenting with these brokers, we rate the quality of their financial regulation, trading platform choice and read the fine print to get a grasp of the trading conditions and how transparent the broker is with sharing them.


Others Also Visit

Scroll for more detailsPreviousNext
Visit
FP Markets
4.40 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
XM
4.45 /5
Read Review
Visit
AvaTrade
4.59 /5
Read Review
Visit
IG
4.69 /5
Read Review
Visit

FP Markets – Best Forex Broker in Singapore

Broker Score
4.404.40 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

FP Markets supports the MT4 version and the newer and more feature-filled version MT5. For professional traders, the Iress platform is available. This is a customisable web-based platform that offers the trader custom alerts, news feeds and a range of other options to fine-tune the trading experience. 

With a minimum deposit of 100 USD, traders can open a commission-free trading account with 60+ FX pairs, metals, indices and commodities to trade. Averages spreads are 0.1 pips (EUR/USD), 0.2 pips (GBP/USD) and 0.1 pips (USD/JPY), and leverage up to 30:1 on Forex pairs. Commission on this account is 6 USD round turn, making the trading costs at the low end for the industry. 

The Traders Hub portal gives beginner CFD traders the education they need to get started and includes eBooks, video tutorials and trading courses. This section also features market analysis, so traders get an expert opinion on current market movements and a view ahead into the week ahead. 

Pros
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
Cons
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are Limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1
  • posing risks for inexperienced traders
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

Pepperstone – Best ECN Trading Execution

Broker Score
4.614.61 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Pepperstone is the leading Australian ECN/STP Forex broker. Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads from 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.

Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods. For beginners interested in ECN trading, Pepperstone’s also has one of the better education sections offered by a market execution broker.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.

IG – Best Regulated Broker

Broker Score
4.694.69 / 5
🏦  Min. DepositAUD 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

IG is the world’s largest CFD broker by revenue and listed on the LSE and a member of the FTSE 250, giving IG Markets a stricter layer of oversight than most regulated brokers. Yearly audits and compliance reports to the LSE and the FCA provide a high level of oversight on all CFD trading. 

IG offers a single CFD account type is offered. Forex trading is commission-free, and spreads start at 0.85 pips pips on the EUR/USD. Other instruments also available through the same account include commodities, indices, cryptocurrencies, over 16,000 shares and ETFs, options, interest rates and bonds. Negative balance protection is provided to all clients, and all funds are kept in segregated accounts.

The IG Academy has structured courses for beginner, intermediate and advanced traders and daily classroom-style lessons. Market analysis is updated regularly by the IG research team of finance professionals. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

AvaTrade – Best Mobile Trading Experience

Broker Score
4.594.59 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Winner of the award for the best Forex broker of 2020, AvaTrade offers Singapore forex traders a preeminent mobile trading experience. Avatrade spreads are some of the tightest for a commission-free account with a 100 USD minimum deposit – as low as 0.90 pips pips on the EUR/USD. Maximum leverage is set at 1:400 on MT4 and MT5, which include EA’s, indicators, scalping, hedging, and provides free access to the integrated Trading Central dashboard for both platforms.

The AvaProtect tool available in the mobile app enhanced AvaTrade’s reputation as a client-focused broker, allowing traders to purchase loss protection for a time. Any losses during that time are fully refunded, but any profits are the traders to keep. 

Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Poor regulatory oversight outside of the UK and EU
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

Marketsx – Best Mobile Platform

Broker Score
4.684.68 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Marketsx is a trading platform operated by Markets.com that offers traders fast, commission-free trading with spreads as tight as most ECN brokers. Marketsx offers a large variety of tradeable instruments. Over 2000 global shares, 56 currency pairs, 41 global indices, 27 commodities, 60 ETFs, 7 cryptocurrencies, and 4 government bonds. Spreads start at 0.60 pips on major FX pairs with no commission and leverage of 30:1.

The platform is based on native design for iOS and Android, providing a smoother and more stable trading experience. The Marketsx app has built-in advanced charting – trendlines, channels, pitchforks, and Fibonacci Retracements. The Marketsx trading tools menu features a range of tools that crunch big data from leading analysts, hedge funds, and commentators to give traders better insight into the market. Each tool has integrated buy and sell buttons so traders can act instantly upon the information presented. In the chart view, traders can see their orders, related instruments, and open positions with a single click.

Pros
  • Regulation by top-tier authorities
  • Hassle-free withdrawal process without any fees
  • Its proprietary trading platform is praised for its user-friendly interface catering to both beginners and experienced traders
  • Competitive spreads starting from 0.6 pips
Cons
  • The maximum leverage of 300:1 could pose a risk for uninformed traders warranting cautious utilization
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and Markets.com platforms supported. Markets.com is regulated by the FSCA, FCA, CySEC, ASIC, and the BVI FSC.

Axi – Best ECN broker on MT4

Broker Score
4.444.44 / 5
🏦  Min. DepositAUD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Axi only offers support for the MT4 platform. This singular focus allows them to offer the best ECN MT4 experience with the help of the MT4 NexGen plugin that includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal. Apart from MT4 NexGen, traders at Axi have access to a range of tools, including AutoChartist and PsyQuation – an AI diagnostic that tracks your trading style and coaches you into more profitable trades. VPS hosting is also available, along with all the trading algorithms which install on MT4. 

The ECN trading conditions come from Axi’s pricing model, which connects to over 20 liquidity sources, so traders experience less slippage and requotes than with a broker with a singular source. Spreads on the Pro Account start at 0 pips with a 7 USD per lot commission, and the leverage maximum is 1:500 for non-European and Australian traders.

Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA

The Monetary Authority of Singapore (MAS)

Singapore is one of the largest financial centres in the world and has a well-regulated financial trading sector. The Monetary Authority of Singapore (MAS) oversees all regulated brokers in the country and is increasingly seen as a responsible and reputable regulator.

A Forex broker who wants to set up a base of operations in Singapore is required to have a Capital Markets Service Licence issued by MAS. Though internationally-based brokers are still allowed to operate unregulated in Singapore, it is highly recommended that you use a MAS regulated broker for the protection they offer consumers:

  • MAS regulated brokers are required to segregate broker and client funds – so if a broker falls into bankruptcy, all customers will be refunded.
  • The management of MAS compliant brokers are required to pass a fit and proper test – they must have qualifications commensurate with the financial services industry and have an unblemished professional background.
  • MAS requires brokers to deal with all customer complaints via a legal framework, overseen by the regulator. If you do have an issue with a MAS regulated broker you can apply for the Financial Industry Disputes Resolution Centre (FIDReC) to intervene and investigate your complaint.
  • As part of a recent raft of regulatory tightening, MAS has limited the amount of leverage that can be offered by brokers at 20:1, though this can be increased if you are an accredited investor (requiring personal assets of more than 1.5 million USD). Though this low level of leverage does limit potential profits it also limits the losses traders can be exposed to.

MAS is not only responsible for regulating Forex brokers but for all aspects of finance in Singapore. MAS also acts as the country’s central bank and enforces compliance with legislation on insurance, banking, equities, and currency. All regulated entities will have a profile (example: Plus500) on the MAS website.

MAS is increasingly being viewed as a world-class regulator, with a strict code of conduct. This was further underlined by the recent announcement by MAS and the UK’s Financial Conduct Authority (FCA) that they plan to deepen cooperation across a range of sectors. Though the focus of the partnership is on preventing cybercrime, the collaboration also includes sharing best practices and innovations in the development and delivery of training programmes and facilitating mutual recognition of professional standards and certifications.

MAS has also recently announced a campaign to incentivise major members of the foreign-exchange industry to set up systems in Singapore, removing the delay caused by routing trades via Tokyo or London. UBS and CitiGroup have already set up local pricing engines and MAS hopes to bring in at least six more major companies. Though this won’t have a direct effect on CFD Forex trading, we expect the sector to expand further over the coming years as Singapore becomes a major Forex trading hub.

All MAS regulated brokers

Here is our curated list of all of the MAS-regulated brokers we have reviewed, ordered by overall score. The broker with the highest score is at the top of the list.

Scroll for more detailsPreviousNext
Broker
Broker Score
CMS License
Regulators
Min. Deposit
Cost of Trading
Trading Commission
No. of FX Pairs
Compare
IG
4.69 /5
Read Review
ASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtBest Forex Brokers in SingaporeCommodity Futures Trading AssociationAUD 0USD 6Fees Included in Spread80
Oanda
4.25 /5
Read Review
CMS100122-4FCA Regulated BrokersASIC Regulated Forex BrokersBest Forex Brokers in SingaporeBritish Virgin Islands Financial Services CommissionUSD 0USD 104 USD / lot45
MultiBank
3.87 /5
Read Review
ASIC Regulated Forex BrokersBest Forex Brokers in SingaporeBundesanstalt für FinanzdienstleistungsaufsichtBritish Virgin Islands Financial Services CommissionAUD 50USD 143 USD / lot50

Prices may not be accurate and may differ from the actual market price. Prices on the website are indicative and solely for informational purposes, not for trading purposes or advice

MoneySense

MoneySense was founded in 2003 and is Singapore’s national financial education programme. All MoneySense programmes are overseen by the MoneySense Council, which is co-chaired by MAS and comprises representatives from various government agencies.

It is focussed on educating the public and providing them with the information to make more informed financial decisions.

MoneySense can be useful for traders as they regularly post alerts regarding various financial scams, including unregulated brokers and people fraudulently claiming to represent regulated brokers.

MoneySense is a good example of how seriously MAS takes its role as an educator. A financially educated populace is more likely to make intelligent investment decisions and will be better customers for responsible brokers.

Conclusion

The Singapore financial sector is tightly regulated and has one of the lowest rates of malpractice in the world. As MAS takes further steps to enhance the country’s reputation as a secure place to trade we expect the CFD Forex trading industry to grow. By using a MAS regulated Forex broker you can guarantee the security of your funds and know that your rights are protected.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the Australian regulator, ASIC or the UK’s regulator, the FCA).

Our Rating & Review Methodology

Our overall Forex Rankings report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

Others Also Visit

Scroll for more detailsPreviousNext
Visit
FP Markets
4.40 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
XM
4.45 /5
Read Review
Visit
AvaTrade
4.59 /5
Read Review
Visit
IG
4.69 /5
Read Review
Visit