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 OfferingsVIEW PROS & CONS:securely through Forex.com Europe's website
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 Low Fees: Axi
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 CFD Traders: City Index
- Best For:CFD and Forex TradersVIEW PROS & CONS:securely through City Index Singapore's website
Why We Picked it: City Index is a well-established online trading platform in Singapore, offering a diverse range of CFDs across forex, indices, shares, commodities, and precious metals. The broker provides a secure trading environment with access to over 6,000 global shares, 84 forex pairs, 21 global indices, and 31 commodity markets. Traders can use the proprietary Web Trader platform or MetaTrader 4 (MT4), both of which offer advanced charting tools, customizable workspaces, and automated trading features. The platform operates on a commission-free model for most CFDs, except for shares, with competitive spreads starting from 0.5 points on forex pairs like EUR/USD.
City Index also provides extensive educational resources, including articles, video tutorials, and webinars, catering to traders at all levels. While trading fees are generally low, an inactivity fee of £12 applies after one year of inactivity. The platform does not charge withdrawal fees, and account opening is fast with no minimum deposit required. However, access to real stocks is limited, and some users find the desktop trading platform less user-friendly.
Best for a Wide Range of Financial Markets: Plus500
- Best For:Forex and CFD Trading for Mobile UsersVIEW PROS & CONS:securely through Plus500 Forex's website
Why We Picked It: Plus500 is a forex broker that has become increasingly popular amongst Singaporeans looking to invest in the foreign exchange market. The company, founded in 2008, offers a range of trading instruments including forex, commodities, indices, shares, ETFs, options, and cryptocurrencies. In terms of fees, Plus500 charges a commission of 0.07% per side on trades, with no additional costs or hidden fees, but remember that there is a charge on all trades on instruments denominated in a currency different from the currency of your account, and the percentage. This makes it one of the most cost-effective brokers in the industry.
Plus500 also offers leverage up to 1:30 along with a variety of risk management tools such as guaranteed stop-loss orders. The platform offers over 2,800 tradable instruments and an unlimited demo account, which stands out among competitors. While the platform excels in usability, it does not support third-party integrations like MetaTrader 4 or automated trading features, which may be a consideration for more advanced traders.
Best for Automated Trading: Pepperstone
- Best For:$0 Commissions and Low FeesVIEW PROS & CONS:securely through Pepperstone's website
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:Active and Global TradersVIEW PROS & CONS:Securely through Interactive Brokers’ website
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
Is forex trading legal in Singapore?
Forex trading is legal in Singapore but it is crucial to understand the rules and regulations governing this type of activity. In Singapore, forex trading can be done via a licensed broker or bank. All brokers must be licensed by the Monetary Authority of Singapore (MAS) and banks must adhere to guidelines set out by MAS.
What is the best time to trade forex in Singapore?
The best time to trade forex in Singapore is during the Asian trading session, which runs from 2:00pm to 10:00pm Singapore time. This timeframe is when the majority of market activity takes place in this region, as well as when most international news events are released, making it an ideal time for currency traders.
During this period, there is generally higher liquidity and more price movements, creating more opportunities for traders.
Is forex taxable in Singapore?
Forex trading in Singapore is not taxed unless it is your main source of income and you make a living from it. If you earn income from overseas, there are no taxes on forex trading in Singapore as well.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and spreads, fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.0 with fixed $7 commissions per 100,000
- Powerful, purpose-built currency trading platforms like MT4, MT5, TradingView and NinjaTrader
- Monthly cash rebates with FOREX.com’s Active Trader Program
Learn more about FOREX.com powerful trading platform and how you can get started today.
About Dan Schmidt
Dan Schmidt is a finance writer passionate about helping readers understand how assets and markets work. He has over six years of writing experience, focused on stocks. His work has been published by Vanguard, Capital One, PenFed Credit Union, MarketBeat, and Fora Financial. Dan lives in Bucks County, PA with his wife and enjoys summers at Citizens Bank Park cheering on the Phillies.