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The Best Forex Brokers In Singapore

Discover the top MAS-regulated forex brokers in Singapore. Compare trading platforms, spreads, and fees to find the best brokerage for your forex trading needs.

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Best forex brokers Singapore
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Selecting the right forex broker in Singapore is crucial to successful trading. It would be best to prioritise brokers with competitive spreads, versatile trading platforms, and helpful trading tools.

Equally important is choosing a broker regulated by a reputable financial authority like the Monetary Authority of Singapore (MAS) or similar bodies such as ASIC, FCA, or CySEC. This guide will provide an in-depth analysis of these elements to help you make an informed decision.

Guide to Finding the Best Singapore Forex Brokers

In our research for the top forex brokers in Singapore, we considered factors beyond low spreads. We scrutinised trading platforms, tools, and features for automated and social trading, as well as the range of financial instruments available.

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The outcome is a carefully curated list of brokers that stand out in different areas, from competitive spreads 50% less than the industry average to versatile trading platforms and tools.

Based on my analysis, here are the six best brokers for Singapore traders:

  1. Pepperstone - Best Regulated Forex Broker Overall
  2. OANDA - Best Low Spread Broker
  3. CMC Markets - Best Selection of Forex Pairs
  4. Saxo Markets - Best Range of Financial Markets
  5. Plus500 - Best Broker for Beginner Traders
  6. Interactive Brokers - Best Broker for High-Volume Traders

1. Pepperstone - Best Forex Broker Overall

Pepperstone offers competitive spreads and a variety of trading platforms, making it the top choice for forex traders in Singapore. The online broker offers competitive spreads and is regulated by the Australian Securities and Investment Commission (ASIC).

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Razor Spreads

Pepperstone offers two account types: Razor with ECN-like spreads and commission and Standard with no commission fees but wider spreads.

After analysing the data of over 40 brokers, we found that Peppertone's Razor account offers highly competitive low spreads.

For example, the spread for EUR/USD is just 0.1 pips, which is 55% lower than the industry average of 0.22 pips.

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Pepperstone’s Raw Spreads

Similarly, the spread for AUD/USD is 0.6 pips, which is 15% higher than the industry average of 0.52 pips.

Forex Broker

EUR/USD

AUD/USD

USD/CAD

EUR/GBP

Pepperstone

0.1

0.6

0.3

0.6

CMC Markets

0.5

0.9

0.6

1.3

FxPro

0.32

0.37

0.51

0.74

BlackBull Markets

0.23

0.72

0.65

0.66

Axi

0.44

0.85

0.42

0.83

Industry Average

0.22

0.52

0.46

0.66

Trading Conditions

Pepperstone is known for its fast execution speeds, thanks to its state-of-the-art technology and multiple liquidity providers. This ensures traders can enter and exit the market with minimal slippage.

Forex Trading Platforms

Pepperstone provides multiple trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These platforms offer advanced charting tools, technical indicators, and real-time news feeds for traders of all levels.

Automated Trading

Pepperstone offers a range of algorithmic trading options across its platforms. Traders can automate their trading strategies on MT4 and MT5 using Expert Advisors (EAs). Traders who use cTrader also have the option to develop customised algorithms using cAlgo, the platform’s proprietary programming language. Additionally, Pepperstone provides access to Capitalise.ai, a platform that lets traders automate their trading without coding.

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Social and Copy Trading

Pepperstone facilitates copy and social trading through third-party providers such as Myfxbook, ZuluTrade, and Mirror Trader. Industry expert Justin Grossbard from CompareForexBrokers explains this style of trading further.

“These platforms enable traders to track and mimic the trades of skilled traders, allowing them to learn from their experience. Each platform has unique features, but all aim to simplify forex trading for novice traders by leveraging expert knowledge.”

Tools for Forex Traders

In addition to standard trading tools, Pepperstone offers MetaTrader Smart Trader Tools - a set of 28 expert tools designed to help traders perform advanced operations more efficiently and manage risks more effectively. Among the tools offered are a correlation matrix, an economic calendar, and a tick chart trader.

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Customer Support

Pepperstone offers 24/5 customer support via live chat, email, and phone to ensure prompt issue resolution for Singaporean traders.

Conclusion

Based on our analysis, Pepperstone is the best overall forex broker for traders in Singapore. It offers a comprehensive trading experience with competitive Razor spreads, diverse trading platforms, and a wide variety of trading tools for all levels of traders.

2. OANDA - Best Low Spread Broker

OANDA, regulated by the Monetary Authority of Singapore (MAS), is a popular forex broker that offers no-commission spreads well below industry averages.

No Commission Spreads

When it comes to spreads, OANDA operates on a no-commission, spread-only fee structure. Traders are only charged the spread and no extra fees, which means they can avoid additional costs. In our analysis of spreads from over 40 forex brokers, OANDA was the top choice for commission-free trading.

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OANDA’s No Commission Spreads

For instance, the spread for EUR/USD is 0.6 pips, which is about 52% lower than the industry average of 1.24. Similarly, the spread for GBP/USD is 0.9, pips approximately 43% less than the industry average of 1.57.

Forex Broker 

EUR/USD 

GBP/USD 

AUD/USD 

EUR/GBP 

EUR/JPY 

OANDA 

0.6 

0.9 

0.7 

0.8 

0.9 

Pepperstone 

1.12 

1.69 

1.22 

1.4 

2.1 

Saxo Markets 

1.2 

1.8 

0.9 

1.5 

2.2 

Plus500 

1.7 

2.3 

1.4 

1.7 

2.4 

City Index 

0.7 

1.1 

2.2 

1.1 

1.6 

Industry Average 

1.24 

1.57 

1.54 

1.66 

1.95 

The competitive pricing also applies to other major currency pairs. For AUD/USD, EUR/GBP, and EUR/JPY, OANDA's spreads are at least 50% lower than the industry averages.

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Trading Platform Options

OANDA offers a choice of trading platforms, including their proprietary OANDA Trade platform and the popular MetaTrader 4 (MT4). OANDA Trade is known for its user-friendly interface and advanced charting features, while MT4 is favoured for its automation capabilities, including Expert Advisors (EAs). Both platforms provide stop-loss and take-profit orders for effective risk management.

OANDA Overall

With spreads 50% lower than the industry average, commission-free and a choice of MT4/proprietary platform, OANDA takes second place.

3. CMC Markets - Best Selection of Forex Pairs

CMC Markets is an excellent choice for Singaporean forex traders, providing access to over 330 cash and forward currency pairs. Furthermore, the broker's regulation by the Monetary Authority of Singapore (MAS) ensures they comply with high safety standards and ethical conduct.

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Forex Pairs

When it comes to forex trading, CMC Markets offers an extensive selection of currency pairs, boasting over 330 currency pairs.

CMC Markets also offers forex indices, adding another layer of diversification to your forex trading. These indices allow you to trade on the overall performance of a basket of currencies rather than focusing on a single pair.

Other Asset Classes

Beyond forex, CMC Markets offers a wide array of other asset classes. Traders can diversify their portfolios with over 9,500 financial instruments, including indices, commodities, shares, and even cryptocurrencies like Bitcoin, Litecoin, and Ethereum.

Forex Trading Platforms

CMC Markets offers two main trading platforms: Next-Generation and MetaTrader 4.

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Noam Korbl from CompareForexBrokers discusses the differences between the trading platforms.

“The Next-Generation platforms are known for their advanced charting package, which includes over 115 technical indicators and 70 chart patterns. For managing risk, guaranteed stop-loss orders are available on the brokers proprietary platform. MetaTrader 4, on the other hand, is popular for its Expert Advisors (EAs) and automated trading capabilities.”

All platforms are available on desktop, web, and mobile, ensuring traders can manage their portfolios wherever they are.

Conclusion

If you're a forex enthusiast, CMC Markets offers a wide range of trading options to meet your needs. With its comprehensive trading platforms, extensive selection of forex pairs, and adherence to MAS regulations, this online broker is a strong choice for traders in Singapore.

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4. Saxo Markets - Best Range of Financial Markets

Saxo Markets is one of the best MAS-regulated brokers in Singapore if you want a diversified trading experience.

Currency Trading

When it comes to forex trading, Saxo Markets offers an impressive range of currency pairs, including over 182 major, minor, and exotic pairs. When opening a forex trading account with Saxo Markets, you can choose from 10 different base currencies, including the Singapore Dollar (SGD).

Other CFDs

Saxo Markets offers over 9,000 CFD Contract for Difference (CFD) products across various asset classes, such as shares, indices, bonds, ETFs, cryptos, and commodities.

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Saxo’s CFD Range

Share Trading

In terms of stock markets, Saxo Markets offers more than just share CFDs and provides direct share trading under the Saxo Capital Market subsidiary.

Justin Grossbard from CompareForexBrokers explains how this differs from share CFD trading with Saxo.

“When trading actual Shares, you can directly invest in over 19,000 individual shares from 36 global exchanges, including Singapore's own stock exchange. This allows for true ownership of the shares, providing opportunities for dividend income and voting rights, something that CFDs do not offer.”

Trading Platforms

Saxo Markets provides a range of trading platforms that suit different trading styles and requirements. These include SaxoTraderGO. It is an advanced forex trading platform that offers real-time news feeds, technical indicators, and easy-to-use charting tools, making it perfect for beginners and for experts.

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For more experienced traders, SaxoTraderPRO offers advanced features such as algorithmic orders and customisable workspace. If you are interested in trading shares, SaxoInvest is the ideal platform.

Saxo Overall

Saxo Markets stands as a comprehensive choice for Singaporean traders looking for a diversified trading portfolio. Whether you're interested in forex, direct share trading, cryptocurrencies, or a variety of CFDs, Saxo Markets provides the tools and platforms to meet your trading needs.

5. Plus500 - Best Broker for Beginner Traders

Plus500 is a top MAS-regulated broker for beginner traders, offering a user-friendly trading platform, effective risk management tools, and a comprehensive educational academy.

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User-Friendly Platform

The Plus500 trading platform is designed with user-friendliness in mind. The platform provides trading tools and is available on desktop, web trader, and mobile apps for iOS and Android. There are different types of tools used in trading, including charting tools, technical analysis tools, and real-time news feeds.

Risk Management

Proper risk management is essential for forex trading, and Plus500 takes this aspect seriously. The broker offers a variety of free order types and premium guaranteed stop-loss orders. These tools are invaluable for limiting potential losses and ensuring you trade within your risk tolerance.

The guaranteed stop-loss orders are particularly useful, as they ensure that your positions are closed at the price you specify, regardless of market volatility.

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Education

Plus500 offers a comprehensive trading academy that covers basic and advanced strategies. The academy offers comprehensive trading articles that equip you with the necessary knowledge to approach the markets.

Payment Methods

Plus500 offers multiple deposit options and no minimum balance requirement. Accepted payment methods include Mastercard, Visa, Skrill, Apple Pay, wire transfers, and PayPal.

Plus500 Overall

Plus500 offers a balanced package for beginner traders in Singapore. Forex trading beginners will appreciate the user-friendly platform, effective risk management tools, and educational resources.

6. Interactive Brokers - Best Broker for Active Traders

Interactive Brokers (IBKR) is a top choice for active traders in Singapore. The MAS regulated CFD broker offers a blend of competitive trading costs and advanced platform features that cater to experienced forex traders.

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Trading Costs

Interactive Brokers offers a tiered commission structure that benefits active traders when it comes to trading fees. The greater the number of trades you make, the lower your commission fees per trade will be.

In addition to the tiered commission, the brokerage offers competitive spreads to reduce trading costs further. The spreads are often narrower than the industry average, making it a cost-effective choice for those who are active in the forex markets.

Trading Platforms

IBKR's trading platforms offer an array of tools specifically designed to cater to the needs of advanced traders. Their most popular option, Trader Workstation (TWS), provides a range of sophisticated charting tools, technical indicators, and risk management features that can help you make informed trading decisions.

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For those who prefer trading on their mobile device, the Interactive Brokers mobile app provides nearly all the same features as the desktop platform.

The platform also supports algorithmic trading, allowing you to automate your trading strategies, a feature that many active traders find invaluable. In terms of market access, the brokerage offers a wide range of asset classes beyond forex, making it a versatile CFD broker.

Interactive Brokers Overall

Interactive Brokers offers a compelling package for active traders in Singapore. With its advanced trading platforms, competitive spreads, and tiered commission structure, it provides a thriving environment for serious traders.

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What are the best forex brokers in Singapore?

When choosing the best forex brokers in Singapore, consider factors like top-tier regulation, competitive spreads, and a diverse range of trading platforms and tools.

For example, Pepperstone, regulated by ASIC, offers Razor spreads that significantly undercut the industry average, with their EUR/USD spread being 55% lower. OANDA, regulated by the Monetary Authority of Singapore (MAS), also excels with no-commission spreads that are over 50% less than the industry average.

Both online brokers offer a variety of trading platforms and tools, catering to traders of all levels of experience. Therefore, select a broker that not only offers better-than-average spreads but also provides a wide array of tools and features to enhance your trading experience.

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What is the best forex trading platform in Singapore?

The best forex trading platform in Singapore largely depends on your specific trading needs.

Algorithmic trading enthusiasts often recommend popular platforms like MetaTrader 4 and MetaTrader 5 due to their Expert Advisors feature. On the other hand, cTrader is known for its intuitive interface and advanced charting tools.

If you're looking for a user-friendly experience along with premium risk management tools like guaranteed stop-loss orders, proprietary platforms such as OANDA Trade could be a better fit. Ultimately, your trading objectives will guide your choice of platform.

Is Singapore good for forex trading?

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Yes, Singapore is an exceptional hub for forex trading for many reasons. Firstly, Singapore boasts a stable and well-regulated financial environment overseen by the Monetary Authority of Singapore (MAS), including its foreign exchange markets.

MAS is a highly respected financial services authority in Asia and globally. It enforces rigorous regulations that guarantee a high standard of conduct among financial services providers, including forex brokers. This ensures traders can expect transparency, security, and fair trading conditions that are often unparalleled.

What Does MAS Do?

The Monetary Authority of Singapore (MAS) regulates financial institutions and markets separately from Singapore's central bank, particularly concerning exchange rates. While the Monetary Authority of Singapore (MAS) ensures the integrity and stability of financial markets, including derivatives and forex markets, the central bank oversees monetary policy and exchange rate stability.

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MAS has specific rules to protect retail investors in the forex markets. One such rule is the imposing leverage caps, which restrict the amount of risk traders can assume. This is particularly beneficial for new traders who may not fully grasp the high risks of leveraged trading.

It is mandatory that the funds belonging to clients are kept in separate accounts. This ensures that your funds are held securely and cannot be used for any other purposes by the broker.

Another example of MAS's stringent rules is disclaimer requirements. CFD brokers must provide disclaimers that clearly outline the risks associated with forex trading. This is part of the financial authority's commitment to ensuring that traders are well-informed and aware of the potential risks they are taking.

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If you are not based in Singapore, you can explore the best brokers and trading platforms below.

Best Brokers in Europe

Best Forex Trading Apps in the UK

Best Forex Brokers in Colombia

Best Forex Brokers in Chile

Best Forex Trading Apps in the US

You can also explore the top brokers in Mexico, as highlighted by Eleconomista, or the best forex trading platforms in Australia as featured by the Newcastle Herald.

How to trade forex in Singapore?

To start your forex trading journey in Singapore, the first step is to select a broker regulated by a top-tier financial authority. The Monetary Authority of Singapore (MAS) is the local regulatory body, and it's highly reputable. Alternatively, you could opt for a broker regulated by another well-regarded authority like ASIC in Australia. These regulators ensure the brokers adhere to strict guidelines, providing a secure trading environment.

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It is recommended that you open a demo account once you have chosen a broker. This feature provides a risk-free environment to practise trading, helping you to understand the mechanics of the market and the trading platform. Many brokers offer demo accounts with virtual funds, allowing you to practise trading without risking real money.

Once you feel confident using the demo account, you can open a live trading account. You will then be required to submit identification and financial documents for verification. It is standard procedure to comply with anti-money laundering regulations and to secure your investments.

Finally, once your account is verified, you'll need to fund it. Brokers offer various payment methods, including bank transfers, credit cards, and e-wallets. Choose the one that's most convenient for you. After funding, you're all set to start trading live.

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What are the popular forex trading strategies in Singapore?

In Singapore, day trading is a popular forex trading strategy. This strategy involves buying and selling financial instruments within a single day to profit from small market movements. It requires focus, dedication, and the ability to make quick decisions. Day traders often execute a large number of trades for relatively small profits each time. This strategy is best for those who can dedicate time and attention to the markets.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.

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