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Best Day Trading Platforms and Brokers in Singapore 2024

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Written By
Jemma Grist
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Written By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
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Edited By
James Barra
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Edited By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
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Fact Checked By
Michael MacKenzie
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Fact Checked By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
» Michael MacKenzie Profile Page
Updated
Aug 15, 2024

With one of the most stable economies underpinned by thriving manufacturing and financial services industries, Singapore offers diverse opportunities for short-term traders.

To trade currency pairs containing the Singapore dollar (SGD) like USD/SGD, stocks listed on the Singapore Exchange (SGX) or key export commodities like copper, you’ll need an online broker.

Following in-depth testing by our experts, we’ve pinpointed the best day trading platforms in Singapore. Every broker listed is authorized by the Monetary Authority of Singapore (MAS).

Top 9 Platforms For Day Trading In Singapore

Our assessments have uncovered the following 9 platforms as standout options for Singaporean day traders:

Click a broker for details
  1. 1
    IG
    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.
    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
    Go To IG
  2. 2
    CityIndex
    All trading involves risk and losses can exceed deposits.
    Ratings
    4.4 / 5
    4.5 / 5
    4.6 / 5
    4.3 / 5
    4.4 / 5
    4.2 / 5
    4.5 / 5
    4.4 / 5
    3.8 / 5
    2.8 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
    ASIC, FCA, MAS
    CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds
    MT4, TradingView, TradingCentral
    PayNow, Wire Transfer, Mastercard, BPAY, Credit Card, PayID, Debit Card, Visa, PayPal
    USD, EUR, GBP, AUD, CZK
    Go To CityIndex
  3. 3
    FOREX.com
    20% Welcome Bonus Up To $5000
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:400
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  4. 4
    CMC Markets
    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading 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.
    Ratings
    4.8 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.3 / 5
    4.1 / 5
    3.7 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
    Web, MT4
    Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPal
    USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN
    Go To CMC Markets
  5. 5
    Plus500
    82% of retail CFD accounts lose money.
    Ratings
    3.5 / 5
    4.1 / 5
    3.5 / 5
    4 / 5
    3.1 / 5
    4 / 5
    2 / 5
    3 / 5
    4.1 / 5
    4.3 / 5
    $100
    Variable
    1:30
    FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
    CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
    WebTrader, App
    PayPal, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, Trustly, Apple Pay
    USD, EUR, GBP, AUD, ZAR, CZK
    Go To Plus500
  6. 6
    Moomoo
    Enjoy 5.8% p.a. Guaranteed Returns for up to 30 days + deposit S$10,000 and get 13 TSLA fractional shares
    Ratings
    4.8 / 5
    3.3 / 5
    3 / 5
    3.8 / 5
    3 / 5
    2 / 5
    3.8 / 5
    4.4 / 5
    4.6 / 5
    3.3 / 5
    $0
    $0
    1:2
    SEC, FINRA, MAS, ASIC, SFC
    Stocks, Options, ETFs, ADRs, OTCs ,Futures
    Desktop Platform, Mobile App
    Wire Transfer, ACH Transfer
    USD, HKD, SGD
    Go To Moomoo
  7. 7
    Gemini
    Ratings
    2 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    0 / 5
    0 / 5
    $0
    0.00001 BTC
    NYDFS, MAS, FCA
    Cryptos
    ActiveTrader, AlgoTrader, TradingView
    Bitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, Etana
    USD, EUR, GBP, CAD, AUD, HKD, SGD
    Go To Gemini
  8. 8
    MultiBank FX
    20% deposit bonus
    $50
    0.1 Lots
    1:500
    SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC
    Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies
    MultiBank-Plus, MT4, MT5, cTrader
    Wire Transfer, Swift, Visa, Mastercard, Credit Card, Skrill, Neteller, Perfect Money, GlobePay
    Go To MultiBank FX
  9. 9
    Saxo Bank
    66% of retail accounts lose money.
    S$0
    Vary by asset
    1:30
    DFSA, MAS, FCA, SFC, FINMA, AMF, CONSOB
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures, options, warrants, bonds, ETFs
    TradingView
    Wire Transfer, Credit Card, Visa, Mastercard
    USD, EUR, GBP, CAD, AUD, JPY, SEK, DKK, CHF
    Go To Saxo Bank

Here is a short overview of each broker's pros and cons

  1. IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
  2. CityIndex - City Index is an established and award-winning forex, CFD and spread betting broker with top-tier global regulation, including in the UK (FCA) and Australia (ASIC). With 30+ years in the industry, 13,500+ instruments and 24/5 customer support, City Index is a solid pick for aspiring traders.
  3. FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
  4. CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
  5. Plus500 - Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.
  6. Moomoo - Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
  7. Gemini - Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.
  8. MultiBank FX - MultiBank FX is an established broker offering forex and CFD products since 2005. With 20,000+ instruments, plenty of local payment methods and 24/7 multilingual customer support, the broker is a popular choice among traders globally. New clients can also access a variety of bonus offers and access the hugely popular MT4 and MT5 trading platforms.
  9. Saxo Bank - Saxo Markets is a multi-award-winning trading brokerage, investment firm and regulated bank. With a huge 72,000+ trading instruments, plus investment products and managed portfolios, clients have no shortage of opportunities. The trusted brand also offers transparent pricing and top-tier regulatory protection from 10+ agencies including FINMA, FCA & ASIC.

Best Day Trading Platforms and Brokers in Singapore 2024 Comparison

Best Day Trading Platforms and Brokers in Singapore 2024 Comparison
Broker MAS Regulated SGD Account Minimum Deposit Markets Platforms
IG logo
✔ ✔ $0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
CityIndex logo
✔ - $0 CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds MT4, TradingView, TradingCentral
FOREX.com logo
✔ - $100 Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
CMC Markets logo
✔ ✔ $0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting Web, MT4
Plus500 logo
✔ - $100 CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto WebTrader, App
Moomoo logo
✔ ✔ $0 Stocks, Options, ETFs, ADRs, OTCs ,Futures Desktop Platform, Mobile App
Gemini logo
✔ ✔ $0 Cryptos ActiveTrader, AlgoTrader, TradingView
MultiBank FX logo
✔ - $50 Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies MultiBank-Plus, MT4, MT5, cTrader
Saxo Bank logo
✔ - S$0 Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures, options, warrants, bonds, ETFs TradingView

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
RegulatorFCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:250 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
  • The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
  • The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award

Cons

  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
Visit IG
IG Review

CityIndex

"City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms."

Tobias Robinson, Reviewer

CityIndex Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds
RegulatorASIC, FCA, MAS
PlatformsMT4, TradingView, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
Account CurrenciesUSD, EUR, GBP, AUD, CZK

Pros

  • Extended hours trading on 70+ popular shares including Amazon and Tesla
  • No minimum deposit to get started
  • A free demo account with unrestricted access to all markets and trading tools

Cons

  • Cryptocurrency trading not available in all locations
  • $15 monthly inactivity fee
  • US traders not accepted
Visit CityIndex
CityIndex Review

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus Offer20% Welcome Bonus Up To $5000
Demo AccountYes
InstrumentsForex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
RegulatorNFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:400
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.

Cons

  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
Visit FOREX.com
FOREX.com Review

CMC Markets

"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "

Christian Harris, Reviewer

CMC Markets Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
RegulatorFCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
PlatformsWeb, MT4
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN

Pros

  • CMC Markets offers a rich investment offering with over 12,000 CFDs and more recently options trading, providing opportunities to trade market volatility and hedge existing positions.
  • The brokerage continues to stand out with its wide range of value-add resources, including pattern recognition scanners, webinars, tutorials, news feeds, and research from respected sources like Morningstar.
  • CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.

Cons

  • While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
  • Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
  • An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
Visit CMC Markets
CMC Markets Review

Plus500

"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."

Christian Harris, Reviewer

Plus500 Quick Facts

Demo AccountYes
InstrumentsCFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
RegulatorFCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
PlatformsWebTrader, App
Minimum Deposit$100
Minimum TradeVariable
Leverage1:30
Account CurrenciesUSD, EUR, GBP, AUD, ZAR, CZK

Pros

  • The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
  • Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
  • Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility and extended hours trading on 7 stock CFDs

Cons

  • Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
  • Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
  • The absence of social trading means users can’t follow and replicate the trades of experienced traders
Visit Plus500
Plus500 Review

Moomoo

"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."

Jemma Grist, Reviewer

Moomoo Quick Facts

Bonus OfferEnjoy 5.8% p.a. Guaranteed Returns for up to 30 days + deposit S$10,000 and get 13 TSLA fractional shares
Demo AccountYes
InstrumentsStocks, Options, ETFs, ADRs, OTCs ,Futures
RegulatorSEC, FINRA, MAS, ASIC, SFC
PlatformsDesktop Platform, Mobile App
Minimum Deposit$0
Minimum Trade$0
Leverage1:2
Account CurrenciesUSD, HKD, SGD

Pros

  • It is reassuring that Moomoo holds licenses with the US Securities and Exchange Commission (SEC) and the Monetary Authority of Singapore (MAS), among others
  • There are reduced options contract fees from $0.65 to $0
  • Moomoo is a Member of FINRA and the Securities Investor Protection Corporation (SIPC), adding another level of security for prospective clients

Cons

  • There is no phone or live chat support - common options at most other brokers
  • It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
  • There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
Visit Moomoo
Moomoo Review

Gemini

"Gemini’s ActiveTrader platform and TradingView integration make it a good choice for serious crypto traders seeking a reliable charting environment, though we were disappointed by some unnecessary fees and previous security breaches."

Michael MacKenzie, Reviewer

Gemini Quick Facts

Demo AccountNo
InstrumentsCryptos
RegulatorNYDFS, MAS, FCA
PlatformsActiveTrader, AlgoTrader, TradingView
Minimum Deposit$0
Minimum Trade0.00001 BTC
Account CurrenciesUSD, EUR, GBP, CAD, AUD, HKD, SGD

Pros

  • Crypto perpetual futures are available in many jurisdictions with up to 1:100 leverage
  • The trading app features a user-friendly, modern design and intuitive interface, with an excellent range of charting tools for day traders
  • There is a decent range of educational guides and tutorials suitable for beginners

Cons

  • The 'convenience fee' for using the mobile app seems arbitrary and makes it inefficient to use this feature
  • Some larger coins by market cap are not available to buy through Gemini
  • There is no practice profile or demo account for prospective traders
Visit Gemini
Gemini Review

MultiBank FX

"MultiBank FX is a great option for active forex traders with 55 currency pairs, spreads from 0.0 pips and high leverage up to 1:500."

Tobias Robinson, Reviewer

MultiBank FX Quick Facts

Bonus Offer20% deposit bonus
Demo AccountYes
InstrumentsForex, CFDs, indices, shares, metals, commodities, cryptocurrencies
RegulatorSCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC
PlatformsMultiBank-Plus, MT4, MT5, cTrader
Minimum Deposit$50
Minimum Trade0.1 Lots
Leverage1:500

Pros

  • Renowned MT4 and MT5 platforms, plus proprietary MultiBank-Plus solutions and social trading
  • MAM, PAMM and FIX API access for high-volume or pro traders, plus EAs and VPS hosting for algorithmic trading
  • 24/7 multilingual customer support available across all accounts

Cons

  • Average education and market research
  • $5,000 minimum deposit required to access ECN spreads
  • $60 monthly inactivity fee
Visit MultiBank FX
MultiBank FX Review

Saxo Bank

"Saxo is best for active traders and high-volume investors with an unrivalled selection of instruments alongside premium market research and fee rebates. The 190 currency pairs with tight spreads also make Saxo great for forex traders."

Tobias Robinson, Reviewer

Saxo Bank Quick Facts

Demo AccountYes
InstrumentsForex, CFDs, indices, shares, commodities, cryptocurrencies, futures, options, warrants, bonds, ETFs
RegulatorDFSA, MAS, FCA, SFC, FINMA, AMF, CONSOB
PlatformsTradingView
Minimum DepositS$0
Minimum TradeVary by asset
Leverage1:30
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, SEK, DKK, CHF

Pros

  • The ISA account is highly accessible and flexible with no entry or exit fees
  • Excellent educational resources including podcasts, webinars and expert-led video insights
  • High-level research hub with curated market research, plus unique insights with 'Outrageous Predictions'

Cons

  • High funding requirements for the trading accounts
  • Access to Level 2 pricing requires a subscription
  • Clients from some jurisdictions not accepted including the US and Belgium
Visit Saxo Bank
Saxo Bank Review

Methodology

To identify the best day trading platforms in Singapore, we analyzed our library of 500 online brokers, removed all those that don’t accept Singaporean traders, and sorted them by their overall score.

Our ratings combine 100+ data points with findings from our hands-on evaluations.

  • We selected brokers that accept Singaporean day traders.
  • We recommended trusted brokers authorized by the MAS.
  • We prioritized brokers with competitive day trading fees.
  • We favored brokers with a wide range of financial markets.
  • We focused on brokers with reliable charting platforms.
  • We preferred brokers with transparent leverage.
  • We investigated each broker’s execution quality.
  • We checked that brokers offer convenient account funding.

DayTrading.com broker testing methodology overview

How To Choose A Day Trading Broker In Singapore

There are several categories to consider when choosing a day trading broker:

Regulation & Trust

Choose a trustworthy broker with licensing from a reputable authority.

This will help to protect you from misconduct and trading scams, which have become frequent in Singapore. One notable example that hit the headlines was the notorious Ponzi-style scheme reported by the Straits Times where American national, Michael Philip Atkins, used his Singapore-based firm, Aureus Capital, to defraud his victims of over $18 million.

The Monetary Authority of Singapore (MAS) is a highly respected ‘green tier’ authority in line with our Regulation & Trust Rating and enforces strict transparency rules and safeguards for traders. The MAS also acts as the central bank of Singapore, further highlighting its pivotal role in the nation’s financial system.

Importantly, the MAS has the power to issue penalties, prosecute individuals and revoke licenses from day trading platforms that do not adhere to its rules. The website offers a useful Warning List of all enforcement actions against individuals and companies.

💡
Use the MAS’ Financial Institutions Directory to verify whether a broker is authorized in Singapore. Simply enter the company name or license number into the search bar and hit ‘Search’.
  • IG stands out as a highly trusted option for Singaporean traders, with multiple ‘green tier’ licenses, including from the MAS, plus a long history spanning an impressive 50 years. The firm is also publicly listed on the London Stock Exchange, underscoring its credibility.

Financial Markets

Choose a broker with the financial markets you’re interested in.

This will allow you to diversify your portfolio and gain confidence using short-term trading vehicles, with one of the most popular being contracts for difference (CFDs) in Singapore.

Singaporean day traders may be looking for local markets, such as currency pairs containing the Singapore dollar (SGD) like USD/SGD or AUD/SGD, as well as stocks listed on the Singapore Exchange (SGX) like DBS and Singtel.

With its manufacturing industry accounting for 20-25% of the country’s annual GDP, you may also be interested in trading the country’s chief import and export commodities like oil, iron and copper.

Infographic showing popular day trading markets in Singapore

  • Pepperstone remains a top choice for Singaporean traders, with a wide range of local markets including eight SGD currency pairs, the Singapore 25 Index, and the iShares MSCI Singapore ETF (among 1300+ other global assets). You can also leverage the powerful Autochartist pattern recognition tool to uncover trading ideas on any of these assets.

Day Trading Fees

Secure a broker with competitive fees to help protect your profits.

We routinely evaluate spreads and commissions on popular markets, as well as common non-trading costs for active traders, such as deposit or withdrawal fees.

💡
For day traders in Singapore, there may also be a charge for transferring Singapore Dollars to an account based in another currency. Brokers with SGD accounts, such as CMC Markets, can help you avoid these.

To get a full picture of the broker’s service, we also consider any additional tools and resources available. For example, the best brokers may offer access to Singapore stock market research, or live interest rate updates from the country’s central bank.

  • IC Markets continues to deliver market-leading pricing, including spreads averaging 0.85 on USD/SGD and 0.027 on oil. You also get free access to award-winning analysis tools, including Trading Central, where you can get curated insights and chart patterns on SGD currency pairs, commodities and more.

Charting Platforms

Consider a broker with a range of powerful charting platforms for technical analysis.

This will ensure you can execute short-term strategies in a reliable environment. Most brokers offer MetaTrader 4 and MetaTrader 5, though I personally prefer the sleeker workspace provided by TradingView.

I love using TradingView’s intuitive economic calendar where you can filter events by country and category.

For example, you can see in the image below that I can filter by ‘Singapore’ and ‘Money’ to view a central bank release for foreign exchange reserves – a very useful insight if you want to trade gold.

author image
Jemma Grist
Author
TradingView platform economic calendar, showing Singapore monetary events
TradingView – Economic Calendar

Some brokers also provide their own proprietary solutions which often deliver a scaled-back package of tools, making them ideal for beginners.

  • AvaTrade excels when it comes to charting tools, with superior third-party terminals including MT4 and MT5, plus an award-winning proprietary app. There’s also a range of additional features to suit different needs, including auto trading via DupliTrade.

Leverage & Margin

Select a broker with transparent leverage and margin requirements.

Day traders often use leverage to gain exposure to larger trades, essentially allowing you to magnify potential profits while only depositing a small margin.

Let’s say I want to speculate on the USD/SGD pair after an interest rate update from the MAS, using leverage of 1:30.

If my initial margin is 250 SGD, my trade could actually be worth 7,500 SGD (30 x 250 SGD).

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Jemma Grist
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However, leverage can also significantly increase the size of losses, so ensure you have a solid strategy for risk management.

  • Deriv offers clear leverage requirements, with very high rates up to 1:1000. That said, beginners may be better suited to the broker’s multipliers which are available up to x30 and prevent you from losing more than your initial deposit if the market moves against you.

Execution Quality

Opt for a broker with reliable order execution.

The quality of a broker’s execution can have a significant impact on fast-paced trading strategies.

Execution quality is the measure of how quickly and efficiently trades are filled. Our routine tests involve checking execution data where available, including latency (the time delay) and slippage (the difference in requested and filled price).

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Securing optimum execution conditions is crucial if you’re day trading markets with significant price swings, such as volatile Singapore stocks like Hoe Leong.
  • City Index offers impressive average execution speeds of 20 milliseconds, with 99.83% of trades being executed in less than 1 second. It’s also got some of the best analysis resources we’ve seen, including trade ideas on major central bank meetings, including the MAS.

Minimum Deposit

Choose a broker with a minimum deposit that suits your budget.

You will likely need up to 250 USD (approximately 335 SGD) to open a live account, though many of our recommended platforms offer much less.

Many day trading brokers also offer locally supported methods, including e-wallets like Apple Pay and Google Pay, which are increasing in popularity in Singapore. These can help to reduce transaction costs and processing times for Singaporean traders.

  • XM lets you start with only $5, making it a top pick for novices or those on a tighter budget. You can also open accounts based in SGD, with convenient and fee-free payment methods including bank cards, Apple Pay and Google Pay.

FAQ

Who Regulates Day Trading Platforms In Singapore?

The Monetary Authority of Singapore (MAS) regulates day trading platforms and online brokers in Singapore.

Traders can also register with other overseas firms, however, we recommend opting for a tightly regulated broker and ensuring that you still adhere to MAS regulations and Singapore’s tax requirements from the Inland Revenue Authority of Singapore (IRAS).

Which Is The Best Broker That Accepts Day Traders In Singapore?

See our list of the best day trading platforms in Singapore to find one that works for you.

For example, Pepperstone is a top pick if you’re looking for local markets, including Singapore indices and ETFs. It also offers some of the best third-party platforms and tools that I’ve seen. Alternatively, XM is a great choice for convenient funding, with SGD-based accounts.

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