Best Forex Brokers In Singapore 2024

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Written By
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Written 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.
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Fact Checked By
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Forex traders in Singapore should sign up with a broker that is authorized by the Monetary Authority of Singapore (MAS). Through a MAS-licensed forex broker, you’ll be able to trade in the world’s third-largest foreign exchange centre, with highly developed regulations protecting retail traders.

We’ve pinpointed the best forex brokers in Singapore after extensive testing. All of these platforms cater to forex traders in Singapore with authorization from the MAS and currency pairs containing the SGD, such as USD/SGD.

7 Top Forex Brokers In Singapore

These 5 forex brokers that accept clients from Singapore came out ahead of the rest after our exhaustive analysis and hands-on tests:

Click a broker for details
  1. 1
    IG
    71% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

    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
    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
  2. 2
    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
  3. 3
    Plus500
    80% 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
    0.01 Lots
    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
  4. 4
    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
  5. 5
    Saxo Bank
    66% of retail accounts lose money.

    S$0
    Vary by asset
    1:30
    DFSA, MAS, FCA, SFC, FINMA
    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
  6. 6
    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
  7. 7
    CityIndex
    All trading involves risk and losses can exceed deposits.

    $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

This is why we think these brokers are the best in this category:

  1. IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
  2. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  3. Plus500 - Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives. Plus500 offer a first deposit bonus, up to $10,000 AUD. Also get leverage up to 1:300.
  4. MultiBank FX - MultiBank FX offers trading on 50+ major, minor and exotic currency pairs. Spreads are tighter than many competitors and the broker offers higher leverage than most alternatives. Automated trading strategies are also permitted.
  5. Saxo Bank - Tier 1 liquidity on an impressive range of 189 currency pairs and spot metals, plus 130 forwards, from 0.4 pips.
  6. CMC Markets - CMC presents an extensive array of 300+ forex pairs characterized by tight spreads and rapid executions, surpassing the offerings of many competitors in terms of currency diversity. Forex indices also present a fairly unique and holistic way to speculate on the value of key currencies like the USD, EUR and GBP.
  7. CityIndex - Trade a wide selection of 80+ currency pairs with spreads from 0.5 pips and industry-favorite platforms. City Index has 40+ years experience in forex trading with liquidity from tier-one banks.

Best Forex Brokers In Singapore 2024 Comparison

Best Forex Brokers In Singapore 2024 Comparison
Broker MAS Regulated SGD Account Minimum Deposit Forex Assets EUR/USD Spread Forex App Rating
IG logo $0 80+ 0.8 4.9 / 5
FOREX.com logo - $100 80+ 1.2 4.9 / 5
Plus500 logo - $100 60+ 0.6 5 / 5
MultiBank FX logo - $50 45+ 0.3 -
Saxo Bank logo - S$0 40+ 0.2 (varies by region) -
CMC Markets logo $0 300+ 0.7 4.2 / 5
CityIndex logo - $0 84 0.5 3.5 / 5

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

GBPUSD Spread0.9
EURUSD Spread0.8
EURGBP Spread0.9
Total Assets80+
Leverage1:30 (Retail), 1:250 (Pro)
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
  • IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust

Cons

  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests

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
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:400
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
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.
  • The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.

Cons

  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
  • 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.

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

GBPUSD Spread1.1
EURUSD Spread0.6
EURGBP Spread1.4
Total Assets60+
Leverage1:30
PlatformsWebTrader, App
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
  • You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities
  • Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface

Cons

  • Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
  • 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

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."

Christian Harris, Reviewer

MultiBank FX Quick Facts

Bonus Offer20% deposit bonus
GBPUSD Spread0.8
EURUSD Spread0.3
EURGBP Spread0.8
Total Assets45+
Leverage1:500
PlatformsMultiBank-Plus, MT4, MT5, cTrader

Pros

  • Renowned MT4 and MT5 platforms, plus proprietary MultiBank-Plus solutions and social trading
  • Global presence with 10+ regulatory licenses, including ASIC (Australia) and MAS (Singapore)
  • Vast range of local payment methods with fast withdrawals within 24 hours

Cons

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

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."

Christian Harris, Reviewer

Saxo Bank Quick Facts

GBPUSD Spread0.7 (varies by region)
EURUSD Spread0.2 (varies by region)
EURGBP Spread0.6 (varies by region)
Total Assets40+
Leverage1:30
PlatformsTradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, SEK, DKK, CHF

Pros

  • Low fees with premium account tiers
  • Access to comprehensive third-party analysis tools including TradingView and Updata
  • Powerful proprietary trading platforms with comprehensive charting packages and advanced analysis tools

Cons

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

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

GBPUSD Spread0.9
EURUSD Spread0.7
EURGBP Spread1.1
Total Assets300+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsWeb, MT4
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN

Pros

  • CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
  • 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 offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha and Price+ schemes also offer perks for active traders with up to 40% discounts on spreads.

Cons

  • Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
  • An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
  • Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.

CityIndex

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

Christian Harris, Reviewer

CityIndex Quick Facts

GBPUSD Spread0.8
EURUSD Spread0.5
EURGBP Spread0.8
Total Assets84
Leverage1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
PlatformsMT4, TradingView, TradingCentral
Account CurrenciesUSD, EUR, GBP, AUD, CZK

Pros

  • A free demo account with unrestricted access to all markets and trading tools
  • Tight spreads from 0.5 pips on EUR/USD and competitive commissions on CFD shares
  • Thousands of instruments including thematic indices and interest rates that are not available at many alternatives

Cons

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

How We Rate Forex Brokers In Singapore

Trust & Regulation

The first thing we look for when reviewing a forex broker is proof that it’s a reliable brand. We urge anyone who is thinking of trusting their money with an online broker to do the same.

Forex traders in Singapore benefit from oversight by the Monetary Authority of Singapore (MAS), a ‘green-tier’ regulator that also serves as the country’s central bank.

The MAS requires that all forex brokers operating in Singapore obtain a Capital Markets Service license, and this brings several important protections for retail traders:

While leverage is limited in Singapore, unlike some regulators, notably the FCA and ASIC, the MAS does not mandate negative balance protection. That means you can lose more than is in your account.

Fortunately, some forex brokers still provide this, so I recommend signing up with one of these to protect yourself from heavy losses.

author image
Michael MacKenzie
Author

We also suggest keeping abreast of the MAS’s Investor Alert List for scam forex brokers, who are more active than ever across the world.

One notable example saw US fraudster Michael Philip Atkins extradited to Singapore after defrauding around 1000 investors in an $18 million scheme that he ran through a scam forex investment company.

  • There’s good reason IG has held its superb 4.9/5 Trust score from our experts for years: It’s an exceptionally transparent company with around 50 years in the business, a listing on the London Stock Exchange, and regulation from a host of top watchdogs including the MAS.

Currency Pairs

We recommend forex brokers with dozens of currency pairs because a broad range of currencies can mean more flexibility in terms of short-term trading strategies and more opportunity to profit.

Traders in Singapore benefit from their currency, the Singapore dollar (SGD), being fairly popular and available in various currency pairs, such as the USD/SGD, EUR/SGD and NZD/SGD.

💡
Look for forex brokers that provide additional resources to help you anticipate price movements. For example, it can help to look at economic conditions in the US and Singapore as well as broader Southeast Asian events while researching a USD/SGD trade.
Table of SGD currency pairs
SGD FX pairs
  • Interactive Brokers continues to impress forex traders in Singapore as a MAS-regulated firm with a huge range of 100+ forex pairs, including an outstanding selection of six pairs featuring SGD.

Forex Platforms

Choose a trading platform that’s quick, responsive and feature-rich and it will give you a cutting edge when you hit the foreign exchange markets.

Experienced forex day traders have long preferred third-party platforms like MetaTrader 4 and cTrader because they pack a lot of charting and algorithmic trading power into an intuitive interface.

However, we have found that newer platforms like TradingView combine these advantages with slicker looks and cutting-edge integrated research tools.

TradingView and several top brokers’ bespoke platforms also have a huge advantage for traders in Singapore as they provide sophisticated economic calendars and data feeds, making it easy to research new positions by checking MAS decisions and reports.

I’m a big fan of TradingView’s analysis features. With a couple of clicks, it lets me bring up a full feed of upcoming events or recent news from Singapore, and I can also easily compare the SGD to numerous currencies in a table or search for regional news.

It’s the most convenient way I know of to quickly review a range of news and forex data.

author image
Michael MacKenzie
Author
TradingView Singapore news feed
Singapore economic calendar on TradingView
  • FOREX.com has maintained a stellar reputation among forex day traders by providing superb platform options – including MetaTrader 4 and 5, TradingView and a WebTrader platform – backed up by superb third-party tools like AutoChartist.

Trading Fees

Many day trading strategies like scalping operate on very slim margins, making it crucial to choose a forex broker that charges low fees.

The spread between bid and ask prices is often the most important fee to look at when you make frequent short-term trades.

However, securing the tightest spread generally involves paying a commission – usually no more on a round turn than $10 (13.5 SGD) per lot – though I’ve been impressed lately to find several budget brokers offering tight spreads with no commission.

USDSGD chart
USDSGD pair with Interactive Brokers
  • IC Markets remains our leading forex broker for trading fees, which start from 0 pips on its Raw account with competitive commissions of $3.50 (4.70 SGD), plus rebates of up to $2.50.

Account Funding

We look for forex brokers that provide inclusive account options with a good range of fast and affordable funding methods.

A low minimum deposit means you can start trading forex without forking out hundreds of SGD, and swap-free accounts allow Muslims (the third biggest religion in Singapore) to speculate on currency markets while adhering to Islamic law.

We’ve found that among the most convenient ways to fund your forex trading account is often an e-wallet like PayPal. Since these have fast become a leading payment method in Singapore, where e-wallets accounted for 22% of POS payments in 2023, you’ll have a choice of digital payment options to pick from at most top forex brokers.

  • CMC Markets consistently impresses with its range of account options for traders in Singapore, who can sign up for SGD accounts with no minimum deposit. There is also a good range of payment options available, including PayPal as well as online banking and cards.

Methodology

To find the top forex trading platforms in Singapore, we shortlisted brokers accepting traders from Singapore and ranked them by theirDayTrading.com broker testing methodology overview rating, taking into account various factors, such as:

  • Highly trusted with authorization from the MAS.
  • A good range of currency pairs, such as USD/SGD.
  • Powerful charting platforms with superior tools.
  • Excellent trading environment at a competitive price.
  • Convenient accounts to suit FX traders in Singapore.

FAQ

Forex trading is legal in Singapore, and the strong regulatory framework in the country makes it a good place to trade.

We also recommend speaking to an accountant and understanding your tax liabilities if you profit from forex trading, as this may count toward your regular income in line with the Inland Revenue Authority of Singapore.

Who Regulates Forex Trading In Singapore?

The Monetary Authority of Singapore, or MAS, is the country’s central bank and sole financial regulator.

This is a strong watchdog that we classify as a ‘green-tier regulator’, so you can consider Singapore a relatively safe place to trade currencies online.

How Much Money Do I Need To Start Trading In Singapore?

After years spent reviewing hundreds of forex brokers, we can say it’s unusual for a trading platform to require more than $250 (around 335 SGD) to sign up.

However, even this is on the high end, with many forex trading platforms requiring significantly lower minimum deposits and some requiring zero, notably IG and CMC Markets.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com