The USD/SGD, a minor forex pair, is made up of the US dollar (USD) and the Singapore dollar (SGD), two of the world’s strongest and most stable currencies. The past decade has seen a period of productive collaboration between the countries, which has cultivated a promising investment opportunity.
Importantly, the FX pair offers an accessible route into the Pacific market, but while it may attract investors from all over the world, generating a profit is not easy. This guide will break down everything you need to know about trading USD/SGD. From exchange rates to forecasts, trends, and technical analysis, read on to find out what this currency pair has to offer. We also list the best USD/SGD brokers below.
USD/SGD Trading Brokers
- Forex.com - Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.
- Interactive Brokers - IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
- NinjaTrader - NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).
- OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
- 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.
Trading USD/SGD Comparison
|Forex App Rating
4.9 / 5
|0.08-0.20 bps x trade value
4.3 / 5
|FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
3.5 / 5
4 / 5
4.9 / 5
|FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
|Floating from 0.1 pips
2.5 / 5
4.3 / 5
4.3 / 5
|No fee - payouts approx. 80% (Copper)
|National Bank of Georgia
|From 0.0 pips
|From 1.6 pips
3 / 5
|CMA, FSC, FSCA
#1 - Forex.com
Why We Chose Forex.com
Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.
"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."- DayTrading Review Team
- GBPUSD Spread: 1.0
- EURUSD Spread: 1.0
- EURGBP Spread: 1.0
- Total Assets: 80+
- Leverage: 1:50
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
- Forex.com is a respected and trusted broker overseen by tier-one regulators including the US SEC
- The free demo account allows you to practice day trading strategies in a risk-free environment
- There's a VPS hosting solution for those using automated trading strategies
- The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
- It's a shame that there's no copy trading platform for beginners or signal providers
- The investment offering varies between countries
#2 - Interactive Brokers
Why We Chose Interactive Brokers
IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."- DayTrading Review Team
- GBPUSD Spread: 0.08-0.20 bps x trade value
- EURUSD Spread: 0.08-0.20 bps x trade value
- EURGBP Spread: 0.08-0.20 bps x trade value
- Total Assets: 100+
- Leverage: 1:50
- Platforms: Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
About Interactive Brokers
Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders.; plus, you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
#3 - NinjaTrader
Why We Chose NinjaTrader
NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."- DayTrading Review Team
- GBPUSD Spread: 1.6
- EURUSD Spread: 1.3
- EURGBP Spread: 1.6
- Total Assets: 50+
- Leverage: 1:50
- Platforms: NinjaTrader Desktop, Web & Mobile, eSignal
NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
- Traders can get free platform access and trade simulation capabilities in the unlimited demo
- Non forex and futures trading requires signing up with partner brokers
- The premium platform tools come with an extra charge
- There is a withdrawal fee on some funding methods
#4 - OANDA US
Why We Chose OANDA US
OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."- DayTrading Review Team
- GBPUSD Spread: 3.4
- EURUSD Spread: 1.6
- EURGBP Spread: 1.7
- Total Assets: 65+
- Leverage: 1:50
- Platforms: OANDA Trade, MT4, TradingView, AutoChartist
About OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
- The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
- The range of day trading markets is limited to forex and cryptos only
- There's only a small range of payment methods available, with no e-wallets supported
- It's a shame that customer support is not available on weekends
#5 - IG
Why We Chose 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.
"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."- DayTrading Review Team
- GBPUSD Spread: 0.9
- EURUSD Spread: 0.8
- EURGBP Spread: 0.9
- Total Assets: 80+
- Leverage: 1:30 (Retail), 1:250 (Pro)
- Platforms: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US 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.
- 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
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
- 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
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
The United States is the wealthiest country in the world and it has one of the highest per capita incomes of $66,000. 80% of its GDP comes from services, 19.1% from industry, and only 0.9% from agriculture.
The USD is used as a reserve currency, and drops or rises in its price affect many other currencies. Political and financial US events also impact the global forex market.
Historically, the Singapore dollar has served as an investment haven for traders. This is due to Singapore’s high interest and growth rates, loose controls, and less developed labor markets. The combination of these makes for an appealing investment option.
Furthermore, Singapore has seen significant economic growth after the Covid-19 pandemic. It now stands as one of the wealthiest economies in the Asia-Pacific region and rivals even the largest of the Western states, such as the UK and France.
The strength of Singapore’s position is in part due to its geography. It lies at the heart of several major international shipping routes, perfectly positioning it to be one of the world’s biggest international trading hubs. The country operates a free-market economy that heavily relies on international trade. The high dependency on trade means that fluctuations in foreign exchange markets can have significant implications on the value of the SGD.
Why Trade USD/SGD
- Volatility – While it carries risk, volatile pairs like the USD/SGD offer an opportunity to make big returns on relatively small investments.
- Volume – As a popular currency pair offering an easy route into the Pacific market, relatively large trade volumes means there plenty of opportunities for traders to turn a profit. When coupled with high volatility, it can make for even bigger profits.
- Availability of resources – Investors today have access to a whole host of tools, charts, and analysis. Short and long-term forecasts and trends are more easily predicted. Resources include, but are not limited to, live exchange rates, candlestick and yearly-average charts, historical data, plus a breadth of real-time quotes.
- Regulation – Although the SGD is regulated by the Monetary Policy of Singapore, it is subject to much fewer restrictions than some of its neighboring currencies, such as the Chinese Yuan. Alongside the Japanese Yen, the SGD is one of the most accessible Asian currencies in today’s forex markets.
Risks Of Trading USD/SGD
While there are benefits of live trading USD/SGD, there are also drawbacks:
- Volatility – As with most forex pairs, the USD/SGD has a history of volatility. And while this can be an advantage, traders should be wary of how quickly prices can swing. Charts, technical analysis, predictions, and long-term forecasts are useful but may not always be enough, meaning investors should ensure they keep up to date with economic news and announcements.
- Settlement risk – Settlement risk occurs as a result of the difference in time zones. Currencies may be traded at different prices at different times during the day. AUD and NZD are credited first, followed by JPY, SGD, the European currencies, and then the USD. Funds could be credited to a party that declares solvency prior to executing its own payments. To minimize risks, traders should consider the market value of their positions and their potential exposure.
- Leverage – Low margin deposits may permit a high degree of leverage. As a result, relatively minor price changes may result in substantial losses. For example, if 10% of the position size was deposited as a margin, a price decrease of 10% would result in the total loss of the margin. On top of this, broker fees are taken. As a result, traders should follow tested risk management strategies to minimize losses and facilitate long-term trading.
- Automated bots – In today’s forex markets, competition is fierce. The sophistication and prevalence of advanced trading algorithms can make it tough to establish an edge. Bots will automatically enter and exit positions when favorable. To remain competitive, USD/SGD investors must utilize live charts, trend forecasts, graphs, and currency news. There are many currency converters and analysis resources also available. Some of the most popular include Oanda and Yahoo Finance.
Influences On USD/SGD Price
- Economic growth – The strength of an economy heavily influences the value of its currency. Indications of economic prosperity can be measured by employment levels, rates of interest, and inflation. Singapore boasts low levels of unemployment and a well-educated workforce compared to the US. However, these are factors that have already been priced into live rates. Traders should ensure they remain abreast of economic news relating to both countries.
- Value of raw materials – Singapore relies heavily on imports of raw materials to facilitate its export industry. When the price of these materials increases, Singapore’s exports become more expensive and less competitive. Exports make up much of the country’s GDP, and as a result, any change to the value of its exports will affect the strength of the currency as a whole.
- Political stability – Major political events such as presidential elections can have a significant impact on the value of USD versus SGD. When the value of the USD rises, it will strengthen against the SGD. A USD to SGD weakening occurs when the value of the dollar drops.
- Monetary policy – Monetary policy is controlled by the MAS and the Fed, the central banks of Singapore and the US, respectively. Any changes to the monetary policy made by the banks will heavily influence movement on live charts.
- Speculation – Currency speculation is when traders feel that a quoted price is incorrect and so buy and sell currency to make a profit. For example, if a currency is overvalued, investors would sell their reserves, triggering a fall in price. Speculation can have a big impact on the price of a currency. If there were to be mass selling of the USD, it would fall against the SGD. The reverse is also true.
USD/SGD Currency Correlations
No single currency moves independently of others. Currency pairs are all intrinsically linked. As a result, changes in any single one can have implications for others. For example, a move in the Euro would affect the price of USD, which in turn affects the price of SGD.
Currency pairs either have a positive correlation or a negative correlation:
- Positive – This is when pairs move in line with each other. EUR/USD, GBP/USD, and AUD/USD are all positively correlated. Any change in USD tends to see each pair move in a similar direction. SGD is somewhat correlated with CNY, but it is subject to less severe regulation. A change in the value of the Chinese Yuan tends to be mirrored by SGD.
- Negative – This is when pairs move in opposite directions from each other. USD/JPY, USD/CHF, and USD/CAD are all negatively correlated. Any change in the USD, which is the counter currency, will typically lead each pair to move in the opposite direction.
You can use the relationships between pairs to your advantage. For example, when trading the GBP/USD, keep an eye on the Euro/US Dollar, which can inform investment options. Although additional factors affect movements, such as economic policy and political events like the war in Ukraine, it is worth understanding the relationships between currency pairs.
USD/SGD Trading Strategy
An effective day trading or futures USD/SGD strategy should be more than just knowing how to use pip values to your advantage. Different strategies will work to facilitate a variety of aims in a multitude of environments. So, traders should always consider their objectives. Whether you prefer to use swap or forward rates or rely heavily on daily, 5, 10, or even 30-year charts, there are some basics that provide a good starting point.
Unlike some stock markets, forex trading usually operates between normal business hours. Although there is no ‘best time’ to trade, there are certain windows that tend to be more favorable.
Importantly, the optimum time to trade forex is when the market is most active. During these periods, trading spreads (mid rates) tend to narrow. This means less money goes to the market makers, and more money goes directly to traders. When two markets are open at the same time, market volume increases dramatically, as does volatility. Both of which can translate to greater returns for investors.
Between 17:00 GMT and 18:00 GMT is when most trading happens on the Singapore and Sydney exchanges. As a result, it is the prime time to trade USD/SGD.
A tight risk management strategy should form the foundation of any type of USD/SGD investing. The 1% rule is a popular risk management strategy that lends itself to most objectives. The rule dictates that a trader should never use more than 1% of their portfolio on any given position. In doing so, investors minimize losses and increase the opportunity for long-term USD/SGD trading.
Establishing stop/loss limits is another risk management technique that can prove beneficial.
USD/SGD Price History
The SGD was adopted as the official currency of Singapore in 1967. Initially, it was exchanged at par with the Malaysian Ringgit, but in 1973 it was pegged to the GBP, followed by the USD for a short time. Today, it is pegged to a trade-weighted basket of currencies.
The SGD is regulated by the country’s central bank, the Monetary Authority of Singapore (MAS), which was established in 1971. The USD/SGD has seen a relatively stable history, but as with any forex pair, spot buying and selling rates are heavily influenced by political and economic factors.
Recent events such as the Covid-19 pandemic, high oil prices, and the Russia-Ukraine war have influenced the global forex market. The USD to SGD last 6 months charts have shown the US economy slowly strengthening against Singapore’s. A swift recovery from the pandemic was a major contributing factor. However, inflation rates of 8.3%, the highest they’ve been since the 1980s, have scared investors, many of which believe a recession could be possible.
As for records, the USD/SGD hit an all-time high of 1.81 in May 2002 and an all-time low of 1.19 in August 2011.
Note, a view of USD to SGD historical conversions (e.g., yesterday, the last 6 months, or even 20-years) is available at online FX brokers. Some even provide one-month forward forecasts and hedging cost details.
Final Word On Trading USD/SGD
Trading USD against SGD can provide plenty of opportunities to generate returns. The relative stability of the pair makes for an attractive proposition for both forex beginners and more experienced investors. While global events over recent months and years have made it increasingly difficult to forecast future trends, the outlook for the pair in 2024 looks promising. See our list of top brokers to start trading today.
How Is USD/SGD Quoted?
The USD/SGD illustrates the number of Singapore dollars you can purchase for one US dollar. The conversion rate varies throughout the day. See a live chart for a real-time update.
What Is The USD And SGD Exchange Rate History?
There are multiple resources available online where traders can view historical price data, including at leading FX brokers. Having an understanding of how a currency pair has behaved previously can help investors forecast how it may move in the future.
How Can I Work Out The USD Into SGD Conversion?
There are many tools and resources available online that chart live rates. Most are free to use when you sign up for a forex trading account.
What Impacts The USD/SGD Exchange Rate?
The value of the USD/SGD is influenced by several factors, but primarily the strength of the respective economies. News announcements, interest rate changes, GDP data, and political events can all shift prices.
What Is The USD To SGD Selling Rate?
The selling rate or conversion rate is the number of SGD required to buy one USD. Most top forex brokers and currency converters offer competitive FX rates.
Is SGD Stronger Than USD?
At the time of writing, the USD has been gaining momentum against the SGD. For the latest accurate information, consult a live USD/SGD chart.