7 Best Forex Brokers in Singapore for 2024

List of Top Forex Brokers & Platforms in Singapore

Forex and CFD Trading in Singapore

Singapore is a well-regulated industry with reputable brokers offering a wide range of products and services to traders. When choosing a forex broker in Singapore, it is important to consider the broker’s reputation, regulatory compliance, trading costs, customer support, and the range of products and services offered.

Brokers must be authorized by the Monetary Authority of Singapore (MAS) to provide CFD and forex trading solutions in Singapore. MAS is a central bank and integrated financial regulator that oversees the financial industry in Singapore.

How did FXEmpire choose the best Singapore forex brokers?

• We focused on brokers that accept traders from Singapore.
• We preferred brokers with MAS regulation and included brokers regulated by other reputable regulators who can provide high levels of protection to their clients.
• We sought out brokers who offered exceptional local support, including SGD deposits/withdrawals, a physical presence in Singapore, Chinese language websites/platforms, and customer support, as well as incentives for Singapore traders.
• We chose brokers without offshore entities as they do not provide sufficient protection levels to their clients.
• We tested brokers’ trading software, fees, customer services, instruments, research, and educational support.
• We listed brokers that got highly ranked compared to the industry in key areas, like fees, platforms, tradable instruments, and others.

Our team of experts has identified brokers’ strengths and weaknesses using FXEmpire’s comprehensive methodology. Here’s how we test.

Without further ado, let’s move to the selected top forex brokers.

How To Choose A Forex Broker In Singapore?

Use our guide to choose the forex broker in Singapore according to your needs.

How to choose a safe broker as a Singapore-based trader?

The process of choosing a broker begins with learning where your potential broker is regulated. Singapore-based traders may choose between MAS-regulated brokers and brokers regulated by other top-tier regulators. Some traders would find the domestic regulation more comfortable to work with.

Traders should focus on important protection options like negative balance protection, segregated funds, and compensation funds, which will cover their backs if the broker has financial problems. MAS ensures that the broker’s employees have sufficient qualifications before the broker can open their business in Singapore.

Read more about Best regulated forex brokers.

What fees should you focus on when choosing the broker?

Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.

The spread is the difference between the bid and the ask price. The higher the spread, the more you pay for the trade. We consider spreads below 1 pip for EUR/USD and 3 pips for GBP/JPY to be low. Read more about Best lowest spread forex brokers.

A commission is a fixed cost of entering the trade. Usually, accounts that charge commissions offer low spreads. Commissions below $3 are considered to be low for forex pairs and gold.

A swap/rollover fee is charged when you hold a leveraged position overnight. Traders should pay extra attention to these fees if they plan to use swing trading strategies, which involve holding positions for several days or even weeks. For forex pairs, a swap rate below 0.5 pips is viewed as a good result. Check our Best forex brokers with low swaps.

An inactivity fee is a fee that is charged by the broker if your account is dormant. In this case, a certain amount of money is charged every month. An inactivity fee below $10 is considered to be low.

Learn more about Best zero spread forex brokers.

How to choose the right account for trading in Singapore?

As a trader in Singapore, you should understand the difference between various types of accounts.

• Demo accounts are used for practice without risking real money. Such accounts should be used by novice traders making their first steps in markets. Read more about Best forex demo accounts.
• Spread-based accounts typically charge spreads and swap/rollover fees. These accounts are usually a good choice for traders whose trading volume is expected to be relatively modest. Check Best STP forex brokers.
• Commissions-based accounts charge commissions in addition to spreads and swap/rollover fees. Usually, spreads are tight in such accounts. These accounts are suitable for traders whose trading volume is expected to be high. Check Best ECN forex brokers.
• On Islamic accounts, swap/rollover fees are not charged to ensure compliance with Sharia law. Read more about Best Islamic forex accounts.
• Professional accounts usually have a high minimum deposit and offer access to the high leverage that most professional traders are looking for. Check Best forex brokers for professionals.

How to choose a trading platform?

Most brokers provide access to MetaTrader4 and/or MetaTrader5. These sophisticated platforms have a variety of tools tailored mainly for experienced traders; hence, beginners may have to spend some time learning the ropes.

Read more about Best MetaTrader 4 brokers and Best MetaTrader 5 brokers.

Some brokers have also developed in-house trading platforms. Such platforms are usually focused on the needs of different levels of traders and are easy to navigate and use.

The choice of trading platform depends on personal preferences and trading experience. Beginner traders will be better off starting with a simple platform or a mobile app, while advanced traders will likely choose MT4/MT5.

Check out our dedicated guide on Best forex trading platforms.

What leverage is available for traders in Singapore?

Leverage allows traders to use borrowed funds to increase their profits. The higher the leverage, the higher your potential profits are. However, leverage is a double-edged sword, and using high leverage also boosts your potential losses.

The maximum potential leverage that the broker can offer is determined by the regulator. MAS-regulated entities may offer a maximum leverage of 1:20. Typically, top-tier regulators limit leverage to 1:30 or less.

To access higher leverage, traders should open accounts with entities regulated by offshore regulators and offer fewer protections.

Professional traders can also get access to higher leverage. If you are qualified as an Accredited Investor in Singapore, you can use the leverage of up to 1:50. To get an Accredited Investor status in Singapore, traders must meet one of the following criteria:

• Have a minimum income of SGD 300,000 in the last 12 months
• Have at least SGD 2 million of net personal assets.
• Have at least SGD 1 million of net financial assets.

Read more about Best forex brokers with high leverage.

What to look for when choosing a forex broker in Singapore?

Here are the five must-do things when selecting a crypto trading broker:

• Сheck the broker’s regulations, protections, and level of transparency.
• Сonsider broker’s fees, including spreads, commissions, and swap rates.
• Сhoose the account type that suits your needs and trading experience.
• Explore a list of offered instruments before starting trading.
• Interact with the support team when opening an account with the broker.

How to avoid forex scams?

To avoid forex scams, traders should first check the broker’s regulations. If the broker is regulated by a Tier 1 regulator, you are mostly protected. An unregulated broker is the most suspicious one by definition. In addition to regulations, check the following red flags:

• The broker offers a big cash bonus for opening the account.
• The broker heavily promotes automatic trades and/or trading signals from unknown sources.
• A broker promises profits and cites unrealistic success rates.
• You cannot find broker’s employees on specialized websites.
• The broker’s stated address is not suitable for a serious company (too small, strange location).
• The support team does not respond or responds rarely.
• Clients report problems with funds’ withdrawal on specialized sites that publish broker reviews.

Our Methodology

FXEmpire has been reviewing brokers since 2010 and has developed an in-depth review program for CFD brokers. We have over a decade of experience testing brokers and abide by strict editorial integrity guidelines.

Our review process follows a thorough protocol, resulting in a score based on objective criteria and measurable data. As a result of our work, we publish a comprehensive and unbiased review, which is meant to help traders choose the broker that suits their needs.

To choose the best broker for you, we rate brokers across nine categories and calculate a score that reflects their performance. The categories include

• Trust and Stability
• Fees
• Platform and Tools
• Tradable Instruments
• Account Types
• Deposit and Withdrawal
• Research
• Customer Support
• Education

We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as we can for each broker. In total, we examine brokers using over 250 data points.

Each category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.

We highlight each broker’s strengths and weaknesses, explain regulatory details, and share the results of our live tests of brokers’ fees, customer support, and trading platforms. To learn more about our review process, click here.

Meet our Writers

The team of forex and CFD writers and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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