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Best Forex Brokers in Singapore

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In this guide, we go over the best forex brokers in Singapore. We have analysed and evaluated 174 forex brokers in 8 different categories. We measured all aspects of their service including trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education and customer support.

Forex brokers that reached the highest scoring are considered in the following list:

Best Forex Brokers Singapore

best-forex-brokers-Singapore
  • AVAtrade –  Best forex broker overall with a high trust score
  • Forex.com – Best trading tools and forex trading features
  • XM – Best forex broker for beginner and intermediate traders
  • Saxo Bank – Best forex broker for advanced users and research
  • Interactive Brokers – Best forex broker for advanced users
  • Pepperstone – Best forex broker with low trading fees and customer support

Best Forex Brokers for citizens in Singapore

BROKERGENERAL INFOSCOREBEST FORMIN. DEPOSIT
#1AVAtrade​Best overall offer4.9/5Low spreads$100
#2Forex.comBest features4.9/5Tools and features$100
#3XMBest for forex trading4.8/5Different assets$5
#4Saxo BankBest for premium traders4.8/5Forex trading$10,000
#5Interactive BrokersBest Overall Broker4.8/5Overall trading experience$0
#6PepperstoneLowest trading fees4.7/5Low fees$0

Find below a breakdown of the best forex brokers in Singapore, beginning with the best – AVAtrade.

01. AVAtrade: Best Forex Broker Overall

ava-trade-rating

AVAtrade takes the first place as the best forex broker for Singapore traders. They have a intuitive and sophisticated trading platform and mobile trading app that supports over 50 different forex currency pairs.

Deposits and withdrawals are free of charge. The minimum deposit is $100. Choose AVAtrade if you are a beginner or semi advanced forex trader, looking to trade major forex currency pairs as CFD’s with a authorised forex broker.


02. Forex.com: Best Forex Trading Platforms and Features

forex-com-rating

Forex.com finishes up on second place with the best forex trading platform. Their multi-asset, features-rich trading platform offers a wide range of proprietary platforms, advanced social trading features and great asset coverage. Forex.com offers trading on over 4500 different CFDs as stock, cryptos, currencies and access to 5500 tradable symbols overall.

Their overall great offer makes this forex and CFD broker a good choice for traders at all levels.


03. Saxo Bank: Best Selection Of Tradable Assets

saxo-bank-rating

Saxo Bank finishes up on third place as the forex brokers with the best asset coverage. They offer a superb trading platform offering all the industry leading trading features, tools and research materials. Their offer of over 40.000 tradable symbols and 30.000 securities makes them an industry leader in forex trading assets coverage.

If you can afford the minimum deposit of $10.000 for Singapore citizens, this is the go to forex broker for traders and investors at all levels.

Singapore based forex traders who want to trade in accordance to the Sharia Law can open up an islamic account. Saxo Bank also offers a great customer support in Arabic language via phone, email or in person in their local Singapore office.


04. XM.com: Best Singapore Forex Broker For Market Research and Education

xm-forex-logo

XM finished on third place as the broker with the best selection of market research and educational materials. They are a MetaTrader-only forex broker offering auto-trading, fast order executions, multiple order types, and no hidden commissions. We recommend this brokers for beginner traders, because of their low entry level and great educational content.

This broker offers limited regulatory protection.


05. Interactive Brokers: Lowest Trading Fees

interactive-brokers-logo2

Interactive Brokers is a great overall pick for Singapore traders. It is a high trusted company with an industry leading trading platform, a competitive fee structure and great global market access. Their low entry level and the Global Trader platform, which is intuitive and easy to use trading station, make this broker s great choice for beginners and advanced forex traders living in Singapore.


06. Pepperstone: Best MetaTrader and cTrader Forex Broker

pepperstone-rating

Pepperstone is a trusted Forex and CFD broker well know for its support of multiple copy trading platforms, great variety of tradable assets and a enormous research and education section. The combined offering of cTrader, MetaTrader and various social trading features makes this broker s great fit for copy traders and algorithmic traders.

Pepperstone is available through 24/5 phone and online chat support plus offers an extensive FAQ web section, and e-mail.


How To Choose a Regulated Forex Broker?

The main criteria to consider when choosing a regulated forex brokers in Singapore include: trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education and customer support.

Fees: Avoid brokerage accounts with high fees on trades, overnight fees and hidden fees.

Trading platforms: Look for intuitive, easy to use and fast executing forex trading platforms.

Mobile Trading: Mobile trading apps should offer the same trading tools and charts as their web versions.

Deposit & Withdrawal: Choose an broker that offers your preferred deposit and withdrawal option with low fees.

Assets: Look for the best coverage of asset classes and currency pairs. Forex broker who does not offer major currency pairs should be voided.

Regulation: Only choose tier one, DFSA regulated forex brokers.

Research & education: Beginner and average forex traders and investors should choose a broker with research and education tools including: weekly webinars, daily news updates, personal account manager, personal training and room access.

Customer support: Beginner forex traders should look out for responsive and professional customer support available in their language.

Islamic Accounts: All of the brokers from our list of the best forex brokers in Singapore offer an islamic account option. This gives the user to trade forex in compliance to the Sharia law.

Forex Trading in Singapore

Forex trading is popular in Singapore based on the great overall offer of brokerage services, no taxes on forex profits and capital earnings and a strict regulation environment. Forex trading in Singapore is legal and has no governmental restrictions. The forex market is regulated, easy to enter for beginners and offers safety protocols agains scams. Singapore citizens can use offshore brokerage services in order to trade currency pairs, max leverage limitations and CFDs not offered by Singapore forex brokers.

Forex Trading Regulation in Singapore

The Monetary Authority of Singapore (MAS) is the main financial regulator authority in Singapore and one of the strictest in the industry. It is not only the main regulator body, but also operates as Singapore’s Central Bank. It was found in 1971. Besides following general industry regulation standards, the MAS requires brokers segregation of investors accounts and company funds in order for get licensed.

All Singapore forex brokers need to be authorised by the MAS in order to offer their financial services to Singapore citizens.

How to Check Authorisation

You can verify the validity of a forex broker licence in Singapore by going to the official website of the Monetary Authority of Singapore (MAS) and checking the list of registered entities for the name of the broker you want to trade or invest with. If nothing comes up, the broker or trading platform is unlicensed.

If a forex broker is based abroad, you can check their license by going to the official websites of international regulators including the ASIC, CySEC, BaFIN, and FCA and checking their Registered Entities listings instead.

Summary 

We have compared 174 forex brokers in 8 major categories including: trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education customer support and sharia law compliance.

According to our research, AVAtrade is the best forex broker for Singapore residents. Beside its great overall offer, it has a competitive fee structure , advanced trading tools, copy trading features and a responsive customer support in Arabic language.

Forex.com is the best Singaporean forex broker for high volume traders based on their reliable trade execution, overall low fees and big variety of tradable assets. 

FAQ

Is forex trading legal in Singapore?

Forex trading is legal in Singapore. It is regulated by the Monetary Authority of Singapore (MAS).

Is forex trading taxable in Singapore?

Profits made with forex trading are not taxable for Singapore citizens.

Where can I trade forex in Singapore?

You can trade forex in Singapore with domestic forex brokers who have a valid MAS licence or with any offshore broker offering services to Singapore residents.


Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best forex brokers. Trading platform, fees, mobile trading, payments, assets, regulation,
education and research are all part of our six-month evaluation of a broker’s account.The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed. Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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