In this guide, we go over the best trading platforms in Singapore. We have analysed 174 brokers and evaluated their platforms in 8 major categories. We measured all aspects of their service including trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education, customer support and islamic account options.
Trading platforms that reached the highest scoring are considered in the following list:
Top 6 Trading Platforms in Singapore
- Saxo Bank – Best trading platform Overall
- POEMS –
- OandA – OandA – Low risk CFD and forex broker
- IG –
- Interactive Brokers – Great Overall Pick
- Forex.com – Best Forex Trading Platform
Best Online Trading Platforms Singapore
|PLATFORM||SCORE||GENERAL INFO||MINIMUM DEPOSIT|
|#1||Saxo Bank||4.9||Best For High Volume Traders||$10.000|
|#3||OandA||4||Low risk CFD and forex broker||$0|
|#5||Interactive Brokers||4.9||Great Overall Pick||$0|
|#6||Forex.com||4||Best Forex Trading Platform||$100|
Below section breaks down the best trading platforms in Singapore beginning with the highest rated…
01. Saxo Bank: Best trading platform Overall
Saxo Bank is a reputable global brand known for its complete overall offer and exclusive conditions for high volume traders and investors. Users can enjoy cutting edge trading technology paired with a premium interface and great trade execution on mobile and desktop. The Saxo Bank trading platform offers a feature rich trading experience, easy to use interface, competitive margin rates, and trading on over 40,000 financial instruments. This makes them an industry leader in trading assets coverage as an ECN broker.
If you can afford the minimum deposit of $10.000, this is the go to broker for traders and investors at all levels. They combine high-quality in-house research with top-tier third-party providers and a diverse portfolio of investment options.
Investors who are looking to trade in accordance with Sharia Law can open an islamic account. Saxo Bank also offers high quality customer service in Arabic and English language via phone, email or in person at their local office with guaranteed satisfying answers.
03. OandA: Low risk CFD and forex broker
OandA is a low risk CFD and forex broker with an extensive market research section, daily market updates and social trading features. Authorized by 6 tier one regulators, it is considered low risk for traders all across the globe. Their trading platform is intuitive, automate-executing and offers multiple features for algorithmic and social trading. Mobile trading is available through fxTrade on industry leading research and charting tools.
For a low cost broker, their fees and commissions are above industry average across all accounts (core and default).
05. Interactive Brokers: Great Overall Pick
Interactive Brokers is a highly trusted global broker with a well-rounded offer of tradable markets, great educational content and sophisticated order type configuration. It is a high trusted and well capitalize 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.
Professional and seasoned traders will appreciate the great selection of advanced trading tools and order type configurations available on their proprietary Trader Workstation desktop platform (TWS).
06. Forex.com: Best Forex Trading Platform
Forex.com is a well balanced online broker, great for users looking to trade forex and CFDs on a platform with no real downsided. 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.
Exceptional educational resources, great market research and ease of use make this broker a good choice for beginners. Fees are competitive if you are trading high volume. Standard account fees are above industry average.
How To Pick The Right Platform?
The main criteria to consider when choosing a trading platform in Singapore include: fees, trading platform, mobile trading, deposits & withdrawals, assets, customer support, liquidity and security.
Fees: Choose a broker with a transparent fee structure and avoid brokerage accounts with high fees on trades, overnight fees and hidden fees. Commission and spread fees are common with Singapore brokerage accounts. Spreads should vary between 0.03% to 0.5% depending on your trading volume.
Trading platforms: They should be user friendly, grant access to trading tools and indicators and suitable to traders at all levels. We recommend you opt for a platform with a technical charting interface and built-in market data. A comprehensive market news feed and access to advanced features are a must.
Mobile Trading: Mobile trading apps should offer the same trading tools and charts as their web versions. Choose mobile platforms with full-screen charting options and social feeds.
Deposit & Withdrawal: Deposit and withdrawal needs to be fast and simple. Choose an broker that offers your preferred payment method and industry leading commission and fee structures.
Assets: Look for coverage of preferred assets. Singapore traders are allowed to access all tradable asset classes including forex, stocks, indexes, options, FOPs, commodities, futures, indices, bonds, swaps, mutual funds, hedge funds, spot gold, ETFs and cryptos.
Regulation: Brokers with top-tier licenses follow strict rules enforced by a trustworthy regulators and offer high security standards. We recommend users to choose platforms with FCA, CySEC, and ASIC licenses and tier one regulations.
Research & education: Beginner and average 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 traders should look out for responsive and professional customer support available in their language.
*Islamic Accounts: All platforms from our list offer islamic account options. This gives users the chance to trade online in compliance to the Sharia law.
Online Trading In Singapore
Online trading in Singapore is available at the Singapore Exchange (SGX). It lists a total of 776 Singaporean companies. Users can trade and invest in securities, fixed income, and derivatives markets. Singaporean citizens who want to trade international stocks, ETFs, commodities, cryptocurrencies, or other financial instruments have to use an offshore broker or cryptocurrency exchange. It is legal for Singaporeans to trade and invest using offshore brokerage accounts.
Online Trading Regulation
The Singapore Exchange Regulation (SGX Regco) is the main financial regulatory body in Singapore. All companies that want to offer financial services to Singaporean citizens have to apply for a license with the SGX. Brokers based overseas without a physical presence in Singapore don’t need such a license and can freely market their products and services to Singaporean traders and investors. Cryptocurrency exchanges and other companies that do business within the cryptocurrency sector are regulated by the SGX Regco as well and have to adhere to its strict rules regarding KYC and AML.
You can verify the validity of a broker or trading platform’s license 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 company you want to trade or invest with. If nothing comes up, the broker or trading platform is unlicensed.
Cryptocurrency exchanges need to have a license in place to operate in Singapore if they have a physical presence in the country. If a broker, trading platform, or cryptocurrency exchange is based abroad, you can check their license by going to the official websites of the ASIC, CySEC, BaFIN, and FCA and checking their Registered Entities listings instead.
Based on our review, we consider Saxo Bank as the best trading platform for Singapore residents. They offer a low minimum deposit, competitive fees, advanced charting tools, social trading features and a responsive customer support.
POEMS is the second best trading platform for Singapore residents, because of their low fees, advanced trading tools, copy trading features, and a responsive customer support. OnadA, IG, Interactive Brokers, and Forex.com are finishing up our list of top platforms with a great overall offer and above average ratings.
Are There Commission-Free Trading Platforms In Singapore?
Yes, there are trading platforms available in Singapore that offer 0% commission trading.
How Much Should I Invest When Trading Online in Singapore?
You should always invest at least the minimum deposit amount Singapore and international brokers require you to open an account. In most cases, this is about $50.
Is Crypto Trading Available In Singapore?
Yes, crypto trading is available to Singapore citizens. The leading trading platforms offer Bitcoin trading via CFDs.
How To Check If A Trading Platform Has a Valid License?
You can check if a broker or trading platform has a valid license by checking the ‘Registered and Reporting Entities’ databases on the official websites of regulatory bodies like the CySEC, FINRA, ASIC, BaFin, or FCA. For Singapore-based brokers, you can check the official website of the Monetary Authority of Singapore instead.
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best online brokers. Trading platform, fees, mobile trading, payments, assets, regulation, education, and research are all part of our six-month evaluation of a broker’s trading platform. 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.
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.
If you liked this article then also read:
- Saudi Arabia
- 1 Top 6 Trading Platforms in Singapore
- 2 Best Online Trading Platforms Singapore
- 2.1 01. Saxo Bank: Best trading platform Overall
- 2.2 02. POEMS:
- 2.3 03. OandA: Low risk CFD and forex broker
- 2.4 04. IG
- 2.5 05. Interactive Brokers: Great Overall Pick
- 2.6 06. Forex.com: Best Forex Trading Platform
- 2.7 How To Pick The Right Platform?
- 2.8 Online Trading In Singapore
- 2.9 Online Trading Regulation
- 2.10 License Verification
- 3 Conclusion