The best Forex brokers in Singapore

Forex trading is very popular among residents of Singapore. The Monetary Authority of Singapore (MAS) is the country’s central bank and regulates the market with the aim to develop Singapore as a dynamic financial center.

The MAS was founded in 1971. The institution is government owned and is built around four functions:

• To act as a central bank, conduct monetary policy, currency insurance, etc.
• To conduct supervision of financial actors in Singapore.
• To manage the national currency reserves of Singapore.
• To develop Singapore into an international financial hub.

For residents of Singapore, it is not mandatory to pick a Forex broker that is under MAS regulations, so you can pick a globally regulated broker to trade on if you want. However, you need to make sure that the broker is licensed as it’s not safe to open accounts with unregulated brokers.

In this guide, we will explore the best FX brokers in Singapore, taking into account their regulatory compliance, account types, and trading fees on EUR/USD and SGD currency pairs.

A quick comparison of top-rated Forex brokers in Singapore

When comparing top Forex brokers in Singapore, there are a number of things to consider. Ideally, you want a broker that enables you to open an account in SGD. This way you can save a lot of money on conversions. Furthermore, low trading fees on SGD/USD and EUR/USD are also super important. 

	XM Read the review Visit broker 8.4 8.4 8.34 8.34 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.03% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.	Pepperstone Read the review Visit broker 8.2 8.2 7.75 7.75 Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% of retail investor accounts lose money when trading spread bets and 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.	Plus500 Read the review Visit broker 7.4 7.4 null CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage; 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.	RoboForex Read the review Visit broker 7 7 6.56 6.56 Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.	Oanda Read the review Visit broker 7.6 7.6 6.29 6.29 CFDs are complex financial products and come with a high risk of losing money. 75% of retail client accounts lose money trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
MAS regulation	No	No	Yes	No	Yes
Operates in Singapore under	FSC (Belize)	SCB (Bahamas)	MAS	FSC (Belize)	MAS
Account currency is available in SGD	Yes	Yes	Yes	No	Yes
Spreads on USD/SGD (commission – free Standard accounts*)	From 19.5 pips	From 1.5 pips	From 0.4 pips	N/A	From 2 pips
Spreads on EUR/USD (commission — free Standard accounts*)	From 1.6 pips	From 1 pip	From 0.8 pips	From 1.3 pips	From 0.6 pips
Maximum available leverage offered to Singaporean clients	1000:1	200:1	20:1	2000:1	20:1
Minimum initial Deposit	5 SGD	0 SGD	200 SGD	10 USD	0 SGD
Desktop Trading platforms	MetaTrader 4, MetaTrader 5	MetaTrader 4, MetaTrader 5, cTrader, TradingView	Plus500 WebTrader	MetaTrader 4, MetaTrader 5, cTrader, R StockTrader	MetaTrader 4, MetaTrader 5, TradingView

*Brokers usually offer 2 types of accounts, namely spread-free and commission-free accounts. With a spread-free account, traders are charged commissions on their trades, while with a commission-free account, fees are integrated into spreads. To make comparisons easier, we prioritize displaying prices of commission-free standard accounts where possible. 

More about the 5 best FX brokers in Singapore

Below you will learn more about the account types offered by these brokers. We’ll provide you with detailed information on the SGD vs major currencies trading fees, and we’ll include the license number for each broker so that you can check the license documents yourself. 

XM

 

XM is a group of Forex and CFD brokers regulated in 5 jurisdictions. The broker doesn’t have a MAS license. However, residents of Singapore can open live trading accounts with XM Global Limited, regulated by the International Financial Services Commission (FSC) of Belize. 

XM Global Limited is authorized and regulated by the FSC with license number 000261/309.

XM was established in 2009, after which the broker quickly became popular among traders. Today, XM provides financial services to over 5 million clients from more than 190 countries.

There are more than 1471 assets available for trading with XM, including: 

• 57 Forex pairs
• 1261 shares as CFDs 
• 100 physical shares
• 31 cryptocurrencies as CFDs 
• 14 indices
• 8 commodities

XM offers 4 account types to Singaporean traders. 3 of them, the Micro, Standard, and XM Ultra Low, are for trading Forex and CFDs, with the 4th one being a Share account used for trading physical shares. 

 

 

 

XM

Read the review
Visit broker

8.4

8.4

8.34

8.34

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.03% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

 

Singapore Dollar trading with XM

If you are interested in FX trading, it’s important that your broker offers low trading fees on Singaporean Dollar against major currencies. Below you’ll see all the available SGD pairs offered by XM. It should be noted that 1 pip equals 0.01 when trading SGD/JPY and 1 pip equals 0.0001 when trading USD/SGD. 

Pepperstone

 

Pepperstone is a group of companies operating globally regulated in 3 jurisdictions. Pepperstone doesn’t have a MAS license, however, Singaporean traders can open accounts with Pepperstone Markets Limited, which is regulated in the Bahamas. 

Pepperstone Markets Limited is located at Sea Sky Lane, B201, Sandyport, Nassau, New Providence, The Bahamas, and is licensed and regulated by The Securities Commission of The Bahamas, (SIA-F217).

Pepperstone was founded in 2010 in Melbourne, Australia, and since its establishment has managed to expand its services globally, today serving more than 300 thousand clients worldwide. Pepperstone offers the largest variety of desktop trading platforms to traders with the full set of MetaTrader platforms, cTrader, and TradingView being available. 

There are more than 1200 assets available for trading with Pepperstone, including: 

• 62 Forex pairs
• 1000+ shares as CFDs 
• 23 cryptocurrencies as CFDs 
• 23 indices
• 32 commodities

Pepperstone offers Razor and Standard account types. What’s great about this broker is that both position and high-frequency traders will find account types that best fit their needs. 

 

 

 

Pepperstone

Read the review
Visit broker

8.2

8.2

7.75

7.75

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% of retail investor accounts lose money when trading spread bets and 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.

 

Singapore Dollar trading with Pepperstone

If you are interested in FX trading, it’s important that your broker offers low trading fees on Singaporean Dollar against major currencies. Below you’ll see all the available SGD pairs offered by XM, and it should be noted that 1 pip equals 0.01 when trading SGD/JPY and 1 pip equals 0.0001 when trading USD/SGD. 

Plus500

 

Plus500 is a group of brokers regulated in 8 jurisdictions. The Singaporean branch is managed by Plus500SG Pte Ltd.

Plus500SG Pte. Ltd. (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital market products (Licence No. CMS100648). Office Address: Plus500SG Pte Ltd | 1 Temasek Avenue, Millenia Tower #37-03 | Singapore 039192

Plus500 was founded in 2008. Since its establishment, the broker has managed to grow its customer base to more than 300 million registered traders from over 50 countries. 

The broker only offers live and demo account types and there are more than 2800 assets available for trading with Plus500, including: 

• 66 Forex pairs
• 1634 shares as CFDs
• 1200 physical shares 
• 19 cryptocurrencies as CFDs 
• 31 indices
• 22 commodities

 

 

 

Plus500

Read the review
Visit broker

7.4

7.4

null

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage; 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

 

Singapore Dollar trading with Plus500

Now let’s take a look at minimum spreads on SGD currency pairs. Take note that on SGD/JPY 0.010 equals 1 pip. For the rest of the pairs, 0.0010 equals 1 pip.

RoboForex

 

RoboForex is a Forex and CFD broker serving clients globally. The broker is not regulated by the MAS. However, Singaporean traders can open accounts that are overseen by the Financial Services Commission of Belize.

RoboForex Ltd is a financial broker regulated by the FSC, license No. 000138/333, reg. number 128.572. Address: 2118 Guava Street, Belama Phase 1, Belize City, Belize.

RoboForex was established in 2009, and currently, the broker has more than a million clients from over 169 countries. 

Unfortunately, the broker doesn’t offer traders SGD currency pairs, but there are 12000 assets available for trading with RoboForex, including: 

• 35 Forex pairs
• 8400 shares as CFDs
• 3000 physical shares 
• 33 cryptocurrencies as CFDs 
• 6 indices
• 9 commodities

 

 

 

RoboForex

Read the review
Visit broker

7

7

6.56

6.56

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

 

Oanda

 

Oanda is a global Forex and CFD broker regulated in 6 jurisdictions. Singaporean traders are serviced by OANDA Asia Pacific Pte Ltd.

OANDA Asia Pacific Pte. Ltd. (Co. Reg. No 200704926K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore.

Oanda is an American CFD broker with more than 25 years of experience. There are 322 assets available for trading with Oanda, including: 

• 48 Forex pairs
• 228 shares as CFDs
• 18 cryptocurrencies as CFDs 
• 18 indices
• 10 commodities

 

 

 

Oanda

Read the review
Visit broker

7.6

7.6

6.29

6.29

CFDs are complex financial products and come with a high risk of losing money. 75% of retail client accounts lose money trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

Oanda offers Standard and Premium accounts to retail traders. In addition, there are accounts for institutional traders and demo accounts are also available. Let’s compare retail trading accounts below:

Singapore Dollar trading with Oanda

Now let’s take a look at minimum spreads on SGD currency pairs with Oanda. 

Best Forex broker in Singapore per category

While there are many traders that solely trade Forex pairs, many others prefer trading stock CFDs or cryptocurrencies. As such, we broke down the brokers in each category and compared the number of instruments offered and trading fees to make it easier for you to find one that fits your style.

Best Broker in Singapore for Forex Trading

Prus500 offers the largest number of Forex pairs and lowest trading fees when it comes to trading Forex. 

Best Broker in Singapore for Share CFD Trading

Our pick in this category is RoboForex due to the largest number of available instruments and low trading fees. 

Best Broker in Singapore for Crypto CFD Trading

XM has the best-balanced offer in terms of trading fees and the number of crypto assets, and for this category our pick is XM.

How to check if the broker is MAS regulated or is just registered at the MAS?

Out of the top 5 picks we have provided you with, only Oanda and Plus500 have MAS licenses. The rest of the brokers are operating under global licenses. Let’s see how to check the MAS license in 2 easy steps.

Step 1

Open the Financial Institutions Directory of the Monetary Authority of Singapore. 

Step 2 

Copy and paste the company’s name that is registered with the MAS and then press “Search”. If it exists, you’ll be able to see the license instantly.

All MAS–regulated Forex broker reviews 

In addition to the top 5 brokers that we have picked, there are lots of other great brokers to consider that are regulated by the Monetary Authority of Singapore. You can find detailed reviews of many of them on our site.