If you are looking for the best forex brokers in Singapore, then you’re in the right place because we have just what you’re looking for.
We have ranked the best forex brokers in Singapore using our ranking methodology to test from a list of the most reputable forex brokers globally.
Ranking Methodology – While testing and ranking the best forex brokers in Singapore, one of the first critical factors we considered is the broker’s regulatory compliance. We ensured the brokers chosen are regulated by the Monetary Authority Singapore (MAS) or by regulatory agencies that meet MAS’s standards.
Along with the broker’s regulatory compliance, other factors that influenced our judgments while ranking the brokers include trading fees (spreads, commissions, and overnight fees), non-trading fees, base currencies offered, product offering, execution model, execution speed, assets offered, trading platforms provided, research offering, education offered, and customer support service.
Table of Contents
Best Forex Brokers in Singapore
Following our in-depth review and ranking process, here are the best forex brokers in Singapore;
- IG
- IC Markets
- CMC Markets
- Saxo Bank
- Interactive Brokers
1. IG
IG is a highly reputable global online broker and one of the largest CFD providers in the world in terms of revenue and trade volume. It was established in 1974 by IG Group plc, a publicly-traded company on the London Stock Exchange and a constituent of the FTSE 250 Index.
IG offers CFD trading across various global markets, including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors, and ETFs, with over 18,000+ instruments to trade.
Along with access to a wide array of global markets, you can also enjoy exceptional brokerage services such as deep liquidity, superior trade execution, volume-based rebates, advanced trading platforms, expert customer support service, and much more.
IG’s ease of use, advanced trading tools, range of markets, research, and rich education offering, make it an excellent broker for both beginner and professional traders. Also, active and high-volume traders are welcomed with exceptional trading conditions and volume-based rebates, which can help keep trading costs down.
IG Overview
| Broker | IG |
|---|---|
| Regulation | CFTC, FCA, ASIC, FCA, FINMA, FMA, MAS (Singapore), FSA, FSCA, DFSA, and BMA. |
| Forex Pairs | 81 Currency Pairs |
| Trading Platforms | ProRealTime, L2 Dealer, MetaTrader 4 |
| Minimum Deposit | $300 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:222 Retail Traders – 1:50 |
| Account Currencies | USD, GBP, AUD, EUR, SGD (Singapore Dollar), HKD. |
| Payment Methods | Bank Wire Transfer, Credit/Debit Cards, Paypal |
| Trading Tools | APIs, Virtual Private Server (VPS) |
Pros
- Strong regulatory framework.
- It is listed on the stock exchange.
- 45 years of industry experience.
- Accepts US clients.
- Established in 15 Countries worldwide.
- 313,000+ clients worldwide.
- Deep liquidity.
- Offers volume-based rebates.
- Industry-standard trading platforms.
- Forex spreads from 0.6 pips on major currency pairs.
- Offers the Singapore Dollars as a base currency.
- Excellent educational offering for beginner, intermediate and advanced traders.
- Outstanding research offering.
- Excellent customer support service.
Cons
- Inactivity fee charged (after two years of inactivity).
- No copy/ social trading platform.
2. IC Markets
IC Markets is a leading global online broker and one of the world’s largest forex providers by trade volume, with over 29 Billion USD in FX trades processed daily. It offers CFDs on various global markets, including forex, stocks, commodities, indices, cryptocurrencies, bonds, and futures, with over 2250+ instruments to trade.
With IC Markets, you can enjoy a plethora of top-notch trading services, including transparent pricing, low trading & non-trading fees, consistent ultra-low spreads from 0.0 pips, fast trade executions, low slippage, deep liquidity, advanced trading platforms & tools, and 24/7 customer support service.
IC Market’s ease of use, and excellent trading conditions, make it a suitable broker for traders of all experience levels. IC Markets also provides adequate support for various trading strategies, such as hedging, scalping, and algorithmic trading. Likewise, Its unique trading conditions, such as ultra-low trading fees, fast execution, and deep liquidity, make it an excellent choice for active and high-volume traders.
IC Markets Overview
| Broker | IC Markets |
|---|---|
| Regulation | ASIC, FSA, and CySEC. |
| Forex Pairs | 61 Currency Pairs |
| Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Minimum Deposit | $200 or currency equivalent. |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD (Singapore Dollar), NZD, JPY, HKD, CHF. |
| Payment Methods | Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking |
| Trading Tools | Virtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools |
Pros
- Quick account setup.
- Strong regulatory framework.
- Over 180,000+ clients across 190 countries worldwide.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Deep liquidity.
- Fast trade execution.
- Over 61 currency pairs to trade, including major, minor and exotic currency pairs.
- Flexible leverage from 1:1 to 1:500.
- Offers the Singapore Dollars as a base currency.
- Supports all trading styles and strategies.
- Offers swap-free account.
- Low trading fees across all account types.
- Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
- Multiple fast and secure payment methods.
- Demo account with unlimited duration.
- No inactivity fee.
- 24/7 Dedicated customer support service.
Cons
- Product offering limited to CFDs.
3. CMC Markets
CMC Markets is a global Forex and CFD provider established in 1989 by CMC Group, a publicly-traded company listed on the London Stock Exchange and a constituent of the FTSE 250 Index.
CMC Markets offers CFDs across various global markets, including forex, indices, commodities, shares, ETFs, cryptocurrencies, and treasuries, with access to over 11,000+ instruments.
With more than 30 years of industry experience, CMC continues to offer its rapidly growing client base various unique trading solutions, such as advanced trading platforms, competitive pricing, superior order execution, and excellent customer support service.
CMC Markets offers a unique brokerage solution for beginner and professional traders. You would benefit from CMCs’ emphasis on ease of use, education, and excellent customer support service as a beginner. Experienced traders can also take advantage of its competitive pricing, higher leverage option, advanced trading platforms, and cash rebates.
CMC Markets Overview
| Broker | CMC Markets |
|---|---|
| Regulation | ASIC, IIROC, BaFin, MAS (Singapore), FCA, FMA, DFSA |
| Forex Pairs | 300+ |
| Trading Platforms | Next Generation platform, MetaTrader 4 |
| Minimum Deposit | $0 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | GBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD (Singapore Dollar) |
| Payment Methods | Wire Transfer, Credit / Debit Cards, Electronic Payments. |
| Trading Tools | FIX API, Virtual Private Server (VPS) |
Pros
- Strong regulatory framework.
- Over 30+ years of industry experience
- Great for beginners.
- Trusted by over 300,000+ global clients.
- Its client’s funds are segregated.
- Deep liquidity.
- Fast order execution.
- Over 330+ currency pairs.
- No minimum deposit.
- Offers the Singapore Dollars as a base currency.
- Industry-standard trading platforms in web mobile and desktop versions.
- High leverage, from 1:1 to 1:500.
- Fast and secure payment methods.
- Excellent customer support service.
Cons
- Its product offering is limited to only CFDs.
- Withdrawal fee charged for international bank transfer.
4. Saxo Bank
Saxo Bank is a reputable Danish investment bank specializing in online trading and investments. Saxo connects traders and investors to a massive range of over 40,000+ financial products, including CFDs (on forex, single stocks & ETFs, indices, bonds, commodities & index options), cryptocurrencies, stocks, commodities, futures, forex options, listed options, ETFs, bonds, and mutual funds, all from a single integrated trading account.
Saxo’s outstanding trading solutions and services include; deep liquidity, professional-grade trading platforms, ultra-competitive pricing, low forex trading fees, quality in-platform research, quality educational offering, VIP benefits, and excellent customer support service.
The brokerage solutions offered by this broker are designed to meet the needs of high-volume traders, professionals, advanced active traders, investors, and institutions.
In contrast, the services offered by Saxo Bank would be less suitable for you if you’re a low-volume trader, as there are few that you might encounter, some of which include high minimum deposits (depending on your region) and tiered pricing structures which are more favorable to high volume traders.
Saxo Bank Overview
Broker | Saxo Bank |
|---|---|
| Regulation | FSA, FCA, JFSA, ASIC, FCA, Bank of France, SFBC, CONSOB, MAS (Singapore), JFSA |
| Forex Pairs | 182 |
| Trading Platforms | SaxoTraderGO, SaxoTraderPRO, MetaTrader 4, TradingView. |
| Minimum Deposit | $2000 or currency equivalent. (varies for different countries) |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:200 |
| Account Currencies | AED, AUD, CAD, CHF, CNH, GBP, JPY, PLN, SGD (Singapore Dollar), CZK, HKD, MXN, RON, ZAR, DKK, HUF, NOK, RUB, TRY, EUR, ILS, NZD, SEK, USD |
| Payment Methods | Bank Wire Transfer, Card Payments, Sub-account Transfer, Portfolio Transfer (Broker to Broker) |
| Trading Tools | FIX and OpenAPI, OpenAPI for Excel, Dynamic Trend, MultiCharts, Updata |
Pros
- Strong regulatory framework.
- Over 25+ years of experience in the industry.
- 810,000+ customers in over 180 countries worldwide.
- Wide product portfolio.
- Offers managed portfolios (SaxoSelect).
- Wide range of asset classes.
- Deep liquidity.
- Offers the Singapore Dollars as a base currency.
- Multiple industry standard trading platforms.
- Fast trade execution.
- Competitive spreads.
- Lower fee rates for active traders.
- Outstanding research and education.
Cons
- The demo account duration is limited to only 20 days.
- An inactivity fee is charged per quarter.
- High minimum deposit in certain countries.
- Limited deposit and withdrawal options.
5. Interactive Brokers
Interactive Brokers (also known as IBKR) is a leading global online broker owned and operated by Interactive Brokers Group, a publicly-traded company listed on the NASDAQ index.
IBKR offers a wide array of trading instruments and investment products from a single integrated trading account, including forex (spot currencies), stocks, fractional shares, bonds, mutual funds, hedge funds, ETFs, options, futures, cryptocurrencies, and metals.
With IBKR, you can enjoy an extensive list of excellent brokerage services, including deep liquidity, superior order execution, low trading fee, low financing rate, quality educational materials (for beginners, intermediate & advanced level traders), sophisticated multi-functional trading platforms, powerful research tools and much more.
The brokerage services offered by IBKR make it suitable for active traders and sophisticated investors with advanced trading experience. In addition, it is great for professional traders seeking exposure through different derivatives. Also, traders who want to combine trading and investing can do so through a single integrated account.
Furthermore, IBKR offers two brokerage plans: the IBKR Lite and IBKR Pro. The IBKR Lite plan serves casual traders with a simplified trading experience (via Client Portal, IBKR Mobile, and Trader Workstation). In contrast, the IBKR Pro plan is designed to serve active traders and sophisticated investors with a more advanced trading experience through a full suite of premier trading technology.
Interactive Brokers Review
| Broker | Interactive Brokers (IBKR) |
|---|---|
| Regulation | CFTC, IIROC, FCA, CSSF (Luxembourg), Central Bank of Ireland, Central Bank Hungary, ASIC, HKFS, KLFB, and MAS (Singapore). |
| Forex Pairs | 115 |
| Trading Platforms | Trader Workstation, IBKR Mobile, IBKR APIs |
| Minimum Deposit | $0 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:200 |
| Account Currencies | USD, AUD, GBP, CAD, CNH, CZK, DKK, EUR, HKD, HUF, ISL, JPY, KRW, MXN, NZD, NOK, PLN, RUB, SGD (Singapore Dollar), ZAR, SEK, CHF and TRY. |
| Payment Methods | Bank Wire Transfer, US Automated Clearing House (ACH), Check, Online Bill Payment, BPay, Direct Deposit, Canadian Bill Payment, Canadian Electronic Fund Transfer (ETF), Direct Rollover (Trustee-To-Trustee, Late Rollover, Employee/ Employer SEP Contribution, Recharacterization, Roth IRA conversion). |
| Trading Tools | Client Portal API, Trader Workstation API, FIX API, Investors Marketplace |
Pros
- Strong regulatory framework.
- Over 40+ years of experience in the industry.
- It is listed on the stock exchange.
- Wide range of product offerings.
- Large selection of investment products.
- Professional grade proprietary trading platforms for desktop and mobile devices.
- Superior order executiion.
- Provides support for expert advisors.
- Top tier liquidity and no requotes.
- Negative balance protection.
- Ultra-low spreads and commissions.
- Secure deposit and withdrawal methods.
- Offers over 23 account base currencies.
- Offers the Singapore Dollars as a base currency.
- It offers a volume-tiered pricing structure (based on the combined monthly trade value of the underlying asset).
- Accepts US clients.
- A wide range of quality educational materials suitable for beginners, intermediate and advanced traders (including videos, courses, and webinars).
- Wide range of vital trading services.
Cons
- It can be overwhelming for beginners.
- Not suitable for low-volume traders.
- Offers no third-party trading platform.
- The demo account is available only after the regular trading account has been approved and funded.
- Card payments and electronic payments are not available.