Singapore Investors
6 Best Singapore Forex Brokers (May 2024)
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Singapore's status as a global financial center is undisputed, with its Forex trading market mirroring this prestige. Within this small yet powerful city-state, traders from various backgrounds – from beginners embarking on their first trading journey to the experts maneuvering through complex strategies – find themselves navigating an impressive array of Forex brokers. The task at hand is discerning which broker not only meets but exceeds their trading requirements.
This guide takes a deep dive into the Singapore Forex market, spotlighting brokers who stand out in terms of their trustworthiness, functionality, fee transparency, and compliance with the stringent regulatory norms specific to Singapore. The unique nature of Forex trading in the context of Singapore’s sophisticated market necessitates a broker that can adeptly balance local insights with global market trends.
A closer look at these brokers unravels a variety of features and benefits, each tailored to suit the different needs and aspirations of traders in Singapore. Whether trading from the heart of the city amidst its skyscrapers or from quieter neighborhoods, these platforms are geared to empower traders in the fast-paced, diverse world of Forex trading in Singapore.
Below are the current top 6 forex brokers in Singapore.
Warning: Regardless of broker choice or capital deployment, investing always brings a level of risk that must be understood and considered.
1. IG
IG Asia Pte Ltd (Co.Reg.No. 200510021K) is regulated by the Monetary Authority of Singapore and holds a capital markets services license for dealing in capital markets products that are over-the-counter derivatives contacts and is an exempt financial adviser. These platforms let individuals speculate on the price movements of equities, bonds, and currencies without having the actual assets.
Open an investment account and leverage the IG platform to capitalize on the movements in currency values. They offer trading opportunities in all major global currency pairs, including AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/EUR, GBP/JPY, GBP/USD, USD/CAD, USD/CHF and USD/JPY. They also offer trading opportunities in smaller currencies such as SGD, ZAR, INR, BRL, IDR, PHP, TWD, and much more.
They also offer access to opportunities across 13,000+ shares and ETFs.
Buy and sell thousands of global shares and ETFs. Trade US shares for £0 commission and UK shares for just £3 commission. Plus, pay only 0.5% for Forex (FX) conversion.
Another option is the Smart Portfolios – Invest via a portfolio designed by the world’s largest asset manager, BlackRock. IG monitors and manages it based on your goals and risk profile at a fraction of traditional wealth managers’ costs
CFD traders benefit the most, as this is the World’s No.1 CFD provider. Made for traders who want to take advantage of rising and falling markets, they offer flexible access to more than 17,000+ global markets, including stocks and cryptocurrencies, with reliable execution.
Read our IG Review or visit IG.
Warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.
2. BlackBull Markets
BlackBull Markets was founded in 2014 in Auckland, New Zealand by Michael Walker and Selwyn Loekman. Since then, BlackBull Markets has served tens of thousands of traders from over 180 countries and established itself as a trusted and regulated ECN broker offering access to more than 26,000 tradable instruments including stocks, forex, CFDs, and commodities.
BlackBull Markets provide access to diverse markets on all accounts, offering superior trade execution, competitive costs, and a wide range of tradable products. These include 70 currency pairs, major market indices, precious metals like gold and silver, and commodities such as gas, and oil.
Forex traders have access to 70+ currency pairs with low-cost spreads, with leverage up to 1:500, spreads from 0.0 pips, and an average execution speed less than 20ms.
Trade popular share CFDs like Tesla, Apple, and Amazon without having to own the underlying asset.
BlackBull Markets offers shares from all major share markets. Trade CFDs with 24/7 customer service, lightning-fast execution, and adequate leverage.
Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% 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.
Read our BlackBull Markets Review or visit BlackBull Markets.
3. XM
XM was founded in 2009 and is another top recommendation for Singapore residents. Within the period that has passed, they have managed to become one of the most instantly recognizable names in forex trading and they are also our top ranked global forex brokerage. XM Singapore is regulated by the Belize license, Financial Services Commission (FSC).
The broker caters for the needs of the forex market in more than 190 countries. This makes them one of the most global brokers in the industry to all levels of trader. Couple this with an exceptional education section, and a great variety of assets to trade in, and you have a winning combination with XM.
Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
4. AvaTrade
AvaTrade is a top choice for Singapore residents, While they were founded in 2006 in Ireland, they have since grown to become one of the top forex brokers in the sector.
A low minimum deposit requirement of just $100 across most of the available account types, coupled with respected regulation from a number of bodies worldwide, make AvaTrade a popular choice for new and experienced Singapore traders.
The broker offers an extensive range of assets to trade in which includes more than 60 currency pairs, and other markets for trading stocks, ETFs, crypto, and more. AvaTrade users can also avail of a very strong range of educational content with insightful material to fit all level of traders.
Read our Detailed AvaTrade Review
Warning: Trading Forex/CFD & Options on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite.
5. BD Swiss
BD Swiss founded in 2012. Since that time they have grown to become a major forex broker who now offer trading services in more than 180 countries including Singapore. They are also have regulatory oversight in place from a number of trusted bodies in the industry. BDSwiss LLC is authorised and registered with the U.S. National Futures Association NFA ID: 0486419, other regulatory bodies they abide by include CySEC.
BDSwiss is also a very well-decorated broker having collected a number of awards particularly in recent years as they have expanded their industry presence. Being recognized as providing one of the best trading platform applications, as well as for their positive trading conditions and environment has helped them greatly in continuing to improve their profile among traders.
Read Our Detailed BDSwiss Review
Warning: Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
6. FXTM
FXTM was founded in 2011 in Europe. They are currently headquartered in Cyprus but offer services in forex trading and many other assets to traders around the world, including all parts of Singapore. They have fast become one of the top forex brokers in the entire sector.
The FXTM minimum deposit starts from just $10, depending on your account type. This means trading is highly accessible through FXTM for all levels of traders. Added to this, they are an extremely well-regulated broker with the support of multiple respected bodies, including CySEC in Europe and the FCA in the UK.
This trusted regulation, a competitive range of trading costs, and the availability of more than 250 assets to trade continue to make FXTM a popular choice for Singaporeans.
Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
What is MAS?
This stands for the Monetary Authority of Singapore (MAS).
This is an independent Singapore government body, it's Singapore's central bank and financial regulatory authority. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance.
What are the requirements for MAS Brokers?
One of the requirements to be licensed by MAS, is that business funds are kept completely segregated from client funds. This is to ensure client funds are safe and not used for business expenses, dividends, or other payments.
Another requirement is that the broker only employs staff that is properly qualified to operate in money markets. Each broker must provide a full list of employees in combination with their qualifications before a business can become operational.
Similar to other money authorities around the globe, brokers in Singapore must provide evidence of a complete breakdown of business transactions, auditing and accounting.
Can I contact customer support?
We recommend a forex broker in Singapore that offers 24/7 or 24/5 support to all of Singapore. In most cases, you may phone, email, or use live chat.
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