All-in-one investing? → Saxo Bank or Interactive Brokers
Beginner-friendly? → Plus500, eToro, or PrimeXBT
Balanced performance? → CMC Markets, City Index, or IG
This approach avoids over-analysis and focuses on what actually matters: how the platform fits your trading style, not just how it ranks overall.
Opening a forex trading account in Singapore is a structured, compliance-driven process shaped by the rules of the Monetary Authority of Singapore (MAS).
While the exact onboarding flow varies slightly by broker, most MAS-regulated and internationally accessible platforms follow the same core steps.
Start by selecting a broker that is legally authorised to accept clients in Singapore.
Trading costs, including spreads (commonly ~0.6–1.0 pips on EUR/USD) and any commissions
Choosing the right broker at this stage avoids unnecessary account switching later.
Once you select a broker, the next step is to open an account online, which typically takes 10–20 minutes.
You will be asked to provide:
Full name, address, and contact details
Employment status and income range
Trading experience (forex, CFDs, or derivatives)
Risk tolerance and investment objectives
This step is required under Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations enforced by MAS.
To activate your account, you must upload verification documents. Most brokers approve accounts within a few hours to 1 business day.
Typical requirements:
Proof of identity: Passport or NRIC
Proof of address: Utility bill or bank statement (dated within 3 months)
MAS-regulated brokers may apply stricter checks, especially for leveraged trading accounts.
Forex trading in Singapore involves leveraged products (CFDs), so brokers are required to assess whether the product is suitable for you.
This usually includes:
A short knowledge test about forex and leverage
Acceptance of risk disclosures (e.g. most retail traders lose money)
Key regulatory points:
Retail leverage is typically capped at 20:1 under MAS guidelines
Brokers must clearly explain risks such as volatility, margin calls, and potential losses
If you do not pass the assessment, some brokers may restrict access to leveraged products.
After approval, you can deposit funds. Most brokers in Singapore support:
Bank transfers (local SGD accounts)
Credit/debit cards
E-wallets (varies by platform)
Typical deposit details:
Minimum deposit: $0 to $200 SGD equivalent
Processing time: Instant (cards) to 1–2 business days (bank transfer)
Fees: Usually $0, though currency conversion fees may apply if funding in non-SGD
It’s generally more efficient to fund in SGD ($) to avoid conversion costs.
Before placing trades, select the platform that fits your style:
MetaTrader 4 (MT4) – Popular for forex, supports automation and indicators
MetaTrader 5 (MT5) – More advanced, with additional asset classes
Proprietary platforms – Often simpler, web/mobile-based
Most brokers also offer demo accounts, which allow you to practise with virtual funds before risking real capital.
Once funded, you can begin trading. Typical conditions in Singapore:
Access to 50–100+ currency pairs
Spreads from ~0.6 to 1.0 pips on major pairs
Leverage capped at 20:1 for retail traders
Before placing your first trade:
Set stop-loss and take-profit levels
Monitor margin requirements
Avoid overusing leverage, especially as a beginner
What to check before you start
A forex account in Singapore is considered properly set up when:
The broker is regulated (preferably MAS-licensed or tier-1 regulated)
Your account is fully verified and funded in SGD ($)
You understand the cost structure (spreads, commissions, swaps)
You have tested the platform via a demo account
Opening a forex trading account in Singapore is relatively fast—often completed within 24 hours—but choosing the right broker and understanding the regulatory framework makes a far bigger difference to long-term results than the sign-up process itself.
Retail forex traders in Singapore are typically limited to around 20:1 leverage under rules set by the Monetary Authority of Singapore (MAS). This cap is designed to reduce excessive risk. Higher leverage, sometimes up to 50:1, may be available to accredited or professional investors, while offshore brokers may advertise 100:1 to 500:1, though these fall outside MAS protections.
You can verify a broker’s status using the official Financial Institutions Directory maintained by the Monetary Authority of Singapore (MAS). This register shows whether a firm holds a Capital Markets Services (CMS) licence, the exact legal entity name, and the activities it is authorised to perform, including dealing in forex or OTC derivatives.
In most cases, individual traders in Singapore do not pay tax on forex profits because they are treated as capital gains. However, if trading is considered a primary source of income or a business activity, profits may be taxed under rules set by the Inland Revenue Authority of Singapore (IRAS), with personal income tax rates reaching up to ~24% for top earners and 17% corporate tax for businesses.
If a forex broker fails, client protection depends mainly on segregation of funds and regulatory oversight, rather than insurance. MAS rules require brokers to keep client funds separate from company funds, but there is no investor compensation scheme equivalent to SIPC for forex trading. Disputes can be referred to the Financial Industry Disputes Resolution Centre Ltd (FIDReC), which handles complaints between consumers and financial institutions.
Forex trading costs in Singapore usually consist of spreads, commissions, and overnight financing. Spreads on major pairs like EUR/USD typically range from ~0.6 to 1.0 pips on standard accounts, while commission-based accounts may charge around $5–$7 per round-turn lot (100,000 units) with tighter spreads. Additional costs such as swap fees and inactivity charges (often around $10 per month) may apply depending on the broker.
These platforms prioritise regulatory safety and oversight, which is often the right trade-off for long-term traders.
If trading frequency is high (e.g. day trading or scalping), execution speed and total cost per trade matter more than anything else. Even a 0.2–0.3 pip difference can materially impact profitability over time.
FOREX.com: Offers tight spreads from ~0.2–0.3 pips (commission accounts) and access to 80+ forex pairs. Known for strong execution quality and deep liquidity.
Interactive Brokers: Provides ultra-low commissions (~0.08–0.20 bps) and access to 100+ currency pairs. Designed for professional and high-volume traders who prioritise pricing efficiency.
CMC Markets: With FX Active pricing (0.0 pips + commission) and strong execution infrastructure, it’s a solid option for active traders seeking a balance of cost and tools.
These platforms are best for traders who:
Trade frequently or in larger volumes
Care about execution speed and slippage control
Want flexible pricing models (spread-only vs commission-based)
Some traders are not purely focused on forex. Instead, they want a platform where they can trade currencies alongside stocks, ETFs, bonds, and derivatives.
Saxo Bank: Offers 180+ forex pairs and access to tens of thousands of global instruments via SaxoTraderGO/PRO. Best suited to high-value traders needing a premium, all-in-one platform.
Interactive Brokers: Combines 100+ forex pairs with access to global equities, options, and bonds. Ideal for traders managing diversified, multi-asset portfolios.
These platforms are best if:
Forex is just one part of a broader strategy
You need global market access and portfolio integration
You are comfortable with more advanced platforms
For newer traders, simplicity often matters more than marginal cost savings. Platforms in this category focus on ease of use, fast onboarding, and clear pricing.
Plus500: Offers commission-free forex trading with spreads from ~0.6–0.8 pips and a clean, intuitive interface. Ideal for beginners who want straightforward trading without complexity.
eToro: Known for CopyTrader, allowing users to replicate experienced traders. Offers 40+ forex pairs with spreads around ~1.0 pip. Best for those who prefer a social, app-based experience.
PrimeXBT: A simplified, multi-asset platform combining forex and crypto trading with low minimum deposits (~$50 SGD equivalent) and a streamlined interface. Suitable for traders comfortable with offshore platforms.
These platforms are best if:
You are new to forex trading
You prefer simple pricing (no complex commissions)
You want a fast, user-friendly onboarding experience
Some traders fall between beginner and advanced. They want better tools and market access, but without jumping into fully professional platforms.
CMC Markets: Offers advanced charting tools, pattern recognition, and flexible pricing models, with spreads from ~0.7 pips. Ideal for strategy-focused traders.
City Index: Provides 80+ forex pairs, competitive spreads (~0.5–0.8 pips), and support for MT4 and TradingView. A strong middle ground between simplicity and advanced functionality.
IG: Also fits here, offering a balance of tools, market access, and pricing, making it suitable for traders progressing beyond beginner level.
These platforms are best if:
You want advanced charting and analytics tools
You are moving beyond beginner platforms
You want a balance between cost, usability, and features
A simple way to decide quickly
Most traders in Singapore can narrow their choice by answering one question:
All-in-one investing? → Saxo Bank or Interactive Brokers
Beginner-friendly? → Plus500, eToro, or PrimeXBT
Balanced performance? → CMC Markets, City Index, or IG
This approach avoids over-analysis and focuses on what actually matters: how the platform fits your trading style, not just how it ranks overall.
Opening a forex trading account in Singapore is a structured, compliance-driven process shaped by the rules of the Monetary Authority of Singapore (MAS).
While the exact onboarding flow varies slightly by broker, most MAS-regulated and internationally accessible platforms follow the same core steps.
Start by selecting a broker that is legally authorised to accept clients in Singapore.
Trading costs, including spreads (commonly ~0.6–1.0 pips on EUR/USD) and any commissions
Choosing the right broker at this stage avoids unnecessary account switching later.
Once you select a broker, the next step is to open an account online, which typically takes 10–20 minutes.
You will be asked to provide:
Full name, address, and contact details
Employment status and income range
Trading experience (forex, CFDs, or derivatives)
Risk tolerance and investment objectives
This step is required under Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations enforced by MAS.
To activate your account, you must upload verification documents. Most brokers approve accounts within a few hours to 1 business day.
Typical requirements:
Proof of identity: Passport or NRIC
Proof of address: Utility bill or bank statement (dated within 3 months)
MAS-regulated brokers may apply stricter checks, especially for leveraged trading accounts.
Forex trading in Singapore involves leveraged products (CFDs), so brokers are required to assess whether the product is suitable for you.
This usually includes:
A short knowledge test about forex and leverage
Acceptance of risk disclosures (e.g. most retail traders lose money)
Key regulatory points:
Retail leverage is typically capped at 20:1 under MAS guidelines
Brokers must clearly explain risks such as volatility, margin calls, and potential losses
If you do not pass the assessment, some brokers may restrict access to leveraged products.
After approval, you can deposit funds. Most brokers in Singapore support:
Bank transfers (local SGD accounts)
Credit/debit cards
E-wallets (varies by platform)
Typical deposit details:
Minimum deposit: $0 to $200 SGD equivalent
Processing time: Instant (cards) to 1–2 business days (bank transfer)
Fees: Usually $0, though currency conversion fees may apply if funding in non-SGD
It’s generally more efficient to fund in SGD ($) to avoid conversion costs.
Before placing trades, select the platform that fits your style:
MetaTrader 4 (MT4) – Popular for forex, supports automation and indicators
MetaTrader 5 (MT5) – More advanced, with additional asset classes
Proprietary platforms – Often simpler, web/mobile-based
Most brokers also offer demo accounts, which allow you to practise with virtual funds before risking real capital.
Once funded, you can begin trading. Typical conditions in Singapore:
Access to 50–100+ currency pairs
Spreads from ~0.6 to 1.0 pips on major pairs
Leverage capped at 20:1 for retail traders
Before placing your first trade:
Set stop-loss and take-profit levels
Monitor margin requirements
Avoid overusing leverage, especially as a beginner
What to check before you start
A forex account in Singapore is considered properly set up when:
The broker is regulated (preferably MAS-licensed or tier-1 regulated)
Your account is fully verified and funded in SGD ($)
You understand the cost structure (spreads, commissions, swaps)
You have tested the platform via a demo account
Opening a forex trading account in Singapore is relatively fast—often completed within 24 hours—but choosing the right broker and understanding the regulatory framework makes a far bigger difference to long-term results than the sign-up process itself.
Retail forex traders in Singapore are typically limited to around 20:1 leverage under rules set by the Monetary Authority of Singapore (MAS). This cap is designed to reduce excessive risk. Higher leverage, sometimes up to 50:1, may be available to accredited or professional investors, while offshore brokers may advertise 100:1 to 500:1, though these fall outside MAS protections.
You can verify a broker’s status using the official Financial Institutions Directory maintained by the Monetary Authority of Singapore (MAS). This register shows whether a firm holds a Capital Markets Services (CMS) licence, the exact legal entity name, and the activities it is authorised to perform, including dealing in forex or OTC derivatives.
In most cases, individual traders in Singapore do not pay tax on forex profits because they are treated as capital gains. However, if trading is considered a primary source of income or a business activity, profits may be taxed under rules set by the Inland Revenue Authority of Singapore (IRAS), with personal income tax rates reaching up to ~24% for top earners and 17% corporate tax for businesses.
If a forex broker fails, client protection depends mainly on segregation of funds and regulatory oversight, rather than insurance. MAS rules require brokers to keep client funds separate from company funds, but there is no investor compensation scheme equivalent to SIPC for forex trading. Disputes can be referred to the Financial Industry Disputes Resolution Centre Ltd (FIDReC), which handles complaints between consumers and financial institutions.
Forex trading costs in Singapore usually consist of spreads, commissions, and overnight financing. Spreads on major pairs like EUR/USD typically range from ~0.6 to 1.0 pips on standard accounts, while commission-based accounts may charge around $5–$7 per round-turn lot (100,000 units) with tighter spreads. Additional costs such as swap fees and inactivity charges (often around $10 per month) may apply depending on the broker.
Singapore’s forex brokers operate under strict oversight from the Monetary Authority of Singapore (MAS), helping ensure transparency and client protection. Top platforms offer tight spreads (from 0.0–1.0 pips), fast execution, and SGD ($) funding options.
This guide compares the best MAS-regulated brokers based on fees in SGD ($), platforms, and trading features, helping you choose a reliable option whether you’re new to forex or trading actively in Singapore.
Quick answer: What are the best forex brokers in Singapore?
The best forex brokers in Singapore are those authorised by the Monetary Authority of Singapore (MAS) and holding a Capital Markets Services (CMS) licence, ensuring strong client protection and regulatory oversight. In practice, the top options include Plus500, PrimeXBT, eToro, IG and CMC Markets —all of which are accessible to Singapore-based traders. These brokers typically offer tight spreads (~0.6–1.2 pips on major forex pairs), fast and reliable execution, and support for SGD ($) deposits and withdrawals via local bank transfers and e-wallets. MAS regulations, including retail leverage caps around 20:1, further help manage risk while maintaining a well-regulated and transparent trading environment for retail investors.
Plus500: Best for beginners who want a simple CFD platform with competitive spreads (~0.8 pips) and an easy-to-use interface.
PrimeXBT: Best for crypto-focused traders looking to trade forex alongside crypto, offering leveraged trading and a streamlined platform with competitive fees.
eToro: Best for copy trading, with a beginner-friendly platform and social trading features that allow users to automatically replicate experienced traders.
IG: Best overall broker in Singapore, offering 80+ forex pairs, strong execution, and MAS regulation with spreads around ~0.9 pips.
CMC Markets: Best for low-cost trading and advanced tools, with spreads from ~0.7 pips and a powerful proprietary trading platform.
The best forex trading platforms in Singapore differ mainly in trading costs (spreads and commissions), number of currency pairs, platform quality, and regulatory protection under the Monetary Authority of Singapore (MAS). While all MAS-licensed brokers must meet strict standards, pricing and platform features can vary significantly—spreads typically range from 0.0 to 1.2 pips, and access can range from 40 to 180+ forex pairs depending on the provider.
The table below compares the leading forex brokers in Singapore across the factors that most directly affect trading performance, costs, and risk:
Platform
Minimum deposit (SGD $)
Forex pairs available
Core forex trading fees
Spreads from ~0.8 pips (no commission)
From ~0.01%–0.05% per trade (spread-based)
Spreads from ~1.0 pip (no commission)
Spreads from ~0.6–0.9 pips
From 0.0 pips + ~$2.50–$5 commission (FX Active)
Platforms available
Regulation & protection
MAS-authorised entity; client funds segregated
Not MAS-licensed; offshore regulation; risk-managed accounts
68% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
The best forex brokers in Singapore share a clear set of characteristics that directly affect safety, trading costs, execution quality, and overall usability. Because forex trading involves leverage and fast-moving markets, choosing a broker that meets strict local standards is essential—not just for performance, but for risk management.
Strong regulation and client protection: Brokers must be authorised by the Monetary Authority of Singapore (MAS) and hold a Capital Markets Services (CMS) licence, with requirements such as segregation of client funds, regular audits, and leverage limits (typically up to 20:1 for retail traders).
Transparent, competitive trading costs: The best brokers offer tight spreads (typically ~0.0–1.2 pips on major pairs) and clearly disclosed commissions (often ~$3–$7 per lot round turn on commission-based accounts), helping traders control total costs.
Access to global forex markets: Leading platforms provide 60 to 180+ currency pairs, including majors (EUR/USD, USD/JPY), minors, and exotics, ensuring flexibility across different trading strategies.
Reliable execution and platform performance: Fast, stable execution is critical in forex. Top brokers deliver low-latency execution, minimal slippage, and access to trusted platforms like MetaTrader 4/5, cTrader, or proprietary systems.
SGD ($) funding and local support: The strongest brokers support SGD ($) deposits and withdrawals, often via bank transfer, and provide local customer support, reducing FX conversion costs and improving account accessibility.
The brokers featured in this guide consistently perform well across these criteria, which is why they stand out as the best forex brokers in Singapore for 2026.
Plus500 – Best for beginners who want a simple, MAS-accessible forex trading platform
Plus500 is a widely used forex broker available to Singapore traders, offering a clean, app-first trading experience with competitive spreads and straightforward pricing. The platform focuses on CFD trading, making it easy to access major currency pairs without dealing with complex commission structures. While it prioritises simplicity over advanced tools, it remains a strong entry point for traders who value usability, transparent costs, and fast onboarding.
Key information at a glance
Availability
Available in Singapore via international entities (no MAS-licensed local entity)
Regulator
Regulated by multiple authorities including FCA (UK) and ASIC (Australia)
Investor protection
Client funds held in segregated accounts; negative balance protection available under certain jurisdictions
Minimum deposit
Typically from ~$100–$150 SGD equivalent
Stock and ETF fees
Commission-free CFD trading; costs built into spreads
Crypto trading fees
Spread-based pricing (typically ~0.5%–2.0% depending on asset and volatility)
Withdrawal fees
Usually free (may vary depending on payment method or currency conversion)
Inactivity fees
~$10 per month after 3 months of inactivity
Account opening
Fully online; typically completed within 1 day with standard KYC checks
CFD trading
Yes – forex, indices, commodities, stocks, and crypto CFDs
Plus500 is not directly licensed by MAS, which means Singapore traders typically access the platform through its international entities (such as its UK or Australian subsidiaries). These entities are regulated by tier-1 regulators like the FCA and ASIC, which enforce strict rules around client fund segregation, risk disclosures, and operational transparency.
Client funds are held in segregated bank accounts, separate from company funds, reducing counterparty risk. In some jurisdictions, Plus500 also provides negative balance protection, ensuring retail traders cannot lose more than their deposited capital. However, the level of protection may differ compared to a fully MAS-licensed broker, which is an important consideration for Singapore-based users.
Plus500 uses a spread-only pricing model, meaning there are no commissions on forex trades. Instead, costs are built into the spread, which typically starts from around 0.6–0.8 pips on major pairs like EUR/USD, though this can widen during volatile periods.
This structure is straightforward and suits beginners, but active traders should still consider the “all-in cost”, especially during off-peak sessions when spreads can expand. Non-trading fees are relatively low, with no deposit or withdrawal fees in most cases, though an inactivity fee of ~$10 per month after 3 months applies.
Plus500 operates a market-maker execution model, which prioritises speed and simplicity over advanced order routing. Execution is generally fast and stable for retail traders, but it does not offer the same ultra-low latency or raw pricing environment (0.0 pip accounts) seen with ECN-style brokers.
For most users, execution is consistent enough for swing trading and casual forex strategies, but high-frequency traders or scalpers may find the lack of advanced execution metrics (such as slippage statistics or liquidity provider transparency) limiting.
Plus500 offers access to 60+ forex pairs, covering all major, minor, and several exotic currency pairs. This is broadly in line with industry averages, where most brokers provide between 50 and 100+ pairs.
The platform is entirely proprietary, available via:
WebTrader (browser-based)
Mobile apps (iOS & Android)
Unlike competitors, Plus500 does not support MetaTrader 4/5 or cTrader, which reinforces its focus on simplicity rather than customisation. The platform includes essential tools like price alerts, risk management features, and basic charting, but lacks advanced automation or algorithmic trading support.
Plus500 is best suited to beginner and casual forex traders in Singapore who want a simple, low-friction way to access currency markets. It works particularly well for users who prefer commission-free trading, a clean interface, and quick account setup, without needing advanced tools or deep customisation.
Pros & Cons
Simple, intuitive platform ideal for beginners
Commission-free forex trading with competitive spreads (~0.6–0.8 pips)
Fast account opening and user-friendly mobile experience
Access to 60+ forex pairs and multiple CFD markets
Not directly regulated by the Monetary Authority of Singapore (MAS)
No support for MetaTrader, cTrader, or algorithmic trading
Limited advanced tools for active or professional traders
Inactivity fee applies after 3 months of no activity
PrimeXBT – Best for crypto-focused traders who want leveraged forex and multi-asset trading
PrimeXBT is a multi-asset trading platform available to Singapore users, combining forex, crypto, indices, and commodities within a single leveraged trading environment. It is particularly suited to traders who want exposure to both traditional markets and digital assets, with a streamlined interface and competitive fee structure. While it does not operate as a MAS-licensed forex broker, it offers flexible trading conditions, fast execution, and a strong focus on margin trading strategies.
Key information at a glance
Availability
Available in Singapore via international platform (no MAS-licensed entity)
Regulator
Not MAS-regulated; operates offshore with internal compliance frameworks
Investor protection
Client funds stored in cold wallets (for crypto); risk management tools available
Minimum deposit
Typically from ~$50 SGD equivalent (crypto-based funding)
Stock and ETF fees
Not supported directly (focus on CFDs and crypto)
Crypto trading fees
From ~0.05% per trade (varies by asset)
Withdrawal fees
Fixed crypto network fees apply
Inactivity fees
No inactivity fee
Account opening
Fully online; typically completed within minutes with basic verification
CFD trading
Yes – forex, crypto, indices, and commodities via leveraged contracts
PrimeXBT is not authorised by the Monetary Authority of Singapore (MAS), meaning Singapore-based traders access the platform through its offshore entity. As a result, it does not provide the same level of regulatory protection or oversight as MAS-licensed brokers.
Instead, PrimeXBT relies on internal security measures, particularly for crypto custody. The majority of client funds are held in cold storage wallets, with multi-signature access controls to reduce hacking risk. However, there is no formal investor compensation scheme, which is an important consideration for traders prioritising regulatory safeguards.
PrimeXBT uses a commission-based pricing model, with forex trading fees typically starting from around 0.01%–0.05% per trade, depending on the asset and market conditions. This structure can be competitive compared to spread-only brokers, especially for active traders.
There are no deposit fees, but since the platform is primarily crypto-funded, users may incur conversion or blockchain network costs when moving funds. Overall, pricing is transparent, though traders should consider the combined impact of leverage and funding costs when holding positions over time.
PrimeXBT is designed for fast execution and leveraged trading, offering a stable environment for short-term strategies. The platform aggregates liquidity from multiple sources, allowing for relatively quick order fills even during periods of market volatility.
However, it does not provide the same level of execution transparency as institutional brokers (e.g., no detailed slippage statistics or liquidity provider breakdowns). While execution is generally reliable for retail traders, it may not fully meet the needs of high-frequency or professional trading setups.
PrimeXBT offers access to 50+ forex pairs, including major, minor, and selected exotic currencies. In addition, traders can access crypto markets, stock indices, and commodities from a single account, making it a versatile multi-asset platform.
The platform is proprietary and available via:
Web-based trading interface
Mobile applications (iOS & Android)
Unlike traditional brokers, PrimeXBT does not support MetaTrader 4/5, focusing instead on a simplified, all-in-one trading experience with integrated charting and leverage controls.
PrimeXBT is best suited to experienced traders in Singapore who want to combine forex and crypto trading within a single leveraged platform. It is particularly appealing for users comfortable with offshore platforms who prioritise flexibility, multi-asset exposure, and higher leverage over strict local regulation.
Pros & Cons
Access to forex, crypto, indices, and commodities in one platform
Not regulated by the Monetary Authority of Singapore (MAS)
Crypto-based funding may not suit all users
No MetaTrader or advanced third-party platform support
Limited investor protection compared to MAS-licensed brokers
eToro – Best for social trading and beginner-friendly forex exposure in Singapore
eToro is a globally recognised trading platform known for its social trading features, intuitive interface, and simple pricing structure. While not a traditional forex-first broker, it offers accessible FX trading alongside stocks, crypto, and ETFs.
Key information at a glance
Availability
Available in Singapore via international entities
Regulator
FCA (UK), ASIC (Australia), CySEC (EU)
Investor protection
Client funds held in segregated accounts; protections vary by entity
Minimum deposit
Typically from ~$50–$200 SGD equivalent
Stock and ETF fees
$0 commission (costs built into spreads)
Crypto trading fees
~1% buy/sell pricing (built into spread)
Withdrawal fees
~$5 per withdrawal
Inactivity fees
~$10/month after 12 months inactivity
Account opening
Fully online; usually within 1 day
CFD trading
Yes – forex, indices, commodities, crypto (CFDs depending on region)
eToro is not directly licensed by the Monetary Authority of Singapore (MAS). Instead, Singapore users access the platform via its international entities regulated by authorities such as the FCA and ASIC.
Client funds are held in segregated accounts, and the platform adheres to global regulatory standards. However, protections are not identical to MAS-regulated brokers, which is important for local traders to understand.
eToro uses a spread-only pricing model, with no commissions on forex trades.
Typical spreads:
Around ~1.0 pip on EUR/USD, slightly higher than low-cost brokers
Costs are simple and transparent, but not the lowest in the market
This structure is designed for ease of use rather than ultra-low-cost trading.
Execution is generally stable and suitable for casual and medium-frequency trading, but eToro is not designed for ultra-low latency or high-frequency strategies.
The platform prioritises ease of use and social features over advanced execution metrics, making it less appealing for professional traders.
eToro offers access to 40–50+ forex pairs, including majors and popular minors.
Platform availability:
Proprietary web platform
Mobile app (iOS & Android)
The standout feature is CopyTrader, which allows users to automatically copy trades from experienced investors, a feature used by millions globally.
eToro is best suited to beginner and casual traders in Singapore who want a simple platform with social trading features, rather than advanced tools or ultra-low costs.
Pros & Cons
Beginner-friendly platform with intuitive design
Unique CopyTrader social trading feature
Commission-free trading structure
Access to multiple asset classes beyond forex
Not MAS-regulated for Singapore users
Spreads higher than low-cost forex brokers
Limited advanced tools for active traders
Withdrawal and inactivity fees apply
52% of retail CFD accounts lose money.
IG – Best overall forex broker in Singapore for regulation, execution, and platform depth
IG is one of the most established forex brokers in Singapore, offering a fully MAS-regulated trading environment, deep liquidity, and professional-grade platforms. With over 50 years of operating history and millions of global clients, it combines strong regulatory protection with competitive pricing and a broad range of tradable markets. While more feature-rich than beginner platforms, it remains accessible thanks to its intuitive interface and flexible account setup.
Key information at a glance
Availability
Fully available in Singapore via IG Asia Pte Ltd
Regulator
Monetary Authority of Singapore (MAS) – Capital Markets Services licence holder
Investor protection
Client funds held in segregated accounts; strict MAS oversight and reporting requirements
Minimum deposit
$0 (no fixed minimum for standard accounts)
Stock and ETF fees
From ~0.10% for CFDs; $0 commission on selected products
Crypto trading fees
Spread-based pricing (varies by asset and volatility)
Withdrawal fees
Typically free (local bank transfers supported)
Inactivity fees
Generally none (may apply after extended inactivity depending on account type)
Account opening
Fully online; can be completed quickly via MyInfo for Singapore residents
CFD trading
Yes – forex, indices, commodities, shares, and crypto CFDs
IG operates locally through IG Asia Pte Ltd, which is fully licensed by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services (CMS) licence. This places it among the most highly regulated brokers available to Singapore traders.
Client funds are held in segregated accounts, separate from IG’s own capital, and the broker must comply with strict MAS rules on capital adequacy, risk controls, and transparency. Singapore traders also benefit from structured dispute resolution frameworks such as FIDReC, reinforcing overall investor protection.
IG uses a spread-based pricing model with no commissions on standard forex trades. Spreads typically start from around 0.6 pips on major pairs like EUR/USD, with average spreads closer to 0.8–0.9 pips depending on liquidity and trading hours.
While not the absolute lowest-cost provider, IG offers a strong balance between pricing, execution quality, and regulatory protection. There are generally no deposit or withdrawal fees, and the absence of a minimum deposit makes it accessible for traders starting with smaller SGD ($) balances.
Execution quality is a standout feature. IG provides fast, reliable order execution backed by deep global liquidity pools, helping minimise slippage even during volatile market conditions.
The platform also offers guaranteed stop-loss orders (GSLOs), allowing traders to cap downside risk regardless of market gaps. Advanced users can access Direct Market Access (DMA) and benefit from IG’s infrastructure, which is designed for low-latency trading and consistent fill quality.
IG offers access to 90+ forex pairs, including majors, minors, and exotics, as well as localised pairs like USD/SGD. This puts it at the higher end of the market in terms of forex coverage.
Platform options are extensive:
Proprietary web platform and mobile apps
MetaTrader 4 (MT4)
ProRealTime (advanced charting tools)
API access for advanced users
In addition to forex, traders can access 13,000+ global markets, including indices, commodities, and shares, making it a strong choice for multi-asset trading.
IG is best suited to intermediate and advanced traders in Singapore who want strong MAS regulation, reliable execution, and access to advanced trading tools. It also works well for beginners who are comfortable using a more feature-rich platform from the start.
Pros & Cons
Fully MAS-regulated with a CMS licence
Competitive spreads from ~0.6 pips with no commission on standard accounts
Access to 90+ forex pairs and 13,000+ global markets
Advanced platforms including MT4 and ProRealTime
Strong execution quality with risk management tools like GSLOs
Platform can feel complex for complete beginners
Spreads slightly higher than ultra-low-cost ECN brokers
Advanced features may take time to fully utilise
68% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
CMC Markets – Best for low spreads and advanced forex trading tools in Singapore
CMC Markets is a well-established forex broker in Singapore, offering institutional-grade pricing, ultra-fast execution, and one of the largest forex market selections available. Fully regulated and designed for both active and professional traders, it stands out for its tight spreads, advanced platforms, and deep liquidity access, while still remaining accessible to retail users.
Key information at a glance
Availability
Fully available in Singapore via CMC Markets Singapore Pte. Ltd.
Regulator
Monetary Authority of Singapore (MAS) – Capital Markets Services licence holder
Investor protection
Client funds held in segregated accounts; strict MAS compliance and reporting requirements
Minimum deposit
$0 (no fixed minimum)
Stock and ETF fees
From ~0.10% commission on share CFDs
Crypto trading fees
Spread-based pricing (varies by asset and market conditions)
Withdrawal fees
Typically free (bank transfers supported)
Inactivity fees
~SGD $15/month after 12 months of inactivity
Account opening
Fully online; typically fast with standard KYC checks
CFD trading
Yes – forex, indices, commodities, shares, crypto, and more
CMC Markets operates locally through CMC Markets Singapore Pte. Ltd., which is fully licensed by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services (CMS) licence.
Client funds are held in segregated accounts, meaning they are legally separated from the company’s operating capital. This ensures that client money cannot be used for business activities and adds a strong layer of protection.
As a MAS-regulated broker, CMC Markets must also comply with strict requirements around capital reserves, transparency, and ongoing reporting, making it one of the safer choices for Singapore-based forex traders.
CMC Markets is one of the most competitive brokers in Singapore when it comes to pricing. Standard accounts offer spreads from ~0.5 pips on major pairs like EUR/USD, while its FX Active account provides spreads from 0.0 pips plus a low commission (~$2.50 per $100,000 traded).
This pricing structure is particularly attractive for active traders, as the all-in cost can fall below industry averages (~0.6 pips for EUR/USD) when combining tight spreads and low commissions. Non-trading fees are also relatively low, with no deposit or withdrawal fees in most cases and only a modest inactivity fee after long dormancy.
Execution quality is a major strength. CMC Markets delivers ultra-fast execution speeds as low as 0.004 seconds, with no partial fills and minimal dealer intervention.
The platform aggregates pricing from multiple tier-one liquidity providers (banks), helping ensure accurate pricing and reduced slippage. This makes it particularly suitable for active traders, scalpers, and those running short-term strategies, where execution speed is critical.
CMC Markets offers one of the widest forex selections in the industry, with access to 300+ currency pairs, including majors, minors, and a wide range of exotic pairs.
Platform support is also strong:
Proprietary Next Generation platform (web & mobile)
MetaTrader 4 (MT4)
Integration with TradingView
In addition to forex, traders can access 10,000+ global instruments, including indices, commodities, shares, and treasuries, making it a strong multi-asset platform.
CMC Markets is best suited to active and experienced forex traders in Singapore who prioritise low spreads, fast execution, and advanced trading tools. It also works well for intermediate users looking to upgrade from basic platforms to a more professional trading environment.
Pros & Cons
Fully MAS-regulated with a CMS licence
Ultra-tight spreads (from 0.0–0.5 pips) with low commissions
Access to 300+ forex pairs and 10,000+ global markets
Extremely fast execution (~0.004 seconds) with minimal slippage
Advanced platforms including proprietary tools and MT4
Platform may feel complex for beginners
Commission-based pricing can be less intuitive for casual traders
Inactivity fee applies after 12 months of no activity
Saxo Bank – Best for premium forex trading and deep market access in Singapore
Saxo Bank is a premium, MAS-regulated forex broker designed for traders who want institutional-grade pricing, deep liquidity, and access to one of the largest forex markets globally. With over 30 years of experience and 70,000+ tradable instruments, it offers a high-end trading environment backed by strong regulation and advanced platforms.
Key information at a glance
Availability
Fully available in Singapore via Saxo Capital Markets Pte Ltd
Regulator
Monetary Authority of Singapore (MAS) – Capital Markets Services licence holder
Investor protection
Client funds held in segregated accounts; strict MAS compliance and capital requirements
Minimum deposit
From ~$0 (Classic), higher tiers from ~$200,000+ SGD
Stock and ETF fees
From ~$1 per trade (global markets)
Crypto trading fees
Spread-based pricing (varies by asset)
Withdrawal fees
Typically free via bank transfer
Inactivity fees
None in most cases
Account opening
Fully online; typically completed within 1–2 days
CFD trading
Yes – forex, indices, commodities, stocks, bonds, and more
Saxo Bank operates in Singapore through Saxo Capital Markets Pte Ltd, which is fully licensed by the Monetary Authority of Singapore (MAS) and has been serving local clients since the early 2000s .
Client funds are held in segregated accounts, and the firm must comply with strict MAS rules around capital adequacy, reporting, and risk controls. As a bank-backed broker, Saxo also operates under higher financial standards than most retail brokers, adding an extra layer of security.
Saxo Bank offers tight spreads starting from ~0.4 pips, with typical spreads around 0.6–0.8 pips on major pairs like EUR/USD depending on account tier .
Unlike many CFD brokers, Saxo often builds costs into spreads rather than charging commissions, although tiered pricing improves with higher trading volume or account balance. This makes it competitive for high-value or frequent traders, but less attractive for very small accounts.
Execution quality is strong, with Saxo providing access to tier-1 liquidity providers and institutional-grade infrastructure. This supports high fill rates and minimal slippage, especially on major forex pairs.
The platform is designed for professional-level trading, with advanced order types, detailed execution controls, and reliable performance even during volatile market conditions.
Saxo Bank offers access to 185+ forex pairs, including majors, minors, and a wide range of exotic currencies .
Platform support includes:
SaxoTraderGO (web & mobile)
SaxoTraderPRO (desktop)
Integration with TradingView
In total, traders can access 70,000+ global instruments, making it one of the most comprehensive multi-asset platforms available in Singapore .
Saxo Bank is best suited to experienced and high-value traders in Singapore who want deep market access, premium tools, and institutional-grade execution. It is less suited to beginners due to its complexity and higher capital expectations.
Pros & Cons
Fully MAS-regulated with strong institutional backing
Access to 185+ forex pairs and 70,000+ global instruments
Tight spreads from ~0.4 pips with tiered pricing
Advanced platforms with professional-grade tools
Higher capital requirements for best pricing tiers
Platform can feel complex for beginners
Not optimised for very small or casual traders
Interactive Brokers – Best for professional traders seeking ultra-low costs and global market access
Interactive Brokers is a globally recognised brokerage with MAS licensing in Singapore, known for its ultra-low forex commissions, direct market access, and professional trading tools. It is widely used by institutional and high-frequency traders who prioritise cost efficiency and execution quality.
Key information at a glance
Availability
Fully available via Interactive Brokers Singapore Pte Ltd
Regulator
Monetary Authority of Singapore (MAS) – licensed entity
Investor protection
Client funds held in segregated accounts; strict MAS oversight
Minimum deposit
$0 (no fixed minimum)
Stock and ETF fees
From ~$0.00–$0.005 per share (US stocks)
Crypto trading fees
Typically ~0.12%–0.18% per trade (varies)
Withdrawal fees
One free withdrawal per month; fees thereafter
Account opening
Fully online; typically 1–2 days with verification
CFD trading
Yes – forex, indices, commodities, shares, bonds, and more
Interactive Brokers operates through Interactive Brokers Singapore Pte Ltd, which is licensed and regulated by the Monetary Authority of Singapore (MAS) .
Client funds are held in segregated accounts, and the firm must meet strict MAS standards for capital adequacy and risk management. Globally, Interactive Brokers holds hundreds of billions in client equity, reinforcing its reputation as a highly stable broker.
Interactive Brokers uses a commission-based pricing model, with forex commissions typically as low as ~0.08–0.20 basis points (bps) per trade, making it one of the lowest-cost forex brokers globally.
Spreads are typically very tight (close to interbank rates) because the broker connects directly to liquidity providers. This structure is highly efficient for active and high-volume traders, though it can feel less intuitive than spread-only pricing.
Execution is a core strength. Interactive Brokers provides direct market access (DMA) with smart order routing, ensuring trades are executed at the best available price across liquidity venues.
Its infrastructure is designed for low-latency trading, making it particularly suitable for algorithmic traders, scalpers, and professional users who require precision and speed.
Interactive Brokers offers access to 100+ forex pairs, alongside 150+ global exchanges across multiple asset classes .
The platform supports a wide range of tools, including algorithmic trading, advanced charting, and portfolio analytics, making it one of the most feature-rich brokers available.
Interactive Brokers is best suited to professional and active traders in Singapore who want ultra-low costs, direct market access, and advanced trading tools. It is less suitable for beginners due to its complexity.
Pros & Cons
Fully MAS-regulated with strong global reputation
Ultra-low forex commissions (~0.08–0.20 bps)
Access to 100+ forex pairs and 150+ global exchanges
Advanced platforms with algorithmic trading support
Excellent execution quality and low latency
Platform can be complex for beginners
Commission-based pricing may feel less intuitive
Limited beginner-focused tools or simplified interface
City Index – Best for balanced forex trading with strong tools and MAS regulation
City Index is a long-standing forex broker available in Singapore, offering a balanced mix of competitive spreads, strong regulation, and flexible trading platforms. Backed by StoneX Group (a Nasdaq-listed financial services firm), it combines institutional credibility with tools suitable for both intermediate and active traders.
Key information at a glance
Availability
Fully available in Singapore
Regulator
Monetary Authority of Singapore (MAS), FCA (UK), ASIC (Australia)
Investor protection
Client funds held in segregated accounts; strong regulatory oversight
Yes – forex, indices, commodities, shares, and more
City Index is licensed by the Monetary Authority of Singapore (MAS), alongside other tier-1 regulators such as the FCA and ASIC.
Client funds are held in segregated accounts, and the broker must comply with MAS requirements around capital adequacy, reporting, and client protection. Its ownership by StoneX Group adds an additional layer of financial transparency and stability.
City Index offers competitive spread-based pricing, with typical spreads around ~0.6–0.7 pips on major pairs like EUR/USD.
There are generally no commissions on standard forex trades, making pricing straightforward. Compared to peers, City Index tends to offer slightly tighter spreads than many retail brokers, though not as low as raw ECN accounts. Non-trading fees are minimal, with no deposit fees and limited additional charges.
Execution is reliable, supported by institutional infrastructure and multiple liquidity providers, helping ensure stable pricing and reduced slippage.
City Index also offers guaranteed stop-loss orders (GSLOs) and advanced risk management tools, which are particularly valuable during volatile market conditions. The platform is well-suited to active traders who need consistent execution without unnecessary complexity.
City Index provides access to 80+ forex pairs, covering major, minor, and selected exotic currencies.
Platform support is flexible:
Proprietary Web Trader and mobile apps
MetaTrader 4 (MT4)
Integration with TradingView
In addition, traders can access 13,000+ global markets, including indices, commodities, and shares, making it a strong multi-asset platform.
City Index is best suited to intermediate traders in Singapore who want a balance between competitive pricing, strong regulation, and flexible platforms. It also works well for traders upgrading from beginner platforms to more advanced tools.
Pros & Cons
Fully MAS-regulated with strong global backing (StoneX Group)
Competitive spreads from ~0.6–0.7 pips
Access to 80+ forex pairs and 13,000+ markets
Supports MT4 and TradingView integration
Strong risk management tools including GSLOs
Platform may feel basic compared to premium brokers
No copy trading or passive investment features
OANDA – Best for transparent pricing and reliable MAS-regulated trading
OANDA is one of the most established forex brokers in Singapore, known for its strong MAS regulation, transparent pricing, and reliable execution. With over 20+ years of global experience, it has built a reputation for consistency, making it a popular choice among both beginner and experienced traders.
Key information at a glance
Availability
Fully available via OANDA Asia Pacific Pte Ltd
Regulator
Monetary Authority of Singapore (MAS), FCA, ASIC, CFTC
Investor protection
Client funds held in segregated accounts; strong global regulatory oversight
Minimum deposit
$0 (no minimum deposit requirement)
Stock and ETF fees
Limited; primarily focused on forex and CFD trading
Crypto trading fees
Spread-based pricing (varies by asset)
Withdrawal fees
Typically free
Inactivity fees
None in most cases
Account opening
Fully online; fast onboarding process
CFD trading
Yes – forex, indices, commodities, and crypto CFDs
OANDA operates through OANDA Asia Pacific Pte Ltd, which is licensed by the Monetary Authority of Singapore (MAS) as a Capital Markets Services licence holder.
Client funds are held in segregated accounts, and the broker must comply with MAS rules on risk management, reporting, and capital requirements. OANDA is also regulated by multiple tier-1 authorities globally, reinforcing its reputation for safety and transparency.
OANDA uses a spread-based pricing model, with typical spreads around ~0.8–1.0 pips on EUR/USD, slightly wider than the lowest-cost brokers.
However, it compensates with transparent pricing, no minimum deposit, and no hidden fees, making it accessible for traders of all sizes. There are also no inactivity fees or withdrawal fees, which helps keep overall costs predictable.
Execution is highly reliable, with OANDA publishing execution quality data and maintaining consistent pricing across market conditions.
The broker also offers guaranteed stop-loss orders (GSLOs) in Singapore, helping traders manage risk during volatility.
While not specifically designed for ultra-low latency trading, OANDA provides stable execution suitable for most retail trading strategies.
OANDA offers access to 60+ forex pairs, including all major and minor pairs, along with a selection of exotics.
Platform options include:
Proprietary OANDA Trade platform (web & mobile)
MetaTrader 4 (MT4)
Integration with TradingView
The platform focuses heavily on data-driven trading tools, charting, and analytics, making it appealing for traders who rely on technical analysis.
OANDA is best suited to traders in Singapore who prioritise strong regulation, transparent pricing, and platform reliability. It works well for both beginners and experienced traders who want a no-minimum deposit broker with consistent execution.
Pros & Cons
Fully MAS-regulated with strong global oversight
No minimum deposit requirement
Transparent pricing with no hidden fees
Reliable execution and strong risk management tools
Supports MT4 and TradingView
Spreads slightly wider than lowest-cost competitors
Limited product range compared to multi-asset brokers
Fewer advanced tools than institutional platforms
FOREX.com – Best for active forex traders seeking tight spreads and global market access
FOREX.com is a globally established forex broker that has expanded into Singapore, offering tight spreads, strong execution, and access to a broad range of currency markets. Backed by StoneX Group (NASDAQ-listed), it combines institutional infrastructure with retail-friendly platforms.
Key information at a glance
Availability
Available in Singapore via international entities
Regulator
Regulated globally (FCA, ASIC, CFTC, NFA); Singapore access via global entities
Investor protection
Client funds held in segregated accounts; protections vary by jurisdiction
Minimum deposit
Typically from ~$100–$1,000 SGD equivalent
Stock and ETF fees
Spread-based CFD pricing
Crypto trading fees
Spread-based pricing (varies by asset)
Withdrawal fees
Typically free (may vary by method)
Inactivity fees
May apply after 12 months of inactivity
Account opening
Fully online; typically 1–2 days
CFD trading
Yes – forex, indices, commodities, crypto, and shares
FOREX.com operates globally under multiple tier-1 regulators, including the FCA (UK), ASIC (Australia), and CFTC/NFA (US).
In Singapore, traders typically access the platform through its international entities rather than a locally MAS-licensed entity, meaning protections depend on the jurisdiction of the account.
Client funds are held in segregated accounts, and the broker follows strict global compliance standards, though the level of protection differs compared to MAS-regulated brokers.
FOREX.com is known for tight spreads starting from around ~0.2–0.3 pips on major pairs under commission-based accounts, with standard spreads typically higher.
Commission-based accounts (raw spreads + low commission per trade)
This flexibility makes it particularly attractive for active traders who want to optimise total trading costs.
Execution is a key strength. FOREX.com provides high-speed order execution with access to deep liquidity pools, designed for active trading and high-frequency strategies.
Its infrastructure supports low latency and minimal slippage, making it suitable for traders who prioritise execution quality over simplicity.
FOREX.com offers access to 80+ currency pairs, covering major, minor, and exotic FX markets.
Platform options include:
Proprietary FOREX.com web and mobile platform
MetaTrader 4 (MT4)
Advanced trading tools and analytics
This makes it a strong choice for traders who want both flexibility and professional-grade tools.
FOREX.com is best suited to active and experienced forex traders in Singapore who want tight spreads, flexible pricing models, and strong execution performance. It is less ideal for beginners seeking a simple, MAS-local broker.
Pros & Cons
Tight spreads from ~0.2–0.3 pips (raw pricing)
Backed by StoneX Group (publicly listed financial firm)
Strong execution with low latency
Access to 80+ forex pairs
Flexible pricing (spread-only or commission-based)
Not directly MAS-licensed for local Singapore entity access
Platform can feel complex for beginners
Full protection depends on account jurisdiction
Forex brokers in Singapore are generally safe when they operate under the country’s regulatory framework, but safety depends heavily on whether the broker is authorised locally, how client funds are handled, and the type of products being traded (e.g. leveraged forex CFDs).
Forex brokers that offer leveraged trading to retail clients in Singapore must be authorised by the Monetary Authority of Singapore (MAS) and hold a Capital Markets Services (CMS) licence.
MAS enforces strict rules on:
Capital adequacy, ensuring brokers maintain sufficient financial reserves
Segregation of client funds, meaning client money is held separately from company funds
Ongoing reporting and audits, including compliance checks and financial disclosures
Leverage limits, typically capped at 20:1 for retail forex trading
Singapore is one of the world’s largest FX hubs, with ~$1.4–$1.5 trillion in daily trading volume, which reinforces the need for strong regulatory oversight.
This framework significantly reduces the risk of fraud, misuse of funds, or broker insolvency.
Safety in Singapore depends on the type of trading product:
Forex and CFD trading accounts are not covered by an insurance scheme
There is no SIPC-style compensation if a broker fails
Protection relies on segregation of funds and MAS supervision
If disputes arise, traders can use the Financial Industry Disputes Resolution Centre Ltd (FIDReC), an independent body that handles complaints between consumers and financial institutions.
This means regulation reduces operational risk, but it does not guarantee recovery of funds in extreme scenarios.
Many top brokers available in Singapore go beyond MAS requirements:
Backing from large financial institutions or publicly listed companies
Negative balance protection, preventing losses beyond deposited capital
Advanced tools like stop-loss orders, guaranteed stops, and margin alerts
Transparent reporting on execution quality and pricing
These safeguards improve overall safety, particularly for retail traders using leverage.
Even with strong regulation, forex trading carries inherent risks:
Forex markets are highly liquid but can still be volatile during major economic events
Leverage amplifies both gains and losses, even under MAS limits
Spreads can widen and slippage can occur during fast-moving markets
Traders can still lose their entire capital
Regulation reduces counterparty risk, but it does not eliminate market risk.
A forex broker in Singapore is generally considered safe when it:
Is licensed by the Monetary Authority of Singapore (MAS)
Clearly explains how client funds are segregated and protected
Discloses all fees, spreads, and leverage risks transparently
Has a strong track record or backing from a well-capitalised parent company
Provides effective risk management tools and complies with MAS leverage rules
Forex brokers in Singapore are among the most tightly regulated in the Asia-Pacific region, and reputable providers offer a high level of operational safety. However, protection varies depending on the broker and product.
The safest approach is to use a MAS-licensed broker, understand the limits of investor protection, and manage risk carefully when trading leveraged forex products.
Each forex broker featured in this guide is evaluated using a standardised, data-driven scoring framework designed to ensure fair, consistent, and transparent comparisons for Singapore-based traders. Platforms are assessed through hands-on testing of live and demo accounts, combined with a detailed review of pricing structures, product offerings, platform performance, and regulatory status. The process reflects how each broker performs in real trading conditions, not just on paper.
Quantitative fee analysis (spreads, commissions, non-trading costs in SGD)
Product and market coverage review (currency pairs, CFDs, multi-asset access)
Independent safety checks, including verification with the Monetary Authority of Singapore (MAS) where applicable
Scoring framework
Scoring category
What we assess
Investing options
The ways users can trade or invest, including forex CFDs, multi-asset access, and advanced strategies such as copy trading or algorithmic trading
Platforms and usability
Ease of use, platform design, execution speed, and stability across web, desktop, and mobile
Products and markets
The range of tradable instruments, including forex pairs (major, minor, exotic), CFDs, and additional asset classes
Safety and reliability
Regulatory oversight (especially MAS licensing), client fund protection, company background, and overall trustworthiness
Deposits and withdrawals
Funding methods available in Singapore (e.g. bank transfer, cards, e-wallets), processing times, fees, and ease of withdrawals
Research tools
Charting, indicators, market data, economic calendars, and analytical tools
Fees and costs
Spreads, commissions, overnight financing (swap rates), and non-trading fees such as inactivity charges
Education
Quality of educational materials, trading guides, webinars, and in-platform learning tools
Scoring and weighting
Each category is scored on a 0–5 scale, based on both quantitative data and qualitative assessment.
Scores are then weighted according to their importance to forex traders in Singapore, with factors such as regulation, trading costs, and execution quality carrying greater influence.
The weighted scores are combined to produce the overall broker rating, allowing for objective, side-by-side comparisons across all platforms featured in this guide.
Choosing the right forex broker in Singapore comes down to aligning the platform with how you actually trade—not just which one looks best on paper. In practice, most decisions are driven by four factors: regulation (MAS vs offshore), trading costs (spreads/commissions), execution quality, and platform complexity.
The categories below are designed to reduce decision fatigue by grouping our top 10 brokers—Plus500, PrimeXBT, eToro, IG, CMC Markets, Saxo Bank, Interactive Brokers, City Index, OANDA, and FOREX.com—into clear use cases. Each group highlights where a platform genuinely stands out based on real-world trading conditions in Singapore.
For traders prioritising safety, local regulation is the single most important factor. Brokers authorised by the Monetary Authority of Singapore (MAS) must follow strict rules on client fund segregation, leverage limits (typically 20:1 for retail traders), and ongoing compliance reporting.
OANDA: Operates through a MAS-licensed entity, offering no minimum deposit and transparent pricing (~0.6–1.0 pips on major pairs). Best suited to traders who prioritise regulatory clarity, consistent execution, and reliability.
IG: A MAS-licensed broker with strong global infrastructure, offering 80+ forex pairs and competitive spreads (~0.6–0.9 pips). Combines local oversight with institutional-grade execution.
These platforms prioritise regulatory safety and oversight, which is often the right trade-off for long-term traders.
If trading frequency is high (e.g. day trading or scalping), execution speed and total cost per trade matter more than anything else. Even a 0.2–0.3 pip difference can materially impact profitability over time.
FOREX.com: Offers tight spreads from ~0.2–0.3 pips (commission accounts) and access to 80+ forex pairs. Known for strong execution quality and deep liquidity.
Interactive Brokers: Provides ultra-low commissions (~0.08–0.20 bps) and access to 100+ currency pairs. Designed for professional and high-volume traders who prioritise pricing efficiency.
CMC Markets: With FX Active pricing (0.0 pips + commission) and strong execution infrastructure, it’s a solid option for active traders seeking a balance of cost and tools.
These platforms are best for traders who:
Trade frequently or in larger volumes
Care about execution speed and slippage control
Want flexible pricing models (spread-only vs commission-based)
Some traders are not purely focused on forex. Instead, they want a platform where they can trade currencies alongside stocks, ETFs, bonds, and derivatives.
Saxo Bank: Offers 180+ forex pairs and access to tens of thousands of global instruments via SaxoTraderGO/PRO. Best suited to high-value traders needing a premium, all-in-one platform.
Interactive Brokers: Combines 100+ forex pairs with access to global equities, options, and bonds. Ideal for traders managing diversified, multi-asset portfolios.
These platforms are best if:
Forex is just one part of a broader strategy
You need global market access and portfolio integration
You are comfortable with more advanced platforms
For newer traders, simplicity often matters more than marginal cost savings. Platforms in this category focus on ease of use, fast onboarding, and clear pricing.
Plus500: Offers commission-free forex trading with spreads from ~0.6–0.8 pips and a clean, intuitive interface. Ideal for beginners who want straightforward trading without complexity.
eToro: Known for CopyTrader, allowing users to replicate experienced traders. Offers 40+ forex pairs with spreads around ~1.0 pip. Best for those who prefer a social, app-based experience.
PrimeXBT: A simplified, multi-asset platform combining forex and crypto trading with low minimum deposits (~$50 SGD equivalent) and a streamlined interface. Suitable for traders comfortable with offshore platforms.
These platforms are best if:
You are new to forex trading
You prefer simple pricing (no complex commissions)
You want a fast, user-friendly onboarding experience
Some traders fall between beginner and advanced. They want better tools and market access, but without jumping into fully professional platforms.
CMC Markets: Offers advanced charting tools, pattern recognition, and flexible pricing models, with spreads from ~0.7 pips. Ideal for strategy-focused traders.
City Index: Provides 80+ forex pairs, competitive spreads (~0.5–0.8 pips), and support for MT4 and TradingView. A strong middle ground between simplicity and advanced functionality.
IG: Also fits here, offering a balance of tools, market access, and pricing, making it suitable for traders progressing beyond beginner level.
These platforms are best if:
You want advanced charting and analytics tools
You are moving beyond beginner platforms
You want a balance between cost, usability, and features
A simple way to decide quickly
Most traders in Singapore can narrow their choice by answering one question:
All-in-one investing? → Saxo Bank or Interactive Brokers
Beginner-friendly? → Plus500, eToro, or PrimeXBT
Balanced performance? → CMC Markets, City Index, or IG
This approach avoids over-analysis and focuses on what actually matters: how the platform fits your trading style, not just how it ranks overall.
Opening a forex trading account in Singapore is a structured, compliance-driven process shaped by the rules of the Monetary Authority of Singapore (MAS).
While the exact onboarding flow varies slightly by broker, most MAS-regulated and internationally accessible platforms follow the same core steps.
Start by selecting a broker that is legally authorised to accept clients in Singapore.
Trading costs, including spreads (commonly ~0.6–1.0 pips on EUR/USD) and any commissions
Choosing the right broker at this stage avoids unnecessary account switching later.
Once you select a broker, the next step is to open an account online, which typically takes 10–20 minutes.
You will be asked to provide:
Full name, address, and contact details
Employment status and income range
Trading experience (forex, CFDs, or derivatives)
Risk tolerance and investment objectives
This step is required under Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations enforced by MAS.
To activate your account, you must upload verification documents. Most brokers approve accounts within a few hours to 1 business day.
Typical requirements:
Proof of identity: Passport or NRIC
Proof of address: Utility bill or bank statement (dated within 3 months)
MAS-regulated brokers may apply stricter checks, especially for leveraged trading accounts.
Forex trading in Singapore involves leveraged products (CFDs), so brokers are required to assess whether the product is suitable for you.
This usually includes:
A short knowledge test about forex and leverage
Acceptance of risk disclosures (e.g. most retail traders lose money)
Key regulatory points:
Retail leverage is typically capped at 20:1 under MAS guidelines
Brokers must clearly explain risks such as volatility, margin calls, and potential losses
If you do not pass the assessment, some brokers may restrict access to leveraged products.
After approval, you can deposit funds. Most brokers in Singapore support:
Bank transfers (local SGD accounts)
Credit/debit cards
E-wallets (varies by platform)
Typical deposit details:
Minimum deposit: $0 to $200 SGD equivalent
Processing time: Instant (cards) to 1–2 business days (bank transfer)
Fees: Usually $0, though currency conversion fees may apply if funding in non-SGD
It’s generally more efficient to fund in SGD ($) to avoid conversion costs.
Before placing trades, select the platform that fits your style:
MetaTrader 4 (MT4) – Popular for forex, supports automation and indicators
MetaTrader 5 (MT5) – More advanced, with additional asset classes
Proprietary platforms – Often simpler, web/mobile-based
Most brokers also offer demo accounts, which allow you to practise with virtual funds before risking real capital.
Once funded, you can begin trading. Typical conditions in Singapore:
Access to 50–100+ currency pairs
Spreads from ~0.6 to 1.0 pips on major pairs
Leverage capped at 20:1 for retail traders
Before placing your first trade:
Set stop-loss and take-profit levels
Monitor margin requirements
Avoid overusing leverage, especially as a beginner
What to check before you start
A forex account in Singapore is considered properly set up when:
The broker is regulated (preferably MAS-licensed or tier-1 regulated)
Your account is fully verified and funded in SGD ($)
You understand the cost structure (spreads, commissions, swaps)
You have tested the platform via a demo account
Opening a forex trading account in Singapore is relatively fast—often completed within 24 hours—but choosing the right broker and understanding the regulatory framework makes a far bigger difference to long-term results than the sign-up process itself.
Retail forex traders in Singapore are typically limited to around 20:1 leverage under rules set by the Monetary Authority of Singapore (MAS). This cap is designed to reduce excessive risk. Higher leverage, sometimes up to 50:1, may be available to accredited or professional investors, while offshore brokers may advertise 100:1 to 500:1, though these fall outside MAS protections.
You can verify a broker’s status using the official Financial Institutions Directory maintained by the Monetary Authority of Singapore (MAS). This register shows whether a firm holds a Capital Markets Services (CMS) licence, the exact legal entity name, and the activities it is authorised to perform, including dealing in forex or OTC derivatives.
In most cases, individual traders in Singapore do not pay tax on forex profits because they are treated as capital gains. However, if trading is considered a primary source of income or a business activity, profits may be taxed under rules set by the Inland Revenue Authority of Singapore (IRAS), with personal income tax rates reaching up to ~24% for top earners and 17% corporate tax for businesses.
If a forex broker fails, client protection depends mainly on segregation of funds and regulatory oversight, rather than insurance. MAS rules require brokers to keep client funds separate from company funds, but there is no investor compensation scheme equivalent to SIPC for forex trading. Disputes can be referred to the Financial Industry Disputes Resolution Centre Ltd (FIDReC), which handles complaints between consumers and financial institutions.
Forex trading costs in Singapore usually consist of spreads, commissions, and overnight financing. Spreads on major pairs like EUR/USD typically range from ~0.6 to 1.0 pips on standard accounts, while commission-based accounts may charge around $5–$7 per round-turn lot (100,000 units) with tighter spreads. Additional costs such as swap fees and inactivity charges (often around $10 per month) may apply depending on the broker.
