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Best Forex Brokers Singapore 2022

May 09, 2022
Last modified June 29, 2022

Singapore's financial services sector has its origins from its secession and independence from Britain as of 1965. Strategically located on the southern tip of the Malaysian Peninsula, Singapore is a leading regional economy despite its status as an island city state with a population of only 5.9 million.

The primary stock market in Singapore is the Singapore Exchange (SGX). The exchange holds international offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, Shanghai, San Francisco and Tokyo.

The SGX was formed in December of 1999 following the merger of Stock Exchange of Singapore (SES) with the Singapore International Monetary Exchange (SIMEX). The SGX exchange lists stocks and warrants, exchange traded funds (ETFs), American Depository Receipts (ADRs), trusts, including Real Estate Investment Trusts (REITs) and Business Trusts among its securities products. The exchange also lists fixed income products, derivatives, commodities, currencies and indices.

The primary stock market index for the SGX is the FTSE Straits Times Index (STI) a capitalisation weighted index that acts as the market benchmark. Its value is based on the performance of the 30 top companies listed on the SGX. The various former SGX indices were renamed iEdge indices in 2018, and that change includes the TR/iEdge SFI Index for fixed income products and the iEdge SG ESG Leaders Index.

Singapore’s national currency is the Singapore dollar (SGD), which can then be subdivided further into 100 units called cents. The Bank for International Settlements (BIS) ranked the SGD as the 12th most commonly traded currency in 2016, stating that it made up about 1.8% of the overall forex turnover that year. The SGD did not rank separately among the reserve currencies that were popular among central banks, as per the International Monetary Fund (IMF).

The Monetary Authority of Singapore (MAS) acts as the central bank when it comes to overseeing and managing exchange rate movements through market intervention whilst ensuring monetary and financial stability in Singapore. It was formed in 1971 and became effective through the MAS Act of 1970.

The MAS is also the principal financial sector regulator in Singapore that both supervises and provides guidelines for financial institutions and insurance companies throughout Singapore. Moreover, the MAS also acts as the sole regulator overseeing forex brokers based in Singapore. Consequently, forex and CFD brokers need to be authorised by the MAS and commit to complying with the central bank’s strict standards prior to accepting clients.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Online Brokers for Singapore

  • IG - 9.7/10 Overall
  • Saxo Bank - 9.5/10 Overall
  • CMC Markets - 9.4/10 Overall
  • Interactive Brokers - 9.2/10 Overall
  • City Index - 8.7/10 Overall
  • Plus500 - 8.2/10 Overall
Overall Rating
9.7 / 10
Minimum Initial Deposit
£250.00
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.828 (September 2021)
All-in Cost EUR/USD - Active0.365 (May 2020)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1974
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses7
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)19537
Forex Pairs (Total)100
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)32
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.5 / 10
Minimum Initial Deposit
$2,000
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.8 (August 2020)
All-in Cost EUR/USD - Active0.6 (August 2020)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1992
Publicly Traded (Listed)No
BankYes
Tier-1 Licenses6
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)40000
Forex Pairs (Total)182
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)62
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.4 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.73 (August 2021)
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1989
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses5
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)11927
Forex Pairs (Total)158
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)86
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.2 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6 (From 09/25/21 - 10/02/21)
All-in Cost EUR/USD - Active0.6 (From 09/25/21 - 10/02/21)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1977
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses8
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)7400
Forex Pairs (Total)91
BitcoinNo
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)127
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.7 / 10
Minimum Initial Deposit
£100.00
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.1 (August 2021)
All-in Cost EUR/USD - Active1.1 (August 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1983
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)12000
Forex Pairs (Total)84
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)139
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.2 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.91 (Aug 2020)
All-in Cost EUR/USD - Active0.61 (Aug 2020)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2006
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1260
Forex Pairs (Total)55
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)90
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.2 / 10
Minimum Initial Deposit
€100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6 (as of Aug 2018)
All-in Cost EUR/USD - Active-1
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2008
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1896
Forex Pairs (Total)71
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)110
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsNo
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes


Overall Rating
8.1 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.8 (July 2021)
All-in Cost EUR/USD - Active0.7 (July 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2001
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)8425
Forex Pairs (Total)50
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8 / 10
Minimum Initial Deposit
$200
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.62 (August 2021)
All-in Cost EUR/USD - Active0.62 (August 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses1
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)3583
Forex Pairs (Total)61
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


How to Trade in Singapore

Traders from Singapore looking for an online broker to execute forex or derivative trading such as contract for difference trading should be able to find many foreign brokers to cater for their needs, with the prerequisite of the broker being authorised by the MAS.

Brokers having MAS supervision will typically be preferable for traders from Singapore due to their obligation of upholding a good reputation with Singapore’s central bank. Moreover, it should also be possible to litigate locally in Singapore should a dispute arise with the broker.

As a general principal, any foreign broker needs to be well regulated in a strict jurisdiction. This will ensure governance principals such as ensuring clients’ funds are separate from the broker assets. Brokers should also cater for a satisfactory range of services and have earned a good reputation with their clients to be considered as a potential trading partner.

Another factor to consider, is that many online brokers provide virtual money-funded demo accounts that traders can use to practice trading, check out their trading platform and a platform to test strategies. Moreover, brokers also offer funded accounts where traders need to provide a minimum initial deposit to start live trading. Many brokers will also cater to Sharia compliant traders in Singapore by providing Sharia law compliant or Islamic Accounts without swaps on rollovers.

language is an important consideration, be sure to check that the broker’s website and customer support offers services in your preferred language, whether it be English, Mandarin, Malay or Tamil. The vast majority of online brokers will allow you to communicate with them and view their websites in English, although some might provide support for Malay or Tamil. Therefore, an idea may be to inquire ahead of time about any language requirements.

Additionally, regarding stock trading, the SGX aims to provide a fair and transparent market in various asset classes, including Singapore based and foreign stocks. SEX trades are generally executed in SGD, although they can also be executed in U.S. dollars since 2012 under its dual currency trading system. Moreover, as of August of 2004, the Singapore Exchange uses the trading software called SGX QUEST, an abbreviation of the SGX Quotation and Execution System. This system is employed for securities and derivatives trading on the SGX.

Biggest Opportunities of Trading in Singapore

According to export.gov, Singapore presents opportunities in several market sectors, including healthcare and medical technology, energy and environment (oil and gas, water), defence and aviation, and information communication technology (ICT) and digital technologies (smart grids, FinTech, , smart cities, ecommerce).

Singapore also has some major ongoing infrastructure projects with significant government contracts. These include:

  • The construction of Singapore Changi Airport Terminal 5, including a third runway scheduled for completion around 2030.
  • Singapore’s Next Generation Port Vision for Tuas Terminal. This four-phase project has a completion date of 2040.
  • The second phase of the Singapore Deep Tunnel Sewerage System, which is targeted for completion in 2025.
  • ICT tenders of $1.9 billion from the Singapore Government for smart city enhancements and other projects.

With respect to enforcing contracts, Singapore ranked at the top of the list of countries surveyed by the World Bank. For overall ease of doing business, Singapore ranked an impressive second behind New Zealand, while the city state ranked third for starting a business. Other areas where Singapore ranked highly include protecting minority investors, paying taxes and dealing with construction permits, ranking 7th, 8th and 8th respectively.

Biggest Challenges of Trading in Singapore

Asian countries remain some of Singapore's top and closest trading partners, including China, Hong Kong/China, Malaysia, Indonesia and Japan. Consequently, since China is Singapore's main trading partner, the current trade dispute between the United States and China might indirectly affect trade with China.

Singapore is a consistent net exporter with a positive trade balance, so the imposition of trade tariffs, trade wars and the failure of key trade agreements with China could potentially adversely affect the economy of the city state. Moreover, based on data compiled by the World Bank in 2017, Singapore's extremely high trade to GDP ratio of 322.4 could imply an increase in the economy's exposure to trade disruptions. Lastly, the World Bank also ranked Singapore 45th in regards to trading across borders, 32nd in obtaining credit and 27th in resolving insolvencies.

Summary

Overall, traders and businesses looking to operate in Singapore should find the country a fairly secure place to do business, especially regarding the financial services sector due to the strict oversight of the MAS. Moreover, as ranked by the World Bank Singapore also has a top ranking for enforcing contracts and ranked second overall for ease of doing business, offering a relatively competitive and safe place for a business to operate.

Traders seeking an online broker to trade with from Singapore should find one authorised by the MAS and that offers a sufficiently broad range of asset classes and full featured trading platform. Furthermore, a broker should also enjoy a good reputation with clients, be competently regulated in its local jurisdiction and segregate its clients’ money from its own funds.

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About the Author

Marcus Taylor

BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.


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