Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

Compare Brokers in Singapore

For our singapore comparison, we found 23 brokers that are suitable and accept traders from United States of America.

We found 23 broker accounts (out of 147) that are suitable for Singapore.

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Forex.com

Spreads From

EURUSD 1.0 points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About Forex.com

  • Regulated by: Financial Conduct Authority.
  • Established in 1999 HQ in United States.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

70% of retail investor accounts lose money when trading CFDs with this provider

Read our in-depth Forex.com review

IG

Spreads From

EURUSD 0.6 points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About IG

  • Regulated by: Financial Conduct Authority and ASIC.
  • Used by 195,000+ traders.
  • Established in 1974 HQ in UK.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

74% of retail investor accounts lose money when trading spread bets and CFDs with this provider

Read our in-depth IG review

Account type
EUR/USD Spread From
Commission
Execution
Min. Deposit
CFD
0.6
Fixed Spreads
Yes on share CFDs
STP
$250
Spread Betting
0.6
Fixed Spreads
None
STP
$250
Share Dealing
None
Fixed Spreads
£5
DMA
$250

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The Ultimate Guide to

Best Online Brokers for Singapore

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.

How to Trade in Singapore

Traders from Singapore looking for an online broker to execute forex or derivative trading such as contracts for difference (CFD) 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. 


If 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.

Why Choose Forex.com
For Singapore?

Forex.com scored best in our review of the top brokers for singapore, which takes into account 120+ factors across eight categories. Here are some areas where Forex.com scored highly in:

  • 19+ years in business
  • Offers 300+ instruments
  • A range of platform inc. MT4, Web Trader, NinjaTrader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 1.00pips
  • Used by 0+ traders.
  • Offers demo account
  • 1 languages

Forex.com offers one way to tradeForex. If you wanted to trade EURUSD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

Forex.com have a AAA trust score. This is largely down to them being regulated by Financial Conduct Authority, segregating client funds, being segregating client funds, being established for over 19

Trust Score comparison

Forex.com IG
Trust Score AAA AAA
Established in 1999 1974
Regulated by Financial Conduct Authority Financial Conduct Authority and ASIC
Uses tier 1 banks
Company Type Private
Segregates client funds

A Comparison of Forex.com vs. IG


Want to see how Forex.com stacks up against IG? We’ve compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Forex.com IG
Fixed Spreads
Variable Spreads
EUR/USD Spread 1.00 0.60
GBP/USD Spread 0.9 0.9
USD/CAD Spread 0.9 1.7
USD/JPY Spread 0.90 0.70
DAX Spread 250.0 1.0
FTSE 100 Spread 150.0 1.0
S&P500 Spread 50.0 0.4

Comparison of account & trading features

Forex.com IG
Platform MT4, Web Trader, NinjaTrader, Tablet & Mobile apps MT4, Mac, Web Trader, L2 Dealer, Tablet & Mobile apps
Services Forex Forex, CFDs, Spread Betting, Share dealing
Base currency options USD, GBP, EUR USD, GBP, EUR, CHF, JPY, SGD, AUD
Funding options Bank transfer, Cheque, DebitCard, Payoneer, Credit cards, Bank transfer, PayPal, MasterCard, BPAY, DebitCard,
Micro account
ECN account