When it comes to choosing a CFD broker, there are many factors to consider. But for Singaporean traders, there are a few key considerations that stand out above the rest. In this article, we'll take a look at what we believe are the best CFD brokers in Singapore and what sets them apart from the competition.
How to Choose CFD Brokers in Singapore?
Each broker have something distinct to offer Make sure you go through the descriptions thoroughly to choose the one that most suits your requirements. Remember to always conduct your own research prior to making any decision on where you should invest your money.
Here are some points to look out for when picking CFD brokers in Singapore:
Regulations: Regulation of a broker is the most important consideration for any trader. In Singapore, all CFD brokers must be licensed by the Monetary Authority of Singapore (MAS). This ensures that your broker is compliant with local regulations and offers a high level of protection for your funds.
Products: Another key consideration is the range of markets offered by the broker. For Singaporean traders, access to international markets is a must. And the best CFD brokers will offer a wide range of markets, from major indices and commodities to forex and cryptocurrencies.
Trading Platforms: Another key consideration is trading platforms. For Singaporean traders, the MetaTrader platform is a must. This industry-leading platform offers advanced charting and analysis tools as well as a wide range of order types. And most importantly, it's available on both desktop and mobile devices.
Cost: Fees and commissions are another important consideration when choosing a CFD broker. In Singapore, all brokers must charge a commission on each trade, as well as a spread on the underlying assets. So it's important to find a broker that offers competitive rates on both fronts.
Customer Support: When it comes to customer service, it's important to find a broker that offers support in your local language. The best CFD brokers will have staff who are fluent in English and Mandarin, and who are available 24/ hours a day, five days a week.
So there you have it - our top considerations for choosing the best CFD broker in Singapore. Be sure to keep these factors in mind when making your decision and you're sure to find the perfect broker for your trading needs.
These are just a few of the key considerations for Singaporean traders when choosing a CFD broker. So be sure to do your research and choose a broker that best suits your needs.
Monetary Authority of Singapore (MAS) regulated Best CFD Brokers in Singapore
These are some of the most popular CFD brokers in Singapore that are regulated by MAS. When looking for a CFD broker, it is important to make sure that they are indeed regulated by MAS. This will ensure that the broker is compliant with local regulations and offers a high level of protection for your funds. We have made your job easier by picking the best CFD Brokers for you.
Plus500
Plus500 is an online CFD broker that is based in Israel. The company was founded in 2008 and provides trading in a variety of financial instruments including forex, commodities, indices, shares, and ETFs. In Singapore, the broker is regulated by Monetary Authority of Singapore.
Plus500 Regulations
Plus500 is regulated by different reputable regulatory authorities around the world.
United Kingdom: Plus500UK Ltd is authorized & regulated by the FCA.
Cyprus: Plus500CY Ltd is authorized & regulated by CySEC.
Singapore: Plus500SG Pte Ltd, is licensed and regulated by the MAS.
Australia: Plus500AU Pty Ltd (ACN 153301681) is licensed by ASIC.
New Zealand: Plus500 is also regulated by FMA.
South Africa: Plus500 is licensed and regulated by FSCA.
Seychelles: Plus500SEY Ltd is authorized & regulated by the Seychelles Financial Services Authority.
Plus500 Trading Platforms
Plus500 offers trading through its own proprietary trading platform. It's a web based Trading Platform. They don't have MetaTrader 4 and MetaTrader 5. The company's trading platform is also available in mobile versions for Android and iOS devices.
Plus500 Products
Plus500 offers trading in a variety of financial instruments including forex, CFDs, commodities, indices, shares, and ETFs.
They offer 60+ currency CFDs, 17+ Cryptocurrencies, most popular Indices, Commodities like gold, silver, Popular shares, Options, and ETFs.
Leverage varies from 1:2 for Cryptos to 1:30 for Forex.
Read More: Best Forex Brokers in Singapore 2024
Plus500 Cost
Plus500 does not charge commissions on trades. Instead, the company makes money through the spread. The average spread on EUR/USD is 3 pips. Funds can be deposited into a Plus500 account via bank wire, credit card, or PayPal. Withdrawals can be made via bank wire or credit card.
Customer Support
Plus500 customer support can be reached via email, live chat, or telephone. The company's customer support is available in a variety of languages. The platform offers 24/7 support via email and chat. You can also get answer through their FAQ section.
Plus500 Pros & Cons
Pros
√ Offers 2000+ CFDs
√ A user-friendly web based platforms
√ Regulated by many regulatory authorities including MAS.
√ Give protection against negative balance
Cons
- Customer support is not available via phone call
- It does not take U.S. clients
- Do not have MT4 and MT5
If you want to trade with Plus500, You can do so by clicking the following link:
Swissquote
Swissquote is a leading online bank in Switzerland that provides services in Singapore. The company offers a wide range of services for private and institutional clients, including online banking, investment advice, and foreign exchange trading. Swissquote is headquartered in Gland, Switzerland. The company was founded in 1996 as an online foreign exchange trading platform.
image credit: Swissquote
Swissquote Regulations
Swissquote is regulated by various regulatory authorities around the world.
Switzerland: Swissquote Limited is licensed and regulated by the Swiss Federal Financial Market Supervisory Authority (FINMA).
United Kingdom: Swissquote Ltd is authorised and regulated by the Financial Conduct Authority (FCA).
Singapore: Swissquote Limited (SG) is authorized and regulated by The Monetary Authority of Singapore (MAS).
UAE: Swissquote MEA Ltd has a category 3A licence from the Dubai Financial Services Authority (DFSA).
Asia: Swissquote Asia Ltd is licensed under the Securities and Futures Commission (SFC) in Hong Kong.
Malta: Swissquote Financial Services (Malta) Ltd is licensed by the Malta Financial Services Authority (MFSA).
Swissquote Trading Platforms
Swissquote offers three main types of trading platforms: MetaTrader 4, MetaTrader 5 and Advanced Trader.
MetaTrader 4 is a popular third-party trading platform that offers a wide range of features and tools. Swissquote's version of MetaTrader 4 includes exclusive market research, an economic calendar, and live newsfeeds.
MetaTrader 5 is the latest version of MetaTrader, offering a range of new features and tools. Swissquote's version of MetaTrader 5 includes exclusive market research, an economic calendar, and live newsfeeds.
Advanced Trader is a proprietary trading platform designed specifically for Swissquote clients. The platform offers advanced charting and analysis tools, as well as a number of exclusive features, such as the ability to trade directly from charts and advanced order types. They also have Proprietory mobile app for Android and iOS.
Swissquote Products
Swissquote offers Forex, Stocks, Bonds, Forex Options, CFDs, Swiss Dot, Cryptocurrencies, Options and Futures, ETFs and more. Swissquote's Research and Analysis Department provides exclusive market research, economic commentary, and live newsfeeds. The company also offers a number of other services, such as wealth management, investment advice, and pension planning.
For forex trading in Singapore, they offer 1:100 leverage.
Swissquote has three types of trading accounts. 1. Standard account, 2. Premium account 3. Prime account.
Want to trade forex as well? We recommend the following 3 Forex Brokers.
Swissquote Cost
Swissquote does not have any fees and commissions for CFD trading. They don't charge any fees for deposit and withdrawal as well.
Swissquote does charge inactivity fees of $10 for 6+ months inactive account. The minimum deposit required to open a Swissquote account in Singapore is $1,000.
Swissquote Customer Support
Swissquote offers customer support 24/5 in English, French, German, Italian and Spanish. The company can be contacted via phone, email, or live chat. Swissquote also has an extensive FAQ section on its website.
Read Full Review of Swissquote
Swissquote Pros & Cons
Pros:
√ It is Regulated and licensed by MAS in Singapore
√ Swissquote is listed on SIX stock exchange.
√ Wide range of products and services.
√ Responsive customer support.
√ It has no funding fees
Cons:
- US traders not allowed
- No Islamic accounts available currently
- High stock and ETF fees
- Minimum Deposit requirement is very high
If you want to give it a try with Swissquote, you can use the link below:
Multibank Group
Multibank is an online foreign exchange trading platform that provides access to a wide range of currency pairs and CFDs. The platform is designed for both retail and institutional investors and offers a variety of features and tools to help users make the most of their trading experience. In Singapore, they are regulated by Monetary Authority of Singapore.
image credit: Multibank Group
MultiBank Regulations
Multibank is regulated by many top-tier financial regulators. They are regulated by the following regulatory authorities:
Australia: MEX Australia is governed through the Australian Securities & Investments Commission.
Germany: The broker is regulated by The Federal Financial Supervisory Authority.
Austria: MEX Asset Management GmbH is licensed and regulated under the Financial Markets Authority (FMA).
Cayman Islands: MEX Atlantic Corporation is licensed and controlled through CIMA.
British Virgin Islands: Multibank FX International Corporation is licensed and controlled under the Financial Services Commission of the British Virgin Islands (FSC).
Hong Kong: Red Rock Pay Ltd is licensed and is regulated under the supervision of Hong Kong Customs and Excise (HKCE).
Singapore: MEX Global Markets PTE. LTD. is authorized and regulated by the Monetary Authority of Singapore (MAS).
Pacific Region: MEX Pacific (V) Ltd is licensed and regulated by Vanuatu Financial Service Commission (VFSC).
Multibank Trading Platforms
Their platform is available on desktop, web and mobile. They have MetaTrader 4 & 5, Web Trader, social trading platform and mobile trading apps.
MultiBank Products
MultiBank offers Forex, Metals, Shares, Indices, Commodities and Cryptocurrencies.
Multibank is a foreign exchange trading platform that offers access to a wide range of CFDs in Singapore. The platform is designed for both retail and institutional investors and offers a variety of features and tools to help users make the most of their trading experience, including:
-A wide variety of currency pairs: Multibank FX offers access to a wide range of currency pairs, including major, minor and exotic pairs.
-Advanced trading tools and features: The platform provides users with access to a variety of advanced trading tools and features, including market execution, stop loss and take profit orders, and more.
MultiBank offers three types of accounts. Standard, Pro, ECN accounts and Demo accounts. All account types do have Social Trading facility.
For Forex, spreads start from zero in an ECN account and vary according to your account type.
MultiBank provides 1.500 leverage on forex and metals. For shares 1:20, For Indices 1:100, for crypto 1:20
MultiBank Cost
Multibank does not charge a commission for Standard and Pro accounts, but does charge $3 per lot for ECN accounts. A wide range of deposit methods are available, including bank transfers and cards. The minimum withdrawal amount is $50 for card and online methods, and $100 for bank transfer. There are no deposit or withdrawal fees. Deposit and withdrawal times vary depending on the payment method used.
MultiBank Customer Support
MultiBank offers 24/7 customer support via WhatsApp, form filling, live web chat and 24/7 phone call. We found the live web chat to be very responsive.
Multibank Pros & Cons
Pros
√ They offer 20,000+ assets
√ Low spreads from 0 pips and maximum leverage of 1:500
√ The broker is regulated by reputable regulatory authorities including MAS.
√ They have MAM/PAMM accounts and proprietary copy trading platform
√ Multibank provides ECN trading with deep liquidity and no requotes
Cons
- Scalping is not allowed on Multibank
- They have limited education resources
Want to try Multibank in Singapore? You can do so by clicking the following link:
Best CFD Brokers in Singapore 2024
Conclusion
So, there you have it. These are some of the key things to look out for when choosing a CFD broker. Each one has its own strengths and weaknesses, so be sure to go through the descriptions thoroughly and choose the one that most suits your requirements. Remember to always conduct your own research prior to making any decision on where you should invest your money. And don’t forget, if you have any questions or need help getting started, our team is always here to assist you. Have you chosen a CFD broker yet? If not, which ones appeal to you? Let us know in the comments below.
Next Read: Best Forex Brokers in Asia 2024