Top 10 Forex Brokers in Singapore


The top 10 forex brokers in Singapore include world-renown forex brokers like Plus500, CMC markets, Oanda, Saxo Markets, IC Markets, Phillip Futures, KGI Securities, Maybank Kim Eng, OCBC Securities, and UTRADE.

February 25, 2021 | AtoZ Markets – According to the recent report from Bank for International Settlements, forex trading has reached $6.6 trillion per day in 2019, where it was $5.1 trillion per day three years ago. The main reason for such an increase in daily trading volume is the F.X. swaps and growth of F.X. derivatives, which increased the opportunity for spot trading

If you live in Singapore, there is good news that you can operate all your trading activities from Singapore. The availability of enormous trading brokers and financial institutes, advanced technology, the flexible trading environment make trading easier from Singapore. 

(Table of contents section)

  • Is Forex Trading Legal in Singapore?
  • How to Choose a Forex Broker in Singapore?
  • Top 10 Best Forex Brokers in Singapore
  • How to Open a Forex Trading Account in Singapore
  • How to Deposit or Withdraw Funds from Singapore Forex Brokers

Is Forex Trading Legal in Singapore?

Singapore's Central bank is the Monetary Authority of Singapore (MAS) that regulates the entire financial activity in Singapore, including the stock, indices, options, and insurance. There are more than 600 financial institutes in Singapore that have been regulated by MAS since 1971. 

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Is Forex Trading Legal in Singapore

In Singapore, the financial trading environment is very user-friendly. At the same time, MAS makes sure that all trading activities are happening correctly, and there is no possibility of fraudulent activity and money laundering.

As a part of the safety and security, a broker needs to move through some examinations to determine whether it can overcome the bankruptcy. Moreover, MAS became more cautious after the CHF crash in 2015 when principal broker FXCM went bust. 

Furthermore, MAS is very strict about the segregation of funds. Every broker should keep clients' funds separate from brokers' funds. MAS is stringent regarding the rules and regulations that every broker should follow. 

Because of MAS's strict policy, traders in Singapore can trade forex trading from any M.A.- regulated brokers. However, there might be some big brokers with enough liquidity, but brokers should follow the regulation set by MAS within Singapore.

Besides the regulated brokers, MAS does not forbid traders to trade in international companies. Therefore, if you open an account in an unregulated international broker from Singapore, there will be no restriction.

However, there is some risk that a trader faces if theory trades in any unregulated brokers. Compared to the regulated and unregulated brokers, MAS-regulated brokers can provide a better trading environment and condition.

How to Choose a Forex Broker in Singapore?

Singapore is becoming the powerhouse of forex trading as many forex brokers and traders want to invest in the economy with stability and potentiality. In that sense, Singapore is the place where trading forex is a sophisticated way to earn money. 

As a result, Hong Kong became the third largest place where forex trading activity happens. Besides, the technology and infrastructure make the place easy for trading. 

Therefore, when you want to choose a broker from Singapore, you might not have to struggle. There are plenty of forex brokers and institutes in Singapore, both regulated and irregular, by MAS.

Read More: How to trade cryptocurrency through your forex broker? 

Top 10 Best Forex Brokers in Singapore

There is no restriction for Singapore traders in choosing forex brokers. There are many regulated and international brokers that provide service in Singapore. In the following section, we will see the top best Forex brokers for Singapore traders, and some features are:

1# Plus500

Plus500 is a Forex CFDs trading broker that is holding under the name of Plus500 Ltd. It operates through 3 different subsidiaries:

  1. Plus500UK Ltd,
  2. Plus500CY Ltd
  3. Plus500AU Pty Ltd.

Plus500 is an active sponsor of professional Soccer and Rugby teams. Moreover, this firm has been the official sponsor of Club Atletico de Madrid since 2016.

  • What type of Forex broker is Plus500?

Plus500 is considered a leading broker in CFD trading. It provides trading opportunities in shares, Forex, commodities, ETFs, options, and indices. 

  • Is Plus500 regulated in Singapore? 

Plus500 is regulated by the U.K.'s FCA, Singapore Securities and Exchange Commission (CySEC), the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC).

  • How much does it cost to trade with Plus500 in Singapore?

For EUR/USD, the spread is fixed at 0.6 pips. However, it's worth noting that financing rates are relatively high. 

  • Which trading platforms does Plus500 offer to Singapore traders?

Plus500 has a trading platform on iPhone, Android, and Windows and multilingual. It also has a Windows-based desktop platform. However, it does not provide Mt4 or Mt5 trading indicators, which might hurt investors. 

  • What is the minimum deposit for Singapore traders with Plus500? 

When opening an account, you have to deposit a USD100 minimum. However, there is no withdrawal fee above $100, and any inactivity fee does not apply for the first three months.

  • How is Plus500's Customer support in Singapore?

Plus500 customer support is available 24/7, either via live chat or email. WhatsApp is the preferred medium outside of the live chat function.

2# CMC Markets Singapore

CMC Markets Singapore Pte. Ltd, is a Hong Kong-based forex trading platform located at 9 Raffles Place, Republic Plaza Tower, Singapore, 048619, Singapore.

  • What type of Forex broker is CMC Markets Singapore?

CMC Markets Singapore is considered a leading broker in CFD trading. It provides trading opportunities in shares, Forex, commodities, ETFs, options, and indices. 

  • Is CMC Markets Singapore regulated in Singapore? 

CMC Markets Singapore Pte. Ltd is regulated by the Monetary Authority of Singapore (MAS).

  • How much does it cost to trade with CMC Markets Singapore in Singapore?

For EUR/USD, the spread is fixed at 0.7 pips. However, it's worth noting that financing rates are relatively high. 

  • Which trading platforms does CMC Markets Singapore offer to Singapore traders?

CMC Markets Singapore has an MT4 trading platform on iPhone, Android, and Windows and multilingual. It also has a Windows-based desktop platform. 

  • What is the minimum deposit for Singapore traders with CMC Markets Singapore? 

When opening an account, you have to deposit a $1 minimum.

  • How is CMC Markets Singapore's Customer support in Singapore?

CMC Markets Singapore customer support is available 24/5 via phone call, email and live chat.

3# I.G. Markets Singapore

I.G. Markets Singapore is an advanced forex trading platform from Asia. The trading instruments are enormous for this market that makes them very useful among traders.

  • What type of Forex broker is I.G. Markets Singapore?

I.G. Markets Singapore is considered a leading broker in CFD trading. It provides trading opportunities in shares, Forex, commodities, shares, cryptocurrencies, ETFs, options, and indices. 

  • Is I.G. Markets Singapore regulated in Singapore? 

G Asia Pte Ltd (Co. Reg. No. 200510021K) holds a capital markets services license issued by the Monetary Authority of Singapore (MAS).

  • How much does it cost to trade with I.G. Markets Singapore in Singapore?

For EUR/USD, the spread is floating 0.5 pips minimum. However, the broker does not take any charge on deposit or withdrawal.

  • Which trading platforms does I.G. Markets Singapore offer to Singapore traders?

I.G. Markets Singapore has an MT4 and ProRealTime trading platform on Windows, iPhone, Android, and Windows and multilingual. 

  • What is the minimum deposit for Singapore traders with I.G. Markets Singapore? 

When opening an account, you have to deposit a $1 minimum.

  • How is I.G. Markets Singapore's Customer support in Singapore?

I.G. Markets Singapore customer support is available 24/7 via phone call email and live chat.

4# OANDA Asia Pacific

OANDA Asia Pacific is a part of the OANDA group that provides forex trading service from Singapore. OANDA is a world-class forex broker and financial service provider with regional regulation from Singapore, U.K., Australia, and Japan. This broker has a decent execution speed in its trading platform with many trading instruments and learning materials.

  • What type of Forex broker is OANDA Asia Pacific?

OANDA Asia Pacific is considered a leading broker in CFD trading. It provides trading opportunities in shares, Forex, commodities, and indices. 

  • Is OANDA Asia Pacific regulated in Singapore? 

OANDA Asia Pacific Pte Ltd(Co. Reg. No 200704926K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore.

  • How much does it cost to trade with OANDA Asia Pacific in Singapore?

For EUR/USD, the spread is floating 0.2 pips minimum. 

  • Which trading platforms does OANDA Asia Pacific offer to Singapore traders?

OANDA Asia Pacific has an MT4 trading platform on Windows, iPhone, Android, and Windows and multilingual. 

  • What is the minimum deposit for Singapore traders with OANDA Asia Pacific? 

When opening an account, you have to deposit a $1 minimum.

  • How is OANDA Asia Pacific's Customer support in Singapore?

OANDA Asia Pacific customer support is available 24/5, via phone call email, and live chat.

5# Phillip Futures

Phillip Futures started its business operation in 1983 as a member of PhillipCapital Group. Later on, it became one of the region's top brokerages for the trading of CFD, Forex, global Futures, and Commodities. 

  • What type of Forex broker is Phillip Futures?

Phillip Futures is considered a leading broker in CFD trading. It provides trading opportunities in shares, Forex, commodities, and indices. 

  • Is Phillip Futures regulated in Singapore? 

Phillip Futures Pte Ltd (Co. Reg. No. 198305695G) holds a capital markets services license, from the Monetary Authority of Singapore to deal in capital market products such as futures/derivatives contracts and leveraged foreign exchange.

  • How much does it cost to trade with Phillip Futures in Singapore?

The lowest fees are in the EURUSD at 0.6 pips.

  • Which trading platforms does Phillip Futures offer to Singapore traders?

Phillip Futures has Phillip Nova trading platform and Phillip MetaTrader 5 platform on windows, iPhone, Android, and Windows and multilingual. 

  • What is the minimum deposit for Singapore traders with Phillip Futures? 

When opening an account, you have to deposit a $1 minimum.

  • How is Phillip Futures's Customer support in Singapore?

Phillip Futures FAQ section covers most of the asked information about the broker. Moreover, traders can contact them via email, phone, or physical address 24/5. 

6# Saxo Markets

Saxo Markets provides multi-asset market access, allowing traders to have professional-grade tools, industry-leading prices, and world-class service. 

Saxo Markets provide service in more than 170 countries in the world with its sophisticated trading platform. 

  • What type of Forex broker is Saxo Markets?

Saxo Markets is considered a leading broker in CFD trading. It provides trading opportunities in Forex, commodities, indices, etc.

  • Are Saxo Markets regulated in Singapore? 

Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorized and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M.

  • How much does it cost to trade with Saxo Markets in Singapore?

This broker allows trading in more than 184 currency pairs with a floating spread that starts from 0.3 pips.

  • Which trading platforms does Saxo Markets offer to Singapore traders?

Saxo Markets has SaxoTraderGo, Saxo Trader Pro, and Saxo investors trading platform. 

  • What is the minimum deposit for Singapore traders with Saxo Markets? 

When opening an account, you have to deposit a $1 minimum.

  • How is Saxo Markets's Customer support in Singapore?

Saxo Markets is available 24/5 in any queries through phone, email, and physical office. 

7# KGI Securities

From 2 October 2017, KGI Securities Co. Ltd. (Taiwan) 's started its operation in Singapore, as KGI Securities (Singapore) Pte. Ltd. and KGI Futures (Singapore) Pte. Ltd. 

  • What type of Forex broker is KGI Securities?

KGI Securities is a leading broker in CFD trading. It provides trading opportunities in Forex, commodities, indices, etc.

  • Is KGI Securities regulated in Singapore? 

KGI Securities (Singapore) Pte. Ltd. is a company authorized and regulated by the Monetary Authority of Singapore (MAS)

How much does it cost to trade with KGI Securities in Singapore?

This broker allows trading with a floating spread starting from 0.6 pips.

  • Which trading platforms does KGI Securities offer to Singapore traders?

KGI Securities has an MT4 trading platform in windows, iOS, android, and MAC.

  • What is the minimum deposit for Singapore traders with KGI Securities? 

When opening an account, you have to deposit a $1 minimum.

  • How is KGI Securities's Customer support in Singapore?

KGI Securities is available 24/5 in any queries through phone, email, and physical office.

8# Maybank Kim Eng

Maybank Kim Eng is the forex broker that was listed in Singapore Exchange in 1990. This company is entirely owned investment banking from Maybank, which is Asia's fourth latest bank

  • What type of Forex broker is Maybank Kim Eng?

Maybank Kim Eng is a leading broker in the CFD trading. It provides trading opportunities in Forex, commodities, indices, bond, real estate, etc.

  • Is Maybank Kim Eng regulated in Singapore? 

Maybank Kim Eng (Singapore) Pte. Ltd. is a company authorized and regulated by the Monetary Authority of Singapore (MAS).

How much does it cost to trade with Maybank Kim Eng in Singapore?

This broker allows trading with floating spread that starts from 0.3 pips.

  • Which trading platforms does Maybank Kim Eng offer to Singapore traders?

Maybank Kim Eng has proprietary Ke Trade, K.E. trade Mobile, KE CFD trading platform.

  • What is the minimum deposit for Singapore traders with Maybank Kim Eng? 

When opening an account, you have to deposit a $1 minimum.

  • How is Maybank Kim Eng's Customer support in Singapore?

Maybank Kim Eng is available 24/5 in any queries through phone, email, and physical office. 

9# OCBC Securities

OCBC Securities is a forex broker that Singapore is located at 18 Church Street, OCBC Centre South, Singapore 049479.

  • What type of Forex broker is OCBC Securities?

OCBC Securities is a leading broker in CFD trading. It provides trading opportunities in Forex, commodities, indices, etc.

  • Is OCBC Securities regulated in Singapore? 

OCBC Securities (Singapore) Pte. Ltd. is a company authorized and regulated by the Monetary Authority of Singapore (MAS).

How much does it cost to trade with OCBC Securities in Singapore?

This broker allows trading with a floating spread that starts from 0.5 pips.

  • Which trading platforms does OCBC Securities offer to Singapore traders?

OCBC Securities has a proprietary IOCBC trading platform.

  • What is the minimum deposit for Singapore traders with OCBC Securities? 

When opening an account, you have to deposit a $1 minimum.

  • How is OCBC Securities's Customer support in Singapore?

OCBC Securities is available 24/5 in any queries through phone, email, and physical office. 

10# UTRADE

UTRADE is one of Singapore's biggest brokers with a pool of funds to ensure maximum liquidity among investors. Pricing and rates are very low in this broker with an easy to use trading platform. 

  • What type of Forex broker is UTRADE?

UTRADE is a leading broker in the CFD trading. It provides trading opportunities in Forex, commodities, indices, etc.

  • Is UTRADE regulated in Singapore? 

UTRADE (Singapore) Pte. Ltd. is a company authorized and regulated by the Monetary Authority of Singapore (MAS).

How much does it cost to trade with UTRADE in Singapore?

This broker allows trading with floating spread starts from 0.3 pips.

  • Which trading platforms does UTRADE offer to Singapore traders?

UTRADE has an MT4 trading platform.

  • What is the minimum deposit for Singapore traders with UTRADE? 

When opening an account, you have to deposit a $1 minimum.

  • How is UTRADE's Customer support in Singapore?

UTRADE is available 24/5 in any queries through phone, email, and physical office.

How to Open a Forex Trading Account in Singapore

To open a forex trading account, traders have to follow some necessary steps. The steps involved in opening an account can vary from broker to broker, but the procedure involves the following:

  • Identify a forex broker that allows trading from Singapore. In that case, the preferable way is to find a MAS-regulated broker. However, any international broker is also allowed. In that case, you might lose the help from MAS.
  • There are several brokers online, and you can find that very easily.
  • Later on, you can register with the broker by following some easy steps. Opening an account in a forex broker requires some information about you that is very easy to provide.
  • The back office will verify your documents, and you will be asked to send proof of your address. They will send unique login details and send unique login details of your trading account once your information is fully verified.
  • After getting verified, you are allowed to use this broker's complete function, including the trading platform and instruments.
  • After downloading the trading platform and setting the trading template, you are ready to deposit your account.

How to Deposit or Withdraw Funds from Singapore Forex Brokers

The best way to make transactions in Singapore is through the bank. Most of the MAS-regulated brokers have a bank account, and you can deposit them through your account or credit card.

However, from the international perspective, the convenient way to transfer fund is through bitcoin, Neteller, Skrill, PayPal, and other currency,

You have to withdraw the money from the same payment method that you have deposited in most cases. Furthermore, for making withdrawals of profit, you can choose any payment method.

Is Forex Taxable in Singapore?

In Singapore, you are required to include profit from forex trading if you Forex as a profession. However, most brokers don't have tax agencies, as it is zero tax in Singapore. 

On the other hand, if forex trading is not the primary income source for a person, he doesn't have to pay tax for his income. Additionally, there is no tax regarding the e-currency transaction through your wallet to the broker's wallet. However, whenever you make a payment from your bank account to a broker's bank account, you are paying tax. 

Best Forex Brokers in Singapore - Conclusion

Thousands of forex brokers have a physical office in Singapore and are regulated under the MAS. Therefore, instead of testing all of these, you can choose the right one from the AtoZ broker review directory.

However, forex trading is risky and challenging for everyone until you know about the technical and fundamental analysis. 

Do you still have questions about trading Forex in Singapore? Then feel free to write a comment below or contact our team directly.

This article was written by MD Rockybul Hasan.

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