Best Singapore Forex Brokers 2020

Looking to trade forex in Singapore? We reveal the best, regulated ASIC forex brokers at your disposal.
Author: Kane Pepi
Last Updated: 12 August 2020

Are you based in Singapore and looking to trade Forex online? If so, you’ll need a reputable broker that operates in Singapore and is well-suited to your trading needs.

In this article, we explore the best forex brokers in Singapore, analyzing key metrics such as fees, commissions, spreads, leverage limits and customer support to help you make your choice.

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Contents [show]

    Best Singapore Forex Broker Sites of 2020

    We would suggest reading through the rest of this page to find out the many metrics that you need to look out for before joining a new forex platform. This will ensure that you choose a broker that meets your individual needs. However, if you don’t have the time to find a trading platform yourself, it might be worth checking out the top five Singapore forex brokers we’ve listed below.

    1. Plus500 - MAS Regulated Broker with Low Spreads

    If you're looking for an online forex broker that possesses an excellent reputation, look no further than Plus500. The UK-based broker not only holds regulatory licenses with the FCA, CySEC, and ASIC - but also the Monetary Authority of Singapore (MAS). This ensures that you have regulatory oversight on multiple fronts. In terms of the platform itself, Plus500 offers dozens of forex pairs. This includes popular pairs like GBP/USD and AUD/GBP, as well as a number of exotic currencies. You can also trade CFDs at the platform, such as stocks, commodities, indices, and precious metals.

    Plus500 utilizes its own native trading platform that is available via a web browser or mobile device. Regarding the latter, this includes a dedicated forex app on both iOS and Android devices. This is ideal if you have a tendency to trade while on the move. Plus500 offers commission-free forex trading. As such, the only fees that you need to be made aware of is the spread. You'll be looking at a spread of 1.9 pips on its major pairs, which isn't overly competitive.

    However, you need to remember that you can place buy and sell orders without being charged a commission. Finally, Plus500 supports debit/credit cards, bank transfers, and PayPal.

    Assets: CFDs

    Demo Account: Yes

    Educational Material: No

    Fees: $10 Inactivity Fee, $0 withdrawal fees

    Minimum deposit: $100 MT4/MT5: No

    Special Features: 2,000 trading instruments

    Regulation: CySEC, FCA, ASIC, MAS

    Payment methods: Credit/debit card, Paypal, Bank transfer

    • Minimum deposit of $100
    • Over 2,000 trading instruments
    • Mobile app available
    • No education material
    • No education material
    75% of retail investors lose money when trading CFDs with this provider.

    2. 24 Option - Spreads From 0.2 Pips on Major Forex Pairs

    24Option is an online forex broker based in Cyprus. Naturally, it holds a regulatory license from CySEC, albeit, traders from Singapore are more than welcome to open an account.

    One of the stand-out selling points of using 24Option is that it offers super-low spreads. More specifically, you can trade major currency pairs like GBP/USD at a spread of just 0.2 pips. This makes 24Option one of the most competitively priced platforms in the online forex space.

    Outside of the majors, the platform is a bit thin on the ground with its minor and exotic currencies, taking the total number of pairs to just 45. When it comes to the trading platform itself, 24Option allows you to choose from its own proprietary software, or globally recognized MT4.

    Either way, you'll be presented with heaps of charting tools and order types. In order to get started at 24Option, you'll need to deposit at least $250. You can do this via a debit/credit card, Skrill, or wire transfer.

    Assets: Forex, CFDs in the form of stocks, indices, commodities, cryptocurrencies

    Demo Account: Yes

    Educational Material: Trading Central's research tool

    Fees: 0.2 pips on major pairs like GBP/USD, withdrawal fee of 3.5% (credit cards) and 2% (Skrill)

    Minimum deposit: $250

    MT4/MT5: MT4

    Special Features: Free mobile trading app via Google Play and Apple Store

    Regulation: CySEC

    Payment methods: Credit/debit card, Bank wire

    • Spreads from just 0.2 pips
    • Great research tools
    • MT4 supported
    • Minimum deposit of $250
    • Does not support Paypal
    • Only regulated by CySEC

    3. AVATrade - Forex Broker with Multiple Regulatory Licenses

    AVATrade is an online broker that facilitates more than 56 forex pairs. This includes most major pairs and a number of less liquid currencies. The platform is competitively priced, with spreads on major pairs starting at just 0.9 pips.

    You will, however, need to bet trading during standard market hours to get the lowest spreads. You can also get your spread down to just 0.5 pips if trading indices like the S&P 500. AVATrade is best known for its strong regulatory standing. For example, it currently holds trading licenses from regulators in South Africa, Ireland, Japan, and the British Virgin Islands.

    As a Singapore resident, you'll have no issues opening an account. What we also like about AVATrade is that you can utilize both MT4 and MT5. In terms of account minimums, you can get started with a deposit of just $100. Supported payment methods include a credit/debit card and a bank wire, but not e-wallets.

    Although AVATrade is a notable forex broker for those of you based in Singapore, the main drawback is that the platform offers virtually no research material. With that said, you can engage in both technical and fundamental analysis on a third-party platform, and then place your required orders at AvaTrade.

    Assets: Forex, thousands of CFDs, cryptocurrencies

    Demo Account: Yes

    Educational Material: No fundamental news or trading ideas, but trading calculator provided

    Fees: 0.9 pips on most major pairs, no withdrawal fee, monthly inactivity fee

    Minimum deposit: $100 MT4/MT5: Both

    Special Features: Pricing alerts and notifications

    Regulation: Licenses in Ireland, Japan, South Africa, British Virgin Islands

    Payment methods: Credit/debit card, Bank wire

    • Spreads from just 0.9 pips
    • Multiple licenses
    • Both MT4 and MT5 supported
    • No research features
    • Does not offer 2FA login
    • Only 56 forex pairs supported


    4. IG - Forex Broker Supporting 17,000+ Assets

    IG is a major player in the online brokerage space. With the parent company first launching in 1974, you'll be joining a platform with a track record that exceeds 46 years. IG is ideal if you want to trade via a standard browser, as everything is facilitated through its web platform.

    For those of you that want to trade on the move, IG also offers a fully-fledged mobile trading app. When it comes to the forex department at IG, you'll be presented with heaps of pairs. Fees are super-competitive too, with EUR/USD and AUD/USD offered at spreads of just 0.6 pips. USD/JPY and GBP/USD can be traded at a spread of 0.7 pips and 0.9 pips, respectively.

    Most importantly, you will not pay any commissions at all when trading forex at IG, so the spread is all you need to look out for. Finally, IG is fully regulated by the Monetary Authority of Singapore. This means that most traders can activate their newly created trading account automatically - as long as you hold Singapearn citizenship.

    Assets: Forex, Indices, Cryptocurrencies, Shares, Commodities

    Demo Account: Yes

    Educational Material: First-grade research department, fundamental news, technical analysis brokerage analysis

    Fees: 0.6 pips on EUR/USD and AUD/USD, no commissions on FX trading, deposit fee of 1% (Visa) and 0.5% (MasterCard)

    Minimum deposit: $300 MT4/MT5: MT4

    Special Features: Minute-by-minute analysis, instant account activate for Singapore citizens

    Regulation: MAS, FCA, BaFin, ASIC

    Payment methods: Credit/debit card, Bank wire

    Our Rating

    • Spreads from just 0.6 pips
    • Regulated by MAS
    • Instant account activation for Singapore citizens
    • 1% deposit fee on Visa cards
    • MT5 not supported
    • MT5 not supported

    How to Choose a Singapore Forex Broker

    We would suggest taking the time to research a Singapore forex broker for yourself. Although we’ve already listed our top five recommendations, this isn’t to say that our chosen brokers will be suitable for your individual needs. For example, although a broker might offer super-low spreads, it might not support your preferred payment method. As such, it is well worth reviewing the following metrics prior to signing up with a new Singapore forex broker.

    • Licensing

    Your first port of call will be to ensure that your chosen forex broker is regulated. In an ideal world, the platform will hold a regulatory license from the Monetary Authority of Singapore. However, this isn’t always necessary, as a number of platforms still accept Singapore residents even though they aren’t regulated by the MAS. Instead, the platform might hold a license from the UK’s FCA, ASIC (Australia), or CySEC (Cyprus).

    • Forex Pairs

    You also need to check what forex pairs the platform lists. Most Singapore forex brokers will list at least 50 or more pairs, which usually centres on majors and minors. It’s also worth exploring what exotic pairs the platform hosts if this is something you find yourself interested in. 

    • Payment Methods

    As you will need to fund your brokerage account with real money, you need to assess what payment methods are supported. The easiest way to deposit funds is via a debit/credit card or e-wallet. Most platforms usually support bank transfers, too. Be sure to check minimum deposit amounts, as well as if any fees apply.

    • Spreads and Commissions

    You will need to pay a fee of some sort to use a Singapore forex broker. At the forefront of this is the spread – which amounts to the difference between the buy and sell price. Expressed in pips, you’ll want to choose a broker that offers a tight spread. In doing so, you’ll be able to reduce your overall trading fees.

    Some Singapore forex brokers will also charge a trading commission. This will be charged as a percentage against the size of your trade. For example, if the broker charges a fee of 1% and you trade $500, then you’ll pay a commission of $5. Take note, you’ll need to pay this at both ends of the order.

    • Trading Tools and Research

    Regardless of whether you’re a newbie trader or a seasoned investor, you’ll need the assistance of fundamental and technical research. Regarding the former, this relates to real-world new events that can impact the future value of a currency. And the latter – technical analysis tools like the Fibonacci Retracement and RSI will allow you to analyse historical charting patterns, and how they relate to current prices.

    • Leverage

    As noted above, Singapore residents are able to trade at leverage of up to 50:1. However, not all Singapore forex brokers will allow you to apply this much to your trades. Instead, you might be capped depending on your prior trading experience. If you do intend on using leverage, make sure you check what limits are available before signing up. 

    • Customer Support

    It’s also a good idea to explore what customer support channels are available. Live chat is the easiest way to receive support, although others prefer to telephone or email.  Either way, it’s useful if the support team operates on a 24/7 basis.

    Leverage at Singapore Forex Brokers

    If you’re based in Singapore and you wish to apply leverage on your forex trades, you’ll have a lot more flexibility than those based in Europe. This is because you will not be capped by the limits imposed by ESMA – which stands at 25:1 on major pairs and 20:1 on minors and exotics. On the contrary, regulations in Singapore allow retail traders to apply leverage at up to 50:1, which is huge.

    For example, let’s say that you were to place a $100 leverage trade at 50:1. This means that you would be trading at $5,000 per order, so you only need to put up a margin of 2%. This is the case even if you are using a broker that is based in Europe. However, you might not always be able to obtain 50:1, as this will be at the discretion of the forex broker in question.


    It is hoped that you now know what to look out for when choosing a Singapore forex broker. This should include the broker’s regulatory standing, spreads, number of currency pairs, supported payment methods, and research department. If leverage is your thing, you’ll also need to check the limits imposed by the broker in question.

    We’ve also discussed our recommended Singapore forex brokers of 2020. Each broker specializes in a particular area of the forex trading space, such as low spreads or automated account verifications for Singaporeans. Either way, just make sure that you tread with caution when trading online, and ensure you start out with small amounts if you’re still a newbie!


    Are Singapore forex brokers safe?

    Yes, brokers must be regulated if they wish to accept account applications from Singaporeans. This might be by the MAS itself, or other regulatory bodies like the FCA or ASIC.

    What leverage limits do Singapore forex brokers offer?

    Singapore residents/citizens are able to apply leverage of up to 50:1. However, your chosen forex broker might offer you less..

    Should I join a commission-free Singapore broker?

    It's always good to join a Singapore forex broker that doesn't charge commissions. However, make sure you have a firm understanding of what spreads the broker charges!

    What is the minimum deposit amount at Singapore forex brokers?

    Singapore forex brokers will often ask for a minimum deposit of $100.

    What payment methods do Singapore forex brokers support?

    The vast majority of Singapore forex brokers will accept both debit/credit cards and a bank transfer. Some will also support e-wallets like PayPal and Skrill.

    Forex brokers by country

    Remember, all trading carries risk. Past performance is no guarantee of future results.

    Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of publications in the online space.

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