Best Forex Brokers Singapore for 2023
Trading forex (currencies) in Singapore is popular among residents. Before any fx broker in Singapore can accept forex and CFD traders as clients, they must become authorised by the Monetary Authority of Singapore (MAS), which is the financial regulatory body in Singapore. MAS's website is mas.gov.sg. We recommend Singaporean residents to follow the MAS on twitter, @MAS_sg.
MAS is Singapore's Central Bank and financial markets regulatory body and was founded in 1971. For a historical breakdown, here's a link to the Monetary Authority of Singapore's webpage on Wikipedia.
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 Forex Brokers Singapore
To find the best forex brokers in Singapore, we created a list of all MAS authorized brokers, then ranked brokers by both trustworthiness, as well as their Overall ranking.
Here is our list of the top forex brokers in Singapore:
- Saxo Bank - Best web-based trading platform
- Interactive Brokers - Great overall, best for professionals
- CMC Markets - Excellent overall, best platform technology
- City Index - Excellent all-round offering
- Plus500 - High Trust Score, great for beginners
Singapore Forex Brokers Comparison
Compare Singapore authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.
|Company||Accepts SG Residents||Regulated by MAS||Average Spread EUR/USD - Standard||Minimum Initial Deposit||Overall Rating||Visit Site|
|IG||0.86 (September 2022)||£250.00||
|Saxo Bank||0.9 (September 2022)||€2,000|
|Interactive Brokers||0.6 (Aug 2022)||$0|
|CMC Markets||0.51 (August 2022)||$0|
|City Index||1.0 (July 2022)||£100.00|
|Plus500||0.6 (as of Aug 2018)||€100|
|AvaTrade||0.91 (Aug 2020)||$100|
|Capital.com||0.6 (July 2021)||$20|
|XM Group||1.6 (Aug 2020)||$5|
|Admiral Markets||0.8 (July 2021)||$100|
|FP Markets||1.2 (August 2022)||$100 AUD|
|IC Markets||0.62 (August 2022)||$200|
|Tickmill||0.51 (August 2022)||$100|
|BlackBull Markets||0.827 (August 2022)||$0|
|HFM||1.2 (August 2021)||$5|
|HYCM (Henyep)||0.6 (Sept 2021)||$100|
|Vantage||1.22 (August 2021)||$50|
|Eightcap||1.0 (Aug 2022)||$100|
|Moneta Markets||1.27 (September 2022)||$50|
|ACY Securities||1.2 (Sept 2021)||$50|
|easyMarkets||0.9 (as of Mar 2020)||$100|
|Libertex (Forex Club)||-1||$10|
How to Verify MAS Authorisation
To identify if a forex broker is regulated by MAS, the first step is to identify the register number from the disclosure text at the bottom of the broker's Singapore homepage. For example, here's the key disclosure text from CMC Markets's website:
CMC Markets Singapore Pte. Ltd. (Reg. No./UEN 200605050E) is regulated by the Monetary Authority of Singapore and holds a capital markets services licence for dealing in securities and leveraged foreign exchange, and is an exempt financial adviser.
Next, look up the firm on the MAS website to validate the register number is, in fact, legitimate. Here is the official MAS page for CMC Markets Singapore Pte. Ltd..
Popular Forex Guides
- Best Forex Brokers
- Best Forex Brokers for Beginners
- Best Forex Brokers for Copy Trading
- Best MetaTrader Brokers
- Best Forex Trading Apps
- Best Zero Spread Forex Brokers
- Compare Forex Brokers
2023 Review Methodology
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.
Read our full explanation and accounting of our research and testing process to learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.