Best Forex Brokers Singapore for 2022
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
- CMC Markets - Excellent overall, best platform technology
- City Index - Excellent all-round offering
- Plus500 - Trusted broker, 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||0.828 (September 2021)||£250.00||
|Saxo Bank||0.8 (August 2020)||$2,000|
|CMC Markets||0.73 (August 2021)||$0|
|Interactive Brokers||0.6 (August 2022)||$0||
|City Index||1.1 (August 2021)||£100.00|
|Plus500||0.6 (as of Aug 2018)||€100|
|AvaTrade||0.91 (Aug 2020)||$100|
|Admiral Markets||0.8 (July 2021)||$100|
|IC Markets||0.62 (August 2021)||$200|
|Capital.com||0.6 (July 2021)||$20|
|XM Group||1.6 (Aug 2020)||$5|
|FP Markets||1.2 (August 2022)||$100 AUD|
|Tickmill||0.27 (September 2021)||$100|
|HYCM (Henyep)||0.6 (Sept 2021)||$100|
|HFM||1.2 (August 2021)||$5|
|Vantage||1.22 (August 2021)||$200|
|Moneta Markets||1.22 (August 2021)||$50|
|BlackBull Markets||0.845 (October, 2021)||$50|
|ACY Securities||1.2 (Sept 2021)||$50|
|VT Markets||1.2 (September 2021)||$200|
|easyMarkets||0.9 (as of Mar 2020)||$100|
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..
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2022 Review Methodology
For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read about Trust Score here.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. 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.