Best Forex Brokers in Singapore – Top Choices Listed

Tap into emerging trends in Singapore Forex Market.

Risk Warning: Remember financial trading is highly speculative & may lead to the loss of your funds.

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MAS

Best Regional Regulator

Established 1971

SGD

National Currency

Singapore Dollar

30+

Licensed FX Brokers

Tax on Capital Gains

Online Forex brokers in Singapore have become very popular in the past few years. There are numerous people who are interested in the market and this is attracting even more brokers to the local market.

The Forex trading market in Singapore is regulated by the central bank of the country, the Monetary Authority of Singapore, MAS. The main aim of the MAS is to oversee the financial markets in the country, which includes Forex trading. The regulatory agency is responsible for controlling the whole financial market in the country.

The regulatory agency is known for being very strict with its regulatory framework. There are numerous requirements that the regulatory agency has towards Forex brokers. MAS required Forex brokers to keep the funds of their clients on segregated bank accounts to protect the funds of their clients.

The majority of the Forex brokers in the country are internationally acclaimed brokers that own licenses from regulatory authorities like the UK’s FCA, CySEC of Cyprus, and many others.

Additional oversight of the Forex trading market in the country is also provided by the Singapore Foreign Exchange Market Committee. The committee is made up of representatives of Singapore’s authorities as well as representatives of private banks.

Because Singapore Forex trading brokers have to follow such strict regulations, they are known for offering safe and secure services. That said, there are not that many local Forex brokers available in the country, because of which, the majority of the traders are investing with international Forex brokers.

Top 5 Forex Brokers in Singapore

There are numerous Forex brokers offering services to the traders of Singapore. However, although there are so many of them, traders still need to do thorough research before they start trading to make sure that all is above board.

Among the most important things that every trader should keep in mind is the safety and security of their funds. To help you find the best FX brokers in Singapore, we researched them and prepared the top 5 list of Singapore Forex brokers.

	XM	Exness	VT Markets	Key To Markets	HYCM
Trading Platform	MetaTrader 4, MetaTrader 5	MetaTrader 4, MetaTrader 5, Exness Terminal	MetaTrader 4, MetaTrader 5	MetaTrader 4, MetaTrader 5	MetaTrader 4, MetaTrader 5
Max Leverage	1000:1	Unlimited	500:1	500:1	500:1
Markets	Forex, Cryptocurrencies, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies and Shares	Forex, CFDs on stocks, Indices, Commodities, Cryptocurrencies	Forex, Commodities, Indices, Shares as CFDs	Forex, Commodities, Indices, Cryptocurrencies, Shares as CFDs	Forex, Stocks, Indices, Cryptocurrencies, Commodities
Regulations	Australia, Belize, Cyprus, UAE, UK	British Virgin Islands, Curaçao, Cyprus, Kenya, Mauritius, Seychelles, UK	Australia, South Africa, St. Vincent, and the Grenadines	Mauritius, UK	Cayman Islands, Cyprus, UAE, UK
Min. Deposit	5 USD	10 USD	100 USD	100 USD	100 USD
*Offers Singapore Dollar as account currency	Yes (in addition USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, ZAR)	Yes (In addition, many other options are available)	No (only EUR, USD, GBP, AUD, CAD)	No (only EUR, and USD)	No (only USD, EUR, GBP, RUB, AED, and CAD)
	Sign Up	Sign Up	Sign Up	Sign Up	Sign Up

*In case your income and expenditure are in Singapore dollars, it’s best to open a live account in that particular currency to save fees on currency conversions.

Trading Platform:

MT4, MT5

Max Leverage:

1:1000

Instruments:

Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares.

Regulation:

CySEC, ASIC, IFSC

Min. deposit:

Open an account

Exness

Trading Platform:

MT4, MT5, App

Max Leverage:

1:Unlimited

Markets:

Forex, CFDs, Crypto

Regulations:

FSA, CySEC, FCA, FSCA, CBCS

Min Deposit:

$10

Open an account

VT Markets

Trading Platform:

MT4, MT5

Max Leverage:

500:1

Markets:

Forex, CFDs, Crypto

Regulations:

ASIC, CIMA

Min Deposit:

$100

Open an account

XM

XM is one of the leading brokerages in Asia which offers a secure and transparent trading experience. It is one of the best options for the best Asian Forex traders for a number of reasons. First of all, the broker is regulated by reliable regulatory authorities including Cyprus Securities and Exchange Commission, Australian Securities and Investments Commission, Financial Conduct Authority, and the International Financial Services Commission. Even though XM does not hold an Asian license at the moment, all four regulatory bodies, CySEC, ASIC, FCA, and IFSC are cooperating with Asian regulators such as FSA in Japan and DFSA in Dubai.

Furthermore, XM offers Islamic trading account types for Muslim traders from Asian countries. The XM Islamic account frees its clients from paying interest rates, such as swap fees or rollover charges on overnight positions. This account type is in full compliance with Shariah laws. Moreover, XM Islamic account has won an award for the best Islamic account of 2020.

The website of the broker, as well as the customer support, is available in multiple languages including Chinese, Arabic, Japanese, and South Korean. In addition to it, the broker also supports various base currencies for traders from Asia and allows them to establish an account in Japanese yen (JPY).

Min deposit: $5

Deposit to Qualify

€600

Deposit Bonus, Live Education

Sponsorships Remaining

Open an account

XM is one of the top Forex brokers in Asia for its dedication to the best customer service. The broker offers a 50 USD no deposit bonus for all new registering clients from Singapore without any investment requirements. Furthermore, Asian traders can start trading with XM for just a 5 USD minimum deposit.

Exness

Exness is a global financial broker that provides access to trading various asset classes including: Forex pairs, CFDs on Stocks, Indices, Commodities and Cryptocurrencies. The broker was established in 2008 and since its creation has managed to attract clients from all over the globe. Currently Exness has more than 1.8 registered customers. Out of which more than 300,000 are trading actively with more than 470 Billion monthly traded volume.

Exness Group is regulated in 7 jurisdictions and therefore considered safe. The list of regulatory bodies include: Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), The Financial Conduct Authority in the United Kingdom (FCA), South Africa Financial Sector Conduct Authority (FSCA), Central Bank of Curacao and Sint Maarten (CBCS), Financial Services Commission in British Virgin Islands (FSC) and Financial Services Commission in Mauritius (FSC). In addition to being strictly regulated, Exness increases the level of safety by providing negative balance protection. What’s more, the broker is a member of The Financial Commission Compensation Fund and keeps clients’ money in segregated accounts.

Exness

Min deposit: $10

Deposit to Qualify

$800

ECS

EAs discounts

Exness

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

Open an account

What makes Exness stand apart from the competition is the speed of execution. You don’t need to go through the lengthy process of registration, deposits and withdrawals. Withdrawals with this broker are instant and the customer support is always ready to help.

Exness group offers a full set of MetaTrader platforms and easy-to-use, custom-built Exness Terminal. In order to suit various types of traders, the broker provides Standard and Professional account types. Spreads and commissions vary across different accounts, but in general are very reasonable. The maximum leverage offered by the broker is unlimited. In order to be able to open a Pro account you need to deposit at least $200. As for the Standard account, the minimum amount is starting from $10 and the amount depends on the payment system.

In case you have already decided to open a trading account with Exness, keep in mind that Exness Group does not accept clients from several countries including the USA.

VT Markets

VT Markets is a multi-asset broker established in Sydney, Australia. The broker has more than 10 years of experience in the industry and is strictly regulated by top tier regulatory bodies such as ASIC, FCA of the UK and the Cayman Islands Monetary Authority (CIMA). VT Markets operates globally and serves more than 70,000 client accounts. With more than $100 Billion monthly trading transactions.

The broker offers two types of accounts that are suitable for both intraday and position trading. What’s more, trading fees are affordable and very competitive. In addition, there’s no inactivity fees and most deposit/withdrawal options are not charged by the broker.

VT Markets has won a number of prestigious awards such as: Best Customer Service (2021 Forex Expo), Fastest Growing Broker in Europe (2021 Global Brands Magazine) and others. Amazing customer service available 24/5 and user-friendly web page truly sets VT Markets apart from the competition.

You can trade various instruments with this broker. Including Forex pairs, Indices, Soft and hard commodities, US CFD shares, UK CFD shares, EU CFD shares and HK CFD shares. The total number of instruments is more than 1,000. The broker provides access to a full set of MetaTrader software including mobile apps and web trading platforms.

VT Markets

Min deposit: $100

Deposit to Qualify

$800

ECS

EAs discounts

VT Markets

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

Open an account

The maximum leverage available for trading stock CFDs is 20:1. As for the FX pairs, leverage is up to 500:1. The minimum initial deposit required to open a live account with this broker is 100 base currency.

Key to Markets

Key To Markets is a Forex and CFD broker that provides financial services to institutional and retail traders. The company’s headquarters is located in London, UK. The broker was founded in 2010 and since its creation has expanded globally.

Key To Markets is regulated by the Financial Services Commission (FSC) in Mauritius, and by the Financial Conduct Authority (FCA) in the UK. The broker offers a full set of MetaTrader platforms to its customers.

The broker offers various account types, including Standard and Pro accounts, with a minimum initial deposit required to open an account of just 100 USD. The maximum available leverage is 500:1. The broker offers 156 tradable instruments to its clients, including Forex pairs, commodities, indices, cryptocurrencies, and shares as CFDs. Spreads on the Standard account start from 1 pip. It’s important to note that the 1 pip is just a markup, and in a live trading environment spreads may be larger, especially when there’s low liquidity.

Key to Markets

Min deposit: $100

Deposit to Qualify

€800

Key To Markets

1:500 Leverage for EU traders

Sponsorships Remaining

Open an account

The Standard account is best suited for beginners and traders that like to plan their trades more. Traders who place orders less frequently care less about spreads. On the other hand, they usually prefer commission-free trading. There are no commissions on the Standard account.

Traders that place multiple orders within a day, such as high-frequency traders, scalpers, algorithmic traders, etc. prefer to pay market fees on spreads. The Pro account is aimed at active traders. Spreads start from 0, however, there are 6 EUR/8 USD commissions per traded standard lot round turn.

HYCM

HYCM, better known as Henyep Capital Markets, is licensed in various countries, including the Cayman Islands, Cyprus, UAE, and the UK. The broker was established in 1997, and in 1998 it received its first license from the UK’s Financial Conduct Authority (FCA). The broker holds the FCA license to this day. It should be mentioned that the FCA in the UK is a top-tier regulator and well respected among traders and brokers alike. The broker has won 15 industry awards.

With 5 locations in the major financial centers around the world, Henyep Capital Markets provides financial services to clients from more than 140 countries and there are 301 assets for trading with this broker, including currency pairs, stocks, indices, cryptocurrencies, and commodities.

To meet the requirements of different trader types, the broker offers various accounts. Trading accounts come in three different flavors: FIXED, CLASSIC, and RAW. The main difference between the account types is their fee structure.

HYCM

Min deposit: $100

Deposit to Qualify

€800

HYCM

1:500 Leverage for EU traders

Sponsorships Remaining

Open an account

Traders that wish to trade all the time, even in low liquidity environments, or can’t trade during the most active market hours, will pick the FIXED account type, as spreads are fixed on that account and start from 1.5 pips. On CLASSIC accounts spreads are variable starting from 1.2 pips. This account type is attractive for swing and position traders as there are no commissions. The RAW account type doesn’t have any spread markups and therefore is best suited for active traders. On the other hand, traders on the RAW account are charged with 8 USD commissions per standard lot round turn. The minimum deposit on the RAW account is 200 USD, while the other two account types can be opened with as little as 100 USD.

Top reliable brokers in Singapore that offer the lowest trading fees

For successful trading, it’s not enough to simply pick the best-trusted Forex broker. Your broker also needs to be offering low trading fees.

Low trading fees are critical in trading because they can dramatically impact a trader’s profitability. CFD trading involves buying and selling assets. Commissions and spread markups might seem tiny in comparison to the whole asset price, but over a period of time, they add up. A 1 pip difference gives you 1000 pips in loss after 1000 conducted trades. This shows that trading fees can easily lead to losses, especially for active traders.

Every trader is different and has different requirements. Some trade solely FX pairs, while others prefer to trade stocks as CFDs or other instrument classes. Our price comparison table below breaks down prices into categories.

	XM	Exness	VT Markets	Key To Markets	HYCM
Trading fees on Forex pairs	From 1.6 pips	From 0.3 pips	From 1.2 pips	From 1 pip	From 1.2 pips (Raw account EUR/USD fees start from 0.1 pips. The commission is 4 USD per round turn
Trading fees on CFDs on Stocks	From 0	From 0.1	From 0	From 0.01	From 0.6%
Trading fees on Shares	From 0	N/A	N/A	N/A	N/A
Trading fees on Crypto derivatives	From 0.0017	From 4.2	N/A	From 0.01	From 0.00162 pips
Trading fees on Indices	From 0.22	From 3	From 0.1	From 0.01	From 0.02
Trading fees on Commodities	From 0.003	From 2	From 0.056	From 0.001	From 1.5 pips
*Inactivity fees	5 USD per month after 90 days of inactivity	0 USD	0 USD	0 USD	10 USD per month after 90 days of inactivity
	Sign Up	Sign Up	Sign Up	Sign Up	Sign Up

*Dormant accounts are often charged with inactivity fees. The best way to avoid such fees is to place smaller orders now and then if you are planning to remain inactive it is better to withdraw funds altogether. However, many brokers do not have such fees.

In addition to selecting a broker with low trading fees, you can further reduce trading expenses by trading during the most liquid market conditions. For example, if you’re trading currencies, the most liquidity happens during the London and New York sessions. Typically traders are indecisive before and during major announcements and during such events, spreads get widened. In addition, it should be mentioned that most active pairs are majors such as EUR/USD, USD/JPY, GBP/USD, etc.

Traders that are interested in shares can lower market spreads by trading the most liquid assets. It’s no surprise that the stocks that are listed on the NYSE and NASDAQ are the most liquid, and therefore offer the tightest spreads.

Best trusted Forex broker in Singapore with largest selection of assets

FX brokers often offer the opportunity to trade various asset classes besides only currency pairs. Mainly these asset classes include: indices, commodities, and crypto derivatives. Most FX brokers are limited to offering Contracts for Difference (CFD) asset types. CFDs are best for market speculations, however, for investing long-term, traders pick real shares or physical precious metals and digital coins.

Before opening a live trading account, it is important to make sure your broker offers the asset type that you are looking for. Below we have a comparison table that will help you compare the number of different asset classes offered by the top trusted Forex brokers.

	XM	Exness	VT Markets	Key To Markets	HYCM
Number of Forex pairs	55	98	49	65	71
Number of CFDs on Stocks	1,300	100	800	65	153
Number of Shares	99	N/A	N/A	N/A	N/A
Number of Crypto derivatives	58	35	N/A	4	29
Number of indices	20	10	24	15	28
Number of commodities	8	13	22	7	20
Total	1,553+	256	1,000+	156	301
	Sign Up	Sign Up	Sign Up	Sign Up	Sign Up

The Bottom Line for Singaporean FX Brokers

Forex trading in Singapore is very popular and there are numerous Singaporean traders that are taking part in this market every single day. Among the most popular Forex brokers of the country are internationally-acclaimed and well-known Forex brokers that offer services to the local traders of the country.

There are numerous things that traders should focus on before choosing which broker to use. This includes available trading assets, trading platforms, payment solutions, as well as many other things that are important for Forex traders.

Safety and security are other very important factors while choosing the best Forex broker in Singapore. All of the five Forex brokers that we have discussed above represent some of the best Forex brokers in the market that comply with all the requirements that make Forex brokers reputable and trustworthy companies.

Although the majority of these brokers are not MAS regulated brokers in Singapore, they are still known as safe and secure brokers that can be trusted by traders due to the services that they offer.

FAQs on Singapore Forex Brokers

Which forex trading platform is the best in Singapore?

The most frequently used Forex trading platform in Singapore is MetaTrader 4, which is a very famous Forex trading platform that was created by a Russian software company called MetaQuotes. That said, there are many other platforms available for Singaporean Forex traders, which include MT5, cTrader, and many others. Some Forex brokers also offer traders custom-made Forex trading platforms.

Is Forex trading illegal in Singapore?

No, Forex trading is not illegal in Singapore. You can legally invest in the Forex trading market in Singapore as long as you find a safe and secure Forex broker. The main regulatory agency of Singapore is the Central Bank of the country, which is responsible for regulating FX trading brokers in Singapore.

Is trading FX in Singapore safe?

Yes, trading with Forex trading brokers in Singapore is completely safe. The country has a very strict regulatory agency that makes sure that local traders are kept safe at all times. The Monetary Authority of Singapore, MAS, is the main regulatory body that takes care of the financial markets in the country. The majority of the best Forex brokers in Singapore are regulated by MAS.

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