Best Forex Brokers in Singapore (2025)

Forex trading in Singapore is increasingly popular as both retail and professional traders seek to access the world’s largest financial market. Singapore’s status as a leading global financial hub is underpinned by strict regulation, primarily enforced by the Monetary Authority of Singapore (MAS).

MAS sets robust guidelines on leverage, segregation of client funds, and investor protection, ensuring a safe and transparent trading environment for all market participants.

Which Is the Best Forex Broker in Singapore?

For Singaporean traders, the best forex brokers combine competitive pricing, a diverse range of tradable instruments, and strong regulatory oversight by MAS. Top brokers often cited by experts include:

• IG – Known for its extensive instrument range, robust educational resources, and excellent customer support.
• Saxo Bank – Praised for its sophisticated trading platforms and premium service.
• CMC Markets – Offers advanced analytical tools and a highly customizable trading platform.
• Plus500 – Valued for its user-friendly interface and commission-free trading on a wide range of CFDs.
• Interactive Brokers – Ideal for advanced traders seeking access to global markets with low commissions.

These brokers have earned strong reputations worldwide for their reliability and adherence to MAS regulations.

Singapore Forex Brokers List

Below is a sample comparison table for some of the top forex brokers serving Singaporean traders. (Figures are indicative; please verify with each broker’s website.)

*For Interactive Brokers, spreads are calculated as commission per trade based on volume.

Is Forex Trading Legal in Singapore? / Can I Trade Forex in Singapore?

Yes, forex trading is legal in Singapore. The Monetary Authority of Singapore (MAS) is the primary regulatory body that oversees forex trading, ensuring brokers adhere to strict standards regarding client fund segregation, capital requirements, and risk management.

To trade forex legally in Singapore, traders should choose brokers that are either MAS‑regulated or operate under internationally reputable regulators with local authorization.

What Are the Most Trusted Forex Brokers?

Trusted brokers are characterized by their long track records, strong regulatory credentials, and consistently positive client reviews. Among the most trusted for Singaporean traders are:

• IG – With decades of experience and comprehensive MAS regulation, IG is globally recognized for its robust execution and client protection measures.
• Saxo Bank – Renowned for its premium platforms and stringent risk management protocols.
• CMC Markets – Celebrated for its award-winning trading platform and transparent fee structure.
• Interactive Brokers – Known for its global market access and low trading costs, ideal for professional traders.
• Plus500 – Praised for its user-friendly design and competitive cost structure.

5. What Is Singapore’s Largest Broker?

Since Singapore does not have many domestically licensed retail forex brokers, many traders in Singapore use internationally regulated brokers.

IG Asia Pte Ltd is widely considered one of the largest in terms of client base and trading volume in Singapore, owing to its extensive range of instruments, robust educational resources, and strong regulatory framework by MAS.

Is Forex Taxed in Singapore?

Generally, Singapore does not impose a capital gains tax on the sale of financial investments, including forex, unless the trading activity is considered to be a business. For most individual traders, forex profits are treated as investment income and are not subject to taxation.

However, if forex trading constitutes a primary source of income or if trading is frequent and systematic, the profits may be taxed as business income at personal income tax rates. Maintaining meticulous records is key for tax reporting, and it’s advisable to consult a tax professional for personalized guidance.

Can I Trade Forex with $100?

Yes, many brokers in Singapore offer micro and mini accounts that allow you to begin trading with as little as $100. Brokers such as XM Trading, FXTM, and FBS provide low minimum deposit options, making it easy for beginners to test strategies and gain experience without committing significant capital.

Can I Use MetaTrader in Singapore?

Absolutely. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are widely available with Singaporean forex brokers. Leading brokers, including Interactive Brokers, Pepperstone, XM Trading, and OctaFX, offer both MT4 and MT5 platforms, providing robust charting tools, technical indicators, and automated trading capabilities suitable for both beginners and experienced traders.

What Is the Best MT4 Broker in Singapore?

For traders who favor the MetaTrader 4 platform, top choices include:

• Tickmill – Offers ultra-low raw spreads and fast order execution on MT4.
• XM Trading – Provides a reliable and intuitive MT4 interface with competitive spreads and advanced charting tools.
• OctaFX – Known for its commission‑free trading and swap‑free Islamic account options on MT4.
  These brokers are preferred for their low fees, swift execution, and comprehensive analytical tools on the MT4 platform.

Which Bank Is Best for Forex Trading?

While traditional banks in Singapore, such as DBS, OCBC, and UOB, offer foreign exchange services mainly for remittances and hedging, they generally do not offer the advanced trading platforms, competitive spreads, or diverse market access provided by dedicated forex brokers.

For active forex trading, it is generally more beneficial to use a regulated forex broker that offers sophisticated platforms and lower trading costs.

Which Forex Broker Has the Lowest Fees?

Low trading fees are essential for maximizing returns. Brokers like Tickmill and OctaFX are known for their minimal spreads and low or zero commissions.

For example, Tickmill’s Raw Account can offer spreads as low as 0.1 pips (plus a small commission), while OctaFX often features commission‑free trading with spreads around 0.9 pips. Refer to the comparison table in section 2a for a quick overview of spreads, minimum deposits, and overall ratings.

How to Start Trading in Singapore

Follow these steps to begin your forex trading journey in Singapore:

1. Choose a Broker: Select a reputable broker that is either MAS‑regulated or holds international licenses (e.g., IG, Saxo Bank, or CMC Markets).
2. Open an Account: Visit the broker’s website and complete the online registration form with your personal details.
3. Verify Your Identity: Submit required documents (e.g., passport or NRIC, proof of address) to comply with KYC regulations.
4. Fund Your Account: Deposit funds using convenient local payment methods such as bank transfers, credit/debit cards, or digital wallets (e.g., PayNow).
5. Download the Trading Platform: Install the broker’s trading platform (MT4/MT5 or proprietary platforms) on your desktop or mobile device.
6. Practice with a Demo Account: Use a demo account to familiarize yourself with the trading environment without risking real money.
7. Start Trading: Once confident, begin trading with live funds using proper risk management tools such as stop-loss orders.

How Do I Find a Good Forex Broker?

When choosing a forex broker in Singapore, use this checklist:

• Regulation: Verify the broker is regulated by MAS or another reputable international regulator (FCA, ASIC, CySEC).
• Fees & Spreads: Compare spreads, commissions, and other trading costs.
• Trading Platform: Ensure the broker offers a user-friendly and reliable platform (MT4/MT5, mobile apps).
• Customer Support: Look for responsive, multilingual support (ideally available in English and local languages).
• Educational Resources: Check for demo accounts, webinars, tutorials, and market analysis tools.
• Deposit/Withdrawal Methods: Confirm the broker offers convenient local payment options such as bank transfers and PayNow.

Best Forex Trading App in Singapore

For trading on the go, mobile trading apps are vital. Top forex trading apps in Singapore include:

• IG Mobile App: Known for its intuitive design, comprehensive charting, and real-time alerts.
• CMC Markets App: Offers advanced analytical tools and a customizable interface.
• OANDA Mobile: Provides a user-friendly experience with robust execution and advanced charting capabilities.
  These apps ensure that you can manage your trades seamlessly, whether you’re at home or on the move.

Best Forex Trading Platform in Singapore for Beginners

Beginners should choose platforms that are straightforward and come with educational support. Recommended platforms for new traders in Singapore include:

• XM Trading (MT4/MT5): Offers low minimum deposits, user-friendly interfaces, and extensive educational resources.
• OctaFX Platform: Features an intuitive design, commission‑free trading, and access to swap‑free Islamic accounts.
• FBS: Known for its micro accounts and simple fee structure, ideal for novices learning the basics of forex trading.

High Leverage Forex Brokers in Singapore

While international brokers may advertise high leverage (up to 1:500 or even 1:1000), MAS-regulated brokers in Singapore typically offer lower leverage for retail traders:

• Major Currency Pairs: Maximum leverage is generally capped at 1:50 for major pairs such as EUR/USD and USD/SGD.
• Minor/Exotic Pairs: Leverage is more conservative, often around 1:20.
• For Accredited Investors: Certain brokers may offer higher leverage, subject to meeting stringent criteria. It is advisable for retail traders to use lower leverage (e.g., 1:20 to 1:50) to manage risk effectively.

Last Thoughts

Singapore’s forex trading environment is robust and secure, thanks to stringent regulation by MAS and a thriving financial ecosystem.

The best forex brokers for Singapore in 2025, such as IG, Saxo Bank, CMC Markets, Plus500, and Interactive Brokers, offer competitive fees, advanced platforms, and excellent customer support.

While local banks provide forex services mainly for remittance, dedicated forex brokers deliver superior trading experiences, making them the preferred choice for active traders. As always, conduct thorough due diligence, start with a small deposit, and implement sound risk management strategies.

FAQs

Q1. Is forex trading legal in Singapore?
A: Yes, forex trading is legal in Singapore when conducted through brokers regulated by MAS. This regulatory oversight ensures a safe trading environment.

Q2. Are forex trading profits taxed in Singapore?
A: Generally, forex trading profits in Singapore are not taxed for individual investors, as Singapore does not levy a capital gains tax. However, if trading constitutes a business activity, the profits may be subject to income tax.

Q3. Can I start trading with $100 in Singapore?
A: Yes, many brokers offer micro or mini accounts with low minimum deposits, allowing you to start trading with as little as $100.

Q4. Do brokers in Singapore offer MetaTrader platforms?
A: Absolutely. Most top brokers, including IG, XM Trading, Tickmill, and OctaFX, offer both MT4 and MT5 platforms.

Q5. Which MT4 broker is best for Singaporean traders?
A: Top MT4 brokers include Tickmill, XM Trading, and OctaFX, due to their low spreads, fast execution, and robust features.

Q6. Which bank is best for forex trading in Singapore?
A: Traditional banks (e.g., DBS, OCBC, UOB) mainly handle currency exchanges for remittance. For active forex trading, using a dedicated MAS‑regulated broker is preferable.

Q7. What leverage limits apply to forex trading in Singapore?
A: MAS-regulated brokers typically offer a maximum leverage of around 1:50 for major currency pairs and lower for minors/exotics. Accredited investors may access higher leverage under strict conditions.

Q8. Do forex brokers in Singapore offer Islamic accounts?
A: Yes, many brokers, including IG, AvaTrade, OctaFX, and FBS, offer swap‑free Islamic accounts for traders who require Shariah‑compliant trading options.