So, you’re thinking about forex trading in Singapore, or maybe you’re already in the game and looking for the best forex broker to step up your trading. Either way, picking the right forex broker can feel like a big deal, right? With so many options out there, it’s easy to feel a little lost. But don’t stress—we’ve got you covered!
In this guide, we’re going to run through the best forex brokers in Singapore for 2025. Yup, the top 5 that’ll have you trading with confidence. Whether you're after low fees, user-friendly trading platforms, or just solid customer service, you’ll find it here.
And hey, Singapore’s a financial hub, so you’re in good hands with the Monetary Authority of Singapore (MAS) keeping things in check. They make sure the forex brokers you’re trading with are legit and playing by the rules. So you can focus on what really matters—finding the best trading platform and making smart moves in the forex market.
What to Consider When Choosing a Forex Broker in Singapore
So, you’re ready to get serious about forex trading in Singapore. That’s awesome! But before you jump in, choosing the right forex broker is key. There are a few things you’ll want to keep in mind to make sure you’re getting the best bang for your buck—and that your money is safe.
1. Importance of MAS (Monetary Authority of Singapore) Regulation
First things first, you want a broker that’s regulated by the Monetary Authority of Singapore (MAS). Why? Because MAS makes sure that brokers are legit and follow strict rules to keep your funds secure. This is super important because you don’t want to risk your money with a shady broker. Look for that MAS stamp of approval before you sign up with any broker.
2. Overview of Trading Fees
Next up, let’s talk about trading fees. These are the costs you’ll face when you place trades, and they can vary from broker to broker. You’ll want to check out commissions, which are fees the broker charges per trade. Then, there’s the spread—that’s the difference between the buy and sell price of a currency pair. Some brokers offer low spreads but might charge higher commissions, so watch out for those sneaky hidden costs. Be sure to compare fees to avoid paying more than you should.
3. Types of Trading Platforms
When it comes to trading platforms, you’ll want something that’s easy to use and packed with the features you need. The most popular ones are MetaTrader 4 and MetaTrader 5, which offer great tools for analyzing the market and managing trades. Some brokers also have their own proprietary platforms, which can be pretty good, too. Just make sure the platform you choose fits your style, whether you’re a beginner or an experienced trader.
4. Leverage and Margin Requirements for Singapore-based Traders
Leverage can be a double-edged sword. It allows you to control a larger position with a smaller amount of money, but it can also lead to bigger losses if things don’t go your way. In Singapore, there are specific margin requirements set by brokers based on MAS regulations. Make sure you understand how much you can borrow and what the risks are before you start trading with leverage.
5. Customer Support Quality and Availability
Nothing’s worse than running into a problem with your trading platform and not being able to get help. That’s why good customer support is a must! Look for brokers that offer 24/7 support and have a reputation for being responsive. Whether you need help with a trade, a deposit, or just figuring out how the platform works, you want a broker that’s got your back.
Ease of Withdrawals and Deposits for Singaporean Traders
Finally, let’s talk money—specifically how easy it is to get your money in and out of your trading account. A good forex broker should offer multiple options for deposits and withdrawals, like bank transfers, credit cards, and even PayNow in Singapore. Plus, you don’t want to deal with long wait times or high fees just to get access to your funds. Make sure your broker makes this process smooth and hassle-free.
The 5 Best Forex Brokers in Singapore
#1. AvaTrade: Best Overall for Singaporean Traders
What is AvaTrade?
AvaTrade is a popular and well-established forex broker that has been providing trading services since 2006. It’s considered one of the best brokers in Singapore due to its strong regulation, including oversight from the Monetary Authority of Singapore (MAS). AvaTrade offers a wide range of trading platforms, including MetaTrader 4 and 5, as well as its own AvaTradeGO and WebTrader platforms, catering to different levels of traders. The broker’s commitment to education, with numerous resources for beginners and experienced traders alike, also sets it apart, making it a top choice for those looking to enter or expand in the forex market in Singapore.
Advantages and Disadvantages of AvaTrade
Regulated by multiple financial authoritiesAvaTrade Fees and Commissions
When trading with AvaTrade in Singapore, you can expect zero commissions on most accounts, meaning you’ll only need to consider the spreads when calculating your trading costs. The typical spread for major currency pairs starts at around 0.9 pips. AvaTrade also charges a $50 inactivity fee after three months of no activity and an additional $100 administration fee after 12 months of inactivity. There are no withdrawal fees, and you can deposit or withdraw funds via multiple methods, including credit cards, bank transfers, and e-wallets.
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#2. Plus500
What is Plus500?
Plus500 is a leading provider of Contracts for Difference (CFDs), offering a user-friendly platform for trading a wide range of financial instruments, including forex, commodities, equities, indices, and options. In Singapore, Plus500SG Pte Ltd holds a capital markets services license from the Monetary Authority of Singapore (MAS) for dealing in capital markets products. The platform provides over 2,000 CFD financial instruments across seven categories, free real-time price quotes, and web and mobile platforms for added flexibility. These features, combined with its regulatory compliance, make Plus500 a preferred choice for traders in Singapore.
Advantages and Disadvantages of Plus500
Advantages
DisadvantagesPlus500 Commissions and Fees
Plus500 operates on a zero-commission model, primarily earning revenue through the bid-ask spread. There are no fees for deposits or withdrawals, but traders should be aware of certain charges: an inactivity fee of up to USD 10 per month applies if the account is inactive for at least three months; overnight funding fees are added or subtracted when holding positions after a specified time; and a currency conversion fee of up to 0.7% is charged for trades on instruments denominated in a currency different from the account's currency. Additionally, utilizing a Guaranteed Stop Order to manage risks is subject to a wider spread.
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OPEN A DEMO ACCOUNT ON PLUS500
#3. Octa
What is Octa?
Octa is a globally recognized online forex and cryptocurrency broker, established in 2011, offering low spreads, no commissions, and a diverse range of trading instruments, including forex, commodities, cryptocurrencies, and indices. The broker provides access to popular platforms like MetaTrader 4, MetaTrader 5, and its proprietary OctaTrader, catering to various trading preferences. Octa is regulated by the International Financial Services Commission (IFSC) of Belize, ensuring adherence to international financial standards. Its commitment to transparent trading conditions, user-friendly platforms, and comprehensive educational resources makes it a preferred choice among Singaporean traders.
Advantages and Disadvantages of Octa
Octa
Fees and Commissions
In Singapore, Octa offers a commission-free trading environment with tight spreads, starting from 0.6 pips on major currency pairs, translating to approximately $6.00 per standard lot. Notably, the broker does not charge swap fees for holding leveraged positions overnight, enhancing cost-effectiveness for traders. Additionally, Octa imposes no fees on deposits and withdrawals, though third-party charges may apply depending on the chosen payment method. This fee structure positions Octa as a competitive option for traders seeking to minimize trading costs.
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#4. FP Markets
What is FP Markets?
The FP Markets brokerage is a well-established provider of Forex and CFD trading services and is recognized as one of the best forex brokers in Singapore. It offers tight spreads, fast execution speeds, and multiple trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader. The broker is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), ensuring compliance with international financial standards. FP Markets provides traders with access to a wide range of financial instruments, including forex, indices, commodities, stocks, and cryptocurrencies, making it a preferred choice for traders in Singapore looking for low-cost trading and advanced trading tools.
Advantages and Disadvantages of FP Markets
FP Markets Fees and Commissions
In Singapore, FP Markets offers competitive spreads and commission structures, depending on the type of account chosen. The Standard Account is commission-free, with spreads starting from 1.2 pips, while the Raw Account features spreads from 0.0 pips and charges a commission of $3 per lot per side. Equity CFD trading incurs a commission starting at 0.05% per trade, with a minimum charge. There are no inactivity fees or hidden charges, although certain platforms, such as IRESS Trader, may have monthly fees that can be waived upon meeting trading volume requirements.
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#5. Interactive Brokers
What is Interactive Brokers?
Interactive Brokers is a leading global broker known for its wide range of investment products and advanced trading tools, making it one of the best brokers in Singapore. Established in 1978, it offers access to over 150 global markets and provides robust platforms like Trader Workstation (TWS), which caters to both professional and retail traders. Interactive Brokers is heavily regulated, including by the Monetary Authority of Singapore (MAS), ensuring a secure and transparent trading environment. Its competitive pricing, extensive market access, and reputation for innovation make it a top choice for serious investors in Singapore.
Advantages and Disadvantages of Interactive Brokers
Interactive Brokers Fees and Commissions
When trading with Interactive Brokers in Singapore, traders benefit from low commissions and tight spreads. For forex trading, commissions range from $16 to $40 per million round turn, depending on the trading volume, while spreads on major currency pairs like EUR/USD start at 0.63 pips. The broker offers various account types with no minimum deposit, and active traders can enjoy discounted rates as trading volume increases. Additionally, there are no deposit fees and the first withdrawal each month is free, with subsequent withdrawals incurring a small fee. Interactive Brokers is ideal for traders seeking advanced tools, deep liquidity, and transparent pricing.
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How to Open a Forex Trading Account in Singapore
Step 1: Choose the Best Forex Broker
The first step is choosing one of the best forex brokers in Singapore. You’ll want to look for brokers that are regulated by the Monetary Authority of Singapore (MAS), as this ensures your funds are secure and the forex trading legal framework is solid. Look for brokers with low trading costs, good trading platforms, and features like a mobile trading app or advanced charting tools. Popular forex brokers in Singapore often include features such as demo accounts and negative balance protection to help safeguard retail traders.
Step 2: Open a Trading Account
Once you’ve chosen a singapore forex broker, it’s time to open a trading account. This usually involves filling out an online form with some basic details about yourself, including your name, address, and email. You’ll also need to choose between different types of accounts, such as a demo or live account, based on your needs. A demo account is a great way to practice before putting any real money on the line, while a live account lets you get into the actual foreign exchange market.
Step 3: Verification Documents
To complete the process, you’ll need to submit verification documents. This typically includes ID proof (like a passport or national ID) and address verification (such as a utility bill or bank statement). These documents are required to comply with regulations set by the Monetary Authority of Singapore and ensure that your trading activities are secure and legitimate.
Step 4: Set Up Your Trading Platform
Next, you’ll want to set up your trading platform. Whether you’re using MetaTrader 4, MetaTrader 5, or a proprietary platform, getting familiar with the tools available is key. The best forex trading platforms allow you to trade on desktop or via a mobile trading app, giving you flexibility no matter where you are. You can access real-time charts, place orders, and even analyze currency pairs on the go.
Step 5: Fund Your Account
Finally, you’ll need to fund your trading account. This can usually be done through bank transfers, credit cards, or e-wallets, depending on the broker. Keep in mind that different brokers have different minimum deposit requirements, so always check this beforehand. Once your account is funded, you can start trading forex and experimenting with trading ideas on live markets.
Demo vs. Live Accounts
If you’re new to trading, it’s a good idea to start with a demo account. This allows you to practice without risking real money, get a feel for the platform, and test out trading strategies. Once you feel confident, you can switch to a live account where you’ll be trading with real funds in the actual forex market.
Conclusion
Finding the best forex broker in Singapore for 2025 really comes down to what suits your trading style and needs. Whether you’re new to trading or have some experience, it’s important to look for brokers that are regulated by the Monetary Authority of Singapore (MAS), have low trading costs, and offer great trading platforms. We’ve covered some of the top brokers that stand out for their security, flexibility, and user-friendly features. From advanced tools to competitive spreads, these brokers can help you trade currency pairs with confidence.
Also Read: The 5 Best Forex Brokers in Taiwan in 2025
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