Top 6 best forex brokers in Singapore for 2024

For this guide, our experts reviewed 57+ of the best forex trading apps in Singapore to trade forex for beginners.
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Updated: May 9, 2024
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Our expert panel tested all the best forex brokers in Singapore and rated their features according to 8 key criteria, including regulatory status, the range of currency pairs on offer, and overall trading experience.

The panel set out to answer the question: what’s the best forex trading app in Singapore for Singaporean users? 

Read our verdict for Singapore below to compare the best forex trading platforms.

What is the best forex broker in Singapore?

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Our experts rank Start Trading as the best forex broker in Singapore.

The list below shows the three best Singaporean forex brokers. These are the top forex trading apps in Singapore for their security, service, and support.

Top 6 online forex brokers Singapore, reviewed

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1. Plus500. Best for international CFD trading*

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From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Can get a free demo account A great mobile platform Well regulated in multiple jurisdictions Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. AvaTrade. Best regulated broker for secure trading

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From 0.13%

Fees

$100

Minimum deposit

1,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Trade 1000+ CFDs with competitive spreads Regulated by Tier 1 financial bodies across the world Consistently highly rated trading platform on web and mobile Offers social trading through its proprietary AvaSocial platform
Spreads are competitive without being industry-leading Some assets are only available to trade through the MetaTrader software

Overview

We love AvaTrade because it offers powerful trading software to anyone who wants to trade professionally. AvaTrade is a CFD broker where you can trade 55 forex pairs with leverage up to 30:1 for retail clients and 400:1 for professional accounts. 

AvaTrade integrates with trading software like MetaTrader 4 and 5 and boasts its own bespoke and award-winning mobile app software, AvaTradeGo. AvaTrade has been around since 2006 and is extensively regulated in Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa.

The fees: There is no commission on any forex trading. AvaTrade makes money from the Bid/Ask spread instead. Forex spreads start from 0.7 pips and positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of £50 per month is applicable if you don’t log in to your account for three consecutive months.

Highlights

Visit AvaTrade AvaTrade Review
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

3. Admirals. Best for real time news and price data

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Admirals_logo

From $0.02 per share

Fees

$100,000

Minimum deposit

8,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Multi-asset and globally regulated broker Access a 30 day risk-free demo account Advanced trading and charting tools World class trading software, with MT4, MT5 & MetaTrader Supreme Edition available Lots of educational resources, including webinars and seminars Access real-time market data and news Competitive, low spreads
Not available to US traders No fixed spreads

Overview

We love Admirals because you can invest in more than 8,000 assets with as little as €1. 50 currency pairs are available, including 20+ exotic pairs, enough to make Admirals a great investment platform where you can create a diversified portfolio.

There’s a demo account available so you can try out the Admirals platform and a vast amount of information can be accessed for free. That includes a host of real time news and research, as well as the latest price charts.

The fees: Fees vary depending on your account type. On Trade accounts, there are no commissions but spreads start from 0.5. On Zero accounts, forex pairs are charged from $1.80-$3 per lot.

Highlights

Visit Admirals Admirals Review

Investments involve risks and are not suitable for all investors. CFDs are complex instruments and come  with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money  when trading CFDs with this provider. You should consider whether you understand how CFDs work and  whether you can afford to take the high risk of losing your money. 

4. FP Markets. Best for low spread & 0-pip trading

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fp markets logo

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Trade 10,000+ CFDs across multiple asset classes Highly regulated and reliable platform Copy and social trading features
Not available in the US, Japan & New Zealand IRESS platform is expensive

Overview

We love FP Markets because it uses cutting-edge technology to ensure all forex trades are executed at lightning fast speed. It’s an award-winning broker and offers over 60 currency markets with spreads starting from zero pips and leverage up to 500:1. 

FP Markets has zero restrictions and allows all trading styles, including scalping and running expert advisors. It integrates with the popular MetaTrader 4 platform and has its own technology-driven charting package. For beginners, FP Markets offers a free copy trading service where you can mirror profitable users’ trades directly in your own account. 

The fees:  FP Markets has two account types with different fees for forex trades. Its standard account has zero commission but has spreads starting from 0.9 pips. Its Raw account gives access to its ECN trading platform and charges $3 per side (per lot) for every forex trade. 

Highlights

Visit Review
CFDs are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.

5. Pepperstone. Best low spread & no commission broker

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pepperstone logo

0.20%

Fees

...

Minimum deposit

1,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Zero commission on trades Hedging, scalping, and crypto CFD trading available Lots of deposit and withdrawal options, including PayPal
No guaranteed negative balance protection in some jurisdictions No option to purchase stocks or bonds directly, only CFDs and spread betting available

Overview

We love Pepperstone because it’s a CFD broker with top tier regulatory protection. It’s regulated by the FCA in the UK and ASIC in Australia, two of the most respected financial bodies. You can safely trade 60+ currency pairs, including all the majors and minors and a significant number of exotics, on Pepperstone.

Pepperstone’s high level of security makes it a good option for beginners, as does the fact it provides webinars to help you learn from the experts. For more experienced traders, you can access up to 30:1 leverage for major currency pairs – 20:1 for minor pairs – and integrate your trading account with four leading software platforms, including MetaTrader 4 and 5.

The fees: Forex trades are commission free, as Pepperstone makes money from the Bid/Ask spread. Average spreads start from 0.77 but may be significantly higher for exotic pairs. Swap fees apply to any position held open overnight.

Highlights

Visit Pepperstone Pepperstone Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.7%of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Refer to our RDN and other legal documents. Pepperstone Markets Limited, SCB no. SIAF217.

How we chose the best Singapore forex brokers

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Our expert reviews panel is made up of currency traders with years of experience in the forex markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.

Here are the 8 key criteria which the panel used to rate each platform.

  • Regulation with a trusted financial institution. We only recommend forex brokers for beginners that are regulated in Singapore and offer top-tier protection to their clients.
  • Low minimum deposit requirements. An accessible forex trading platform in Singapore, with a low minimum deposit, scored higher in our rankings.
  • Mobile app availability. Our experts gave preference to the forex brokers in Singapore with the best forex trading apps.
  • Number of currency pairs available to trade. We expect Singapore forex brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
  • Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage, within the limitations set by local Singaporean regulators.
  • Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
  • Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure performed well.
  • Compatibility with trading software. Any Singaporean forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.

More about the best forex trading platforms in Singapore

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Which currency pairs can I trade in Singapore?

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You can trade major, minor, and exotic pairs when you sign up for the best forex trading platform in Singapore. The majors and minors refer to the largest and most popular currencies paired with each other, while the ‘exotics’ are everything else.

  • Major pairs. The major pairs are made up of the US Dollar paired with the other most highly traded currencies. Major pairs include: USD/EUR, USD/GBP, USD/JPY, USD/CHF, USD/AUD, USD/NZD, and USD/CAD.
  • Minor pairs. The minor pairs include at least one of the Euro, British Pound, or Japanese Yen paired with other large currencies, but do not include the US Dollar. 
  • Exotic pairs. Exotic pairs include a major currency ‘crossed’ with a developing currency. There are many exotic pairs but they include things like GBP/HUF, EUR/MXN, and JPY/ZAR.

Here’s a look at what forex pairs are available with the best FX trading platform in Singapore:

Currency pair Currency pair Currency pair
EUR/USD EUR/GBP EUR/AUD
EUR/CAD EUR/CHF GBP/USD
AUD/USD NZD/USD USD/CAD
USD/CHF USD/JPY AUD/CAD
AUD/CHF AUD/JPY AUD/NZD
CAD/CHF CAD/JPY CHF/JPY
EUR/JPY GBP/AUD GBP/CAD
GBP/CHF GBP/JPY GBP/NZD
NZD/CAD NZD/CHF NZD/JPY
USD/SGD AUD/SGD EUR/SDG
GBP/SGD CHF/DKK CHF/HUF
CHF/NOK CHF/SEK EUR/CZK
EUR/DKK EUR/HUF EUR/MXN
EUR/NOK EUR/PLN EUR/SEK
EUR/ZAR GBP/DKK GBP/NOK
GBP/SEK GBP/THB GBP/ZAR
USD/CZK USD/DKK USD/HKD
USD/NOK USD/PLN USD/RON
USD/SEK USD/ZAR SGD/JPY
DKK/NOK SEK/NOK
View more > Plus500 >

Note that all listed instruments on Plus500 are available to trade as CFDs.

What forex markets are available in Singapore?

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There are two markets that are available with all top forex brokers in Singapore. One is the ‘spot’ market, another is the futures market, where you use futures contracts to predict future price movements. Here is some more detail on both options.

  • Spot forex. Trading the spot market means to buy and sell currencies instantaneously at the live market rate. This is the most common way to trade forex in Singapore for most people.
  • Forex futures. Futures contracts are an agreement to buy or sell a currency at a fixed price at a set date in the future. Futures require more understanding of the economic factors that impact prices over time. For that reason, they’re generally only used by people with experience of currency trading.

Is MT4 available in Singapore?

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Yes, MetaTrader 4 is legal in Singapore. When you use MetaTrader software, you have to sign into a brokerage account and any live trade you place goes through a forex trading platform. As long as you can connect to a legal Singaporean forex broker, you can use MT4 or MT5. 

What’s the minimum forex trade size in Singapore?

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The industry standard is 0.01 ‘lots’, which is equivalent to 1,000 units of the currency you want to trade. This is known as a ‘micro lot’. A ‘lot’ equals 100,000 units of the currency you want to trade. Different forex brokers have different minimums, here’s a look at the top 3 Singapore forex brokers:

Product Plus500 minimum trade AvaTrade minimum trade
Stock CFDs $10 No limit
ETF CFDs $10 No limit
Forex CFDs 0.01 lots No limit
Crypto CFDs $0.10 No limit
Index CFDs $10 No limit
Commodity CFDs $10 No limit
View more > Plus500 > AvaTrade >

Can I trade other assets with a forex broker in Singapore?

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You can, though it depends on the type of broker you choose. The best CFD brokers in Singapore usually offer other financial markets in addition to currency pairs. If you want to trade other assets, such as stocks or cryptocurrency, then you need either the best brokerage accounts in Singapore or the best crypto exchange in Singapore.

Product Plus500 assets AvaTrade assets
Stock CFDs 1,800+ 612
ETF CFDs 100+ 61
Forex CFDs 50+ 108
Crypto CFDs 40+ 20
Index CFDs 20+ 31
Commodity CFDs 20+ 19
View more > Plus500 > AvaTrade >

Note that all listed instruments on Plus500 are available to trade as CFDs.

How to trade forex in Singapore

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1. Sign up to a Singaporean forex trading platform

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Use the list of top-ranked brokers at the top of the page to help you.

2. Create an account and deposit money

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Sign up by providing your personal details and a form of photo ID. Transfer funds to the account through a bank transfer, credit or debit card payment, or another payment method, like PayPal.

3. Search for a currency pair and place your trade

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Find the pair by typing the currency code – such as USD for the US Dollar – and choosing it from the list of results. Enter the details and click ‘buy’ to make the trade.

Choose a broker now

FAQs

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Fact-checking & references
Risk disclaimer
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.