Best Forex Brokers in Singapore

Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

In recent years, Southeast Asia has recorded considerable growth in Forex trading. Singapore’s thriving economy and ideal business climate create a favorable environment for the Forex industry, which is rapidly developing there. Below you may find the best Singapore Forex broker for your trading needs.

The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Highly-competitive cost structure
24/7 customer support
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Trade 1,000+ financial instruments
Experience low, competitive spreads
Multiple funding and swift withdrawal options
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
ECN-style trading
Daily market research and Autochartist access
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all around broker
High floating leverage + fast execution
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options

  • OctaFX, A commission-free broker with a proprietary copy trading service..
  • Eightcap, Competitive pricing + excellent daily videos.
  • FP Markets, ECN trading with leverage up to 1:500..
  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.


5.0/5 in this category
In Summary
A commission-free broker with a proprietary copy trading service.

Founded in 2011, OctaFX is a “Straight Through Processing” (STP) broker, which means they do not have an internal dealing desk. They simply connect buyers and sellers directly. With this model, OctaFX aims to be more cost-effective than anyone else in the market. They offer low spreads and claim 97.5% of trades are executed without slippage.

OctaFX offers their clients a choice of three Forex trading platforms: the world’s most popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). All of these can be traded as a desktop application, and on Android and iOS devices.

OctaFX is an unregulated broker but continues to earn the trust of traders around the globe, with more than 1,500,000 accounts opened. One reason for the ongoing success of this market maker is appealing bonus campaigns. This broker paid out almost $3,000,000 in bonus funds. OctaFX offers traders the MT4 and MT5 platforms, and a proprietary mobile trading platform. OctaFX additionally grants their clients Autochartist, but traders require a Silver Level in the Status Program. Traders have a choice between fixed and floating spreads, and the overall cost structure remains competitive.

Asset selection remains the distinct weakness at OctaFX, making it most suitable for new retail traders. A series of short educational articles offers a basic Forex introduction, and this broker maintains an excellent arsenal of research and analytics tools.

OctaFX Pros & Cons

  • Well-regulated globally, with the Bank of Ireland as the primary regulator

  • Low minimum deposit and in-depth educational tools

  • Wide asset choice across seven sectors

  • Superior mobile trading platform

  • High maximum leverage

  • Low asset selection


5.0/5 in this category
In Summary
Competitive pricing + excellent daily videos

Founded in 2009 and based in Australia, EightCap is a top brokerage option for both professional and casual traders in Singapore. EightCap offers a decent range of products including both MT4 and MT5 trading platforms which can both be uses on web and mobile. EightCap features one of the lowest forex fees in the industry, as compared to virtually all other forex brokers. However, this applies mainly to clients that choose to open EightCap Raw account. With the EightCap Raw account, USD/EUR account fees are low and feature a $3.5 commission; this gives an average spread during peak trading hours of 0.1 pips. Even better news, fees are built into the spread. Singapore traders will find the same results with GBP/USD, which yields the same commission per lot, but with an average spread during peak trading at 0.4 pips. Just as with the previous USD/EUR figures, fees are built into the spread. Singapore traders may also be interested to know that for S&P 500, fees are still built into the spread, but average spread cost during peak trading hours is 0.6 pips. EightCap is regulated through the Australian Securities and Investments Commission (ASIC), as well as through the Vanuatu Financial Services Commission (VFSC).

Unique Features





Year Founded


Type of Broker


Minimum Deposit


Maximum Leverage


Type of Platform

MetaTrader 4, MetaTrader 5, Trading View

EightCap Pros & Cons

  • Low minimum deposit and high leverage of up to 1:500

  • Competitive cost structure

  • Excellent technology infrastructure and seasoned management team

  • Daily research and quality educational content

  • Limited leverage in some areas

FP Markets

5.0/5 in this category
In Summary
ECN trading with leverage up to 1:500.

FPMarkets consistently ranks among the top 5 Forex and CFD brokerage firms in Singapore. They offer comprehensive ECN style trading backed up by plenty of daily market research and full access to their Autochartist services. Based in neighbouring Australia, FPMarkets features tier 1 regulation via the Cyprus Securities and Exchange Commission (CySEC) in the EU and closer to home via the Australian Securities and Investments Commission (ASIC). The latter regulator may be of more interest to traders based in Singapore as Australian regulators are known to be somewhat more relaxed when it comes to leverage. This results in FPMarkets being able to offer a maximum leverage as high as 500 to 1.

FPMarkets Pros & Cons

  • Choice of trading platforms and auxiliary trading tools

  • Very competitive cost structure and excellent asset selection

  • Low minimum deposit requirement and leverage of up to 1:500

  • Well-regulated and trustworthy

  • Availability of Iress geographically restricted


4.5/5 in this category
In Summary
Best all-around broker with high floating leverage and fast execution

Singapore forex traders have a number of-top tier forex and CFD brokers available to them, which help to create fantastic depth and diversity in trading forex, CFDs, cryptocurrencies and more. At the top of the list is FXTM, otherwise known as Forex Time. This top brokerage has been in business since 2011 and offers plenty of meat on the bone in top cryptocurrencies and other assets. This includes no less than 62 currency pairs and crosses, 11 stock index CFDs, 172 stock CFDs, and 3 commodity CFDs. Additional trade options include gold, silver, natural gas and crude oil. Traders in Singapore looking to trade in stocks that are not wrapped in CFDs should be checking out what FXTM have to offer.

FXTM Pros & Cons

  • Excellent commission-based Forex pricing environment and transparency

  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app

  • Quality market research and educational content for beginner traders

  • Proprietary copy trading platform, low minimum deposit, and high leverage

  • Limited choice of cryptocurrencies and commodities


4.5/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade features in the top 5 best international brokers in Singapore for traders looking for a decent selection of Forex pairs and CFDs. Based in Ireland, AvaTrade features a high level of regulation in multiple jurisdictions including Australia, Japan, South Africa, and the British Virgin Islands. AvaTrade is directly regulated in Ireland (and by extension, the European Union), with its main regulator in the form of the Bank of Ireland. AvaTrade features an impressive range of tradable assets which includes vanilla options as well as gold options, with wide asset choice across seven different sectors.

AvaTrade Pros & Cons

  • High-quality educational offering via SharpTrader

  • Excellent choice of trading platforms catering to various trading needs

  • Broad asset selection and cross-asset diversification opportunities

  • Well-regulated and trusted broker with oversight from a central bank

  • Trading costs competitive but nothing special

How Can Beginner Traders Start Trade Forex in Singapore?

Trading Forex in Singapore is uncomplicated, legal, and accessible to all. It will take beginner traders only a few moments to get started, but they should invest adequate resources into educating themselves about the Forex market.

Here is an overview of how to get started Forex trading in Singapore:

  • Begin an in-depth educational journey towards understanding the Forex market.
  • Research Forex brokers offering low trading costs, which will have the most visible impact on any strategy.
  • Beginner traders should evaluate the EUR/USD and ensure 1 standard lot features minimum costs between $4.00 and $6.00, but also check the USD/JPY, AUD/USD, and other currency pairs, as many Forex brokers lower costs for the EUR/USD to attract beginners while offering overall high trading costs.
  • A volume-based rebate program is very helpful for active traders, as it can lower average trading costs for high-frequency traders and scalpers.
  • Traders seeking algorithmic trading should be sure to use cutting-edge trading platforms supporting this well. MT4 and cTrader remain market leaders in this area.
  • The asset selection should be wide enough to execute desired trading strategies.
  • Regulation and a clean regulatory track record of at least five years should ensure a safe and secure trading environment.
  • Beginners should implement a portfolio growth strategy with monthly deposits, which requires time, patience, and discipline, essential for consistent success as a Forex trader

Is Forex Trading Legal in Singapore?

Singapore is the largest currency center in the Asia-Pacific region. Online Forex trading is fully legalized in the country. Any citizen or foreigner can exchange any currency in any amount on online trading platforms managed by brokerage companies.

The brokers providing these services must have a license from the MAS, Singapore’s central bank.

MAS for Regulating Forex Brokers in Singapore

The Monetary Authority of Singapore (MAS) was founded in 1971. It is the country's central bank, which determines monetary policy, regulates the activities of banking and financial institutions and issues currency. MAS controls the entire financial sector of the country: banks, stock exchange traders, brokers, insurance companies, credit organizations and financial consultants.

Companies wishing to conduct financial activities in Singapore are required to obtain a MAS license to conduct business in a transparent way and conform to all the rules stipulated by the regulator. A broker wishing to offer its services in Singapore officially must obtain an appropriate license, which is issued by the MAS.

The full list of all registered companies can be found on the MAS official website. Everyone has free access to this information. The country's monetary authority accepts claims and complaints from people who have been deceived by financial companies.

MAS MoneySENSE Programs

In 2003, MAS launched a special education program with the aim of making the public more financially independent, known as the MoneySENSE Program. MAS issues ongoing consumer alerts via this program, including highlighting several risks associated with choosing an unregulated financial service provider.

One risk that traders and consumers face is false or misleading regulatory information. Most of the unregulated Forex brokers around the world regularly disguise themselves and claim to be licensed by the popular regulatory body, pretending to be a legitimate company.

MoneySENSE also offers advice to consumers on how they can stay protected and avoid fraud.

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How to Verify MAS Authorization

It is easy to check on the MAS website if a company is licensed or not.

To obtain a license, a broker must submit an application and provide a package of documents (in some cases, MAS may even request the company's business plan, as well as minutes of shareholders' meetings).

The candidate must fully comply with the following requirements:

· The company must have at least five years of experience in brokerage.

· Only official companies can be approved for a license.

· The future licensee must have an impeccable reputation; otherwise, MAS has the right to refuse to issue a license.

· The company must register in Singapore.

· The authorized capital of a broker cannot be less than 1,000,000 SGD.

· There should be at least two directors, and the CEO must be a citizen of Singapore.

It typically takes a minimum of two months or more to receive a decision on the license.

Singapore Financial Market

An exclusive geographical location and an attractive development strategy allowed Singapore to become one of the most successful countries, not only in Southeast Asia, but throughout the world.

Singapore's financial system is based on:

· A developed offshore banking sector, represented in the form of the Asian Dollar Market (ADM) and Asian Currency Units (ACU). It ensures the attraction of funds in the international and Asian capital markets to finance the growing Asian countries,

· One of the world's largest foreign exchange markets (5.7% of the world average daily turnover),

· A developed OTC derivatives market, specializing in foreign exchange and interest rate derivatives,

· Stock market.

Is Income from Forex Taxable in Singapore?

Singapore uses the territorial principle of taxation. Hence, if the company operates outside the country, taxes are not paid. Singapore is not included in the blacklists of offshore zones; an agreement on the avoidance of double taxation has been signed with more than 70 countries, but only resident companies can use it.

The country does not apply capital gain taxes. But when we talk about intraday profits, these may be considered not to be capital gain, but pure income. In this case, income taxes can be applied. The county has yet to develop a more transparent mechanism for taxing this type of profit. For now, there is no clear border between these income sources, and we may say that income from Forex is not taxable in Singapore.

What to Look for When Choosing a Forex Broker

Since individuals cannot directly participate in trading, they have to find an intermediary, i.e., a broker. The brokerage company participates in Forex trading on the behalf of individual traders. To get access to the Forex market, a trader must have:

· A trading account,

· Trading software.

These are provided by a brokerage company. You can get a trading account after registration on the company's website and then download the trading platform to your computer.

Furthermore, the brokerage provides the trader with leverage (borrowed funds), greatly increasing trading capabilities. Most brokers provide clients with a variety of information services, which usually include an economic calendar of events that can cause changes in currency quotes and various analytical tools allowing one to follow the price movements. But there are other important factors that you should take into account when choosing a broker:

Regulation. This is the first thing to pay attention to when choosing a broker. A license proves the reliability of the company. A list of licensed brokers can be found on the official website.

Currencies available for trading. Supported currency pairs are also a good indicator of a reliable broker. Most brokers will allow traders to trade major currencies such as the US dollar and the euro. Others offer exotic currency pairs. So, before joining a platform, make sure you can trade all the currency pairs you want.

Spreads and commissions. The spread is the difference between the purchase and sale prices of different currencies at a given time. During extremely volatile market conditions, spreads tend to increase, but you should check the spreads of Forex brokers during stable periods. The average spread for a popular pair, such as the dollar and the euro, should be around 3 Forex units, or pips. If spreads for major currencies rise above 5 points, that is a sign you should refuse to trade with that broker.

Customer service. Both beginners and experts may face technical difficulties when trading in the foreign exchange market. It is vital to check if the broker provides enough technical support, which is an indicator of a good broker. Before opening a trading account, find a minute to talk to technical support via chat or other channels.

Trading platform and tools. Every broker allows the installation of a trading terminal for free. A broker may have a proprietary platform, but all reputable companies offer to install the MetaTrader terminal.

Deposits and withdrawals. The most reputable Forex brokers always provide easy options for the deposit and withdrawal of funds. Therefore, if you have delays or experience delays with withdrawal, feel free to close the account.

Investor education and materials. Many brokers offer different forms of educational materials. The level of information provided varies from basic to professional. Do not skip this stage; choose a platform where you can sign up for Forex trading course Singapore if you make up your mind to become a trader.

Demo account. Usually, trading starts with a demo account. It allows you to avoid risks as you operate with virtual money. The main purpose of trading with a demo account is to study the terminal and learn how to make trades. All established brokers provide free demo accounts for beginners.

Which is Better: Market Maker or ECN?

A market maker is a counterparty for the transactions of its clients. In simple words, it is one of the participants in the transaction, taking the other side of the deal. When a trader sends a buy order from the terminal, a market maker tries to find an opposite order at the given price among its clients in order to satisfy the deal.

If a market maker does not have an opposite order inside, it must execute the client's incoming order at its own expense and stand on the opposite side of the transaction. Here, a conflict of interest arises. If a trader makes a wrong forecast, his losses often become the market maker's profits.

ECN (Electronic Communications Network) is a Forex system that allows traders to trade directly with each other. An ECN broker provides a platform where all trading participants (banks, market makers and individual traders) interact with each other, placing competitive buy and sell orders in the system. Thus, at any moment in time, a trader can execute his order at the best price that exists in the system. All trade orders are consolidated between the participants in real-time.

Thus, when trading via ECN, traders can determine the liquidity in the market and make successful trading decisions.

Our Methodology

These broker reviews were generated by a strong team of expert traders who have extensive experience in trading on various platforms. Unfortunately, it is a known fact that many reviews contain false information about trading platforms.

That is why we personally check all trading conditions to make sure they are true before publishing them on our website. Our priority is to provide honest, objective and consistent broker information. We recommend only trusted brokers who actually provide licensed services.


Is Forex trading legal in Singapore?

Forex trading is completely legal in Singapore. Anyone can exchange any currency at any amount on online trading platforms managed by brokerage companies.

Where can I trade Forex in Singapore?

To reach financial markets, you will need to create an account with an online Forex broker. After that, you will get access to a trading platform offering a variety of assets and analytical instruments.

Do Forex brokers cheat traders?

To avoid fraud, choose only reliable brokers. If you are going to trade in Singapore, focus only on the brokerage companies licensed by MAS.

What is the best time to trade Forex in Singapore?

Forex markets operate 24/5. So, you can trade at any suitable time from Sunday at 5 PM EST until Monday at 5 AM EST.

How to trade Forex in Singapore?

To get started, you need to register with an online trading platform, managed by an MAS-regulated Forex broker.

Is Forex trading taxable in Singapore?

Forex trading remains taxable in Singapore, so traders resident in Singapore should consult with a certified professional to stay informed of their tax obligations and report and pay accordingly.

Which is the most reliable Forex broker in Singapore?

The answer will vary for everyone, depending upon personal requirements. However, the most reliable Forex brokers share several characteristics. These include a clean multi-year regulatory track record, third-party excess of loss insurance, and a growing client base.

Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.