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Forex Brokers in Singapore

Forex in Singapore Singapore ranks among of the Asian Tigers due to its economic status in the region. It boasts of a stable political climate which has led to the thriving of its financial and tourism industry. The booming business climate has made it home to investments one of which is foreign exchange trading. The nation is one of the five biggest Forex trading centers in the world with daily transactions worth more than $300 billion.

The country’s reputation has made it a hub for Forex brokers. Both domestic and foreign companies take part in the Singaporean Forex industry. Such has led stringent regulation by the Monetary Authority of Singapore, MAS. However, despite the organization’s efforts to root out malicious players, there are still few scrupulous firms in the country. Check the table below to find more information on the best Forex brokers in Singapore.

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#	Logo	Forex broker	Founded	Regulated	Reviews	Payment systems	Broker type(?)	Min. Deposit	Max. leverage	Live spread Live Average Interval: Live spreadAverage spreadEUR/USD	Live spread Live Average Interval: Live spreadAverage spreadGBP/USD	Live spread Live Average Interval: Live spreadAverage spreadUSD/CHF	Live spread Live Average Interval: Live spreadAverage spreadUSD/CAD	Live spread Live Average Interval: Live spreadAverage spreadUSD/JPY	Live spread Live Average Interval: Live spreadAverage spreadAUD/USD	Live spread Live Average Interval: Live spreadAverage spreadNZD/USD	Live spread Live Average Interval: Live spreadAverage spreadEUR/AUD	Live spread Live Average Interval: Live spreadAverage spreadEUR/CAD	Live spread Live Average Interval: Live spreadAverage spreadEUR/CHF	Accepting US traders?	Account
1		RoboForexbest broker	2009	IFSC	22	Payment systems	NDD, ECN Broker type NDD ECN STP MM	0 $	1:2000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
2		XM.COM	2009	ASIC, IFSC Regulated ASIC IFSC CySEC	79	Payment systems	MM	5 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
3		EXNESS	2008	FCA, CySEC	95	Payment systems	NDD, ECN Broker type NDD ECN STP MM	0 $	1:2000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
4		FxPro	2006	FCA, CySEC Regulated FCA CySEC CNMV	182	Payment systems	NDD, ECN Broker type NDD ECN STP	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
5		MultiBank Group	2005	ASIC	2	Payment systems	ECN	0 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
6		IC Markets	2007	ASIC	30	Payment systems	NDD, ECN	0 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
7		Alpari	1998	IFSC, NAFD Regulated IFSC NAFD FSA AFD	41	Payment systems	ECN	0 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
8		Forex.com	2001	FCA, CFTC Regulated FCA CFTC NFA	47	Payment systems	ECN, MM	100 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1	Real Demo	Add for comparison
9		Plus500	2008	ASIC, FCA Regulated ASIC FCA CySEC FSP	40	Payment systems	NDD	100 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
10		Just2Trade	2006	CySEC	57	Payment systems	ECN, STP	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
11		AMarkets	2007	FSA	83	Payment systems	NDD, ECN Broker type NDD ECN STP	100 $	1:3000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
12		LiteFinance	2005	-	43	Payment systems	ECN	50 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
13		FXPRIMUS	2009	CySEC, VFSC	11	Payment systems	STP	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
14		Vantage FX	2009	ASIC	18	Payment systems	ECN	200 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
15		XTB.com	2002	FCA, CNMV	5	Payment systems	NDD, STP	250 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
16		EasyMarkets	2001	ASIC, CySEC	13	Payment systems	MM	100 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
17		RoboMarkets	2012	CySEC	46	Payment systems	NDD, ECN Broker type NDD ECN STP MM	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
18		Admiral Markets	2001	FCA, CNMV	25	Payment systems	NDD, ECN	0 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
19		FXOpen	2005	ASIC, FCA	108	Payment systems	ECN, STP Broker type ECN STP MM	1 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
20		AXITrader	2007	ASIC, FCA	12	Payment systems	NDD	0 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
21		Instaforex	2007	RAUFR	97	Payment systems	NDD, ECN	1 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
22		Yadix.com	2010	FSC	65	Payment systems	ECN, STP	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
23		NordFX	2008	SEBI, VFSC	102	Payment systems	NDD, ECN Broker type NDD ECN STP	0 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
24		Hantec Markets	2009	FCA	15	Payment systems	NDD	1000 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
25		Forex4you	2007	FSC	33	Payment systems	NDD, STP	20 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
26		IFC Markets	2006	FSC, CySEC	40	Payment systems	STP	0 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
27		AVATrade	2006	ASIC, CBI Regulated ASIC CBI FSA FFAJ	64	Payment systems	NDD	100 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
28		Dukascopy Europe	2010	FCMC	19	Payment systems	ECN	100 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
29		Dukascopy Bank SA	1998	FINMA	15	Payment systems	ECN	1000 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
30		LMFX	2015	-	25	Payment systems	NDD	50 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
31		FxGrow	2008	CySEC	5	Payment systems	ECN, STP	100 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
32		HYCM	1977	FCA	182	Payment systems	MM	100 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
33		FxGlory	2012	-	18	Payment systems	NDD, MM	1 $	1:3000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
34		Fort Financial Service	2010	IFSC	3	Payment systems	NDD, ECN Broker type NDD ECN STP	5 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
35		Interactive Brokers	1977	FCA, CFTC Regulated FCA CFTC NFA SEC	11	Payment systems	MM	10000 $	1:40	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1	Real Demo	Add for comparison
36		Tickmill	2014	FCA, SIBA	10	Payment systems	NDD	25 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
37		HotForex	2010	CySEC, FSC	91	Payment systems	NDD	5 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
38		FXCM	1999	ASIC, FCA	20	Payment systems	NDD	0 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
39		FIBO Group	1998	FSC, CNMV	37	Payment systems	NDD, MM	0 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
40		OANDA	1996	ASIC, FCA Regulated ASIC FCA MAS CFTC NFA	21		-	0 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1	Real Demo	Add for comparison
41		FP Markets	2005	ASIC, CySEC	19	Payment systems	DMA	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
42		Swissquote	1996	FINMA	36	Payment systems	STP	1000 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
43		FXDD	2002	MFSA	8	Payment systems	NDD, ECN	250 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
44		DeltaStock	1998	BNB	21	Payment systems	NDD, ECN Broker type NDD ECN STP MM	100 $	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
45		Markets.com	2006	CySEC	13	Payment systems	NDD	100 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
46		ActivTrades	2001	FCA, CNMV	132	Payment systems	NDD	100 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
47		Fortrade	2013	FCA, FSCS Regulated FCA FSCS NB RB	23	Payment systems	-	100 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
48		AAFX Trading	2014	ASIC, FSA	231	Payment systems	NDD, ECN	100 $	1:2000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
49		GrandCapital	2006	-	16	Payment systems	STP	10 $	1:2000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
50		BCS Forex	2006	FSA	16	Payment systems	NDD, ECN Broker type NDD ECN STP MM	1 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
51		FreshForex	2004	KROUFR	83	Payment systems	NDD, MM	0 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
52		IG	1974	ASIC, FCA Regulated ASIC FCA BaFin CONSOB CNMV AMF	15	Payment systems	DMA, MM	0 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1	Real Demo	Add for comparison
53		FinmaxFX	2017	CROFR, VFSC	21	Payment systems	MM	250 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
54		Alfa-Forex	2016	CBR	16	Payment systems	NDD	0 $	1:40	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
55		Orbex	2010	CySEC	30	Payment systems	ECN	500 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
56		NPBFX	1996	IFSC	24	Payment systems	NDD, STP	10 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
57		Saxo Bank	1992	ASIC, FCA Regulated ASIC FCA FSMA SFC DFSA CONSOB CNMV AFM SMV MAS CNB FINMA FSA CFSFA BDF DMCC	24	Payment systems	ECN, STP	10000 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1	Real Demo	Add for comparison
58		eToro	2008	ASIC, FCA Regulated ASIC FCA CySEC CNMV	59	Payment systems	NDD, STP	50 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1	Real Demo	Add for comparison
59		FBS	2009	IFSC, NAFD	101	Payment systems	ECN, STP	1 $	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
60		CMC Markets	1989	ASIC, FCA	33	Payment systems	NDD, STP	0 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
61		Swiss Markets	2012	CySEC	3	Payment systems	STP	200 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
62		BMFN	1988	ASIC, FCA Regulated ASIC FCA FSP FSCS	12	Payment systems	NDD, DMA	0 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
63		ForexMart	2015	CySEC	24	Payment systems	ECN	1 $	1:5000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
64		ForexChief	2014	VFSC	124	Payment systems	ECN, STP	1 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
65		Octa FX	2011	FCA, FSA	29	Payment systems	ECN	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
66		ICM Capital	2009	FCA	4	Payment systems	-	200 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
67		PhillipCapital UK	1975	ASIC, FCA	7		NDD	200 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
68		Finam Forex	1994	CBR, NAFD Regulated CBR NAFD AFD	4	Payment systems	NDD, DMA	0 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
69		Core Spreads	2014	FCA	18	Payment systems	NDD	1 $	1:240	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
70		FxGiants	2015	FCA	41	Payment systems	ECN, STP Broker type ECN STP MM	50 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
71		Degiro	2008	BaFin	9		NDD	0 $	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
72		GO Markets	2006	ASIC	14	Payment systems	NDD	200 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
73		Forex.ee	2004	FSA	8	Payment systems	NDD, ECN Broker type NDD ECN STP	10 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
74		City Index	2001	ASIC, FCA	15	Payment systems	NDD, ECN	250 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
75		PSB Forex	2016	CBR, NAFD Regulated CBR NAFD AFD	8		NDD	1500 $	1:40	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
76		ICE FX	2015	-	8	Payment systems	STP	30 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
77		FriedbergDirect	2008	IIROC	11	Payment systems	NDD, STP	0 $	1:33	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
78		TrioMarkets	2014	CySEC	9	Payment systems	ECN, STP	500 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
79		iOCBCfx	2004	MAS	8		NDD	1000 $	1:35	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
80		UOB Kay Hian	2000	MAS	7		NDD	0 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
81		KGI Futures	2001	MAS	8		NDD	1000 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
82		KE Forex	1972	MAS	9		NDD	0 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
83		City Index Singapore	2006	MAS	3		MM	100 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
84		Haitong	2010	MAS	9		NDD, ECN Broker type NDD ECN STP	0 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
85		FXCitizen	2010	VFSC	11	Payment systems	NDD, ECN	10 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
86		Land FX	2013	FCA, FSCS Regulated FCA FSCS FSA	11	Payment systems	NDD, ECN	300 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
87		Pepperstone	2010	ASIC	13	Payment systems	ECN	200 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
88		Ak Investment	1996	SPK	12		NDD, DMA Broker type NDD DMA MM	1000 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
89		InvestAZ	2010	FSP, SPK	8		ECN	100 $	1:1000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
90		Corner Trader	2012	FINMA	9		MM	1 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
91		Abshire-Smith	2011	FCA, FSCS	10	Payment systems	STP, DMA	500 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
92		ArgusFX	2000	CySEC	10	Payment systems	STP	0 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
93		Ayondo	2008	FCA, BaFin	9	Payment systems	NDD	100 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
94		Bacera	2009	ASIC	11	Payment systems	MM	0 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
95		BogoFinance	2006	CySEC	11	Payment systems	NDD	100 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
96		Capital.com	2016	ASIC, FCA Regulated ASIC FCA CySEC NB RB	119	Payment systems	MM	20 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
97		Capital Index	2014	FCA, CySEC Regulated FCA CySEC FSCS	3	Payment systems	NDD, STP	100 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
98		Core Liquidity Markets	2012	ASIC, FSA	10	Payment systems	NDD	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
99		Darwinex	2012	FCA	10	Payment systems	STP, DMA	500 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
100		CMG	2015	ASIC	19	Payment systems	-	250 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
101		Colmex Pro	2010	CySEC	14		NDD, ECN	2000 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
102		eTrader	2014	CySEC	11		NDD	100 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
103		Flatex	1999	BaFin	9		NDD, MM	0 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
104		Fullerton Markets	2015	FSP	16	Payment systems	ECN, STP	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
105		FX88	2016	CySEC	2	Payment systems	ECN	100 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
106		FXCC	-	FCA, CySEC	163	Payment systems	NDD, ECN Broker type NDD ECN STP	100 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
107		FX Choice	2010	IFSC	6	Payment systems	NDD	100 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
108		GMG Markets	2015	FCA	2		NDD, STP	200 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
109		HMS Markets	1972	-	3		NDD	1000 $	1:40	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
110		Infinox Capital	2009	FCA	10	Payment systems	ECN, STP	100 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
111		iTrader	2012	IFSC	4	Payment systems	NDD	250 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
112		Mex Exchange	2012	ASIC	3	Payment systems	NDD, ECN	200 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
113		FXPCM	2007	FSC, DFSA Regulated FSC DFSA DMCC	2	Payment systems	NDD, ECN	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
114		Rakuten Securities Hong Kong	2002	SFC	2		NDD, STP	0 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
115		RietumuFX	1992	FCMC	9		NDD	1000 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
116		TD Ameritrade	1975	FINRA, SIPC	6		DMA	2000 $	1:50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1	Real Demo	Add for comparison
117		TFI Markets	1999	CySEC	3		NDD	50 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
118		Tradealot	2010	FCA	8	Payment systems	STP	2000 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
119		CommSec	1998	ASIC	4		DMA, MM	10 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
120		Binarium	2012	CROFR	4	Payment systems	-	9 $	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
121		Finpari	2013	CySEC	3	Payment systems	NDD, STP	100 $	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real	Add for comparison
122		AMP Global	2018	CySEC, CFTC Regulated CySEC CFTC NFA	7	Payment systems	STP	100 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
123		Ingot Brokers	2004	ASIC	8		ECN	100 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
124		Alvexo	2014	CySEC, SIBA	10	Payment systems	ECN	0 $	1:300	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
125		AETOS	2007	ASIC	6	Payment systems	NDD	250 $	1:200	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
126		Arum Capital	2017	CySEC	5	Payment systems	ECN, STP	0 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
127		ATFX	2015	FCA	17	Payment systems	NDD	0 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
128		Key to Markets	2010	FCA, FSP Regulated FCA FSP DMCC	6	Payment systems	ECN	100 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
129		Trading.com	2018	FCA	3	Payment systems	ECN	5 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
130		BDSwiss	2012	CySEC, FSC Regulated CySEC FSC CFTC NFA	10	Payment systems	ECN	0 $	1:400	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
131		ATC Brokers	2005	-	3		ECN	2000 $	1:100	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
132		IQ Option	2013	FSA	11	Payment systems	NDD	10 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
133		ACY.com	2011	ASIC, VFSC	4		ECN, STP	-	-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
134		Milton Prime	2015	CySEC, SIBA	1	Payment systems	NDD	0 $	1:500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	Real Demo	Add for comparison
135	-	Capex	2018	CFSFA, DMCC Regulated CFSFA DMCC SIBA	2	Payment systems	DMA, MM	50 $	1:30	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0		Add for comparison

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History of Forex brokers in Singapore

A look at the economic and political history of Singapore offers an interesting insight into the stimuli behind the country’s dominance in the Forex industry. Singapore became an independent state in 1963 after over 137 years of British colonial rule. It was initially part of Malaysia but was cut off two years after its independence due to sharp political differences. The Chinese-dominant nation found itself betwixt two friendly neighbors, Malaysia and Indonesia. Even more, it had no natural resources besides its deep harbor and the people.

Unlike most courtiers, Singapore chose to retain the British legal system, education, and language. Its meritocratic system soon led to the growth of elite groups that spearheaded the economy of the nation through trade. The legal system it had inherited from its colonizers made Singapore a business haven for external investors. Even more, the use of the English language made communication more comfortable between the nation’s business personalities and foreign investors. Before long, Forex trade found roots in the country as investor sought to take advantage of the country’s political stability.

It is no secret that most international observers have considered Singapore’s leadership as more authoritarian than it is democratic. However, optimists have pointed out that democracy is gradually taking root in the country. The strict rule, however, has been a blessing to most legitimate investors and Forex brokers, The government of Singapore shows a zero tolerance towards illegal and corrupt business organizations and persons. Such has made it an attractive destination for genuine foreign exchange traders and brokers.

The official regulation of the Forex industry in Singapore began in 1971 with the creation of the MAS. It also became the regulatory body for banking institutions, securities, and insurance. It has developed over the years creating holistic regulatory grasp upon the Forex business while encouraging external investors.

Regulation of Singapore Forex brokers

MAS Singapore

Singapore has no natural resources of which to boast. As a result, the majority of the residents depend on Forex trade as a primary source of investment. It is, therefore, not surprising that the country has attracted several unscrupulous players who have been out to defraud unwary citizens. However, MAS is dedicated to ensuring the safety of the trader’s investment and a fair playing ground for all.

MAS is the sole regulatory body of the country’s Forex industry. It monitors and authorizes the activities of Forex brokers in the country. It also serves as the nation’s central bank. Consequently, it is in charge of the issuance of the Singapore Dollar, SGD, monetary policies and also serves as the government’s financial advisor.

Goal and mission of the Monetary Authority of Singapore

The purpose of the MAS is to enhance sustainable economic development. Its mission is to promote professional ethics in the financial sector. It receives credit for the country’s reputation as one of the nations with the lowest corruption ratings. MAS strives to maintain it that way by fighting scammers and frauds through harsh laws and regulations that entail hefty fines and other forms of punishment.

MoneySENSE and its benefits to Forex brokers and traders

MAS view itself as a consumer-centric organization, working to prevent the interest of the country’s consumers from opportunistic companies who might want to exploit them. It launched a financial education program called MoneySENSE in 2003. It aims at providing information to the general public on how to make financial decisions. Financial Education committee heads the program.

Forex traders are the primary beneficiaries of the MoneySENSE program. It provides information about the latest scam news and regulations in the Forex industry. It also offers details on how traders can keep off from fraudulent investors.

Importance of choosing an MAS regulated broker

Assurance of the safety of investment

MAS advises the citizens to deal only with duly regulated Forex brokers. One key benefit is the guarantee on the security of the investment even if the broker collapses. The regulatory organization has put in places several measures to take care of the trader’s bottom line.

Proper management of customer complaints

The law obliges regulated brokers to handle customer complaint amicably and respectfully. It has also provided channels for managing conflicts between the parties. The customer can contact the Financial Industry Dispute Resolution center or other organizations such as the Singapore Mediation Centre or the Consumer Association of Singapore. Courts are the final resort for solving disputes between the consumer and a Forex broker provided the latter is MAS-regulated.

The regulation of Forex trading in Singapore is probably one of the best at safeguarding consumer’s interest. Additionally, MAS has exhibited an excellent appreciation for trends in the global market, and it strives to accommodate them. There are regulatory organizations that are more reputable than MAS. However, it is undoubted that the Singaporean authority is better than many others in the world.

Requirements to be a Forex broker in Singapore

Finance Forex Singapore

Monetary Authority of Singapore has placed several requirements for new Forex brokers, domestic and foreign, that want to operate in the country’s Forex sector.

Registration requirements

Prospective brokers in Singapore must have a Forex license to engage in Forex trading. The first step is registering a company in the country with the primary purpose of providing FX trade services. One then has to submit the company’s Memorandum of Association, business plan and other complementing documents. The complementing reports provide information on the internal operation of the company. There should also be a disclosure on the absence of conflicts of interest.

The process may be tedious for foreign brokers. Hiring professional consultants in the country’s Forex business might come in handy.

Operational requirements

The primary function of the MAS is its goal of promoting sustainable economic environment is t safeguard the consumer’s bottom line. As a result, it has laid a number of operational requirements on all the brokers under its jurisdiction. They include:

Segregated financial accounts: The law requires that all Forex brokerages in Singapore have different accounts for the business funds and the clients’ funds. The goal of this regulation is to ensure that investors can withdraw their money even if the broker collapses. Such protection is one of the reasons why it is vital to opt for licensed brokers.
Professional employees: It is a requirement by MAS that all Forex brokers in the country employ staff that is qualified in money markets. Consequently, it requires that each Forex broker provide a list of its employees and their qualifications before opening a business in Singapore. The brokers also provide information on the choice of investments instruments its offering to the clients such as currencies, stocks or other commodities.
Proper bookkeeping: With the increased instances of money laundering, all Forex brokers in Singapore are obliged to provide evidence of their business transactions, Auditing and adequate accounting are necessary if a broker is to keep its business license.
Handling customer complaints: Most Forex trading regulatory agencies focus on the significant aspects of the brokers’ operations. MAS, however, ensures that the broker treats its customers with dignity. It has outlined a system of handling differences between a customer and the broker. The case can only end up in court if the mediating agencies do not resolve the matter.

Prohibition of Meta Trader4 platform

MT4, as it is popularly known, is a Forex trading platform that comes with a number of features. (MT4 Forex brokers list here). A specific feature that makes it a target is its provision for hedging and automatic trading. The latter allows the trader to use trading robots called Expert Advisors to analyze the market trends and trigger automatic transaction executions. The feature led to the prohibition of the platform in Singapore and other countries such as the US. Therefore, Forex brokers that are willing to operate in the Asian city-state must settle for an alternative trading platform.

Limitations and comparisons to other countries

Flag Singapore

The UK, US, Japan, Hong Kong, Switzerland, and France are some of the Forex centers that measure up to Singapore’s standards. Forex trading in Singapore excels in several ways. First, it is tax-free. Most countries such as the UK tax earnings from Forex trading which has made to traders to opt for spread betting format to avoid taxes.

Like in most countries, Singapore Forex brokers provide demo accounts. They offer unlimited opportunity for new traders to practice trading with virtual money. A demo account helps a prospective trader determine if the broker is worth investing and if they can handle the dynamics of financial markets. It also allows the customer to learn the ropes when starting out.

The Forex market is not as restricted in Singapore as it is in the US. However, US brokerages still provide more trading options than those from the Asian nation.

Two organizations, the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) are responsible for the regulation of the Forex industry in the US. It is unlike Singapore where one agency, MAS, regulates all the financial functions of the government. While it seems to work well in Singapore, it makes one question if there could have been better regulation had the roles been severed to a specific authority.

FX brokers that use MetaTrader4 have to find alternatives with which to explore the Singapore market. A country such as the UK, which is above Singapore in the Forex trading ranking, allows MT4 trading platforms. MT4‘s auto trading capability is an essential feature for traders who do have the time to go through manual trading.

It is essential to point out that Singapore, in spite of its political stability, has been criticized as an authoritarian nation. Some have termed the Forex industry as a cartel-managed sector. While there is little empirical evidence to substantiate some of these allegations, a broker should conduct diligent research on the dynamic of the market before jumping in.

Popular Forex brokers in Singapore

Some of the popular Forex brokers in Singapore include:

Oanda
FX Pro
Plus500
eToro
FXCM

Oanda

It is the most popular Singapore-based Forex trading company in the world. It has won several awards in the global markets including the Best Trade Execution Provider, Best Mobile Platform and Best Value for Money by Investment Trends. It has four other offices outside Singapore in Toronto, London, Tokyo, and Chicago. It is regulated by the regulatory organizations in the respective countries.

FX Pro

A London-based Forex broker with offices in the Southeast Asia city-state. It has been on the market since 2006 and has become one of the favorite brokers in the country.

Plus500

Plus500 is popular in Asia, Australia, and Europe, though under different names. In Europe, for example, it operates as Plus500 UK Ltd.

eToro

The company is a broker in multi-asset as well as social trading. It has other offices in the UK, Cyprus, and Israel.

FXCM

It is the most popular brokerage among traders who are interested in no dealing desk brokers. The broker only facilitates the trader’s direct access to liquidity providers and other traders in the system. The Chinese Yuan is one of the numerous currencies that this company offers its Singapore traders.

Conclusion

Singapore is a haven for Forex traders as its regulation focuses on safeguarding the interest of the trader. Legitimate brokers can thrive in the city-state because MAS protects them from the unfair competition that is common in unregulated markets. However, not all brokers operating in the country are legit. A trader has to confirm the registration status of the company with MAS; you can quickly find more information about Singapore FX trading market on topbrokers.com.