Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Forex Brokers in Singapore

Forex in SingaporeSingapore 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.

  • Key information
  • Trading
  • Payment systems
  • Trading platforms
  • Trading instruments
  • Support
  • Trading accounts
  • Account settings
  • Spreads
  • Promotion
Filter
Company#LogoForex brokerFoundedRegulatedReviewsPayment systemsBroker type(?)Min. DepositMax.
leverage
Live spread
Interval:
Live
spread
EUR/USD
Live spread
Interval:
Live
spread
GBP/USD
Live spread
Interval:
Live
spread
USD/CHF
Live spread
Interval:
Live
spread
USD/CAD
Live spread
Interval:
Live
spread
USD/JPY
Live spread
Interval:
Live
spread
AUD/USD
Live spread
Interval:
Live
spread
NZD/USD
Live spread
Interval:
Live
spread
EUR/AUD
Live spread
Interval:
Live
spread
EUR/CAD
Live spread
Interval:
Live
spread
EUR/CHF
Deposit bonusAccount
Forex.com1Forex.combest broker2001
FCA, CFTC

Regulated

32

Payment systems

ECN, MM
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
eToro2eToro2007
ASIC, FCA
34

Payment systems

NDD, STP
50 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FxGlory3FxGlory2012-5

Payment systems

NDD, MM
1 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
LMFX4LMFX2015-15

Payment systems

NDD
50 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
IG5IG1974
ASIC, FCA
12

Payment systems

DMA, MM
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
OANDA6OANDA1996
ASIC, FCA
28

Payment systems

-0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Interactive Brokers7Interactive Brokers1977
FCA, CFTC

Regulated

8

Payment systems

MM
10000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
AAFX Trading8AAFX Trading2014
ASIC, FSA
110

Payment systems

NDD, ECN
100 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %

As a warm welcome to our newest traders, we are offering a 30% bonus on top of your initial deposit into your first AAFX live account.

XM.COM9XM.COM2009
ASIC, IFSC

Regulated

54

Payment systems

MM
5 $1:888N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
RoboMarkets10RoboMarkets2012
CySEC
5

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXTM11FXTM2011
IFSC, CySEC
35

Payment systems

NDD, ECN
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
EXNESS12EXNESS2008
FCA, CySEC
57

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Libertex13Libertex1997
CySEC
49

Payment systems

NDD
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
AXITrader14AXITrader2007
ASIC, FCA
8

Payment systems

NDD
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
JustForex15JustForex2012
IFSC
10

Payment systems

ECN, STP
0 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

From now on, clients of JustForex can increase their deposit with the help of Double benefit bonus. Deposit your account with at least 100 USD and double your opportunities for trading!

XTB.com16XTB.com2002
FCA, CNMV
7

Payment systems

NDD, STP
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
RoboForex17RoboForex2009
IFSC
13

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Tradable Protection 50% is available no matter the first deposit. On the next deposits you can receive it from 300$. The extra funds of Tradable Protection are not written off even during “drawdown”.

Forex4you18Forex4you2007
FSC
25

Payment systems

NDD, STP
20 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
NordFX19NordFX2008
SEBI, CySEC

Regulated

89

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
Plus50020Plus5002008
ASIC, FCA
39

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
HYCM21HYCM1977
FCA
42

Payment systems

MM
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 %
FBS22FBS2009
IFSC, NAFD
35

Payment systems

ECN, STP
1 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FxPro23FxPro2006
FCA, CySEC

Regulated

59

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Swissquote24Swissquote1996
FINMA
14

Payment systems

STP
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
City Index25City Index2001
ASIC, FCA
2

Payment systems

NDD, ECN
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXCM26FXCM1999
ASIC, FCA
15

Payment systems

NDD
0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Admiral Markets27Admiral Markets2001
FCA, CNMV
20

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
AVATrade28AVATrade2006
ASIC, CBI
54

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
IQ Option29IQ Option2013
FSA
5

Payment systems

NDD
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FxGiants30FxGiants2015
FCA
4

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A20 %

Increase your trading opportunities. Get up to a bonus on all deposits up to $ 2000

Vantage FX31Vantage FX2009
ASIC
5

Payment systems

ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Instaforex32Instaforex2007
RAUFR
30

Payment systems

NDD, ECN
1 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %
Alfa-Forex33Alfa-Forex2016
CBR
9

Payment systems

NDD
0 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FIBO Group34FIBO Group1998
FSC, CNMV
13

Payment systems

NDD, MM
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Alpari35Alpari1998
IFSC, NAFD
29

Payment systems

ECN
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
Markets.com36Markets.com2006
CySEC
5

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXOpen37FXOpen2005
ASIC, FCA
17

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
1 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1 %

Welcome Bonus is credited to the micro account after making the minimum deposit.

GrandCapital38GrandCapital2006
CySEC
11

Payment systems

STP
10 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A40 %

The bonus is charged on any account replenishment without restrictions. The promotion is valid indefinitely.

AMarkets39AMarkets2007
FSA
42

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A25 %
Dukascopy Bank SA40Dukascopy Bank SA1998
FINMA
13

Payment systems

ECN
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %Get a 100% Welcome bonus to your account.
Dukascopy Europe41Dukascopy Europe2010
FCMC
5

Payment systems

ECN
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FP Markets42FP Markets2005
ASIC, CySEC
3

Payment systems

DMA
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Just2Trade43Just2Trade2006
CySEC
4

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
DeltaStock44DeltaStock1998
BNB
1

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
IFC Markets45IFC Markets2006
FSC, CySEC
14

Payment systems

STP
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Saxo Bank46Saxo Bank19926

Payment systems

ECN, STP
10000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
HotForex47HotForex2010
CySEC, FSC
47

Payment systems

NDD
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
IC Markets48IC Markets2007
ASIC
17

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXDD49FXDD2002
MFSA
7

Payment systems

NDD, ECN
250 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Finpari50Finpari2013
CySEC
2

Payment systems

NDD, STP
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
ActivTrades51ActivTrades2001
FCA, CNMV
16

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
LiteForex52LiteForex2005
CySEC
20

Payment systems

ECN
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

Bonus CRYPTO 100%

BCS Forex53BCS Forex2004
FSA
1

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Hurry up to get a bonus! Up to $ 5000 on first deposit!

ForexMart54ForexMart2015
CySEC
11

Payment systems

ECN
1 $1:5000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %50% приветственный бонус – это специальное бонусное предложение для всех клиентов компании ФорексМарт. Воспользовавшись данной акцией вы сможете удвоить ваше депозит, выполнив всего два действия. Перв
Binarium55Binarium2012
CROFR
1

Payment systems

-9 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
CMC Markets56CMC Markets1989
ASIC, FCA
15

Payment systems

NDD, STP
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Fortrade57Fortrade2013
FCA, FSCS

Regulated

3

Payment systems

-100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %

Fortrade offers a welcome bonus, amounting to 30% of the first deposit (up to €3000). The deposit must be €100 as a minimum and the bonus expires within 90 days. Bonus monies may be used for tr

EasyMarkets58EasyMarkets2001
ASIC, CySEC
15

Payment systems

MM
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Orbex59Orbex2010
CySEC
8

Payment systems

ECN
500 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Hantec Markets60Hantec Markets2009
FCA
6

Payment systems

NDD
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
ForexChief61ForexChief2014
VFSC
47

Payment systems

ECN, STP
1 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
ICM Capital62ICM Capital2009
FCA
4

Payment systems

-200 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Octa FX63Octa FX2011
FCA, FSA
24

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Deposit bonus can only be credited to a verified account. Deposit bonuses can only be credited to any MT4 | MT5 account.

Fort Financial Service64Fort Financial Service2010
IFSC
11

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %Due to our developed system you can increase the amount of every deposit up to 50%! No doubt that more funds on your account means, more profit from trading is available for you.
TradeStation65TradeStation1988
FCA, CFTC

Regulated

8
DMA
5000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
BMFN66BMFN1988
ASIC, FCA
7

Payment systems

NDD, DMA
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A20 %New or existing accounts at BMFN who enroll in the Bonus Program and make a qualifying deposit will receive a deposit bonus up to $10,000!
Core Spreads67Core Spreads2014
FCA
9

Payment systems

NDD
1 $1:240N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %Open a CoreTrader account and start trading our tight, fixed spreads. After a month claim your bonus
NPBFX68NPBFX1996
IFSC
3

Payment systems

NDD, STP
10 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FreshForex69FreshForex2004
KROUFR
11

Payment systems

NDD, MM
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A5 000 %Bonus 101%
City Index Singapore70City Index Singapore2006
MAS
6
MM
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
TD Ameritrade71TD Ameritrade1975
FINRA, SIPC
6
DMA
2000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Degiro72Degiro2008
FCA, AFM
3
NDD
10 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
GO Markets73GO Markets2006
ASIC
3

Payment systems

NDD
200 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Forex.ee74Forex.ee2004
FSA
4

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A15 %
Tickmill75Tickmill2014
FCA, SIBA
5

Payment systems

NDD
25 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Yadix.com76Yadix.com2010
FSC
15

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %Get a 50% Cash Bonus up to $10,000 on your first deposit. Cash bonuses are credited to your balance after the requirements are met.
FXPRIMUS77FXPRIMUS2009
CySEC, VFSC
13

Payment systems

STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Swiss Markets78Swiss Markets2012
CySEC
2

Payment systems

STP
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
PSB Forex79PSB Forex2016
CBR, NAFD

Regulated

2
NDD
1500 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
ICE FX80ICE FX2015-7

Payment systems

ECN, STP
10 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

Компенсация издержек при переводе депозита из других компаний (брокеров, фондов и т.д.). Компенсируется до 100% издержек при транзакции депозита.

FriedbergDirect81FriedbergDirect2008
IIROC
3

Payment systems

NDD, STP
0 $1:33N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
TrioMarkets82TrioMarkets2014
CySEC
4

Payment systems

ECN, STP
500 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
iOCBCfx83iOCBCfx2004
MAS
1
NDD
1000 $1:35N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
UOB Kay Hian84UOB Kay Hian2000
MAS
3
NDD
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
KGI Futures85KGI Futures2001
MAS
1
NDD
1000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
KE Forex86KE Forex1972
MAS
2
NDD
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Haitong87Haitong2010
MAS
3
NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXCitizen88FXCitizen2010
VFSC
3

Payment systems

NDD, ECN
10 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Land FX89Land FX2013
FCA, FSCS

Regulated

4

Payment systems

NDD, ECN
300 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 % 10% bonus applies equivalently to First deposit amount above $300
Pepperstone90Pepperstone2010
ASIC
6

Payment systems

ECN
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
PhillipCapital UK91PhillipCapital UK1975
ASIC, FCA
9
NDD
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Ak Investment92Ak Investment1996
SPK
4
NDD, DMA

Broker type

  • NDD
  • DMA
  • MM
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
InvestAZ93InvestAZ2010
FSP, SPK
3
ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Corner Trader94Corner Trader2012
FINMA
1
MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Abshire-Smith95Abshire-Smith2011
FCA, FSCS
7

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
ArgusFX96ArgusFX2000
CySEC
4

Payment systems

STP
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Ayondo97Ayondo2008
FCA, BaFin
2

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Bacera98Bacera2009
ASIC
2

Payment systems

MM
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
BogoFinance99BogoFinance2006
CySEC
1

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Capital.com100Capital.com2017
CySEC
1

Payment systems

NDD
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Capital Index101Capital Index2014
FCA, CySEC

Regulated

3

Payment systems

NDD, STP
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Core Liquidity Markets102Core Liquidity Markets2012
ASIC, FSA
4

Payment systems

NDD
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
CMG103CMG2015
ASIC
9

Payment systems

-250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Colmex Pro104Colmex Pro2010
CySEC
4
NDD, ECN
2000 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Darwinex105Darwinex2012
FCA
2

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
eTrader106eTrader2014
CySEC
4
NDD
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Flatex107Flatex1999
BaFin
2
NDD, MM
0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Fullerton Markets108Fullerton Markets2015
FSP
9

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FX88109FX882016
CySEC
4

Payment systems

ECN
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXCC110FXCC-
FCA, CySEC
12

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FX Choice111FX Choice2010
IFSC
6

Payment systems

NDD
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FxGrow112FxGrow2008
CySEC
4

Payment systems

ECN, STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
GMG Markets113GMG Markets2015
FCA
2
NDD, STP
200 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
HMS Markets114HMS Markets1972-2
NDD
1000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Infinox Capital115Infinox Capital2009
FCA
2

Payment systems

ECN, STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
iTrader116iTrader2012
IFSC
5

Payment systems

NDD
250 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Mex Exchange117Mex Exchange2012
ASIC
4

Payment systems

NDD, ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FXPCM118FXPCM2007
FSC, DFSA

Regulated

3

Payment systems

NDD, ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 %To get this bonus, you just need to open a live trading account by registering with the new cabin.
Rakuten Securities Hong Kong119Rakuten Securities Hong Kong2002
SFC
2
NDD, STP
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
RietumuFX120RietumuFX1992
FCMC
2
NDD
1000 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
TFI Markets121TFI Markets1999
CySEC
3
NDD
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Tradealot122Tradealot2010
FCA
5

Payment systems

STP
2000 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
FinmaxFX123FinmaxFX2017
CROFR, VFSC
1

Payment systems

MM
250 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %Follow the link, register, replenish your trading account at least $ 100.
CommSec124CommSec1998
ASIC
4
DMA, MM
10 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
VTB 24 Forex125VTB 24 Forex2009
CBR, KROUFR
2

Payment systems

NDD
2000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Finam Forex126Finam Forex1994
CBR, NAFD

Regulated

2

Payment systems

NDD, DMA
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
AMP Global127AMP Global2018
CySEC, CFTC

Regulated

3

Payment systems

STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Ingot Brokers128Ingot Brokers2004
ASIC
3
ECN
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Alvexo129Alvexo2014
CySEC, SIBA
3

Payment systems

ECN
0 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
AETOS130AETOS2007
ASIC
4

Payment systems

NDD
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Arum Capital131Arum Capital2017
CySEC
3

Payment systems

ECN, STP
0 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
ATFX132ATFX2015
FCA
8

Payment systems

NDD
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Key to Markets133Key to Markets2010
FCA, FSP

Regulated

4

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Trading.com134Trading.com2018
FCA
3

Payment systems

ECN
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
BDSwiss135BDSwiss2012
CySEC, FSC
5

Payment systems

ECN
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
ATC Brokers136ATC Brokers2005-4
ECN
2000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-


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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:

  1. Oanda

  2. FX Pro

  3. Plus500

  4. eToro

  5. 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.