Finding the best forex brokers in Singapore is similar to finding a needle in a haystack. The task becomes even more challenging while searching for a regulated broker. Today, I will briefly review some of the most trusted brokers in Singapore and mention their pros & cons. In the later part of the piece, I will share some significant factors that you must consider before selecting a forex broker. So let’s get straight to the point.
Read: Forex Trading Singapore
Best Forex Brokers in Singapore
Plus500
Plus500 is a leading forex broker that has been offering online trading services in Forex, CFDs, and Cryptocurrencies for the last twelve years. The company operates under the UK’s well-reputed regulated body, known as the Financial Conduct Authority (FCA). The broker has its main office located in London.
Plus500 offers a user-friendly online trading platform and mobile supported app along with multiple tools and charting options to make your trading experience more enjoyable. The main features of the company include low trading fees, instant account opening process, minimal deposit requirement, multiple supported currencies, availability of demo accounts, and excellent customer support.
Read: Plus500 Review
| PROS | CONS |
| Higher security of funds Easy-to-use and intuitive user interface Large variety of tradable instruments Quicker and easier account opening process Low minimum deposit requirement (starting from $100 only) Fast withdrawals without any charges or commissions | Availability of limited CFD products Fewer educational resources and training tools available A $10 fee if trading account remains inactive for three months Absence of fixed spread trading account Restrict scalping and arbitrage trading strategies |
VantageFX
Founded in 2009, VantageFX is known for offering superfast trading services all over the world. VantageFX operates under the brand name of Vantage International Group Limited. The broker holds multiple licenses from the world’s most renowned regulators, including ASIC, FCA, and CIMA. VantageFX’s head office is in the Cayman Islands.
Also, the broker offers multiple trading platforms, including MT4, MT5, Web Trader, and a mobile app. Features such as leverage options of 1:500, welcome deposit bonus, free forex signals, and negative balance protection make the company one of the best forex brokers in Singapore. VantageFX also offers efficient customer support to its clients round the clock.
Read: VantageFX Review
| PROS | CONS |
| Funds are kept in segregated bank accounts Hassle-free account opening process No surcharge or fee for account inactivity ECN/STP trade execution with no dealing desk involved More than 300 CFD trading instruments available PAMM & MAM accounts available for fund managers | Fixed spread account not available Relatively longer response time for email queries No investor protection plan available in case the broker goes bankrupt Very limited number of cryptocurrencies available US clients are not accepted |
Forex.com
Forex.com is one of the pioneer brokers delivering unmatched trading facilities to its clients worldwide. The broker offers online trading services in Forex, Commodities, Indices, CFDs, and Cryptocurrencies. Based in the UK, the company started its operations in 2001. The broker is equally popular amongst the newcomers as well as seasoned traders for its wide range of tradable assets, low deposit requirements, instant trade execution, and client fund’s protection mechanism under the Financial Services Compensation Scheme. You can trade your favourite assets using a range of trading platforms, that include;
- Online trading platform or Web Trader
- Desktop trading platforms such as Mt4 and cTrader
- Mobile phone apps for both iOs and Android devices
Registered with Cayman Islands Monetary Authority (CIMA), the broker holds six additional regulations in various jurisdictions of the world, including FCA, FSA, CFTC, NFA, IIROC, and ASIC. Forex.com is one of very few brokers who accept clients from the United States.
Read: Forex.com Review
| PROS | CONS |
| A huge variety of tradable instruments available Built-in trading view charts available in web-trader for better trading analysis Backed by multiple regulations from various geographical regions Offers rebates to clients trading higher volume Extensive range of research and educational tools available US clients accepted | Does not offer trading in stocks and bonds Live Chat customer support unavailable Frequently changing marginal requirements IRA or retirement accounts unavailable Higher trading fee Low leverage |
IG
IG is a UK-based international brokerage firm providing trading services in financial derivatives, including Forex, Contract for Differences (CFDs), Shares, Commodities & Cryptocurrencies. The broker has been in business for the past four decades. With more than 239K registered members and 17000+ markets, IG offers the world’s most rewarding trading experience to its clients across the five continents.
Marginal charges, volume-based rebates, CFD accounts, reduced minimums, and Algorithmic trading are some features that make IG stand out of the crowd. The multi-regulated broker (FinMA, ASIC, BaFin, FCA, MAS) offers next-level security to your funds by keeping them in segregated bank accounts under the authorization of the Bermuda Monetary Authority (BMA). The option to integrate customized apps with IG through its advanced API integration technology offers traders complete control over their trading preferences.
Read: IG Review
| PROS | CONS |
| Availability of multiple trading platforms Latest trading tools A wide range of payment methods available A comprehensive range of educational resources available Low spreads starting from as low as 0.1 pip Real-time funds deposit facility is available Backed by multiple regulations | Higher trading charges for stocks A fee is applicable for inactive accounts Average customer support Relatively complex and longer account opening process US clients are not accepted |
XM
XM is an international broker offering cutting-edge trading services in six asset classes and more than one thousand tradable instruments through its intuitive trading platforms in 196 countries. The company came into existence in 2009, and has its headquarters in Belize. The broker is fully authorized and regulated by multiple regulatory authorities, including ASIC, FCA, and IFSC.
With 25+ payment options and round the clock customer support in 30+ languages, the broker offers unmatched services like commission-free deposit and withdrawals, competitive spreads, stable margins, risk management tools, flexible leverage of 1:888, transparent swap rates, welcome bonus, and Islamic accounts.
Read: XM Review
| PROS | CONS |
| CFD trading is relatively cheaper Low minimum deposit (trading can be started with $5 only) Faster and easier account opening process A wide range of educational resources available 24/5 professional customer support available | ECN account unavailable Inactivity fee is applicable Spread charges are relatively higher US clients are not accepted Withdrawal of funds takes relatively longer time Negative slippage and requotes are very common |
How Did I Select the Above Forex Brokers?
Well, I’ve been trading for the past eight years and have tried numerous brokers to date. Specifically talking about the best brokers in Singapore, I’ve signed up with dozens of brokers and tried multiple features offered. I have concluded that the top five brokers listed above offer exceptional trading services in Singapore. Based on various factors such as low spread options, minimal deposit requirements, the security of client funds, high regulation status, easy-to-use trading platforms, advanced trading tools, and round the clock customer support, I made them a part of my top favourite broker’s list.
Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore (MAS) regulates the financial institutions that operate in Singapore. Founded in 1971, the parliament of Singapore authorized MAS to oversee and regulate the financial functions of the government institutions as well as private agencies. MAS now regulates more than 600 financial institutions and forex brokers across Singapore.
As far as forex trading is concerned, MAS implements strict rules and regulations to keep both traders and financial institutions safe from scams and malicious activities. Brokers need to pass a series of confirmation & attestation process to start offering trading services in Singapore. MAS issues a license to a broker only after evaluating it thoroughly for minimum capital requirements and provisioning of holding clients funds separate from the brokers’ capital.
Read: MAS Regulated Forex Brokers
Factors to Consider When Choosing A Forex Broker
The market is full of scam brokers these days. Therefore, you must remain extra vigilant while selecting a broker. Let me share some factors that you must consider before making your final move.
Regulation
Regulation is the most critical factor when it comes to selecting a forex broker. A regulated broker ensures that your funds are safe even in case an unfortunate economic event occurs. The regulation of a broker also confirms that the broker has the best operational practices in place. In short, your rights have legal protection with a regulated broker.
Security
Your financial and personal information is crucial, so you don’t have to compromise on security. Therefore, always select a broker that offers high-security standards to protect your information. You can check if the broker has advanced security protocols installed, such as HTTPS and SSL encryption.
Trade Execution
You can be profitable in Forex Trading if your orders are processed promptly. Always read reviews of existing traders of your prospective brokers to assess whether they offer instant trade execution. You can also try placing trades using a demo account to assess the overall trading environment of the broker. Remember, there are two types of brokers – STP and Dealing Desk. Try opening an account with a non-dealing desk or STP brokers, because dealing desks profits from your losses.
Trading Platforms
Always check if your prospective broker offers a trading platform that suits your needs. The trading platform should be easy enough to navigate. It must have all basic and advanced trading tools available. You might not want to miss a trading opportunity on the go, so the broker should have a compatible version of the trading platform for your mobile device.
Fee & Charges
Trading fees can make a significant impact on your profitability. Always check if your prospective broker has a competitive pricing model. You can compare the fee structure of different brokers to confirm if your broker charges reasonable spreads or commissions.
Deposit & Withdrawals
Some forex brokers claim to offer quick deposit and withdrawal services. However, this is not always the case. You might be able to deposit your funds instantly. Still, your broker can sometimes drive you nuts for processing your fund withdrawal requests. Often there are certain restrictions stipulated with your account opening form, such as fulfilling the minimum trading volume requirement. Therefore, always read the terms and conditions of the broker before opening a trading account.
Verdict
After a careful review of different brokers listed above, I can safely name Plus500 to be the winner of my favourite brokers’ list. The broker has everything you can wish for having a superb trading experience. Ranging from the account opening process to its user-friendly trading platforms, the broker stands out of the crowd.
