Best Forex Trading Platform Singapore 2023

In this article, we checked out some of the most popular Forex brokers available to Singapore traders. We looked at their trading platform, commission and spreads, and other aspects of each broker. Take a look at the trading platforms in Singapore, where we analyze brokers and trading platforms for Singapore investors.

>> Want to Trade Forex? Check out our guides on:

If you’re still unsure which broker to choose, we put together a useful FAQ and information resource at the end.

Best Forex Brokers Singapore 2023

Every retail broker offers something different to its clients. We looked at some of the most popular brokers and compared them regarding customer service, research and educational tools, and commissions.

This is our selection:

  • Pepperstone – Best Forex Broker in Singapore Overall
  • XTB – Best Forex Broker Singapore
  • Plus500 – Great CFD Forex Broker Singapore
  • CMC Markets – Fast Execution Forex Trading Platform Singapore
  • HotForex – Good Forex Broker Singapore for Analysis
  • HYCM – Best MetaTrader Forex Broker Singapore
  • Saxo Markets – Best Forex Trading Platform Singapore for High Net Worth
  • Oanda – Solid Forex Broker in Singapore
  • FX Primus
  • IG
  • City Index
  • IQ Option


PepperStone is a popular broker based in the UK and Australia. They are not listed on any stock exchange and are not required to release their financial statements. They are regulated by the FCA and the ASIC.

PepperStone trades over 60 currency pairs in Forex. They also offer a wide variety of CFD options to traders.

They have partnered with multiple social trading platforms to allow their users to mimic the trades of signal providers from different brokers. This is a useful trading strategy for newer traders looking to learn from more experienced users.

Pepperstone Logo
Low inactivity feesLacking more advanced research tools
Free deposits and withdrawals
High tech risk protection protocols
Open Free Account

74-89 % of retail investor accounts lose money when trading CFDs


XTB is a global Forex and CFD broker with offices in Warsaw and London. They are regulated by both the FCA and CySEC, as well as some lower-tier authorities.

XTB offers an impressive 49 currency pairs available to trade. Their Forex trading fees are competitively low. Another point in their favor is the promise of free withdrawals over $100. XTB charges inactivity fees for any account that hasn’t traded in a year.

Their commission structure is competitive with any other retail broker. They also offer a $0 minimum deposit to open accounts. 

Low Forex feesInactivity fees
Made specifically for CFD and Forex trading5 base currencies are accepted
Excellent educational tools
Open Free Account


Plus500 is one of the most strictly regulated brokers on the market. They started as an online retail broker in Israel in 2008 and have grown globally to be regulated in 9 different regions.

Plus500 have some of the most competitive fees and rates of any broker globally. They have no charge for account deposits so all of your money can go to trading. However, their minimum deposit is quite high. Read Full Plus500 Review

Simple trading appLimited research tools
Responsive customer serviceLimited financial instruments
Easy to open an account
Open Free Account

86% of retail investor accounts lose money when trading CFDs with this provider.


Hynep Market (HYCM), was launched in 2007, focusing specifically on bringing trading to markets in Asia. Over the years, they have been awarded several awards for customer service and broker support.

HYCM has 70 currency pairs available to trade. Traders using HYCM can trade Forex and CFDs but cannot trade cryptocurrency, stocks, or commodities.

HYCM offers a range of services to traders of all kinds, both novice and expert. There are thousands of signal providers that traders can mirror with HYCM’s social trading platform.

They host seminars and webinars on tradingLimited charting capabilities
Excellent customer supportPlatform setup
Low Forex and CFD fees


HotForex is a European Forex broker, launched in 2010. They are based in Cyprus, they are regulated by CySEC.

HotForex offers competitive fees on 47 different currency pairs. Their website advertises that users have access to stocks and commodities, but users should be aware that these are only available through highly volatile CFDs.

They have a variety of accounts, including commission free and spread free options. There is also a “Zero” account that charges a proportional rate of each trade but has zero spread.

HotForex Logo
Plenty of CFD and Forex options to choose fromNo Cryptocurrency
Platform allows for social tradingNot a publicly listed broker
Low fee structure

CMC Markets

A long-standing CFD and Forex broker, CMC Markets is based in the UK and regulated by the FCA. They are listed on the London Stock Exchange and so they release yearly financial statements.

They are committed to customer service and care. Their help-line is available 24/7, something most brokers cannot compete with.

They offer over 300 currency pairs to Forex traders which makes them stand out over other Forex brokers. They also have a range of CFD offerings.

CMC Markets Logo
Industry-leading research toolsHigh Forex commissions and spreads
Regulated globallyShort trading is restricted
Award-winning customer support

Saxo Markets

Saxo Markets is a Danish retail broker, a subsidiary of Saxo Bank. It is regulated by various European agencies and has been in operation since 1992.

They use a proprietary trading platform called SaxoTraderPro, and a web-based platform called SaxoTraderGo.

They offer a wide range of Forex pairs as well as a selection of other trading instruments such as stocks, bonds, ETFs, and futures.

Massive range of tradable assetsNo MetaTrader platform support
Stop-loss and other safeguards are encouragedComplicated fee structure
Excellent user interface


Oanda is a broker that trades entirely in CFDs and Forex. They are regulated by the SEC. It is a private company and is not required to release its financial statements.

It offers a range of over 70 different currency pairs for Forex trading, as well as a selection of CFDs based on underlying assets.

They offer tight spreads on Forex trading and further sweeten the deal by providing one free deposit and withdrawal from your trading account each month.

Oanda Logo
Great, user-friendly trading platformOnly Forex and CFD options available
Fundamental research toolsCustomer support is lacking
Choice of proprietary or MT4 trading platforms


FXPrimus is the brokerage arm of Primus Global Ltd. and began operation in 2009. They are registered in Cyprus and are regulated by CySEC.

Traders have access to three different account types, depending on their minimum deposit amount. Higher tier trading account get benefits such as telephonic market updates or consultations with market specialists.

FXPrimus has 40 currency pairs available to trade, as well as a selection of equities and stocks.

FX Primus Logo
Enhanced MT4 trading platformCustomer support
CybersecurityHigh minimum deposit
Choice of proprietary or MT4 trading platforms


IG is regulated by the FCA and Germany’s BaFin. Today, IG is one of the largest Forex brokers in the world. They are considered highly reliable.

Trading with IG gives access to both MT4 and IG’s proprietary trading platform. Their design has won them several awards and is one of the most intuitive platforms we’ve used. It is highly customizable and flexible.

They have over 200 currency pairs open for trading and a wide variety of other tradable instruments.

IG Logo
Large range of Forex and CFD optionsCharting capabilities
Long history of reliabilityAccount opening is slow
Regularly discloses financial statements

City Index

City Index is a global Forex and CFD broker that launched in 1983 and is regulated by high-level authorities all over the world. They are a publicly listed subsidiary of GAIN Capital.

Their Forex offering is somewhat narrow considering they are such a large and popular broker, offering just over 80 currency pairs. An advantage is that traders have access to cryptocurrency trading.

City Index hosts frequent webinars and has lots of platform tutorials to make trading easier.

City Index Logo
Varied research toolsLimited Forex options
Lots of educational resourcesHigh minimum deposit
Easy account opening

IQ Option

IQ Option first went live in 2013 and since then has grown into one of the most highly regarded brokers worldwide. They are based in Cyprus and regulated by CySEC.

Opening an IQ Options account is easy: the minimum deposit to start an account is low and set up is quick. Users have the option to choose a VIP or demo account in addition to the standard account type.

Proprietary trading platform is fast and effectiveCustomer service is known to be slow to respond
Mobile app is excellentLimited number of tradable currency pairs
Fast deposits and withdrawals
Open Free Account

Best Forex Trading App Singapore

So now we’ve rounded up some of the best Forex Platforms in Singapore, but which firm stands out above the rest?

Every trader’s needs are different, and AvaTrade is best equipped to cater to the widest variety of forex traders. They have an excellent demo account that traders can use to test out their trading strategies.

Their trading platform is easy to use and well equipped for all levels of traders. A two-step authentication login means that the platform is secure.

AvaTrade Best Forex Trading App Singapore

Our Score: 4.8/5

  • Won Multiple Awards
  • Founded in 2006
  • Demo Account
  • Well Regulated
  • MT4, MT5, AvatraderGo, AvaProtect, Avasocial
  • Copy Trading Capabilities
  • Professional Support

How to pick a Forex Broker in Singapore?

Fees & Commissions

For every trade brokers will charge their users a proportional fee. Platforms charge very little for the commission, but they take a proportional cut of each trade.

Most of these platforms make money from active traders. They charge fees for users who do not trade actively. These are called inactivity fees and are used by most brokers.


The regulations each broker must adhere to change depending on where that broker is based.

Traders can choose to trade with brokers not regulated by the MAS, but they run the risk of not being protected if that broker turns out to be a scam.

MAS has set guidelines for the maximum leverage amounts and rules regarding segregated client funds.


Brokers often have educational tools on their platforms. These can vary from slide shows on market indicators to webinars from experts.

Some brokers have resources that are useful to traders at all levels. Others cater specifically to novice users. 

If you’re already experienced with retail trading, try and find a broker that has educational tools that will be useful to you.

Risks of Forex Trading

Like all forms of trading, Forex carries with it some risk. These come in all forms but could all result in the trader losing money despite their hard work.


Leverage is controversial in trading circles. It allows brokers to increase the trader’s initial margin to secure a larger position than they would otherwise be able to afford.

Many traders appreciate using leverage as it can increase their buying power from relatively small capital investments, but it can also increase losses. Using leverage can result in losing more money than your initial margin.


Traders rely on somewhat volatile instruments for their positions to increase or decrease in value.

However, this volatility can also be dangerous. Traders could take a “sure-fire” position expecting it to head in a particular direction, only for market conditions to cause a sudden spike.

Anyone familiar with the recent GameStop debacle will understand how volatile markets can lead to massive losses.


Many traders are attracted to Forex trading because of its short-term, high-risk, high-reward nature.

Forex positions can be held long-term, but it is also common for day-traders to use strategies like scalping.

Like any short-term, high-reward strategy, there is a considerable amount of risk. Because of the volatility of Forex markets, traders may take on significant losses over a short amount of time.

Why Trade Forex?


Because Forex is one of the most popular markets among retail traders, it has a high level of liquidity.

The Bank of International Settlements recently estimated that daily Forex volumes are traded more than $5 billion every day.

The high volume means that traders can expect their trades to be executed quickly since there is almost always another trader looking to take the opposite position.


Forex is often traded on short-term positions. This is beneficial to traders for multiple reasons.

One of these benefits is that fees for shorter trades tend to be lower. Because Forex positions are often not held overnight, Forex traders don’t have to pay their broker overnight fees which can start eating into your balance.

Barrier to Entry

Trading is a complex practice that relies on knowledge of interconnected markets to accurately predict the trend of assets.

Forex trading largely cuts out the need for in-depth market knowledge by simply trading on currency strength. It is much easier to understand the interplay between the prices of currencies as opposed to the market sentiments that affect the prices of stocks or commodities.

Forex Market Hours and Best Time To Trade

Forex traders are looking to capitalize on fluctuations in currency pairs. There are various strategies that Forex traders can choose from such as swing trading, scalping, or long-term trading.

The best time to trade will depend on which strategy a trader uses.

However, the best time, in general, to look for trades is when multiple global markets are open. Every region has its operating times which are dictated by its timezone.

For example, if you’re looking to trade JPY/USD (Japanese Yen/ US Dollar) pairs, you will need to do some when at least one of these markets is open. If both markets are trading, there is a higher level of fluctuation between the two.

How Much Do I Need to Start Forex Trading in Singapore?

Every broker will require a different minimum deposit to open an account. Some brokers do not require any deposit to open an account. But traders will still need some capital to open a position. Traders can use leverage to increase the position they can take. The recommended amount needed to start trading is around S$250.

When does the Forex Market Open In Singapore?

The Singapore Forex market is open between 9 am and 5 pm, Monday to Friday.

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About the author

Ziga Breznik is the owner and head of research at – he is an active investor in the forex, crypto and stock markets – he has seen trading platforms disappear along with his investments – especially during the “crypto boom”. Ziga learned the hard way that finding a reputable and trustworthy online brokerage is key to long-term success in the financial markets. He founded as a platform where he shares his research with one goal in mind: to provide unbiased and trustworthy online brokers reviews.