If you are a professional trader, you might know about Singapore not implementing any on any trading profits. Suppose you are planning to enter the industry or you already have experience of how the industry works, then you can make a good living in Singapore.
The country is known to be a top logistics hub and the 4th most important financial center worldwide. With this, more and more traders are looking into how to take advantage of the country’s trading environment. Read through this article to find out some of the best Forex brokers in Singapore.
In This Guide
FCA, ASIC, CIMA, SIBL
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ASIC, CBI, BVI, FSCA, IIROC, FFAJ, JFSA, ADGM FRSA
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VFSC, FSC, IBFC
$10 000 demo
Find out which Forex brokers accept Singapore traders before you invest your money and time in forex trading. We have listed the best online forex brokers Singapore below, read the reviews and choose which one fits your criteria.
City Index is known to be one of the oldest Forex companies in Singapore. The company is authorized by the Monetary Authority Exchange of Singapore or MAS (Monetary Authority of Singapore). If you are eyeing for City Index as a broker, it provides traders with a vast array of underlying assets amounting to a total of 4,500. Besides the 84 currency pairs, those using City Index can engage in stock trading through the Contract for Differences (CFD) derivatives and provide spread betting in the UK.
City Index’s offerings revolve around commodities, indices, metals, and cryptocurrencies. Forex brokerage provided by CMC markets typically starts from 0.5 points, making it an ideal platform for traders looking at a low-cost investor account. Suppose you are decided to be one of City Index’s clients. You may opt to use the MetaQuotes MQL4 language to create automated trading techniques or download expert advisor software from experienced traders.
This is also one of the most popular Forex brokers Singapore has. Saxo Market is a high-end trading company with two trading platforms depending on the client’s experience and needs. The brokerage offers its traders 180 currency pairs with a spread as low as 0.4 points. Besides the mentioned features, Saxo also allows clients to access CFDs derived from stocks, ETFs, and commodities.
The SaxoTraderGo provides an intuitive and user-friendly interface that is easy to navigate and place your orders for those who are new to forex trading. Experienced traders can opt for the SaxoTraderPRO, which has a multi-screen interface with a wide array of features and trading tools.
Besides Singapore, CMC Markets is a forex trader with offices in New Zealand, Australia, the UK, and Canada. The brokerage was established in 1989, providing features for every trader including 8,000 stocks readily available for trade, more than 1,000 ETF CFDs, tight spreads, and over 35 currency pairs for every client to trade on. These are some of the following features offered by CMC Markets:
Several assets clients can trade on CMC Markets include indices, stocks, currency pairs, commodities, and treasuries. With about 330 currency pairs, it gives the traders easy access to both exotics and major currencies.
Considered to be one of the oldest Forex brokers Singapore has, IG Markets was established in 1974. A few of the notable features of this trading company include more than 80 currency pairs, over 6,000 CFDs, and 1500 ETF CFDs that come with bonds, indices, and futures covering several markets worldwide. You would know that this forex broker has been in the industry for a long time as it already has offices outside Singapore, including the UK, Japan, Australia, and UAE.
IG is an excellent choice for traders who want to familiarize CFD and Forex trading in Singapore. This trading company also allows its clients to develop trading techniques and improve technical analysis through the CFD broker’s educational materials and tutorials platform.
OANDA received the No. 1 FX Broker award in 2017 and is one of the country’s top brokers. Like other Forex brokers, this trading company also has offices in Japan, Australia, Canada, and the US. OANDA has over 70 currency pairs with CFD assets and metals contracts. It uses the MetaTrader 4 for its online platform in trading.
This Forex broker is also heralded for its accessible customer service through phone, email, chatbot, and live chat. They also have reasonable and competitive spreads that can easily factor trades; this results from OANDA’s transparent pricing engine.
Trading entails the investment of money; hence you need to weigh your options for your Forex broker. All of the above-mentioned Forex brokers are authorized accordingly and will surely provide you with the best Forex trading experience. The five MAS regulated forex brokers in singapore that you have just read offer various features as every trader has different preferences, experiences, and knowledge on how the business works. We recommend Singaporean traders to follow the MAS twitter page, @MAS_sg to stay updated. Also to check out the Monetary Authority of Singapore webpage on Wikipedia.
There are Forex brokers which allow its clients to start trading with only $1. Usually, the minimum amount ranges between $100 and $10,000, or more than that for interbank trading.
Forex does not have a specific owner. It is an interbank market where transactions are made only between the buyer and the seller.
Your strategies or techniques will depend on the market situation you are in. So there is no specific strategy as you will learn your own as you go through the process if you want to get profits with your investment. There can be some strategies, but they are only for limited periods and for particular currency pairs.
There is no single answer for this. It will depend on the operator’s knowledge, preference, and experience. Intermediate traders use platforms like MT4 or C-Trader.
Unlike futures, stocks, and options, currency trading is not regulated by the central governing body. There are no arbitration panels to adjudicate a dispute. Instead, traders do business with one another through credit agreements.