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With the growing trends of online brokers, Singapore has recently seen many online brokerages operating in the country. There is a growing trend of people interested in investing through brokers who offer a hassle-free trading experience. But with these numerous brokers operating in the country, It is advisable to do research to identify the best forex brokers in Singapore.
- 1 Advantages of Using a Regulated Broker in Singapore
- 2 Overview of the Best 5 Forex Brokers in Singapore – Our Top Picks for 2023
- 3 Key Features to Consider When Choosing the Best Forex Brokers in Singapore
- 4 Comparison Between the Best Forex Brokers in Singapore for 2023
- 5 Best Forex Brokers in Singapore for 2023 – StockHAX’s Conclusion
- 6 FAQs
Advantages of Using a Regulated Broker in Singapore
Using a regulated broker in Singapore has several advantages for investors. These brokers are required to follow strict rules and guidelines designed to protect the interests of investors. This means that investors can feel confident that their broker is operating with transparency and fairness. This also confirms that they have the necessary financial resources to meet their obligations to clients.
Regulated brokers must also disclose all relevant information to their clients, including their fees and charges, and trading conditions. This means that investors can make informed decisions about their investments and can have confidence in while trading.
Overview of the Best 5 Forex Brokers in Singapore – Our Top Picks for 2023
When selecting the best forex broker in Singapore, traders should multiple features. This include regulations, trading platforms and tools, trading costs, customer support, and educational resources. A regulated forex broker provides traders with the assurance that the broker is operating fairly and transparently. The broker’s trading platform and tools should be reliable and offer advanced features, while trading costs should be competitive. Let’s take a look at the best 5 forex brokers in Singapore with their key features in detail.
1. Pepperstone – Broker With Lowest Spreads
Pepperstone is a well-established online forex and CFD broker that provides its services to traders in Singapore. As a regulated broker, Pepperstone adheres to strict regulatory requirements, ensuring that clients’ funds are kept safe and secure. The broker is regulated by both the ASIC and the Financial Conduct Authority (FCA), giving traders added peace of mind.
One of the standout features of Pepperstone is its tight spreads, which start as low as 0.0 pips on some of its account types. The broker also offers fast execution speeds and a range of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These platforms are available for desktop, web, and mobile trading. Trading through brokers allows traders to access markets from anywhere and at any time.
The broker provides a wide range of tools including an economic calendar, market news and analysis, and trading calculators. In addition to forex trading, Pepperstone offers a range of other assets, including CFDs on stocks, indices, commodities, and cryptocurrencies. The broker also offers a different account types to suit trading styles and preferences, including Standard, Razor, and Swap-Free accounts.
Overall, Pepperstone is a well-regarded broker in the industry, offering traders in Singapore access to a range of assets, tight spreads, fast execution speeds, and a range of trading tools and resources.
|Standard Account, Razor Account, Swap-Free/Islamic Account, Active Trader Program Account (for high volume traders).
|Forex, Stocks, Cryptocurrencies, Commodities, Indices.
|Autochartist, Smart Trader Tools, Economic Calendar, Market Analysis, and MetaTrader Supreme Edition.
|Fees & Charges
|No commissions charged. Ideal amount to get started is 500 gbp.
IG is another well-known online trading platform that offers a range of products to traders in Singapore. As a regulated broker, IG offers strict regulatory requirements, ensuring that clients’ funds are kept safe and secure. The broker is regulated by both the Monetary Authority of Singapore (MAS) and the Financial Conduct Authority (FCA) in the UK.
One of the key features of IG is its range of trading products, which includes forex, CFDs on stocks, indices, commodities, cryptocurrencies, and more. IG provides traders with access to a range of trading platforms, including its proprietary platform, IG Trading, as well as MetaTrader 4 (MT4) and ProRealTime.
IG also offers a range of trading tools and resources to help traders make informed trading decisions. The broker also offers a range of trading signals and indicators to help traders identify potential trading opportunities. In addition to its range of trading products and tools, IG offers excellent customer support, with 24/5 support available through email, phone, and live chat. The broker also provides clients with a range of account types to suit different trading styles and preferences, including Standard, DMA, and ProRealTime accounts.
|CFD Trading Account, Spread Betting Account, Share Dealing Account, ISA Account (UK only), SIPP Account (UK only), Forex Trading Account, Futures Trading Account.
|Forex pairs, Stocks, Indices, Cryptocurrencies, Commodities, Exchange Traded Funds, Options, Bonds, Interest rates, Sectors and Industries and IPOs.
|Trading Platform, Technical Analysis Tools, Charting Tools, Price Alerts, Trading Signals, Autochartist, IG Community, ProRealTime Charts, Reuters News, Trading Central Analysis, Webinars and Trading Education.
|Fees & Charges
|The minimum amount charged by IG is 0.1 points which is on commodities.
eToro is a popular social trading platform that offers a range of trading products to traders in Singapore. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK, and various other regulatory bodies.
One of the standout features of eToro is its social trading platform, which allows traders to connect with other traders, share ideas, and copy the trades of successful traders. Beginner traders can learn from more experienced traders by using broker platforms.
In addition to social trading, eToro offers a range of trading products, including forex, CFDs on stocks, indices, commodities, and cryptocurrencies. The broker also offers competitive pricing, with low spreads and no commissions on some of its account types. Additionally, eToro provides traders with access to a range of trading platforms, including its proprietary platform and the popular MetaTrader 4 (MT4).
eToro tools include an economic calendar, market news and analysis, and a range of educational resources, including webinars, video tutorials, and trading guides. The broker also provides traders with a range of trading signals and indicators to help them identify potential trading opportunities.
|Professional Account, Retail Account, Islamic account, and Demo accounts.
|Stocks, Cryptocurrencies, Commodities, Currencies, ETFs, Indices
|CopyTrader, CopyPortfolios, Stop Loss/Take Profit, Economic Calendar, and Trading Central.
|Fees & Charges
|Minimum deposit $10 and no commissions charged on stocks trading.
Interactive Brokers is a reputable global brokerage firm that offers a range of trading products and services to traders in Singapore. The broker is regulated by the Monetary Authority of Singapore (MAS), ensuring that clients’ funds are kept safe and secure.
The platform provides access to a wide range of trading products, including stocks, options, futures, forex, and bonds, as well as a variety of order types and trading algorithms. This also includes advanced charting tools and technical analysis indicators, allowing traders to perform detailed analysis and make informed trading decisions.
Interactive Brokers offers competitive pricing, with low commissions and tight spreads on its products. The broker also provides traders with a range of trading tools and resources, including market news and analysis, an economic calendar, and a range of educational resources, such as webinars and tutorials.
Overall, Interactive Brokers is a well-regarded broker in the industry, offering traders in Singapore access to a range of trading products, competitive pricing, an advanced trading platform, and a variety of trading tools and resources. Its focus on advanced traders and institutional clients sets it apart from many other brokers, making it an attractive choice for experienced traders looking for a sophisticated trading environment.
|Individual Account, Joint Account, IRA Account, Trust Account, and Friends and Family Advisor Account
|Equities (stocks), Options, Commodities, Indices, Currencies, Forex, Mutual Funds, ETFs, Warrants, Crypto and CFDs.
|Trader Workstation, IBot voice-activated trading assistant, IBKR APIs, Risk Navigator, FXTrader, and TWS BookTrader.
|Fees & Charges
|Commissions start from 0.18%.
5. Exness – Low Trading Costs
Exness is a well-known forex and CFD broker that has been providing its services to traders in Singapore for many years. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles, ensuring that clients’ funds are kept safe and secure.
The broker offers traders access to a range of trading products, including forex, cryptocurrencies, metals, energies, and indices, with leverage of up to 1:2000 available. Traders can choose from a range of account types, including Standard, Raw Spread, and Pro accounts, with the latter two offering even lower spreads. Exness’s trading platform, MetaTrader 4 (MT4), is widely used and offers a range of advanced trading tools and features, including charting tools, technical analysis indicators, and a range of order types. Exness is one of the most trusted brokers in the industry. It offers traders in Singapore competitive pricing, a range of trading products, and an advanced trading platform.
|Standard Account, Pro Account, Raw Spread Account, Zero Account, ECN Account, Cent Account, Islamic Account, Copy Trading Account, and Demo Account.
|Forex pairs, Stocks, Indices, Cryptocurrencies, Commodities, Exchange Traded Funds, Futures and Bonds.
|MetaTrader 4 (MT4) and MetaTrader 5 (MT5) Trading Platforms, One-Click Trading, Depth of Market (DOM), Display and Risk Management Tools
|Fees & Charges
|Minimum deposit of $10 and no commissions charged on stocks trading.
Key Features to Consider When Choosing the Best Forex Brokers in Singapore
Choosing the broker is one of the most crucial steps in starting your trading journey. It is important to choose the broker that offers maximum value to its traders. Let’s discuss the important factors to consider before trading with any online brokerage platform.
The account types offered by a broker are important because they provide traders with options that suit their individual needs and preferences. Different account types offer varying minimum deposit requirements, leverage options, and trading conditions. This allows traders to choose the one that fits their level of experience, trading style, and risk tolerance.
Supported Assets and Investment Options
The assets supported and investment options offered by a broker are significant because they allow traders to diversify their portfolios and access a wide range of financial markets. A broker that offers a various options gives traders the opportunity to trade in different markets. This can help spread out the risk and improve the chances of success, especially if the trader has knowledge or expertise in a particular market.
Brokers offer a range of tools that are essential for traders and investors to make informed decisions. Market analysis tools help traders to analyze market trends, identify patterns, and make informed predictions about price movements. Trading platforms and order types provided by brokers make it easier for traders to enter and exit trades at the right time. Risk management tools help investors mitigate potential losses. This is why it is important that the broker you choose offers a wide range of advanced trading tools.
The trading interface is another important factor to consider when finalizing an online broker. An intuitive and easy-to-use trading interface is important for traders to enter and exit trades and manage positions effectively. A clear and concise trading platform that is easy to navigate is important for traders.
Fees & Charges
The fees and charges offered by a broker are critical for traders and investors. They can significantly affect their profits and investment returns. It is essential to understand the various fees and charges associated with trading, such as commissions, spreads, and financing costs. Then, choose a broker that offers a cost-effective fee structure. A broker with lower fees and charges can help traders and investors to maximize their returns, especially if they are engaging in high-volume trading.
The mobile trading feature is critical for traders and investors who need the flexibility to manage their trades anytime. This convenience of monitoring the markets from a mobile is essential for those unable to view a computer all day. This feature allows traders and investors to react quickly to market changes and seize opportunities as they arise. Mobile trading provides access to real-time data, news, and charts, enabling traders to make informed decisions at any time. It also offers the ability to set alerts and notifications, ensuring traders and investors do not miss out on important market events.
Quality customer support provides traders with a reliable source of assistance when you encounter issues with your activities. The assistance and guidance offered by a quality customer support team can help navigate the complexities of trading and investing. Due to this, it is important to choose a broker that has a decent customer support record.
Comparison Between the Best Forex Brokers in Singapore for 2023
Comparing different forex brokers in Singapore can help in identifying the best option. There are several factors to consider. One important factor is the broker’s regulatory compliance, as this ensures that the broker is operating legally. Let’s proceed to the pros and cons of forex traders and decide which one fits your needs.
Regulated by ASIC, FCA, and DFSA.
Operates under strict guidelines.
Considered a reputable and trustworthy broker.
|Educational resources at IG are limited.
This may not be suitable for new traders who require more guidance.
IG offers various trading instruments.
These include forex, CFDs, shares, indices, commodities, and cryptocurrencies.
Traders can take advantage of a diverse range of trading opportunities.
|Customer support options are limited to phone, email, and live chat.
Traders may require more comprehensive support beyond these options.
Easy to navigate.
Ideal for novice traders.
Suitable for online trading newcomers.
|Limited research tools.
Not ideal for traders needing comprehensive research tools.
|Offers many types of trading: forex, CFDs, stocks, options, futures, and bonds.
Traders can choose from various trading opportunities.
Trading platforms can be complex.
They may be difficult to navigate.
Not ideal for new traders.
Particularly those new to online trading.
|Low trading fees.
Compared to other brokers.
Cost-effective choice for traders.
Limited research tools may not be ideal for traders needing comprehensive options.
Best Forex Brokers in Singapore for 2023 – StockHAX’s Conclusion
There are several online forex brokers operating in Singapore. This makes it important to choose the broker that fulfills all your safety checks and offers advanced features.
Exness is one of the brokers in Singapore that charges the lowest commissions as compared to other brokers no matter which broker account you use.
Phillip Capital Offerings is the oldest broker in Singapore that also allows online trading.
The broker’s commissions in Singapore range somewhere in between 0.08% to 0.28%.
StockHax strives to provide unbiased and reliable information on cryptocurrency, finance, trading, and stocks. However, we cannot provide financial advice and urge users to do their own research and due diligence.Read More