Singapore is a major economic and financial hub in Southeast Asia. Its economy is greatly depended on Forex trading, and since there is no tax on forex gains in the country is thus a flourishing industry. As a leading forex trading country, you will, therefore, find some of the best forex brokers in Singapore to help you with your trade. Singapore has a stable climate allowing the industry to thrive, and because of this, the world’s best forex brokers have set base in the country.
The Monetary Authority of Singapore regulates all the financial institutions and companies that engage in forex trading. There are stringent regulations regarding forex operations in the country as brokers have to get licenses from the MAS before operating in Singapore. Because of strict regulations, the forex brokers operating in Singapore have a good reputation and are credible. Regulation protects traders from falling for unscrupulous brokers that target investors, especially newbies. We have reviewed a list of the best forex brokers in Singapore to guide you in choosing your next forex brokerage firm.
The best forex brokers in Singapore
FXTM is an established CFD/Forex broker that has been operational since 2011. It is among the fastest-growing forex brokers in the world and has made a presence in various parts of the globe. It is the headquarters in Cyprus. It allows trading of 21 forex currency crosses and pairs, including precious metals silver and gold, as well as natural gas and crude oil. Equally, it permits trading of 4 cryptocurrencies, five equity indices, and CFDs on around 19 US stocks and shares.
They give traders convenience by separating accounts where invest and forex trading accounts are different. Their standard accounts are divided into three, which are the standard account, shares account, and cents account. The Standard Account has a floating spread of around 1.3 pips. Beginners can opt for the Cent Account for a deposit of $5 and spreads of 1.5 pips.
City Index is an experienced broker that has been around for more than 30 years. It is a credible brokerage firm benefiting from the reputation of its parent company Gain Capital. City Index is a trusted broker, and it offers quality execution, low margins, competitive pricing, and spreads of 0.5pips. It allows trading on more than 12,000 global markets that comprise forex and CFD trading for 21 indices, spread betting, 84 forex pairs, more than 4500 shares, and cryptocurrencies.
Besides the wide range of markets provided by City Index, they also have an intuitive platform running on the latest technology and trading solutions. They have the Advantage Web platform or the AT Pro Platform and mobile device apps. Their pricing is competitive and begins from 0.5pips for forex with margins from 33%.
Alpari International is a famous broker serving clients all over the world, and they have established a credible reputation comparable to none. Alpari over more than 250 financial instruments, and it is an excellent trading broker due to its spreads. Its trading offering comprises currency pairs, CFDs, spot metals as well as crypto, and binary trading options. It offers two options for the execution of orders that are the Standard and the automatic ECN tech through MT4 Bridge. Newbies can enroll in the Investment Academy to learn the basics of forex trading and methods of analysis. The good thing is that you can begin trading with any amount as there are no minimum deposits. Spread charges depend on the execution type, and they start from as little as 0.0pips.
FP Markets is a popular brokerage firm that has been operational for over 14 years. The firm offers over 10,000 products, which include commodities, indices, forex, Equity CFDs, and cryptocurrency, offering flexible leverage and competitive spreads in a single account. FP Markets’ main strength is their ECN tech that offers direct access to providers of liquidity without the intervention of dealer via Equinix NY4 Data Centre. The latest tech solution allows quick spread execution with attractive quotes. The spreads range from 0.0pips, which allows the trader to benefit from them.
IG Markets is a reputable firm with a presence in various countries, and it offers a wide range of trading options. They have an easy to use platform that offers traders convenience. The platform employs web-based trading technology, and it is tailored for mobile devices. It features direct market access via NDD connectivity and APIs with the capability of transforming to a specialist site. There us the MT$ you can use to execute orders. Spreads range on average from 0.6 pips on FX and may increase as market prices widen.
OANDA has been around since 1996. It has operations across the world, serving over 200 countries and its gas offices in Singapore. The brokerage firm offers trading of forex and CFDs with over 100 trading tools, including indices, commodities, currency pairs, spot metals, and bonds. It has a good reputation and partners with some of the biggest organizations in the world. They only feature a single standard account but need a minimum deposit of $50,000 for a premium client and gets customized requirements, pricing as well as tighter spreads. There are 100 plus instruments that you can trade at no added commissions, trade size, or minimum deposit.
This is one of the best forex brokers in Singapore, and it has been operational since 2006. They offer a NetTradeX account for beginners, MicroMT4 account NetTradeX account as well as a Standard MT4 account. For theMicroMT4 and NetTradeX beginner accounts, you can deposit between $1 and $3,000. The broker offers some of the best floating and fixed spreads offering traders a chance to select the best corresponds aligning to their strategy. Spreads begin from as little as 1.4 pips for beginner and standard NetTradex floating, while for the other sites, they start from 1.8pips. You also get a demo account to try your trading for any of the trading platforms
(By Neha Gupta)
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