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Best Forex Brokers in Singapore (2024)

Toni Vitali| Updated April 3rd, 2024

Foreign Exchange (Forex) markets are the most traded market globally, recently reaching over $5 trillion in daily trading volume. However, forex investing is not without its challenges for the average trader. One of the major ones is selecting a forex trading brokerage platform most suitable for your needs. Some of the factors that come into play here are:

  • Offering of currency pairs
  • Forex trading spreads
  • Trading and other fees
  • Maximum leverage available
  • Safety and regulation of the platform
  • Trading platform’s features and tools

Since the maximum allowed leverage for Singapore-based forex brokers is 1:200, choosing a foreign-based broker may allow you to trade forex with a larger leverage. Also, all of these brokers support SGD as a base currency, making trading easier and cheaper for the Singapore-based forex trader.

In this article, we will take all of these factors into account and help you choose the best forex trading broker in Singapore for you.

Best Forex Brokers in Singapore

  1. Interactive Brokers: Best forex broker overall
  2. Fusion Markets: Best for lowest spreads
  3. Plus500: Ideal for commission-free forex CFD trading
  4. Pepperstone: Best for high maximum leverage
  5. Saxo Bank: Best for the broadest selection of currency pairs
Best Forex Brokers in Singapore (2024) 1

#1 Best forex broker overall

Broad range of currency pairs
Tight forex spreads
24 base currencies, including SGD
View BrokerBest Forex Brokers in Singapore (2024) 2Read review
Interactive Brokers summary
IBKR, is among the biggest and most reputable global brokers. Offering 24 base currencies (including SGD), 100+ currency pairs, and tight trading spreads in its FX Trader platform makes it a good choice for beginner and advanced forex traders.
Currency pairs100+Maximum leverage1:50
Minimum depositS$0Forex fees0.20 bps * trading value (USD 1 min.)
Starting spreads0.1 pips
Fusion Markets Logo

#2 Best for lowest spreads

Tight forex spreads
Broad selection of trading tools
High maximum leverage (up to 1:500)
View BrokerBest Forex Brokers in Singapore (2024) 2Read review
Fusion Markets summary
Fusion Markets is an Australian broker with some of the tightest forex spreads and lowest fees in the industry. They are also offering a wide range of different forex trading platforms and tools, as well as up to 1:500 leverage (pro account).
Currency pairs90+Maximum leverage1:500 (Fusion Pro account); 1:30 for retail clients
Minimum deposit$0Forex fees$2.25 per side commission (ZERO account)
Starting spreads0.0 pips (ZERO account)

74-89% of retail CFD accounts lose money.

Best Forex Brokers in Singapore (2024) 4

#3 Ideal for commission-free forex CFD trading

Commission-free forex trading
Competitive spreads
16 base currencies, including SGD
View BrokerBest Forex Brokers in Singapore (2024) 2Read review
Plus500 summary
Primarily a CFD broker, Plus500 offers commission-free CFD trading with not just forex, but also stocks, ETFs, indices, commodities, cryptocurrencies, and options. Their Plus500 Invest account also enables you to invest in real (physical) shares.
Disclaimer: 82% of retail CFD accounts lose money.
Currency pairs60+Maximum leverage1:30
Minimum deposit$100Forex feesCommission-free (CFD forex trading)
Starting spreadsVariable

80% of retail CFD accounts lose money.

Best Forex Brokers in Singapore (2024) 6

#4 Best for high maximum leverage

Broad range of account types and trading platforms
High maximum leverage (up to 1:500)
Tight spreads in the Razor account
View BrokerBest Forex Brokers in Singapore (2024) 2Read review
Pepperstone summary
With different account types and trading platforms to choose from, Pepperstone can adapt to many different forex trader profiles. The availability of a high maximum leverage (1:500 for pro and 1:200 for retail accounts) is one of its major strengths.
Currency pairs90+Maximum leverage1:500 (pro account); 1:200 (retail account)
Minimum deposit$0Forex feesDepend on the account type and platform used (more below)
Starting spreads1.0 pips (for currency pairs in their Standard account)

74-89% of retail CFD accounts lose money.

Saxo-logo

#5 Best for the broadest selection of currency pairs

Broadest selection of currency pairs
Access to advanced trading tools
No forex trading fees and competitive spreads
View BrokerBest Forex Brokers in Singapore (2024) 2Read review
Saxo Bank summary
This reputable Danish broker supports 18 base currencies (including SGD) and offers forex traders access to 185+ currency pairs, with reasonable spreads (starting at 0.6 pips). The access to advanced tools and no trading fees make it a good match for many forex traders.
Currency pairs185+Maximum leverage1:30
Minimum deposit$2,000Forex feesIncluded in the spread
Starting spreads0.6 pips (VIP account); 0.7 (Classic/Platinum account)

62% of retail CFD accounts lose money.

Best Forex Brokers in Singapore Compared

Broker Interactive Brokers Fusion Markets Plus500 Pepperstone Saxo Bank
Number of currency pairs 100+ 90+ 60+ 90+ 185+
Maximum leverage (for forex) 1:50 1:500 (Fusion Pro account) 1:30 1:500 (professional clients); 1:200 (retail clients) 1:30
Minimum deposit $0 $0 $100 $0 $2000
Minimum spread (pips) 0.1 (0.08-0.2*trading value commission) 0.0 ($2.25 per side commission) Variable 0.0 (Razor account); 1.0 (Standard account) 0.6 (VIP account); 1.2 (Classic/Platinum accounts)
Deposit method Bank transfer Bank transfer, credit/debit cards, PayPal, Skrill, Neteller Bank transfer, credit/debit card, Apple Pay, Skrill Bank transfer, credit/debit cards, PayPal, Neteller, Skrill, Union Pay Bank transfer, debit/credit cards
Withdrawal fee $0 (1 free per month) $0 $0 $0 $0
SGD as a base currency? Yes Yes Yes Yes Yes

Spread comparison for the best Forex Brokers in Singapore

Broker Interactive Brokers Fusion Markets** Plus500 Pepperstone*** Saxo Bank****
EUR/USD 0.2 0.03 Variable 1.0 0.9
GBP/USD 0.4 0.12 Variable 1.0 1.0
AUD/USD 0.3 0.04 Variable 1.0 0.7
USD/JPY 0.3 0.05 Variable 1.0 1.1
USD/CAD 0.4 0.08 Variable 1.1 1.2
USD/CHF 0.3 0.03 Variable 1.0 0.9
Gold* (XAU/USD) 900 0.1 Variable 0.5 13
Silver* (XAG/USD) 70 0.01 Variable 1 33

Spreads are in pips (equal to 0.0001)
*The commission for trading gold and silver on IB is 1.5 bps*trading value (drops with higher volumes)
**Historical average spreads. A $2.25 commission per side is charged.
***Standard min. spread (Razor accounts have lower spreads, but with a fee)
****Spreads apply to Saxo Bank’s Classic account type

#1 Interactive Brokers

Best Forex Brokers in Singapore (2024) 9
Visit Interactive BrokersBest Forex Brokers in Singapore (2024) 2

Interactive Brokers at a glance

Currency pairs100+
Maximum leverage1:50
Minimum deposit$0
Forex fees0.20 bps * trading value (USD 1 min.); spreads start at 0.1
RegulatorsFINRA, SIPC, FDIC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB

Having been around since 1978, the Interactive Brokers’ major advantage is its reputation. It is also publicly listed on the NASDAQ exchange (ticker: IBKR), making it more regulated than some other platforms. They also offer 24 base currencies, including SGD, which could be a big plus for the Singaporean forex trader.

Regarding forex trading, Interactive Brokers is offering:

  • 100+ currency pairs available
  • Narrow spreads (starting at 0.1 pips)
  • Low fees: 0.20 bps*trading value (lower for higher trading volumes)
  • Real-time quotes from 17 of the world’s largest FX dealers
  • Professional FX trading tools

Most notably, you will have access to the customisable FX Trader platform with many advanced features such as 20 order types, extensive market data, currency comparison tool, etc.

With Interactive Brokers, you also get significant interest on your uninvested cash, but only over $10,000 (or equivalent). The interest is in proportion to the Net Asset Value (NAV) of your account, and it reaches the maximum at over $100,000 NAV. 

Some downsides of using Interactive Brokers are the lack of commission-free forex trading, complex platform interface, and limited deposit options (bank transfer only).

Source: Interactive Brokers’ FX Trader platform

Overall, Interactive Brokers is a good choice for both beginner and advanced Singaporean forex traders looking for a secure broker with many currency pairs with low spreads and reasonable trading fees.

You can read more about them in our comprehensive Interactive Brokers review.

#2 Fusion Markets

Fusion Markets Logo
Visit Fusion MarketsBest Forex Brokers in Singapore (2024) 2

74-89% of retail CFD accounts lose money.

Fusion Markets at a glance

Currency pairs90+
Maximum leverage1:500 (Fusion Pro account); 1:30 for retail clients
Minimum deposit$0
Forex fees$2.25 per side commission (pips start at 0.0) in their ZERO account
RegulatorsASIC, FSA, VFSC

Although a newbie in the industry (launched in 2017 and started accepting clients in 2019), Fusion Markets is a modern broker focused on delivering the lowest possible fees and good customer experience. They are based in Australia but also have branch offices in Seychelles and Vanuatu, making them regulated by financial institutions in three different countries.

There are 8 base currencies to choose from, including SGD.

Other than forex, this Australian broker also offers indices, commodities, cryptocurrencies, and US shares CFDs. The biggest difference between Fusion Markets and other brokers on this list is the offering of rock-bottom forex trading spreads (starting at 0.0 pips in their ZERO account). 

They are also offering a very high maximum leverage of 1:500, but only to Fusion Pro account holders. Retail investors can use maximum leverage of up to 1:30 when forex trading.

However, a $2.25 per side commission could be a big factor if trading with lower volumes. You can alternatively choose their Classic account with no fees but with spreads starting at 0.9 pips.

The fee structure is fairly simple, with no hidden fees such as inactivity or deposit/withdrawal fees. You can see it in more detail here.

They are offering both live and demo accounts, with the latter offering trading with virtual funds. You can choose between different trading platforms inside the account, including Meta Trader 4, Meta Trader 5, and cTrader, with some of them offering mobile versions. There are even other platforms available, such as DupliTrade (copying other traders), Myfxbook Auto Trade (forex social trading platform), and Multi Account Manager (for professional traders managing money for their clients).

Source: Fusion Markets investment platform

A very wide choice of platforms, 24-7 customer support, and some of the lowest spreads and commissions on the market make Fusion Markets liked by its users, as witnessed in their high 4.6 Trustpilot score.

Overall, Fusion Markets offers some of the lowest spreads and commissions in the forex trading industry, with many different trading platforms to choose from, but it can be pricey for lower trading volumes.

#3 Plus500

Best Forex Brokers in Singapore (2024) 4
Visit Plus500Best Forex Brokers in Singapore (2024) 2

80% of retail CFD accounts lose money.

Plus500 at a glance

Currency pairs60+
Maximum leverage1:30
Minimum deposit$100
Forex feesVariable
RegulatorsCySEC, FMA, MAS, SFSA, FSCA, ASIC, FCA

Founded in 2008, Plus500 is known primarily as a CFD broker with a wide selection of products and low fees in the Plus500 CFD account. They are also offering stocks (physical shares) in the Plus500 Invest account.

As far as forex trading goes, Plus500 has a solid choice of 60+ currency pairs, with 1:30 maximum leverage.

The company is regulated by top-tier financial institutions in many different countries and is also listed on the London Stock Exchange. There are 16 different base currencies to choose from (including SGD and many of the other major global currencies).

The web platform (WebTrader) offers an intuitive interface with access from multiple devices, including a mobile app. A demo account option is also available to test the features and trade with virtual funds.

Source: Plus500 investment platform

While there are no trading or deposit/withdrawal fees, their forex spreads are a bit higher than their competitors. Keep in mind that there is a $10 monthly inactivity fee (following three months of not logging in to the platform).

You can find more details about their forex spreads and other available products here. For more info about Plus500 in general, you can check out our in-depth Plus500 review.

This information is NOT relevant to EU residents who are to be serviced by EU subsidiaries of the Plus500 Group, such as Plus500CY Ltd, authorized by CySEC (Reg. 250/14). Different regulatory requirements apply in Europe, such as leverage limitations and bonus restrictions.

#4 Pepperstone

Best Forex Brokers in Singapore (2024) 6
Visit PepperstoneBest Forex Brokers in Singapore (2024) 2

74-89% of retail CFD accounts lose money.

Pepperstone at a glance

Currency pairs90+
Maximum leverage1:500
Minimum deposit$0
Forex feesDepend on the account type and platform used (more below)
RegulatorsASIC, BaFin, CMA, CySEC, DFSA, FCA, and SCB

Founded in Australia in 2010, Pepperstone is a reputable broker regulated by various top-tier financial institutions in different markets. Primarily a CFD broker, they offer CFD forex, commodities, indices, cryptocurrencies, currency indices, shares, and ETFs trading. 

In a relatively short amount of time, they amassed over 400,000 customers and became one of the largest global forex brokers by offering low forex trading fees, along with very good customer support (available 24 hours a day on workdays and 18 hours on weekends).

Some of the other pros of the platform include:

  • A wide range of trading platforms, including MT4, MT5, cTrader, and TradingView
  • Very high maximum leverage of up to 1:500 for professional and 1:200 for retail accounts
  • Multiple deposit options, with no minimum deposit ($200 is recommended)
  • Support for SGD as one of the base currencies

Their customers seem to be fairly happy with the platform, awarding them a high average rating of 4.5 on Trustpilot

However, the spreads and commissions on forex trading may vary wildly, depending on your account type and platform. For example, the Standard account doesn’t charge any commission but has substantially higher spreads than the Razor account, which in turn charges a minimum of USD 3 (per lot, per side) commission.

Using different trading platforms will also incur different commissions. You can see more detailed info about Pepperstone’s commissions, swaps, and spreads here.

Source: pepperstone.com

If you are trading larger volumes, you can get discounts on your commissions through their Active Trader Program or by becoming a Premium client.

Some of Pepperstone’s downsides include subpar educational materials and relatively high forex spreads in their Standard account.

Overall, Pepperstone offers many different platforms and account types for different types of users, with high maximum leverage being a major feature.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

#5 Saxo Bank

Saxo-logo
Visit Saxo BankBest Forex Brokers in Singapore (2024) 2

62% of retail CFD accounts lose money.

Saxo Bank at a glance

Currency pairs185+
Maximum leverage1:30
Minimum deposit$2,000
Forex feesIncluded in the spread (which start at 0.6 pips)
RegulatorsFCA, FSA, FINMA, ACPR, ASIC, MAS

Founded in 1992 in Denmark, Saxo Bank is one of the most reputable global brokers. They are known for their very wide choice of financial products (over 71,000), access to a large number of market exchanges (over 120), and a large number of base currencies (18, including SGD).

When speaking of forex trading, Saxo Bank has the broadest selection of currency pairs from all brokers on this list (185+), no trading fees, maximum leverage of 1:30, and reasonable spreads (starting at 0.6 pips).

Saxo Bank has, in general, been trying to appeal to professional investors. It has done so by offering advanced tools, such as its integration with the Trading View charting platform. The apps SaxoTraderGO and SaxoTraderPRO have also been tailored to the professional user, both by the number of their features and their relative complexity.

Source: www.home.saxo

Three distinct account levels are available, based on your initial funding or trading volume points: Classic ($0 minimum or 0 points), Platinum ($200,000 min. or 120 000 points), and VIP ($1,000,000 minimum or 500,000 points), each with its own fee structure. You can see how many points you get for each product and trading volume here.

Their fee structure for products other than forex is fairly complex, and there are also some additional fees to be aware of. You can see the full fee structure in more detail on their website

Although generally considered a high-fee broker, that is not the case when speaking exclusively of forex trading. With no trading fees, reasonable spreads, and a wide selection of currency pairs, Saxo Bank is a good choice for forex trading for beginner and advanced investors alike. 

To find out more about Saxo Bank, please read our in-depth review.

The bottom line

There are many factors one should take into consideration when choosing a forex broker in Singapore. We have tried to compile all the most important information in this article to help you make your own decision. Each broker has its own pros and cons, and there is no one-size-fits-all solution.

To summarize, this is our choice for the best forex brokers in Singapore:

#1 Interactive BrokersBest forex broker overall
#2 Fusion MarketsBest for lowest spreads and access to different forex trading platforms
#3 Plus500Ideal for commission-free forex CFD trading
#4 PepperstoneBest for high leverage forex trading
#5 Saxo BankBest for the broadest selection of currency pairs
Toni Vitali
Contributor

Toni is passionate about all-things investment and is the owner of one of the leading personal finance and investment blogs in Croatia.

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