Singapore, although it is officially known as the Republic of Singapore, is an island archipelago located between Malaysia and the South China Sea. It is a financial centre for trade in the Asia-Pacific region, on par with London and New York. Its primary island is densely packed, while its entire population is just under six million inhabitants. Its annual GDP, however, is roughly $340bn, thereby making it one of the highest GDP per Capita nation in the world. Singapore is also one of the Four Asian Tigers, along with Hong Kong, South Korea, and Taiwan.
Licensed forex trading brokers proliferate in this island community and are regulated tightly by the Monetary Authority of Singapore (MAS), which also acts as the country’s central bank and regulates all sectors of the financial industry, including banks, stocks, foreign exchange and insurance companies. When it comes to making your choice of Singapore-regulated forex broker easier, we have prepared the following ‘top 10’ list of brokers for your review.
#1IG
What We Liked:
- Major global presence with 20 worldwide offices
- Highly regulated and on the London Stock Exchange
- Perennially on everyone’s top-rated list of the best forex brokers
- Massive market range with 17,000+ assets to trade
IG was established in 1974 and now has over 239,000 worldwide clients. It is the number one provider of CFDs in the world and has access to over 17,000 markets for assets under its roof. IG is regulated by the MAS, as well as by a host of other international regulators of the first tier.
The firm has always been an innovator and at the forefront of the forex industry from 20 offices located in 17 countries. If you want the biggest and the best, IG is in that category.
#2Pepperstone
What We Liked:
- 2021 Best Forex Trading Platform in Singapore
- Extremely low spreads and high loyalty from clients
- Heavily regulated - ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN
- No dealing desk (NDD) broker
Founded in 2010 in Melbourne, Australia, Pepperstone has grown to be a world leader in forex, processing over US$12.6bn of trading volume each day for over 300,000 satisfied traders across the globe. All funds are safely segregated in Tier-1 banking institutions per regulatory requirements from seven global regulators.
The firm is also a perennial award winner, taking the top honour of Best Forex Trading Platform in the Singapore market in 2021.
#3FXGT
What We Liked:
- Number of impressive industry awards
- Innovative analysis tools
- Spreads as tight as zero pips
- Leverage of up to 1:1000
#4Plus500 (CFD provider)
What We Liked:
- Regulated by the FCA in London and on London Stock Exchange
- One of largest authorised CFD dealers in the world
- Offers over 1,000 assets
- Easy to use proprietary trading platform
Plus500 was established in 2008 and has become a leading broker for CFDs in both Europe and Asia. The firm continues to invest in innovation and research and development, having recently opened a new R&D Centre in Tel Aviv.
This information is NOT relevant to EU residents who are to be serviced by EU subsidiaries of the Plus500 Group, such as Plus500CY Ltd, authorised by CySEC (Reg. 250/14). Different regulatory requirements apply in Europe such as leverage limitations and bonus restrictions.
#5AvaTrade
What We Liked:
- Reputation for safety and stability over 15 years
- Well-regulated across several global jurisdictions
- Extensive product offerings in seven categories of assets
- In-depth training materials
AvaTrade was founded in 2006 and is headquartered in Dublin, Ireland. Per its website, the broker has been “pioneering online trading” for fifteen years (source: AvaTrade). It offers a wide range of popular assets industry-leading platforms and “generous trading conditions” (source: AvaTrade).
Its primary regulator is the Bank of Ireland, but it complies with the edicts of six other regulatory bodies across six continents, making it one of the most respected brokers for operating in a secure and safe manner.
AvaTrade has over 200,000 registered clients across the globe, over £60bn in monthly trading volume, and over two million trades executed every month. It also has offices in Dublin, Paris, Milan, Tokyo, and Sydney.
#6Saxo Markets
What We Liked
- Trusted global banking brand – Division of Saxo Bank
- Adheres to strict regulatory rules in 17 jurisdictions, including MAS
- Liquidity network of 85 exchanges with high-quality execution
- Consistent award winner, including the ‘Best Platforms and Tools 2021’ prize
Saxo Bank is a fully licensed in Denmark under the auspices of the Danish FSA regulatory body. In 1998, the trading division, Saxo Markets, launched one of the first online trading platforms, breaking down barriers in the process. The firm is highly trusted, regulated in 17 jurisdictions, including Denmark, the UK, and Singapore.
Saxo has over 660,000 customers, who place over 180,000 trades per day at industry-leading price points.
#7XM
What We Liked
- Regulated by ASIC, DFSA, CySEC, and IFSC in Belize
- Wins awards for its education and research support
- Offers full suite of MetaTrader platform products
- Over 1,000 trading instruments
The XM Group was initially founded in Cyprus in 2009 but soon expanded its operations to include support offices in Australia and Greece. The firm serves clients in over 196 countries and excels in the area of education materials for beginners. If you are a beginner and like MetaTrader 4, then XM may be well suited for you.
#8HYCM
What We Liked:
- Broad reputation throughout Asia since 1977
- Regulated by FSA and CySEC
- Technological expertise
- Multi-award winner
HYCM has a heritage of over 40-years, delivering excellent financial service and has positioned itself as one of the most trusted and transparent brokers in the forex industry. The firm offers tight spreads from 0.2 pips on over 300 instruments at execution speeds under 12 milliseconds. The management team has chosen the MetaTrader family of platform products for trading from desktop to mobile device.
HYCM has earned over 20 global awards for excellence, the most recent being the Best Forex Broker in Asia for 2021.
The company serves customers in over 140 countries from offices in five of the leading financial centres of the world.
#9OANDA
What We Liked:
- Firm launched first fully automated forex trading platform in 2001
- Known for exceptional execution and pricing transparency
- Regulated by six major regulatory agencies around the world
Founded in the mid-1990s, OANDA was one of the early pioneers of online forex trading. It has grown to such a level that it is estimated that 20% of all forex spot trades pass through one of its server platforms. Known for its innovative trading practices and trading platforms, OANDA has always focused on customer satisfaction and performance excellence.
Among six regulators that have oversight over OANDA’s activities, MAS is one of them. The firm has also won the ‘Best Forex Broker Award in Singapore’ on numerous occasions.
#10EightCap
What We Liked:
- Regulated by the Australian Securities and Investments Commission (ASIC)
- Over 200 financial trading instruments offered
- MetaTrader family of platform trading vehicles
- No-commission and raw-spread accounts available
Founded in 2009, EightCap operates out of Melbourne, Australia, but also has five other offices spread out around the globe. It has received a number of awards. Most recently, the Global Forex Awards recognised the firm as the ‘Best Global Forex MT4 Broker 2020’.
All client account deposits are held in segregated Tier-1 financial institutions per ASIC regulations.
Execution speeds are fast, and scalping, EAs, and hedging strategies are allowed on all account categories. The firm can offer tight spreads due to its network with premium liquidity providers. There is also no dealing desk since all trades are matched directly with liquidity sources.
