This is a social trading mobile app that allows inexperienced users to follow and copy the trades of experienced traders. This decreases the loss incurred by inexperienced traders and also gives professional traders an opportunity to generate additional income. Its investment brokerage fees start from 0.0 pips and $6 commission per round lot turn. It also charges swap trading fees for overnight trades and inactivity fees. IG Market also offers a suite of proprietary trading platforms and charting tools plus the popular MetaTrader 4 and ProRealTime. Concerning brokerage account and deposit security, Plus500 offers negative balance protection, and risk management tools, as well as, use segregated bank accounts to store customer funds.
In our opinion, the MetaTrader 4 mobile trading app is the best for Singapore traders. This is the most widely used third-party app used by traders and offered by most brokers. The app is highly user-friendly and contains most of the features that a trader will require.
CMC Markets has the top range of currency pairs, offering over 300 tradeable markets. We like CMC Markets so much because the broker quotes its 150 odd currency pairs both ways, meaning you can trade both EUR/USD and the inverse USD/EUR. In our tests, IG Group had the largest range of CFD financial products, with an impressive 17,000 markets available – the most we’ve tested. We found that IG Group offered 80+ forex pairs, 12,000+ stocks, 130 indices, 41 commodities, and 6,000+ fixed-income markets. We appreciate that City Index offers traders an extremely wide range of underlying assets. In addition to 84 currency pairs, traders using City Index can engage in stock trading by way of CFD derivatives.
Forex Trading Risks
The FxPro demo account allows traders to practice their trading strategies with virtual funds before trading in the live account with actual funds. The FxPro demo account offers $100,000 but users can add more funds if the initial balance is exhausted. IG Market is an advanced trading platform best suited for experienced traders and high-volume traders. The only brokerage fees charged are dynamic spreads, a 0.7% currency conversion fee, a $10 inactivity fee, and overnight funding fees (dynamic as well).
– Lowest Commission RAW Account
We found that the SaxoTraderGO platform has 64 indicators, including Ichimoku, VWAP, and Bollinger Bands, which is more than other platforms like MetaTrader 4 out of the box. This is the second-lowest average spread in Singapore, with Pepperstone being the lowest at 0.36 pips. However, when you consider that GO Markets commission is only $2.50 per lot traded, you’ll find that the trading costs are still competitive. While testing the broker, we found they had 92 cryptos markets that covered popular coins like Bitcoin, Litecoin, and Solana – as well as less popular markets such as Decentreland. This is the largest selection of cryptocurrencies from a forex broker we’ve tested. In our live zero-pip spread test, Ross discovered that Pepperstone offered 0.0 pip spreads on EUR/USD 100% of the time.
- However, as with all financial trades, traders still face risks to capital.
- From there, you will need to know the business or trading name of your broker..
- The broker offers two trading platforms, the NGEN platform and MetaTrader 4.
- Based on their trading needs, they can choose between popular platforms such as MetaTrader4, MetaTrader5, cTrader, and TradingView.
- It made it to our list of top Forex brokers for its automated trading.
How to Verify MAS Authorization
However, we noticed that the IG Group Trading Platform had all the financial products available. At the same time, other platforms had limited markets, such as MetaTrader 4, which had no access to share markets. CMC Markets impressed us with their range of currency pairs available to trade, consisting of over 330+ markets – the most we’ve tested on any broker. In addition to the FX markets, we found the broker offering 9,000+ stocks, 18+ commodities, 82+ indices, 1000+ ETFs, and 55+ fixed-income markets.
Where we think the platform stands out, however, is the trader sentiment feature, which allowed us to assess the supply and demand of different instruments and buy and sell accordingly. Monetary Authority of Singapore GuidelinesMAS regulation is considered the gold standard not just in Singapore but throughout the Asian/Pacific region. For over 40 years (founded in 1971) the regulator is both the financial regulatory body and the Central Bank of Singapore. We strongly recommend that Singaporean traders select a MAS broker to ensure it has a strong reputation and to ensure protections exist set by the regulatory body.
In doing so, they waive some of the customer protection mechanisms that are in place for retail traders. As far as forex trading losses are concerned, they are treated as a trade loss rather than capital loss and can be used to offset against other income. It is important to note that losses cannot be carried back to past years, only carried forward to future years. Forex trading comes with a certain amount of risk, so traders must ensure they are fully aware of it.
Below you may find the best Singapore Forex broker for your trading needs. However, we have found that newer platforms like TradingView combine these advantages with slicker mercatox review looks and cutting-edge integrated research tools. Deriv is regulated by various regulatory bodies around the world including the Vanuatu Financial Services Commission, the Malta Financial Services Authority, etc.
MAS for Regulating Forex Brokers in Singapore
There are different risk management tips, instruments, and techniques to protect your funds. This publication aims to provide comprehensive information on the legality of Forex trading in Singapore, the local regulator, available investor protections, taxes, trading platforms, and more. Experienced forex day traders have long preferred third-party platforms like MetaTrader 4 and cTrader because they pack a lot of charting and algorithmic trading power into an intuitive interface.
Instead, brokers make money from the spread between the bid and the ask price. Closer spreads generally mean the trader spends less in trading expenses, but other fees may apply, particularly for trades held overnight. Interactive Brokers is an online forex broker based in the United States that offers a wide range of trading services to Singapore residents. The company has been in business since 1977 and currently services over 140,000 active customers worldwide. Interactive Brokers is regulated in several countries, including Singapore, where it is a member of the Monetary Authority of Singapore (MAS).
The IG Group is also a public company listed on the London Stock Exchange and is part of the FTSE 250 Index. Plus500 has been in business since 2008 being one of the few publicly traded CFD brokers—it is listed on the London Stock Exchange under the ticker PLUS. Based on our hands-on analysis, we’ve identified 8 best options tailored to various trading needs.
While Interactive brokers have a huge range of markets to trade, they don’t have Forex CFDs, but ig group review you can trade Forex using spot markets. In our opinion, the great thing about Go Markets is that they manage to charge the lowest commissions among all the brokers on this list. At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. Use our guide to choose the forex broker in Singapore according to your needs. Regulated by 11 of the world’s top financial regulators and agencies, including MAS, IG has been in business for more than 47 years.