10 Best Forex Brokers In Singapore [2024 Spreads] (2024)

Written byJustin Grossbard

Edited bySean A'Hearn

Fact Checked byDavid Levy

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

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We recommend Pepperstone as the best broker for Singapore overall for their low spreads which start from 0.0 pips with their RAW spread account and they provide the top choice of trading platforms including MetaTrader 4, MetaTrader 5, cTrader and Tradingview.

One outstanding feature is their fast execution speed. We tested 20 brokers and found Pepperstone finished as one of the best with speeds of 77ms for limit orders and 100 ms for market orders. Such speeds greatly reduce your risk of slippage making them a good choice for high-volume traders

We used the RAW spread trading account to test Pepperstone’s trading fees and found the broker offered low spreads averaging 0.1 pips on EUR/USD. We also noticed that Pepperstone provided its spreads at zero pips on EUR/USD and other majors, so we asked our analyst, Ross Collins, to test the broker and see how long spreads are at zero pips.

In our live zero-pip spread test, Ross discovered that Pepperstone offered 0.0 pip spreads on EUR/USD 100% of the time. He also discovered that the other majors had spreads of 0.0 pips during the test. This is impressive as it’s rare to find spreads at a consistent 0.0 pips with many other RAW spread brokers based on our tests.

If you prefer not to pay commission, we think the Standard account is more suitable, offering an average spread of 1.12 pips on EUR/USD.

On top of the low trading costs, we also found that Pepperstone had some of the fastest execution speeds we’ve tested. Ross tested the broker using MetaTrader 4 and found that they averaged a limit order speed of 77ms and a market order speed of 100ms, placing them in 1st place for Singapore brokers.

We were so impressed after experiencing their services, fast execution speed, and low trading costs that we rated Pepperstone 97/100 – our highest-scoring broker.

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*Your capital is at risk ‘81.4% of retail CFD accounts lose money’

We like Eightcap because they offer 95 cryptocurrency products. No other broker can compete with this extensive crypto product range. We also like they offer a high selection of more than 400 stocks.

Eightcap offers tight forex spreads along with being commission-free.

They provide a good range of trading platforms which include MetaTrader 4, MetaTrader 5, and TradingView. Eightcap also offers specialist platforms, FX Blue Labs, CryptoCrusher and The Amazing Trader.

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 addition to crypto, Eightcap had 56 forex pairs, 586 stocks, 16 indices, and 8 commodities, rounding off a solid choice of markets. However, it is not the largest compared to brokers like IG Group and CMC Markets.

We were also pleased that you can trade crypto from TradingView, MetaTrader 4, and MT5 with Eightcap, as some brokers force you to use their proprietary platform to access crypto. This allows you to analyse crypto with your favourite platforms and even automate your trades through the MetaTrader platforms.

With our Eightcap Standard account, we found they had an average of one pip on EUR/USD with no commissions, which is competitive and below the industry average of 1.24 pips. We collected all of the spreads on the majors to get an average spread of the major pairs to find and compare how Eightcap performs for trading forex.

Impressively, we found that the broker had an average spread of 1.06 pips for trading majors, placing it in the top 5 brokers overall.

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. They charge only USD 2.5 per side.

Their forex spreads are also highly competitive which we think is good enough to rank a broker high. Their customer service constantly impresses us especially since they provide a dedicated account manager to help you out with your needs. They’ve managed to win several awards for their customer support as well.

Other reasons we think highly of Go Markets include their high execution speeds, an extensive range of shares products, and that they offer the full range of MetaTrader trading platform products.

While using the GO Markets RAW account, we found their commissions to be one of the lowest available in Singapore, at just $2.50 per lot traded. This commission is much lower than the industry average of $3.48 per lot traded.

To get a complete picture of GO Markets trading costs, we asked Ross to use our RAW trading account to find the average RAW spreads on the major pairs. After individually testing each major pair, Ross got the average for trading the majors and found GO Markets averaged 0.46 pips.

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.

GO Markets has the lowest commissions, which beats Pepperstone ($3.50 per lot traded) for lower trading costs based on these tests.

Another aspect that stood out in our testing was GO Market’s educational resources, particularly the weekly “Inner Circle” webinars, which provide group coaching sessions for free.

We like that they discuss the technical analysis and behavioural aspects of trading in real-time markets, which can help reduce your learning curve for forex trading by working with an expert.

Interactive Brokers (IBKR) launched in Singapore in 2021. We recommend them because they immediately made a statement with two ECN trading account types that offer the lowest spreads. Further, they offer competitive commissions from 0.08 basis points.

They don’t charge any minimum deposit which will please a lot of new traders.

While Interactive brokers have a huge range of markets to trade, they don’t have Forex CFDs, but you can trade Forex using spot markets.

While reviewing Interactive Brokers, we used the IBKR Trader Workstation, which has features such as Level II pricing and advanced market scanners that professional traders can take advantage of.

What stood out for us was the BookTrader feature, which shows the Level II pricing of an asset, displaying how many open orders are available at certain price levels. We like it when brokers offer this, as it can help you determine the buying/selling pressure in an asset with raw data and use it to get trading ideas.

In our testing, we were initially impressed with the low trading costs of Interactive brokers offering low commissions of $2.00 and tight spreads from 0.1 pips. However, while executing our trades, we noticed the $2.00 was the minimum commission charged, so if you trade less than one lot, this becomes an expensive broker.

If you trade more than one lot, we think you’ll benefit from Interactive’s tiered commission structure, which can help lower your trading costs.

For example, if you trade ten lots, you’ll be charged 0.20 basis points per trade or 1,000,000 x 0.00002, which means you’ll pay $20. This is cheaper than fixed commission brokers like GO Markets, who will charge $25 for the same trade size. The more you trade, the cheaper it gets.

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.

Commodities, metals, indices and cryptocurrencies round out City Index’s offerings, which amount to a total of over 4,500 underlying assets.

Forex brokerage spreads offered by City Index for trading the benchmark EUR/USD start from just 0.7 pips, making it an appealing platform for traders looking for low-cost investor accounts. It’s also worth noting that the City Index trading platform offers a guaranteed stop loss and you also have the option of choosing MT4 or TradingView.

In our testing, we found City Index had two unique trading tools, the Performance Analytics and SMART Signals tools, both free for live City Index clients. Performance Analytics piqued our interest as it provides real-time feedback on your trading performance by reading your open and closed trading history.

We could see different stats such as “best time to trade”, “most profitable assets”, and a tool that tells you your edge in the market. If you take the time to use the tool, we think it can help you optimise your trades and develop your edges further by providing you with this data.

Along with the great trading tools, we found that they provided a decent choice of trading platforms. You can use MetaTrader 4 if you want to automate your trades through Expert Advisors, which you can program to follow your strategies and execute trades on your behalf.

Another option we like is TradingView, which offers excellent charting tools to help with your technical analysis, including 100+ indicators, 50+ drawing tools, and 3 market scanners.

During our testing, we found that City Index spreads were among the lowest available for standard accounts, averaging 0.7 pips on EUR/USD and 0.6 pips on USD/JPY.

When we compared them to the rest of the industry, these spreads were much lower than the industry average, with EUR/USD being 1.24 pips and USD/JPY being 1.44 pips.

We recommend CMC Markets because of the excellent range of currency pairs that they offer and their in-depth education materials. Any Singapore trader who is looking to trade CFDs on a large range of markets with in-built and premium risk management tools should consider CMC Markets.

In our opinion, CMC Markets is a highly trustworthy broker especially for traders from Singapore considering that they are licensed by the MAS. They are also licensed by both the ASIC and the FCA which are tier-1 financial regulators.

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. This puts CMC Markets on par with IG Group and Interactive Brokers for choice of financial instruments.

The broker offers two trading platforms, the NGEN platform and MetaTrader 4. Both are ideal if you like technical analysis, but MetaTrader 4 offers more customisable options with custom indicators.

The NGEN platform is CMC Market’s proprietary platform, and while exploring the platform, we found it had 80+ indicators, 12+ chart types, plus extra tools like chart pattern scanners. This is a decent feature as it uses an algorithm to highlight chart and candlestick patterns, making it easier to find on the chart and very useful if you are a beginner.

To test CMC Markets, we opened a standard CFD trading account, a spread-only account with no commission. Our analyst Ross Collins tested the average spreads on the account and found the spreads averaged 0.8 pips on EUR/USD, one of the lowest in our testing overall.

We recommend Saxo Capital Markets because it is a well-known, high-end top forex broker. Saxo Capital Markets holds a MAS Capital Services License, making them a great option for Singaporean retail investors.

In addition to providing access to foreign exchange markets, traders can also place CFD orders derived from stocks, commodities and ETFs.

We like that both new traders and experienced traders can get assistance from a dedicated account manager. Apart from live chat, traders have the option of choosing between email, messenger, and Twitter to get in touch with their human customer support team.

In our testing, we used the SaxoTraderGO platform to experience what Saxo Markets offers. 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.

What stood out for us was the technical analysis commentary provided by Saxo’s analysts, which is provided in real-time, and we found the level of analysis was thorough.

Most brokers we’ve experienced only update their analysis once a week, so we were impressed when we saw updates on major FX pairs throughout the day.

The one negative we think lets it down is that it does not allow you to automate trades, so if you need this, then MetaTrader 4 is a better choice.

In our testing, we found Saxo Market’s spreads to be competitive, averaging 1.20 pips on EUR/USD – slightly below the industry average of 1.24 pips.

Another aspect we liked was the selection of 8,800+ financial instruments. We found that the broker offers 100+ FX pairs, 8,800+ stocks, 29 indices, 675 fixed-income markets, and 12 commodities.

We recommend IG because it provides market access to over 15,000 financial instruments while 95 currency pairs are offered. Therefore, IG is an excellent option for traders wanting to build a diversified portfolio that does not focus purely on the forex market.

As well as currency pairs, users can trade Cryptocurrency, ETF, Commodity, Bond, and Index CFDs. Option and Stock trading is restricted to certain countries, with Singaporean clients unable to place orders on these financial assets.

IG offers spreads from 0.6 pips on major currency pairs and is therefore on par with competitors’ CMC Markets and City Index in terms of trading fees.

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.

With such a choice of markets, we think IG Group is a solid pick if you day trade, as you’ll have access to the day’s most volatile assets in one account.

We like their IG Trading Platform, which has a clean interface without cluttering the charts with news and watchlist windows. We found the platform easy to use with an impressive charting package, offering 80+ indicators and drawing tools, more than MetaTrader 4’s default offering.

They offer more specialised trading platforms like MetaTrader 4, ProRealTime, and L2 Dealer, giving you a better choice of customisation and automated trading tools. 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.

The spreads from IG are decent, too, considering you can only open a Standard account with them. Our tests found that IG offered EUR/USD spreads averaging 1.13 pips, below the industry average of 1.24 pips.

We recommend Plus500 since it is a highly trustworthy broker which is even licensed by the MAS of Singapore. The company behind Plus500 is even listed on the London Stock Exchange and is a part of the FTSE 250.

Further, many brokers operating in Singapore do not offer a swap-free account for Islamic traders, but Plus500 is a notable exception.

In our testing, we found that Plus500’s trading platform had a set of solid risk management tools, including guaranteed and trailing stop loss orders. We found setting the guaranteed stop loss a straightforward process, as you can easily select the order type when placing the trade through an order ticket.

On top of the risk management tools, we liked that the platform offers a solid web-based trading platform with 100+ indicators and 10+ chart types, including candlestick, Heikin-Ashi, and Renko. One thing that did surprise us was that you couldn’t trade directly off the charts, nor did they offer one-click trading, two key features that most platforms offer.

Unfortunately, we noticed that Plus500 does not offer any third-party trading platforms like MetaTrader 4 or TradingView. This also means we couldn’t find a way to automate our trades with Plus500, so if automating your trades is important, you should choose a broker like Pepperstone or Eightcap.

While opening the Plus500 Standard account, we found that the broker’s spreads are high, with an average EUR/USD spread of 1.7 pips. We like to see brokers averaging around 1.20 pips or lower, as this tends to be the sweet spot for EUR/USD spreads.