Author: Timothy Lawson 24th November 2021
We have tested all of these Forex brokers with our own money. We have set up real and demo accounts installed the trading software and analyzed their educational material. We invested SG$450, traded a minimum of 5 transactions before withdrawing our money. We tested how long it took to process and receive our money. We have put all these factors together with their financial regulation, any breaches, and how transparent they are as a company. So take a look at the finding below to find a broker that matches your needs.
Table of Contents
Best Forex Brokers Singapore
| Exchange | Website | What We Like | Rating | Min Deposit |
|---|---|---|---|---|
 |
| 9.9 | $10 | |
 |
| 9.3 | $100 | |
 |
| 9.6 | $100 | |
 |
| 9.0 | No Min Deposit |
IQ Option Review Singapore
$10
Min. Commission
$10
Min. Deposit
Leverage: 1000:1
Platform: Webtrader & iOS/Android App
Products: Crypto, Forex, Stock, CDF & Binary
IQ Option is one of the biggest Forex brokers globally. They also work well for Forex traders in Singapore. Over the years, they have grown to be the most sought-after platform for Forex trading globally, and it gives traders the best overall user experience.
One unique feature of the IQ options platform is that it is not reliant on the features created by the MetaTrader4 platform. Because of this, they have developed their own proprietary trading platform. This is a significant benefit for investors that use their services. Overall, their independent platform is user-friendly, fast, and easy to use.
Furthermore, you can leverage to borrow extra funds on the IQ options platform and increase your overall initial investment by a particular percentage. Traders can open four types of trading accounts and trade with over 63 currency pairs worldwide. With this platform, selling and buying the Singapore dollar will not be as tricky as many people claim it is.
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FXTM Singapore
Minimum commission: 2%
Minimum deposit: $100
Minimum spread: From 0.1
Platforms: MT4 & MT5
Products: Forex, Indices, Bonds, ETFs
Since its inception in 2011, FXTM Partners has grown to be one of the best trading platforms. It is a globally trusted and award-winning broker that specializes in Forex. This platform offers a wide range of trading instruments with unlimited trading options. Its mission is to help its clients grow professionally and also to succeed in their business.
FXTM platform provides you with daily analysis to understand how the Singapore Forex market works and guide you on how to place your trades properly. They also offer regular educational videos and live seminars to help you improve your trading skills. Hence, you can learn and earn simultaneously on this platform.
Forex is considered the world’s most-traded financial market, with transactions worth trillions of dollars taking place every day. Forex trading is the buying and selling of currencies on the foreign exchange market to make a profit. Whether you are a new trader, or an experienced one, there is always an opportunity for you to get the most profit out of the Singapore Forex market.
The forex market is global. However, in the Singapore Forex Market, traders make huge profits when they ideally work with foreign currencies pair in their trading. The Singapore Forex market is open 24 hours a day. However, it is essential to note that it behaves differently during different seasons in the years. The market is usually accessible for trading between 8 am and 12 pm Singapore Time during the summer.
When it comes to Forex trading in Singapore, you must understand that there are several asset classes you can trade with. The Singapore Dollar is usually trading for higher currencies such as the Japanese Yen, the Australian Dollar, the US Dollar, and Euros. This kind of trade has given Forex traders many profits due to the change in the exchange rates.
Before you go into Singapore Forex trading, you must understand all the essential details of the trade and why it differs from long-term investing. To make life easier, we have come up with this article to enlighten you on everything you need to know about Singapore Forex. We will also review some of the best forex trading platforms that work well for Singapore traders so that you do not have any problem when choosing a good trading platform. Let’s delve right into the details.
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AVA Trade Singapore
Minimum commission: None
Minimum deposit: $100
Minimum spread: From 0.91
Leverage: 400:1
Platforms: MetaTrader, AvaTrade WebTrader, AvaOptions, AvaGO
Products: Forex, CFDs, Cryptocurrency, Social trading.
AvaTrade is a trusted trading platform that specializes in forex trading, stock trading, and CFDs for bonds, exchange-traded funds (ETF), indices, and commodities. The company has offices in various countries and is regulated by the regulatory bodies of all the countries it operates. AvaTrade operates within all compliance requirements, including handling client assets, financial reporting, and the safety of the client funds.
AvaTrade website has a complete educational suite and training section for seasoned traders and beginners that are using the platform. You can learn more about the basics of Forex trading, technical analysis, and many more. And the interesting part is that you don’t have to stop earning even while you learn these vital things.
The company is already known as an established and reliable broker with a proven track record of good customer satisfaction. It offers great services to all its customers with trading opportunities of over 250 instruments, including Forex, cryptocurrencies, stocks, indices, and commodities. However, you will need a small deposit of $100 to get started and receive all the broker’s services.
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XM Singapore
Minimum commission: None
Minimum deposit: $5
Minimum spread: From 0.91
Leverage: 888:1
XM platforms: MetaTrader 4, Metatrader 5
XM products: Forex trading, Stocks, Cryptocurrencies, Commodities
XM is the registered trade name of Trading Point of Financial Instruments Ltd. XM is one company with extensive experience in the world’s financial industry. They work well to ensure that users get the best results and best trading opportunities. XM has won many Forex Service Awards, Forex Platform Awards, and Forex Brokers Awards.
You can choose to open three different types of accounts suits on this platform. They are
- Micro account
- Standard account
- XM Zero Account.
The Micro Account is a beginner-friendly account for people that want to start with a small deposit.
The Standard account is for more experienced traders that want more trading knowledge.
The XM Zero Account is for those who intend to trade with fewer currency options.
You can open a demo account on MetaTrader 4 trading platform and try your trading potential.
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Wrapping Up
It is important to note that Singapore offers a lot of opportunities and benefits for growth. That is why Singapore-based Forex traders make a good profit. Meanwhile, Forex trading is legally accepted in Singapore. You are free to trade online with any FX broker you want.
Since Forex trading is a vast market, there are many financial providers to aid you through the process. However, you must be very careful when looking for the right platform that will suit your needs. There are several platforms available to you in Singapore that make this decision a tough one. If you intend to look for a good trading platform, we advise you to decide based on their regulation, amount of commissions, spreads, and overall customer support. These are some of the best metrics you can use to determine whether this platform is right for you or not.
If you are a new trader, you must note that there is no capital gains tax when you trade forex only income tax. Hence, the profits that you make while performing intraday trade should be subjected to income taxation. The four platforms listed above are some of the most successful Forex Brokers in Singapore. However, we advise you to consult your IRA tax advisors for safety purposes before making any trading decision.
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