Forex trading has really kicked off in Southeast Asia as people are forever looking for ways to supplement their regular income. And given that some of the best forex brokers in the business are operating in this part of the world, people are just taking advantage of it. It is hard to believe but in Singapore alone, the average daily turnover of forex brokers is above $300 billion. It is not surprising then that Singapore ranks as one of the top-5 centers for forex trading in the world. The regulation for forex trading in the country is done by MAS (The Monetary Authority of Singapore). However, there are some forex brokers that are regulated outside, in countries where they’re established.
Singapore may be a small country but if you want to trade in forex, then you may need to consider a broker that has a global reach but with a strong presence in Singapore.
No doubt, regulation is something you need to consider seriously while evaluating top Singapore brokers. However, you also need to look at feeds, spreads, and other factors. To make it easier for you and help you get the best out of a dynamic market like forex, we have researched and compiled the best forex brokers there are in the country.
Given below are some of the best forex brokers operating in Singapore currently:
XM is a Cyprus-based forex trader that was formerly operating in the market as XEMarkets. The trader is regulated by a number of bodies, including FSP I New Zealand, ASIC in Australia, FCA (The Financial Conduct Authority, List B est Forex Broker UK ) in the UK, and CySEC in Cyprus. In choosing to trade with XM, users can access features across CFDs, energies, precious metals, and equity indices.
With XM, there are two trading accounts to choose from. The Standard account is for experienced traders that are willing to take high risks and make considerable profits from the market. Typically, this account should be chosen only when you have in-depth knowledge of markets and are used to taking risks for the sake of making profits. The Micro account is for beginners that wish to explore the market with small steps before trying to make something big. This account is ideal for those that are not willing to take a risk and wish to make small profits out of small invested money.
While the contract size for the Micro account is just 1000, for the Standard account it is 100,000. However, the same leverage of 1:1 applies to both accounts. Also, the minimum deposit requirement for both the accounts is $5.
The best part about XM is that free demo account can be opened before you move on to the paid ones. Also, the MetaTrader 4 platform is available for both the accounts and can be used for as long as you want. But if they remain inactive for more than 4 months then it will be closed.
- Regulated by CySEC, FSA UK and the BaFin of Germany
- Negative Balance Protection
- Competitive Spreads
- Fast execution speed
- While the leverage is up to 888:1, the trade execution efficiency is 99.35%
- Selection of Trading Platforms
- Free VPS services 24/7
- $30 + Deposit Bonus up to $5,000 (t&c apply)
- Open an account from as little as $5
XM takes pride in the fact that they operate in 196 countries and have been able to open more than 300,000 accounts till date. With over 100 financial instruments to choose from, XM is undoubtedly one of the biggest and more reliable forex brokers in Singapore and World.
For those wishing to benefit from webinars, there is something to look forward to in XM. In fact, there are weekly webinars provided by the company in 13 different languages, including Polish, Indonesian, Bengali, Arabic, and others. Then there’s an economic calendar in which the company posts about events that are likely to take place in the markets in the immediate future.
HotForex is a Mauritius-based forex broker that is regulated by FSC (Financial Services Commission) in Mauritius under the name HF Markets Ltd.
A variety of trading accounts are available with HotForex, with each of them different from one another. The best part about these trading accounts is that they’re all competitive and are designed to help meet varying needs of traders of all kinds. While it will cost you only $5 to open a Micro account that has a maximum leverage of 1:1000, for opening a Premium account with the broker, you need to shell out $500. This account type has a maximum leverage of 1:500.
The Zero account, on the other hand, will require only $100 to open and it comes along with a maximum leverage of 1:200. For retail traders, there’s the Currenex account that will require $500 for opening an account. Here, the traders are able to use the MetaTrader 4 platform. For those looking for preferential services, there is a VIP account that can be funded $20,000 initially. These account holders are entitled to get services from a personal account manager. What’s more, there’s a Social account too! Through this account, traders are able to discuss strategies, and even connect with other traders in real time. This way they can also expand their network and make the most of available trading conditions.
- Winner of 20 Industry Awards
- Multi-asset broker with 140+ trading products
- Competitive spreads
- Flexible leverage
- Security of funds
- Multiple choices of trading accounts
- Multiple Platforms
- Segregated accounts
For funding your account, there are different methods available, including wire transfers, cash deposits, online payment plans, and credit cards. Withdrawals can be made through the same methods. However, there are minimum requirements for withdrawals and some fees may also be levied on you.
With HotForex, you can easily access a wide range of educational tools. While fundamental analysis is provided to traders on a daily basis by Janne Muta, technical analysis is provided by Trading Central. That’s not all, traders are also able to have a live chat with analysts and understand the trends in the market. Customer support is available through various channels like email, live chat, and phone. The HotForex website itself is available in various languages, including English, Chinese, Bulgarian, Spanish, Hindi, German, Russian, Indonesian, and more.
ForexTime, or FXTM as it is called nowadays, was founded in 2012. However, in a short span of time the broker has been able to carve a niche for itself. This is evident from the fact that it has received several prestigious awards like ‘Fastest Growing Forex Broker’ and ‘Best Newcomer 2013’. This Cyprus headquartered broker is regulated by both FSB and IFSC.
ForexTime gives you 3 trading accounts to choose from – Standard account, Cent account, and Shares account. The best part about these accounts is that there is no commission charged or minimum/maximum deposits to be made. FXTM has also quite recently provided a demo account for traders that are still exploring the forex waters. Beginners can open this account and practice without putting their hard-earned money at risk!
To add to the list of existing accounts, FXTM has also introduced a separate account for trading shares. Through this Shares Account, traders are able to buy/sell US shares on the MT4 platform to ensure execution is quick and hassle-free. There are quite a few big names that are already using this service, including but not limited to Microsoft, Apple, Twitter, Alibaba, and Facebook.
- Regulated Broker
- Competitive Spreads
- High leverage levels offered
- Negative Balance Protection
- Variety of tradable products (incl. cryptocurrencies) and trading accounts offered
It is not just the forex pairs that you get to trade on FXTM. There are other financial instruments you can consider dealing with. This list includes Commodity Futures, spot metals, and ETFs. Then there’s the PAMM program through which investors are able to optimize their portfolio. The Portfolio Management Department of ForexTime has been entrusted with the job of helping traders manage their portfolio and enable them to maximize their returns.
No other forex trader offers promotions and bonuses to the scale of FXTM. Even those who open a demo account are offered promotions! In terms of educating traders in forex, ForexTime provides a host of webinars and tutorials. These educational supplements are available to all account holders. The best part about these supplements is that they cover just about everything in forex, from the basics to advanced topics like technical analysis and risk management . There are also videos on different subject matters that can be viewed on mobile devices!
Customer support in ForexTime is available through telephone, Skype, and chat. The website as such can be viewed in different languages like English, Spanish, Malaysian, Indonesian, Polish, Chinese, Arabic, French, and others.
Came into existence in 2008 in St. Petersburg, Russia, Exness is an experienced forex broker that has committed to providing best-in-class trading services to traders all across the globe. From what was once a small broker, Exness has come a long way to be one of the leaders in ECN and Forex. The company takes a lot of pride in delivering trading services with utmost transparency, openness, and honesty. It is regulated in New Zealand by the Financial Service Provider Register and CySEC in Cyprus.
It is, therefore, not surprising to see Exness being bestowed with several awards. In fact, quite recently, the broker has been awarded ‘Best Order Management’, ‘Best Trade Executions’, and ‘Best Mini Broker’ by World Finance Media.
The broker offers three different trading accounts to choose from – the Classic, the Mini, and the ECN. Each of these accounts offers tight floating spreads ( Best Forex Broker Lowest Spread ). While the spread is 0.3 for the Mini account, it is 0.1 for the other accounts. What’s more, there is no minimum deposit to make in the Mini account and that there is no limit on the positions a trader can hold! The minimum amount required to open an ECN account is $300 and $200 for the Classic. The best part about trading with Exness is that the executions are all quick.
For those who wish to try out in the forex markets before making it big there, the broker provides a demo account through which they can hone their skills in a hassle-free way. All a novice trader needs to do to replenish the funds in the demo account is fill out an online request form.
- Tight spreads from 0.1 points
- High leverage
- Trades CFDs as well
- Reliable Trading platform
- Low minimum initial deposit
- Multiple types of trading accounts
- Responsive Customer service
- Automatic withdrawals request processing
There’s a library section in the website through which explanation of various financial terms, as well as textual guides, are available. Furthermore, the broker has taken care to provide latest and in-depth economic news as and when they pop-up. Customer support is available in 13 languages.
Known earlier as easy-forex, EasyMarkets came into the marketplace in 2001. After going through the rebranding exercise in 2015, it started offering a wide range of financial services to traders and thereby giving them an opportunity to access global markets. Based in Cyprus, this forex broker is regulated by ASIC in Australia Best Forex Brokers In Australia , MiFid in Europe, and CySEC in Cyprus. It has offices based out of Sydney, Shanghai, and Warsaw. With an annual turnover in excess of $1.5 trillion and over 100,000 traders on its platform, EasyMarkets is undoubtedly a large player in the forex industry!
There’s only one account available with EasyMarkets and to open it you need to deposit a minimum of $100. An Islamic account is available for those who wish to carry forward their trades to the next day for which extra charges are not levied. Spot trades are available for precious stones like platinum, palladium, silver, and gold. However, for these trades, rolling fees are levied.
A demo account is available for free on choosing the proprietary platform. There is hardly any other broker that provided this type of account on its platform! And for those who upgrade their Standard account to a VIP one, the services of a personal analyst is available for free. This analyst will guide the trader on all fronts, besides offering them suggestions over the phone and sending SMS alerts on various market movements.
The risk-free trading option is perhaps the most notable of all features available with EasyMarkets. In exercising this option, traders are able to cancel their moves within an hour if they find the market situation going against them. Furthermore, this option can be exercised by a trader whilst setting his/her trade. This is a pretty useful option for traders as they can protect themselves against the unexpected swings of the market.
EasyMarkets is quite aggressive when it comes to doling out promotions and bonuses. Time and again, the broker gives a welcome bonus of $25 for new joiners. Then there’s a bonus on offer to those who make their first deposit.
- Tight fixed spreads, no commission fees
- Low minimum initial deposit
- Well-regulated & reputable broker
- Variety of trading platforms offered, MT4 available
- Negative balance protection, option to cancel losing trades
- Bonuses available
For those wishing to learn more about trading in forex, EasyMarkets has lined up materials and education programs for advanced, intermediate, and beginner traders. Here, one can easily find a variety of manuals, trading guides, e-books, online explanations, and videos explaining different concepts and trading terms. Also, for several times in a day, the market news is provided to traders. This is to go along with a full financial calendar. For addressing your queries, the broker can be contacted via live chat, e-mail, and phone. Currently, the website can be accessed in only English, Polish, Arabic, and Chinese languages.