With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.
Company Name | Regulations | Minimum Deposit | Main Branch | Open Account |
---|---|---|---|---|
ICM Capital | $500 | United Arab Emirates | ||
Tradeview | $250 | USA | ||
XTB | $500 | UK | ||
IG | $500 | UK |
Some of the best FOREX brokers in the world operate from Singapore. With so many choices out there, it's tough to select the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons:
ICM - Capital 91.10: Best Deposit and Withdrawal Broker
Tradeview: 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.
XTB - 85.55: Best Customer Service Broker
IG - 85.45: Best Regulations Broker plus Convenient Platform
Saxo Bank - 80.09: Excellent Private Trading Platform
CMC Markets - 80.07: More than 9,000 Assets
ThinkMarkets - 80.05: Aimed at the Audience of Traders
ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
Broker Evaluation | 8.11 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, cTrader, Web Platform |
Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.
Broker Evaluation | 7 |
Regulations | |
Minimum Deposit | $450 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Cayman Islands |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, MT5, Web Platform |
What distinguishes XTB from other brokers is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
Broker Evaluation | 8.55 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, Web Platform |
Broker Evaluation | 7.54 |
Regulations | |
Minimum Deposit | $250 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Saxo Bank is considered one of the best investment banks in financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spreads are very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
Broker Evaluation | 6.09 |
Regulations | |
Minimum Deposit | $5000 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card |
Main Branch | Copenhagen, Denmark |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | SaxoTrader |
CMC Markets is a well-regarded broker offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds, and stocks. The company offers relatively low spreads, access to MT4, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation | 7.07 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, ThinkMarkets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. ThinkMarkets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation | 8.05 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Australia |
Customer Service | 24/7 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, Web Platform, MT4, MT5 |
There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.
The foreign exchange market is a decentralized marketplace where global currencies are bought and sold. Currency trading is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders all over the world rather than on one centralized exchange. The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world with some six trillion dollars changing hands daily. FOREX brokers in Singapore play a key role in this marketplace by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile format.
Choosing the top FOREX broker in Singapore is much like choosing the best FOREX broker anywhere. There are a few hurdles for brokers to clear before you can choose from among them. The first and most important is regulation. A FOREX broker must be regulated by a recognizable oversight body with stringent rules. Many FOREX brokers have fallen by the wayside over the years through mismanagement and greed. Traders lose all their money when this happens unless the broker is licensed by a regulator that mandates investor fund protection.
After you have reviewed the broker’s regulatory status, a good place to move on to is the broker’s track record and level of stability. How long have they been in business? Are they growing? What are other traders saying about them? These are all valid questions to ask about your would-be broker.
From there, you should settle down to the nitty gritty of comparing brokers through the products and services they offer. How strong is the broker’s platform? Does it cater to your level of trading experience? The answers to these questions will go a long way toward deciding if the broker is for you.
There is a raft of other factors that impact on your selection, many of which come down to your level of experience as a trader and your personal preference. Ideally, you would want to know how many different financial instruments you can trade with your broker and how many different account types they offer. You can also ask questions about how well-capitalized the broker is and how fast they can execute deals.
These are crucial facts to know. The list of qualifying questions is long and exhaustive, which is why Arincen will do most of the work for you; but it is important to start with the ones we have listed above.
Before a broker sets up shop in Singapore, it must first secure authorization from the local regulator, MAS. This regulator’s mandate is wide-ranging and goes beyond merely overseeing trading brokers. The MAS also seeks to promote sustained non-inflationary economic growth, as well as facilitate a sound and progressive financial center.
Depending on its service offering, the broker will be granted either a Capital Markets Services or a Financial Advisors’ license. The MAS stipulates that all brokers must have sufficient operating capital and these monies should be kept separate from investor funds.
Be sure to check if your chosen broker is also regulated in other major economies. The Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC) are two of the best regulators in the world. If a broker has gone to the trouble of being in good standing with these entities, it is surely a good sign.
The regulators that oversee FOREX trading also regulate other financial assets, such as crypto, commodities, and indices. If you want to learn more about some of the best-regarded regulators, read our article on regulation here. Remember that you do not have to use a broker with international regulation if your local broker is regulated by a solid local regulator like the MAS.
To verify the credibility of your broker, consider these steps:
Inquire if they have the proper license to handle FOREX
Ensure they're registered by the local regulator in your region
Check if your broker is enrolled in a compensation scheme
Regularly review your account statements to ensure accuracy.
Be Careful of Non-Regulated Brokers
Your broker should be regulated by a reputable authority who has a history of strong oversight. Your broker does not have to be regulated by an overseas watchdog, you can also go with a regulator in your jurisdiction. To check if your broker is registered with a regulator, navigate to the regulator’s official website.
Leverage, while offering handsome profits, significantly increases potential losses. Engaging in high leverage trading without a robust risk management strategy is like navigating treacherous financial waters without a safety net. Approach leverage with caution, employ sound trading strategies, and always try to develop a comprehensive understanding of market behaviors and how they affect your portfolio when you trade on leverage.
Stop outs are unwelcome events. It is one of the worst things that can happen to a retail FOREX trader. If this happens to you, rest assured that you have not planned your trading activities well in the world of trading. A "Stop out" is the point where your broker automatically closes some or all of your active positions to prevent your account from diving into negative territory. The stop-out level is usually defined as a percentage, representing the margin level at which your broker starts shutting down your open trades.
Let's break down the percentages:
Stop out of 0%:
Your broker won't close any of your positions, even if your margin level reaches rock bottom. This is because some brokers allow you to end up in the red, which means you might owe them money if your trades keep losing.
Stop out of 50%:
Once your equity dwindles to half of your used margin, the stop-out alarm goes off. Your broker steps in and starts closing your trades, beginning with those least profitable. This continues until your margin level bounces back above the stop-out level.
Stop out of 100%:
When your margin level hits 100%, your broker takes the drastic step of automatically closing all your open positions. In some setups where the broker separates margin-call and stop-out levels, the margin call happens at 100% and the stop out at 50%. If your margin level plunges to 50%, your trading platform springs into action with a stop out, closing your trade at the market price.
Keep in mind that the specific percentage and the order in which positions get closed can vary from broker to broker. So, traders must know their broker's stop-out policy. It's worth noting that while stop-out measures are designed to shield traders from going into the red, they can also result in substantial losses, especially in volatile markets where positions are swiftly closed automatically, especially if the market suddenly reverses post-stop out. That's why you should always employ protective strategies, like setting stop-loss orders and avoiding excessive leverage.
Trading fees can be tricky to track, so it's important to compare them with industry standards. Here are some fees of which to be aware:
Spreads:
There are two main kinds of spread, one is fixed and the other is variable. The first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX company.
The spread refers to the difference between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, this means that a spread of 1.4 pips is better than a spread of 2 pips). You can learn more about this concept in this article.
Singapore’s population is made up of some 15% of people who identify as Muslim. There, we must state that brokers catering to Muslim clients cannot charge rollover fees as it is against Shariah law; they often seek to make more money through spreads, which are typically higher in markets bound by Islamic law.
Commission:
This is the service charge that brokers require for carrying out transactions on behalf of their clients. As for commissions, FOREX trading companies can be placed into three categories. The first offers fixed spreads, while the second tends to offer variable spreads, with a third category of companies offering low-cost spreads, but that comes with a (relatively high) fixed commission.
Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely. As we have said, you should know that, as a Muslim trader, it is Haram to pay conventional rollover fees. This is why you should only trade with a broker that offers Islamic swap-free trading.
Withdrawal and Deposit Fees:
Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.
Subscription or inactivity fees:
Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
To keep track of trading fees, you can follow these steps:
Research different brokers and trading platforms.
Compare the fees and charges of each platform.
Choose a platform that offers competitive fees and suits your trading needs.
Remember that trading fees can have a significant impact on your trading profits, so it's important to choose a platform that offers competitive fees and suits your trading needs.
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 1.3 Pips | 0$ | No | Available |
Stocks | Starting from 18 Pips | 0$ | Yes | Unavailable |
Commodities | Starting from 2.3 Pips | 0$ | No | Available |
Indices | Starting from 4 Pips | 0$ | Yes | Unavailable |
Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments. Be sure to check that your broker provides Sharia-compliant trading accounts to trade these financial assets:
FOREX
With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY and many more.
Commodities
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies. Be sure to check which ones are Sharia-compliant first.
CFDs
CFD trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, such as shares, indices, commodities, currencies, and treasuries. You don’t own the underlying asset and you can go short or long. CFDs are traded on margin, meaning the broker allows investors to borrow money to increase leverage or the size of the position to amplify gains. Brokers will require traders to maintain specific account balances before they allow this type of transaction. CFD brokers typically provide a wide range of financial instruments across different asset classes, allowing traders to diversify their portfolios with ease. CFD trading is Haram for Islamic traders as you cannot trade an asset you do not own.
Equities or stocks
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world. Remember, cannot, by Shariah finance laws, invest in companies that deal in gambling or alcohol.
Indices
These are baskets of stocks representing a particular market or sector, like the France 40 and the S&P 500, giving traders exposure to broader market movements.
Cryptocurrencies
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
Brokers | Currency pairs | Stocks | Indices | Commodities | Crypto | ETFs |
ICM Capital | 67 Pairs | 89 Shares | 17 Indices | 12 Commodity | 6 Coins | Unavailable |
Tradview | 80 Pairs | 5000 Shares | 10 Indices | 10 Commodity | 30 Coins | Unavailable |
XTB | 57 Pairs | 1848 Shares | 36 Indices | 22 Commodity | 22 Coins | 135 ETFs |
IG | 81 Pairs | 21714 Shares | 49 Indices | 39 Commodity | 11 Coins | 12858 ETFs |
Saxo Bank | 320 Pairs | 22000 Shares | 49 Indices | 39 Commodity | 9 Coins | 6700 ETFs |
CMC Markets | 330 Pairs | 8000 Shares | 80 Indices | 100 Commodity | 18 Coins | 200 ETFs |
Think Markets | 46 Pairs | 3750 Shares | 15 Indices | 11 Commodity | 21 Coins | 350 ETFs |
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | $0 + Bank commission | 1.9% | 2.5% | Unavailable | 3.75% |
Withdrawal fee | 0$ | $15 | 1% | $0 | Unavailable | 2% |
Live Chat | Phone | |||
Available | Available | Available | Available | Available |
Quick response | Very Fast | Very Fast | Very Fast | Very Fast |
When it comes to sharing such sensitive personal information online as a credit card, cyber security is paramount. You should, therefore, always look for SSL certification and two-factor authentication (especially when registering with a new site). Be sure to use a strong password.
When it comes to choosing the best trading platform for FOREX traders, you should always consider a range of features suitable for both newbies and experienced traders. From what we’ve seen, MT4 has emerged as the gold standard in the FOREX trading world due to its ease of use, fast execution, and sophisticated tools. Originally designed as a FOREX-exclusive platform, it has evolved to accommodate other financial instruments, such as stocks, indices, and commodities. Regardless of whether you opt for a broker offering MT4 or a different platform, it's crucial to be informed about the following elements:
Platform quality: Foremost, determine if the platform is web-based or requires downloading. A premier trading platform should give users versatile access options.
Interface customization: Investors must personalize the platform to their liking, allowing them to tailor their trading space to their specific needs.
Technical analysis tools: Ensure the platform comes with comprehensive technical indicators to support you in making educated choices.
Risk-reduction tools: Given the inherent risks in trading, a top-tier platform should offer tools for you to establish stop-losses, set profit targets, and employ other risk management tools.
Performance and quality: Especially for those new to the trading scene, it's important to have a platform that runs flawlessly with scarce downtimes or technical issues. This allows you to concentrate on market trends rather than dealing with software problems.
Educational materials: Leading brokers provide platforms that are not only user-friendly, but also equipped with instructional materials and a dedicated customer service team to help traders overcome any potential hurdles.
Tip for those who have no experience
At Arincen, we operate on the principle that a well-informed trader is a successful one. That’s why we’ve assembled an array of educational and research tools crafted for traders like you. Immerse yourself in our in-depth articles to understand core concepts, engage with our educational videos, and steer your trading decisions with our updated newsfeed and precision signals.
Our panel of experts has determined that ICM’s ECN account offers unmatched low fees for entry level and expert traders alike.
Many of the common FOREX scams, like link-based phishing enquiries and spread manipulation scams, have been weeded out due to improved regulation. One of the more frequent modern scams is when criminals offer traders the magical ability to make money through automatic trades. Scammers work through cloned websites and offer what is known as “robot” trading that can work without supervision while traders sleep.
It is difficult for traders to uncover more sophisticated scams like these as they would need to test the trading platform’s parameters and buy and sell signals, something the average trader cannot do. Therefore, to protect yourself, it is best to spend a lot of time making sure the broker is in good standing with a top-tier regulator who can perform all the checks and oversight on your behalf.
A regulated broker adheres to a stringent set of guidelines and operational standards, designed to ensure transparency, security, and integrity in all transactions. Electing to trade with an unregulated broker amplifies the risk of financial loss, fraud, and exposure to unethical practices. For a list of the best regulators, read our article here.
The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:
Companies’ Websites.
Other Websites that have ranked FOREX companies.
A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its relative weight. These include licensing, deposits and withdrawals, number of assets, etc.
Afterwards, we validated the data by:
Registering with FOREX companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and experience.
The next step saw us evaluate and rank each company, relying on the demanding work of 15 Arincen employees. We were careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Android, etc.
To add credibility to our research project, we sent a third and final survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more about how we came up with the evaluation, please click here.
Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.