Table of contents

Best FOREX Brokers in Singapore 2024

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.

Discover the top FOREX brokers in Singapore and how to decide which one to work with. The retail FOREX trading field is now brimming with top-notch brokers, making it harder to decide on which one can serve you best.
To help you navigate this complexity, our experts at Arincen have put together a list of the best FOREX brokers in Singapore today according to specific criteria. By laying out our findings in table form, you can get the benefit of an expert broker review no matter the stage of your trading career. We have shared our review process so you can understand why we chose these companies specifically.

Best FOREX Brokers in Singapore for 2024

Company name ICM Capital


Minimum deposit 500$
Main branch United Arab Emirates
Company name Tradeview


Minimum deposit 250$
Main branch USA
Company name XTB


Minimum deposit 500$
Main branch UK
Company name IG


Minimum deposit 500$
Main branch UK

Best FOREX Brokers and Platforms for Beginners in Singapore

In Singapore, the FOREX market is abuzz with top brokers known for delivering exceptional services. Prioritizing the security and growth of your investments means you must align with a broker who has a demonstrated record of accomplishment in the financial landscape. Your success rests on detailed research. When opting for a FOREX broker in Singapore, the following key criteria should guide your choice:
• Regulation is key:
The broker should fall under the supervision of a reputable governing body such as the Monetary Authority of Singapore (MAS) or another internationally acclaimed regulatory institution.
Selecting a FOREX broker with competitive fees is crucial. Fees can impact your trading outcomes and profitability.
Your broker should offer a broad range of financial assets for trading. Understand the benefits of having access to multiple markets and instruments.
Prompt and efficient customer service is vital. Quick response times and knowledgeable support teams can enhance your trading experience.
Having access to research tools and educational resources is crucial, especially for new traders. After reading this article, you will understand how these resources can empower you with knowledge and insights to make informed decisions.

Best Broker and Platform for Beginners in Singapore 2024

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:

  1. ICM - Capital 91.10: Best Deposit and Withdrawal Broker

  2. Tradeview: 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.

  3. XTB - 85.55: Best Customer Service Broker

  4. IG - 85.45: Best Regulations Broker plus Convenient Platform

  5. Saxo Bank - 80.09: Excellent Private Trading Platform

  6. CMC Markets - 80.07: More than 9,000 Assets

  7. ThinkMarkets - 80.05: Aimed at the Audience of Traders

ICM capital Broker

ICM capital Broker

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
Regulatory Bodies


Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform


  • Segregated client funds.
  • Regulated by the UK’s FCA.
  • Established in 2009.
  • More than 10,000 ICM Capital users and traders.
  • Reasonable minimum deposit from $500.
  • Decent funding options.
  • No swaps.
  • MetaTrader4 (MT4) desktop and mobile download.


  • Does not allow scalping.
  • Not ASIC-regulated.
  • Relatively limited range of instruments.
  • Slow live-chat service.
  • Relatively high trading fees.
  • Limited range of trading tools and resources
Dukascopy  Broker

Dukascopy Broker

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
Regulatory Bodies


Minimum Deposit $450
Islamic Account Yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch USA
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform-MT4 - MT5 -Web Platform


  • Established in 2004.
  • Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
  • Low minimum deposits.
  • beginners and experienced traders looking to refine their strategies.
  • Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
  • Decent leverage levels of 1:200 available in some jurisdictions.
  • Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).


  • While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
  • Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
  • While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.
XTB Broker

XTB Broker

What distinguishes XTB 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
Regulatory Bodies


Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 -Web Platform


  • Long history of operation.
  • Globally recognized, having won multiple awards.
  • Some of the lowest FOREX spreads in the market.
  • Regulated by the FCA (UK).
  • Offers protection for client accounts.
  • Emphasis on customer service.
  • Excellent support, learning and research tools.


  • Does not accept US clients.
  • Non-FOREX spread costs are relatively high.
  • No GSLO.
  • No back-testing or automated trading capabilities.
  • Conditions vary according to regulation and entity.
ig markets Broker

ig markets Broker

IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
Broker Evaluation 7.54
Regulatory Bodies


Minimum Deposit 250$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform -MT4 - Web Platform


  • Easy-to-navigate platform that is simple for beginners to master.
  • Margin rates are easy to understand and affordable.
  • Mobile and tablet platforms offer full functionality of the desktop version.
  • Accepts US clients.
  • Access to more than 100 currency pairs
  • Emphasis on education and research.
  • Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
  • Offers protection for UK/EU client accounts.


  • US traders can currently only trade FOREX.
  • No GSLO for US-based traders.
  • No account protection for US clients.
  • Relatively high share-CFD fees.
  • No copy trading or back-testing integration on IG platform.


Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is 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
Regulatory Bodies


Minimum Deposit 10000$
Islamic Account No
Payment Methods Bank transfer - credit card
Main Branch Copenhagen, Denmark
Customer Service 24/5
Demo account No
Trading Platforms SaxoTrader


  • Extensive range of offerings.
  • Regulated by the FCA (UK) and other top regulators.
  • Great trading platform.
  • Among the industry’s best research.
  • Superior user interface.
  • Offers protection for client accounts.


  • High bond, options and futures fees.
  • Lack of emphasis on customer service.
  • Confusing instrument fee structures.
  • High minimum deposit.
  • Does not accept US clients.
  • No MT4.
  • Lacks live chat.


CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation 7.07
Regulatory Bodies


Minimum Deposit 0$
Islamic Account No
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -MT4 - Web Platform


  • Extensive range of offerings.
  • Regulated by the FCA (UK).
  • Low FOREX fees.
  • Emphasis on education and customer service.
  • Great Web and mobile platforms.
  • Offers protection for client accounts.
  • Research amenities are industry leading.


  • Does not accept US clients.
  • Limited product portfolio.
  • High stock CFD fees.
  • High CFD spreads for certain indices.
  • Differences between Next Generation and MT4.
  • Complicated account verification.
  • No back-testing or automated trading capabilities.
think markets Broker

think markets Broker

Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation 8.05
Regulatory Bodies


Minimum Deposit 0$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch Australia
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -Web platform-mt4- mt5


  • Beginner assistance offered through 24/6 channels.
  • Spreads are as low as 0.0 pips.
  • 24/7 expert customer service.
  • CFD shares and indices come at no extra fee.
  • Zero broker fees for FOREX trading.
  • Technical analysis and quality market information.
  • Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.


  • Direct share trading is on a separate platform.
  • No binary options offered.
  • Commissions charged for two account types.
  • After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
  • No US, Canada or Japan clients allowed.

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.

What Is FOREX and Why Do We Need a Broker to Trade?

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. 

How Do I Choose the Best FOREX Broker in Singapore?

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.
Best FOREX Brokers in Singapore

Regulation and Licensing in Singapore

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:

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.


In financial trading, the term leverage refers to the use of borrowed funds to increase your trading position beyond what would be available from your cash balance alone. Leverage is a double-edged sword as it can amplify both gains and losses.
Depending on the regulator under which your broker works, you will encounter different policies relative to leverage. Key regulators have implemented specific rules to limit the leverage offered to retail traders as a means of consumer protection. Remember, even if your broker is not regulated by these international brokers, as long as they are regulated by a competent local regulator, that’s a good enough start.
Here are selected leverage rules according to some key regulators:
MAS, Singapore:
The leverage limits set by the MAS for retail traders in the FOREX market can vary based on the currency pair being traded and other factors. The MAS has set a leverage limit for CFDs on major currency pairs of 20:1.
Australian Securities and Investments Commission (ASIC), Australia:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major stock market indices
10:1 for commodities other than gold and minor stock market indices
5:1 for equities (stocks) and other underlying assets
2:1 for cryptocurrencies
Swiss Financial Market Supervisory Authority (FINMA) Switzerland:
FINMA has not set specific leverage limits like the ASIC. However, Swiss brokers must adhere to rigorous capital and risk management requirements, ensuring they don't offer excessively high leverage that could endanger their solvency or their clients' funds.
It's important to note that these regulations primarily apply to retail clients. Professional or institutional clients may have access to different leverage levels based on the regulatory environment and the broker's policies. As you can see, responsible regulators closely monitor leverage levels. However, you can still use the regulator in your country, even if it is not under a tier-one regulator.

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 out

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.

Commissions and Fees

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:
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.
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:
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
Spread Commission Swap Islamic Account
Currencies Starting from 0.14 Pips $0 No Available
Stocks Starting from 0 Pips $0 No Available
Commodities Starting from 2 cent $0 No Available
Indices Starting from 0.2 Pips $0 No Available
Spread Commission Swap Islamic Account
Currencies Starting from 0.2 Pips 0$ No Available
Stocks Not Mentioned 0$ Yes Unavailable
Commodities Starting from 8 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.6 Pips 0$ Yes Unavailable
Stocks Starting from 2.4 Pips 0$ Yes Unavailable
Commodities Starting from 0.1 Pips 0$ Yes Unavailable
Indices Starting from 0.2 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.9 Pips $0 Yes Unavailable
Stocks Starting from $0.02 $6 Yes Unavailable
Commodities Starting from $0.6 $6 Yes Unavailable
Indices Starting from $0.7 $6 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.5 Pips $0 Yes Unavailable
Stocks Starting from $0.2 $10 Yes Unavailable
Commodities Starting from 0.2 Pips $0 Yes Unavailable
Indices Starting from 0.5 Pips $0 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips $0 Yes Unavailable
Stocks Starting from 0.1% $0 Yes Unavailable
Commodities Starting from $0.19 $0 Yes Unavailable
Indices Starting from 0.4 Pips $0 Yes Unavailable

Tradable Assets and Instruments

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:
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.
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.
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.
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.
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.
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 108 Pairs 20000 Shares 200 Indices 20 Commodity 5 Coins 200 ETFs
Saxo Bank 320 Pairs 22000 Shares 200 Indices 200 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

Payments, Deposits, and Withdrawals in Singapore

Most FOREX brokers with an international outlook will facilitate deposits and withdrawals with major credit and debit cards. As a country striving to be a regional center of financial excellence, Singapore offers access to most mobile and online payment methods. This means that traders can use such common e-wallet options as PayPal, Skrill and Neteller, as well as traditional bank wires.
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% $0 Unavailable 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ 0$ 1.9% 2.5% $0 3.75%
Withdrawal fee 0$ 0$ 1% $0 $0 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1% 1% Unavailable Unavailable
Withdrawal fee 1.5% 30$ 1% 1% Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 0$ 2.5% Not mentioned Unavailable
Withdrawal fee 0$ $0 + Bank commission 5.50$ 0-7.5% Not mentioned Unavailable

FOREX Trading Customer Service

As timing is key to FOREX trading, you must pick a brokerage firm that can provide good customer support around the clock. The best FOREX brokers in Singapore for beginners will be able to provide you with the following:
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Very Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Quick response Fast Fast Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Moderate Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Very Fast Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Slow Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Moderate Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Moderate Fast Moderate Not Available

Technical Aspects of the Broker’s Website

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.

Trading Platforms, Tools, and Features

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.

Which FOREX Broker Has the Best Platform?

Most FOREX brokers use the MT4 platform, widely considered to be the best third-party platform on the market. If you are looking for something different and you want to find out which broker has the best proprietary platform, look no further than Saxo Bank for its innovative and user-friendly design.

Which is the Best FOREX Broker for Low Fees?

Our panel of experts has determined that ICM’s ECN account offers unmatched low fees for entry level and expert traders alike.

Which FOREX Broker Offers the Most CFDs?

As a Muslim trader, don't forget that you cannot trade in CFDs because according to Islamic law, you do not have a strong enough stake in the transaction if you do not own the underlying assets. But it's good to know how different brokers compare concerning CFD coverage, which can be a proxy for their overall performance. For brokers that deal in most CFDs, look no further than CMC Markets and IG, both of which offer extensive CFD selections.

Which FOREX Broker offers the Most Assets?

The modern trader is interested in getting as much choice as possible. You will not go wrong by checking out the wide range of assets offered by CMC and IG, which are both known for their vast range of asset classes.

Which is the Best FOREX Broker for Professionals?

Professional traders are becoming more demanding as technology improves. If you require services like advanced indicators, access to day trading, and advanced trading orders, look for brokers that offer MT4 for some of the most advanced analysis tools anywhere on the market.

The Dos and Don'ts of FOREX Brokers

One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do.
There are seven things brokerage firms cannot do:
  1. The FOREX brokerage firm cannot recommend a buy or sell;
  2. The FOREX brokerage firm must not provide price or market expectations (rise/fall);
  3. The FOREX firm cannot control your financial dealings (deposit/withdrawal);
  4. The FOREX brokerage firm should not “manage” your portfolio under any circumstance.
  5. The FOREX brokerage firm cannot grant a client a bonus unless clear terms are guiding it beforehand.
  6. The brokerage firm must not use bank accounts not under its name; and
  7. FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules should be avoided

FOREX Trading Scams and How to Avoid Them

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.

Will Your Money Be Protected if Your Broker Becomes Insolvent?

The MAS is a powerful body with sweeping authority over financial firms operating in Singapore. However, it has, to date, not reached a point where it stipulates that brokers enlist in a compensation scheme for traders.
As recently as the beginning of 2023, the MAS was still consulting with local banks and brokers about creating a framework that would allow for added layers of security to protect customers’ funds. Up until now, the MAS insisted that it was up to the financial institution to protect the interests of the trader through “Robust controls to safeguard customer accounts.” This currently falls short of mandating consumer compensation.
Therefore, if a Singapore broker becomes insolvent today, your money is not automatically protected, even though affected customers have been known to successfully lobby the MAS for discretionary compensation, depending on the merits of their case.

Who Is Arincen and What Do We Do?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.            
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.  


Any new trader entering the FOREX market is heading into a space that is much more vibrant, competitive, and safe than at any time in our history. It's an exciting time to be starting this adventure. Like any such enterprise, you need to make sure you are safe from pitfalls. That's why we will always reiterate our key message which is that any of the top online FOREX brokers you pick must be legally licensed and well-regulated.
Next, be sure to vet the broker's tools, platforms, and reputation. Make sure that you can get customer service in your local language whenever you need it. If at any stage you are unsure about what steps to take when vetting the best online brokers in Singapore, you can always refer to this article.

Arincen’s Review Methodology

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:
  1. Companies’ Websites.
  2. Other Websites that have ranked FOREX companies.
  3. 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:
  1. Registering with FOREX companies as a secret shopper and/or as Arincen.
  2. 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.


Is FOREX trading legal in Singapore?

Yes, trading FOREX is legal in Singapore. Traders who reside in Singapore can use a broker located anywhere in the world. Naturally, if they use a Singapore-based broker, they have more access to the broker if something goes wrong, leading many Singaporean traders to use brokers or broker affiliates registered in the country.

What is FOREX?

The FOREX market is a place where different world currencies are traded. It is the largest and most liquid financial market in the world, with some six trillion dollars in deals changing hands daily. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.

What is FOREX trading?

FOREX trading is the act of buying and selling the currencies of different countries. FOREX trading is normally carried out by large institutions in the business of facilitating global trade, but FOREX trading is also conducted at a much smaller level by retail traders through FOREX brokers.

What costs and commissions are associated with FOREX trading?

A big part of FOREX trading involves working out the spread, which is the difference between the bid (sell) price and the ask (buy) price of a currency pair. Another major cost line is that of commissions, which is a revenue-generating premium that brokers place on every deal a trader executes. These two principal fee types are levied in different ways, depending on the broker’s business model and the instrument the trader buys and sells.

How important is good customer service in FOREX trading?

As high market availability is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. Company representatives must be easy to reach, well-trained, and knowledgeable enough to be of use in times of difficulty.

Is FOREX trading taxable in Singapore?

If you trade FOREX in Singapore as a side gig, your profits are tax free. It is only when you trade FOREX for a living and use the profits as your sole source of income that tax becomes payable. Remember that it is your responsibility to understand your tax obligations and fulfill them. It is thus a good idea to get professional advice on these matters.
Written by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20years, he has developed deep experience in such diverse areas as investing, business, finance,technology and macroeconomics. He is passionate about captu...
Edited by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that...
Fact Checked by
Bahaa Khateeb
 Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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