Huzefa Hamid. Updated on June 29, Get Started. The ratings shown on DailyForex. Read more on Eightcap. Read more on FP Markets. Read more on FXTM. Read more on AvaTrade. Read more on BlackBull Markets. How we rank our brokers. Founded in and based in Australia, EightCap is a top brokerage option for both professional and casual traders in Singapore. EightCap offers a decent range of products including both MT4 and MT5 trading platforms which can both be uses on web and mobile.

EightCap features one of the lowest forex fees in the industry, as compared to virtually all other forex brokers. However, this applies mainly to clients that choose to open EightCap Raw account. Even better news, fees are built into the spread. EightCap is regulated through the Australian Securities and Investments Commission ASIC , as well as through the Vanuatu Financial Services Commission VFSC. Pros Low minimum deposit and high leverage of up to Competitive cost structure Excellent technology infrastructure and seasoned management team Daily research and quality educational content.

Cons Limited leverage in some areas. FP Markets. ECN trading with leverage up to FPMarkets consistently ranks among the top 5 Forex and CFD brokerage firms in Singapore.

Choosing the wrong platform can cause you to suffer from slow trade execution, no educational material, no technical indicators or analysis, and so on. Since each forex broker offers a certain set of trading platforms, the trading platform offered by a forex broker is an important consideration while choosing a forex broker as well. Trading platforms are offered by forex brokers. A broker can offer a single trading platform or a variety of them.

The most common trading platforms offered by brokers are MetaTrader 4, MetaTrader 5, or cTrader. Some brokers also offer their own proprietary trading platform. As of date, there are several forex brokers licensed by the Monetary Authority of Singapore.

Hence, before choosing a broker, you should check whether they are regulated by MAS and other tier-1 financial authorities like the FCA of the UK or the ASIC of Australia. There are a few top-tier regulated brokers that have local offices in Singapore and offer local deposit methods to clients in Singapore like CMC Markets, Plus, etc. You should make sure that the forex broker websites that you visit are genuine.

New traders often end up visiting fake look-alike websites and get scammed. There are several scammers operating online that pose as regulated brokers. This makes it risky for retail traders.

Hence, it is important to only register your account on genuine websites. Online forex trading is a highly risky activity.

Here are some of the types of risks that you will face:. Forex trading can be very risky for the beginners. Clients must understand the associated risk factors, learn about forex trading, learn analysis techniques and trading strategies, and use safe leverage. It is always advised to the beginners to trade on a demo account with virtual currencies to gain experience and check suitability of the market.

Is Forex Trading Taxable in Singapore? Yes , any profits earned and withdrawn to bank accounts are liable to capital gain tax in Singapore. The profits on forex trading must be reported and a portion of it has to be paid to the Singapore government as tax.

The minimum deposit amount differ from broker to broker. It also depends on the method used to deposit at the broker. Clients must check the minimum deposit amount before opening their account. See Best Forex Brokers in Singapore Read More. Forex Trading Singapore Forex Trading is regulated in Singapore by MAS Monetary Authority of Singapore , and you can trade legally via regulated Financial Institutions.

Best Forex Brokers. Forex Trading Guides. Forex Trading Apps. Editorial Team Updated on September 28, Is Forex Trading Legal in Singapore?

Chapter 1 What is Forex Trading? Understanding the Forex Market and its Participants The forex market is the largest financial market in the world.

How Are Currencies Traded and the Various Forex Instruments Forex is traded in pairs. We have briefly covered each financial instrument here: Spot forex contract — A spot forex contract is the most widely used instrument for forex trading.

What is Online Forex Trading and How Does it Work? Chapter 2 Basic Forex Terminology. The three sizes are Standard, Mini, and Micro. A Standard lot is equivalent to , units of the base currency. A Mini lot is equivalent to 10, units of the base currency. A Micro lot is equivalent to 1, units of the base currency. Chapter 3 How Can You Trade Forex in Singapore? What do you need to Trade Forex in Singapore?

Here are the basic steps involved in forex trading and opening an account with a forex broker in Singapore: Learn about Forex Trading: It is essential to first learn how to trade forex before you start your trading journey. Choose a Forex Broker: Forex trading is legal in Singapore under the Securities and Futures Act and is regulated by the MAS. However, brokers based outside Singapore may or may not have Capital Markets Services CMS license from the MAS.

Fill out an application form and complete KYC: You will need to register and open a trading account with the forex broker. This will also involve completing KYC norms, but this can be done completely online. Choose a username and password: Once your account is approved, you will receive a username and password or you can choose your own.

Deposit money into your account: You will need to deposit some money into your account in order to start trading. Each broker has its own minimum initial deposit requirements. Practice trading: You can practice forex trading through a demo account. This is highly recommended for new traders. Stay informed: A key part of being a successful forex trader is staying informed on the latest developments and news. What do you need for online forex trading? There are certain things that you will need in order to trade forex online.

Here are the basics: Device: You will need a personal computer, a laptop, or a smartphone in order to be able to access the markets online. You will need to make sure that your device is compatible with the trading platform offered by your broker.

Reliable internet connection: It is essential to have a reliable and fast internet connection. The internet connection will allow you to place your orders.

You will also need the connection to be fast and reliable so that you can react quickly to changes in the market. Trading platform: Once you register with a forex broker, you will be able to download or install a trading platform on your device. The trading platform is the software that you will need to conduct your trading activity. Chapter 4 Best Forex Trading Platforms for Traders in Singapore.

Here is a breakdown of the factors that should be considered before selecting a trading platform and forex broker: Safety: The reputation of the forex broker is an important consideration. There are lots of fraudulent forex brokers operating online. Hence, you should only register with forex brokers that you can trust. The best way to gauge whether you can trust a forex broker is through the licenses by regulatory authorities that they possess. Fees: Each broker charges different fees for their services.

These fees can vary wildly from broker to broker. Hence, you should choose a forex broker that charges reasonable fees. There are several components to the fees charged by a forex broker: minimum deposit, spread, commissions, overnight swap rates, deposit fees, withdrawal fees, and inactivity fees. Account Types, Currency Pairs, and Other Instruments Available: It is important to check which account types the broker offers. The account type will determine how much you are charged per trade, which instruments are available, whether you get DD or NDD services, and so on.

Services Available: What are the features offered by your broker and your trading platform? Do they offer a news feed? Recommended for investors and traders looking for a great trading platform and solid research. Visit broker. Recommended for forex traders looking for low fees and a chance to use the metatrader 4 platform. Recommended for forex and cfd traders looking for an advanced trading platform with many research tools.

Recommended for traders looking for broad market access and a professional trading environment. Recommended for investors and cfd traders looking for a great trading platform and excellent customer service. Visit broker There is no capital gains tax in Singapore, therefore you do not need to pay tax on the profits you gained from trading forex. The key aspects to consider when choosing a forex brokers is safety and access.

Makes sure you always select a broker that is licensed or overseen by a top-tier regulator, such as the SEC in the US, the FCA in the UK or BaFin Germany. As a next step, check to see if the broker accepts clients from your country of residence. Save yourself hours of research and check out our broker finder tool and find the best broker for you.

Everything you find on BrokerChooser is based on reliable data and unbiased information. Read more about our methodology. Compare brokers. Compare Broker tool. Compare selected brokers by their fees, minimum deposit, withdrawal, account opening and other areas.

Filter according to broker or product type, including stocks, futures, CFDs or crypto. COMPARE BROKERS. Compare highest-rated brokers. Interactive Brokers vs Saxo Bank. DEGIRO vs Interactive Brokers. Saxo Bank vs Swissquote. com vs XTB. Interactive Brokers vs TD Ameritrade. eToro vs XTB. Interactive Brokers vs Tradestation. Fidelity vs Interactive Brokers. com vs eToro. Compare other popular brokers. eToro vs Freetrade.

eToro vs Interactive Brokers. DEGIRO vs Trading DEGIRO vs eToro. Plus vs eToro. DEGIRO vs Revolut. eToro vs Trading Compare Digital Banks tool. Compare digital banks. Best brokers. Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Answer a few simple questions and get a list of the most relevant brokers.

FIND MY BROKER. Best brokers by category. Best stock brokers. Best brokers for ETF. Best forex brokers. Best CFD brokers. Best online brokers for crypto trading. Best brokers for futures. Best brokers for options trading. Best brokers for beginners. Best brokers for ESG trading. Country-specific recommendations. United States. United Kingdom. Trading Platform. Best trading platforms.

Best options trading platforms. Best stock trading apps. Broker reviews. Online broker reviews crafted by our team of experts. Fees, minimum deposit requirements, withdrawal, account opening, research tools and more.

Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology. While many forex trading brokers offer an excellent service, the ones in our toplist go the extra mile. In most cases, the key broker selection criteria is how much you have to pay for a trade in spreads, commission and other trading costs, so we collected the most important forex spreads in the table below to help with your calculations.

We collect spreads regularly, please check the tooltip for the date of the data collection. If you are unsure how brokerage fees work, check out this article on the various fees, charges and costs.

Singapore is the third largest FX center globally with over a half trillion dollars traded in FX in the county on a daily basis. Foreign exchange trading is legal in Singapore and pivotal to the country's standing as a major financial hub in the region. We only recommend regulated, safe, and reliable brokers, so each of these top picks is a good choice to start trading.

The Monetary Authority of Singapore MAS is the regulator and supervisor of financial institutions. Before a broker can accept forex and CFD traders from Singapore as clients, they must be authorized by the MAS, whose main mandates include rooting out scam brokers. The regulator does not provide investor protection. Please select your country.

And now, let's see the top forex brokers in for residents in Singapore one by one, starting with the winner, Saxo Bank. Recommended for investors and traders looking for a great trading platform and solid research. Visit broker. Recommended for forex traders looking for low fees and a chance to use the metatrader 4 platform. Recommended for forex and cfd traders looking for an advanced trading platform with many research tools.

Recommended for traders looking for broad market access and a professional trading environment. Recommended for investors and cfd traders looking for a great trading platform and excellent customer service. Visit broker There is no capital gains tax in Singapore, therefore you do not need to pay tax on the profits you gained from trading forex.

The key aspects to consider when choosing a forex brokers is safety and access. Makes sure you always select a broker that is licensed or overseen by a top-tier regulator, such as the SEC in the US, the FCA in the UK or BaFin Germany. As a next step, check to see if the broker accepts clients from your country of residence.

Save yourself hours of research and check out our broker finder tool and find the best broker for you. Everything you find on BrokerChooser is based on reliable data and unbiased information.

Read more about our methodology. Compare brokers. Compare Broker tool. Compare selected brokers by their fees, minimum deposit, withdrawal, account opening and other areas.

Filter according to broker or product type, including stocks, futures, CFDs or crypto. COMPARE BROKERS. Compare highest-rated brokers. Interactive Brokers vs Saxo Bank. DEGIRO vs Interactive Brokers. Saxo Bank vs Swissquote. com vs XTB. Interactive Brokers vs TD Ameritrade. eToro vs XTB. Interactive Brokers vs Tradestation. Fidelity vs Interactive Brokers. com vs eToro. Compare other popular brokers.

eToro vs Freetrade. eToro vs Interactive Brokers. DEGIRO vs Trading DEGIRO vs eToro. Plus vs eToro. DEGIRO vs Revolut. eToro vs Trading Compare Digital Banks tool. Compare digital banks. Best brokers. Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Answer a few simple questions and get a list of the most relevant brokers. FIND MY BROKER. Best brokers by category. Best stock brokers.

Best brokers for ETF. Best forex brokers. Best CFD brokers. Best online brokers for crypto trading. Best brokers for futures. Best brokers for options trading. Best brokers for beginners.

Best brokers for ESG trading. Country-specific recommendations. United States. United Kingdom. Trading Platform. Best trading platforms.

Best options trading platforms. Best stock trading apps. Broker reviews. Online broker reviews crafted by our team of experts.

Fees, minimum deposit requirements, withdrawal, account opening, research tools and more. We use over 50, data points and a consistent, fact-based methodology. ALL REVIEWS. Highest-rated brokers. Interactive Brokers review. DEGIRO review. Saxo Bank review. XTB review. Charles Schwab review. TD Ameritrade review. eToro review. Merrill Edge review. Fidelity review. com review. Other popular brokers. Revolut review. Freetrade review. Webull review.

moomoo review. eToro fees. Interactive Brokers fees. Saxo Bank fees. For beginners.

com review Fidelity review Merrill Edge review. The best broker in Singapore for this purpose is without a doubt Plus As a Singapore trader, you will receive regulation from the Securities Commission of The Bahamas SCB. These brokers also support payment options that will allow you as a Singaporean trader to make your deposit and quick withdrawal of your profit. As you can see, there are many fees that you might come across when finding a platform that meets your needs - so be sure to perform lots of homework before signing up. The forex broker is currently regulated by top-tier financial authorities such as the FCA UK , IIROC Canada , ASIC Australia , SILL Luxemburg , SEBI India and SFC Hong Kong. Fidelity vs Interactive Brokers.

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