Top Forex Brokers in Singapore: trading CFDs, Gold, Cryptocurrencies and Binary options - TopForex.Trade

Top Forex Brokers in Singapore: trading CFDs, Gold, Cryptocurrencies and Binary options

Look through the review of the Singapore Forex market. Here you’ll find the info about the most popular trading instruments of Singapore, its financial regulators, and get the list of TOP Forex brokers with their special features and bonuses. 

Financial market of Singapore

Top Forex Brokers Singapore

Singapore has magically grown to one of the leading global financial centers in a short span of less than 50 years – a blink of an eye in the world’s economic history. The factors of success can be attributed to the right time, space, people, and talented leaders. Given the complexity and integrity of modern markets, there are many risks and challenges in a rapidly-changing environment, affecting huge international capital flows and disrupted by crisis after crisis. 

The Singaporean market is regarded as free, innovative, moving, and business-friendly. For several years, Singapore has been one of the few countries with an AAA credit rating, and the only Asian country to achieve it. Singapore attracts a large amount of foreign investment as a result of its location, skilled workforce, low tax rates, advanced infrastructure, and absolute intolerance for corruption.

According to the WEF’s ranking of 141 counties, it is the world’s most competitive economy. There are more than 7 thousand multinational corporations from the United States, Japan, and Europe. Nearly 44% of the workforce is made up of non-Singaporeans. However, despite market freedom, Singapore’s government operations have a significant stake in the economy, contributing 22% of the GDP. 

 

Singapore_Highlights

 

The currency of Singapore is the Singapore dollar (SGD or S$), issued by the Monetary Authority of Singapore (MAS). Currently, around US$33 billion worth of Singapore Dollars is traded every day on the Forex market. The SGD is paired with many world currencies, with some of the most common being the US Dollar, the Australian Dollar, and the Euro.

 

Forex market of Singapore

Singapore is one of the leading Forex trading centers, where operations show large daily trading volumes. It makes the country one of the leading global power hubs in finance, constantly growing and therefore attracting many international investors and accommodating vast trading companies or brokers.

Every day, over half a trillion US dollars of Forex is traded there. This sector is pivotal to Singapore’s standing as a major trading and corporate treasury hub in the region and underpins the vibrancy of Singapore’s international financial center.

With all the top five global banks housing their regional Forex trading teams here, Singapore offers a deep and liquid market for the trading and hedging G-10 currencies, as well as the Asian emerging market ones.

As a major global financial center, Singapore governmental authorities are keen to develop Singapore’s Forex market to serve the growing trade and hedging needs in the region. To this end, it is working with market participants such as banks and trading platforms to build up Singapore’s e-trading infrastructure.

 

The most popular trading instruments in Singapore

Singapore Trading Instruments

As one of the world’s largest currency and fixed income exchange hubs, Singapore is the primary market for foreign exchange, shares, and bonds price discovery in Asia. Instruments there give traders the tools they need to position themselves in a constantly changing market environment.

Let’s look into some of the most popular (according to official data published on the Singapore Forex exchange website) instruments in detail: 

Equities: Derivatives provide a simple, but worthy alternative to stock trading and offer a wide range of strategies to meet a variety of portfolio management requirements.

Interest rates: Uncertainty in the global interest rate environment can be the main reason for investors’ strategy formation. To manage exposure to changes in the global rates’ picture, the Singapore exchange provides access to futures and options contracts on bonds.

Currency pairs: Currency markets are the initial platform of exchange for global trade. To minimize the impact of foreign exchange volatility, the Singapore exchange offers the ability to trade not only the most popular pairs but also major Asian currencies. 

XM Group can provide you with the opportunity to trade SGD/USD! This broker has some of the most favorable conditions for currency pairs trading, including good leverage and a bonus of up to $5000 for your first deposit! 

98
Min. deposit
5$
Min. Spread
0.6
Bonus
Max. leverage
1:888
Used by
5000000+
Trading platforms
MetaTrader 5
MetaTrader 4
Web trader
Deposit methods
Bitcoin, Sofort, UnionPay, Neteller, Wire, Skrill
Regulated by
FCA
CySEC
IFSC
ASIC
98
Min. deposit
5$
Max. leverage
1:888
Bonus
Used by
5000000+
Min. Spread
0.6
Trading platforms
MetaTrader 5
MetaTrader 4
Web trader
Deposit methods
Bitcoin, Sofort, UnionPay, Neteller, Wire, Skrill
Regulated by
FCA
CySEC
IFSC
ASIC

Commodities: The rapid growth in the global demand for commodities seen in recent decades is expected to continue as emerging markets modernize their infrastructure and rising middle classes seek higher-value products in greater quantities. At the crossroads of Asian finance, Singapore sits at the heart of this consumption story and is best positioned to match investors with investment products that span all the major commodity classes.

Oil: Singapore is the world’s top bunkering port and the world’s 3rd largest oil trading center. As such, its exchange is well-placed to offer a host of risk management tools associated with energy prices.

Gold: There is increasing interest in gold trading. With its world-class physical infrastructure, Singapore is well-placed to accommodate this demand. Its innate attributes of neutrality, economic and political stability, excellent connectivity, and reputation as an important financial center have long appealed to global investors and traders. 

Consider joining their circle doing it with HotForex – a reliable broker that offers some of the best possible conditions for gold trading. One perfect option if you’re looking for diversity in your trading portfolio. Also, it offers traders the tightest spreads with no hidden fees and a very generous bonus for your first account top-up of up to $8000! 

96
Min. deposit
5$
Min. Spread
0.5
Bonus
Max. leverage
1:1000
Used by
2500000+
Trading platforms
MetaTrader 5
MetaTrader 4
Web trader
Deposit methods
BitPay, VLoad, FasaPay, UnionPay, Perfect Money, WebMoney, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
FCA
DFSA
FSCA of South Africa
SVGFSA
FSA Seychelles
96
Min. deposit
5$
Max. leverage
1:1000
Bonus
Used by
2500000+
Min. Spread
0.5
Trading platforms
MetaTrader 5
MetaTrader 4
Web trader
Deposit methods
BitPay, VLoad, FasaPay, UnionPay, Perfect Money, WebMoney, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
FCA
DFSA
FSCA of South Africa
SVGFSA
FSA Seychelles

 

Financial regulators of Singapore

Singapore MAS

According to what’s written on its official website, The Monetary Authority of Singapore (MAS) was formed in 1971 and today plays a Central Bank role when it comes to controlling and managing exchange rate dynamics. It executes market intervention at the same time guaranteeing Singapore’s financial and monetary stability. Also, it is the country’s head financial regulator that establishes guidelines for financial institutions and insurance companies.

Besides, the MAS also acts as the sole regulator for Forex brokers of Singapore. Therefore, these brokers need to be authorized by the MAS and obliged to comply with its strict guidelines before accepting clients.

For the ones who put the security of trading above everything else, there is one bright and shiny option – Plus500. It is one of the most user-friendly CFD trading platforms with advanced features and plenty of risk management tools. The broker offers a wide choice of CFD trade instruments, a trading guide, and all the tools to make trading more effective. 

95
Min. deposit
100$
Min. Spread
Variable
Bonus
Max. leverage
1:30
Used by
430000+
Trading platforms
Own Platform
Web Platform
MetaTrader 4
MetaTrader 5
Deposit methods
Trustly, iDEAL, PayPal, Klarna, Credit/Debit Cards, Skrill
Regulated by
MAS
FCA
FSA Seychelles
CySEC
ASIC
95
Min. deposit
100$
Max. leverage
1:30
Bonus
Used by
430000+
Min. Spread
Variable
Trading platforms
Own Platform
Web Platform
MetaTrader 4
MetaTrader 5
Deposit methods
Trustly, iDEAL, PayPal, Klarna, Credit/Debit Cards, Skrill
Regulated by
MAS
FCA
FSA Seychelles
CySEC
ASIC

Yet, aside from MAS regulation, another factor that can plead to you for the broker, is whether it provides a virtual money-funded demo account! It is a perfect thing for practicing trading, trying out your strategies, checking out the broker’s trading platform. 

If you’d like that then pay attention to NAGA. However long you’ve been trading and whatever financial market you’re interested in, NAGA has an option for you. As soon as you register, you get a free demo account with a virtual $10000 balance to explore your opportunities in a risk-free environment.

96
Min. deposit
250$
Min. Spread
0.7
Bonus
Max. leverage
1:1000
Used by
1000000+
Trading platforms
Web Platform
MetaTrader 5
MetaTrader 4
Deposit methods
Maestro, GiroPay, iDEAL, PayPal, Credit/Debit Cards, Skrill
Regulated by
FCA
CySEC
96
Min. deposit
250$
Max. leverage
1:1000
Bonus
Used by
1000000+
Min. Spread
0.7
Trading platforms
Web Platform
MetaTrader 5
MetaTrader 4
Deposit methods
Maestro, GiroPay, iDEAL, PayPal, Credit/Debit Cards, Skrill
Regulated by
FCA
CySEC

 

Trading with leverage: Singapore special case

Volatility is a normal condition when it comes to the financial markets, so it isn’t difficult to understand why both new and experienced traders are hoping to profit from these fluctuations since each rise and fall is a chance to make some money.

Some people consider currency trading risky. Originally, this isn’t that true. Unlike shares, most Forex pairs don’t move up or down by much most of the time. Even during market collapses, currency duos are usually unaffected, since their rate fluctuations are always relative to one another. 

What makes Forex trading both risky and potentially lucrative is the concept of leverage. Leverage involves borrowing a certain amount of the money needed to invest in something and to increase a trader’s position. With it, traders hope to make a higher return than they could by using their own capital. Math is simple: if you start trading with $100, 3% gain will make only $3 profit. However, by going for a 10x leveraged instrument, you’ll earn $30. 

That’s why it’s lucrative, but also that’s why it is tricky: with leverage, you increase possible trade gains, but if it goes south, your losses will be multiplied as well. 

Why do we talk about it here? In the case of Singapore, MAS obligates most retail traders to keep a minimum margin of 5% for all Forex deals.

For better understanding: if you’d like to open a Forex trading position of $10000, you have to have at least $500 of capital. Yet, you can choose to trade with Forex CFDs, which let you employ the price fluctuations of Forex by going long or short.

However, there is another option available for you. Unlike the EU, where you’re bound by excessive caution measures, in Singapore, you can pick a very fine-reputed broker, that is complaining with another authoritative regulator. For example – again – XM Group, where you can get not only Forex bonus of up to $5000 on your first deposit, but also the leverage of 1:888! 

98
Min. deposit
5$
Min. Spread
0.6
Bonus
Max. leverage
1:888
Used by
5000000+
Trading platforms
MetaTrader 5
MetaTrader 4
Web trader
Deposit methods
Bitcoin, Sofort, UnionPay, Neteller, Wire, Skrill
Regulated by
FCA
CySEC
IFSC
ASIC
98
Min. deposit
5$
Max. leverage
1:888
Bonus
Used by
5000000+
Min. Spread
0.6
Trading platforms
MetaTrader 5
MetaTrader 4
Web trader
Deposit methods
Bitcoin, Sofort, UnionPay, Neteller, Wire, Skrill
Regulated by
FCA
CySEC
IFSC
ASIC

 

Cryptocurrency trading in Singapore

singapore-crypto-exchange

Is cryptocurrency legal in Singapore? If you want a very short answer – then yes! 

Singapore is well-known for being a strict country in regard to laws and regulations. However, it takes a balanced approach to cryptocurrency and Bitcoin regulations. Their legality has been firmly embedded into a number of pieces of legislation, making cryptocurrency trade, holding, and other activities legal in Singapore.

Also, Singapore was one of the first countries to welcome blockchain and DLT (distributed ledger technology), alongside Switzerland and Estonia. Businesses and individuals who buy cryptocurrency and profit from the rise in the value of their holdings in Singapore do not pay tax on their deals, as there is no such thing as Capital Gains Tax in Singapore.

If you’d like to benefit from that crypto-favorable environment, then go to AvaTrade. While most brokers prefer to avoid cryptocurrencies and others normally offer Bitcoin and Ethereum, AvaTrade goes the extra mile and provides you with the entire range of these digital assets!

In addition to the opposite spectrum presented by such safe-haven assets like bonds and ETF’s, cryptocurrencies offer an opportunity to diversify your portfolio with more volatile assets and higher risk-to-rewards potentials.

97
Min. deposit
50$
Min. Spread
0.1
Bonus
Max. leverage
1:400
Used by
350000+
Trading platforms
Web Platform
ZuluTrade
MetaTrader 5
MetaTrader 4
Deposit methods
Bitcoin, Sofort, UnionPay, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
ISA
ADGM
FFA of Japan
FSA of Japan
FSCA of South Africa
Central Bank of Ireland
CySEC
FSC of BVI
ASIC
97
Min. deposit
50$
Max. leverage
1:400
Bonus
Used by
350000+
Min. Spread
0.1
Trading platforms
Web Platform
ZuluTrade
MetaTrader 5
MetaTrader 4
Deposit methods
Bitcoin, Sofort, UnionPay, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
ISA
ADGM
FFA of Japan
FSA of Japan
FSCA of South Africa
Central Bank of Ireland
CySEC
FSC of BVI
ASIC

 

Binary options trading in Singapore

Binary options trading is relatively new to Singapore. Since its appearance in 2008, more people have taken an interest in the market since binary trading is convenient and may be easier to master than Forex trading. 

By definition, a binary option is an object of derivatives trading, where traders must guess only whether the value of an asset will increase or decrease. A successfully predicted trade earns returns based on the invested amount. If the trader predicts incorrectly, he loses all the investment!

Sounds easy? It is, only if you have a reliable broker to help! Expert Option is a good choice for beginners, who’d like to start trading with a simple, fast, and secure platform supporting different payment systems. User-friendly trading tools and social trading features are there for you as well as the bonus for topping up your account in the first hour after registration! 

93
Min. deposit
10$
Min. Spread
0.01
Bonus
Max. leverage
1:100
Used by
70000000+
Trading platforms
Own Platform
MetaTrader 4
MetaTrader 5
Web trader
Deposit methods
OrangePay, FasaPay, JCB, M-Pesa, UnionPay, Yandex Money, QIWI, Perfect Money, WebMoney, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
VFSC
SVGFSA
93
Min. deposit
10$
Max. leverage
1:100
Bonus
Used by
70000000+
Min. Spread
0.01
Trading platforms
Own Platform
MetaTrader 4
MetaTrader 5
Web trader
Deposit methods
OrangePay, FasaPay, JCB, M-Pesa, UnionPay, Yandex Money, QIWI, Perfect Money, WebMoney, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
VFSC
SVGFSA

Also, when it comes to binary trading, IQ Option, probably, is the most well-known around the world! Aside from binary options, it supports Forex and crypto trading, providing an intuitive interface and environment. There also are all the features listed above and many more, including a friendly, multilingual support team available 24/7 or any time a trader needs them.

95
Min. deposit
10$
Min. Spread
0.5
Bonus
Max. leverage
1:1000
Used by
48000000+
Trading platforms
Own Platform
MetaTrader 4
MetaTrader 5
Web trader
Deposit methods
UnionPay, Boleto, WeChat Pay, Jeton, AstroPay, Yandex Money, QIWI, Perfect Money, AdvCash, ClickPay, WebMoney, Klarna, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
CySEC
95
Min. deposit
10$
Max. leverage
1:1000
Bonus
Used by
48000000+
Min. Spread
0.5
Trading platforms
Own Platform
MetaTrader 4
MetaTrader 5
Web trader
Deposit methods
UnionPay, Boleto, WeChat Pay, Jeton, AstroPay, Yandex Money, QIWI, Perfect Money, AdvCash, ClickPay, WebMoney, Klarna, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
CySEC

 

TOP Forex brokers of Singapore

Global and regional Forex and CFDs brokers continue to expand their regional footprint in Singapore and are actively working to create their trading infrastructure and provide their users with some of the best possible market conditions. 

Traders looking for an online broker to trade with from Singapore should find one authorized by the reputable regulator, that offers a broad range of trading instruments, a well-equipped trading platform, and also holds a good reputation with clients.

To help you, we have compiled a list of brokers, verified by our team experts, that match all these criteria!

XM Group in Singapore

The broker has been there for more than a decade and offers one of the broadest trading instrument choices with attractive trading conditions, numerous educational materials, and trade incentives. It is suitable for traders of all levels who want to have access to many market sectors and have their broker’s support as they go. And of course, we can’t forget the nicest part – XM Group offers three bonus program types, complementing them with free VPS and zero-fee deposits and withdrawals. You’ll get a 100% automatic entry bonus of up to $5000 on your first deposit.

 

Plus500 in Singapore

Plus500 is one of the most user-friendly CFD trading platforms with advanced features and plenty of risk management tools. It offers a wide choice of CFD trade instruments, a trading guide, and all the mechanisms to make trading more effective and secure.

If you’re still new to CFDs trading & cautious about possible losses, Plus500 has an option for you too! You can make use out of Plus500’s very detailed trading guide and open a demo account. It will give you a chance to practice, test your trading strategies & gain the necessary experience in real market conditions, being completely risk-free, as you can’t lose real money!

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AvaTrade in Singapore

AvaTrade is a broker that offers a number of tools, from tech-advanced autotrade terminals to financial risk-management initiatives. In addition to the traditional trading instruments such as Forex, AvaTrade also offers cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash, Litecoin, Bitcoin Gold, and EOS.

 

HotForex in Singapore

HotForex may be a choice for traders who want to become a part of an excellent bonus program and get access to an extensive choice of trading instruments! It is a reliable broker that offers some of the best possible conditions for gold trading. One perfect choice if you’re looking for diversity for your trading portfolio. Also, it offers a very generous trading bonus of up to $5000.

 

NAGA in Singapore

NAGA would be one of the best options if you’re looking for a broker that can provide you with advanced, but user-friendly trading tools and introduce you to the trading community at the same time. It offers a wide choice of trade instruments and educational bases to make trading more effective and secure. The last point is guaranteed by several reputable regulative bodies, those rules NAGA has to follow. 

 

Forex Time (FXTM) in Singapore

FXTM is an international online trading broker that provides users with an extensive educational base, investment opportunities, and attractive trading conditions. Moreover, it offers interesting trading tools and features, Copy Trading being the main one.

If you’d like to diversify your portfolio and value all features, mentioned above, equally, then it’s a good thing that actually you don’t have to pick just one broker! Be sure to take full advantage of available demo accounts to test all your trading strategies, and benefit from some of the most generous bonus systems! 

By registering and confirming an account with several of the TOP brokers in Singapore, you can not only personally compare trading platforms to find the most fitting one for yourself, but also maximize the Forex bonuses you receive! It will allow you to conduct more tests of various trading strategies.

You can also manage risk by expanding your approach. For example, you can trade on some brokers on your own, while on others you can use the copy-trading function, which gives you the opportunity to get some passive income.

The choice of a trading strategy is yours, and we present a list of the Top Forex brokers in Singapore, so you can trade online with a reliable partner.

 

 

Top Forex Brokers in Singapore: FAQ

The list of the most popular instruments includes Forex currency pairs, commodities (oil and gold), equity derivatives, interest rates, and indices. Also, some of the regulated brokers that we review in the article provide Singapore traders with the ability to trade cryptocurrencies.
The Monetary Authority of Singapore (MAS) is the country's head financial regulator that establishes guidelines for financial institutions and also acts as the sole regulator for Forex brokers in Singapore.
Singapore takes a balanced approach to cryptocurrency regulations, so crypto trading is a legalized matter. Read our article, so you’ll get to know the best brokers to do it with!
Being approved by MAS and other global financial regulators is a huge deal and a very valuable demonstration of reliability since brokers are obliged to comply with its strict guidelines before accepting clients. So security assured, there are several brokers that may comply with your high standards because of fantastic additional features. So be sure to check out the ones we mentioned in the article.