Who is the best forex broker in Singapore?
Verdict
- Pepperstone is our pick for forex traders in Singapore: 93 FX pairs, published Razor averages of 0.1 pips on EUR/USD, 0.2 on GBP/USD and 0.3 on USD/JPY, and SGD base-currency accounts from $10.
- Singapore residents trade with Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas (SIA-F217); Pepperstone has no MAS licence.
- XS is our second choice, at a 0.1-pip EUR/USD average on its Elite account with a $6 round-turn commission and a $500 minimum.
- OANDA, CMC Markets and IG hold MAS licences through Singapore companies, but publish 'from' spreads rather than averages.
For currency trading the numbers that matter are the all-in cost on the pairs you trade, the account currency, and who supervises the firm. Pepperstone leads on the first two for Singapore residents. On the third, MAS-licensed brokers have the edge, and the comparison below shows what each choice costs you.
Pepperstone for forex: the case in numbers
Pepperstone's account tables list 93 FX pairs. On the majors, its published Razor averages are 0.1 pips on EUR/USD, 0.2 on GBP/USD and 0.3 on USD/JPY, with commission of $3.50 per side on MT5 and TradingView or $3.00 on cTrader. Hold the account in SGD and the commission is SGD 4.55 per side. Retail FX leverage under the Bahamas licence goes up to 1:200.
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Major-pair costs at Pepperstone
Published averages turned into dollars for one standard lot, with $10 a pip on these pairs for a USD account. Razor uses the MT5 commission of $7 round turn.
| Pair | Razor avg | Razor total | Standard avg | Standard total |
|---|---|---|---|---|
| EUR/USD | 0.1 pips | $8 | 1.1 pips | $11 |
| GBP/USD | 0.2 pips | $9 | 1.2 pips | $12 |
| USD/JPY | 0.3 pips | $7 commission + 0.3 pips (pip value moves with the yen rate) | 1.3 pips | 1.3 pips, no commission |
Which is the best forex broker for Singapore traders?
Pepperstone if your priority is published cost and platform choice and you accept a Bahamas-licensed account. A MAS-licensed broker if local supervision comes first. XS sits between the two on price, matching Pepperstone's cTrader cost on EUR/USD, but offers fewer platforms and no SGD account. Capital.com, our usual second pick in other markets, does not accept Singapore residents.
Forex broker comparison for Singapore
EUR/USD terms as published. OANDA's figures come from its BVI pricing page; CMC's and IG's from their UK sites. Confirm the Singapore entity's pricing before you open an account.
| Broker | Singapore licence | EUR/USD | Minimum deposit |
|---|---|---|---|
| Pepperstone | None; Bahamas SCB SIA-F217 | Razor 0.1 pips avg + $3.50/side | $10 |
| XS | None listed | Elite 0.1 pips avg + $6 round turn | $500 (Elite) |
| OANDA | MAS (OANDA Asia Pacific Pte Ltd) | From 1.0 pip, or from 0.1 plus commission | $0 |
| CMC Markets | MAS (CMC Markets Singapore) | From 0.5 pips; FX Active from 0.0 plus commission | $0 |
| IG | MAS (IG Asia Pte Ltd) | From 0.6 points | Conflicting figures on IG's own site |
Questions to settle before you open
- Is a Bahamas-licensed account acceptable to you, given no investor compensation scheme is named for it?
- Will you trade enough to prefer Razor's commission model over Standard's single spread?
- Do you want your balance in SGD? Pepperstone offers it; XS lists USD, EUR and JPY only.
- Which platform will you use? XS does not offer cTrader or TradingView.
Sources
Pricing and licence pages used above.
What forex leverage can I use from Singapore at Pepperstone?
Up to 1:200 on FX as a retail client of the Bahamas entity. Professional clients can reach 1:500 if they qualify.
Can I trade forex in Singapore dollars with Pepperstone?
Yes. SGD is one of ten base currencies on the international site, and the Razor commission in SGD is 4.55 per side per lot.
Is OANDA regulated in Singapore?
Yes. OANDA Asia Pacific Pte Ltd holds a MAS capital markets services licence, according to OANDA's group page.
Margin forex and CFDs are high-risk, leveraged products; you can lose your money rapidly. Pepperstone's international site says 80% of retail investor accounts lose money trading CFDs with it. Broker terms change, so verify them before opening an account. Not investment advice.