Which forex trading app is best in Singapore?
Verdict
- Pepperstone is our pick for forex trading on a phone in Singapore: 93 FX instruments in its account tables, an SGD base currency, and published Razor averages of 0.1 pips on EUR/USD, 0.2 on GBP/USD and 0.3 on USD/JPY plus commission.
- Retail leverage under its Bahamas licence reaches 1:200 on forex, far above the 1:30 its UK and Australian clients get; treat it as a ceiling.
- Pepperstone holds no MAS licence. OANDA, IG and CMC Markets each name a Singapore company with a MAS licence if that is your priority.
- XS is our offshore runner-up for MetaTrader users, with an Elite account published at 0.1 pips average plus $6 commission per lot.
If you want one app that covers the majors, the yen crosses and SGD funding at published low costs, use Pepperstone. Below are its pair-by-pair averages, what 1:200 leverage really means, and the licensed local alternatives.
Pepperstone: our pick for forex on your phone
A forex app earns its place on three counts: pricing on the pairs you trade, the depth of the pair list, and whether it can grow with you. Pepperstone's international account tables count 93 FX instruments. Pricing is published per pair, not as a vague 'from' headline. And the app is only one of five platforms on the same login: the Razor account also runs on MT4, MT5, cTrader and TradingView, so moving to desktop charting or automated strategies later means no new broker. Fund in Singapore dollars and Razor commission is charged at SGD 4.55 per side.
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Published spreads on the pairs Singapore traders watch
Averages as published by Pepperstone. Razor adds $3.50 per side in the app and on MT5 ($3.00 on cTrader); Standard has no commission. We have no verified USD/SGD figure, so it is not shown.
| Pair | Razor average | Standard average | Razor round trip per lot, app or MT5 |
|---|---|---|---|
| EUR/USD | 0.1 | 1.1 | about $8 |
| GBP/USD | 0.2 | 1.2 | about $9 |
| USD/JPY | 0.3 | 1.3 | 0.3 pips + $7; the dollar value of a pip moves with the yen rate |
1:200 on a phone: what that leverage means
Under its Bahamas licence Pepperstone lets retail clients trade forex at up to 1:200, so a $10,000 EUR/USD position ties up $50 of margin. A move of half a percent against that position equals the whole margin. That is the reason ASIC and FCA rules cap retail forex at 1:30 for Pepperstone's Australian and UK clients. Professional clients, who must self-certify two of three tests (trading experience, over USD 500,000 in cash and investments, or industry experience), can reach 1:500. A sensible app setup: set your own position-size limit before the first trade, not after a loss.
If you want a MAS-licensed forex app instead
- OANDA: MAS capital markets services licence (company 200704926K); OANDA Mobile, its own web portal, MT5 and TradingView.
- IG: IG Asia Pte Ltd holds a MAS capital markets services licence; IG's platform pages list its web platform and app, MT4, MT5 and TradingView.
- CMC Markets: names a MAS-regulated Singapore business; Next Generation web platform, mobile app and MT4.
- None of the three publishes an average EUR/USD spread in our data, so compare their live prices with Pepperstone's averages before choosing.
XS for MetaTrader users
XS accepts Singapore residents and publishes an Elite account at 0.1 pips average on EUR/USD with a $6 round-turn commission and a $500 minimum, which matches Pepperstone's cTrader price. Its platforms are MT4, MT5 and the XS Trading App, its account currencies are USD, EUR and JPY, and its regulations page lists no MAS licence. XS also advertises dynamic leverage of up to 1:2000 without naming the entity it applies to, so ask which company will hold your account.
Sources
Broker pages behind the figures above.
Can I trade USD/SGD on Pepperstone's app?
Pepperstone lists 93 FX instruments, but we have not verified a USD/SGD spread, so check the pair and its live spread in the app's market list.
Which Pepperstone account is better for forex?
Razor if you trade a lot or in size: about $8 a lot round trip on EUR/USD in the app versus about $11 on Standard. Standard if you prefer one all-in price.
Does XS offer an SGD account?
No. XS lists USD, EUR and JPY as account currencies.
Is forex leverage lower with MAS-licensed apps?
We do not hold verified leverage figures for the MAS-licensed firms, so check each one's retail margin rates; Pepperstone's Bahamas entity allows up to 1:200.
Forex and CFD trading uses leverage and can lead to fast losses. Pepperstone's international site reports that 80% of retail investor accounts lose money trading CFDs with this provider. This is not investment advice.