Which trading app is best for beginners in Singapore?
Verdict
- For a beginner in Singapore who is comfortable with an offshore account, Pepperstone's own app is our pick: you can start with $10, hold the account in Singapore dollars and trade a Standard account where the spread is the only dealing cost (1.1 pips published average on EUR/USD).
- Pepperstone holds no MAS licence. Singapore residents are served by Pepperstone Markets Limited in the Bahamas (SCB licence SIA-F217), and that site says 80% of retail CFD accounts lose money with it.
- If you would rather start with a MAS-licensed app, eToro Singapore (CMS101824) also begins at $10 and Plus500SG (CMS100648) runs its own app; both keep you on a single in-house platform.
- XS is our second pick among offshore apps that accept Singapore residents, but it offers no SGD account and its lowest-cost account needs $500.
Start on the Pepperstone app with a Standard account, tiny position sizes and money you can afford to lose. Below: what the app gives a first-time trader, what it does not (a Singapore licence), and how it lines up against XS and two MAS-licensed apps.
Why the Pepperstone app suits a first account
A beginner needs three things from an app: a small entry ticket, costs that are easy to read, and a safety net if a trade goes badly. Pepperstone covers all three. The minimum is $10 or the local equivalent, and its funding page lists card, Apple Pay and Google Pay deposits from $10 as free and instant. On the Standard account there is no commission on forex, so the spread on screen is the whole dealing cost; Pepperstone publishes averages of 1.1 pips on EUR/USD and 1.2 on GBP/USD. The Bahamas entity's terms also say retail clients are not liable for negative equity, so a price gap cannot leave you owing money. The same Standard account also runs on MT4, MT5 and cTrader for later.
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What your first trades cost in the app
Keep early trades tiny. A micro position of 0.01 lots on EUR/USD (1,000 units) moves about 10 cents per pip, so at the 1.1-pip Standard average the spread costs roughly 11 cents for the whole round trip. At 0.1 lots it is about $1.10. A few things can add to that bill:
- Overnight financing if you hold a position past the daily rollover; the app shows the rate before you commit.
- Currency mismatch: pick the currency you fund in as your base currency. SGD is one of ten Pepperstone offers, alongside USD, HKD, AUD, JPY and others.
Pepperstone, XS and two MAS-licensed apps compared
Beginner-relevant terms only, as each firm publishes them. eToro and Plus500 appear because they hold MAS licences; we have no like-for-like published spreads for them, so cost is left out rather than guessed.
| Pepperstone | XS | eToro Singapore | Plus500SG | |
|---|---|---|---|---|
| Regulator for Singapore clients | SCB, Bahamas (SIA-F217); no MAS licence | No MAS licence on XS's regulations page | MAS, CMS101824 | MAS, CMS100648 |
| Minimum to start | $10 | $0 headline; $500 for the Elite account | $10 | Set per payment method |
| Platforms | Own app and web, MT4, MT5, cTrader, TradingView | XS Trading App, MT4, MT5 | eToro app and web platform | Plus500 app and web platform |
| SGD base currency | Yes | No (USD, EUR, JPY) | Not in our data | Not in our data |
The step beginners skip: who holds your money
Pepperstone has no Singapore website. Its own language tags send Singapore visitors to pepperstone.com/en, which is operated by Pepperstone Markets Limited, company 177174 B in Nassau. A search of the MAS Financial Institutions Directory returns no result for Pepperstone, and Pepperstone names no compensation scheme for clients of this entity. In plain terms, you would not be dealing with a MAS-supervised firm. If that matters more to you than platform choice and published costs, open your first account with eToro Singapore or Plus500SG. If you choose Pepperstone, keep the balance small while you learn, test a withdrawal early, and send profits back to the card or account you funded from.
Sources
Pages each firm or regulator publishes.
Can I hold a Singapore dollar account on the Pepperstone app?
Yes. SGD is one of the base currencies Pepperstone lists for its international accounts, along with USD, EUR, GBP, AUD, CAD, CHF, JPY, NZD and HKD.
Should a beginner open Standard or Razor?
Standard, for most people. Razor averages 0.1 pips on EUR/USD plus $3.50 commission per side, which is cheaper per lot, but at micro sizes the saving is a few cents and a single all-in spread is easier to follow while you learn.
Is Pepperstone licensed by MAS?
No. The MAS directory returns no result for Pepperstone, and Singapore clients contract with its Bahamas entity, Pepperstone Markets Limited.
CFDs are complex instruments and carry a high risk of losing money rapidly because of leverage. Pepperstone Markets Limited states that 80% of retail investor accounts lose money when trading CFDs with it. This page is general information, not investment advice.