Where can I trade forex with low fees in Singapore?
Verdict
- Pepperstone is where we would trade forex with low fees from Singapore: Razor averages 0.1 pips on EUR/USD plus SGD 4.55 commission per side in an SGD account, and deposits and most withdrawals are free.
- Pepperstone charges no inactivity fee; the main extra fee is USD 20 on international bank wire withdrawals.
- Phillip Securities' POEMS, which is MAS-regulated, advertises FX CFDs "from as low as 0.3 pips" with no commission, a minimum figure rather than an average.
- Pepperstone serves Singapore residents through Pepperstone Markets Limited (SCB Bahamas, SIA-F217), without a MAS licence.
Low fees are the sum of four things: the spread, the commission, the cost of moving money in and out, and the charges for doing nothing. Pepperstone is low on all four for a Singapore resident, provided you accept an offshore entity.
Pepperstone's full fee picture for a Singapore account
| Fee | Amount |
|---|---|
| EUR/USD, Razor | 0.1 pips average + SGD 4.55 per side (SGD account) |
| EUR/USD, Standard | 1.1 pips average, no commission |
| Deposits | Free (cards, Apple Pay, Google Pay, PayPal, Neteller, Skrill, bank transfer, crypto) |
| Withdrawals | Free, except international bank wires at USD 20 |
| Inactivity fee | None |
| Minimum funding | USD 10 or local equivalent |
Affiliate link — we may earn a commission at no extra cost to you.
A month of trading, costed
Say you trade 20 standard lots of EUR/USD a month in an SGD account. On Razor you pay 20 × SGD 9.10 = SGD 182 in commission, plus the spread: 0.1 pips on each lot is USD 1, so USD 20 in total. On Standard, 1.1 pips is USD 11 a lot, or USD 220 for the month, with no commission. Razor comes out cheaper once you convert, and the gap grows with volume. A domestic bank deposit is free; a withdrawal by international wire costs USD 20, so withdraw through a free method where you can.
How it compares with other options
- Phillip Securities (POEMS): MAS-regulated, FX CFD spreads "from as low as 0.3 pips" with USD 0 commission; Phillip MT5 from 0.6 pips on majors. Overnight positions carry swap adjustments. These are "from" figures, so compare live quotes, not headlines.
- XS: from 0.1 pips on EUR/USD on its Elite account with a USD 6 round-turn commission and a USD 500 minimum; no SGD base currency, so conversion costs may apply.
- Capital.com does not accept Singapore residents.
Fees that are easy to miss
- Currency conversion: funding a USD account from SGD costs a conversion somewhere. Pepperstone's SGD base currency avoids it.
- Local transfer methods: Pepperstone publishes no PayNow or FAST option, so check which bank route is free for you.
- Swap: holding positions overnight adds a financing charge or credit.
Sources
Fee pages used in this comparison.
Is Pepperstone's SGD commission higher than the USD one?
SGD 4.55 per side is the SGD-account equivalent of USD 3.50 per side; which costs more depends on the exchange rate on the day.
Does Pepperstone charge for deposits from Singapore?
Its published deposit methods are all free. It does not list PayNow or FAST, so check your bank's own charges for the route you use.
Are POEMS spreads lower than Pepperstone's?
We cannot say. POEMS publishes a "from" minimum of 0.3 pips with no commission; Pepperstone publishes averages. Compare both platforms' live EUR/USD quotes at the same moment.
Forex and CFD trading uses leverage and carries a high risk of losing money quickly. Low fees do not reduce that risk. This page is general information, not investment advice.