Compare Pepperstone, IG and CMC Markets for Singapore traders
Verdict
- Pepperstone is our first pick of the three for cost and platform choice: Razor averages 0.1 pips on EUR/USD plus commission, the account opens from $10, and it runs on MT4, MT5, cTrader, TradingView and its own app.
- IG and CMC Markets both serve Singapore through MAS-licensed companies; Pepperstone does not hold a MAS licence and contracts Singapore residents through Pepperstone Markets Limited in the Bahamas (SIA-F217).
- IG has the widest platform list of the three, including ProRealTime and L2 Dealer; CMC's own Next Generation platform plus MT4 is the narrowest.
- If local MAS supervision is your first requirement, choose IG or CMC; if published cost and platforms come first, choose Pepperstone.
These three are often shortlisted together, but they differ most on one point Singapore traders should settle first: who regulates the company holding your account. After that, cost and platforms separate them.
Our pick: Pepperstone, with one trade-off
Pepperstone publishes average spreads, not just minimums, which makes it the easiest of the three to price: EUR/USD averages 0.1 pips on Razor and 1.1 on Standard. The trade-off is regulation. Your account sits with Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas, which names no compensation scheme for these clients. Retail clients are not liable for negative equity under its terms.
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The three side by side
| Pepperstone | IG | CMC Markets | |
|---|---|---|---|
| Singapore regulation | None (SCB Bahamas, SIA-F217) | MAS — IG Asia Pte Ltd | MAS — CMC Markets Singapore |
| EUR/USD pricing | Razor 0.1 avg + commission; Standard 1.1 avg | From 0.6 points (UK page) | From 0.5 pips standard; FX Active from 0.0 + 0.0025% (UK pages) |
| Type of figure | Average | Minimum | Minimum |
| Minimum deposit | $10 | $450 for Singapore in IG's international table | $0 in our data |
| Platforms | Own app, MT4, MT5, cTrader, TradingView | Own app, MT4, MT5, ProRealTime, L2 Dealer, TradingView, APIs | Next Generation, mobile app, MT4 |
| Swap-free account | Not for Singapore residents | Not verified for Singapore | None published |
Reading the pricing fairly
IG's and CMC's EUR/USD numbers come from their UK pages and are "from" figures, the tightest spread they show, while Pepperstone's are averages. That makes Pepperstone look no cheaper on paper than it is in practice. A Razor round turn of one lot on cTrader is about $7 ($1 spread plus $6 commission). CMC's FX Active account charges 0.0025% of the trade value per transaction, which on a $100,000 position is $2.50 each way before spread. Check the Singapore versions of both firms' fee pages before comparing to the cent.
Who each broker suits
- Pepperstone: cost-focused forex and CFD traders who want cTrader or TradingView, and accept offshore regulation.
- IG: traders who want MAS supervision and the broadest platform set, including ProRealTime.
- CMC Markets: traders who want MAS supervision and are happy on CMC's own platform or MT4.
Checks before you open any of them
- Search the company name in the MAS Financial Institutions Directory; Pepperstone returns no result there.
- Confirm whether you can hold an SGD account. Pepperstone lists SGD as a base currency.
- Find the guaranteed-stop policy if you need one; Pepperstone does not publish one.
Sources
Which of the three is regulated by MAS?
IG (IG Asia Pte Ltd) and CMC Markets (CMC Markets Singapore). Pepperstone is not; it serves Singapore residents from the Bahamas.
Which has the lowest minimum deposit?
CMC shows $0 in our data and Pepperstone $10. IG's international table lists $450 for Singapore, though its UK help centre gives lower figures.
Which offers cTrader?
Only Pepperstone of the three. Its cTrader FX commission is $3.00 per side per standard lot.
CFDs are leveraged and complex, so losses can build quickly and can equal your whole deposit. Read the broker's risk disclosure first. We publish broker-stated facts for information only, not as investment advice.