Pepperstone or Tiger Brokers for CFD trading?
Verdict
- For CFD trading, choose Pepperstone: Tiger Brokers' Singapore site lists stocks, ETFs, options, futures, funds and US Treasuries, but no CFDs or spot-forex accounts.
- Pepperstone offers CFDs on FX, indices, commodities, shares, ETFs and crypto from a $10 minimum, with Razor EUR/USD at a 0.1-pip published average plus commission.
- Tiger Brokers (Singapore) Pte. Ltd. is licensed by MAS; Pepperstone is not, and serves Singapore residents through Pepperstone Markets Limited in the Bahamas (SCB SIA-F217).
- If you want currency exposure at Tiger, its route is CME FX futures, which trade on an exchange with set contract sizes rather than as CFDs.
The two firms do different jobs. Tiger Brokers is a MAS-licensed brokerage for exchange-traded products; Pepperstone is a CFD and forex broker. If the product you want is a CFD, only one of them sells it.
Pepperstone is the one that offers CFDs
Pepperstone's international site, where Singapore visitors are sent, lists CFDs on forex, indices, commodities, shares, ETFs and crypto, plus perpetual CFDs on gold, the NAS100, the US500 and two oil contracts in its retail margin table. Its account tables count 93 FX pairs, 26 indices, 1,162 shares, 40 commodities, 95 ETFs and 31 crypto CFDs (data from 12 March 2025). Tiger's Singapore product list contains none of these as CFDs.
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Different products, different rules
| Pepperstone | Tiger Brokers | |
|---|---|---|
| Products | CFDs on FX, indices, commodities, shares, ETFs, crypto | Stocks, ETFs, options, futures, funds, A-shares, US Treasuries |
| Currency trading | Spot FX CFDs, 93 pairs | CME FX futures only |
| Singapore regulator | None — SCB Bahamas SIA-F217 | MAS — Tiger Brokers (Singapore) Pte. Ltd. |
| Platforms | Own app, MT4, MT5, cTrader, TradingView | Tiger Trade app, desktop and web |
| Retail FX leverage | Up to 1:200 | Exchange futures margin (not a CFD ratio) |
| Minimum deposit | $10 | Not verified |
What a currency trade costs on each
On Pepperstone a standard EUR/USD lot (100,000 euros) on Razor costs about $8 a round turn on MT5: a $1 spread at the 0.1-pip average plus $7 commission. On Tiger, Singapore clients trade EUR/USD through CME futures; its fee table shows a row of 1.99 / 1 / 1.6 / 0.01 USD for the Euro FX future (commission, platform, exchange and regulatory fees in Tiger's layout), with the bid-ask spread on top. The products are not equivalent: a futures contract has a fixed size and expiry, a CFD does not.
When Tiger is the better account
- You want to own shares or ETFs outright rather than trade price moves.
- You trade listed options or exchange futures.
- You want your broker supervised by MAS.
Before opening a CFD account with Pepperstone
- Accept that the contracting company is regulated in the Bahamas, not by MAS, and that no compensation scheme is named for it.
- Choose Standard (no commission, 1.1-pip EUR/USD average) or Razor (0.1-pip average plus commission).
- Pick SGD as your base currency if you want to avoid conversion; it is on the international site's list.
Sources
Does Tiger Brokers offer CFDs in Singapore?
Its Singapore site lists no CFD or spot-forex accounts. Its products are shares, ETFs, options, futures, funds and Treasuries.
Is Pepperstone regulated by MAS?
No. Singapore residents are served by Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas.
Can I trade share CFDs with Pepperstone?
Yes. Pepperstone counts 1,162 share CFDs; US shares cost $0.02 per share in commission, HK shares 0.2% per side.
CFDs are complex instruments and carry a high risk of losing money rapidly because of leverage. Only trade if you understand how CFDs work and can afford to lose the money you put in. This page is not investment advice.