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Best Forex Brokers in Singapore

Forex trading is a great way to round out an investment portfolio. Check out the pros, cons, and spreads for the best online Forex brokers on SingSaver.

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FEATURED
moomoo SG

moomoo SG

Min. Commission Fee (SG Stocks)
S$ 0
info
Min. Deposit
S$ 0
info
Min. Spread (USD EUR)
0.6

3 Offers Available

March Madness Grand Lucky Draw
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)

Valid until

31 March 2024

SingSaver Exclusive Offer
Up to S$130 Cash via PayNow
Up to S$130 Cash via PayNow

Valid until

31 March 2024

Welcome Offer
Up to S$540* worth of US stocks and up to 6.8%^ p.a. returns
Up to S$540* worth of US stocks and up to 6.8%^ p.a. returns

Valid until

01 April 2024

FEATURED
CMC Markets

CMC Markets

Min. Commission Fee (SG Stocks)
S$ 10
info
Min. Deposit
S$ 0
info
Min. Spread (USD EUR)
0.5
info

Things to consider for this product:

check

Popular

FEATURED
City Index

City Index

Min. Commission Fee
S$ 8
info
Min. Deposit
S$ 150
info
Min. Spread (USD EUR)
0.5
info

2 Offers Available

SingSaver Exclusive Offer
S$50 Cash via PayNow
S$50 Cash via PayNow

Valid until

31 March 2024

Welcome Offer
50% cashback up to S$888
50% cashback up to S$888

Valid until

31 March 2024

moomoo SG

moomoo SG

Min. Commission Fee (SG Stocks)
S$ 0
info
Min. Deposit
S$ 0
info
Min. Spread (USD EUR)
0.6

3 Offers Available

March Madness Grand Lucky Draw
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)

Valid until

31 March 2024

SingSaver Exclusive Offer
Up to S$130 Cash via PayNow
Up to S$130 Cash via PayNow

Valid until

31 March 2024

Welcome Offer
Up to S$540* worth of US stocks and up to 6.8%^ p.a. returns
Up to S$540* worth of US stocks and up to 6.8%^ p.a. returns

Valid until

01 April 2024

ProsperUs by CGS-CIMB

ProsperUs by CGS-CIMB

Min. Commission Fee (SG Stocks)
S$ 0
Min. Deposit
S$ 0
Saxo Markets

Saxo Markets

Min. Commission Fee (SG Stocks)
S$ 3
info
Min. Deposit
S$ 0
info
Min. Spread (USD EUR)
0.5
info

2 Offers Available

Welcome Offer
Free Upgrade to Platinum tier account
Free Upgrade to Platinum tier account

Valid until

30 June 2024

Welcome Offer
Up to S$750
Up to S$750

Valid until

31 March 2024

Things to consider for this product:

check

Popular

City Index

City Index

Min. Commission Fee
S$ 8
info
Min. Deposit
S$ 150
info
Min. Spread (USD EUR)
0.5
info

2 Offers Available

SingSaver Exclusive Offer
S$50 Cash via PayNow
S$50 Cash via PayNow

Valid until

31 March 2024

Welcome Offer
50% cashback up to S$888
50% cashback up to S$888

Valid until

31 March 2024

IG

IG

Min. Commission Fee (SG Stocks)
S$ 10
info
Min. Deposit
S$ 0
info
Min. Spread (USD EUR)
0.6
info

Offer Available

Welcome Offer
Up to S$150 rebates on spread or commission
Up to S$150 rebates on spread or commission

Valid until

31 March 2024

OANDA

OANDA

Min. Commission Fee
S$ 50
info
Min. Deposit
S$ 0
info
Min. Spread (USD EUR)
0.6
info

Latest Forex Investment News

Read the latest news about Forex Investment products in Singapore and the best money saving tips.

Forex trading explained

Foreign currency exchange, better known as Forex, is probably not as complicated as it is made out to be. Akin to how you would wait for the best exchange rates at a money changer before swapping your SGD to something else, Forex trading involves trading currencies at the optimal price to turn a profit.

Forex trading explained

Forex trading requires you to concurrently buy one currency and sell another via a broker. In order to do that, currencies are paired. These are called exchange rate pairs and an example would be the EUR/USD. In Forex trading, what you’re doing is hedging against the strength of an entire nation’s economy instead of a single company a la the stock market.

Why do investors like it?

Firstly, Forex trading can be performed 24 hours a day, 5 days a week because currencies are traded across all financial centres in the world. Furthermore, the Forex market is extremely large, clocking in at US$6.6 trillion (S$8.9 trillion) as of September 2019. Lastly, liquidity is high due to the large amount of activity that takes place daily. This lets traders enter and exit positions with ease.

Pros and cons of Forex trading

Pros:

  • You can trade at almost any day and time of the week
  • Liquidity is high, allowing you to enter and exit positions easily
  • Prices cannot be controlled by a single institution for extended periods of time
  • It’s easy to get started, with brokers offering different types of forex trading accounts
  • Leveraging on Forex trading allows you to control large positions and potentially increase your returns

Cons:

  • But leverage is a double-edged sword, especially if you don’t fully understand it and don’t have sufficient capital to begin with
  • The learning curve is steep, requiring months or even years to study and develop a trading system
  • Volatility in the Forex market is high, creating sharp price hikes and drops in a short span of time

Need some help with Forex ?

no worries, we've got you covered.

Is Forex trading a good investment?

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Forex trading is good for its accessibility, but whether it is a suitable vehicle or not depends on your risk appetite and knowledge. For starters, the market is open almost 24/7. It’s naturally tailored to your schedule and as a result, various trading styles can be applied. Contrary to popular belief, you don’t need to stare at charts for an entire day lying in wait for large price shifts.

Additionally, Forex trading is an excellent way to diversify your investment portfolio. The barrier to entry is low because:


1. There’s an abundance of learning materials and research tools to get you off the ground quickly.

2. The cost is low because brokers don’t charge commission or brokerage fees. They use spreads instead: a built-in cost referring to the difference between the bid and ask price of currencies.

3. There’s a variety of currency pairs that can be traded. A total of 28 pairs can be created just from the 8 major currencies alone. Additionally, commodities such as gold and silver can be paired with currencies and traded in the same manner.

How do I start investing in Forex?

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Firstly, you’ll need to select a Forex broker. The rule of the thumb is to pick a credible one that offers low spreads. Sign up for an account and start demo trading for several months to a year before you invest actual money. Demo trading lets you familiarise yourself with the broker’s features and tools along with the unique characteristics of the currency pairs that you would like to trade.

More importantly, demo trading lets you apply what you have learned and experiment with different trading styles or systems at no cost. Becoming proficient in Forex trading takes a considerable amount of time and patience because of its steep learning curve and the relatively high risk involved.

Is Forex better than stocks?

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The Forex market is much larger than the stock market and affords much more flexibility for retail traders, because of low costs and ease of access. However, every asset class has its advantages and disadvantages – Forex is no different.

Stocks, especially blue chip stocks, offer much more stability than the various currency pairs in the Forex market. Additionally, leverage for Forex trading is much higher than stocks. Although this can translate into much greater returns, don’t forget that it can also mean higher losses.

What other considerations do you need to keep in mind?

expand_more

Forex trading is incredibly lucrative due to its large market size and how flexible it is. Whether you’re a long-term trader or short seller, night owl or early bird, opportunities to turn a profit are plentiful. However, keep in mind that forex trading is not a get-rich-quick-scheme.

Although it’s possible to hit the jackpot with a high-leverage hundred-pip trade, a large amount of time will be spent studying and researching in order to develop an efficient trading plan instead. A sufficient amount of capital needs to be invested too, even though some brokers allow you to open an account with a deposit of less than S$100.

Confused about Forex Investment terms?
Glossary terms to know for first-time Forex Investment users