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.
moomoo SG
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
01 April 2024
- All-in-one investment platform
- 0 commission, 0 platform fee for forex trading
- Segregated client accounts--this ensures your money stays protected no matter what happens to the company
- Fast and stable trading environment
- Tight, ultra-thin spread
- Dedicated customer service
- Regulated by MAS
- Read our full review of moomoo
- Platform fees apply for every trade
Gift Options
- Promotion is valid for new applicants of participating products only. See the full list here.
- Apply for participating products on SingSaver and fulfill the eligibility requirements to receive 2x chances in the March Madness Grand Lucky Draw
- 1x lucky winner will receive a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
- March Madness Grand Lucky Draw runs from 6 Mar 2024 (5:00 PM) to 31 Mar 2024
- Terms and Conditions apply
- SingSaver March Madness Frequently Asked Questions here
- Click here to check out our past Lucky Draw winners!
Gift Options
- Promotion is valid for new moomoo users only
- Open a moomoo account through SingSaver, then:
- Fund a min. of S$100 to be eligible for S$80 Cash via PayNow
- Fund a min. of S$2,000 to be eligible for S$130 Cash via PayNow
- Eligible users are entitled to one of the above rewards only
- Promotion is valid until 31 March 2024
- Terms and Conditions apply
Gift Options
- Promotion is valid for new moomoo users and existing users who have not made any deposits into their account before 23 January 2023, 10:00PM SGT
- Open a new moomoo SG Universal account and complete additional actions to be eligible for rewards
- Promotion is valid until 1 April 2024
- Terms and Conditions apply
In providing the above information, SingSaver is carrying out introducing activities on behalf of financial advisers. SingSaver is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. Neither singsaver.com.sg or the content on it is intended as securities brokerage or investment advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on singsaver.com.sg is for general information purposes only and does not review or include all available companies, products or offers. SingSaver may receive compensation from the brands providing the offers or services appearing on this website. This advertisement has not been reviewed by the Monetary Authority of Singapore.
CMC Markets
- Extensive range of product catalog where clients are able to trade up to 9,000 instruments
- Access to award winning trading platforms with rich, highly customisable features such as an advanced order panel
- No withdrawal fees
- No min. deposit required
- Free demo account available for practice
- Min. commission fee of S$10
CMC Invest provides an execution-only service. Investments carry risks and may not suit everyone. Refer to T&Cs & Risk Disclosures on www.cmcinvest.sg. SingSaver is a paid affiliate marketing partner of CMC Invest and may receive compensation from CMC Invest and the other brands providing the offers or services appearing on this website. Singsaver is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. Neither singsaver.com.sg or the content on it is intended as securities brokerage or investment advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on singsaver.com.sg is for general information purposes only and does not review or include all available companies, products, or offers. This advertisement has not been reviewed by the Monetary Authority of Singapore.
City Index
Valid until
31 March 2024
Valid until
31 March 2024
- Low min. deposit of S$150
- Commission-free CFDs except for Share CFDs
- 84 currency pairs available for Forex traders
- No withdrawal fees
- Demo account available for practice or experimentation
- Read our full review of City Index
- Min. deposit of S$250 required if funding via credit or debit cards
- 2% deposit fee if funding via credit or debit cards
- Monthly inactivity fee of S$15 after 24 months
Gift Options
- Promotion is valid for new City Index customers only
- Sign up for a City Index account through SingSaver, deposit any amount and make at least 1 trade to be eligible for reward
- Gift reward is limited to the first 50 eligible customers
- Promotion is valid until 31 March 2024
- Terms and Conditions apply
Gift Options
- Promotion is valid for new City Index customers only
- Sign up for a City Index account through SingSaver to be eligible for rewards
- 50% cashback applies to spread or commission on any forex, indices, shares, and commodities trades for a 60-day period from date of account opening
- Cash rebates capped at S$888
- Promotion is valid until 31 March 2024
- Terms and Conditions apply
In providing the above information, SingSaver is carrying out introducing activities on behalf of financial advisers. SingSaver is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. Neither singsaver.com.sg or the content on it is intended as securities brokerage or investment advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on singsaver.com.sg is for general information purposes only and does not review or include all available companies, products or offers. SingSaver may receive compensation from the brands providing the offers or services appearing on this website. This advertisement has not been reviewed by the Monetary Authority of Singapore.
moomoo SG
Valid until
31 March 2024
Valid until
31 March 2024
Valid until
01 April 2024
- All-in-one investment platform
- 0 commission, 0 platform fee for forex trading
- Segregated client accounts--this ensures your money stays protected no matter what happens to the company
- Fast and stable trading environment
- Tight, ultra-thin spread
- Dedicated customer service
- Regulated by MAS
- Read our full review of moomoo
- Platform fees apply for every trade
Gift Options
- Promotion is valid for new applicants of participating products only. See the full list here.
- Apply for participating products on SingSaver and fulfill the eligibility requirements to receive 2x chances in the March Madness Grand Lucky Draw
- 1x lucky winner will receive a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
- March Madness Grand Lucky Draw runs from 6 Mar 2024 (5:00 PM) to 31 Mar 2024
- Terms and Conditions apply
- SingSaver March Madness Frequently Asked Questions here
- Click here to check out our past Lucky Draw winners!
Gift Options
- Promotion is valid for new moomoo users only
- Open a moomoo account through SingSaver, then:
- Fund a min. of S$100 to be eligible for S$80 Cash via PayNow
- Fund a min. of S$2,000 to be eligible for S$130 Cash via PayNow
- Eligible users are entitled to one of the above rewards only
- Promotion is valid until 31 March 2024
- Terms and Conditions apply
Gift Options
- Promotion is valid for new moomoo users and existing users who have not made any deposits into their account before 23 January 2023, 10:00PM SGT
- Open a new moomoo SG Universal account and complete additional actions to be eligible for rewards
- Promotion is valid until 1 April 2024
- Terms and Conditions apply
In providing the above information, SingSaver is carrying out introducing activities on behalf of financial advisers. SingSaver is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. Neither singsaver.com.sg or the content on it is intended as securities brokerage or investment advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on singsaver.com.sg is for general information purposes only and does not review or include all available companies, products or offers. SingSaver may receive compensation from the brands providing the offers or services appearing on this website. This advertisement has not been reviewed by the Monetary Authority of Singapore.
ProsperUs by CGS-CIMB
- Receive educational insights and guides from ProsperUs
- Enjoy instant access to stocks, bonds, funds, options, FX, futures and many more
- Receive access to over 30 exchanges across 11 markets such as SGX, Bursa, TSE, Amex, NYSE, NASDAQ and LSE
- Fund your account seamlessly with personalised PayNow QR code
- Customised investing dashboards provide you with an easy-to-use interface
N/A
Saxo Markets
Valid until
30 June 2024
Valid until
31 March 2024
- Earn interest on cash balances without any lock-in period. Learn more here.
- Commission fees start from S$1 for SG stocks and US$0.25 for US stocks (on diamond plan)
- Trading fee for SG and US stocks start from 0.03% (VIP).
- Regular Savings Plans available with a min. monthly investment starting from S$100 and no lock-in period
- 185+ currency pairs available for Forex traders from 0.5 pips, no commission charged and earn cash rebates
- More than 8,800+ instruments available for CFDs
- Demo account available for practice or experimentation
- No inactivity fee levied
- SaxoTraderPRO available for advanced investors who require a more comprehensive platform
- Read our full review of Saxo Markets
- Annual custody fee of up to 0.12% charged for accounts with Stocks, ETFs/ETCs or Bond positions opted out of Securities lending. No custody fee for account plans opted into Securities Lending. Learn more here.
- Min. investment of S$2,000 required for all Regular Savings Plans
Gift Options
- Promotion is valid for new Saxo clients and existing Saxo clients who have not funded their account since its opening
- Open a new Classic tier Saxo account or have an existing Classic tier account, and fund at least S$1 during the promotional period to be eligible for reward
- Promotion is valid until 30 June 2024
- Terms and Conditions apply
Gift Options
- Promotion is valid for existing SAXO clients
- Refer a new client to SAXO during the promo period, have the referred client fund their account and hold the funds for 30 days (or until reward fulfillment, whichever is later) to be eligible for rewards
- Have the referred client fund S$3,000 or more into their account to receive a S$250 reward. Referred client will receive S$100 reward.
- Have the referred client fund S$100,000 or more into their account to receive S$750 reward. Referred client will receive S$250 reward.
- Promotion is valid until 31 March 2024
- Terms and Conditions apply
In providing the above information, SingSaver is carrying out introducing activities on behalf of financial advisers. SingSaver is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. Neither singsaver.com.sg or the content on it is intended as securities brokerage or investment advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on singsaver.com.sg is for general information purposes only and does not review or include all available companies, products or offers. SingSaver may receive compensation from the brands providing the offers or services appearing on this website. This advertisement has not been reviewed by the Monetary Authority of Singapore.
City Index
Valid until
31 March 2024
Valid until
31 March 2024
- Low min. deposit of S$150
- Commission-free CFDs except for Share CFDs
- 84 currency pairs available for Forex traders
- No withdrawal fees
- Demo account available for practice or experimentation
- Read our full review of City Index
- Min. deposit of S$250 required if funding via credit or debit cards
- 2% deposit fee if funding via credit or debit cards
- Monthly inactivity fee of S$15 after 24 months
Gift Options
- Promotion is valid for new City Index customers only
- Sign up for a City Index account through SingSaver, deposit any amount and make at least 1 trade to be eligible for reward
- Gift reward is limited to the first 50 eligible customers
- Promotion is valid until 31 March 2024
- Terms and Conditions apply
Gift Options
- Promotion is valid for new City Index customers only
- Sign up for a City Index account through SingSaver to be eligible for rewards
- 50% cashback applies to spread or commission on any forex, indices, shares, and commodities trades for a 60-day period from date of account opening
- Cash rebates capped at S$888
- Promotion is valid until 31 March 2024
- Terms and Conditions apply
In providing the above information, SingSaver is carrying out introducing activities on behalf of financial advisers. SingSaver is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. Neither singsaver.com.sg or the content on it is intended as securities brokerage or investment advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on singsaver.com.sg is for general information purposes only and does not review or include all available companies, products or offers. SingSaver may receive compensation from the brands providing the offers or services appearing on this website. This advertisement has not been reviewed by the Monetary Authority of Singapore.
IG
Valid until
31 March 2024
- No min. deposit required
- Low min. trading fee of 0.10%
- 80 currency pairs available for Forex traders
- No deposit or withdrawal fees
- Demo account available for practice or experimentation
- Read our full review of IG
- Min. commission fee of S$10
Gift Options
- Promotion is valid for new IG Singapore account holders only
- Apply and open an IG Singapore CFD account duing the promo period to be eligible for rewards
- Promotion is valid until 31 March 2024
- Terms and Conditions apply
In providing the above information, SingSaver is carrying out introducing activities on behalf of financial advisers. SingSaver is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. Neither singsaver.com.sg or the content on it is intended as securities brokerage or investment advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on singsaver.com.sg is for general information purposes only and does not review or include all available companies, products or offers. SingSaver may receive compensation from the brands providing the offers or services appearing on this website. This advertisement has not been reviewed by the Monetary Authority of Singapore.
OANDA
- Trade over 70 FX pairs, starting at 0.6 pips
- Trading Products: CFDs in FX, Indices, Metals, Commodities, and Bonds
- Rate ® data currency calculator: See real-time rates for major FX pairs (also comes with 25 years' of historical data across 38,000 FX pairs)
- fxTrade platform is available for web, desktop, and mobile
- MetaTrader4 (MT4) platform available
- Analyse price trends with candlesticks charts that refresh every 5 seconds
- Convenient depositing of funds into OANDA account with PayNow
- Read our full review of Oanda
- Currency conversion fee: 0.5 % mark-up/down on the midpoint price of the applicable currency at the time of conversion
- Inactivity fees apply
- Limited tradable products
In providing the above information, SingSaver is carrying out introducing activities on behalf of financial advisers. SingSaver is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. Neither singsaver.com.sg or the content on it is intended as securities brokerage or investment advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on singsaver.com.sg is for general information purposes only and does not review or include all available companies, products or offers. SingSaver may receive compensation from the brands providing the offers or services appearing on this website. This advertisement has not been reviewed by the Monetary Authority of Singapore.
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 ?
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Is Forex trading a good investment?
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?
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?
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?
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.