Best Forex Broker Singapore – Top Forex Brokers in Singapore Reviewed

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If you live in Singapore and you want to start trading forex, you are in the right place. In this guide, we will introduce you to the best forex brokers in Singapore and how you can trade currency pairs easily and profitably. To make sure you will pick the right trading platform for your needs, we will also share with you the most important aspects to be considered when choosing your broker. If you want to find out how to start forex trading in Singapore within minutes, check out the following sections.

#1 Forex Broker Singapore – eToro

Mobile AppYes
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly

Best Forex Broker Singapore – Our Top 5 Best Singapore Forex Trading Platforms

In short, after doing our due diligence, we have selected the following forex brokers as the best ones in Singapore right now:

  • eToro – Best Overall Forex Broker Singapore
  • AvaTrade – Best Forex Broker Singapore for Active Traders
  • – Best Forex Broker in Singapore for Low Fees
  • Libertex – Best Forex Broker in Singapore with Zero Spreads
  • XM – Best Forex Broker in Singapore for SGD Accounts

67% of retail investor accounts lose money when trading CFDs with this provider.

Best Forex Brokers Singapore – In-Depth Reviews

In the following sections, we will explore each broker in detail. We will compare their pros and cons, see the average spreads for some of the most popular forex pairs, and help you identify which one is suitable for your skill level and preferences.

1. eToro – Best Overall Forex Broker Singapore

With an excellent reputation, eToro is one of the most popular brokers right now with more than 23 million users all over the world. It is so popular due to its safe trading environment as it is regulated by the most important authorities in the world, including the ASIC in Australia, the FCA in the United Kingdom, and the CySEC in Europe.

For Singaporean citizens, the broker requires a minimum deposit of only $50. You can browse approximately 50 currency pairs in a dedicated section, follow and read other traders’ opinions and moves, and create a successful portfolio while keeping costs as low as possible. eToro is a commission-free broker, which means that you don’t need to cover transaction costs.

You have to cover the spread that is incorporated in the buy/sell price you see on the platform, and this spread is extremely low, starting at around 1 pip for very popular pairs like EUR/USD. In addition to this, there is no deposit fee, maintenance fees, or monthly account fees. When you withdraw, eToro does charge you a small $5 fee regardless of the amount you want to transfer.

Perhaps the most compelling feature for beginners and advanced traders alike is copy trading. eToro is essentially a social trading platform. It functions like social media sites where you can follow traders, read others’ comments and opinions, and even copy entire portfolios. For instance, if you are a beginner and your forex trading strategy is not fully polished yet, you can have a look at the most successful traders on eToro and copy their entire portfolios! Then, whenever they sell or buy new assets, your portfolio will be adjusted automatically.

eToro Fees

Forex Pair Spread Amount 
USDCHF 1.5 Pips
NZDUSD 2.5 Pips



  • Regulated and safe forex broker
  • Beginner-friendly
  • Several charts and indicators available
  • Social trading/copy trading features
  • Only $50 required
  • Islamic account is available upon request


  • Technical analysis tools may be lacking for highly advanced traders

67% of retail investor accounts lose money when trading CFDs with this provider.

2. AvaTrade Best Forex Broker in Singapore for Active Traders

If your skills are at a higher level, then AvaTrade is exactly what you need. As an experienced forex trader, you perhaps already know that MetaTrader 4 is the industry standard. With AvaTrade, which is a highly regulated broker by authorities all over the world, you can join the most popular forex trading platform in Singapore and fully customize your experience. MetaTrader 4 is known for its technical analysis capabilities, trading robots, and many more features that will turn your strategy into an automated, time-saving trading experience.

However, AvaTrade has a broader offering. No matter your knowledge level, you can join its user-friendly proprietary platform, go for the mobile trading app, or choose to trade currency options via AvaOptions. Similar to eToro, AvaTrade also provides the opportunity to social-trade via AvaSocial, among others.

AvaTrade is a well-rounded broker in Singapore. It is nearly impossible not to find the right trading platform for your needs given such a variety of options. Also, the cost structure is affordable: just like eToro, AvaTrade has zero commissions, competitive spreads, and you only need $100 to get started. There are no withdrawal or deposit fees, but the inactivity charge is quite steep. This means you need to remain an active trader (i.e., to trade at least once every three months or so).

AvaTrade Fees

Forex Pair Spread Amount 
EURUSD 0.9 Pips
USDJPY 1.1 Pips
GBPUSD 1.6 Pips
USDCHF 1.6 Pips
NZDUSD 1.8 Pips



  • Zero-commission trading
  • Perhaps the widest range of forex trading platforms
  • Great educational section for beginners
  • Plenty of opportunities for advanced traders
  • Automated trading, social trading, and many others


  • May be confusing if you are not sure which trading platform is best for you

71% of retail investor accounts lose money when trading CFDs with this provider.

3. – Best Forex Broker in Singapore for Low Fees should certainly go straight to your shortlist. It has a complex offering heavily overseen by several regulatory bodies, including the FCA and the CySEC. If you are an avid day-trader or a beginner seeking a friendly broker, may be exactly what you need.

Just like eToro and AvaTrade, allows you to open a demo account. With this feature, you can try out all the features and trade in real market conditions using virtual funds. This is excellent if you are a newbie, or if you simply want to see what the broker offers before you deposit your capital.

The fee structure is highly appealing. Just like our other recommendations, comes with zero commissions. The spreads are as low as 0.6 pips on some currency pairs, while others hover around 1 pip or slightly more.

Another excellent feature is that you can start trading for as little as $20. There are many payment methods available, including credit or debit cards and e-wallets, and these are all free of charge. However, you will still need to change Singapore dollars into US dollars or another base currency, so you will have to cover the exchange rate. Fees

Forex Pair Average Spread Amount 
EURUSD 0.6 Pips
USDJPY 80 Pips
GBPUSD 1.3 Pips
USDCHF 0.9 Pips
NZDUSD 1.6 Pips



  • Excellent educational sections
  • You only need $20 to start trading
  • Deposits and withdrawals are free of charge
  • Uses artificial intelligence technology to improve your trading strategy
  • Regulated, safe broker


  • Social trading not available

 73.81% of retail investor accounts lose money when trading CFDs with this provider.

4. Libertex – Best Forex Broker in Singapore with Zero Spreads

In the world of forex trading, spreads are the most common fees. But, is there any broker with zero spreads? Well, there is hardly any.

Libertex comes to bridge this gap by offering a zero-spread forex trading account. In other words, you can buy and sell currency pairs at market rates, boosting your profits.

However, just like any other business, Libertex does need to earn some revenues. In this case, each trade you make will come for a small cost. The starting commission for certain pairs is 0.006%, and it may go up depending on which pairs you choose and the amount you trade.

This cost structure may seem enticing for some traders, but may actually be disadvantageous for others. Make sure you choose this model if it aligns with your trading style. For instance, if your strategy is based on small, very frequent trades, this fee-per-trade structure could mean much higher costs than a spread-only, zero-commission structure like eToro’s.

Libertex Fees

Forex Pair Spread 


  • Zero-spread account is available
  • Multiple payment methods to choose from
  • Regulated and safe broker
  • More than 250 forex trading instruments
  • Negative balance protection


  • Commissions per trade can quickly add up

67% of retail investor accounts lose money when trading CFDs with this provider.

5. XM – Best Overall Broker in Singapore for SGD Accounts

XM Group is our final choice and surely worth mentioning due to its excellent features. Apart from being regulated by top watchdogs around the world like CYSEC and ASIC, the XM Global Group was founded in 2017 and has managed to establish itself as a reputable forex broker on the global scene.

XM has no proprietary trading platform, but you can access MT4, which may be all some forex brokers need. When opening an account, you have plenty of choices:

  • Micro account that can be opened in SGD (among other base currencies), with spreads on majors at least 1 pip, a minimum deposit of $5, and no commission;
  • Standard account that can be opened in SGD (among other base currencies), with spreads on majors from 1 pip, no commission, and a minimum deposit of $5
  • XM Zero account with spreads starting at zero pips and a minimum deposit of $5.

For the zero-spread account, you will need to pay a commission of $1 for transactions less than $100,000 and $7 per every $100,000. Also, this type is not available in SGD, only in USD, EUR, and JPY, which means that you will need to cover the conversion fee.

XM Fees

Forex Pair Average Spread Amount 
EURUSD 1.7 Pips
USDJPY 16 Pips
GBPUSD 2.1 Pips
USDCHF 2.1 Pips
NZDUSD 2.7 Pips


  • Base currency can be set to SGD to avoid conversion fees
  • More than 50 currency pairs available
  • Demo account available
  • Compatible with MT4
  • Zero-spread account option


  • SGD as a base currency for the zero-spread account is not available
  • Commission charges for zero-spread accounts are $7 for $100,000 transactions ($3.5 per side) or at least $1 for lower amounts.

67% of retail investor accounts lose money when trading CFDs with this provider.

How to Find the Best Forex Trading Platform Singapore

Trading forex may seem simple – buying and selling currencies, but there are many important aspects that can help you make (or lose) money when (not) considered in advance. Below, we have selected the most important things to consider that will help you find the best forex trading platform in Singapore.

Regulation and Security

In Singapore, brokers should be regulated by the Monetary Authority of Singapore (MAS). However, many global brokers may not be locally authorized but can function in the country because they hold licenses from top global watchdogs in Australia, the United Kingdom, and the European Union. This means that retail investors are protected in case of bankruptcy or ill practices.

Payment Methods

A good broker should provide you with a great range of choices for depositing and withdrawing your cash. In most cases, different payment methods may incur different costs. For instance, wire transfers tend to be more expensive, while e-wallets can be both free of charge and instant. Thus, opting for a broker with different payment methods like eToro means that you can easily deposit and withdraw money without having to wait several business days or cover steep fees.

Variety of Forex Pairs

First, you should find out what currency pairs you want to trade. This means that you may want to polish your trading strategy first, or even open a demo account with a broker and see how trading goes, especially if you are a beginner.

Then, you need to check which forex brokers have those currency pairs. While our recommended brokers all have around 50 pairs or more to trade, this aspect may be extremely important if your strategy focuses on rare or exotic pairs, as these may not be offered on all platforms.


Some brokers like eToro offer low spreads and no commissions. Others may have both spreads and commissions on the same trade, which means that your costs per transaction will most likely be much higher than your potential profit. Before signing up, compare the costs between brokers. Multiple fees do not necessarily mean higher costs for you, just like only a very high spread doesn’t equal cheap trading.


Forex is perhaps the most leveraged market in the world. When people trade forex all over the globe, there is no physical money virtually exchanged as it all happens via the internet. Thus, with leverage, you can invest a little amount to open a much higher position.

For beginners, it’s recommended to start with unleveraged positions or a low leverage ratio, such as 1:2, which means that you invest $100 to open a $200-worth transaction. This essentially doubles your potential for profit, but your losses will be double, too, unless you practice good management and conduct thorough analysis.

How to Get Started With the Best Forex Trading Platform Singapore

Based on the aspects discussed above, you are now ready to choose the best forex trading platform in Singapore for your needs. The next step is to open an account. To help you start forex trading right now, check out our step-by-step guide to registering with the top forex broker in Singapore – eToro.

Step 1: Open an Account

Access eToro and look for the registration button. Once you click on it, you will be redirected to a form where you need to fill in your personal details. This information will be used to create your account. The “username” field should contain a nickname that will publicly appear on the platform after registration, and you will be able to comment or post under this username.

how to join etoro

67% of retail investor accounts lose money when trading CFDs with this provider.

Step 2: Verify your Account

eToro is a heavily regulated broker. One of the most important regulations to prevent fraud or scams is known as “Know Your Customer”. This policy states that your broker needs to verify your government-issued ID and proof of address before allowing you to trade. Upload the required documents as prompted to proceed to the next step.

Step 3: Deposit Funds to your eToro Account

eToro typically validates your account within minutes as long as the documents you uploaded were scanned and uploaded correctly. Now, you can either start trading using the demo account or go for real trading. To trade with actual money, click on the “Deposit now” button, and choose the amount of money and preferred method.

Step 4: Search for Forex Pairs

Now that you have some cash in your account, you can start trading. If you don’t have a well-defined trading strategy yet, you can use eToro’s trading platform to conduct further analysis. Look for the most popular forex pairs or check the whole list of currencies from the left-side menu.

Step 5: Buy Forex

When you are ready, choose a forex pair, click on “trade”, and fill in the details to place the order. If you are unsure what leverage means, or what different orders do, you can check eToro’s help section for further information.

Best Forex Trading Platform Singapore – Conclusion

Forex trading can be really entertaining – and rewarding at the same time. Before you register with an online forex broker in Singapore, keep in mind all the aspects we’ve discussed above. Things like regulation, safety, fees, and payment methods can make or break your trading experience.

As the best forex trading platform and broker in Singapore, we recommended eToro as the top choice. This user-friendly broker is packed with lots of simple features that will ease your journey whether you are a beginner or a pro. Social trading is a hot topic nowadays as it helps you stay in touch with the investing community, while its cost-friendly structure, plenty of assets to trade, and several risk management tools make it a well-rounded choice if you live in Singapore.

eToro – Best Forex Broker in Singapore

Mobile AppYes
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly


Which one is the best forex broker in Singapore?

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About Ana Frincu PRO INVESTOR

Ana Frincu is a freelance content writer specialised in finance and economics. She has a BA in International Business Management and a MA in International Taxation and Finance. With a keen interest in fintech and personal experience as an investor, she covers a broad range of topics, including trading, alternative data, cryptocurrency, and macroeconomics.