Forex Trading in Singapore: How to Start, Succeed, and Scale Your Strategy
Written by Akash Khanna
Edited by Samuel Black
Fact-checked by Lisa Khan
Last Updated – 27 July 2025
Singapore may be small on the map, but when it comes to finance, we’re loud and proud. Between the skyline, the food, and the speed at which everything moves — it’s no surprise that the forex in Singapore scene is thriving.
From the CBD to heartland kopitiams, more Singaporeans are getting curious about the forex market, eager to build side incomes or even switch careers into trading full-time. But there’s one question every aspiring trader eventually asks: how do I choose the right forex broker in Singapore?
This guide is your answer — with a local twist.
- Why Forex in Singapore Is Gaining Momentum
- Is Forex Trading in Singapore Legal?
- How to Choose a Forex Broker in Singapore (With a Twist)
- Top 3 Forex Brokers in Singapore – Ranked
- Forex vs CFD Trading in Singapore – What’s the Difference?
- MT4 vs MT5 for Singapore Forex Traders
- Trading Times – When Singapore Traders Should Trade Forex
- Forex Account Types for Different Trader Profiles
- Mobile Trading in Singapore – On the Go? No Problem
- Deposit, Withdrawal & SGD Friendliness
- Bonus Programs & Trader Perks in Singapore
- Education & Support – Because You’re Not Alone
- Red Flags to Avoid in the Singapore Forex Scene
- Why HFM Is the Best Forex Broker in Singapore
- Frequently Asked Questions (FAQ) on Forex Trading in Singapore
Why Forex in Singapore Is Gaining Momentum
The city-state’s reputation as a financial hub isn’t new. But in recent years, forex trading in Singapore has gone beyond bankers and hedge funds. Retail traders — students, PMETs, even retirees — are opening forex accounts to access 24/5 trading, global market exposure, and flexible leverage.
🔥 Top Reasons Forex Is Popular in Singapore:
| Reason | Details |
|---|---|
| 24/5 Market Access | Trade day or night, even after OT or during supper |
| Low Capital Requirement | Start with as little as USD $5 |
| Global Asset Exposure | Currencies, gold, oil, indices – all in one platform |
| Leverage | Multiply trade size with lower capital |
| Remote Accessibility | All you need is WiFi and a MetaTrader app |
Whether you’re at Suntec or Sengkang, forex in Singapore is just a few clicks away.
Is Forex Trading in Singapore Legal?
Yes, forex trading in Singapore is perfectly legal. But here’s the catch — not every broker is MAS-licensed, and not every offshore broker is dodgy either.
The Monetary Authority of Singapore (MAS) provides local regulations, but many Singaporean traders choose brokers regulated by top-tier bodies like FCA (UK), ASIC (Australia), or CySEC (EU).
How to Choose a Forex Broker in Singapore (With a Twist)
We won’t bore you with the usual “check regulation, check spreads” spiel. Let’s give it a Singapore twist.
🎯 Forex Broker Checklist – The Local Edition
| Feature | What It Means for SG Traders |
|---|---|
| MAS or Tier-1 Regulation | Not “illegal” doesn’t mean “safe” |
| MT4/MT5 Platform | Must work during MRT rides and hawker queues |
| Fast Execution | Because nobody likes lag — not in games, not in trades |
| SGD-Friendly Funding | Preferably not needing 4 conversions + gas fees |
| Low Spreads During NY Open | Most locals trade evenings, not 2 PM on weekdays |
| Responsive Support | At least respond faster than SingPass recovery |
| Bonuses & Education | Cashback, webinars, and copy-trading perks |
Top 3 Forex Brokers in Singapore – Ranked
After testing, comparing, and sweating over charts, we landed on three brokers worth your attention: HFM, FBS, and Tickmill. But if you’re short on time — HFM is our top pick.
🏆 Broker Comparison Table (Singapore Traders)
| Broker | Regulation | Platforms | Min Deposit | Leverage | Best Feature |
|---|---|---|---|---|---|
| HFM | FCA, CySEC | MT4, MT5, App | USD $5 | Up to 1:500 | Balanced all-in-one broker |
| FBS | ASIC, CySEC | MT4, MT5, App | USD $1 | Up to 1:1000 | Great for budget traders |
| Tickmill | FCA, CySEC | MT4 | USD $100 | Up to 1:500 | ECN-style, low-cost trading |
Why HFM wins: It offers the best mix of spreads, platform stability, regulation, and beginner-to-pro scalability. It’s like the Grab of forex platforms — solid, reliable, and everywhere.
Forex vs CFD Trading in Singapore – What’s the Difference?
If you’re into forex Singapore, you’ve probably come across CFD trading Singapore too. But what’s the diff?
| Category | Forex Trading | CFD Trading |
|---|---|---|
| Asset Focus | Currencies only | Currencies + indices, stocks, gold |
| Leverage | High | Moderate to high |
| Trading Hours | 24/5 | 24/5 |
| Flexibility | Limited to currency pairs | Wider range of market exposure |
| Platforms | MT4, MT5 | MT4, MT5, proprietary apps |
For many Singapore forex traders, CFDs are a natural expansion — especially when trading with platforms like HFM, which support both asset types under one roof.
MT4 vs MT5 for Singapore Forex Traders
Let’s settle this.
🔍 Platform Breakdown
| Feature | MT4 | MT5 |
|---|---|---|
| Launched | 2005 | 2010 |
| Suitable For | Forex | Forex, CFDs, stocks, futures |
| Execution Speed | Fast | Faster |
| Programming Language | MQL4 | MQL5 |
| Used By | HFM, FBS, Tickmill | HFM, FBS |
💡 Verdict: If you’re focused on forex in Singapore, MT4 is more than enough. Want to trade indices or gold too? Go with MT5 — especially with HFM.
Trading Times – When Singapore Traders Should Trade Forex
Timing matters. You can’t trade EUR/USD effectively at 4 AM (unless you’re on night shift).
⏰ Best Trading Hours in Singapore (SGT)
| Time Slot | Session | Best Pairs |
|---|---|---|
| 7:00 AM – 4:00 PM | Tokyo + Sydney | USD/JPY, AUD/USD |
| 3:00 PM – 12:00 AM | London + NY | EUR/USD, GBP/USD, XAU/USD |
| 1:00 AM – 6:00 AM | Dead zone | Best to rest |
For most working adults, 8 PM to 11 PM is golden — that’s when London and New York overlap, and volatility is at its peak.
Forex Account Types for Different Trader Profiles
Let’s face it — not everyone’s a hedge fund manager. That’s why different brokers offer different account types.
| Broker | Account Type | Min Deposit | Spread From | Commission | Best For |
|---|---|---|---|---|---|
| HFM | Micro | $5 | 1 pip | None | Beginners |
| HFM | Zero | $200 | 0.0 pips | Yes | Scalpers, pros |
| FBS | Cent | $1 | From 1 pip | None | Strategy testing |
| Tickmill | Pro | $100 | 0.0 pips | $2/lot | Advanced traders |
With HFM, you can start small and scale up — without switching brokers.
Mobile Trading in Singapore – On the Go? No Problem
We’re a mobile-first country. Most Singaporeans want to trade on their phones while commuting, queuing, or having kopi at Toast Box.
| Broker | Mobile Platform | Features |
|---|---|---|
| HFM | HFM App + MT4/MT5 | Full functionality, fast UI |
| FBS | FBS App + MT4/MT5 | Copy-trading, education |
| Tickmill | MT4 Only | Fast but basic |
⚠️ HFM’s app is your best friend — from trade execution to funding to live chat.
Deposit, Withdrawal & SGD Friendliness
Funding shouldn’t feel like a puzzle.
| Broker | SGD Support | Methods | Withdrawal Time |
|---|---|---|---|
| HFM | ✅ Yes | Bank, Card, E-wallet | 24–48 hours |
| FBS | ✅ Yes | Neteller, Skrill, Local | Instant–2 days |
| Tickmill | ✅ Yes | Bank Wire, E-wallet | 1–3 business days |
For fast local transfers and SGD-friendliness, HFM leads again.
Bonus Programs & Trader Perks in Singapore
Promos aren’t just gimmicks. They help offset costs and reward activity.
| Broker | Promotion | Details |
|---|---|---|
| HFM | 100% Supercharged Bonus | Bonus + cashback combo |
| FBS | Level-Up Bonus | Free $70 for new users |
| Tickmill | Trader Contest | Monthly prizes for demo & real traders |
✅ Use HFM’s bonus to build momentum and get rewarded for your trading volume.
Education & Support – Because You’re Not Alone
Especially if you’re just starting forex trading in Singapore, having support matters.
| Broker | Education Tools | Support Hours |
|---|---|---|
| HFM | Webinars, video courses | 24/5 live chat/email |
| FBS | Ebooks, trading tips | 24/5 multilingual chat |
| Tickmill | Strategy webinars | Email + live chat |
HFM’s education portal is like the SkillsFuture of FX — only more profitable.
Red Flags to Avoid in the Singapore Forex Scene
Sadly, not every platform out there is legit.
🚩 Watch for:
Unregulated brokers based in shady jurisdictions
Guaranteed profit schemes (e.g., PAMM scams)
Signal sellers with rented Lambos and no track record
Brokers with no proper withdrawal channels
✅ Stick to regulated brokers like HFM, FBS, and Tickmill for peace of mind.
Why HFM Is the Best Forex Broker in Singapore
If we had to choose one name to recommend for anyone serious about forex in Singapore, it’s HFM.
They offer:
Regulation across multiple Tier-1 bodies
Versatile account types
MT4/MT5 + robust mobile app
Fast execution during London/NY hours
Free education, bonuses, and VPS
Whether you’re a beginner or full-time trader, HFM checks every box — and then some.
Frequently Asked Questions (FAQ) on Forex Trading in Singapore
❓ Is forex trading legal in Singapore?
Yes, it’s legal. Just make sure you use a regulated broker.
❓ Do I need a MAS-licensed broker?
No, many Singaporeans use brokers regulated by FCA, ASIC, or CySEC — like HFM, FBS, or Tickmill.
❓ How much do I need to start forex trading?
You can start with as little as USD $5 with HFM. But a solid starting amount is $100–$500.
❓ What’s the best forex trading time in Singapore?
Evenings from 8 PM to 11 PM SGT during London–New York overlap are the most active.
❓ Which forex platform is best for Singaporeans?
MT4 and MT5 are the best — both supported by HFM, FBS, and Tickmill.
❓ Is forex or CFD better?
Both are useful. Forex focuses on currency pairs, while CFDs give you access to indices, gold, and stocks too. HFM lets you do both.
❓ Can I trade on mobile?
Yes, all three brokers have mobile trading apps. HFM’s app offers full functionality with a clean interface.