Best Forex Broker in Singapore for the Year 2025
Written by Akash Khanna
Edited by Samuel Black
Fact-checked by Lisa Khan
Last Updated – 03 February 2025
For over four years, BrokersinForex.com has led the way in reviewing various online forex and stock brokers. Each year, we gather extensive data and provide in-depth research to help you make informed decisions on your choice for forex and stock brokers. Learn more below!
- What is Forex Trading in Singapore All About?
- Best Forex Brokers in Singapore
- Singapore Forex Brokers Compared
- Which is the Best Forex Broker in Singapore?
- Islamic Forex Trading Account in Singapore
- Investor Alert List by Monetary Authority of Singapore (MAS)
- Is Forex Trading Legal in Singapore?
- Advantages and Disadvantages of Forex Trading in Singapore
- Is MT4 and MT5 Legal for Use in Singapore?
- Do You Have to Pay Taxes Forex Trading in Singapore?
- Does Monetary Authority of Singapore (MAS) Regulate Forex?
- Which Broker do I Choose to Trade Forex in Singapore?
- What’s the Best Trading App in Singapore?
- Which Forex Brokers in Singapore Offer the Lowest Minimum Deposit?
- How to Open a Forex Trading Account in Singapore?
What is Forex Trading in Singapore All About?
Forex trading in Singapore is booming—and for good reason. As a global financial hotspot, Singapore gives traders round-the-clock access to a market where currencies are bought and sold for profit. Whether you’re just starting out or already experienced, there’s plenty of opportunity to explore.
At its core, forex trading is about swapping one currency for another—like USD/JPY or EUR/USD. The goal is simple: buy low, sell high, and profit from the price difference. Because the forex market is highly liquid, you can jump in and out of trades almost anytime without waiting for buyers or sellers.
One of the biggest draws is leverage. With 1:500 leverage, for example, you can control $50,000 with just $100. Sounds powerful? It is—but it cuts both ways. While leverage can amplify your gains, it can also increase your losses. That’s why smart risk management, like using stop-loss orders, is absolutely essential. Check out some of the best forex brokers offering high leverage if you’d truly like to make the most of leverage in trading forex.
Traders in Singapore use a variety of strategies. Day traders open and close positions within the same day. Swing traders hold trades for a few days to catch bigger price movements. Then there are scalpers—traders who make dozens of small trades throughout the day to take advantage of tiny price changes. No matter the approach, patience and discipline are key ingredients for long-term success.
There are several reputable brokers catering to Singaporean traders, including Octa, FBS, and XM. These platforms offer competitive spreads, high leverage, and user-friendly tools like MetaTrader 4 and 5. Many of them also provide welcome bonuses and promotions to help new traders get started with a boost.
One of the best parts about forex trading in Singapore? There’s no capital gains tax. That means you get to keep 100% of your profits. Just remember—forex trading carries risk. So while the rewards can be exciting, always trade wisely.
Best Forex Brokers in Singapore
Choosing the right forex broker is the first big step in setting yourself up for trading success. But with so many brokers out there, it’s easy to feel overwhelmed. That’s why we’ve done the heavy lifting for you—researching and reviewing the top forex brokers that welcome traders from Singapore. Whether you’re just getting started and want a simple, beginner-friendly platform, or you’re an experienced trader looking for advanced tools and tight spreads, we’ve got you covered.
We looked at over 100 important factors, from trading fees and spreads to leverage, execution speed, and platform reliability. We also considered customer support and how easy it is to deposit or withdraw your money. Our goal? To help you trade with brokers that are transparent, reliable, and offer a smooth, powerful trading experience.
Since the forex market runs 24 hours a day, five days a week, having the right broker can make a huge difference. Whether you care most about low spreads, lightning-fast execution, or access to a wide variety of currency pairs, our carefully curated list will point you in the right direction.
Check out our top picks for the best forex brokers in Singapore and take your trading game to the next level!
Singapore Forex Brokers Compared
Choosing the right forex broker can feel overwhelming—but don’t worry, we’ve done the hard work for you. Our handpicked list of top-rated forex brokers for Singaporean traders is here to help you find the perfect fit for your trading goals.
So whether you’re after ultra-low spreads, lightning-fast execution, or a sleek, beginner-friendly platform, we’ve ranked the best options to make your decision quick and stress-free.
Dive into our top picks and find the ideal trading partner to level up your forex journey today!
Which is the Best Forex Broker in Singapore?
If you’re on the hunt for a top-tier forex broker in Singapore, OctaFX is definitely worth a closer look. It consistently ranks among the best for Singaporean traders, thanks to its competitive spreads, wide range of currency pairs, and powerful trading tools. While it’s not locally regulated by the Monetary Authority of Singapore (MAS), OctaFX holds multiple international licenses and has earned a solid reputation for reliability and trust on the global stage.
Whether you’re an experienced trader chasing tight spreads and fast execution, or a beginner in need of demo accounts and learning resources, OctaFX delivers a trading experience that suits all levels.
Islamic Forex Trading Account in Singapore
For Singapore-based Muslim traders, Octa offers a Shariah-compliant Islamic forex account that ensures no swap fees or interest charges, in line with Islamic finance principles. If you’re looking to trade forex in a halal manner, Octa’s Islamic account is a solid choice. Let’s dive deeper into its benefits and features.
Key Features of Octa’s Islamic Trading Account
| Feature | Details |
|---|---|
| Swap-Free Trading | No interest charges or swap fees (riba-free). |
| Minimum Deposit | Starts from just $5 USD, making it accessible for all levels of traders. |
| Account Types | Available for Micro, Standard, and ECN accounts, catering to both beginners and advanced traders. |
| Leverage | Up to 1:500 leverage, offering the ability to trade large positions with a small deposit. |
| Trading Instruments | Access a wide range of instruments including Forex, commodities, metals, and indices. |
| Deposit Bonus | Enjoy up to a 100% bonus on your deposit, effectively doubling your trading capital. |
Why Choose Octa for an Islamic Account?
✅ 100% Shariah-Compliant Trading
Octa’s Islamic forex trading account is designed to follow Islamic principles by eliminating interest (riba) typically charged on overnight positions. No swap fees are applied, allowing traders to engage in forex trading without violating religious rules. This makes Octa a top choice for traders who want to ensure their trading practices are in line with halal finance.
✅ Low Minimum Deposit – Start with Just $5 USD
With a minimum deposit of only $5 USD, Octa provides an affordable entry point for both new and experienced traders. This makes it easy for those looking to start small and gradually build their trading account, while also benefiting from a swap-free trading experience.
✅ No Hidden Fees – Transparent Pricing
Octa ensures that there are no hidden costs associated with its Islamic accounts. Instead of swaps, you only pay standard spreads, making trading fees clear and easy to understand. This transparency is vital for traders who want to manage costs effectively and avoid surprise fees.
✅ High Leverage – Maximize Your Potential
Octa offers leverage of up to 1:500, meaning you can control larger positions with a relatively small deposit. This gives traders the ability to maximize their trading potential, but it’s crucial to use leverage responsibly as it also magnifies risk. With high leverage, you have the flexibility to trade with larger capital without needing significant upfront investment.
✅ User-Friendly Platforms for All Levels
Whether you’re a beginner or an experienced trader, Octa’s Islamic account can be accessed through MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular and robust trading platforms. These platforms come with advanced charting tools, automated trading options, and real-time market analysis—all essential for making informed trading decisions.
✅ 100% Deposit Bonus for Extra Capital
When you open a trading account with Octa, you can receive up to a 100% deposit bonus, which can significantly boost your trading capital right from the start. This bonus allows you to trade with more funds and potentially enhance your profit opportunities, without additional risks to your own deposit.
Why Octa is Ideal for Singapore Muslim Traders
Octa’s Islamic forex account is perfect for Singaporean Muslim traders looking for a Shariah-compliant option to enter the world of forex trading. With low deposits, no interest charges, high leverage, and clear pricing, it offers everything you need for a seamless and halal trading experience.
If you’re looking for a trusted, transparent, and cost-effective broker for your Islamic forex trading needs, Octa stands out as an excellent choice.
For a comprehensive read on other brokers offering Islamic Forex Trading Accounts, check out Best Forex Brokers for Islamic Traders.
Investor Alert List by Monetary Authority of Singapore (MAS)
The Investor Alert List (IAL) by the Monetary Authority of Singapore (MAS) is a public list that highlights unregulated entities, platforms, or individuals who might be mistaken as being licensed by MAS. It’s designed to help investors spot potential red flags—especially when dealing with companies offering financial services in Singapore without proper authorization.
Why does the MAS Investor Alert List matter?
For one, it helps you steer clear of scams. Many of the names on the list have been linked to shady activities like forex fraud, Ponzi schemes, or unlicensed investment services. It also acts as a layer of protection—by checking the IAL before you invest, you can make sure you’re dealing with a properly regulated firm. This simple step could help prevent major financial losses, especially since unregulated companies often operate without any oversight and could vanish without a trace.
That said, being on the IAL doesn’t automatically mean a company is running an illegal operation—it just means they aren’t regulated by MAS.
For example, popular brokers like OctaFX aren’t licensed in Singapore but are fully regulated in other regions, including by top-tier authorities like the UK’s Financial Conduct Authority (FCA). So, while they may appear on the MAS list, they are still extremely safe and reliable—and trusted by millions of traders worldwide. Just make sure to do your homework and understand the risks before trading in forex.
Is Forex Trading Legal in Singapore?
Yes, forex trading is 100% legal in Singapore! As one of Asia’s leading financial hubs, Singapore has a well-regulatedand highly developed forex trading environment, attracting both retail and institutional traders.
Regulation & Security
Forex trading in Singapore is regulated by the Monetary Authority of Singapore (MAS), which ensures that brokers operate fairly and transparently. MAS protects traders by enforcing strict guidelines on financial institutions, making Singapore one of the safest places to trade forex.
While some Singaporean traders prefer MAS-regulated brokers, many others prefer offshore brokers like Octa, FBS, and XM, which offer higher leverage, lower minimum deposits, and attractive bonuses that local brokers may not provide.
You also may want to check out Best Forex Brokers with High Leverage to see which ones would truly give you a bang for your buck when trading forex.
Key Things to Know About Forex Trading in Singapore
| Aspect | Details |
|---|---|
| Legality | Fully legal & regulated by MAS |
| Capital Gains Tax | No tax on forex trading profits (unless considered a business income) |
| Leverage | Up to 1:500 with offshore brokers |
| Deposit Methods | Bank transfers, credit/debit cards, e-wallets |
| Trading Platforms | MT4, MT5, WebTrader, Mobile Apps |
Do You Need a License to Trade Forex in Singapore?
No, retail forex traders in Singapore do not need a license to trade forex. However, if you plan to manage funds or trade on behalf of others, you may need to register as a financial services provider under MAS regulations. However as a retail trader do ensure you understand the risk involved in trading forex before you jump headfirst into it.
Is Forex Trading Taxed in Singapore?
Singapore does not impose capital gains tax on forex trading profits. This means you keep 100% of your earnings unless your trading activity is classified as a business (e.g., full-time professional trading). In such cases, profits may be subject to income tax.
Forex trading is completely legal in Singapore, and traders have the flexibility to choose between MAS-regulated or offshore brokers based on their trading needs. Whether you’re a beginner or an experienced trader, Singapore provides a safe, tax-friendly, and well-structured environment for forex trading.
Advantages and Disadvantages of Forex Trading in Singapore
Forex trading in Singapore is an exciting way to make money online, but like any investment, it has its ups and downs. If you’re a retail forex trader considering diving into the world of forex, it’s essential to understand both the advantages and risks before you start.
Let’s break it down below.
✅ Advantages of Forex Trading in Singapore
1. Tax-Free Profits – Keep 100% of What You Earn 💰
One of the biggest perks of trading forex in Singapore is that there’s no capital gains tax! Unlike stocks or real estate, forex profits are not taxed unless you’re trading as a full-time business. This means every dollar you earn stays in your pocket.
2. Trade Anytime – 24/5 Market Access 🌍
The forex market runs 24 hours a day, five days a week, allowing you to trade at your convenience. Whether you’re an early riser or a night owl, there’s always a currency pair moving somewhere in the world.
3. High Liquidity – Easy to Enter & Exit Trades ⚡
With over $7.5 trillion traded daily, forex is the largest and most liquid market in the world. This means you can buy and sell currencies instantly without worrying about price manipulation or delays.
4. Low Capital Requirement – Start with Just $5 🏦
Unlike stocks or real estate, forex trading doesn’t require a huge investment. Many brokers, including Octa, FBS, and XM, allow you to start trading with as little as $5 USD and even offer bonuses to boost your capital.
5. Leverage – Trade Bigger Positions with Less Money 🔥
Forex brokers offer leverage, allowing you to control larger positions with a smaller deposit. For example, with 1:500 leverage, a $100 deposit gives you the power to trade $50,000! While this boosts profit potential, it also increases risk.
6. Flexibility – Trade Anywhere, Anytime 📱
With platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) available on desktop and mobile, you can trade forex on the go, whether you’re at home, in a café, or traveling.
7. Plenty of Learning Resources – Get Started for Free 📚
The forex market is beginner-friendly, with endless free resources, demo accounts, and trading courses to help new traders learn without risking real money.
❌ Disadvantages of Forex Trading in Singapore
1. High Risk – Losses Can Be Big ⚠️
Forex trading is highly volatile, and prices can change within seconds. If you’re not careful, you can lose money just as quickly as you make it. Risk management is crucial to avoid wiping out your account.
2. Leverage Can Work Against You 📉
While leverage magnifies profits, it also amplifies losses. A small price movement in the wrong direction can wipe out your entire balance if you’re not using stop-loss orders.
3. Requires Time & Patience – Not a Get-Rich-Quick Scheme ⏳
Many people think forex trading is an easy way to make money, but it takes time to learn the market, develop strategies, and manage risks. Successful traders practice for months (or even years) before making consistent profits.
4. Emotional Trading – Greed & Fear Can Hurt Your Profits 😵
Forex trading requires emotional discipline. Many traders panic sell when they see losses or get too greedy when making profits. Without control, emotions can ruin your trading strategy.
5. Not All Brokers Are Reliable – Be Careful 🚨
While Singapore has strong regulations, many traders also use offshore brokers that offer higher leverage and bonuses. It’s important to choose a reputable broker like Octa, FBS, or XM to avoid scams and withdrawal issues.
6. Requires a Stable Internet Connection 🌐
If your internet drops while you’re in a trade, you could lose money due to price fluctuations. A stable connection and a backup plan (like a mobile hotspot) are essential for serious traders.
Is Forex Trading Worth It in Singapore?
✅ Yes, if you’re a forex trader that’s willing to learn and manage risks properly! With tax-free profits, 24/5 market access, and low capital requirements, forex trading offers exciting opportunities for Singaporean traders.
❌ However, if you don’t have the time to learn, control your emotions, or manage risks, forex trading can be very dangerous and lead to significant losses.
🔹 Pro Tip for Singaporean Forex Traders
✔ Start with a demo account before using real money.
✔ Use stop-loss orders to protect yourself from big losses.
✔ Trade with a reputable broker like Octa, FBS, or XM.
✔ Never risk more than you can afford to lose.
Is Metatrader 4 and Metatrader 5 Legal for Use in Singapore?
Yes, both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), developed by MetaQuotes Software, are fully legal in Singapore! These globally recognized platforms are licensed by hundreds of brokers around the world and are used by millions of forex traders—including many in Singapore. Whether you’re trading forex, stocks, or commodities, MetaTrader provides the advanced tools and intuitive interface that make trading more accessible and efficient.
That said, it’s important to verify the regulatory status of the forex broker offering MetaTrader in Singapore. Always check if the broker is authorized by local or international regulators to ensure a secure and reliable trading environment. A quick regulatory check can give you peace of mind as you dive into the world of trading!
Do You Have to Pay Taxes Forex Trading in Singapore?
In Singapore, capital gains tax on forex trading doesn’t apply to retail forex traders, so you can breathe easy when it comes to your profits. The city-state doesn’t tax profits from selling assets, including forex, as long as it’s seen as an investment activity rather than a business. So, if you’re a casual trader in the forex market, your earnings are generally free from the capital gains tax net.
However, if you’re trading forex regularly like a pro or running a full-time trading business, then your profits could be classified as income and subject to income tax. The Inland Revenue Authority of Singapore (IRAS) will assess your trading activity to see if it qualifies as a business, which could bring taxes into play. To stay on the safe side and ensure you’re fully compliant with Singapore’s tax laws, it’s a good idea to consult a tax expert for personalized advice.
Does Monetary Authority of Singapore (MAS) Regulate Forex?
The Monetary Authority of Singapore (MAS) does regulate forex trading in Singapore, but not directly in the way you might expect. While the MAS doesn’t regulate the trading of forex itself, it regulates the brokers and financial institutions that offer forex trading as a service for locally based brokers.
This means that if you area forex trader with a broker based in Singapore, that broker must be licensed and regulated by MAS to ensure that they meet the country’s strict standards for transparency, security, and financial integrity.
The MAS imposes a robust regulatory framework to protect investors and maintain market stability. Brokers offering forex services in Singapore must adhere to know-your-customer (KYC) and anti-money laundering (AML)regulations, among other requirements. This makes Singapore a safe environment for forex trading, with strong protections against fraud and malpractice. So, while MAS doesn’t directly regulate forex transactions, it does ensure that the institutions you trade with are reliable and trustworthy.
However various otther overseas based brokers such as Octa FX are also subject to the same if not stricter stringent rules and regulation by overseas regulators such as the Financial Conduct Authority (FCA) of the United Kingdom for example and are equivalent if not better than Singapore based brokers in terms of the deposit bonuses and spreads in forex trading offered.
Which Broker do I Choose to Trade Forex in Singapore?
While Singapore’s Monetary Authority (MAS) oversees a wide range of financial services, the market for retail spot forex trading in the country can feel a bit limited. While there are a few providers in Singapore that hold a capital markets licence in and offer physical currency exchange, options for spot forex trading remain relatively sparse. This has led to many international brokers—regulated in other major financial hubs—welcoming Singaporean traders, even if they don’t have a direct MAS license.
Important Note: While OctaFX isn’t regulated by the MAS in Singapore, it holds multiple regulatory licenses from global financial authorities, making it one of the most trusted international forex brokers in the market. Octa also holds the necessary capital markets licences from European Union and is subject to various governmental and securities trading rules and regulations. This gives Singaporean traders who use Octa the flexibility to trade confidently with a broker that’s internationally recognised for its reliability and transparency not jsut in Singapore but worldwide.
Which Forex Brokers in Singapore Offer the Lowest Minimum Deposit?
Want to start forex trading in Singapore without a big upfront investment? You’re in luck! Several well-known brokers offer low minimum deposits and generous bonuses, making it easy for beginners to get started with minimal risk.
Here, we feature our top picks of forex brokers for Singapore based traders – OctaFX, FBS, and XM, highlighting their minimum deposit requirements, account types, and deposit bonuses to help you boost your trading capital right from the start.
Bonus Details & Benefits
✅ OctaFX: Get up to 100% deposit bonus, meaning your trading capital doubles based on the amount you invest. Available on Standard and Micro accounts, this is a great option for traders looking to maximize their starting balance.
✅ FBS: With just a $1 deposit, FBS offers a 100% deposit bonus up to $100, doubling your initial funds. This makes it ideal for beginners who want to test forex trading with minimal investment.
✅ XM: Offers a 50% deposit bonus up to $500, available on Micro, Standard, and XM Ultra Low accounts. This broker provides tight spreads and extensive learning tools, making it a solid choice for traders wanting to improve their skills.
Why These Brokers Are Great for Singaporean Traders
- Low entry barriers – Start trading with as little as $1 to $5 USD (SGD 2 to SGD 7)
- Bonus capital – Boost your funds with generous deposit bonuses.
- User-friendly platforms – All brokers offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for easy and efficient trading.
- Educational resources – Learn trading strategies, risk management, and technical analysis with free materials.
With low deposits and high bonuses, these brokers provide an affordable way for Singaporean traders to enter the forex market. Whether you’re a beginner or an experienced trader looking for extra capital, these options offer a great way to maximize profits while keeping risks low.
How to Open a Forex Trading Account in Singapore?
Getting started with forex trading in Singapore is easier than you think! With Octa, you can open an account in just a few minutes and start trading with as little as $5 USD.
Whether you’re a beginner or an experienced trader, Octa offers a user-friendly platform, competitive spreads, and attractive bonuses to help you make the most of your trading journey.
Step-by-Step Guide to Opening an Octa Forex Account
Follow these simple steps to get started with Octa in Singapore:
1. Simply Click HERE
Click on “Open Account” to begin your registration.
2. Fill in Your Personal Details
Provide your name, email, phone number, and preferred account type (Micro, Standard, or ECN). Choose USD or SGD as your base currency for your forex trading account.
3. Verify Your Identity
To comply with security regulations, you’ll need to upload a copy of your NRIC, passport, or driver’s license. Verification usually takes just a few hours.
4. Make Your First Deposit
Octa allows you to start trading with a minimum deposit of just $5 USD. You can deposit funds using bank transfers, credit/debit cards, or e-wallets like Skrill and Neteller.
5. Claim Your Bonus (Optional)
Octa offers up to a 100% deposit bonus, meaning you can double your capital based on your initial deposit.
6. Download the Trading Platform
Octa supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both available for desktop, web, and mobile trading.
7. Start Trading!
Once your deposit is processed, you’re ready to trade forex pairs like EUR/USD, USD/SGD, and GBP/JPY. Use Octa’s educational resources to refine your strategy and manage risks effectively.
Octa Forex Account Features at a Glance
| Feature | Details |
|---|---|
| Minimum Deposit | $5 USD or SGD7 |
| Available Platforms | MetaTrader 4 (MT4), MetaTrader 5 (MT5) |
| Leverage | Up to 1:500 |
| Spread Type | Fixed & Floating |
| Bonus | Up to 100% Deposit Bonus |
| Deposit Methods | Bank Transfer, Credit/Debit Cards, Skrill, Neteller |
| Execution Speed | Ultra-Fast |
| Customer Support | 24/7 Live Chat & Email |
Why Trade with Octa in Singapore?
✅ Low entry barrier – Start trading with just $5 USD or SDG7.
✅ Attractive bonuses – Get up to 100% deposit bonus with Octa to maximize your trading capital.
✅ User-friendly platform – Trade on MT4 & MT5 with advanced charting tools.
✅ Fast execution & low spreads – Ideal for both beginners and experienced traders.
✅ Safe & reliable deposits – Multiple funding options with fast processing times.
Opening a forex account with Octa in Singapore is quick, easy, and packed with benefits. Whether you’re trading part-time or aiming to become a full-time trader, Octa provides the tools, support, and bonuses to help you succeed.
