Singapore Forex Trading Boom – Why More Locals Are Jumping In Now
Written by Akash Khanna
Edited by Samuel Black
Fact-checked by Lisa Khan
Last Updated – 18 July 2025
“In Singapore, we don’t gamble. We calculate. And when it comes to forex trading, strategy beats luck every day.”
Welcome to the Lion City’s ultimate guide to forex trading in Singapore—whether you’re trading during your MRT ride, squeezing in a trade between kopi breaks, or managing a portfolio before bedtime, this guide is made just for you.
With Singapore’s strong financial infrastructure, transparent regulations, and widespread fintech adoption, it’s no surprise more Singaporeans are venturing into the forex world. But here’s the catch: not all brokers are made equal, and not every shiny trading ad is trustworthy.
In this guide, we’ll break down how to start trading, how to select the best forex broker in Singapore, and why HFM, FBS, and Tickmill stand out as the best forex brokers for Singaporeans in 2025.
- Is Forex Trading Legal in Singapore?
- How Does Forex Trading Work in Singapore?
- What You Need to Start Trading Forex in Singapore?
- Understanding Forex Broker Regulation in Singapore
- Best Forex Brokers in Singapore (2025 Edition)
- How to Choose the Right Forex Broker in Singapore
- Forex Platforms Available for Singapore Traders
- Forex Account Types Explained
- Starting Capital for Singapore Forex Traders
- Common Forex Trading Mistakes in Singapore
- FAQ – Forex Trading in Singapore
- Parting Note - Trade Smart, Singapore
Is Forex Trading Legal in Singapore?
Yes. 100% legal. In fact, Singapore is one of Asia’s most trusted financial hubs. The Monetary Authority of Singapore (MAS) regulates the financial ecosystem but does not restrict Singaporeans from trading through well-regulated international forex brokers.
| Entity | Role |
|---|---|
| MAS | Oversees local financial institutions |
| Retail Traders | Can trade via offshore brokers |
| International Brokers | Must be regulated (FCA, CySEC, etc.) |
➡ Singaporeans can trade legally with offshore brokers like HFM, FBS, and Tickmill.
How Does Forex Trading Work in Singapore?
Forex trading is the act of buying and selling currency pairs to profit from exchange rate fluctuations. Whether you’re trading EUR/USD at Raffles Place or from a condo in Woodlands, the process is the same:
🔄 Forex Trading Process
Sign up with a regulated broker
Fund your account (via credit card, PayNow, or e-wallet)
Trade currency pairs via platforms like MT4/MT5
Close positions when you profit (or cut losses)
Withdraw funds directly to your local bank
➡ Think of it like buying SGD when you expect the USD to fall—just with faster fingers and sharper charts.
What You Need to Start Trading Forex in Singapore?
Forex trading is accessible—but don’t mistake ease for simplicity.
✅ Singapore Forex Starter Kit
| Requirement | Description |
|---|---|
| Broker Account | Open with HFM, FBS, or Tickmill |
| Identification | NRIC or Passport + address verification |
| Starting Capital | From as low as SGD 15 |
| Internet Access | Preferably fast (trading during peak hours!) |
| Platform Access | MT4/MT5 app or web trader |
Pro Tip: Always start with a demo account. That’s like army BMT for traders.
Understanding Forex Broker Regulation in Singapore
MAS doesn’t regulate foreign retail forex brokers—but they do monitor activities involving Singaporean clients. So, your best bet is to choose brokers regulated by top-tier foreign authorities.
| Regulation Body | Known For | Brokers Regulated Under Them |
|---|---|---|
| FCA (UK) | Strictest rules | Tickmill |
| CySEC (EU) | Strong oversight | FBS, HFM |
| FSCA (South Africa) | Reliable alternatives | HFM |
➡ All 3 brokers mentioned in this article are internationally regulated and widely used in Singapore.
Best Forex Brokers in Singapore (2025 Edition)
Let’s compare the top three choices available to Singaporean traders.
🥇 HFM (formerly HotForex)
| Feature | Details |
|---|---|
| Regulation | CySEC, FSCA, FCA |
| Min Deposit | $5 (~SGD 7) |
| Platform | MT4, MT5 |
| Payment Methods | Credit card, e-wallet, wire |
| Leverage | Up to 1:1000 |
| Perk | Bonus programs, PAMM accounts |
📌 Great for: Singaporeans looking for flexibility + bonus incentives
🥈 FBS
| Feature | Details |
|---|---|
| Regulation | CySEC, IFSC |
| Min Deposit | $1 (~SGD 1.50) |
| Platform | MT4, MT5, FBS App |
| Payment Methods | Local bank, credit, e-wallet |
| Leverage | Up to 1:3000 |
| Perk | Cent accounts, high leverage |
📌 Great for: Absolute beginners and small account traders
🥉 Tickmill
| Feature | Details |
|---|---|
| Regulation | FCA, CySEC |
| Min Deposit | $100 (~SGD 135) |
| Platform | MT4 |
| Payment Methods | Bank wire, card, crypto |
| Leverage | Up to 1:500 |
| Perk | Low spreads, ECN environment |
📌 Great for: More experienced Singaporean traders & scalpers
How to Choose the Right Forex Broker in Singapore
Don’t choose a broker just because of an influencer on TikTok. Here’s what actually matters:
🧐 Broker Selection Criteria
| Factor | What to Look For |
|---|---|
| Regulation | FCA, CySEC, or FSCA |
| Local support | Accepts SGD or has easy withdrawals |
| Platform stability | MT4/MT5 availability |
| Low spreads | Important for scalping/trading news |
| Leverage options | Match your risk profile |
| Account types | Choose based on experience level |
➡ Bonus if the broker offers Singapore-friendly payment methods like PayNow or local bank options.
Forex Platforms Available for Singapore Traders
You don’t need a Bloomberg terminal. Just good software.
| Platform | Broker Support | Best For |
|---|---|---|
| MT4 | HFM, FBS, Tickmill | EAs, charting, custom tools |
| MT5 | HFM, FBS | Advanced indicators |
| FBS Trader App | FBS only | Mobile-first traders |
Pro Tip: MT4 is still the standard for forex traders, but MT5 is gaining ground.
Forex Account Types Explained
Choosing the wrong account is like wearing office shoes to a hawker centre—possible, but uncomfortable.
| Account Type | Best For | Available With |
|---|---|---|
| Cent/Micro | Beginners | FBS |
| Standard | General trading | HFM, FBS |
| ECN/Raw Spread | Scalping, low-spread trading | Tickmill |
| Zero Spread | High-volume trades | HFM |
| Islamic/Swap-free | Muslim traders | All 3 |
Starting Capital for Singapore Forex Traders
Forex is accessible—but be realistic. Don’t expect to double SGD 15 overnight.
| Broker | Min Deposit | Realistic Start | Notes |
|---|---|---|---|
| HFM | $5 | $100–$300 | Multiple account types |
| FBS | $1 | $50–$200 | Cent account good for testing |
| Tickmill | $100 | $300–$1000 | Ideal for serious traders |
Common Forex Trading Mistakes in Singapore
Even the smartest Singaporeans can fumble a trade. Here’s what to watch for:
❌ Top 5 Mistakes to Avoid
Trading without a plan – Like buying 4D without a number.
Using too much leverage – Don’t bet big just to feel like a baller.
Overtrading – Every hour is not a trading hour.
Blindly copying others – That “signal group” might be a signal for disaster.
Neglecting risk management – Always use a stop-loss, lah!
FAQ – Forex Trading in Singapore
Q1: Is forex trading allowed in Singapore?
Yes. It is legal to trade forex via regulated international brokers like HFM, FBS, and Tickmill.
Q2: Do I need to pay tax on forex gains in Singapore?
Singapore does not tax capital gains for individuals, so casual forex profits are typically not taxed.
Q3: Can I trade forex with SGD?
Yes, many brokers allow funding in SGD and will convert it internally to USD or your trading currency.
Q4: What’s the best forex broker in Singapore?
It depends. HFM is great for promotions and variety. FBS is beginner-friendly. Tickmill offers pro-level ECN spreads.
Q5: Is forex trading halal in Singapore?
Yes, if you use Islamic accounts (offered by all 3 brokers listed).
Q6: Can I use leverage in Singapore?
Yes, up to 1:1000 or 1:3000 depending on broker. But higher leverage = higher risk.
Q7: Can students trade forex in Singapore?
Yes, but only with legal age and own funds. Start with demo or low-risk cent accounts.
Q8: Is trading forex risky?
Yes. It’s profitable and risky. Use proper risk management. Never trade money you can’t afford to lose.
Q9: Which forex platform is easiest for Singaporeans to use?
MT4 is still the most user-friendly. FBS’s mobile app is also super slick.
Q10: Can I withdraw profits to my local bank?
Yes. Most brokers offer SGD withdrawals via bank transfer, e-wallets, or cards.
Parting Note - Trade Smart, Singapore
Forex trading in Singapore is easier than ever—but don’t confuse ease with success. Like kopi at your favorite hawker stall, good trading takes the right ingredients: knowledge, strategy, and a solid broker.
To recap:
✅ Use HFM, FBS, or Tickmill – all regulated, reliable, and trusted in Singapore
✅ Start small, scale wisely – no need to “all-in” like a poker match
✅ Protect your capital – use stop-loss, manage risk
✅ Learn first, trade later – and yes, demo accounts are free
So whether you’re trading before your MRT commute, during your kopi break, or late at night after the kids sleep—trade wisely, trade consistently, and let your money work harder than you do.