The forex market in Singapore is the third largest in the world after London and New York and the largest in the entire Asia Pacific region. The daily forex trade volume in Singapore is nearly $1 trillion, making the sector pivotal in the country’s standing as a leading trading hub, underpinning the vibrancy of the international financial center of Singapore.
Singapore’s forex traders have also increased, with the current population standing at more than 5 million traders, trading CFD and forex on the best forex broker Singapore platforms.
Thousands of forex trading Singapore platforms can make it difficult for traders to navigate and find the best options. However, we have provided a comprehensive guide to help readers navigate the difficulties of choosing reliable forex brokers in Singapore. We have also compiled a list of top-rated forex brokers, making it easier to choose the best based on their platform features, advantages, and disadvantages.
Key Takeaways
- Importance of Regulation – Regulated forex brokers are essential for maintaining transparency in every aspect of their activity, including clear disclosure of commissions, fees, leverage, and pricing.
- Consideration of Trading Platforms – While choosing the best trading platform Singapore, it is essential to consider the platform’s accessibility, reliability, types of trading platforms, trading accounts, reputation in the market, security measures, customer support, and tradeable instruments.
- Trading Costs & Fees – Every forex broker will have different fees, commissions, spreads, and trading costs. Explore the pricing structure of the chosen trading platform before registering with one.
- Customer Support – A reputable forex broker offers responsive and efficient customer support, resolving queries related to technical issues, deposits and withdrawals, fees, and much more.
- Reputation and Reviews – We have extensively researched every forex broker’s reputation and read reviews from other traders to identify Singapore’s best trading platform.
Best Forex Broker Singapore: Updated List of 2024
The below list is about Singapore top forex brokers (one of the biggest hubs in Southeast Asia). We have done all our research to present you with the finest list of MAS regulated forex brokers in Singapore, which offers various financial services). MAS (Monetary Authority of Singapore) official website: www.mas.gov.sg; read more about its history via Wikipedia.
-
- OANDA:- Best Forex and CFD Broker
- IG:- Top-rated forex broker and online trading platform
- Plus500:- Cost-effective forex trading for beginners
- City Index:- Market-leading forex and CFD broker
- CMC Markets:- Best for Range of Offerings
- Saxo Capital Markets:- Best-in-class liquidity and execution
- Swissquote:- Ideal forex broker for new traders
- Interactive Brokers:- Leading one-stop-shop trading solutions
- Pepperstone:- Top-shelf brokerage firms for retail and institutional investors
- AvaTrade:- Best online forex and CFD trading experience
1. OANDA
OANDA is a trusted forex broker in Singapore that stands out for its quality market research and reputation. It has a strong regulatory record under the BVI Financial Services Commission. OANDA features 71 forex pairs and other financial instruments, including indices, metals, shares, commodities, and cryptocurrencies.
Trading on MetaTrader 4/5 and the fxTrade mobile app makes trading on OANDA a seamless experience with excellent customer support and transparent fee structure and pricing delivered through state-of-the-art trading platforms. Spreads at OANDA start at 1 pip, while the trading costs are relatively steep compared to other regulated forex brokers in Singapore.
Read through this OANDA Review to know more about why we have chosen OANDA as one of our top forex brokers in Singapore, along with its salient features and pros and cons.
Why We Choose It?
- Transparent Pricing – OANDA is known for its competitive spreads and transparency pricing
- No Minimum Deposit—Any Singapore forex trader can open an account with OANDA without making a minimum deposit.
- Innovative Trading Platform – OANDA provides various trading platforms, including MetaTrader 4 & 5, a proprietary platform, and a robust mobile trading app.
- Educational Resources – Singapore forex traders, especially beginners, can find various educational tools and resources, including market analysis, tutorials, and webinars.
- Demo Account – OANDA features a free demo account, allowing traders to familiarize themselves and test their trading strategies without risking real money.
Key Features
- Highly trusted forex broker in Singapore with multiple tier 1 regulators, including the Investment Industry Regulatory Organization Of Canada, Financial Conduct Authority, Australian Securities and Investment Commission, and BVI Financial Services Commission.
- Versatile charting features on the Trade mobile app with 65+ technical indicators and 13 drawing tools, offering fluid navigation on the responsive design.
- Supports advanced trading tools for technical analysis along with MT4 and MT5 premium trading tools
- Robust educational resources for beginners and professional traders, including market blogs, technical analysis, forex news, and an economic calendar.
- A referral bonus for existing traders and new customers on the platform, offering $188, $888, and $2,888 for meeting trade requirements of 3 qualifying trades, $10m notional value, and $50m notional value, respectively.
Pros
- User-friendly and quick account registration process
- Multiple options available for algorithmic trading
- Desktop and mobile app rank high for easy navigation and use
- Innovative trading with analytics and currency data solutions
- Multiple products and financial instruments are available for both beginners and professional traders
Cons
- Below average spreads compared to other industry leaders
- Lacks 24×7 customer support
- Unimpressive educational material
2. IG
IG is the top forex brokers in Singapore that offers access to a wide variety of financial instruments to traders around the world. Established in 1974, the London-headquartered forex brokers platform IG is committed to empowering forex traders and helping them achieve their goals through comprehensive educational resources and innovative technology. IG International Limited is a part of the Global IG Group that offers CFD and forex trading and spread biting across an unrivaled selection of more than 17,000 financial markets on its user-friendly trading platforms and apps.
IG is known for being the best trading platform Singapore that discounts up to $150 of the trading costs and offers tight spreads, fast execution, and comprehensive education for both experienced and new traders. Among the many trading products, some notable features of IG include mobile trading, trading charts, signals, alerts, algorithmic trading, and ProRealTime.
Check out this IG Review to know more about the regulated forex brokers in Singapore.
Why We Choose It?
- Well-designed, beginner-friendly forex trading platform with useful educational tools.
- Rock-bottom forex trading costs for the Standard Account and spreads starting as low as 0.6 pips.
- An unlimited demo account on intuitive web and app-based platforms is suitable for beginners.
- They are regulated by multiple tier 1 regulators, including the US Commodity Futures Trading Commission, UK Financial Contact Authority, Australian Securities and Investment Commission, Japanese Financial Services Authority, Monetary Authority Of Singapore, Swiss Financial Market Supervisory Authority, and New Zealand Financial Markets Authority.
- Multiple tradeable instruments, including forex, shares, indices, commodities, options, futures, spot, and cryptocurrencies.
Key Features
- 80+ forex pairs, 13,000+ shares, 17,000+ CFDs, and 11 cryptocurrencies, along with thousands of other financial markets to trade
- Effective risk management tools to protect the drawbacks of forex trading in Singapore
- Multiple beginner-friendly platforms, from desktop to mobile apps
- Competitive and transparent pricing and deep liquidity options for more controlled trades
- A library of educational resources and videos to equip traders for better trades
Pros
- One of the best online forex brokers Singapore in terms of the range of financial instruments.
- Proprietary web-based and mobile trading platforms with real-time market updates and advanced charting tools
- Operates under stringent regulatory framework in several jurisdictions
- An extensive collection of engaging and professional educational tools, including analysis, articles, and webinars
- Free ProRealTime advanced charting tools
Cons
- Complex fee structure for beginners
- No guaranteed stop-loss orders or account protection features for traders in many countries
- No swap-free account for Islamic traders
3. Plus500
According to Plus500, “Online trading in ‘contracts for difference’ (CFDs) supplied through a proprietary trading platform over the web and other electronic channels” is the trademark of Plus500 Ltd.
Founded in 2008, the Israel-based regulated brokers firm is registered with the proper regulatory authorities and operates through many subsidiaries around Europe and Asia-Pacific; also, Plus500CY Ltd is authorized & regulated by CySEC, The platform, like many other best forex trading platforms in Singapore, does not welcome traders from the United States. However, read our Plus500 review and learn more about these online brokerage trading platforms, their currency pair support, trading tools, and others in detail.
Why We Choose It?
- Best forex broker Singapore is licensed and regulated by various global regulators, including the Monetary Authority of Singapore and the Financial Markets Authority.
- A reliable forex broker listed on the LSE (London Stock Exchange) main market.
- Professional support offering round-the-clock customer service in various languages.
Key Features
- Protects client funds and securely stores them in segregated bank accounts
- Provides more than 2800 CFDs without commissions
- A free demo account to try out Plus500 features without risking real money
- A plethora of educational resources to enrich traders with news and market insights, an economic calendar, trading alerts, risk management tools, and a trading academy
- Stable and easy-to-access proprietary WebTrader platform, offering streamlined trading experiences on multiple systems and devices
Pros
- User-friendly web design for beginners
- A new analytical tool, +Insights, incorporates market sentiment data and integration of advanced features from FactSet and Trading Central
- Offers tight spreads close to the industry average
- Supports trades across crypto, indices, forex, commodities, shares, options, and ETF markets
- Guaranteed stop-loss orders and strong risk management tools
Cons
- Below-par customer support
- Not suitable for active traders
82% of Retail CFD Accounts Lose Money
4. City Index
City Index is a trusted CFD and forex provider, authorized and regulated in multiple jurisdictions worldwide, including the Monetary Authority of Singapore. This Singapore forex broker offers an excellent product catalog, robust research tools, and platform choices, catering to a broad spectrum of traders, from well-financed institutions to low-skilled retailers.
City Index’s well-designed mobile app makes a versatile and best forex trading platform Singapore with ease of use and charts powered by TradingView, offering more than 80 indicators and drawing tools and top-notch trading products such as Featured Ideas, Analyst Views, and Technical Insights. City Index also features a free live demo account for risk-free paper trading without commitment, giving access to more than 13,500 markets, including shares, forex, indices, and commodities.
Click on this City Index review to learn more about the City Index markets, trading features platforms, and more.
Why We Choose It?
- One of the best broker in Singapore, offers guaranteed protection with stop-loss orders for a premium and a sophisticated array of conditional orders
- Perfectly optimized online forex brokers app for Android and iOS users with easy syncing and well-organized features and menus
- Dozens of trading opportunities and ideas using diverse approaches in the market.
Key Features
- 24×5 dedicated customer service available via live chat, email, and phone support
- Fast order execution, with more than 99% of forex trades executed in less than a second
- Personalised performance analytics, algorithm-powered SMART trading signals, and a wealth of other exclusive trading tools to maximize trading potential
- A suite of award-winning trading platforms, including WebTrader, TradingView, MetaTrader 4, and mobile trading app
- Live spread betting, CFD trading, forex trading, indices, shares, commodities, bonds, options, and other financial markets offered
Pros
- Sophisticated backtesting tools
- SMART trading signals with an in-house engine generating 200 different signals every week
- A dedicated mobile app to balance advanced functionality, offering easy-to-use features, including news headlines, integrated research, and market commentary
- An extensive product catalog covering crypto, CFDs, indices, forex, and others
- A proprietary WebTrader platform offering an excellent combination of integrated research and advanced trading tools
Cons
- It does not support MetaTrader 5
- Margin discounts are limited to professional trading accounts
- The product portfolio is limited to CFDs and forex
- High fees for stock CFDs
5. CMC Markets
Advertisement
CMC Markets has scooped up multiple awards across many categories with its undeniably impressive range of tradeable instruments and platforms, packed with innovative trading tools and quality research. CMC Markets is one of the top forex brokers in Singapore, and it has no minimum deposit requirement. Beginner traders can easily access tradable products, including forex, indices, commodities, cryptocurrencies, shares, and treasuries. The 1989 well-established CMC Markets suits all traders, from novice retailers to experienced veterans seeking exposure to competitive spreads and seamless CFD trading and spread betting.
Click on this CMC Markets review to learn more about the platform’s features and functions, including the pros and cons of using CMC Markets for forex trading.
Why We Choose It?
- Get the ultimate trading experience on the constantly innovating CMC Markets forex platform Singapore
- Provides tight spreads regardless of the volatility in the market, delivering reliable and competitive pricing
- 300+ forex pairs, 40+ indices, 18+ cryptocurrencies, 11,000+ shares and ETFs, 90+ commodities, and 40+ treasuries.
Key Features
- An intuitive and award-winning forex platform with new features, functionality, and tools to enhance the overall trading experience
- Dynamic charting capabilities, supporting multiple chart types, more than 115 drawing tools, and technical indicators.
- Dedicated mobile trading apps designed for Android and iPhone devices for the best trading experience
- Supports multiple order types, giving complete execution control over the entering and exiting of trades
- Risk management tools to manage trading risks effectively with guaranteed stop-loss orders for a premium.
Pros
- FCA-regulated forex trading platform with Financial Services Compensation Scheme, protecting eligible claimants up to £85,000
- Low-cost forex trading compared to the industry average
- Demo account for risk-free trading
- Offers more than 12,000 tradable instruments on Next Generation
- Negative balance protection and guaranteed stop-loss orders to protect traders
Cons
- Inadequately equipped Next Generation platform without automated trading or backtesting capabilities
- There are too many country restrictions
6. Saxo Capital Markets – Saxo Bank
Saxo Capital Markets is regulated by the Monetary Authority of Singapore and owned by Saxo Bank, headquartered in Denmark. Saxo Capital Markets aims to service a multi-asset trading platform on its flagship platform, SaxoTraderPro, which is ideal for more advanced readers. Its impressive asset catalog includes CFDs, forex options, futures, crypto-forex, commodities, and many asset management products, including SaxoWealthCare, SaxoSelect, and Regular Savings Plans.
The web-based SaxoTraderGo platform is equipped with functional features for trading on a user-friendly interface, giving access to third-party trading tools and enhancing the overall trading experience. In our Saxo Bank review, we will explain why Saxo Capital Markets is the best forex broker in Singapore. We will let you decide the quality of trading products based on the key features and the pros and cons mentioned below.
Why We Choose It?
- Saxo Bank offers a premium quality forex trading platform, ideal for advanced traders.
- Saxo VIPs are offered the best prices, exclusive event invitations, and priority support 24×5 by world-class experts.
- SaxoSelect makes an above-par crypto portfolio manager with cost-effective wealth management without lock-in periods.
Key Features
- Low minimum commission on HK, UK, and US stocks
- Offers reduced forex conversion spreads by almost 67%
- A free Platinum pricing structure for newly funded Saxo Bank accounts
- Self-managed forex platform Singapore for cash and margin trading around global markets
- Transparent pricing structure and a secure and regulated forex trading environment for active traders
- Top-notch trading tools on SaxoInvestor, SaxoTraderGO, SaxoTraderPro, and other third-party platforms.
Pros
- Extensive variety of tradable offerings, comprising both investment and leveraged products
- Regulated by the Monetary Authority of Singapore and various other tier 1 jurisdictions around the world for safe forex trading
- Dedicated customer support agents offering top-notch services via multiple channels
- Negative balance protection important for the highly leveraged forex trading market
- Multiple trading platforms with proprietary SaxoTraderGo, SaxoTraderPro, and other third-party platforms
Cons
- Confusing fee structure with lots of hidden costs
- Too many country restrictions due to regulatory constraints
- High fees for options and futures trading
7. Swissquote
Swissquote delivers easy access to a huge multi-asset offering and superior-quality market research. Different trading platforms are available for web and desktop trading, including the platform’s flagship suite, advanced trader, and the award-winning MetaTrader 4 and MetaTrader 5 platforms. Singapore forex traders can trade on the regulated forex broker website with multiple top-tier licenses, including the Monetary Authority of Singapore and Malta Financial Services Authority.
It prioritizes client security by maintaining segregated bank accounts, negative balance protection, maximum leverage of 1:100, and a compensation scheme to protect traders against any liabilities if the company becomes insolvent. Read our Swissquote review to know more about the forex broker before creating an account.
Why We Choose It?
- Dozens of educational webinars, videos, e-books, tutorials, blogs, and other expert insights in the form of news and podcasts.
- Top-rated forex broker providing Autochartist plug-ins and other related tools, including complex order types and robust charting tools.
- Easy-to-use MT4 and MT5 mobile applications featuring charts with 30 indicators and nine timeframes
Key Features
- Four commission-free account types for different types of traders.
- State-of-the-art encryption protocols to ensure the protection of both personal and financial information.
- A diverse and extensive range of tradable assets, including currency pairs, commodities, indices, and cryptocurrencies.
- Acknowledges diversity in traders’ needs and preferences by offering tailored user-centric features such as Islamic accounts, convenient account minimums, and guaranteed stop-loss orders.
Pros
- An award-winning MetaTrader platform with additional add-ons like MetaTrader Master edition
- Excellent market research, including a growing variant of daily market analysis YouTube videos
- Seamlessly integrated Auto-Chartist into Advanced Trader
- Offers more than 3 million financial instruments, including CFDs, currency pairs, shares, commodities, indices, bonds, and forex options
- Different account types for different ambitions, needs, and goals
Cons
- High fees for stock, bonds, and ETFs
- A high minimum deposit requirement of $1000
- Trading Central is available only on the MetaTrader platform
8. Interactive Brokers
Interactive Brokers is one of the best trading platforms in Singapore, especially for professional traders looking for more opportunities to trade across 150 global markets from a unified platform. Interactive Brokers offers a wealth of tradable assets, including stocks, ETFs, futures, futures options, bonds, forex, mutual funds, commodities, structured products, and indices. It is a highly regulated forex broker in Singapore under various regulators, including the Financial Conduct Authority and the Monetary Authority of Singapore.
Check out this Interactive Brokers review to learn why we have chosen it as one of our top-rated online forex brokers in Singapore. It has a few features, pros, and cons.
Why We Choose It?
- Professional pricing structure to maximise returns from trading
- Powerful trading platforms, including desktop, Trader Workstation, mobile app, Global Trader, client portal, and other IBKR APIs.
- Free trading tools to spot opportunities, analyse outcomes, and manage accounts
- 100+ order types from complex algorithmic trade orders to limit orders
Key Features
- A trustworthy and reliable forex broker, heavily regulated by tier 1 regulators in different jurisdictions.
- Powerful technology to optimise trading efficiency and speed.
- Low commissions without added spreads, platform fees, account minimums, and ticket charges.
- Earn interest of up to 4.82% on instantly available cash.
- Comprehensive reporting tools with real-time confirmation, transaction cost analysis, margin details, sophisticated portfolio analysis, and more.
Pros
- Unparalleled array of available financial assets
- Low margin rates and commissions
- A vast range of fundamental and technical analysis tools
- Developed to serve international investors and global traders
Cons
- Complicated Trader Workstation for inexperienced traders
- Below-par customer support
9. Pepperstone
Pepperstone is a leading forex broker in Singapore that offers a striking balance between a solid CFD and forex product selection and competitive fees. Established in 2010, Pepperstone has emerged as a top-tier forex broker, focusing on indices, commodities, market shares, and even crypto. It offers maximum leverage of up to 1:500 and protects users with additional security and segregated bank accounts. It is ideally suitable for traders who are looking for multiple-choice account types and user interfaces at a low cost. To know more about Pepperstone features, functions, and pros and cons, check out the Pepperstone review.
Why We Choose It?
- Offers tight spreads as low as zero pips with requotes and deep liquidity
- Fast and reliable online forex brokers in Singapore, giving access to a wealth of CFDs across shares, commodities, indices, forex, and crypto.
- Deep liquidity at a quoted price, also known as top-of-the-book liquidity.
Key Features
- An award-winning forex trading platform chosen by more than 400,000 traders around the world
- Earn rebates on commissions and get access to exclusive benefits on the Active Trader platform
- Global market analysts offer economic event coverage, videos, expert commentary, and more
- Offers multiple trading platforms including TradingView, MT4, MT5, proprietary Pepperstone trading platform, CTrader, and social trading
- Ideal for beginners with enriching educational resources, including webinars, videos, trading guides, and blogs about CFDs, forex, crypto, shares, and equity
Pros
- Free and seamless deposits and withdrawals
- A growing selection of global financial markets
- Competitive pricing for active traders on Razor accounts
- Multiple copy and social trading platforms available for beginners
- MetaTrader and cTrader platforms are excellent for copy and algorithmic trading
Cons
- No interactive courses, educational quizzes, or progress tracking
- Basic MetaTrader trading platform
- Does not offer guaranteed stop-loss orders
10. AvaTrade
AvaTrade is the most trusted and best forex broker in Singapore, and it is popularly known for its extensive selection of account types and trading platforms for CFD and forex traders. The platform offers tailored experiences for traders looking for a smooth and user-friendly platform without any intricacies. With an intuitive design and effortless trade execution, AvaTrade offers cost-effective solutions in the fiercely competitive marketplace. Traders can trade CFDs on forex, crypto, indices, options, commodities, and stocks and access uncompromising security, advanced tools, and personalised customer support.
AvaTrade review covers every essential factor that makes AvaTrade the best forex broker in the industry.
Why We Choose It?
- Highly reputed forex trading platform Singapore, established in 2006
- Offers CFD trading on forex, indices, commodities, ETFs, cryptocurrencies, and many more
- More than 0.4 million registered users worldwide, processing over $70 billion monthly in trade volume.
Key Features
- Tight spreads and commission-free trading
- Maximum leverage of up to 1:400
- Instant trade execution across powerful desktop and mobile platforms
- Regulated in nine jurisdictions
- Excellent trading conditions with reliable order execution
Pros
- Well-established trading broker in Singapore with multiple licenses in nine differential jurisdictions
- Innovative mobile application and trading platforms
- Competitive pricing with tight spreads and deep liquidity
- 19,000+ financial assets, including forex, CFDs, and cryptocurrencies
- AvaSocial, ZuluTrade, and DupliTrade for social and copy trading
Cons
- Limited advanced trading tools and features
- High minimum deposit requirement
Comparison of Best Brokers in Singapore
| Forex Brokers | Minimum Deposit | Maximum Leverage | Regulated by MAS | Accepts SG Citizens |
|---|---|---|---|---|
 |
$0 | 50:1 |  |
|
 |
$300 | 50:1 | |
|
 |
$100 | 1:30 | |
|
 |
$100 | 30:1 | |
|
 |
$0 | 30:1 | |
|
 |
$2000 | Up to 3.3x | |
|
 |
$1000 | 1:100 | |
|
 |
$100 | 50:1 | |
|
Forex Broker Law and Regulations in Singapore
The Monetary Authority of Singapore, or MAS, is the regulatory central bank that oversees the forex industry in Singapore. It protects financial markets within the jurisdiction against financial misconduct and malpractice and maintains a safe and secure financial center for all its citizens. As a regulator, MAS takes actions related to monetary policies and monitors financial service providers such as forex brokers for improved regulatory services. To be licensed and regulated forex brokers in Singapore, forex trading platforms must adhere to the MAS compliance, including anti-money laundering, terrorism, cybersecurity, and KYS procedures.
Our Methodology
We have reviewed the top forex brokers in Singapore and their financial products and services to develop an in-depth guide to the best forex brokers in Singapore. Our research team has thoroughly tested various tools, services, products, and features and assessed every broker’s available trading platforms and account types.
- Fee Structure – We have reviewed the platforms’ commissions and fees in-depth, including the bid and ask spreads, inactivity fees, minimum deposit requirements, trading costs, and other important fee-based points.
- Ease of Use – We have considered online forex brokers in Singapore that allow users to execute their trades effortlessly via simple interfaces and offer ultra-smooth functioning.
- Unique Features – We have also researched the platforms’ basic and advanced trading features, execution speed, customization facilities, safety and security measures, and educational resources. Our research team has thoroughly tested various tools, services, products, and features and assessed every broker’s available trading platforms, and account types.
- User Feedback – We have factored in customer feedback and review ratings from different forums to evaluate the broker’s overall accessibility, capability, and availability of financial instruments and trading platforms.
Overall, our list of Forex Brokers Singapore is thoroughly tested and reviewed to help readers make informed decisions after considering all the important factors that make the best forex trading platform in the industry.
Learn more about our approach to reviewing forex trading platforms. Explore our methodology!
Conclusion
To conclude, Singapore is home to thousands of forex brokers, but not all of them are equally reliable or thoroughly regulated. Hence, it becomes important for traders to consider the important factors mentioned in this article while choosing the best forex broker Singapore and experience smooth and profitable trading. No matter which FX trading platform traders choose, they must ensure that it is credible, legitimate, and regulated by well-established regulatory authorities, including the Monetary Authority of Singapore, and adheres to the regulatory measures to ensure fair and transparent trading practices.
FAQs
Is Forex Trading Allowed in Singapore?
Yes, forex trading is allowed and legal in Singapore, where anyone can trade across global financial markets as long as they choose a regulated and authorised broker.
Is Singapore good for forex trading?
Singapore is known for its well-regulated forex trading industry, with licensed and reputable forex brokers providing traders with various financial products and services.
Which forex brokers are regulated by MAS in Singapore?
Advertisement
The Monetary Authority of Singapore (MAS) makes sure Forex brokers follow regulations, separate client funds, and meet capital needs. By going to the MAS website, one may see a list of authorized Forex brokers. Keep in mind that trading forex has risk, so research brokers well before choosing one.
Are there any tax implications for Forex trading profits in Singapore?
The IRAS (Inland Revenue Authority of Singapore) considers Forex trading profits taxable.
Which Is Lowest Spread Forex Broker in Singapore?
The Singapore forex market is competitive, making it difficult to identify the one broker with the lowest spreads. Spreads differ depending on the kind of account, currency pair, and market circumstances. Examine spreads that are promoted, contrast account arrangements, and seek brokers with tight spreads. Think about platform, support, and fees in addition to spreads.
Note: The trade value of your investment position can go down and up during the foreign exchange. Most retail CFD accounts traders fully understand this and that it does not follow any trading strategy. And CFDs are sophisticated financial products with a significant risk of losing money rapidly due to leverage. 72 percent of regular investor accounts lose money when trading CFDs & trading currencies. You should consider whether you can afford to take such a significant risk with your money.