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Pepperstone is truly a world leader in forex trading, with the aim to provide an excellent customer support and top notch trading tools. Visit Pepperstone. Established in , XM Group company has quickly become the leader in retail fx exchange industry. With the complete MetaTrader suite it is challenging its direct competitors. It caters to all types of forex traders. Visit XM. If you are just starting out to trade currencies it might be very frustrating to select the right online trading platform due to sheer number that is available to Singaporeans.
Foreign exchange is very popular in Singapore and the country is a gateway to the South East Asia and also an international financial hub together with Hong Kong. Yes forex is legal, Singaporeans are free trade currencies online with any fx broker they want. Foreign exchange trading has been very popular and is fortunately completely legal in the country. At the moment there are more than financial providers present in the country.
Always make sure to check broker reviews before depositing. This is good question. As many investors know, in Singapore there is no capital gains tax, in fact there is only income tax. The profits made during intraday trading should be logically can be subject to income tax. Important to know: Local citizens need to align with different time zones. Since most trading activity is during Asian, European and US sessions, you will need to wake up a bit earlier.
The best time for foreign currency trading is during off hours meaning during the late-US, Asian or European trading sessions, that means 8AM until 12PM Singaporean time zone. Most people trade during the peak times during high volatility , but we think this is the best way to blow your trading account fast. Most traders should stay away from high volatility. Singaporean residents are allowed to trade all major and exotic world forex currency pairs , of course including local currency pairs:.
Unlike the securities markets, the foreign exchange market is decentralized : trading takes place directly and almost completely electronically between the market participants. Market participants are large banks and other institutional investors. If you can, use risk management tools like stop loss orders to mitigate any future loss.
Here is full article on getting started with online trading in Singapore where you can find the A to Z guide. Say you expect the USD to appreciate against the Singapore dollar and therefore you open a long position of one standard lot , units at a price of 0.
Your assessment was correct: the exchange rate rises to 0. A trading robot can control both trading and analytics freeing you from the routine market analysis. You can use your own application in trading, post it in the free code library or sell in the Market. You will certainly appreciate the functionality of the mobile trading platforms that include the full support for the trading functions, broad analytical capabilities with technical indicators and other graphical objects.
Of course, all these features are available from anywhere in the world 24 hours a day. The latest financial news allows you to prepare for unexpected price movements and make the right trading decisions. Alerts inform you about certain events, so that you can take appropriate measures. Download MetaTrader 4 and open a demo account to receive all this for free! Analyze quotes of financial instruments using interactive charts and technical indicators.
Flexible trading system and support for all order types allow you to implement any strategy. Trading alerts will notify you of favorable market conditions. Visit the Market — the biggest online store of trading robots and technical indicators. Test any trading robot in the Market before purchasing it. Purchase or rent a Market product the way you like. Read the product description in the Market before purchasing it. Maintain total control of your assets.
Trading robots and indicators are developed using the specialized MetaEditor tool. Customize the chart appearance. Order the virtual hosting at a reasonable price directly from the platform. Test robots in visual mode to better understand their trading algorithms.
A trading robot test report will show you how good it is. Join the largest community of traders directly via your platform! Receive useful information and hints from the MetaTrader 4 developers in Mailbox section. The MetaTrader 4 trading system The powerful MetaTrader 4 trading system allows you to implement strategies of any complexity. With MetaTrader 4, trading becomes flexible and convenient. The MetaTrader 4 analytics Analytical functions are one of the MetaTrader 4 platform's strongest points.
Interactive charts 9 timeframes 23 analytical objects 30 technical indicators. Trading signals and copy trading No time for trading? Make your choice, and MetaTrader 4 will trade for you. Thousands of providers Thousands of trading strategies Any trading conditions. Algorithmic trading Almost any trading strategy can be formalized and implemented as an Expert Advisor , so that it automatically does all the work for you. Mobile trading Smartphones and tablets are indispensable in trading when you are away from your computer.
Alerts and financial news The latest financial news allows you to prepare for unexpected price movements and make the right trading decisions. Current financial information Timely notification Different market conditions. Copyright , MetaQuotes Ltd.
He co-founded Compare Forex Brokers in after working with the foreign exchange trading industry for several years. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.
Fact Checked. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. The software can be used as a desktop or Webtrader trading platform, or mobile apps for Android and iOS devices. To help you develop strong algorithmic trading strategies, the MT4 platform has inbuilt backtesting features. MT4 comes with advanced inbuilt features to help you analyse financial markets like foreign exchange, including 85 pre-installed technical indicators, different chart types and drawing tools, as well as a selection of timeframes.
The broker achieves ultra-tight spreads across a range of forex markets by utilising no dealing desk NDD and straight-through processing STP execution. This means that rather than set their own bid-ask prices and use their own liquidity to fill your orders as market makers do , NDD and STP brokers use several external liquidity sources, allowing you to trade the best spreads currently available in foreign exchange markets. Both account types provide competitive pricing.
To start trading on MT4, no initial deposit is required by the broker. Standard investor protections like segregated client funds are enforced by MAS. Yet, a maximum leverage limit applies to different financial instruments. For instance, if you are trading major currency pairs you can use up to leverage, while precious metals and other commodities are restricted to Disclaimer: Trading leveraged products come with a high risk of losing money.
Forex traders must understand that CFDs are complex derivative instruments and use appropriate risk management tools to protect themselves against large losses. To help you manage the high risk that comes with online trading, City Index provides risk management tools with educational resources, demo accounts and premium order types like guaranteed stop-loss orders. As well as free basic stop and limit order types, City Index allows you to place guaranteed stop-loss orders GSLOs for a premium.
While standard stop-loss orders come still hold a risk of gapping, GSLOs ensure your order will be placed at the price you requested. This allows beginner traders to reduce the high risk when they are initially learning the ins and outs of forex trading.
GSLOs provide benefits when:. City Index makes it easy for beginners to manage their trading accounts. Other funding methods available include:. It is worth noting that e-wallet payment options like Skrill and PayPal are not available. Additionally, when withdrawing funds using certain credit cards like Visa and Mastercard will not allow City Index to transfer funds back onto your card.
Therefore, if you are using these card types City Index will process withdrawals into your nominated bank account. While the broker also offers access to thousands of other financial markets like shares, treasuries and cryptocurrencies, these asset classes are not available on the MT4 platform. As well as the trading platforms inbuilt charting, Expert Adviser and backtesting features, you can utilise the following tools to enhance your trading experience:.
The MAS regulated broker offers over 17, financial products in total, yet when using MT4 you can access index, commodity, crypto and forex markets. Due to the size and age of the broker, the forex community views as safe and trusted. Similar to brokers like Plus and eToro, IG operates globally as a market maker, meaning the broker only offers commission-free trading with no option for ECN style spreads. IC Markets is a top forex broker that allows you to automate trading using third-party social trading tools.
IC Markets is a popular broker overall for Singaporean traders thanks to:. As well as manually trading and using Expert Advisers to achieve automation, account mirroring services ZuluTrade and Myfxbook can easily be integrated into your MT4 account and platform. ZuluTrade is a social-copy trading provider that currently services over , traders from different countries. To automate trading, you can find traders you like known as signal providers and copy their trading strategies, eliminating the need for you to constantly monitor markets and execute trades.
Myfxbook AutoTrade is the alternate option if you want to automate trading using social-copy tools. The account mirroring service enables you to copy the trades of thousands of other signal providers directly into your MT4 account. You retain full control of your account, and there is no need to download any additional software.
You can trade the most popular cryptos with the broker including Bitcoin, Litecoin, Ripple, Ethereum and Bitcoin Cash. You pay no commission fees on top of the cryptos spread, which start from 2. Execution speeds are fast, averaging less than 40ms, while forex spreads can be as low as 0. You can choose between two account types when using MT4, with both commission and free pricing structures available. Both trading account types require a minimum deposit of units of currency.
Written by Justin Grossbard. Written by Justin Grossbard Test Title. Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here. Visit Site. Our Rating. Review Of Pepperstone. Oanda Review. A free demo account is available. Headquarters : Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading.
Their Openbook social trading platform in fact changed the nature of the way beginner online traders can trade the financial markets. High tech hub country of Singapore is one of the richest in Asia Pacific area with a thriving economy, top salaries in the world, big investments from foreign countries and according to statistics it has the largest volumes of transactions in Forex after London and New York. It looks like Singapore traders have excellent opportunities to invest their money in currencies.
However, one should not forget that opportunities do not come without risks. As has been said, risk can be significantly reduced if you trade with a good broker. How do you know which one is good? A number of things to consider: it has to be regulated by MAS , offer you excellent trading platforms and software, must have low spreads or commissions, offer you a good choice of accounts to choose from, care about their customers and provide a lot of other extra valuable services.
Each country in the world has its own regulatory framework and an entity that regulates and monitors financial markets. In some countries, like Russia or France and several more, Forex is regulated by Central Banks and brokers need to get licenses with these institutions to be able to legally offer their services to traders from those countries. Of course, under these circumstances it becomes difficult to do business due to large amount of bureaucracy, not clear regulatory requirements and a risk to be closed by those supervising institutions.
In other countries, the suprevision is given to some independent institution that monitors only financial markets. These tend to be more liberal and provide brokers with greater chances to set up their businesses in the country. Loose or strict, brokers will still have to follow a regulatory framework set by regulatory institutions, adhere to the rules of providing services, have sufficient capital, reduce risks for their clients and etc.
Any broker who wants to offer financial services in the country has to be MAS licensed. Those involve supervising all financial, credit and insurance intermediaries offering their services to Singapore residents. Brokers regulated by MAS have to limit their clients risks by keeping their money in segregated accounts in case brokers go broke.
In that instance investors money would still be safe. Among other things that MAS regulated brokers have to do is to fully disclose all services and products that they offer to their clients. The regulator also has a lot of educatory resources and a special programme for investors MoneySENSE that helps them to make rational and independent decisions regarding investing. So, if you live in Singapore, be sure to choose a MAS regulated broker.
The Profession of a trader is a very independent one. You can be your own boss and set your own working hours. However, as you will be trading online you will need to have a good trading platform. Those who have tried a lot of platforms know that some of them are excellent, some just good and some simply inhibitive to trading.
If you have time and desire you can keep on testing for yourself each trading platform and software, but the best way is to simply choose which is easy to use and has a lot of useful extra features. In terms of simplicity, you need to know which button does what.
This is easy and what it is supposed to be. In terms of extra features, you would want to have a good chart station or possibility to have multitude of different charts with different instruments so that you could compare them and chack their values on different time frames. You would also want to have multiple indicators, ability to make your own notes, close your entire position with one click, test your strategy, copy function and news feed on the platform.
Forex industry probably has the best type of commissions from the rest of financial industry. The fact is that Forex brokers are compensated from spreads which are difference between bid and ask prices. These can be fixed and variable.
Fixed spreads will be around pips for major pairs and for currency crosses. Variable spreads tend to be much smaller under normal market conditions. They can be 0. When markets are affected by some fundamental news and start acting like crazy spreads expand and can be times bigger.
But they stay like that just for a few minutes till markets absorb new information and start acting normally again. A strong and reliable broker will offer you a lot of different types of accounts to choose from. Let us briefly look at some of them. Before you start trading you need to do some testing.
A demo account is a good platform for doing that. You will be able to find out how your trading strategies work under real market conditions without risking a dime. Investing in currencies does not mean you need to have millions or hundreds of thousands of dollars to start with. Mini account is a predecessor of micro account. These started when most retail brokers started offering their services to the average Joe around the world.
However, the risk of losing big is greater on this account and your initial deposit should be at least 10k or better 25k so that you could trade with comfort and ease. If you have any specific needs you may discuss them with your broker and you can be offered VIP or some other kind of account that would fit your needs, capital size and trading style best.
Customer service is the mirror of the character of the broker. If it is not properly functioning in a quick and efficient manner, you will not want to stay with such broker for too long. Living in Singapore you should also expect customer service in your local language or dialect.
Lots of foreign scammy companies can come without being able to offer you that and that would be a red flag not to trade with them. Brokers compete with each other to win as many customers as they can by offering lots of extra services. It may include free webinars, daily and weekly analysis of various financial instruments, instant news feed from most popular financial news services Reuters, Bloomberg and etc.
Those are really helpful, especially if you are a novice to Forex. As you may see a Singapore trader has a lot to pick from in terms of choosing a reliable Forex broker. We have set expectations which you need to have about your broker in order to trade with piece of mind and concentrate on your trading strategy. If you need, go through the mentioned points in the article before opening a real account with a specific broker.
When you feel confident that you have found the one, then move on and do open an account. See our list of the best ones below. This page may not include all available products, all companies or all services. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
Table of Contents. The brokers below represent the best Forex brokers for trading in Singapore. Scroll for more details. Market Maker. MT4, MT5. MT4, MT5, cTrader. ECN, No dealing desk. MT4, MT5, Proprietary. No dealing desk. Sponsored Sponsored. Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash. Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.
AvaTrade Review. Competitive spreads and fees.