The top forex broker offers two proprietary trading platforms to Singaporean traders, each suited to different levels of experience. SaxoTraderGO is a simple interface designed for beginner traders, while SaxoTraderPRO offers a wider range of advanced trading tools aimed towards experienced forex traders If you are looking to trade Forex in Singapore, there are a lot of options when picking the best trading platforms for Forex. In our guide we go over the best, the pros and cons and more Plus Has The Best Mobile Trading Platform. Plus is a forex broker regulated by MAS (Monetary Authority of Singapore), ASIC (AU), FMA (NZ), CySEC (Cyprus), and the FCA (UK). Plus offers a comprehensive mobile trading platform available on iOS, Android, Windows Phone, and Smartwatches
Forex Singapore - List of the Best SG Trading Platform
Trading Forex is one of the most popular forms of retail trading. Over the last decade, Singapore has become one of the largest global Forex markets. Forex trading relies on trading one form of currency for another and capitalizing on the difference to earn a profit.
In this article, we checked out some of the most popular Forex brokers available to Singapore traders. We looked at their forex trading platforms singapore platform, commission and spreads, forex trading platforms singapore, and other aspects of each broker.
Every retail broker offers something different to its clients. We looked at some of the most popular brokers and compared them in terms of customer service, research and educational tools, and commissions. eToro is one of the most popular retail trading platforms. They provide brokerage to millions of users and facilitate thousands of transactions every hour. Their customer service is among the best in the business. They are regulated by trusted authorities all over the world, so you can rest assured that everything is above board.
eToro has access to many tradable instruments including Forex, forex trading platforms singapore, CFDs, stocks, and commodities. This means traders can easily diversify their portfolios and strategies.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. IQ Option first went live in and since then has grown into one of the most highly regarded brokers worldwide.
They are based in Cyprus and regulated by CySEC. Opening an IQ Options account is easy: the minimum deposit to start an account is low and set up is quick. Users have the option to choose a VIP or demo account in addition to the standard account type, forex trading platforms singapore. Plus is one of the most strictly regulated brokers on the market, forex trading platforms singapore.
They started as an online retail broker in Israel in and have grown globally to be regulated in 9 different regions. Plus is technically not a Forex broker, although they offer CFD trading based on underlying Forex pairs. Although the minimum deposit amount is relatively high, Plus excels in fees and commission charges. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money, forex trading platforms singapore.
XTB offers an impressive 49 currency pairs available to trade. Their Forex trading fees are competitively low. Their commission structure is competitive with any other retail broker. PepperStone is regulated by the ASIC in Australia and the FCA in the UK. They are not listed on any stock exchange and are not required to release their financial statements. PepperStone trades over 60 currency pairs in Forex. They also offer a wide variety of CFD options to traders.
Forex trading platforms singapore have partnered with multiple social trading platforms to allow their users to mimic the trades of high-profit signal providers forex trading platforms singapore different brokers. This is a useful trading strategy for newer traders looking to learn from more experienced users. Hynep Market HYCMwas launched in focusing specifically on bringing trading to markets in Asia. Over the forex trading platforms singapore, they have been awarded several awards for customer service and broker support.
HYCM has 70 currency pairs available to trade. Traders using HYCM can trade Forex and CFDs but cannot trade cryptocurrency, forex trading platforms singapore, stocks, or commodities. The biggest draw for HYCM is the range of services it offers to its traders, both novice and professional.
New traders can choose from thousands of high-performance signal providers on the platform. HotForex is a European ForEx broker regulated by CySEC in Cyprus.
They launched in and have expanded to multiple regions. HotForex offers competitive fees on 47 different currency pairs. Their website advertises that users have access to stocks and commodities, but users should be aware that these are only available through highly volatile CFDs. CMC Markets is a long-standing CFD and Forex broker. They are based in the UK and regulated by the FCA.
CMC Markets is listed on the London Stock Exchange so they release yearly financial statements. They are committed to customer service and care.
They offer over currency pairs to Forex traders which makes them stand out over other Forex brokers. They also have a range of CFD offerings, forex trading platforms singapore. Saxo Markets is a Danish retail broker, a subsidiary of Saxo Bank. It is regulated by various European agencies and has been in operation since They use a proprietary trading platform forex trading platforms singapore SaxoTraderPro, and a web-based platform called SaxoTraderGo.
They offer a wide range of Forex pairs as well as a selection of other trading instruments such as stocks, bonds, forex trading platforms singapore, ETFs, and futures. Oanda is a broker that trades entirely in CFDs and Forex. They are regulated by the SEC.
It is a private company and is not required to release its financial statements. It offers a range of over 70 different currency pairs for Forex trading, as well as a selection of CFDs based forex trading platforms singapore underlying assets.
They offer tight spreads on Forex trading and further sweeten the deal by providing one free deposit and withdrawal from your trading account each month. FXPrimus is the brokerage arm of Primus Global Ltd. and began operation in They are registered in Cyprus and are regulated by CySEC. Traders have access to three different account types, depending on their minimum deposit amount.
Higher tier trading account get benefits such as telephonic market updates or consultations with market specialists. FXPrimus has 40 currency pairs available to trade, as well as a selection of equities and stocks. Today, IG is one of the largest Forex brokers in the world. They are considered highly reliable. It is highly customizable and flexible. They have over currency pairs open for trading and a wide variety of other tradable instruments.
City Index is a global Forex and CFD broker that launched in and is regulated by high-level authorities all over the world. They are a publicly listed subsidiary of GAIN Capital. Their Forex offering is somewhat narrow considering they are such a large and popular broker, offering just over 80 currency pairs. An advantage is that traders have access to cryptocurrency trading. They have an excellent limitless demo account that traders can use to test out their trading strategies.
Their trading platform is easy to use and well equipped for all levels of traders. A two-step authentication login means that the platform is secure. Open a Free Trading Account with eToro. Platforms such as eToro charge very little for the commission, but they take a proportional cut of each trade, forex trading platforms singapore.
Most of these platforms make money from active traders, they penalize users who do not trade frequently, forex trading platforms singapore. These are called inactivity fees and are used by most brokers. Traders can choose to trade with brokers that are not regulated by the MAS, but they run the risk of not being protected if that broker turns out to be a scam. MAS has set guidelines for the maximum leverage amounts as well as rules regarding segregated client funds.
Brokers often have educational tools on their platforms. These can vary from slide shows forex trading platforms singapore market indicators to webinars from experts. Some brokers have resources that are useful to traders at all levels. Others cater specifically to novice users. Like all forms of trading, Forex carries with it some risk.
These come in all forms but could all result in the trader losing money despite their hard work. Leverage is perhaps one of the most controversial aspects of retail trading, forex trading platforms singapore.
Many traders appreciate using leverage as it can increase forex trading platforms singapore profits from relatively small capital investment, but it can also increase losses.
Using leverage can result in losing more money than your initial margin. Volatility is what makes retail trading an equally risky and profitable endeavor. Traders rely on instruments being somewhat volatile for their positions to increase or decrease in value. However, this volatility can also be dangerous. Anyone familiar with the recent GameStop debacle will understand how volatile markets can lead to massive losses.
Many traders are attracted to Forex trading because of its short-term, high-risk, high-reward nature. Forex positions can be held long-term, but it is also common for day-traders to use strategies like scalping to accrue profits from trades over minutes or seconds. Like any short-term, high-reward strategy, forex trading platforms singapore, there is a considerable amount of risk. Because of the volatility of Forex markets, traders may take on large losses over a short amount of forex trading platforms singapore. Because Forex is one of the most popular markets among retail traders, it has a high level of liquidity.
How Much Money Should You Start Trading Forex With?
, time: 6:27Top Forex Trading Platforms For Beginners: Singapore ()
The top forex broker offers two proprietary trading platforms to Singaporean traders, each suited to different levels of experience. SaxoTraderGO is a simple interface designed for beginner traders, while SaxoTraderPRO offers a wider range of advanced trading tools aimed towards experienced forex traders Oanda is a globally recognised broker, having been around for 23 years. In , Oanda was named the No.1 forex broker in Singapore for the fourth year running. With a trading platform engineered for reliability and speed, your trades are executed in seconds Plus Has The Best Mobile Trading Platform. Plus is a forex broker regulated by MAS (Monetary Authority of Singapore), ASIC (AU), FMA (NZ), CySEC (Cyprus), and the FCA (UK). Plus offers a comprehensive mobile trading platform available on iOS, Android, Windows Phone, and Smartwatches
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