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Updated: 2-April-2022

Forex Trading in Singapore

Overview of Forex Market in Singapore

Forex In Singapore

Singapore is the largest Forex market in Asia Pacific and third largest Forex market in the world after the United Kingdom and United States.


From data of 53 central banks and Singapore central bank (MAS), a summary of trading volume is as follows:

Singapore Forex Volume
  • The largest financial center in the world is the United Kingdom which accounts for 43.1% of global market share,
  • followed by the United States which accounts for 16.5%
  • Singapore and Hongkong which accounts for 7.6%, and Japan which accounts for 4.5%.
  • Reference: The Straits Times

Forex trading volume in Singapore market


Forex brokers in Singapore

In Singapore, a Forex broker can be set up legally by applying for registration directly with Singapore central bank (Monetary Authority of Singapore).

At present, there are many brokers listed at MAS, including:

IG Markets

  • Monetary Authority of Singapore (Co. Reg. No. 200510021K)
  • Office Address: 9 Battery Road #01-02 MYP Centre, Singapore, 049910

Saxo Markets

  • Monetary Authority of Singapore (Co. Reg. No.: 200601141M)
  • Office Address: 3 Church Street, #30-00 Samsung Hub, Singapore, 049483

City Index

  • Office Address: 168 Robinson Road, Capital Tower #20-01, Singapore, 068912

Plus500

  • Office Address: 1 Temasek Avenue, Millenia Tower #18-07, Singapore, 039192

Any of the regulated Forex brokers who are internationally recognized can accept Singaporean clients and can have a deal with them.

1. XM Group

XM

Accepts Singaporean Clients

  • Minimum Deposit: $5
  • Regulation: CySEC/FCA/ASIC/IFSC
  • Average EURUSD Spread: 0.8 pips
  • Visit Website

2. Pepperstone

Pepperstone

Accepts Singaporean Clients

  • Minimum Deposit: $200
  • Regulation: FCA/ASIC
  • Average EURUSD Spread: 1.1 pips
  • Visit Website

3. IC Markets

icmarkets

Accepts Singaporean Clients

  • Minimum Deposit: $200
  • Regulation: ASIC/FSA/CySEC
  • Average EURUSD Spread: 1.1 pips
  • Visit Website

Additional Information

Singapore is a country with a strong economic foundation and technology focus, and Singapore is also one of countries that supports cryptocurrencies as there are many startups involved with a cryptocurrency.

Examples of well-known companies in Singapore include:

1. TenX

  • TenX Pte Ltd
  • Office Address: 11 Keppel Rd, #07-00, ABI Plaza, Singapore, 089057

2. Wirex

  • Wirex Pte Ltd
  • Office Address: 3 Temasek Avenue, #17-00 Centennial Tower, Singapore 039190

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