Finding a good forex broker for a specific country may be troublesome if you don't know where to start. Here are 7 recommendations of top forex brokers in Singapore.
A great reward indeed comes at high risk, but that does not mean you need to risk everything to earn a great reward. You can make it safer by choosing a reliable broker. But how do you choose a broker of such quality? Are there any specific criteria to be considered if you're a trader based in Singapore? Here are some things to consider:
- Regulated by MAS
Selecting a broker regulated by the Monetary Authority of Singapore (MAS) should be the foremost consideration when embarking on your trading journey in Singapore. MAS is Singapore's premier financial regulatory body, renowned for its unwavering commitment to maintaining the integrity and stability of the financial sector. When a broker is subject to MAS regulation, the institution adheres to the highest industry standards. - Have Headquarters in Singapore
Having a broker with headquarters in Singapore fosters a high level of transparency. A broker with a local presence is well-versed in the unique market conditions, trading hours, and trading instruments relevant to Singaporean traders. Having a broker headquartered in Singapore can facilitate smoother communication and customer support. Additionally, a local headquarters often means the broker has established relationships and partnerships within the Singaporean financial industry. A broker with a local office is less likely to scam you. - Local Customer Support
A local customer support team is likely to operate in the same time zone as you and speak your native language. This can facilitate communication and resolve issues more effectively and efficiently, especially when it comes to time-sensitive matters. Having a broker that offers a customer support team in Singapore can be essential.
- Local Languages
It is important to find a broker that supports the local languages in Singapore. Luckily, Singapore has a diverse culture and has plenty of languages. Besides Malay, most of them are proficient in speaking English and Chinese. This can be a good consideration when choosing a broker. Find one that supports at least one of the three most spoken languages in Singapore. - SGD Account Currency
Trading or investing in financial markets using a foreign currency may incur exchange fees and unfavorable rates. A broker who supports local currency (in this case SGD) allows traders to deposit, withdraw, and trade in the native currency, saving money on conversion costs. Dealing with local currency simplifies financial transactions, making it more convenient to manage trading accounts.
Based on the criteria above, Here are a few of the best brokers that Singaporean traders use:
- OANDA: Regulated by MAS (200704926K).
- Plus500: Regulated under MAS (201422211Z).
- Saxo Broker: Regulated by MAS under license number (200601141M).
- Interactive Broker: MAS-regulated broker under license number (CMS100917).
- City Index: MAS regulations with license number (201130598R).
- AvaTrade: Offers SGD trading and local customer support.
- FBS: Offers local customer support for Singaporean traders.
1. OANDA
- MAS Regulation: 200704926K
- Local Office: Raffles Pl, 26-02 One Raffles Place Tower 1, Singapore.
- Languages: English, Malay, Simplified Chinese (Hanzi), Traditional Chinese (Hanzi), Indonesian, Thai, Vietnamese, etc.
- Local Deposit and Withdrawal: ❌
- SGD Account Currency: ✔️
- Local Customer Support: +65 6579 8289
Dr. Richard Olsen and Dr. Michael Stumm started OANDA in 1996. Since then, the broker has expanded and is registered under several top jurisdictions.
MAS now regulates it under no. 200704926K as OANDA Asia Pacific Pte. Ltd. OANDA did not have a minimum deposit and can provide leverage up to 1:100. MT4 and OANDA fxTrade are the platforms offered.
Singaporean traders can make payments using various methods, such as PayPal or bank wire transfers. This broker caters to Singaporean traders by offering English and Chinese languages on their official website.
OANDA also has a strong local presence by owning a local office in the country as well as hosting a specific webpage dedicated to its Singapore clients.
Traders looking for brokers with accurate precision, OANDA can be an option. That is because OANDA is a broker that provides quotes with 5-digit accuracy and active price movements that follow market developments. Order execution speed is also faster in this broker.
It provides benefits for novice traders, as they can trade with smaller volumes using the calculation system based on currency value, unlike other brokers adopting the lot system.
Founded in 1996, OANDA was built by Dr. Michael Stumm who is a lecturer in Computer Engineering at the University of Toronto, Canada, along with his colleague, Dr. Richard Olsen of The Olsen Ltd., which is one of the leading econometric research institutes. They have a head office in San Francisco, United States.
OANDA branch offices can be found everywhere. Some of these offices are located in the United Kingdom, Singapore, Japan, and Canada. With this number of offices spread, OANDA has increasingly attracted the attention of clients worldwide.
OANDA's company is registered under several well-known jurisdictions in financial trading. They are regulated by CFTC and NFA in the US, FCA in the UK, ASIC in Australia, and many others. Traders do not need to worry anymore about security when trading in OANDA. However, these advantages make trading rules at OANDA more stringent compared to other brokers.
For example, OANDA only allows maximum leverage of 1:20, because the rules in the US and Japan do not allow leverage above that. Besides, the registration procedure is more complex due to various additional requirements that are not submitted by other forex brokers. On top of that, hedging is not allowed in one trading account as the client must open an additional account to hedge.
Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.
Prices move very fast in the market. Especially when news releases have a large impact on market volatility. This condition is often exploited by brokers to take advantage of clients with Requotes. However, traders do not need to worry about additional costs when trading with OANDA.
The company never withdraws Requotes so traders can get maximum profit. When traders are unavailable to monitor open positions, they can set take profit orders to lock in profits and Stop Loss orders to help protect against further losses.
As an experienced and well-known online forex broker, OANDA is committed to maintain an efficient trading environment that reduces latency and provid tools to help clients manage the degree of acceptable slippage.
With a fast & reliable trading platform by OANDA, clients' trades are executed in 0.012 seconds. This suits traders who choose brokers based on execution speed.
Because of this exceptional execution service, it is not surprising that OANDA won many awards, including the winner of the world's Best Retail FX Platform at the prestigious e-FX awards. The broker is also voted number 1 for Consistency of filling trades at quoted prices, Execution speed, and Reliability of platforms.
There is no minimum deposit or minimum balance required to open an OANDA account. Deposit and withdrawal can be done easily. OANDA provides a variety of payment method facilities, including Paypal, Wire Transfer, Credit Card, and Debit. Traders can adjust it to the region where they live.
OANDA provides more than 100 trading instruments, including 71 currency pairs, 16 indices, 8 commodities (Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, etc.), 6 Bonds, and 23 Metals.
The fxTrade and MetaTrader platform are available at OANDA. These platforms can be used for Desktop and Mobile. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist.
With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Access to this technology can be enjoyed free of charge.
In conclusion, OANDA is an ideal broker for traders in need of fast execution backed by many years of experience. The company is also a good alternative for those looking for a well-regulated broker with flexible trading and deposit conditions.
2. Plus500
- MAS Regulation: 201422211Z
- Local Office: Temasek Avenue, Millenia Tower 37-03, Singapore.
- Languages: English, Simplified Chinese (Hanzi), Traditional Chinese (Hanzi), etc.
- Local Deposit and Withdrawal: ❌
- SGD Account Currency: ✔️
- Local Customer Support: +65 31389075; +359 88 206 8479 (WhatsApp)
Plus500 is a versatile trading provider that caters to traders in Singapore. They offer various financial instruments, including forex, indices, commodities, cryptocurrencies, shares, and ETFs. Plus500 is a trustworthy choice for Singaporean traders as it is regulated by the Monetary Authority of Singapore (MAS) with registration number 201422211Z.
While their website is available in English and Chinese, it's important to note that Plus500 doesn't support Singapore local bank deposits and withdrawals, which may be a consideration for potential regional users.
Plus500 is a UK-based company with its main offices located in the city of London. The company is authorized and regulated by FCA. For traders who are looking for a broker with top-tier regulators, Plus500 can be the right choice.
Plus500 offers 2,000 instruments to over a million clients. List of instruments available for trading with their CFD service include forex currency pairs, indices, cryptocurrencies, commodities, shares, and ETFs. Traders can choose instruments suitable for their needs.
Regardless, beginners should be extremely cautious while choosing their assets, as it can get daunting, confusing, and inherently risky.
When traders open an account, Plus500 will hold traders' funds on a segregated basis, following FCA's client money rules. Traders do not need to worry about Plus500 using their funds for hedging, as it is strictly prohibited to use clients' funds for this purpose.
Other advantages when trading in Plus500 are tight spreads and no commissions. The company only offers a single type of account, but traders can update the account from Retail to Professional by following some standards.
To apply Professional Accounts, traders have to fulfill at least 2 of the following 3 criteria eligible, such as sufficient trading activity in the last 12 months, financial instrument portfolio of over 500,000 Euro, and relevant experience in the financial services sector.
Plus500 is well-regarded for its services through the market spread, leverage up to of 1:30 for Retail Accounts, and leverage up to of 1:300 for Professional Accounts. Plus500 tries to give a sensible choice of leverage, which not only controls the risk but also helps novice traders to exercise more control over their trading emotions.
Founded in 2008, Plus500 provides almost the same features to both Retail and Professional account, including clients' money protection, negative balance protection, best execution for orders, clear and transparent information, as well as financial services compensation scheme. Still, Professional account is more advanced as it has access to FOS.
Based on the statistics, 76.4% of Retail account owners in Plus500 lose money when trading CFDs. Because of that, Plus500 always warns traders to consider their understanding of how CFDs work and their affordability to take high risk of losing money, before starting a trade in Live Account.
Even so, Plus500 has gained the trust of traders throughout the world. They have around 39 million positions opened, 304,000 active customers, and billions of volume trading processed by their system.
Plus500 always tries to give the best services to their clients. One of the ways to reach their goals is by making clients feel confident in their trading activity. They have a simple and easy-to-use trading platform, with an especially well-designed mobile platform. Traders can access the Plus500 platform via web-trader, iPhone/iPad, and Mobile App.
In their platform, traders will get advanced tools such as stop limit, guaranteed stop, free email and push notifications on market events, and alerts on price movements. All of these tools can help traders to navigate the market with better understanding.
As for payment methods, Plus500 provides various choices like Visa or MasterCard, electronic wallets (PayPal and Skrill), and bank transfer (direct bank to bank funds transfer).
For any concerns, troubles, or trading issues, traders can contact Plus500's customer service that is available 24 hours a day and 7 days a week. The official website of Plus500 can be accessed in 24 languages.
Overall, Plus500 has some advantages and disadvantages. As it has a license from an elite regulator, traders can feel safe when trading in Plus500. It also provides a 24/7 support team to help traders. But, offering leverages up to 1:300 is not suitable for high-risk traders, such as scalpers, who indulge in high-frequency trading that holds positions in the market for a brief period and typically use high leverage.
3. Saxo
- MAS Regulation: 200601141M
- Local Office: 88 Market Street CapitaSpring 31-01, Singapore.
- Languages: English, Simplified Chinese, Chinese (Hong Kong), Dutch, French, Arabic, Japanese, etc.
- Local Deposit and Withdrawal: ❌
- SGD Account Currency: ❌
- Local Customer Support: +65 6303 7788; +65 6303 7888
Saxo is a well-established broker with a global presence, serving over 1,000,000 clients worldwide. With client assets totaling more than 100 billion USD and a remarkable track record of over 30 years in the industry, Saxo boasts a wealth of experience.
Singaporean traders can trust Saxo as it is regulated by the Monetary Authority of Singapore (MAS) under Co. Reg. No: 200601141M.
Saxo owns a Singapore headquarters to make sure traders in the country can contact them easily. They support English and Chinese languages on their website to enhance their service for Singaporean traders.
It's worth noting that Saxo does not offer Singapore local bank deposit and withdrawal options.
Saxobank was founded in 1992 in Denmark, which began as a brokerage business. At present, they have penetrated the online banking and forex trading business internationally. The company is known as one of the best in the industry.
Their innovative platforms have been used by Microsoft's global institutions, Barclays Stockbrokers Ltd, and TD Waterhouse. The platforms include SaxoTraderGO, an award-winning trading platforms and is offered as Saxobank's flagship. Two other platforms are SaxoTraderPRO and SaxoInvestors. Each platform has advantages and functions.
SaxoTraderPRO is suitable for use by advanced traders and institutional clients, which trade faster via quick-close all features and view exchange order books and execution reports in real-time. On the other hand, Saxo TraderGO is a platform for retail traders. This type of platform offers easy portfolio management from a single account. For example, traders can get live and historic reports of net holdings.
As for Saxo Investors which is a user-friendly case-product platform tailored to retail investors, there are several advantages including browsing curated themes and pre-made screenings. Also, clients can choose between diversified investment portfolios. It is a responsive platform accessible from any device.
The Saxobank website accommodates the needs of international clients, with dozens of languages available on the Saxobank website. Besides English, there are also Japanese, Mandarin, French, Italian, Indonesian, and many more.
When clients choose Saxo, clients are choosing to trade with a fully regulated industry leader, who adheres to strict regulatory requirements in 15 financial centers around the world, including the UK, Singapore, Hong Kong, and Denmark.
Another advantage is traders have so many choices of instruments that can be traded on Saxo, covering 40,000 instruments across 184 forex pairs, 9,000 CFDs, 19,000 shares, 200 Stock options, 2,500 ETFs, Futures, Gold, Silver, and many more.
Since the company also serves as a bank, the speed of execution at Saxo can be guaranteed. However, some traders may feel that Saxobank is not suitable for individual trading, as the minimum capital is too large and the spreads and commissions are considered burdensome for so many clients. The spread which is charged by Saxobank for each pair is quite large, so it is not suitable for scalpers. Meanwhile, the commission that must be paid by traders to this broker starts from USD1.
Furthermore, Saxobank often stops trading for a few seconds before the release of important news and only activates it again after the news is released. This makes news traders do not have the best opportunity to act on Saxobank.
Actually, The deposit value can be adjusted according to the level of account chosen by the clients. There are three levels in Saxo Accounts, including Classic (minimum funding is 500 Pounds), Platinum (minimum funding is 50,000 Pounds), and VIP (minimum funding is 1,000,000 Pounds). Clients can use leverage 1:200 and a minimum lot of 0.05.
Traders are spoiled with various kinds of facilities provided by Saxobank. Each aaccount level has its own facilities offering that can be adjusted to the needs of traders. The higher the level, the more complete the facilities provided.
For example, traders who have VIP accounts will get personal relationship managers, and direct access to trading experts 24 hours. These facilities are not found when traders choose Classic and Platinum accounts.
For Corporate Clients, Saxobank provides 40,000 instruments, with 1: 1 support from expert account managers and the security that comes from their 25+ year experience.
If clients meet professional criteria, they can join Professional Accounts at Saxobank. The criteria in question include having a financial portfolio that exceeds around 500,000 Euros, having placed at least 20 relevant trades in significant sizes over the last four quarters, and having worked in the financial sector for at least one year.
Moreover, Saxobank provides more than 100 institutional specialists operating from offices in key financial centers, including Denmark, London, Singapore, Shanghai, Hong Kong, Switzerland, and Dubai. The client can choose the location closest to their area. With this kind of support, Saxobank is optimistic for delivering the right solution for the business of clients.
From the explanation above, it can be concluded that Saxo is more suitable for deep-pocket forex traders who are interested in forex trading as an investment portfolio. The broker's business focus is also more towards institutional clients rather than retail clients.
4. Interactive Broker
- MAS Regulation: CMS100917
- Local Office: Asia Square Tower 1, Marina View, 40-02A 8, Singapore.
- Languages: English, Simplified Chinese (Hanzi), Traditional Chinese (Hanzi), Spanish, Portuguese.
- Local Deposit and Withdrawal: ❌
- SGD Account Currency: ✔️
- Local Customer Support: +65 6923 5600
Interactive Brokers (IBKR) is a reputable broker licensed and regulated by the Monetary Authority of Singapore (MAS) under Licence No. CMS100917.
With a global presence, IBKR serves clients in over 200 countries and territories, offering a wide range of trading opportunities across 150 global markets. They provide access to stocks, options, futures, currencies, bonds, and funds, all from a single unified platform, making trading efficient and convenient.
While IBKR does not support Singapore's local bank transactions, they allow deposits and withdrawals in SGD. They also provide SGD currency trading through their abundant collection of trading instruments.
Additionally, IBKR's website is available in English and Chinese for Singaporean traders.
www.interactivebrokers.com
1:100
$10000
1977
Interactive Brokers is a direct market access broker that provides execution, clearance, settlement, and prime brokerage for customers. Since it was found 41 years ago by Thomas Peterffy, the company has grown internally to become one of the premier securities firms with over $7 billion in equity capital.
First acknowledged as a popular broker for advanced traders, Interactive Brokers launched a second tier of service called IBKR Lite for more casual investors in 2019.
The IBKR Lite provides services on over 125 market destinations worldwide and gives direct access (online) trade execution and clearing services, both to institutional and professional traders for a wide variety of traded products including stocks, options, futures, forex, fixed income, and funds worldwide. Interactive Brokers Group and its affiliates execute over 859,000 trades per day.
Headquartered in Greenwich, Connecticut, Interactive Brokers has over 1,400 employees in the USA, Switzerland, Canada, Hong Kong, UK, Australia, Hungary, Russia, Japan, India, China, and Estonia companies. IBKR is regulated by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Financial Conduct Authority (FCA), and is registered in the New York Stoch Exchange (NYSE).
Interactive Brokers offers a wide range of product-centered tools like the OptionTrader and Probability Lab for simplified single and complex multi-leg option trading; FXTrader for forex trading, Mutual Fund/ETF Replicator for helping traders find a lower cost on ETF alternatives, also fixed-income screeners for corporate and agency bonds. Overall, trading with Interactive Brokers would be provided with the most useful and updated tools to maximize trading and investing goals.
As a popular and regulated broker in the US, Interactive Brokers has won some awards. Recently, they were awarded by the Barrons as the 2019 Best Online Broker, which is categorized as the best broker for mobile, international, and frequent traders. Besides, they also won an award as Top Performing Broker by the Preqin Service Providers, and Best Overall Broker by Investopedia (Best for Low Costs, Best for International Trading, Best for Options Trading, Best for Day Trading, and Best for Penny Stocks). The awards are not only achieved during 2019. Since 2005, Interactive Brokers has won lots of awards regarding its best services for clients.
To optimize clients' trading speed and efficiency, Interactive Brokers provides some powerful suites of trading platforms. Below is the list:
- Client Portal
A one-stop destination to check quotes and place trades, see account balances, Profit and Loss, as well as key performance metrics, funding, and reporting. - Desktop TWS
A flagship platform designed for active traders and investors who trade multiple products and require power and flexibility. Opening an account in Interactive Brokers and using this platform allows traders to utilize the most advanced algorithms and trading tools, as well as a library of tools and asset-based trading layouts for optimum customization. - IBKR TWS for Mobile
The IBKR TWS for Mobile is made for traders who want to easily trade and monitor their IBKR account on-the-go from either iOS or Android device (tablet or smartphone). - IBoT
IBoT is a robot for finding information and placing orders using clients' own words. IBot is available on TWS for Desktop, IBKR Mobile, and Client Portal. - IBKR WebTrader
IBKR WebTrader is made for traders and investors who prefer a simplified interface. - IBKR APIs or IBKR Pro
This trading platform is provided especially for traders and investors who want to write their trading software or automated trading programs; third-party software users.
Overall, Interactive Brokers has always been a great choice for those who want to find out a credible and regulated broker for trading. Offering lots of trading platforms, Interactive Brokers has committed to provide their best services for both novices and professionals, since it is suited to every clients' needs.
5. City Index
- MAS Regulation: 201130598R
- Local Office: Raffles Place, 12-62 One Raffles Place – Tower 2, Singapore.
- Languages: English only.
- Local Deposit and Withdrawal: ❌
- SGD Account Currency: ❌
- Local Customer Support: +65 6826 9988
City Index has been a reliable choice for Singaporean traders since 2006, offering a global FX and CFD trading platform. With over 6,000 markets encompassing forex, indices, shares, and commodities, the City Index empowers its clients with diverse global trading opportunities.
The Monetary Authority of Singapore (MAS) regulates the broker under Co. Reg. No: 201130598R, instilling trust and confidence in its services.
While their website is accessible in English for Singaporean traders, it's worth noting that the City Index does not support Singapore's local bank deposits and withdrawals. However, City Index has a strong local presence by owning a headquarter in Singapore.
6. AvaTrade
- MAS Regulation: ❌
- Local Office: 10 Changi Business Park Central 2 #04-10 HANSAPOINT @ CBP Singapore 486030
- Languages: English, Malay, Simplified Chinese (Hanzi), Traditional Chinese (Hanzi), Indonesian, Mongolian, Spanish, Dutch, etc.
- Local Deposit and Withdrawal: ❌
- SGD Account Currency: ❌
- Local Customer Support: +65 800 120 5170; +447520644093 (WhatsApp)
AvaTrade is a notable brokerage operating in Singapore. Despite lacking specific regulatory oversight, it stands out for its multilingual support, offering services in English, Chinese, and Malay, catering to a diverse clientele.
While local deposit and withdrawal options are not available, AvaTrade does support the Singapore Dollar (SGD) for trading, allowing traders to engage in currency pairs involving SGD.
Furthermore, the presence of local customer support makes it a reliable choice for Singaporean traders seeking assistance and guidance in their trading activities.
Avatrade can be called one of the most well-rounded brokers that support almost all trading styles. Not only allowing hedging, scalping, and expert advisor (EA), Avatrade also completes their service with One-cancels-the-other order (OCO) and AutoTrading in many variants of automated trading systems.
AvaTrade was founded in 2006, with the primary mission to empower people to trade with confidence. If traders are still confused about what is the best broker for supporting trader's trading, AvaTrade perchance option of traders, because it has been evaluated and honored for some of the industry's most remarkable financial and technological achievements that it provided to clients.
In 2019, the Dublin-based broker got achievement from Daytrading.com as The Best Forex Broker 2019. Besides, the company is honored as Best Forex Broker, Best Bitcoin CFD Trading Provider of the year, and Best Affiliation Programme in the European area.
Furthermore, for traders who have high mobility, AvaTrade provides many platforms that allow traders to trade using laptops and mobile phones. The availability of the free Autochartist tool in the platforms is the best support for both novice and experienced traders because it makes it easier for them to find trading opportunities without the need to glance at charts all day.
The Autochartist free signal is provided in Gold Account, Platinum Account, and AVA Select. By opening an account in AvaTrade, traders don't have to pay for getting a full Autochartist service. Autochartist itself is a market scanner tool that can detect trading signals from various technical perspectives.
Traders can access AvaTrade in many variants of platforms, such as AvaTradeGO, MetaTrader 4, MetaTrader 5, Automated Trading, Mac Trading, Web Trading, Mobile Trading, and AvaOptions.
In terms of regulation, AvaTrade is regarded as a superior broker because it has a lot of credible licenses. That way, even with deposits of up to ten thousand dollars, security can be guaranteed. Applying the Segregated Account system, AvaTrade is regulated by the Central Bank of Ireland (No.C53877), ASIC Australia (No.406684), JFSA Japan (No.1662), and South Africa (FSP 45984).
Can traders lose more than their deposit abruptly in the event of high volatility? AvaTrade explicitly answers no, as traders have negative balance protection.
With a minimum deposit of USD100, AvaTrade offers various leverage depending on the trading instruments; whether it is forex (starts from 30:1), indices (starts from 20:1), commodities (starts from 5:1), ETFs (starts from 5:1), or cryptocurrencies (starts from 2:1).
AvaTrade has committed to a set of values in relation to customers. Therefore, the company provides the best trading experience, offering multilingual customer service and the most sophisticated and user-friendly trading platform.
New traders can also learn forex trading in the Education tab on AvaTrade's official website. Traders will find a wide collection of articles, video tutorials, and more tools that will assist them every step of the way. It is an important requirement as the forex market might be a bit overwhelming and even scary at times, so traders need to make sure that they are fully prepared to begin trading in the real account.
There are many types of account types provided by AvaTrade. There is also an Islamic Trading Account, which is uniquely provided for Muslim Traders. Islamic account type is similar to a regular one with one key difference; it is not subject to any special fees or interests (swap-free), which sits well with the finance principles of Sharia Law.
If traders have felt confident for forex trading, traders can choose AvaTrade as an ideal choice. The minimum deposit and various platforms offered to make it a suitable destination for even beginners who would like to try forex trading for the first time.
7. FBS
- MAS Regulation: ❌
- Local Office: ❌
- Languages: English, Dutch, Spanish, French, Italian, and Portuguese.
- Local Deposit and Withdrawal: ❌
- SGD Account Currency: ❌
- Local Customer Support: There is no local Singapore number for FBS customer support.
The available options are email at [email protected] and the following phone numbers +35799173422 (WhatsApp); +357 22 010970; +501 611 0594
FBS broker is a well-known international brokerage that operates in Singapore, offering trading services to English and Chinese-speaking clients.
While it lacks specific regulatory oversight and headquarters in the region, it makes up for it with the presence of local customer support, providing clients with a reliable point of contact for assistance and inquiries.
It should be noted that FBS does not offer local deposit and withdrawal options nor support the Singapore Dollar (SGD). Nevertheless, the availability of local customer support can be a valuable resource for Singaporean traders seeking assistance and guidance in their trading endeavors.
Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.
FBS is regulated by FSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.
Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.
FBS spread begins from 0.5 pips for Pro account type and from 0.7 pips for Standard and Cent accounts. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.
Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading instruments: 36 Forex pairs, 8 metals, 3 energies, 11 indices, 127 stocks, 5 crypto pairs.
Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.
FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.
MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.
Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of FSCing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.
Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.
Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.
Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.
In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.
The Reality of Forex Trading in Singapore
With a population of nearly 5.5 million and a highly educated citizenry, Singapore has a vibrant forex trading community comprising over 50,000 active retail forex traders. The country offers convenient market trading hours, high liquidity, a wide range of trading pairs, and leverage options, which can enhance potential gains in a volatile market.
Additionally, retail forex traders in Singapore enjoy the benefit of tax-free trading. The country's strong economy and global links make it an attractive forex trading and investment place.
Unlike its neighboring countries, Singapore does not have currency controls restricting local citizens from trading currency pairs involving the SGD. The country's stable economy, robust banking infrastructure, and excellent credit rating contribute to the stability of the SGD in the volatile forex market.
While many forex brokers cater to Singapore residents, only 39 are registered with the local regulator, the Monetary Authority of Singapore (MAS). MAS serves as both the regulatory watchdog and the central bank of Singapore.
Fortunately, Singapore residents can use non-MAS-regulated offshore brokers without legal restrictions. They only need to make sure that the broker allows Singapore clients and is reliable.
In addition to being the third-largest foreign exchange center in the world, Singapore has also produced successful traders whose names are likely familiar. Who are they? Find out more in Successful Traders in Singapore and Their Stories.