Finding a good forex broker for a specific country may be troublesome if you don't know where to start. Here are 10 recommendations of top forex brokers in Singapore.
It is true that a great reward 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 and dependable 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?
You need a broker that offers plenty of trading platforms and software to choose from, have low commission or spread, several account types to choose from, and last but not least, they should be under the Monetary Authority of Singapore . Although trading with overseas forex brokers is not prohibited in the region, it is best to trade with a broker that has been regulated by the local jurisdiction or at least has opened a branch office in Singapore.
It would be better if they can provide good customer care and extra services such as seminars to increase your trading performance. In addition, news feeds that may affect how the market would behave and an analysis of several financial instruments may come in handy too.
You also need a trading platform that you can easily understand. To that end, feel free to test their platform. You might be surprised to see that some are better than others. Make sure that the platform that you may end up using will do as you desire. Do not forget to check if they offer some extra helpful features too.
When you have it all sorted, you should actually start and trade on an account. Remember that doubt and indecisiveness will take you nowhere.
But before making your final decision, there's nothing wrong with taking some recommendations. The list below contains some of the top forex brokers in Singapore that have checked all the boxes of the aforementioned criteria:
Interest rate on funds
US traders are welcome
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 1:50, 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.
Dr. Richard Olsen and Dr. Michael Stumm started OANDA in 1996. Since then, the broker has expanded and is now registered under several top jurisdictions. It is now regulated by ASIC, CFTC, FCA, FSA, IIROC, and more. OANDA did not have a minimum deposit and can provide leverage up to 1:100. MT4 and OANDA fxTrade are the platforms offered.
2. FP Markets
Trading by telephone
FP Markets gives traders the opportunity to trade on IRESS, MT4, MT5, and webtrader platforms with a minimum deposit of $100 and 1:500 leverage. Aside from forex, they allow trading on Bitcoin as well. This forex broker started its business in 2005 and has come under the regulation of ASIC and CySEC.
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.
Plus500 has run its business since 2008 under the regulation of MAS, FSB, CySEC, FCA, ASIC, and ISA. This Israeli company also trades on cryptocurrencies. They give 1:30 leverage and a minimum deposit of $100.
Islamic accounts available
US traders are welcome
eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.
eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.
A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative CopyPortfoliosTM, a fully managed thematic portfolio.
Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is CopyPortfolios powered by Machine learning Al. Beyond developing CopyPortfolios, the company integrated Microsoft's machine learning technology into Momentum DD.
The new CopyPortfolio investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.
Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.
Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.
Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro , traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.
However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.
The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.
eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.
Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.
As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.
The company is the world's leading social trading network. Since eToro operates in complete transparency , each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.
Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform , traders will also get notifications when a trader writes a new post and many other important updates.
eToro, formerly RetailFX, operates on cTrader, Currenex, and eToro platforms with a minimum deposit of $200 and leverage of 1:30. They also offer the Openbook, a social trading platform to share and learn about trading with your fellow traders.
Variable and Fixed
Trading by telephone
Islamic accounts available
FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.
Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614
FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.
As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.
As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.
For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM , traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.
Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.
FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.
Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.
Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.
FXTM or ForexTime is offering forex and CFD trading with MT4 and MT5 platforms. Traders can start with a minimum deposit of $10 and leverage of 1:30. They are regulated by CySEC, FCA, and FSC.
Variable and Fixed
Islamic accounts available
The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice .
Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.
Not only that, but traders can also enjoy other advantages such as an automatic fund withdrawal system. If a trader withdraws funds through the e-Payment facility provided by Exness, the processing time is instant and goes straight into the account. This means that when traders make a withdrawal, everything happens automatically without human intervention.
The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.
Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable for delays in processing deposits and withdrawals if such delays are caused by the payment system.
Traders do not need to worry about transaction fees when depositing and withdrawing. When trading on Exness, transaction fees are not charged to traders. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.
All information displayed on the Exness website is tested and proven. Their business is audited quarterly by Deloitte, which is an audit company for financial services.
Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.
The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.
Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.
One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.
Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.
Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.
When trading with Exness , profit opportunities generated by traders also increase with VPS hosting services. This feature helps to maintain trading activities to progress smoothly and without interruption in the event of unexpected troubles such as lost internet connection or electricity problems that shut down traders' PCs unanticipatedly.
From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.
Exness provides trading in various account types with MT4 and MT5 platforms. Their minimum deposit is considered very low as it starts only from $1. The broker offers a unique opportunity to trade with high leverage of up to 1:2000. They are regulated by CySEC, FCA, and FSA.
Interest rate on funds
Trading by telephone
Islamic accounts available
OctaFX is one of the most famous brokers in the world and has won many awards for its very comfortable trading atmosphere and proximity with customers. OctaFX was founded in 2011 with headquarters in Strovolou 47, Kyros Tower, Nicosia.
Prestigious awards that have been received by OctaFX include the Best ECN/STP 2019 and the 2019 Best Broker in Asia given by FX Daily Info. The Global Banking and Finance Review magazine also gave the Best Broker award in Asia in 2018 to this broker. More than that, there were also awards from European CEO Magazine (Best FX Broker 2018 and Best Trading Conditions).
For traders in most countries, OctaFX is under the authority of Octa Markets Incorporated and is registered in Saint Vincent and the Grenadines. This broker also provides various facilities, such as providing support services by live chat and WhatsApp in Indonesian. Not only that, deposits and withdrawals of funds can be done through various local banks. OctaFX does not charge commissions for every deposit and withdrawal of funds made by traders.
OctaFX offers different types of accounts that are carried out with market execution (STP/ ECN) and floating spreads from 0.2 pips. A variety of forex strategies, ranging from Scalping, Hedging, and the use of Expert Advisors are permitted in all accounts at OctaFX brokers.
There is also a fixed exchange rate offer when opening a Micro MT4 account. All deposits made in IDR will be calculated at the rate of USD1 = Rp10,000 and will be entered into the trader's account balance. Also, Swap-free accounts are available for Muslim traders who want to avoid overnight interest.
Trading in OctaFX is also suitable for novice traders. Because OctaFX offers low spreads, which are floating starting from 0.0 pips. The required initial deposit is also low, only USD50. The currencies used on the account are US Dollars and Euros.
OctaFX gives a bonus of 50% each time a trader makes a deposit. That way, the capital gained by the trader becomes bigger. Opportunities to open positions increased and deposit bonuses can be withdrawn on the terms and conditions.
If traders are still confused about calculating profits, the OctaFX platform provides a trading calculator for each account type. Traders only need to enter the currency pair being traded, the amount of leverage, the number of lots, and the type of currency used in the account.
Opportunities to get profits are also getting bigger with the Autochartist feature. Traders will get notifications quickly when there is a profit signal in trading. The accuracy of the trend prediction reaches 83%.
Traders do not need to worry about the safety of funds at this broker. OctaFX uses segregated accounts and protects personal data and online financial transactions with SSL technology. This is adjusted to the international accounting standards and regulations.
Another advantage offered by OctaFX is the Trade & Win program. Opening an account in OctaFX would open the opportunity to collect trading lots, which can be accumulated into a variety of attractive prizes. Traders only need to open a real account on MetaTrader4 or MetaTrader5 through OctaFX and simply exchange the prize lot in this promotion. Prizes that can be obtained by traders include T-shirts, Android Smartwatches, smartphones, and laptops.
Traders need not worry about missing out on promotions. Because OctaFX often bonuses and other promotions. This broker holds a trading contest every week on a demo account with real prize funds that can be used for trading.
One example of a prize contest is OctaFX Champion - MT4 Demo Contest. With a total prize of USD 1,000, there are places for 4 winners in each contest period. OctaFX broker also provides contests on the cTrader platform, titled cTrader Weekly Demo Contest. As the name implies, this trading contest is held on a demo account for 1 week and uses cTrader as the platform.
This CySEC-regulated forex broker has been using cTrader, MT4, and MT5 as their platforms for a few years already. Their minimum deposit is $100 and leverage is at 1:500. They also offer indices, metal, and cryptocurrencies trading.
8. Vantage FX
Fixed and Variable
ASIC, #ACN 140 903 886
Interest rate on funds
Trading by telephone
Islamic accounts available
Vantage FX was founded in 2009 in Australia. It is the brand name of the Vantage International Group which is regulated by the Cayman Islands Monetary Authority (CIMA). Before it is known as Vantage FX as today, they used to be MXT Global in 2009 and Vantage FX Pty LTD in 2015. The Vantage Group also operates other companies such as Vantage Global Prime, which is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA).
According to the broker’s website , Vantage FX adds further protection to clients by segregating client funds and holding their funds with Australia’s National Australia Bank (NAB). NAB is one of the 4 largest financial institutions in Australia as well as the Top 20 safest banks in the world. Thus, clients don't need to worry about saving their funds at Vantage FX.
With Vantage FX, traders will experience super-fast trade execution, as well as interbank grade and RAW ECN spreads. When combined, these elements offer clients a true institutional trading experience, across a wide range of trading instruments. They also offer services designed for both beginners and professionals with access to Forex ECN trading, as well as CFD trading on Indices, Commodities, and U.S & Hong Kong Shares. Those instruments are available to trade on MetaTrader 4 and MetaTrader 5, either for Mac, PC, iOS, or Android. There are also social trading platforms such as MyFXbook and Zulutrade.
By registering in Vantage FX , traders will have access to an impressive range of educational materials and research tools including MT4 SmartTrader Tools, a wide variety of promotional trading offers and rebate programs, as well as access to accounts with up to 500:1 leverage. Vantage FX provides research in the form of technical and fundamental analysis on its blog from in-house staff as well as guest writers. There is also an economic calendar powered by MQL5 from MetaQuotes. For clients who deposit at least $1,000, Vantage FX offers a suite of plugins for MT4 branded as MT4 SmartTrader Tools, developed by FX Blue LLP.
As an authorized representative of Vantage Global Prime, the broker caters to retail traders under the Vantage FX brand and offers access to the following instruments:
- 40 currency pairs, which are the most liquid global forex market currencies.
- 50 highly liquid US Share CFDs in some of America’s largest companies such as Apple, Google, Coca-Cola, and more.
- 50 biggest companies listed on the Hong Kong Stock Exchange to trade on.
- 15 most liquid Indices from across the globe, including the S&P 500, DAX, FTSE, DJ30, and more.
- 17 commodities, either soft commodities or precious metals.
Clients can open accounts in VantageFX and deposit funds in 8 base currencies: AUD, USD, EUR, GBP, NZD, SGD, JPY, and CAD. They also provide clients with convenient deposit and withdrawal methods through local and international bank transfers, credit/debit cards, and e-payment.
Overall, Vantage FX is valued to be proper for retail traders with small deposits who like the max leverage thresholds. In terms of pricing, the broker's commission-based Raw ECN account is the clear choice for cost-sensitive traders as it features a lower all-in cost compared to its Standard account offering.
Vantage FX requires a minimum deposit of $200 and a leverage of 1:500. Established in 20099, this ASIC-regulated forex broker presents the opportunity to trade on MT4, MT5, and Webtrader. They also have several social trading platforms such as Zulutrade and Myfxbook.
Variable and Fixed
BaFin, HRB 160749B
Islamic accounts available
US traders are welcome
BDSwiss has a unique proprietary platform as well as MT4 and MT5 platforms. They require a minimum deposit of $100 and a leverage of 1:500. They also provide education materials via live analysis, webinars, and seminars.
10. Moneta Markets
This forex broker also has their own unique proprietary platform with a minimum deposit of $200 and 1:500 leverage. This CIMA-regulated broker is considered new at the time of the writing, as it was founded in 2019. They have more than 300 CFD instruments such as cryptocurrencies, indices, commodities, forex, and many more.
For better analysis, here is a side by side comparison between 3 out of the 10 forex brokers above:
rated by 58 users
rated by 1 users
rated by 1 users
|Office(s)||British Virgin Islands, Canada, Germany, Japan, Malta, Poland, Singapore, Switzerland, United Arab Emirates, United Kingdom and United States||Australia, Cyprus, Singapore, South Africa and United Kingdom||Saint Vincent, Grenadines and United Kingdom|
|Regulation||CFTC/NFA, 0325821 |
FCA (UK) 54257
FSA (Japan), 1571
FSC (BVI), SIBA/L/20/1130
Kanto Local Finance Bureau (Japan), 2137
| ASIC 417727 |
FCA (UK), 509909
FSCA (South Africa), 47546
ISA (Israel), 5
Monetary Authority of Singapore, 2017-12-11
| CySEC 372/18 |
FCA (UK), 679306
IFSA (St. Vincent and Grenadines), 19776 IBC 2011
|Minimum Position||0.00001 lot||0.005 lot||0.01 lot|
|Payment||Credit/debit cards, Neteller, Skrill and Wire transfer||BPAY, Credit/debit cards, giropay, iDEAL, PayPal, Przelewy24, Skrill, SOFORT and Wire transfer||Bitcoin, Credit/debit cards, Neteller and Skrill|
|Official Website||Visit OANDA||Visit Plus500||Visit OctaFX|
|Forex Demo Account|
|US traders are welcome|
|Requires sending documents via postal mail|
|Overnight interest rates (swaps)|
|Trading by telephone|
|Interest rate on funds|
Trading Platforms and Complements
|Trading via API|
|One-Cancels-Other (OCO) orders|
|Gold & silver|
|Website Languages||Chinese, English, French, German, Italian, Japanese, Korean, Portuguese, Russian, Spanish||Arabic, Bulgarian, Chinese, Croatian, Czech, Danish, Dutch, English, Estonian, Finnish, French, German, Greek, Hebrew, Hungarian, Icelandic, Italian, Japanese, Korean, Latvian/Lettish, Lithuanian, Mal||Bengali/Bangla, Chinese, English, German, Hindi, Indonesian, Malay, Portuguese, Spanish, Thai|
|General Review||Read OANDA Review||Read Plus500 Review||Read OctaFX Review|
|User Reviews|| |
ChachaJul 22 2020
OANDA offers too little leverage limit. This isn't suitable for small capital traders.
CooperJul 22 2020
From the first year until now, I trade using OANDA and still consider they are the best and most trusted broker. The lot position offered is flexible and the platform is very user-friendly. However, their spreads on Saturdays and Sundays are quite wide, so I have to trade on weekdays. A little troublesome, anyway, but I've already matched with OANDA.
faraJul 8 2020
complex feature on this broker
Bob TSep 3 2020
I might be using it wrong, but I have a problem with securities available after some time. It’s really easy in the beginning tho.
Heather WSep 16 2020
Plus500 don't like it if their trader makes a lot of money. So they restricted some accounts without notice. What a coward.
Moammar KSep 2 2020
Some people have said that they have a great platform and that's true. But their system will log out after 10 minutes and it's annoying. I can't leave my computer and need to click anything to keep the system active.
Adrian WalleeSep 3 2020
Don't fall for anything about this broker. Many traders lost everything to Plus500. They even got a chargeback for their funds' recovery.
Sissy MollySep 14 2020
Plus500 have a great platform, but the only thing I hate is their SPREADS. There must be a better way to rip off yout clients money. I don't want to give you any idea.
Jane HoustonAug 24 2020
Really simple and clear. But the choice for crypto is very limited that's the only thing I don't like about Plus500.
Akira HasanSep 1 2020
Plus500 is the biggest scam ever!!!!!! It made you lost all of your money. Be careful everyone! Read before trading.
Julian SernonSep 24 2020
There's no problem actually with their deposit process, but need a few days to make a withdrawal process to do.
Ronan KeytonSep 20 2020
They have a simple program. As a newbie in the trading world, I really like it. Good job.
Thomas JilliardSep 12 2020
Use Plus500 as my 1st broker because it's cheap. But as soon as I want to develop my trading sich as analysis, news, fundamentals, etc, don’t know why they are so limited. Only a good thing at the start but not for long term trading.
Peter WayneSep 1 2020
One of the logical reasons why you should avoid Plus500 is their dynamic spreads and the method used for the pricing of instruments. It clearly a scam and that's why more than 80% of their clients lose their money. There are still many good brokers out there. Do your research before joining.
Mawar JuneSep 3 2020
Plus500 set their margin level too high. Once messed up, you'll lose a big amount of money. I heard that you got a frozen screen too when you make a big money with your open position since you can't exit the markets.
Nathan JosephSep 16 2020
For almost 4 weeks they prevent me to withdraw my money, they kept getting excuses, no response, or email. They have extremely bad customer response. There is no problem with their demo account tho, but once you open a live account, your funds will loose with them.
Moses67Sep 4 2020
I learn many things from their demo account. I made plenty of money with them. Very smooth process of signing up. They made withdrawal system very simple. Nice job Plus500!
Daniel MainheartSep 13 2020
Well, it's unfortunate that this broker might get bigger but right now they need to reform their business style. Their job is pretty bad right now.
Paxton WaltersSep 3 2020
I read that they restricted clients account said that clients breached user agreement for Hedging. I mean, they could have warned the client first if they done something wrong.
Natalia ScezkovaSep 3 2020
Not interested with their system. They have high margin but with low average. Their easy process with deposit and withdrawal account won't add anything to their bad system.
Perry WalkerSep 18 2020
For my 1st experience with broker, Plus500 have a very simple system. But I'm not gonna lie that there are many other choices for another good broker.
Mia QuincySep 3 2020
This broker has low leverage and high margin. Overall deposit, withdrawal, account opening was smooth and easy.
Yamada SatoSep 3 2020
Beware, please do not make mistakes by trusting your money with this company. Have several bad encounter for trading with this broker. Not pleasant experience. Before you loose all your money, please beware.
Rattoon VrajnavikhulJul 28 2020
OctaFX made a lot of improvement in these recent years. When they first appear, there are a lot of flaws. But their service is getting better, so I consider to give 5 stars.
GyverJul 28 2020
The competition in octafx is interesting, so I join this broker. After joining the competition and learn some trading strategy, I finally register and open real account. Everything works just perfect, Octafx meets my expectation.
Moori SheinJul 28 2020
I already try a lot of brokers, and this broker is the best.
While another broker tricks me with difficult withdrawing process, OctaFX don't do that kind of things.
JunoJul 28 2020
OCTAFX is good.
I already trade here for 2 years, deposit and withdrawal are smooth.
My transaction never has any problem.
Mitika FSJul 28 2020
The spread is tight, except when there's a piece of high news. But it's still better than other brokers who feels like manipulating the price. I succeed to withdrawal my trading results so I think this broker is recommended.
ZorroJul 28 2020
Been trade on several brokers. For me, OctaFX is the most suitable for trading in a small amount. It's newbie-friendly. Plus, the demo account competition is useful for those who want to improve their skill in trading.
Davis IozoJul 28 2020
The customer service is very friendly. They help me as noobs who don't understand how to withdraw for the first time. Still doing transactions in small amount of fund, but overall I'm quite satisfied with this broker performance.
Namiii HarseyvehJul 28 2020
I LOVE THE ECN ACCOUNT! Very transparent and fast executions. I got a comfortable trading experience from octa. The withdrawal process is also fast. Protips, don't withdraw on weekend, better if you submit withdrawal request within Monday-Wed.
Lam Soo NGJul 28 2020
Competitive spread, easy to deposit and withdraw through the local bank. There's also a lot of promotions.
I already got some prize from trade and win. generous broker with no complicated problems.
DruJul 28 2020
Octa is suitable for me. I'm looking for a broker that allowing scalping and EA usage. The platform works just fine.
Alimen HattahJul 28 2020
A friend introduces me to octafx., the platform is easy to operate. The website also informative, and I don't find any difficulties in doing deposit. I didn't withdraw yet, but so far I'm quite satisfied with this broker.
shaniaJul 27 2020
Octafx gives me convenience to trade, with a lot of bonus and promotions. It's very suitable for a newcomer like me.
Pieter TraderJul 22 2020
So far, I have been trading on OCTA and it's very safe. As anticipation, put your fund not more than 500 USD. The withdrawal process is done smoothly everyday.
HidekazuJul 22 2020
Octafx is just fine. Before using Octafx, I repeatedly changed brokers. So far, not bad. Moreover, Octafx has the lowest spread in a pair that I use for trading. Unfortunately, he doesn't have MT5 yet ... But I'm not going to change the broker anymore, because Octafx's execution and CS response are fast enough. Good job Octafx!
Michael EvyyJul 22 2020
Before using octa fx, I use another broker. Using octa fx is pretty good, it has a low spread. Go ahead octa fx, hopefully, you'll become a good quality broker.
Ariani ArthesJul 22 2020
I am trading with Octa Forex, so far it is very satisfying, primarily when it comes to deposit, but I can't give a word about the withdrawal, since I didn't get profit yet. Lo. Hopefully, in the future, OctaFX will become the best and biggest broker. Go OctaFX!
Jairo KJul 22 2020
OctaFX The most suitable broker for me, the spread is low and the WD is fast. I just wished that the execution may be faster
Abyar HadieJul 22 2020
recommended broker, proven to withdraw quickly. I recommend this broker coz withdrawing and depositing via local banks is very easy. Service value score is 10, it only takes 3 hours of deposit and withdrawal, yesterday I withdrew 700 USD, only takes 30 minutes liquid, good broker
Noriaki FXJul 22 2020
I won't say that octafx cheating, but there is something wrong with the stop loss order system. When there is a reversal, stop loss doesn't execute according to the order price, so you might still suffer some loss. Even though the stop loss is placed above/below the price to lock in profit, the result remains a loss.
I dare say this because I trade in several brokers and octaFX is the only one that executing my stop losses far from the price I requested. I think it's impossible to succeed in this broker because using disciplinary stop loss is a dead price developing strategy. Hopefully, it becomes an octa evaluation material and the consideration of newbies like me looking for a broker of choice.
Yaji ArkhrJul 22 2020
So far it's still safe. Before opening an account on Octa FX, I have also been on another broker. But I move for looking a better trading condition. In Octa, the spread is decent. the CS also has good service .. good luck octaFX
Sandy MahrembeJul 22 2020
During my trading on OctaFX there were no problems and it was smooth. I just want to add a suggestion. Please have another welcome bonus and also copy trade. Hopefully can be a positive input for OctaFX. That is all from me. thanks.
RayyfiandJul 22 2020
Octafx broker is good, I think. Even though the spreads widen when there's a news. I hope OctaFX service will improve.
Hendry LamJul 22 2020
Withdrawal is written succeed but no money entered the account.
On the 18th of May, I sent a WD 50 USD request, the money in the MetaTrader account has been cut off and in the personal area written successfully, but the account money has not yet been entered, even I printed the transaction in the savings book too.
Next, I try WD again 10 USD, and thank God... it's transferred, but the 50 USD not entered yet. Many times I submit a complaint to OctaFX, the answer is only "we will continue to review". Please respond and help.
Arafah YanneJul 22 2020
Today I made withdrawal request 4 pm. I never succeeded, all I could do was wait for the process.
I was disappointed with this. Actually, I had been trading with OCTAFX for over 2 years. This case made me uncomfortable, the 1-2 hour OCTAFX WD commitment was unsuccessful
JharuJul 22 2020
I wanna withdraw in the morning, but it's pending more than 1-2 hours, chat cs at the queue, too many requests, wait until evening... then I get an email like this:
Beny OctaFX (OctaFX) Jun 21, 13:58 EEST Dear Customer, Thank you for contacting OctaFX! We locked your account because the company decided not to continue our services to you, sir. Thus you can no longer trade with us. Based on the customer agreement in the following link that reads, "The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Client and the Client agrees that the Company will have no obligation to inform the Client of the reasons.
That means the company refuses to continue our brokerage services to you.
3.10 The Company has the right, at its sole discretion, to refuse at any time to provide Services to the Client and the Client agrees that the Company will not have an obligation to notify the client of the reasons.
As a trader, maybe I have a mistake. But lesson learned. Never trade at a broker that has rules like that, especially the broker can not show your mistakes!
Gamon TsawariJul 20 2020
Comfortable in trading.
I joined octafx since 4 years ago and until now I feel comfortable with octafx.
Deposits and withdrawals are also getting better, very fast. Hopefully, the octafx service will always improved, so it brings more convenience to traders who want to be succeed. And hopefully Octafx has a loyalty program. thank you
Rosa LindaJul 20 2020
Octafx always pays attention to the other with attractive prizes, with the prize lot I have already got 3 times. A pretty memorable prize for a novice trader. Thx octafx trade and win.
JaredJul 20 2020
Just want to leave a testimony. Yesterday I deposited outside working hours because I want to open a position. It turned out that the service was fast, the fund immediately transferred to the account. thanks.
DonnieJul 20 2020
OctaFX is great
Easy deposit and withdrawal, the platform is okay, so far so good 🙂
Trajhapparn AngtornJul 20 2020
suddenly disconnected and there was a surge in prices ...
Is it normal and reasonable? real octa server suddenly disconnected, and once again connected to the price surge. because I noticed on the octa demo account, it's normal, in other brokers, there are also no price spikes.
Arthur SmithJul 20 2020
I have also experienced trading with buy stops. Suddenly the price spike very quickly, and my order was immediately executed. My profit suddenly turns into a loss. I checked the Take Profit level that I made, there was nothing wrong. I have complained but until now I did not get an answer to why that happened, and there is no accountability. Please improve the service, octafx.!!
Nguyen LaPhoJul 20 2020
Octafx is often stealth a transaction.
I often get my account open position without any pending orders, gadgets and my laptop even though dead, the first case was 0.04 lots, the second case was 1.01 lots, I was forced to cut losses at the order of 180 dollars.
I have sent the transaction log, but the broker doesn't respond. Be careful with this broker, if you are too often profited, a huge stealth lot will appear in your account when you sleep, even though you are not connected to MT 4 at all, I suggest using a trusted broker like alpari and oanda or justforex.
JumanjiFXJul 20 2020
As long as I know, octaFX is credible and trustworthy.
DaffaJul 20 2020
Hello Newbie HereJul 20 2020
I just started learning to trade earlier this year, trying to make small deposits at several brokers. So far, trading on octafx is the most convenient. the deposit is easy, the trading application is also not complicated
Rosie TalyumJul 20 2020
Deception! Octafx deceives the beginner. Do not be tempted by low deposits ... In the end, your deposit can't be withdrawn, then the money is gone.
Abdullah KJul 20 2020
lots of promos! In Ramadan, OctaFX giving a lot of bonuses, thank you. I hope in the other months you will also give me lots of benefits. I will wait for your promotion
MarcosJul 20 2020
at first, I was hesitant to use this broker because of lots negative comments. But because Octa FX provides swap and commission free accounts, I am interested. I made an initial deposit of $ 500 on Friday. And Monday I already made a profit of around $ 200, then I tried WD $ 195. Confirm the e-mail for about 5 minutes. After waiting for about two hours, the funds came into my account.
Janna LimJul 20 2020
In my opinion Octafx is HONEST BROKER .. Trusted .. I have only been trading for 2 months .. fast deposit and withdrawal process .. And it is suitable for beginners with free swap .. and low deposit .. Highly recommended for beginners ..
The Custoemer service is so Friendly. so far very satisfied for its facilities .. Hopefully it remains like this and continues to be improved ...
Langdon VJul 20 2020
Octa is a scam broker .. Be careful guys never deposit here. I have evidence that octa is cheating and I have emailed this to Octa support on 26/2/2020 and only was told to wait.
Here is my transaction history: # 3795647 was closed at 1637.02 on 2020.02.26 15: 46.20, While it should be at 1632.
It can be seen at 15:46 minutes that the candle closed at 1.634 while my transaction was closed at minutes 15:46:20
there is a difference of 20 seconds and the next candle drops down meaning that the price should be in the range of 1631-1634 while my transaction is closed at 1637. On that transaction I lost about $ 250.
Howard SayeedJul 20 2020
OCTAFX BROKERS TRICKS ME
1. Candle NAS100 on March 12 2020, jump from 15:25 to 15:30 which resulted in my order not being executed.
2. I place six orders at the same time at 13.30, 3 orders at the price of 7580, and 3 more orders at the price of 7530. But those 3 orders at the price of 7530. Octafx executes at the price of 7447 while 3 orders at 7580 cancelled.
If your reason is in the gap, my 6 orders are in the gap, but why are 3 orders executed and 3 again you cancel? And until now my loss fund has not been reimbursed, how do you explain this situation.
YahariJul 20 2020
OctaFX broker is cheater !!
This morning I checked my account, I was surprised how come I automatically closed all my positions huh? Short positions hit at 1.24705, Buy positions hit at 1.24345
Even though last night 9 April 2020, the highest price of GBPUSD at 1.24831 was not a problem. Why is my position all gone? Please cooperate, refund my funds or position my order !!!
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