Forex brokers offering trading accounts in Singapore Dollars (SGD)

Broker Country Rating Min. Deposit Website
UK, Australia4.5/5$1Read the review
USA, Canada, UK, Singapore, Australia4.5/5$1Read the review
Australia4/5$200Read the review
Australia4/5$1Read the review
Australia3.8/5$100Read the review
Australia3.8/5$1Read the review

Singapore is the third largest Forex center in the world after London and New York, so it’s pivotal to take in consideration the importance of the Singapore Dollar or SGD. As such Forex trading is extremely popular in Singapore, with the city-nation being home to a surprising amount of brokers, all offering the SGD as base currency.

Wire Transfers, referred to as Telegraphic Transfers (T.T) by most Singaporean brokers, that are local and use the SGD, shouldn’t take more than 1 business day to process. International Bank Transfers can take up to 5 days to be processed.

Most brokers offer free local and international transfers, however traders can still be charged by the banks involved in the transaction.

Credit/Debit card account funding are usually instant, yet we encountered a broker by the name of CityIndex claiming that a withdrawal with a Credit/Debit card may take up to 10 days to process. The average transaction fee for credit/debit cards is around 2.3%. This may seem low at first, but consider that a payment of $10 000SGD (for example) is charged with 2.3 %, amounting to a $230SGD transfer fee.

The most common alternative payment methods we encountered are Cheques, PayNow and DBS / POSB.

PayNow payments are instant. From our research we gathered that brokers have waived all PayNow fees. Transactions with PayNow are done exclusively in SGD.

Traders should expect the funds to arrive into their personal traders accounts no longer than 3 days after the broker has received the Cheque. And, obviously, there are no fees attached to this methods of payment.

DBS/POSB bank account holders have to fund their trading accounts via the online Bill Payment facility. Funds should be credited the next working day, and traders will be glad to know that there are no fees attached.

The Singapore dollar was introduced after the fall of the Malaysia, Brunei, and Singapore Union in 1965.