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Written By
James Barra
Written By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks.James authors, edits and fact-checks content for a series of investing websites.
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Fact Checked By
Jemma Grist
Fact Checked By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
Updated
Mar 11, 2024
CFD trading is popular in Singapore, allowing investors to make short-term trades without incurring stamp duty from the Inland Revenue Authority of Singapore (IRAS). CFDs are regulated by the Monetary Authority of Singapore (MAS), which also authorizes online brokers and trading platforms.
Explore the best CFD trading platforms in Singapore, tested, evaluated and compared by our experts. Every CFD broker recommended is trusted and accepts traders from Singapore.
Top 5 CFD Trading Platforms and Brokers in Singapore
These 5 brokers stand out as the best for CFD traders in Singapore:
- AvaTrade - AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit.
- IC Markets - IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders.
- Deriv.com - Deriv.com will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock.
- Pepperstone - Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support.
- XM - XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading.
Best CFD Trading Platforms and Brokers in Singapore 2024 Comparison
| Broker | CFD Trading | Minimum Deposit | Markets | Platforms | Leverage | Visit |
|---|---|---|---|---|---|---|
| | ✔ | $100 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting | WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | 1:30 (Retail) 1:400 (Pro) | Visit |
| | ✔ | $200 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) | Visit |
| | ✔ | $5 | CFDs, Multipliers, Forex, Stocks, Indices, Commodities | Deriv Trader, MT5 | 1:1000 | Visit |
| | ✔ | $0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade | 1:30 (Retail), 1:500 (Pro) | Visit |
| | ✔ | $5 | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures | MT4, MT5 | 1:1000 | Visit |
| | ✔ | $100 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, TradingView | 1:500 | Visit |
| | ✔ | $0 | CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds | MT4, TradingView, TradingCentral | 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. | Visit |
| | ✔ | $100 | CFDs, Forex, Indices, Commodities, Stocks, Crypto | MT4, MT5 | 1:500 | Visit |
| | ✔ | $100 | Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | 1:200 (Retail), 1:500 (Pro) | Visit |
| | ✔ | $10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs | R StocksTrader, MT4, MT5 | 1:2000 | Visit |
| | ✔ | $1 | Currencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures | MT4, MT5 | 1:1000 | Visit |
| | ✔ | $10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, MT4, MT5, TradingCentral | 1:2000 | Visit |
| | ✔ | $20 | Forex, CFDs, Stocks, Indices, Commodities, Crypto | MT4 | 1:1000 | Visit |
| | ✔ | $0 | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) | MT4 | 1:500 (entity dependent) | Visit |
| | ✔ | $50 | CFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTs | eToro Web, CopyTrader, TradingCentral | - | Visit |
#1 - AvaTrade
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Review
Why We Chose AvaTrade
AvaTrade's 1250+ leveraged CFD products span a wide range of asset classes including stocks, indices, commodities, bonds, crypto, and ETFs. You can speculate on underlying assets in the broker’s feature-rich web and mobile platforms with market-leading research tools to help discover opportunities.
- FTSE Spread: 0.5
- GBPUSD Spread: 1.5
- Stocks Spread: 0.13
- Leverage: 1:30 (Retail) 1:400 (Pro)
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
About AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
Pros
- The broker offers reliable 24/5 multilingual customer support with fast response times during testing
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
Cons
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
Visit AvaTrade
#2 - IC Markets
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Review
Why We Chose IC Markets
You gain access to over 2,250 CFDs, available for trading 24/5 across popular markets such as forex, commodities, indices, stocks, and bonds. Utilizing deep liquidity and advanced bridge technology, IC Markets ensures optimal conditions for scalpers, hedgers, and algo traders alike.
- FTSE Spread: 1.0
- GBPUSD Spread: 0.23
- Stocks Spread: 0.02
- Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
- Regulator: ASIC, CySEC, FSA
- Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
About IC Markets
IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
Pros
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
Visit IC Markets
#3 - Deriv.com
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Review
Why We Chose Deriv.com
You can trade CFDs on popular markets, including the broker's exclusive synthetic indices which are available 24/7. There are plenty of charting tools available for technical traders, including over 20 indicators in the Deriv Trader platform. New users can also open an account and start trading CFDs instantly.
- FTSE Spread: 0.5
- GBPUSD Spread: 0.5
- Stocks Spread: 0.07
- Leverage: 1:1000
- Regulator: MFSA, LFSA, VFSC, BFSC
- Platforms: Deriv Trader, MT5
About Deriv.com
Deriv.com is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs and multipliers, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.
Pros
- The low $5 minimum initial deposit suits those on a lower budget
- The free demo account is ideal for practicing short-term trading strategies and no registration is required
- Deriv continues to offer fast and reliable 24/7 support and the WhatsApp service is particularly convenient
Cons
- There's no loyalty program or rebate scheme for high volume traders
- There are limited copy trading tools and analysis features compared to alternatives like IQ Cent
- The range of 100+ assets trails some competitors such as Quotex which offers 400+
Visit Deriv.com
#4 - Pepperstone
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Review
Why We Chose Pepperstone
Pepperstone maintains its position as one of the fastest and most dependable CFD brokers during our latest round of testing. With execution speeds averaging around 30ms and an outstanding fill rate of 99.90%, the broker ensures a seamless trading experience without requotes or dealing desk interference. It also provides ample trading opportunities across over 1,300 assets.
- FTSE Spread: 1.0
- GBPUSD Spread: 0.4
- Stocks Spread: 0.02
- Leverage: 1:30 (Retail), 1:500 (Pro)
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
About Pepperstone
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
Pros
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
Cons
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
Visit Pepperstone
#5 - XM
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Review
Why We Chose XM
Day traders can speculate on leveraged CFDs with zero commissions, spanning popular markets including currencies, equities and commodities. Additionally, the MetaTrader platforms collectively offer dozens of advanced technical indicators built for short-term strategies.
- FTSE Spread: 1.5 pts
- GBPUSD Spread: 1.9
- Stocks Spread: 0.002
- Leverage: 1:1000
- Regulator: ASIC, CySEC, DFSA, FSC, FSCA
- Platforms: MT4, MT5
About XM
XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
Pros
- XM provides a no re-quotes and no rejections policy
- Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools, respectively
- XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
Cons
- There is weak regulatory oversight through the global entity
- PayPal deposits are not supported
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
Visit XM
How We Chose The Best CFD Trading Platforms In Singapore
To find the best CFD trading platforms in Singapore, we took our extensive database of nearly 500 brokers, identified those that accept traders from Singapore and then ranked them based on their overall rating, which takes into account the following key criteria.
We Chose Platforms Licensed By A Trusted Regulator
CFD traders will receive the best safeguards by opening an account with a brokerage authorized by a ‘Green Tier’ regulator, such as the Monetary Authority of Singapore, which is responsible for ensuring licensed brokers operate responsibly.
City Index, for example, has earned our trust over the years for its secure trading environment and authorization from the MAS. It’s also one of a select few CFD brokers listed on a stock exchange (through its parent company StoneX Group), underscoring its reliability.
If not the MAS, we selected CFD trading platforms that are regulated in other respected jurisdictions, such as the US, UK, Australia or Europe, as these are promising signs of a trustworthy operation.
We prioritize well-regulated CFD brokers because this will help protect traders from scams and fraudulent trading platforms, which the Singapore Police Force has warned are promising “lucrative investment opportunities” that have cost victims over 25.5 million SGD since June 2023.
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You can check whether a CFD broker is regulated in Singapore by searching for their name in the Financial Institutions Directory.
We Chose Platforms With Leverage Trading And Clear Margin Requirements
One of the draws of CFD trading is the availability of leverage, which allows investors to amplify their buying power and trading results for a small outlay, known as margin.
Let’s say you want to speculate that the share price of Singapore Airlines (SGX: SIA) is going to rise today following an earnings announcement. A CFD broker with 1:5 leverage, such as AvaTrade, would multiply your trading power, and potential returns, by 5x.
Importantly, the maximum leverage available to retail investors at Singapore-regulated CFD trading platforms is 1:20. There are brokers with higher leverage, but these are often based in offshore jurisdictions and not suitable for beginners.
I recommend using risk management tools like stop-loss orders when trading CFDs with leverage. This can protect against large losses by automatically closing positions when prices hit a pre-set level.
James Barra
Author
We Chose Platforms With A Great Investment Offering
CFD traders of all levels will have access to diverse trading opportunities by picking a broker with a wide range of markets.
Therefore, we prioritized CFD trading platforms that provide access to the most popular asset classes, notably stocks, indices, forex, commodities and cryptos.
Some CFD trading platforms also excelled during our tests by offering key assets that will be of interest to traders in Singapore. IG, for instance, offers CFD trading on shares from the Singapore Exchange, the Straits Times Index (STI), and currency pairs with the SGD, including AUD/SGD, EUR/SGD and SGD/JPY.
Our experts have also been trading at IG for years with real money and consistently praise the excellent CFD trading conditions.
We Chose Platforms With Excellent Pricing
CFD trading is popular with short-term traders where frequent transaction costs can eat into profits. Consequently, choosing a brokerage with tight spreads and low/no commissions is critical.
As part of our personal tests and in-depth analysis, we also weigh fees with the quality of the platforms and tools, such as analyst insights into central bank decisions or economic reports that could impact shares listed on the Singapore Exchange.
Additionally, we factor in non-trading fees, such as conversion costs if depositing Singapore Dollars (SGD) to a live account denominated in another currency, such as the US Dollar (USD). This analysis allows us to identify the lowest-cost CFD brokers that provide a first-rate trading environment.
Our extensive real-money testing shows IC Markets leads the pack here, especially for serious day traders, featuring ultra-tight spreads from 0.0 pips, cash rebates, plus reliable order executions, ensuring you can secure optimal prices in fast-moving CFD markets.
We Chose Platforms With Superb Charting Tools
After years of evaluating hundreds of CFD brokers in Singapore, we’ve learnt that a user-friendly and powerful charting platform is essential for an effective trading experience.
MetaTrader 4 and MetaTrader 5 remain the most widely available third-party platform despite an outdated interface we don’t enjoy using. Nonetheless, for experienced traders wanting sophisticated charting tools and algo trading, they’re a solid choice.
For newer CFD traders, the in-house platforms developed by brokers like Forex.com have come a long way, now sporting a genuinely intuitive interface with superior charting tools, including 80+ indicators, 50+ drawing tools and 14 timeframes.
We Chose Platforms With Convenient Account Funding In Singapore
We know from first-hand experience trading CFDs that picking a brokerage with secure and hassle-free payment methods can make for a smooth experience.
The most popular payment methods in Singapore are credit and debit cards, accounting for 53% of transactions according to Commission Factory, while alternative solutions like PayPal, Apple Pay and Google Pay are also widely used.
Every one of our top-rated CFD brokers in Singapore offers at least one of these methods, while Pepperstone excels by providing credit and debit cards, plus PayPal. It also offers no minimum deposit, making it a stand-out option for budget traders.
FAQ
Who Regulates CFD Trading Platforms And Brokers In Singapore?
The Monetary Authority of Singapore (MAS) regulates CFD trading platforms and online brokers operating in the country.
The MAS is a ‘Green-Tier’ regulator in line with our ‘Regulation & Trust’ rating methodology, meaning it offers the highest level of trader safeguards.
How Much Money Do I Need To Open A CFD Trading Account In Singapore?
Our analysis of close to 500 brokers shows that you normally need 0 to 250 USD, around 0 to 330 SGD, to start trading CFDs in Singapore.
That said, some CFD trading platforms have no minimum deposit, with Pepperstone achieving the highest rating following our exhaustive tests.
Recommended Reading
Article Sources
- Monetary Authority of Singapore (MAS)
- Inland Revenue Authority of Singapore (IRAS)
- Singapore Stock Exchange (SGX)
- Straits Times Index (STI)
- Financial Institutions Directory - MAS
- Singapore Airlines - Singapore Stock Exchange (SGX:SIA)
- Warning On Trading Scams - Singapore Police Force
- Most Popular Payment Methods In Singapore - Commission Factory
- A Look At The Rise And Continuing Influence Of CFD Trading In Singapore - California Business Journal
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