The 5 best ECN Forex brokers in Singapore revealed. We have explored and tested several prominent ECN Forex brokers for forex trading in Singapore to identify the 5 best.
This is a complete guide to the 5 best ECN Forex brokers in Singapore.
In this in-depth guide you’ll learn:
- ✅ What an ECN Forex broker is
- ✅ What are the 5 best ECN Forex brokers in Singapore?
- ✅ Who are the best Forex brokers in Singapore?
- ✅ How to choose the best ECN Forex broker in Singapore
- ✅ The benefits of ECN trading
- ✅ The drawbacks of ECN trading
10 Best ECN Forex Brokers in Singapore – a Comparison
| 🔍 Broker | 🫴🏻 ECN Forex Broker | 🫰🏻 Best For |
| 🥇 Alpari | ✅ Yes | MetaTrader 4 |
| 🥈 AvaTrade | ✅ Yes | MetaTrader 5 |
| 🥉 eToro | ✅ Yes | Beginners |
| 🏅 Oanda | ✅ Yes | Low-Minimum Deposit |
| 🎖️ XM | ✅ Yes | ECN |
| 🥇 Tickmill | ✅ Yes | Islamic Account |
| 🥈 Exness | ✅ Yes | Trading App |
| 🥉 FxPro | ✅ Yes | Forex Rebates |
| 🏅 Pepperstone | ✅ Yes | Low Spread |
| 🏅 IG | ✅ Yes | Nasdaq 100 |
10 Best ECN Forex Brokers in Singapore (2024)
- ☑️ Alpari – The Best MetaTrader 4 Forex Broker
- ☑️ AvaTrade – The Best MetaTrader 5 Forex Broker
- ☑️ eToro – The Best Forex Broker for Beginners
- ☑️ Oanda – The Best Low-Minimum Deposit Forex Broker
- ☑️ XM – Overall, The Best ECN Forex Broker
- ☑️ Tickmill – The Best Islamic / Swap-Free Forex Broker
- ☑️ Exness – The Best Trading App
- ☑️ FxPro – The Best Forex Rebates Broker
- ☑️ Pepperstone – The Best Lowest Spread Forex Broker
- ☑️ IG – The Best Nasdaq 100 Forex Broker
What is an ECN Forex broker?
An ECN broker acts as a go-between in the ECN market for investors in the stock and FX markets, enabling transactions across electronic communication networks. Because an ECN broker combines quotes from multiple dealers, ECN traders usually profit from smaller differences between buy and sell prices.
The 5 Best ECN Forex Brokers in Singapore
Below, we have listed the 5 best ECN Forex brokers that accept traders in Singapore, and offer them excellent trading conditions alongside sound regulation.
Octa
Overview
Octa stands out as a premier ECN Forex broker for traders in Singapore. Renowned for its transparency and low spreads, Octa utilizes Electronic Communication Network (ECN) technology, ensuring direct access to global liquidity providers.
Singaporean traders benefit from lightning-fast execution, minimal slippage, and a diverse range of currency pairs. Octa’s user-friendly platform, coupled with advanced trading tools, empowers traders to make informed decisions.
With robust security measures and local support, Octa caters to Singaporean traders seeking a seamless and secure ECN trading experience. Whether you’re a novice or seasoned trader, Octa’s ECN features make it a top choice in Singapore’s dynamic Forex market.
| 🔍Feature | ℹ️ Information |
| ⌛Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) |
| 💻Social Media Platforms | Facebook YouTube Telegram |
| ➡️MAS Regulation? | None |
| 🗂️Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 📊Trading Platform | MetaTrader 4, MetaTrader 5, cTrader |
| 💵Minimum Deposit in SGD | 6.65 SGD or $5 |
| 🛢️Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies |
| 👉SGD-based Account? | None |
| 💷SGD Deposits Allowed? | None |
| 🎁Bonuses for Singaporean traders? | ✅ Yes |
| ⬇️Minimum spread | From 0.6 pips |
| ✏️Demo Account | ✅ Yes |
| ☪️Islamic Account | ✅ Yes |
Pros and Cons Octa
| ✅ Pros | ❎ Cons |
| Octa demonstrates a deep understanding of the cultural and economic nuances of Singapore. | Working with an offshore broker licensed at the less desirable tier 2 has several disadvantages, such as limited opportunities for retail accounts, restrictions on trading items, and choices for alternative currency basis. |
Trust Score
OctaFX has a trust score of 79%
What makes Octa a suitable choice for Singaporean traders?
Octa is an ideal choice for Singaporean traders due to its focus on Electronic Communication Network (ECN) technology. With direct access to global liquidity providers, Singaporean traders benefit from low spreads, rapid execution, and minimal slippage.
How can I ensure the security of my funds with Octa?
Octa prioritizes the security of your funds. Octa employs state-of-the-art encryption and security protocols to safeguard your financial information. Additionally, they adhere to strict regulatory standards, providing an extra layer of assurance.
Pepperstone
Overview
Pepperstone emerges as a premier Forex broker tailored for Singaporean traders, excelling in ECN trading conditions. Renowned for its transparency, Pepperstone offers direct access to interbank liquidity, ensuring tight spreads and lightning-fast execution.
Singaporean traders benefit from a comprehensive suite of trading tools, aiding in informed decision-making. With a user-friendly platform and exceptional customer support, Pepperstone stands out in Singapore’s Forex landscape.
The broker’s commitment to security and regulatory compliance underscores its reliability. Whether you’re a novice or a seasoned trader, Pepperstone’s ECN offerings and standout features make it a trusted choice for navigating the intricacies of the Singaporean Forex market.
| 🔍Feature | ℹ️ Information |
| ⌛Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 💻Social Media Platforms | LinkedIn YouTube |
| ➡️MAS Regulation? | None |
| 🗂️Trading Accounts | Standard Account Razor Account Professional Account Demo Account Islamic Account |
| 📊Trading Platforms | MetaTrader 4 MetaTrader 5 cTrader TradingView Myfxbook Duplitrade |
| 💵Minimum Deposit in SGD | Equivalent to AU$200 |
| 🛢️Trading Assets | Forex Indices Shares Commodities Cryptocurrencies Futures Options |
| 👉SGD-based Account? | None |
| 💷SGD Deposits Allowed? | ✅ Yes |
| 🎁Bonuses for Singaporean traders? | None |
| ⬇️Minimum spread | From 0.0 pips |
| ✏️Demo Account | ✅ Yes |
| ☪️Islamic Account | ✅ Yes |
Pros and Cons Pepperstone
| ✅ Pros | ❎ Cons |
| Pepperstone is a well-known and reliable broker. | On Pepperstone, there are only two retail account options available. |
| A large selection of deposit and withdrawal methods are available at Pepperstone. | No exclusive trading platforms exist. |
Trust Score
Pepperstone has a high trust score of 95%
How do Pepperstone’s ECN trading conditions benefit Singaporean traders?
Pepperstone’s ECN trading conditions are particularly advantageous for Singaporean traders. By providing direct access to interbank liquidity, Pepperstone ensures minimal spreads and rapid execution. This translates to cost-effective and efficient trading experiences for Singaporean investors.
How can I leverage Pepperstone’s ECN technology to enhance my trading strategy in the Singaporean market?
Pepperstone’s ECN technology is a powerful tool for refining your trading strategy in Singapore. With direct access to the interbank market, you can capitalize on tight spreads and execute trades swiftly.
HFM
Overview
HFM stands out as a premier ECN Forex broker, offering a myriad of standout features. Renowned for its Electronic Communication Network (ECN) technology, HFM provides direct access to liquidity providers, ensuring ultra-low spreads and rapid order execution.
Singaporean traders benefit from a transparent trading environment, empowering them to make informed decisions. With a user-friendly platform, advanced trading tools, and local support, HF Markets caters to the unique needs of Singaporean investors.
Whether you’re a novice or an expert, HFM’s ECN features position it as a trusted partner for navigating the dynamic Forex market in Singapore.
| 🔍Feature | ℹ️ Information |
| ⌛Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 💻Social Media Platforms | Facebook Telegram YouTube |
| ➡️MAS Regulation? | None |
| 🗂️Trading Accounts | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📊Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💵Minimum Deposit in SGD | 6.65 SGD or $5 |
| 🛢️Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| 👉SGD-based Account? | None |
| 💷SGD Deposits Allowed? | None |
| 🎁Bonuses for Singaporean traders? | ✅ Yes |
| ⬇️Minimum spread | From 0.0 pips |
| ✏️Demo Account | ✅ Yes |
| ☪️Islamic Account | ✅Yes |
Pros and Cons HFM
| ✅ Pros | ❎ Cons |
| HFM traders have few local deposit and withdrawal options. | The EUR/USD currency pair provides Singaporean traders with a very competitive offering, with a minimum spread of just 0.9 pips. |
Trust score
HFM has a trust score of 85%
How does HFM’s ECN technology benefit traders in Singapore?
HFM’s ECN technology offers distinct advantages to Singaporean traders. With direct access to liquidity providers, HFM ensures tight spreads and rapid order execution, enhancing overall trading efficiency.
What unique features does HF Markets offer to Singaporean traders?
HFM provides Singaporean traders with a range of unique features, including a user-friendly platform, advanced trading tools, and localized support. The user-friendly interface caters to traders of all levels, while advanced tools empower informed decision-making.
FXTM
Overview
FXTM emerges as a top choice for Singaporean traders, excelling as an ECN Forex broker. Renowned for its Electronic Communication Network (ECN) features, FXTM offers direct access to interbank liquidity, ensuring competitive spreads and rapid order execution.
Singaporean traders benefit from a transparent trading environment, empowering them to navigate the Forex market with confidence. FXTM’s user-friendly platform, advanced trading tools, and localized support cater to the unique needs of Singaporean investors.
Whether you’re a novice or seasoned trader, FXTM’s ECN capabilities make it a trusted partner for those seeking optimal trading conditions in Singapore’s dynamic financial landscape.
| 🔍Feature | ℹ️ Information |
| ⌛Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 💻Social Media Platforms | Facebook YouTube Telegram |
| ➡️MAS Regulation? | None |
| 🗂️Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 📊Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💵Minimum Deposit in SGD | 6.65 SGD or $5 |
| 🛢️Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets |
| 👉SGD-based Account? | None |
| 💷SGD Deposits Allowed? | None |
| 🎁Bonuses for Singaporean traders? | ✅ Yes |
| ⬇️Minimum spread | From 0.0 pips |
| ✏️Demo Account | ✅ Yes |
| ☪️Islamic Account | ✅ Yes |
Pros and Cons FXTM
| ✅ Pros | ❎ Cons |
| FXTM provides a personalized copy trading platform, a low minimum deposit, and high leverage. | Customer assistance is not available on weekends or public holidays. |
| A commission-based structure and transparent pricing are what investors may expect in the Forex market. | Being idle has expenses attached to it. |
| Important financial regulators in four countries oversee FXTM.• Important financial regulators in four countries oversee FXTM. | The expenses of CFD are not the lowest. |
| The initial minimum deposit is $10. | The selection of assets is limited. |
| Outstanding multilingual customer support is provided. | There are fees associated with withdrawals. |
Trust Score
FXTM has a high trust score of 93%
How does FXTM’s ECN model benefit traders in Singapore?
FXTM’s ECN model is especially advantageous for Singaporean traders. With direct access to interbank liquidity, FXTM ensures tight spreads and swift order execution, enhancing overall trading efficiency. This transparency in pricing is crucial for Singaporean investors seeking competitive advantages in the dynamic Forex market.
How can I access localized support as a trader with FXTM in Singapore?
FXTM prioritizes localized support for Singaporean traders. You can access dedicated customer support tailored to the Singapore market, ensuring prompt assistance and a seamless trading experience.
Tickmill
Overview
Providing direct access to institutional-grade liquidity, Tickmill ensures traders in Singapore benefit from ultra-competitive spreads and rapid order execution. The platform fosters a transparent trading environment, empowering users with optimal pricing and minimal slippage.
Tickmill’s commitment to user-friendly interfaces, advanced trading tools, and robust security establishes it as a trusted partner for navigating the intricacies of the Forex market in Singapore. Regardless of expertise level, Tickmill’s unique ECN capabilities offer a reliable pathway for Singaporean traders seeking success.
| 🔍Feature | ℹ️ Information |
| ⌛Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 💻Social Media Platforms | Facebook YouTube Telegram |
| ➡️MAS Regulation? | None |
| 🗂️Trading Accounts | Pro Account, Classic Account, VIP Account |
| 📊Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💵Minimum Deposit in SGD | 6.65 SGD or $5 |
| 🛢️Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| 👉SGD-based Account? | None |
| 💷SGD Deposits Allowed? | None |
| 🎁Bonuses for Singaporean traders? | ✅ Yes |
| ⬇️Minimum spread | From 0.0 pips |
| ✏️Demo Account | ✅ Yes |
| ☪️Islamic Account | ✅ Yes |
Pros and Cons Tickmill
| ✅ Pros | ❎ Cons |
| Tickmill provides traders in Singapore with access to the well-liked MetaTrader 4 and 5. | There is no desktop or web-based trading software available for traders in Singapore. |
| Singaporean traders can get a limitless amount of demos on various platforms by using Tickmill. | There is currently a limited selection of third-party tools and resources available on Tickmill. |
Trust Score
Tickmill has a trust score of 82%
How do Tickmill’s ECN features benefit traders in Singapore?
Tickmill’s ECN features are especially advantageous for Singaporean traders. By offering direct access to institutional-grade liquidity, Tickmill ensures ultra-competitive spreads and swift order execution.
How can I access personalized support as a trader with Tickmill in Singapore?
Tickmill prioritizes personalized support for its traders in Singapore. Their dedicated local support team is readily available to address any inquiries or concerns specific to the Singapore market.
How to choose the best ECN broker in Singapore
Singaporean traders must evaluate the following components of an ECN broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Singaporeans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
Account Features include leverage trading and margin requirements, commissions and spreads, initial deposits, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
Singaporeans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
The range of markets offered refers to the number and range of tradable instruments that the broker offers. Singaporeans must consider what they wish to trade and what is available.
Customer Support
Customer Support is another crucial factor and Singaporeans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
A trading platform is the Singaporean trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
- ✅ eBooks
- ✅ Trading guides
- ✅ Trading knowledge of leveraged products
- ✅ A risk warning on complex instruments
- ✅ Educational videos
Research can include some of the following:
- ✅ Trading tools
- ✅ Commentary
- ✅ Status of International Markets
- ✅ Price movements
- ✅ Market sentiments
- ✅ Whether there is a volatile market
- ✅ Exchange Rates
- ✅ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Singapore
In this article, we have listed the best ECN Forex brokers for Singaporean traders. We have further identified the brokers that offer additional services and solutions to traders in Singapore
Best MetaTrader 4 / MT4 Forex Broker – Alpari
Overall, Alpari is the best MT4 Forex broker in Singapore. Alpari is often seen as a safe alternative by investors due to its excellent reputation as a reliable market maker. Alpari promises trading elapsed times of less than one millisecond. Currently, almost two million users have registered with Alpari.
Best MetaTrader 5 / MT5 Forex Broker – AvaTrade
Overall, AvaTrade is the best MT5 Forex broker in Singapore. It is often recognized that AvaTrade is a trustworthy broker for trading foreign exchange and CFDs. Maintaining distinct customer accounts with respectable financial institutions in all relevant jurisdictions is one of the reasons AvaTrade enjoys such a high level of respect.
Best Forex Broker for beginners – eToro
Overall, eToro is the best Forex broker for beginners in Singapore. Apart from the eToro Academy, the eToro Plus paid membership plan, and the simulated trading accounts, there are numerous more ways that users can gain from using eToro.
Best Low Minimum Deposit Forex Broker – Oanda
Overall, Oanda is the best low-minimum deposit Forex broker for traders in Singapore. The cutting-edge trading platform offered by Oanda is beneficial to all types of forex traders.
Best ECN Forex Broker – XM
Overall, XM is the best ECN forex broker in Singapore. XM prioritizes four factors when offering an online trading platform: cost, customer support, equity, and security
Best Islamic / Swap-Free Forex Broker – Tickmill
Overall, Tickmill is the best Islamic / Swap-Free forex broker in Singapore. As a brokerage, you can trust Tickmill to give you accurate information. This broker is an excellent choice for a variety of traders due to its affordable costs, ample account options, and competitive spreads. Currently, Tickmill can be used in a variety of scenarios and is accessible in a large number of languages.
Best Forex Trading App – Exness
Overall, Exness offers the best trading app for traders in Singapore. With so many important features and capabilities, the Exness Trader app is a wonderful asset for traders in Singapore. Candlestick charts, technical indicators, and quantitative tools can be very helpful for novice traders.
Best Forex Rebates Broker – FxPro
Overall, FxPro is the Best Forex Rebates Broker in Singapore. FxPro exchange customers have access to both STP and ECN services. Retail traders on the FX market can receive monthly cashback returns of up to 30%.
Best Lowest Spread Forex Broker – Pepperstone
Overall, Pepperstone is the best lowest spread forex broker in Singapore. Starting at 0.0 pip, Pepperstone provides spreads for purchasing US dollars against euros. With a long track record of achievement, Pepperstone Markets is among the best brokerages.
Best Nasdaq 100 Forex Broker – IG
Overall, IG is the best Nasdaq 100 forex broker in Singapore. Thanks to its innovative trading tools, wide range of products, and favorable market conditions, IG has risen to the top 20 platforms in Singapore. Due to its broad asset offers and stringent regulatory control, IG stands out from the many reliable online brokers catering to the Singaporean market.
Best Volatility 75 / VIX 75 Forex Broker – IC Markets
Overall, IC Markets is the best Volatility 75 / VIX 75 forex broker in Singapore. Singaporean traders now have access to international financial markets thanks to IC Markets’ state-of-the-art trading technologies.
Best NDD Forex Broker – BDSwiss
Overall, BDSwiss is the best NDD forex broker in Singapore. BDSwiss is unique among the numerous international suppliers and brokers of CFD and forex services. It has over 16,000 affiliate accounts and manages up to €20 billion in foreign exchange transactions each month.
Best STP Forex Broker – Octa
Overall, Octa is the best STP forex broker in Singapore. Octa has been awarded over twenty-eight honors. Octa has found that by utilizing ECN and STP, or straight through processing, its transaction expenses can be cut by almost a third.
Best Sign-up Bonus Broker – HFM
Overall, HFM is the best sign up bonus broker in Singapore. The trading platform offered by HFM is preferred by traders due to its exceptional quality and affordable rates. Owing to its extensive range of account configuration options and asset markets, the HFM website is easily navigable by users with varying levels of foreign exchange trading expertise.
Pros and Cons of Using an ECN Forex Broker in Singapore
| ✅ Pros | ❎ Cons |
| Tight Spreads and Transparent Pricing: ECN Forex brokers in Singapore offer competitive spreads by connecting traders directly to the interbank market. This transparency ensures fair and optimal pricing, allowing traders to capitalize on cost-effective trading conditions. | Higher Initial Deposit Requirements: Some ECN brokers may have higher minimum deposit requirements compared to other types of brokers. This may pose a challenge for new or smaller-scale traders in Singapore. |
| Direct Market Access: With ECN technology, Singaporean traders gain direct access to liquidity providers, facilitating faster order execution and reducing the likelihood of slippage. This direct market access enhances trading efficiency, especially during periods of market volatility. | Variable Spreads: While ECN brokers generally offer tight spreads, the spreads can vary based on market conditions. Traders need to be prepared for the possibility of encountering wider spreads during periods of low liquidity. |
| No Conflict of Interest: ECN brokers operate on a no-dealing desk model, eliminating potential conflicts of interest between traders and brokers. This ensures a fair and impartial trading environment, aligning the broker's interests with the success of the trader. | Commission Charges: ECN brokers typically charge a commission on trades in addition to the spread. While this structure ensures transparency, traders in Singapore should consider these additional costs when assessing the overall affordability of trading with an ECN broker. |
| Access to Depth of Market Information: ECN platforms often provide depth of market (DOM) information, allowing traders in Singapore to view real-time order book data. This insight into market liquidity assists in making more informed trading decisions. | Complexity for Beginners: The advanced features and direct market access of ECN platforms may be overwhelming for novice traders in Singapore. Those new to Forex trading may find it beneficial to start with a more user-friendly platform before transitioning to an ECN broker. |
In Conclusion
Overall, excellent pricing and prompt transaction execution are two advantages that Singaporean forex traders can enjoy when working with ECN Forex brokers. Singaporean traders should only ever sign up with reputable and regulated ECN Forex firms.
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Frequently Asked Questions
What advantages do ECN Forex brokers offer to traders in Singapore?
ECN Forex brokers in Singapore provide direct access to interbank liquidity, ensuring competitive spreads and rapid order execution. This transparency fosters fair and optimal pricing, empowering traders with cost-effective and efficient trading conditions.
How do ECN brokers handle market volatility?
ECN brokers excel in handling market volatility by offering direct market access. This ensures that Singaporean traders can execute orders swiftly, reducing the risk of slippage during turbulent market conditions. The transparency and real-time information provided by ECN platforms assist traders in making well-informed decisions even in highly dynamic market environments.
What is the minimum deposit requirement for trading with an ECN Forex broker in Singapore?
Minimum deposit requirements can vary among ECN brokers. While some may have higher initial deposit requirements, others offer more flexibility. Traders in Singapore should carefully assess these requirements based on their budget and risk tolerance when choosing an ECN broker.
Are there additional costs associated with trading through an ECN broker in Singapore?
Yes, ECN brokers typically charge a commission on trades, in addition to the spread. While this transparent fee structure ensures fairness, Singaporean traders should consider these costs when evaluating the overall affordability of trading with an ECN broker.
Is it advisable for beginners in Singapore to start trading with an ECN Forex broker?
For beginners in Singapore, ECN platforms may initially appear complex due to advanced features and direct market access. It is advisable for novice traders to start with a more user-friendly platform to build a foundational understanding of Forex trading before transitioning to an ECN broker. This approach can help ease the learning curve and enhance the overall trading experience.
