The 6 Best Micro Account Forex Brokers in Singapore revealed. We researched several micro account forex brokers to identify the best solutions for Singapore traders. We chose the top six brokers based on their regulatory status, platform usability, and support services.
This article provides a detailed insight to help Singapore traders make informed selections. In this in-depth guide, you’ll learn about the following:
- What are Micro Accounts, and How Do They Suit Singaporean Traders?
- The 6 Best Micro Account Forex Brokers in Singapore – revealed
- Our Criteria For Selecting the Best Micro Account Forex Brokers for Singapore
- Tips For New Traders Using Micro Accounts
- Our Conclusion on the 6 Best Micro Account Forex Brokers in Singapore
- Popular FAQs about the 6 Best Micro Account Forex Brokers in Singapore
And lots more…
So, if you’re ready to go “all in” with the 6 Best Micro Account Forex Brokers in Singapore…
Let’s dive right in…
- Candice Barnes
10 Best Forex Brokers in Singapore
Rank
Broker
Review
Regulators
Min Deposit
Official Site
What are Micro Accounts, and How Do They Suit Singaporean Traders?
Micro accounts have gained significant popularity in the dynamic financial markets, especially in Singapore. These special accounts allow individuals to enter the market with smaller capital, reducing risk and offering a valuable learning experience.
Micro accounts are often a strategic entryway for newbies or those adopting a cautious approach. They provide you with the tools to understand the basics of forex trading, try various strategies, and build your confidence without worrying about significant financial loss.
Per our research, micro accounts are unique because they utilize what is known as “micro lots.” These lots are much smaller than standard ones, representing only 1/100th of their size.
This results in smaller positions and, as a result, lower potential profits and losses. As an illustration, a small shift of one pip in a EUR/USD micro lot would only lead to a USD 0.10 adjustment, significantly different from the USD 10 change in a standard lot.
Micro accounts offer a distinct advantage for Singaporeans keen on understanding the complexities of the forex market and honing their trading abilities in a controlled environment.
In Singapore’s dynamic financial landscape, marked by unpredictable market fluctuations, we believe that micro accounts can provide a valuable advantage for inexperienced traders by offering reduced risk.
However, we must point out that important to recognize that micro accounts do have certain limitations. Reduced risk naturally translates to a lower potential for profit.
As you advance in your forex journey and gain more experience, you might consider switching to standard or mini accounts to increase your earning potential.
6 Best Micro Account Brokers in Singapore – Comparison
| 🔍Broker | 🌟Micro Account Broker | 🚀Open an Account | 💵Minimum Deposit | 📊Trading Platform |
| 🥇Alpari | ✅ Yes | 👉 Click Here | 7 SGD ($5) | MetaTrader 4, MetaTrader 5, Alpari App |
| 🥈FXOpen | ✅ Yes | 👉 Click Here | 1 SGD ($1) | MetaTrader 4, MetaTrader 5, TickTrader, TradingView |
| 🥉AccentForex | ✅ Yes | 👉 Click Here | 70 SGD (50 USD) | MetaTrader 4 |
| 🏅XM | ✅ Yes | 👉 Click Here | 7 SGD (5 USD) | MetaTrader 4, MetaTrader 5, XM App |
| 🏆IFC Markets | ✅ Yes | 👉 Click Here | 7 SGD ($1) | NetTradeX, MetaTrader 4, MetaTrader 5 |
| 🥇SuperForex | ✅ Yes | 👉 Click Here | 7 SGD ($1) | MetaTrader 4, SuperForex App |
6 Best Micro Account Brokers in Singapore (2024)
- ☑️Alpari – Overall the Best Micro Account Broker in Singapore
- ☑️FXOpen – Best ECN Broker
- ☑️AccentForex – Offers a wide variety of trading alternatives
- ☑️XM – Best Regulated Forex Broker
- ☑️IFC Markets – Offers access to over 500 assets
- ☑️SuperForex – Best Swap Free (Islamic) Account
Alpari
We were impressed by Alpari’s Micro Account, which stands out for its distinctive blend of flexibility and cost. The minimal USD 1 deposit is a huge advantage for Singaporean traders, particularly those who are just getting started or wish to experiment with new methods without risking too much money.
The adjustable leverage, which goes up to an astonishing 1:1000, allows a great deal of control. This allows traders to handle larger holdings with less cash, which could be advantageous in volatile market conditions.
Singaporeans particularly appreciate the wide range of tradable assets, including over 60 currency pairings, commodities, and various CFDs. This opens up a plethora of diversification options for traders.
Overall Rating
- 4.9/5
Min Deposit
7 SGD ($5)
Regulators
Financial Services Commission Mauritius (FSC)
Trading Desk
MetaTrader 4, MetaTrader 5, Alpari App
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Alpari’s Negative Balance Protection is a considerable safety net, ensuring that traders do not lose more than their original deposit, an important factor in the volatile forex market.
Unique Features
| ⌛Regulation and Licenses | Financial Services Commission Mauritius (FSC) |
| 💵Minimum Deposit | 7 SGD ($5) |
| 📊Trading Platforms | MetaTrader 4, MetaTrader 5, Alpari App |
| 🧑⚖️Order Execution Type | Instant Execution |
| ✏️Margin Call (%) | 50% |
| 🛑Stop-Out (%) | 30% |
| 🫴🏻Swap-Free Option | ✅Yes |
| ⬇️Minimum Trade Volume | 0.01 lots |
| ⬆️Maximum Trade Volume | 1 Lot |
| 🔢Maximum Number of Orders | 1,000 cent Lots |
| ➡️Maximum Order Volume | 5 lots |
| ⏱️Maximum Pending Orders | 100 lots |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅Pros | ❌Cons |
| There’s an ultra-low 7 SGD minimum deposit | Doesn’t offer dynamic leverage |
| Traders can expect fast and reliable execution | Not regulated by Tier-1 entities |
| There are competitive spreads on this account | Doesn’t offer an SGD-denominated account |
FXOpen
The FXOpen Micro Account piqued our interest because of its incredibly low entrance barrier – a modest USD 1 minimum deposit and the ability to trade in micro amounts. This makes it a good option for Singapore traders who are new to the market or want to start small.
The fact that trading major currency pairings are commission-free is a significant advantage, possibly increasing returns while reducing costs.
Overall Rating
- 4.9/5
Min Deposit
1 SGD ($1)
Regulators
ASIC, FCA
Trading Desk
MetaTrader 4, MetaTrader 5, TickTrader, TradingView
Crypto
Yes
Total Pairs
4
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
We suspect Singaporeans will be interested in the ECN (Electronic Communication Network) execution mechanism, which enhances pricing transparency and generally results in narrower spreads. EUR/USD spreads averaged at 0.2 pips, which is pretty competitive.
FXOpen also offers traders a variety of advanced tools, such as Trading Central and Autochartist, which may be useful for acquiring market insights and making sound trading decisions.
Unique Features
| ⌛Regulation and Licenses | ASIC, FCA |
| 📊Trading Platforms | MetaTrader 4, MetaTrader 5, TickTrader, TradingView |
| 💶Account Currency | USD |
| 💵Minimum Deposit | 1 SGD ($1) |
| 🗂️Maximum Account Balance | $3,000 |
| 📝Spread Type | Floating |
| 🧑⚖️Trade Execution | Instant |
| ⬇️Minimum Position Size | 0.01 micro-lots |
| ⬆️Maximum Position Size | 25 micro-lots |
| 📈Maximum Leverage | 1:500 |
| 🫴🏻Access to a Demo Account | None |
| 👑Markets Available | Forex, gold, silver |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅Pros | ❌Cons |
| Offers commission-free trading on Micro | Spreads on Micro are higher than on other accounts |
| Supports crypto deposits and withdrawals | Floating spreads can widen drastically during high market volatility |
AccentForex
The AccentForex Micro Account is intended to appeal to traders who appreciate a wide variety of trading alternatives. With a minimum investment of USD 50, you can trade over 60 currency pairs, commodities, indexes, and energies.
This vast assortment enables Singaporean traders to capitalize on various market developments. AccentForex also has competitive spreads, starting at 0.8 pips on EUR/USD, which could enhance profitability.
Overall Rating
- 4.9/5
Min Deposit
70 SGD (50 USD)
Regulators
VFSC
Trading Desk
MT4
Crypto
Yes
Total Pairs
20
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
We also found the platform’s layout user-friendly, and the educational offerings might benefit both new and experienced traders. Overall, this account appears to be a well-rounded choice for anyone looking for a balance of variety and cheap cost.
Unique Features
| ⌛Regulation and Licenses | VFSC |
| 📊Trading Platforms | MetaTrader 4 |
| ⏱️Average Spreads | From 2 pips |
| 💵Minimum Deposit | 70 SGD (50 USD) |
| ⬇️Minimum Trading Volume | 0.01 lots |
| ⬆️Maximum Position Size | 5 lots |
| 📈Leverage Options | 1:1 – 1:500 |
| ➡️Available Markets | 20 Forex pairs and CFDs |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅Pros | ❌Cons |
| Offers multi-currency account options | Not regulated in Singapore |
| Traders can use leverage of up to 1:500 | Lack of Tier-1 regulations |
| Client fund security is guaranteed | Limited markets available on the micro account |
XM
XM’s Micro Account is notable for its high leverage of 1:1000 and an excellent selection of over 1,000 trading instruments. With a minimum deposit of only USD 5, it is open to a wide spectrum of Singaporean traders, regardless of risk tolerance.
The diverse range of instruments, including FX, CFDs on indices, commodities, equities, metals, and energy, ensures something for everyone.
Overall Rating
- 4.9/5
Min Deposit
7 SGD (5 USD)
Regulators
FSCA, IFSC, ASIC, CySEC, DFSA, FCA
Trading Desk
MetaTrader 4, MetaTrader 5, XM App
Crypto
Yes
Total Pairs
55
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
This could be particularly enticing for traders looking to diversify their holdings. Another significant feature is negative balance protection, which gives traders peace of mind by ensuring their losses do not surpass their deposits.
Unique Features
| ⌛Regulation and Licenses | FSCA, IFSC, ASIC, CySEC, DFSA, FCA |
| 💵Minimum Deposit | 7 SGD (5 USD) |
| 📊Trading Platforms | MetaTrader 4, MetaTrader 5, XM App |
| ❌Negative Balance Protection Applied? | ✅ Yes, to all retail accounts |
| ➡️Position Size | 1,000 base currency units = 1 Lot |
| 🔢Maximum open or pending orders per trader | 300 lots |
| ⬇️Minimum trade volume MetaTrader 4 | 0.1 lot |
| ⬇️Minimum trade volume MetaTrader 5 | 0.1 lot |
| 📌Hedging allowed? | ✅ Yes |
| ⛔Lot Restrictions per trade | 100 lots |
| ☪️Is an Islamic Account offered? | ✅ Yes |
| ⏱️Average spread | From 1 pip |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅Pros | ❌Cons |
| Traders aren’t limited in the strategies they can use with XM | Not regulated in Singapore |
| XM’s spreads are competitive on the Micro account | Limits on trading volume with the Micro Account |
| Traders can access 1,000+ instruments across markets | Average spreads on Micro are wide |
IFC Markets
The IFC Markets Micro Account is designed for flexibility. It has a USD 1 minimum deposit and permits transactions as tiny as 0.01 lots, making it suitable for both cautious beginners and experienced traders in Singapore.
The account offers access to over 500 assets, including Forex, CFDs on indices, commodities, stocks, metals, and cryptocurrency.
Overall Rating
- 4.9/5
Min Deposit
7 SGD ($1)
Regulators
BVI FSC, LFSA
Trading Desk
NetTradeX, MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
One of the most distinctive aspects is the Portfolio Quoting Method (PQM), which allows traders to construct and trade their own synthetic instruments, bringing a new level of flexibility to their trading strategy.
In our opinion, this could provide a considerable edge for people with specialized trading objectives or preferences.
Unique Features
| ⌛Regulation and Licenses | BVI FSC, LFSA |
| 💵Minimum Deposit | 7 SGD ($1) |
| 📊Trading Platforms | NetTradeX, MetaTrader 4, MetaTrader 5 |
| 💶Account Currency | USD, EUR, JPY |
| 📈Min and Max Leverage | 1:1 – 1:400 |
| ⬇️Minimum Trading Volume | From 0.01 lots |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅Pros | ❌Cons |
| Charges low and competitive spreads | Not regulated in Singapore |
| Offers powerful and user-friendly trading platforms | No Tier-1 regulations |
| Traders can start trading with a low minimum deposit | Spreads are wider than with other accounts |
| There’s leverage of up to 1:400 | Limited markets compared to other brokers |
SuperForex
SuperForex’s Micro Account is another great alternative for Singapore traders with small cash, with a minimum deposit of only USD 1. It provides leverage up to 1:1000, which may appeal to traders seeking bigger potential rewards.
The account offers over 40 currency pairings, metals, and CFDs on indices and commodities, allowing for a reasonable level of diversification.
Overall Rating
- 4.9/5
Min Deposit
7 SGD ($1)
Regulators
None
Trading Desk
MetaTrader 4, SuperForex App
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Notably, SuperForex provides swap-free (Islamic) accounts that adhere to Sharia law and may be an important consideration for some traders. We were also impressed by the minimal spreads, which start at 0.0 pips and can assist in optimizing winnings
Unique Features
| ⌛Regulation and Licenses | None |
| 💵Minimum Deposit | 7 SGD ($1) |
| 📊Trading Platforms | MetaTrader 4, SuperForex App |
| 🎁Bonuses offered | Welcome, Energy, Hot, Dynamic |
| ➡️Position Size for the Account | 10,000 USD or EUR Cents |
| 🫴🏻Swaps | None |
| 📝Forex Copy-trading offered | None |
| ✏️Average Spreads | Fixed EUR/USD – 2 pips USD/CHF – 2 pips NZD/USD – 3 pips USD/CAD – 3.5 pips USD/ZAR – 48 pips |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅Pros | ❌Cons |
| Traders can use leverage of up to 1:1000 with the Micro Account | Regulation cannot be verified |
| Fixed spreads make it easier for traders to calculate their costs | Not regulated in Singapore |
| Competitive trading conditions offered | Wide spreads on the Micro account |
Our Criteria For Selecting the Best Micro Account Forex Brokers for Singapore
As a team of reviewers deeply invested in the financial landscape of Singapore, we understand that the forex trading scene here has its own unique dynamics.
That’s why we’ve meticulously crafted our selection criteria to zero in on NDD (No Dealing Desk) brokers that genuinely cater to the needs of Singaporean traders.
Our approach isn’t just about ticking boxes; it is about finding brokers that offer real value and align with the specific requirements of this market.
Regulatory Compliance and Security: The Cornerstone of Trust
In forex trading, trust is non-negotiable. That’s why we prioritized brokers that are regulated by reputable authorities like the Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), and others.
This ensures adherence to stringent standards and gives traders confidence that their funds are in safe hands.
We also delved deeper into each broker’s security measures, looking for segregated accounts and robust encryption protocols to safeguard personal and financial data.
Competitive Spreads and Fees: Making Every Pip Count
We understand that trading costs can significantly impact profitability, especially for those with micro accounts.
We focused on identifying brokers offering competitive spreads and transparent fee structures. We scrutinized every detail, from commissions to overnight financing charges, to ensure that Singaporean traders get the best possible value for their money.
Leverage and Margin Requirements: Balancing Opportunity and Risk
Leverage can be a double-edged sword in forex trading. We favored brokers that offer flexible leverage options, allowing traders to choose the level of risk they’re comfortable with.
Additionally, we examined margin requirements to ensure they are reasonable and won’t put undue pressure on traders’ capital.
Trading Platforms and Tools: Your Gateway to the Markets
A seamless trading experience hinges on a reliable and user-friendly platform. We sought brokers that provide intuitive interfaces with advanced charting capabilities, various technical indicators, and efficient order execution.
Whether you’re a fan of MetaTrader or prefer a broker’s proprietary platform, we prioritized those that deliver a smooth and empowering trading experience.
Customer Support and Service: A Helping Hand When You Need It
We believe that excellent customer support is a hallmark of a reputable broker.
We looked for those that offer prompt, knowledgeable, and easily accessible support channels tailored to the specific needs of Singaporean traders. Whether you prefer live chat, email, or phone support, we wanted you to have access to the assistance you need when you need it.
Account Features and Customization: Your Trading, Your Way
We understand that every trader is unique. That’s why we value brokers that offer customizable account features, allowing you to tailor your trading experience to your individual preferences and goals.
From different account types to a wide range of tradable instruments, we want you to have the flexibility to create a trading environment that suits you perfectly.
Tips For New Traders Using Micro Accounts
Entering forex trading in Singapore, especially with a micro account, can be both thrilling and daunting for beginners.
As experienced individuals who have explored the complexities of forex trading, we’ve witnessed the fluctuations and volatility of the market. We strive to provide valuable insights to empower you to navigate the micro account landscape and make well-informed decisions confidently.
Charting Your Course: The Importance of a Trading Plan
Before diving into the markets, you establish a clear and well-defined trading plan. It is important to consider your financial goals, how much risk you are comfortable with, and the specific strategies you plan to use when developing this plan.
Traders in Singapore must carefully consider the local market hours and stay informed about economic events that could impact currency volatility.
Furthermore, traders must have a well-structured plan incorporating a systematic approach to initiating and closing trades. This will help you make informed decisions based on predetermined criteria rather than being swayed by impulsive emotions.
Understanding the Financial Landscape: Costs Involved in Trading
Trading inevitably incurs costs, and even micro accounts are not immune to them. There are several expenses that traders in Singapore need to consider, such as spreads, commissions, and swap fees.
We urge traders to choose a broker that provides clear and transparent pricing. It is also important to grasp how these costs align with your overall trading strategy. It’s important to remember that every dollar spent on fees can potentially affect your profits.
Empowering Yourself: Utilizing Educational Resources
Reputable brokers offer a wide range of educational resources that can be incredibly valuable for novice traders in Singapore. Taking full advantage of these resources is important to enhance your trading skills.
With a wide range of resources available, including webinars, e-books, and comprehensive market analysis, individuals can gain valuable insights into the world of forex trading. For traders based in Singapore, attending local seminars and workshops can offer a more comprehensive grasp of market intricacies unique to the region.
We also found that it provides a chance to connect with other traders and expand one’s professional network.
Refining Your Skills: The Power of Demo Accounts
Nothing can compare to the value of practical experience, and a demo account provides a safe space to refine your trading abilities without any risk.
Use this platform to get acquainted with the trading interface, try out different strategies, and develop a thorough understanding of leverage. This is a great chance to gain experience in trade management without the stress of using real money.
Mastering Your Emotions: The Key to Balanced Trading
In our experience, trading can be a rollercoaster of emotions, with intense highs and lows that can easily sweep us away in waves of excitement or disappointment.
Therefore, traders must maintain a calm and rational mindset when making trading decisions, as emotional trading can often lead to hasty choices.
In our experience, traders must establish and strictly follow clear rules for cutting losses or securing profits. Traders in Singapore’s fast-paced environment can greatly benefit from finding ways to stay composed. Incorporating mindfulness techniques or taking regular breaks can be especially helpful in achieving this.
Evolving with the Market: The Importance of Review and Adjustment
The market is always changing, and a strategy that produces results today may not be as effective in the future. Consistently evaluating your trades and overall performance can assist you in recognizing what is effective and where there is room for improvement.
We urge traders to be flexible and adjust their strategy when faced with market fluctuations or shifts in financial goals. In our experience, to thrive in the ever-changing forex market, Singaporean traders must prioritize agility and adaptability for sustained success
Conclusion
Our conclusion regarding the top micro account forex brokers in Singapore considers the diverse requirements of traders in this dynamic financial environment.
The forex market can be highly volatile, and underestimating this volatility can lead to significant losses.
In addition, it’s important to note that although micro accounts can be helpful for learning, we also found that they might not accurately simulate the experience of trading with larger account sizes. This could create a misleading sense of security as traders increase their scale.
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Frequently Asked Questions
What is the minimum deposit for a micro account in Singapore?
Minimum deposits for micro accounts vary by broker, starting at USD 1 and often up to USD 50.
Can I trade micro lots on any form of Forex account in Singapore?
Yes, you might be able to. Many allow micro-lot across various accounts.
Are micro accounts regulated in Singapore?
Yes, if you trade with a Monetary Authority of Singapore-licensed broker, your micro account will also be regulated. This protects your funds and guarantees that the broker follows all applicable laws.
Can I utilize leverage with a micro-account?
Yes, most brokers provide leverage on micro accounts. However, the maximum leverage might be less than on larger account types.
