Which Forex Trading Platform Is The Best – It’s never too late to start investing. Whether you’re trying to figure out how ‘adulting’ works before your twenties, or you’re in mid-career and looking for ways to make your savings work for you, investing is for you!
However, we know that it can be quite overwhelming when you are just starting out because there are so many trading platforms or brokers out there. That’s why we’ve put together this list of the top 10 online brokers in Singapore to narrow down your options and get you off to a good start.
Which Forex Trading Platform Is The Best
Interactive Brokers (IBKR) is one of the most popular trading platforms in Singapore. Many investors in Singapore were already using it before opening a local office in July 2020. The brokerage is well-known and has been listed on NASDAQ since 2007.
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If you are from Singapore and using here, you will need to register as an IBKR Pro user. Although the price is slightly different compared to IBKR Lite, you will have exclusive access to the full range of IBKR features, including advanced algorithms, APIs and tools. Plus, you’ll be able to trade over 40 ETFs with zero transaction fees, subject to certain T&Cs.
Of all the trading platforms on this list, Saxo Markets takes it for being the most well-rounded. It offers stock and bond trading, but it doesn’t stop there – users can also access advanced products such as forex, CFDs and other financial products that work on a leveraged system. Unlike most other platforms, they also offer savings plans and managed portfolios, which may appeal to those looking for a more passive investment regime.
As the icing on the cake, they also offer a ton of educational resources in their learning center to guide you as you learn to invest.
POEMS is another platform that has earned its place on this list with a hard-earned history of global recognition. It was founded over 40 years ago and offers an incredible variety of over 40,000 financial products in 15 different markets, including of course the US, Hong Kong, the UK, Japan and Australia.
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An added benefit is that you can fund your account using a variety of methods, most of which do not charge a service fee.
Overall, POEMS is reliable and ideal for investors and traders who want to expand their networks and deal with many different types of products.
City Index ranks in the top 10 because of its strong global presence and relatively long history of the establishment. Founded in 1983 as a trading brand of GAIN Capital (listed on the NYSE), City Index is an internationally renowned CFD and Forex broker. It has been approved by multiple financial authorities around the world, including the Monetary Authority of Singapore (MAS), the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). Its many credentials make City Index a reputable and trusted investment platform.
The current sign-up promotion offers a one-year membership with full access to the Wall Street Journal (worth S$480) when you create an account and make a minimum deposit of S$6,500.
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“Download moomoo now!” Even before you think seriously about investing, you might come across its ads on YouTube or at MRT stations. moomoo by FUTU SG is among our picks for its ease of use and attractive sign-up bonuses.
When it launched, it offered new users free AAPL shares, but don’t worry, you haven’t missed out! Today it still has a round of different freebies (think free shares and/or cashback) for new signups. Check the website for the latest promotions (terms and conditions apply).
With its handy mobile app, you can easily compare different stocks and filter by market cap, percentage change, turnover, trading volume and other parameters. The platform offers a relatively low commission fee of US$0.99 for US stocks, HK$3 for HK stocks and S$0.99 for SG stocks.
Another star-studded platform known worldwide is IG, a platform that is over 45 years old. It is listed on the London Stock Exchange, approved by regulators in the world’s major jurisdictions, and has pocketed a couple of awards for its mobile app.
Best Forex Trading Platform
IG offers one of the largest CFD and Forex trading groups with access to over 17,000 markets and 104 Forex pairs. Beginners, don’t be intimidated by this: not only is its trading platform very user-friendly, it also offers a series of free online courses and webinars with its IG Academy.
This name may be a little more familiar to some of us. Maybank Kim Eng is the investment arm of Maybank and caters to many types of investments, allowing its users to build well-diversified portfolios. It offers a mix of leveraged and unleveraged products for trading, including stocks, shares, bonds, ETFs, forex and CFDs. It can also be an ideal platform for investors who want to try a little bit of everything.
Tiger Brokers has the credentials and low commission fees to make it a reliable platform for anyone just starting out. The platform is supported by Xiaomi and listed on NASDAQ. In addition to the Singapore market, it provides easy access to global markets such as the US, Hong Kong, China and Australia. Enjoy your choice of ETFs, REITs, futures, options, securities, CBBCs and other financial products from a single account.
We couldn’t leave out Singapore’s biggest broker, which is UOB Kay Hian. This broker is tailored to the local economy and focuses on a small set of stock markets: Singapore, Malaysia, Hong Kong and the USA. However, it offers many types of investments such as ETFs, bonds, UTs, CFDs and forex. As the name suggests, it’s endorsed by UOB, so you can be sure it’s a safe and reliable place to start.
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Among the many beginner-friendly trading platforms, we’d say FSMOne Fundsupermart is not for the faint of heart. This platform is best suited for experienced traders and investors who have been around for some time and know what type of investments they would prefer to focus on. It places a heavy emphasis on educational materials, high-quality research, and well-curated news, increasing the chances of success for marketers who truly thrive in their niche. Resources include news headlines, in-house content and premium resources from top think-tanks.
Even beginners who are eager to learn and take on a challenge will benefit from the generous sharing of knowledge available through your account.
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Ibkr Trading Platforms
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Certain financial institutions, service providers or specific product websites may offer their services and products through multiple channels, brands or associated companies, which can make it difficult for us and consumers to always find, compare and analyze them. ROSHI strives to better understand consumers through unbiased and well-researched product information. Even if you are new to forex trading, you may have realized that following the price charts of currency pairs is very important. Charts show currency movements graphically, and traders use these charts to apply various technical tools to predict future price movements.
Being an important tool in forex trading, we have compiled a list of the best forex charting apps that you can use to analyze the market. We will also explain the difference between trading platforms and charting software, and discuss why Forex charting is so important to traders.