Singapore has established itself as an economic giant in Asia. Its Fintech industry is among the best in the world, and it makes up for a large part of the country’s GDP. You do not expect Singapore to be left behind when it comes to forex trading. It has one of the most vibrant forex trading scenes, and possible the most lucrative in Asia.
With such a vibrant and lucrative forex scene, it is no surprise that almost all forex brokers are flocking into Singapore to try and get a piece of the market. But which ones among them offer the best services. We are always getting queries about what is the best forex broker, and how to choose the best forex broker. We are going to try and provide answers, with regard to the best forex broker in Singapore.
We have two forex brokers that we believe are the most ideal for forex brokers in Singapore. Why do we believe these two are the best? We’ll give reasons in brief reviews of each one of them. The table below compares the two brokers.
|Broker||Minimum deposit||Minimum spread||Currency Pairs|
|IQ Option||$10||3 pips||29||1st Choice|
|eToro||$50||0.6 pips||49||2nd Choice|
Now before, we discuss what makes these two forex brokers amazing, let’s first explore the various considerations that you should make while choosing a forex broker to work with. They’ll form the basis of our discussion about the best forex broker Singapore.
Here we go!
- Broker regulation and reputation – note that you will be handing over your trading deposit or investment to the forex broker. That means that if you fall into the hands of a scammer, your money is gone. Take time to explore whether the options you are considering are regulated, and whether they can be trusted with your funds.
- Trading Account and Platform – The next aspect of trading on a forex broker is the trading accounts and platforms. Here are where the actual trading tools are, and they are in one way or another the difference between you and winning or losing your trades.
- Customer support and Service – Last but not least, you will need a broker that offers ample trading support, and provides favorable trading terms. There is no point in trading with a broker whose charges are too high, that they end up wiping out your entire profit.
Having understood these aspects, let’s not dive right in and explore these two amazing brokers.
We couldn’t have started the guide with a better forex broker. IQ Option is a broker that features in any discussion about the best broker for forex trading. That’s because it services are indeed among the best. IQ Option has built a reputation for itself as being one of the most beginner friendly forex broker. It is arguably the best forex brokers for beginners 2019 both in Singapore, and around the world.
We are going to subject IQ Option to the parameters above, as we outline our reasons for putting it at the top, as one of the best forex brokers for Singapore clients.
IQ Option Regulation and Reputation
IQ Option does never lets its guard down when it comes to building trust and reputation. IQ Option operates in many countries from around the world, although it is originally from Cyprus. That means that its main regulator is CySec (Cyprus Securities and Exchange Commission). IQ Option has many other trading certifications, including one from Singapore to ensure it is allowed to operate in their space.
IQ Option’s regulation has enabled it to have a stellar reputation among traders. IQ Option’s popularity is not just about the regulation though. There is a lot more exciting aspects about IQ Option, that have led to its stellar reputation.
One of those it exciting trading accounts and platforms. Let’s explore them in a brief below.
IQ Option Trading Accounts and Platform
IQ Option trading accounts are quite exciting. There are only two of them. A standard account and a VIP account.
The standard account will be accessed by depositing a minimum of $10. The VIP account needs a deposit of $1900. The $10 is the lowest minimum deposit charged in the industry. IQ Option is certainly one of the best forex brokers with low minimum deposit 2019.
One of the most impressive aspects of the IQ Option standard account, is that it can accommodate all kinds of traders. Whether you are a seasoned trader, or a beginner trader, you’ll be quite comfortable trading on IQ Option’s standard account.
The standard account is designed to make it easy for beginner traders to get onto the platform. Also, IQ Option provides a demo account to ensure beginner traders onto the platform has an easy time getting started. The IQ Option demo account is one of the most resourceful one you’ll ever come across. In many ways, IQ Option is one of the best forex brokers with demo accounts 2019.
Customer Service and Support
IQ Option is one of the most impressive forex broker when it comes to providing customer support. Trading successfully requires some level of trading support. Trading support comes in different forms on IQ Option, depending on the prevailing conditions. You might get trading tips, indicators, market reports, accounts managers, and many more.
Another important aspect of trading on IQ Option is the customer service. It is important to ensure that you have someone to turn to when you are having problems with your trading account, or transactions. IQ Option’s customer service department is very responsive and supportive. You can trade comfortably knowing you have someone to solve your problems when you get into any.
There are a lot more exciting reasons why IQ Option should be your go-to forex broker. IQ Option is not the only option for Singapore traders though. Not that there is anything wrong with Trading on IQ Option, but theirs is not harm in having some variety or choice. You could even trade with more than two brokers.
Here is another impressive option for Singaporean forex traders.
Singaporean are part of the lucky forex traders who have the chance to trade on eToro. eToro is not your ordinary forex broker. It is a social trading forex broker that allows its traders to interact with each other and copy trades from each other. This feature allows people who cannot analyze forex markets or charts trade forex and be able to make some profit. That’s quite exciting. Right?
It is not as easy as it sounds though. Our aim today is to show you how impressive eToro is as a forex broker. Let’s subject it to the same criteria above, and find out just how impressive of a forex broker it is.
eToro Regulation and Reputation
One thing you will never have issues with on eToro, is the integrity of your trades, and the safety of your money. Since 2007 eToro has been on the forex trading scene, and there hasn’t been any complaints about its operations. It has leaf a trail of top-notch services in order to gain the stellar reputation it enjoys today. No broker can get to the feat eToro has achieved by being mediocre. Many reviews from traders who have used eToro before will tell you it is a fantastic forex broker.
The other reason why we have so much trust in eToro is because it is one of the most regulated forex broker. eToro is from Cyrpus, but it operates all around the world. It has some very notable trading certifications. Among the most notable bodies that oversee the operations of eToro are; CySec, FCA, ESMA and CFTC.
Trading Accounts and Platforms
eToro is a very interesting trading platform. It has only one trading account. The trading account is accommodating to every kind of trader. As mentioned above, eToro pays a lot of its attention to copy trading. You can still use your skills and strtagies to trade independently on eToro. If you are such kind of a trader, and you are getting success on eToro, you’ll be on your way to enjoying the most favorable and economical trading terms. Obviously, when you are trading successfully, you’ll become attractive to eToro, and to other traders who are hoping to copy trades.
Customer Support and Service
Traders on eToro get a lot of trading support. One of the most significant support is the social trading platform, and the ability to observe other traders trade in real time. A smart beginner would know that is a great chance to learn how to trade. That is if they follow traders who are not just copying from other traders, and they take time to try and understand why certain trades are being placed in a particular manner.
When it comes to customer service, we cannot promise that eToro has the most responsive customer care department. They usually take a while to respond, but they usually do, and will try to ensure they solve any issues that you may have. Either way, we can guarantee you will not experience any down times with the eToro trading platform.