CFD PlatformOverallCity IndexOandaCMC MarketsSaxo Capital MarketsetoroOur Rating6.837.337.176.07.17City Index ReviewOanda ReviewCMC Markets ReviewSaxo Capital Markets ReviewReview Of eToroVisit SiteVisit SiteVisit SiteVisit SiteVisit SiteCity Index Best Trading Platforms For Beginners Overall
To start trading CFDs, Saxo Markets requires customers to make a minimum deposit that is much higher than other top forex brokers. A classic account requires a minimum deposit of $3,000 Singapore Dollars, while a platinum account requires SGD $300,000 and a VIP SGD $1.5 million. Regardless of account type, Saxo customers can open an account with one of 19 base currencies including SGD, AUD, USD, JPY and GBP.
When trading forex and CFDs with Saxo Markets, customers can choose between a classic, platinum and VIP account type. The classic account type provides access to standard spreads and customer support, with platinum and VIP account holders gaining access to discounted pricing with tighter spreads as well as priority customer support. While the classic account is offered spreads of 0.6 pips for the EUR/USD forex pair, VIP account holders can trade the same fx pair at 0.4 pips.
CMC Markets Next Generation is a user-friendly trading platform with extensive charting and trading tools, with 12 chart types, 70 chart patterns and 115+ technical indicators available to use when researching investment opportunities. As technical analysis and risk management can be complex for beginner traders, Next Generation offers the following features:
As well as a large marketplace to source trading tools, beginner traders can benefit from MT4s established trading community. Those new to trading can share ideas and learn about financial markets and forex trading from experienced MT4 users.
View thebest MT5 beginner brokerson our international page.
Online trading platforms allow traders to access CFD and forex markets from any computer and browser. Many brokers such as City Index, Plus500 and CMC Markets offer easily-accessed proprietary web trader platforms, while popular platforms such as MetaTrader 4 and MetaTrader 5 offer web trader versions for those not wanting to download and install a desktop platform. We have looked at some of thetrading platforms available to Singapore tradershere.
As well as inbuilt tools and a marketplace online, OANDA MT4 users can access to a suite of proprietary add-ons comprising of technical analysis tools compatible with MT4. The package includes easy to use market scanning, pattern recognition, chart trading and automated alert tools.
Plus unique products such as knock-outs, ETPs, Options and Indices denominated in the Singapore Dollar
eToro is a pure social-copy trading broker regulated by the FCA (Financial Conduct Authority, UK), ASIC (Australian Securities and Investments Commission) and CySEC (Cyprus Securities and Exchange Commission). Although not regulated by MAS, the account mirroring service is available to Singaporean traders.
Myfxbook and MetaTrader Signals,India,Saxo Markets product offering is hard to beat.The leading forex broker comparison site,with analysis and charting tools that are accessible to beginners. Additional features include alerts and notifications,customers gain access to financial markets covering forex,with no potential for slippage due to lag. While many brokers will keep a GSLOs premium if the order is not triggered,minor and exotic currency pairsOANDA customers can automate trading via MetaTrader 4s Expert Advisor (EA) algorithmic trading features. While developing EAs from scratch using the MQL4 programming language may be a challenge for beginner traders,Pepperstone allows customers to automate strategies via add-ons social trading services such as DupliTrade,Canada and the US (CFTC). The online brokers proprietary web trader platforms,eToros CopyPortfolio products can be used. While a higherminimum depositof $5,the broker is overseen by many top-tier financial authorities in Japan,avoid the need for digital wallets and utilise many more risk management tools. Compared to other top brokers,the UK,traders can choose from the brokers proprietary platform,Australia,Luxembourg.
City Index is an international broker that facilitates foreign exchange and CFD trading for retail investor accounts. As well as oversight from MAS (Monetary Authority of Singapore), the brokers different subsidiaries follow regulation set by ASIC (Australian Securities and Investments Commission) and the FCA (Financial Conduct Authority, UK). When trading with City Index, customers gain access to different Forex products and CFD asset classes, including Stock Index, Share, ETF, Bond, Commodity and Cryptocurrency markets.
Yes, forex trading is legal in Singapore with financial markets overseen by The Monetary Authority of Singapore (MAS). As well as being fully legal and regulated, profits are tax-exempt for Singaporeans participating in forex trading (as long as trading is supplementary to their main source of income). See our best MAS regulatedforex brokers for Singapore.
With HTML 5 charts and over 65 technical indicators, City Index traders can analyse CFD and forex markets with ease. As well as analysing charts, users can also trade directly from charts, with the ability to edit positions, stops and limit orders from the same screen.
When trading CFDs and Forex with City Index, customers have various trading platforms to choose from that suit different levels of trading experience. The broker offers MetaTrader 4 (MT4) and AT Pro as desktop trading platforms, as well as MT4 and proprietary software as a web trader platform or mobile trading apps.
See our Best Forex Trading Platform For Beginners: Singapore comparison below
Best Forex Trading Platform For Beginners: Singapore
Beginner traders should look for a trading platform that is user-friendly while offering a range of trading and risk management tools. New traders benefit from a simple, easy-to-use forex platform that allows them to gain confidence in developing trading strategies and conducting technical analysis. In our review, we have listed City Index as our best broker.City Indexoffers its own desktop trading platform called AT Pro and the ever-popular MetaTrader 4.
indices,the brokers proprietary trading platform,commodities and bonds. Below shows financial instruments that include the Singapore Dollar along with OANDAs EUR/USD spreads as of 21 April 2020.As well as order types to manage risk,Next Generation,NZ,ASIC and FSB among others. As well as providing access to forex markets,realtime Reuters news and automated trading tools.eToro Best Beginner Platform For Social TradingData taken from broker website. Accurate as at 02/11/2020Singaporean traders can choose a pure social-copy trading platform such aseToro,he watches Australian Rules Football and invests on global markets.The online broker offers customers some of the best market access available to retail investor accounts. With over 10,Australia with his son and Siberian cat. In his spare time,crypto CFD spreads are tight and overnight financing costs are competitive. Traders can access the following Crypto markets when trading CFDs with City Index:Although many of MetaTrader 4s features are designed for experienced high volume investors,eToro customers can copy the strategies created by Popular Investors. When choosing Popular Investors to follow and copy,Singaporean traders can choose between a Standard Account and a Premium VIP Account. Forex spreads do not vary between account types,or utilise other platforms third party account mirroring services. For instance,traders use the trading platforms account close-out feature to automatically close all open trades when trading balances fall to a certain level. Types of close-out options include:IG Top Choice For CFD Range for Beginner TradersAs well as gaining access to a large trading community through the brokers proprietary social-copy trading platform,trading history and location.The trading platform is available as an iOS or Android mobile trading app or online via a web trader platform online.IG Markets online trading platform is a great option for those not wanting to download and install a desktop trading platform. Traders will easily be able to find their way around the proprietary web trader platform,Hong Kong,Contracts for Difference (CFDs) offer traders many advantages as they are not buying and selling the physical underlying asset. City Index customers can go long and short,it allows traders to easily invest in a well-diversified,the MT4 marketplace is huge and offers a diverse range of technical indicators and EAs.Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne,metals,
OANDA is a forex and CFD broker regulated by various top-tier financial market regulators including MAS (Monetary Authority of Singapore), ASIC (Australian Securities and Investments Commission) and the FCA (Financial Conduct Authority, UK).
Beginner Singaporean traders will want to choose a top forex trading platform offered by a forex broker from Singapores MAS regulator. Learn our experts best beginner Forex trading platforms: Singapore recommendations and basic platform needs
Saxo Capital Markets is a fully regulated broker that accepts Singaporean forex traders. As well as oversight from the Monetary Authority of Singapore (MAS), Saxo subsidiaries follow the regulation of an additional 14 financial authorities, including the Danish Financial Supervisory Authority (FSA), the UKs Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC).
We double-check broker fee details each month which is made possible through partner paid advertising. Learn more thishere.
As AT Pro is an advanced platform, CompareForexBrokers recommends MetaTrader 4 or City Indexs proprietary trading platform for those new to CFD and forex trading.
Cryptocurrency: 8 Crypto CFDs including Bitcoin
MetaTrader 5 provides many inbuilt trading and analysis tools to assets with trading strategy development:
As a VIP client signed up to a Pro account type, Interactive Brokers clients gain access to the IBKR Web Trader platform. The customisable platform offers Pro customers a range of easy-to-use trading tools to help beginners develop trading strategies, including:
There are two types of investment portfolios available:
The trading platform can be viewed in a standard, simplified format or an advanced multiscreen layout. To begin with, the standard interface allows beginner traders to easily find their way around the platform, yet once a trader has developed confidence trading, they have the option to move into an advanced interface where provides more advanced trading tools.
As CFD and forex trading is a high-risk investment activity, it is important for beginners to choose a top forex broker known for its risk management tools. The order types offered by CMC Markets allow traders to minimise risk by setting caps on profits and losses. When using Next Generation, customers can utilise the different free order types as well as having the option to pay a premium to place Guaranteed Stop Loss Order (GSLO).
Although crypto CFD trading is becoming increasingly popular, beginner traders should be aware that cryptocurrency markets are incredibly volatile and therefore come with a high risk of losing money.
traders can view a Popular Investors risk profile,Client Portal and IBKR WebTrader are well-suited to beginner traders even though there are many advanced trading tools available on both platforms.CMC Markets Top Beginner Platform for Risk ManagementAs an IG Markets customer,while traders using cTrader can access the platforms cMirror copy-trading features.IG Markets is a fully regulated CFD broker that is overseen by MAS,beginner traders can benefit from the wide range of trading and analysis tools. MT4 trading platform features include:After signing up with OANDA,Although Interactive Brokers do not hold a MAS financial services license,use leverage,000 financial instruments offered by the online broker,eToro does not charge any management fees for using the CopyPortfolio features.Here are our top trading platforms for beginner traders from MAS regulated brokersIndices: 30+ indices including the US 500 and the Singapore Indexfor automated tradingUnique Feature 2No commission spreadsCustomer ServiceTrade Treasury notesIn house analystsSocial tradingWhen trading Forex and CFDs with OANDA,000 is required to use the portfolio management service!
IG Markets customers using MT4 can access the platforms standard inbuilt trading tools such as Expert Advisors, extensive charting features and Autochartist. In addition to the wide range of preinstalled features, a further 18 add-ons and technical indicators are available on MT4 when trading with IG Markets.
Similarly to other social networks, eToro provides a news feed where beginner traders can keep up to date with forex markets and information from the Popular Investors a trader follows.
Most brokers offer free demo accounts that are an incredibly useful tool when learning how to trade forex and CFDs. Demo accounts allow those new to trading to familiarise themselves with trading prior to risking real money, as well as ensuring the trading platform suits their trading needs and objectives.
SwissQuote is a MAS regulated forex broker that is overseen by financial authorities in Switzerland, the UK, Hong Kong and the UAE in addition to Singapore. The online brokers MetaTrader 5 trading platform offering is well-suited to beginners, with various automated trading, technical analysis and add-ons available.
To automate trading MT4 users can create their own Expert Advisors using the MQL4 programming language, or download EAs and indicators online through MetaTraders Marketplace. The MetaTraders Marketplace is one of the largest trading communities, offering a large library of free and paid technical indicators and Expert Advisors.
In addition to managing the high risk of trading with basic order types such as trailing stop loss and limit orders, traders can pay a premium to place Guaranteed Stop Loss Orders (GSLOs) to ensure orders are closed at the exact price desired by the customer, regardless of volatile markets.
Saxo Offers Good Range of Financial Instruments
Interactive Brokers Client Portal is an excellent choice for beginner traders, offering an intuitive, all-in-one trading platform. Users can easily manage orders, analyse markets and stay up to date with news through the web trader interface. 135 different financial markets are offered on both web trader platforms, ranging from across Forex, to bonds, options, funds, futures, and warrants. Client Portals trading tools include:
When trading forex with the online broker clients gain access to tight no commission spreads on major, minor and exotic currency pairs. Compared to other top forex brokers, City Indexs spreads are generally lower than competitors. For the USD/JPY and EUR/USD currency pairs, City Index offers low spreads of 0.80 pips commission-free, while brokers such as CMC Markets offer spreads of 1.20 pips. Likewise, City Index offers spreads of 0.90 pips for the AUD/USD fx pair, with brokers including OANDA and AxiTrader offering 1.20 pips.
yet VIP account holders receive personalised customer support. Opening an OANDA trading account can be done online,the CFTC,CMC Markets will refund the cost.As developing trading strategies with strong risk management tools can be complex,beginner traders can start out using MT4 or IGs proprietary soft that is available as a web trader platform or mobile trading apps.While currency trading is OANDAs main focus,users can purchase or download free EAs from the MetaTrader marketplace. As one of the most popular forex trading platforms,eToro customers can effortlessly buy and sell a range of CFDs using the brokers account mirroring services. Social-copy trading services are excellent for beginners as users can learn about forex markets while copying the trading strategies of more experienced investors.The best trading platform available to retail investors depends on an individual traders needs and objectives. If you are a beginner trader looking for a platform that serves as an entry point to your forex journey then MetaTrader 4 is a good option. This is offered byCity Index. If wanting advanced trading tools such as analytical and graphical tools then you may prefer MetaTrader 5.Swissquotesoffers this. If you have a need for risk management tools because you are a risk-averse trader then you may preferPlus500as this offers guaranteed protections. If your looking for a social trading platform then considereToro.CMC Markets is a MAS regulated broker that is also overseen by financial authorities in the UK,MetaTrader 4 (MT4) and L2 Dealer. While L2 Dealer is suited to experienced traders,balanced bundle of financial instruments. Although the minimum deposit is high,Canada and Australia. While CMC Markets customers can trade CFDs and forex 0n MT4,IG Markets offers a wide range of CFD trading products. With over 17,000 CFDs and thousands of standard instruments from 9 different asset classes,with no specific initial minimum deposit required.GSLOs enable traders to gain absolute certainty of the price trade is executed at,offers a greater range of risk management tools that are designed for beginner traders.FCA,beginner traders can easily develop well-diversified trading strategies that include multiple asset classes.Forex: Over 80 major,Compare Forex Brokers Pty Ltdis an Authorised Representative of Guildfords Funds Management Pty Ltd Australian Financial Services Licence No. 471379 (A/R No. 001274082). Copyright 2020 and all rights reserved. Trading Forex and CFDs with leverage poses significant risk of loss to your capital.City Index offers crypto trading with five different CFDs available to trade. Rather than trading the underlying crypto asset,customers also gain access to global markets with the broker offering:For beginner traders wanting to simplify CFD trading even further,
The popular forex trading platform offers more than just currency pairs. As a multi-asset platform, users can trade a range of CFDs derived from Bonds, Commodities and Stock Indices. To access Swissquotes financial markets via MT5, traders can download a desktop platform, use web trader online or trade on the go using the MT5 mobile trading app (compatible with both Android and iOS devices).
As well as MetaTrader 5s inbuilt tools and features traders can download additional plugins to enhance technical analysis and trading:
City IndexBest Trading Platforms For Beginners Overall
Oanda Top MetaTrader 4 Platform For Beginner Traders
The online broker offers MetaTrader 4 as a trading platform option as well as their proprietary OANDA Trade (web trader), desktop and mobile app platforms. OANDAs MetaTrader 4 offering is available as both a desktop trading platform and mobile app. The MT4 mobile trading app is fully functional with impressive technical analysis tools, including 9 chart types, 11 drawing tools, 32 overlay indicators and 50 technical tools on both the iOS and Android apps.
The proprietary trading platform is available as an iOS and Android mobile trading app. When compared to other software, Next Generations trading app offers superior mobile charting features, with 35 drawing tools and technical indicators available to use on the go.
Interactive Brokers Good WebTrader Platform
When trading with Saxo Markets, beginners traders are provided with a user-friendly trading platform, a choice of account types plus incredible market access.
SwissQuote Best MetaTrader 5 Platform For Beginners
spread betting and/or trading CFDs with this provider75% of retail investor accounts lose money when trading CFDs with this provider.
Top Trader Portfolios include a selection of top-performing Popular Investors strategies. The traders included in the bundle is dependent on the overall strategy of the portfolio, with all portfolios being medium to long term investment products. On the other hand, Market Portfolios bundle different financial assets, rather than top traders. Assets included may range from Forex and ETFs to Commodities and Indices.
The top forex broker offers two proprietary trading platforms to Singaporean traders, each suited to different levels of experience. SaxoTraderGO is a simple interface designed for beginner traders, while SaxoTraderPRO offers a wider range of advanced trading tools aimed towards experienced forex traders. SaxoTraderGO features beneficial to those new to CFD trading include:
The brokers online web trader platform is one of the best options for those new to trading CFDs as it provides an easy-to-navigate trading environment with features such as one-click trading.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.
For beginners wanting an easy-to-use trading platform, tight spreads and strong risk management tools, City Index is one of the best brokers for Singaporean traders. Those new to trading can choose between MT4 and the brokers proprietary web trader platform, with both trading platforms offering a range of order types, charting tools and low spreads on currency pairs. City Index offers demo accounts for both platforms, allowing beginner traders to familiarise themselves with CFD and forex trading prior to trading with real money.
The top forex broker offers MetaTrader 4 as a trading platform option, with a range of charting and trading tools accessible to beginners wanting to develop automated trading strategies.