Many trading programs are regulated by Singapore law or invite users from the island state. However, these applications have different algorithms of usage. In this article we’ll talk about the main characteristics of trading utilities.
8 Best Singaporean Trading Apps
Experts prepared a list of 8 most popular programs, arranged in accordance to their functionality.
|Interactive Brokers||Best for stock trading|
|e Toro||Best for free copy trading|
|IG Markets||Best CFD trading experience|
|IC Markets||Low spread Forex trading|
|AvaTrade||Best for beginners in trading|
|CMC Markets||Best analytical tools|
|Tickmill||Program with the best mobile charting|
|Plus500||Low costs of trading|
Comparative characteristics of the best Forex trading apps in Singapore
In the table below, experts compared 8 trading apps according to some features.
|Trading App||Initial Deposit||Regulation in Singapore||Copy-trading (yes/no)||Maximum Leverage||SGD Account|
|Interactive Brokers||IBKR Mobile||$0||Yes||No||1:50||Yes||Read Review||Open an account|
|eToro||eToro||$50||No||Yes||1:30||No||Read Review||Open an account|
|IG Markets||IG Trading||$0||Yes||Yes||30:1||Yes||Read Review||Open an account|
|IC Markets||IC Markets mobile||$200||No||Yes||30:1||Yes||Read Review||Open an account|
|AvaTrade||AvaTradeGO, AvaOptions||$100||No||Yes||30:1||No||Read Review||Open an account|
|CMC Markets||CMC Markets mobile||$0||Yes||Yes||30:1||Yes||Read Review||Open an account|
|Tickmill||Tickmill app||$100||No||Yes||30:1||No||Read Review||Open an account|
|Plus500||Plus500 mobile||$100||Yes||No||30:1||Yes||Read Review||Open an account|
Overview of the Interactive Brokers App
Interactive Brokers is a safe brokerage firm highly valued by Singaporean brokers for its benefits. The trader has been working on the market since 1978. Advantages of the company are low costs, excellent execution of transactions and wide market coverage. The broker is regulated by the following regulators:
- MAS – Monetary Authority of Singapore;
- JFSA – Japanese Financial Services Authority;
- Other tier-1 regulators.
Using Interactive Brokers, traders have the opportunity to trade funds, options, forex, stocks and futures on over 130 markets. This broker is widely used for its low fees for international stocks, especially US stocks. The company doesn’t charge a percentage for a transaction and it doesn’t have a minimum starting account. It means that everyone can start trading with $0. Another reason for the high demand of Interactive Brokers is that they have two platforms.
The IBKR Litr utility allows traders to have an unlimited number of free exchange-traded funds and trades, as well as stocks listed on US financial exchanges. In addition, if you have an account in the platform, you can trade in other investments on 135 exchanges in 33 countries, despite the fact that the costs will be the same as what the IBKR pro traders pay.