Cheapest Forex Broker in Singapore 2026 — Lowest Fees & Spreads

Forex trading costs come in three forms: the spread (the difference between buy and sell price), the commission (a flat fee per lot traded), and overnight swap fees (charged when positions are held past the daily rollover). Understanding all three is essential for calculating your true trading cost — brokers that advertise 'zero commission' often embed their profit in wider spreads.

ECN (Electronic Communication Network) brokers like Fusion Markets, IC Markets, Vantage, and VT Markets charge a raw spread (as low as 0.0 pips on EUR/USD) plus a transparent per-lot commission. This model is almost always cheaper than standard accounts with wider spreads and no stated commission — because the commission is fixed and predictable, while spread-based costs vary with market conditions.

For a Singapore trader doing 20 round-trip lots per month: at Fusion Markets ($4.50 RT) the total commission cost is $90/month. At IC Markets ($7.00 RT) it's $140/month. At Vantage ($6.00 RT) it's $120/month. The $50/month difference between Fusion Markets and IC Markets compounds significantly over a year of active trading.

Fusion Markets — Overall Cheapest at $2.25/side
Fusion Markets is the cheapest ASIC-regulated broker available to Singapore traders. Its ZERO account charges $2.25 per side (USD) on a standard lot, with EUR/USD raw spreads from 0.0 pips. No minimum deposit, no inactivity fees, no deposit/withdrawal fees for bank transfers. For high-volume Singapore traders, Fusion Markets saves hundreds of dollars per month compared to mid-tier ECN brokers.

IC Markets Standard Account — Zero Commission Option
For traders who prefer zero-commission structures, IC Markets' Standard account offers EUR/USD spreads from 0.6 pips with no per-trade commission. At this spread level, a 1-lot trade costs approximately $6 in spread — equivalent to IC Markets' raw account commission. The Standard account suits lower-frequency traders who find commission accounting cumbersome.

Vantage RAW Account — $3.00/side with $50 Minimum
Vantage sits between Fusion and IC Markets on cost. Its RAW account charges $3.00 per side with 0.0 pip raw spreads. The $50 minimum deposit makes it more accessible than IC Markets for traders starting with limited capital. Vantage also offers a zero-commission Standard account with 1.4 pip average EUR/USD spread.

Overnight Swap Fees — All leveraged forex positions held past the 5pm New York close (approximately midnight SGT) incur a swap charge based on the interest rate differential between the two currencies in the pair. On USD/JPY carry trades, swaps can add up to hundreds of dollars per month on large positions. Check your broker's swap table before holding positions overnight.

Currency Conversion Fees — If your account is USD-denominated and you deposit in SGD, most brokers charge a currency conversion spread of 0.3–1.5%. For $10,000 deposits, this represents $30–$150 per deposit. Some brokers (VT Markets) offer SGD-denominated accounts that eliminate this cost.

Inactivity Fees — Several brokers charge monthly inactivity fees ranging from $5–$25 if the account is funded but no trades are placed. Fusion Markets and IC Markets do not charge inactivity fees. Saxo Bank and some institutional brokers do. Check the fee schedule before opening an account.

Withdrawal Fees — Bank wire withdrawals can cost $15–$40 per transaction at some brokers. IC Markets, Vantage, and Fusion Markets all offer free bank transfer withdrawals. Credit card withdrawal fees vary. Always check the withdrawal fee schedule — it is often buried in the fine print.