Forex.com vs IC Markets (2026): Which is Better for Singapore Traders?

For Singapore traders, trading costs are a make-or-break factor, especially for those trading high volumes. IC Markets offers a Raw Spread account with spreads from 0.0 pips on EUR/USD and a commission of just $7 per lot round turn. Forex.com’s standard account has spreads averaging 1.0–1.2 pips on the same pair, and its commission-based account still doesn’t match IC Markets’ price point. On a typical monthly volume of 100 lots, IC Markets can save a Singapore trader hundreds of SGD in spreads alone. Additionally, IC Markets’ lower cost structure benefits traders using scalping and algorithmic strategies, which are popular in Singapore’s fast-moving trading environment.

Both brokers support MetaTrader 4 and MetaTrader 5, the platforms of choice for sophisticated Singapore traders. IC Markets also offers cTrader, which is highly regarded for its advanced order types and depth-of-market features – a plus for active day traders. Forex.com provides its own proprietary web and mobile platforms in addition to MT4/MT5, but feedback from Singapore users notes that the proprietary platform is less intuitive. For traders who rely on algorithmic trading or Expert Advisors (EAs), IC Markets’ superior execution speed and raw spreads make it the preferred platform environment. Both brokers offer mobile apps suited for on-the-go trading from Singapore’s financial district.

Execution quality is critical for Singapore traders, particularly those using EAs or scalping strategies. IC Markets operates multiple data centres, including one in New York (NY4) and one in London (LD4), and offers low-latency execution with an average speed of 40 milliseconds. Forex.com also uses advanced technology but its execution is slightly slower, averaging 50–60 milliseconds. Both brokers offer no dealing desk (NDD) execution, but IC Markets’ raw spreads and faster order fills make it the better choice for high-frequency and algorithmic traders in Singapore. Slippage is minimal on both, but IC Markets has a stronger reputation for consistent fill quality during volatile events.

Forex.com holds a direct MAS licence (GAIN Capital Singapore), which is a major comfort for Singapore traders who prioritise local regulatory protection. The MAS imposes strict capital adequacy and segregation rules. IC Markets is regulated by top-tier authorities ASIC, FCA, and CySEC but does not have an MAS licence. However, it is still fully available to Singapore residents and complies with international client fund segregation standards. For those who specifically require MAS oversight due to institutional mandates or personal preference, Forex.com is the safer regulatory choice. For most retail traders, IC Markets’ global regulation and strong reputation provide sufficient security, especially given its higher trust score.

Singapore traders can fund both accounts using PayNow, Bank Transfer, and Credit Card in SGD, making deposits quick and cost-effective. Forex.com accepts deposits via PayNow and local bank transfers (FAST) with no fees, and credit card deposits are processed instantly. Withdrawals via bank transfer are free and typically take 1–2 business days. IC Markets also supports PayNow and bank transfers through Singapore-based payment partners, with no deposit fees. Credit card deposits are processed instantly. IC Markets is known for faster withdrawal processing – often within 24 hours – compared to Forex.com’s 1–3 business days. For active traders who move funds frequently, IC Markets’ speed is a clear advantage. Both brokers allow multi-currency accounts, but trading in SGD is straightforward on both platforms.

Muslim traders in Singapore seeking Sharia-compliant accounts have options with both brokers. Forex.com offers swap-free Islamic accounts upon request, with no interest charged on overnight positions. IC Markets automatically provides swap-free accounts for clients who hold positions for more than a certain number of days, and no additional documentation is needed. Both ensure that no interest is credited or debited on overnight positions. IC Markets’ process is more streamlined, while Forex.com’s approach requires a direct request. For Singapore-based Muslim traders who trade frequently and prefer automated swap-free treatment, IC Markets is slightly more convenient.

Both brokers offer 24/5 customer support in English, which suits Singapore’s trading hours. Forex.com provides phone support, live chat, and email, with a local Singapore contact number. IC Markets offers live chat and email, and though it lacks a local Singapore phone line, its support team responds quickly. IC Markets has a more extensive knowledge base and community forum, which sophisticated Singapore traders find useful. Overall, support quality is good on both sides, but Forex.com’s local presence gives it a slight edge for those who prefer speaking to a phone agent based in Singapore.