FP Markets vs IG: A Detailed Comparison for Singapore Traders (2026)

For Singapore traders, trading costs are a critical factor, especially for those executing large volumes. FP Markets consistently offers lower spreads, with its Raw ECN account starting from 0.0 pips and a commission of $3 per lot per side (USD). For example, on EUR/USD, FP Markets Raw spreads average 0.1 pips, compared to IG’s standard account spreads of 0.6 pips. IG does offer a direct market access (DMA) account for professionals, but spreads are still wider than FP Markets. Over 100 lots per month, FP Markets saves Singapore traders approximately $500 SGD in spread costs. Additionally, FP Markets charges no deposit fees for PayNow or bank transfers, while IG may have small conversion fees for SGD deposits.

Both brokers offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are popular among Singapore traders for algorithmic trading and custom indicators. FP Markets also provides cTrader, a platform known for its advanced charting and fast execution, ideal for scalpers. IG offers its proprietary web and mobile platforms, which include integrated news and sentiment tools, but lack the depth of cTrader. For Singapore traders who rely on Expert Advisors (EAs) or require low-latency execution, FP Markets’ MT4/cTrader combination is superior. IG’s platforms are more user-friendly for beginners but may frustrate advanced users.

FP Markets offers superior execution quality with low-latency connectivity to Equinix NY4 data centers, resulting in average execution speeds of 30-40 milliseconds. It uses Straight Through Processing (STP) with no dealing desk intervention, ensuring no requotes. IG uses a market maker model for standard accounts, which can lead to slippage during volatile periods. For Singapore traders who scalp or use automated strategies, FP Markets’ execution is more reliable and faster.

IG is regulated by the Monetary Authority of Singapore (MAS) under a Capital Markets Services license, providing direct local oversight and investor protection through the SGX. This means Singapore traders have recourse to local dispute resolution. FP Markets is regulated by ASIC (Australia) and FSCA (South Africa), but not by MAS. While FP Markets complies with strict ASIC standards, including client fund segregation, it lacks a local MAS license. For Singapore traders who prioritize regulatory comfort and local protection, IG is the safer choice. However, FP Markets’ international regulation is still robust, and many sophisticated traders accept this for better trading conditions.

Singapore traders can fund their accounts at both brokers using PayNow, Bank Transfer, and Credit Card. FP Markets supports instant PayNow deposits with no fees, making it the fastest and most cost-effective option. Minimum deposit via PayNow is $100 SGD. Bank transfers are free but take 1-2 business days. Credit cards are instant but may incur cash advance fees from some Singapore banks (e.g., DBS, OCBC). IG also offers PayNow, but deposits may take up to 1 hour to reflect, and the minimum is $200 SGD. Withdrawals at both brokers are processed within 1-2 business days via bank transfer or PayNow. FP Markets does not charge withdrawal fees, while IG may charge $10 SGD for certain methods. Overall, FP Markets offers a smoother deposit/withdrawal experience for Singapore traders.

Both FP Markets and IG offer Islamic (swap-free) accounts for Singapore Muslim traders who require Sharia-compliant trading. FP Markets provides swap-free accounts on request with no additional fees, available on all account types (Standard, Raw, cTrader). Approval is instant, and there is no minimum deposit requirement for Islamic accounts. IG also offers Islamic accounts but only on its standard platform, and requires documentation (e.g., proof of religion). IG’s Islamic accounts may also have limited product availability, excluding certain indices or commodities. For Singapore Muslim traders, FP Markets is more accommodating with faster approval and broader access.

FP Markets offers 24/7 customer support via live chat, email, and phone, with dedicated account managers for high-volume Singapore traders. Response times are under 2 minutes for live chat. IG provides 24/5 support (Monday to Friday) via phone and email, with live chat available during market hours. IG’s support is competent but slower during peak times. For Singapore traders who trade 24-hour markets like forex, FP Markets’ round-the-clock support is a clear advantage.