We found 11 online brokers that are appropriate for Trading Singapore Trading Platform.
Low taxes and other perks have made Singapore a tax haven for foreign investors. Resident taxpayers are subject to a progressive tax on personal income, with a marginal rate of about twenty-two percent. At of the end of the 2020 tax year, the biggest tax rate was on incomes of more than $320,000. Naturally, tax is not placed on capital gains. This type of tax policy, and a location that serves as an entrance for companies planning to expand into upcoming Asian economies, have made this island city-state a perfect place for international commerce and investment.
Investors choose to create their industries in Singapore for various reasons. One important reason is the ease with which you can set up and operate businesses. Another essential factor is Singapore's tax authority, famous for its appealing extensive double tax treaties, absence of capital gains tax, personal and corporate tax rates, one-time tax system, and tax relief measures. Corporations— including: Bodies of Persons, Persons, Trustees, and Partnerships— performing any business, trade, or profession in Singapore, are subject to tax on all profits (apart from profits realized from the sale of capital assets) arising in Singapore and income obtained from a foreign source of business, trade, or profession.
The below Sinapore tax rates are taken from the official Singapore IRAS.GOV.SG website
Chargeable Income | SG Income Tax Rate 2021 (%) | Gross Tax Payable ($) |
---|---|---|
First $20,000 |
0 |
0 |
First $30,000 |
- |
200 |
First $40,000 |
- |
550 |
First $80,000 |
- |
3,350 |
First $120,000 |
- |
7,950 |
First $160,000 |
- |
13,950 |
First $200,000 |
- |
21,150 |
First $240,000 |
- |
28,750 |
First $280,000 |
- |
36,550 |
First $320,000 |
- |
44,550 |
The Income Tax Act of Singapore is the governing authority when discussing individual and corporate tax matters. The Inland Revenue Authority of Singapore, known as IRAS, was created in 1969, and was popularly called Inland Revenue Department. It combines all the main revenue collection agencies into one system, allowing the collection and administration processes to become better managed and streamlined.
The motive of IRAS is to collect stamp duties, goods & services tax, betting tax, property tax, income tax, and estate tax, which has been negated since February 15, 2008. As the major tax administrator for the Ministry of Finance, IRAS helps formulate tax policies offered for the administrative and technical risks of each policy and policy input. IRAS also monitors improvements in the external economic and tax environment to know the areas that require changes and policy review. Its goal is to sponsor a competitive tax environment that encourages growth.
With the developments in global technology and the coming of cryptocurrency markets, there remains doubt whether various assets will incur different day trading income tax rates. For instance, will day trading options and futures taxes be similar to stock and Forex taxes? For the most part, the IRAS is more focused on why and how you are trading. What you are trading normally comes after.
Fortunately, stock trades are normally easy to comprehend. If you are an investor trading stocks in Singapore, you will not encounter any capital gains tax. If you are a trader that meets the requirements around frequency and purpose of trading, you will encounter some tax problems. The Singapore government tries to motivate the citizens of Singapore to take a chance at the trading markets. This implies that you can gain benefit from the discounted rate on taxes for the first few years.
Most brokers that day trade in Singapore do not have a tax accountant. This implies that there are no deductions of taxes. The legal responsibility is solely based on you. If you are trading Forex on the side, any and all gain is tax-free. However, if you choose to trade currency as your main job, you will need to declare it and pay a part in taxes. How you choose to withdraw funds from your account could affect your trading tax rate. Your funds will not enter into Singapore if you use an international electronic payment system like 'PayPal' or 'WeMoney' unless you transfer them into your local bank account.
New developments have shown that if you sell or buy digital currencies for business purposes, you will be subject to tax on the profit received from trading in the virtual currency. Even though long-term investors do not need to pay tax on their profits, short-term investors are subject to trading income tax on their profits in Singapore. Any exemptions are considered on a case-by-case basis like the frequency, holding periods, and purpose of your transactions.
It is worth knowing that the IRAS may be tolerant on digital currency activities due to Singapore being one of the first nations to make the likes of 'Bitcoin' legal. The Monetary Authority of Singapore, MAS, had announced that it would not meddle in people's ability to carry out transactions in 'Bitcoin'. This has been perceived by most as Singapore showing support for these digital currencies, and has created opportunities for cryptocurrency entrepreneurship. Additionally, IRAS has mentioned that digital currencies like 'Litecoin', 'Bitcoin', and 'Ethereum', fit the definition of neither currency nor money, but instead fall under goods and services for tax purposes.
We've collected thousands of datapoints and written a guide to help you find the best Trading Tax in Singapore for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best Singapore trading platform below. You can go straight to the broker list here.
There are a number of important factors to consider when picking an online Singapore Trading Platform trading brokerage.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Singapore Trading Platform.
Compare Singapore Trading Platform min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are Singapore trading platform. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Singapore trading platform that accept Singapore trading platform clients
Broker |
eToro
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IC Markets
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XTB
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AvaTrade
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FP Markets
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Plus500
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Pepperstone
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EasyMarkets
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XM
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FXPrimus
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SpreadEx
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Rating | |||||||||||
Regulation | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG) | Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI) | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) | Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546 | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID) | Financial Conduct Authority (FCA) |
Min Deposit | 200 | 200 | No minimum deposit | 250 | 100 | 100 | 200 | 100 | 5 | 100 | 1 |
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Used By | 20,000,000+ | 180,000+ | 250,000+ | 200,000+ | 10,000+ | 15,500+ | 10,000+ | 142,500+ | 3,500,000+ | 10,000+ | 10,000+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, Mac, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps |
Support |
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Learn More |
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Up with etoro |
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Up with icmarkets |
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Up with xtb |
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Up with avatrade |
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Up with fpmarkets |
Sign
Up with plus500 |
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Up with pepperstone |
Sign
Up with easymarkets |
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Up with xm |
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Up with fxprimus |
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Up with spreadex |
Risk Warning | 67% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 72% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money | Your capital is at risk | Your capital is at risk | Losses can exceed deposits | Losses can exceed deposits |
Demo |
eToro Demo |
IC Markets Demo |
XTB Demo |
AvaTrade Demo |
FP Markets Demo |
Plus500 Demo |
Pepperstone Demo |
easyMarkets Demo |
XM Demo |
FXPrimus Demo |
SpreadEx Demo |
Excluded Countries | IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, US, PY, HN, GT, PR, NI, VG, AN, | AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA | US, IN, PK, BD, NG , ID, BE | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | BR, KR, IR, IQ, SY, JP, US | US | US, CA, IL, KR, IR, MM, CU, SD, SY | AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, US, AU, SY, DZ, JP, EC. | US, TR |
You can compare Singapore Trading Platform ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
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We have listed top Singapore trading platform below.