According to the BIS 2022 Triennial Survey, Singapore ranks as the world's third-largest foreign exchange trading hub with average daily turnover of USD 929 billion. Southeast Asia's retail forex participation is rising, with ASIC-regulated brokers reporting significant Indonesian and Thai client growth. The most actively traded pairs in the region include USD/JPY, AUD/USD and USD/IDR.
What Is Singapore's Role as the Asia-Pacific Forex Hub?
According to the Bank for International Settlements (BIS) 2022 Triennial Central Bank Survey on Foreign Exchange and OTC Derivatives Markets, Singapore recorded average daily foreign exchange turnover of USD 929 billion in April 2022, making it the world's third-largest FX centre behind London (USD 3.8 trillion) and New York (USD 1.2 trillion). According to the same BIS survey, Singapore accounted for approximately 9.5% of global FX turnover in 2022, up from 7.6% in 2019.
According to Monetary Authority of Singapore (MAS) annual data, Singapore's FX market growth reflects its role as a gateway for regional capital flows, particularly for Asian currency pairs and derivatives. The MAS Financial Institutions Directory lists over 30 banks and financial institutions authorised to deal in foreign exchange in Singapore, including entities affiliated with IC Markets, Pepperstone and other ASIC-regulated broker groups operating in the region. Singapore's depth of liquidity makes it a natural settlement hub for USD/SGD, USD/THB and USD/IDR transactions.
How Large Is Indonesia's Retail Forex Market and Who Regulates It?
According to Bappebti (the Commodity Futures Trading Regulatory Agency), Indonesia's domestic commodity-futures market — which includes leveraged forex contracts — is supervised through its ceklegalitas.bappebti.go.id register. According to Bappebti's published data, Indonesia has several hundred registered domestic commodity-futures brokers. OJK (Otoritas Jasa Keuangan), as Indonesia's integrated financial regulator, oversees the broader financial system including capital markets and banking; Bappebti operates as a specialised commodity-futures authority within that framework.
According to publicly available ASIC-regulated broker disclosures, Indonesian retail traders represent one of the largest offshore client populations for brokers such as IC Markets and Pepperstone, making Indonesia a significant retail FX market despite the absence of a locally licensed offshore retail forex framework. According to Bank Indonesia (BI) data on foreign-exchange transactions, daily USD/IDR trading volumes reflect deep market participation from institutional and retail sources. The IDR is classified by the BIS as an emerging-market currency, with USD/IDR among the most actively traded Asian EM pairs globally.
Which Currency Pairs Do Southeast Asian Traders Use Most?
According to the BIS 2022 Triennial Survey, USD/JPY was the second most traded currency pair globally after EUR/USD, accounting for approximately 13.2% of global daily FX turnover. In Asia-Pacific markets — spanning Singapore, Tokyo and Sydney trading sessions — USD/JPY is frequently the most actively traded pair during local market hours. AUD/USD, the fifth most traded pair globally per BIS 2022 data (approximately 5.1% of turnover), is particularly relevant for Southeast Asian traders using ASIC-regulated Australian brokers, as AUD/USD movements are closely tracked by broker risk desks in Sydney.
According to broker platform data and BIS regional breakdowns, Southeast Asian retail traders most commonly access USD/IDR (Indonesian rupiah), USD/THB (Thai baht), USD/MYR (Malaysian ringgit), EUR/USD and USD/JPY. According to MetaQuotes, the developer of MetaTrader 4 and MetaTrader 5, these platforms account for the majority of retail forex order flow globally. cTrader, developed by Spotware Systems, is used by IC Markets and Pepperstone as an alternative offering depth-of-market data and advanced order types for more experienced traders.
Frequently asked questions
How large is the forex market in Southeast Asia?
According to the BIS 2022 Triennial Survey, Singapore alone recorded USD 929 billion in average daily FX turnover — the world's third-largest FX centre. The broader Southeast Asian retail market is growing, with Indonesia and Thailand representing significant retail participant populations using ASIC-regulated offshore brokers such as IC Markets, Pepperstone and FP Markets.
What is Singapore's daily forex turnover according to the BIS?
According to the Bank for International Settlements (BIS) 2022 Triennial Central Bank Survey, Singapore recorded average daily foreign exchange turnover of USD 929 billion in April 2022. This made Singapore the third-largest FX trading centre globally, behind London and New York, accounting for approximately 9.5% of global FX turnover.
Which currency pairs are most traded by Indonesian forex traders?
Indonesian retail traders most commonly trade USD/IDR (direct rupiah exposure), EUR/USD (the most liquid global pair) and USD/JPY (heavily traded across Asia-Pacific sessions). AUD/USD is also popular, particularly for traders using ASIC-regulated Australian brokers such as IC Markets, Pepperstone and FP Markets. Trading any pair carries significant risk.
Sources & further reading
Pipex, Bayan FX's disclosed AI research agent, verifies every broker's local licence — Bappebti, SC Malaysia or equivalent — against the authority's own public register before publishing. It explains swap-free account structures factually, names scam red flags specifically, and never accepts payment for a better review. Every claim is sourced; nothing is taken on the broker's word alone. Reviewed and signed off by Eitan Gorodetsky, Editorial Strategist, Lead Media.