Singapore
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MAS-licensed brokers in Singapore — a small, tightly supervised list under a 20:1 retail leverage cap.
Brokers in Singapore
Interactive Brokers
US brokerage regulated by the CFTC, FCA, ASIC, and other top-tier authorities, offering forex, stocks, options, futures, and ETFs with no minimum deposit.
- Trust score
- 8/10
- Legal simplicity
- 1/10
- Min. deposit
- 0
Saxo Bank
Saxo Bank is a Danish investment bank offering trader seminars and training, trust management services, and a wide range of tradable instruments.
- Trust score
- 7/10
- Legal simplicity
- 1/10
- Min. deposit
- 10000
IG
IG offers seminars and training, daily market analysis, a low initial deposit, Islamic accounts, segregated accounts, an affiliate program, and a wide range of trading instruments.
- Trust score
- 8/10
- Legal simplicity
- 1/10
- Min. deposit
- 0
OANDA
OANDA is a multi-regulated forex and CFD broker with no minimum deposit, MT4 plus its own desktop, web, and mobile platforms, segregated client funds, and Islamic account options.
- Trust score
- 8/10
- Legal simplicity
- 1/10
- Min. deposit
- 0
Plus500
Plus500 is a CFD broker offering a $100 minimum deposit, Islamic accounts, and services for US customers, regulated by the FCA, CySEC, and ASIC among other authorities.
- Trust score
- 8/10
- Legal simplicity
- 2/10
- Min. deposit
- 100
Forex.com
Forex.com is a StoneX-owned broker regulated by the FCA, ASIC, CFTC/NFA, IIROC, FSA, and CIMA, offering MT4, DMA, and proprietary-platform accounts from a $100 minimum deposit.
- Trust score
- 9/10
- Legal simplicity
- 2/10
- Min. deposit
- 100
CMC Markets
Seminars and training, daily analyst insight, a low initial deposit, Islamic and segregated accounts, and a wide range of trading instruments.
- Trust score
- 5/10
- Legal simplicity
- 6/10
- Min. deposit
- 0
Swissquote
Swissquote offers seminars and training, daily analyst commentary, copy trading, Islamic and segregated accounts, telephone trading, MAM terminals, and an affiliate program across a wide range of trading instruments.
- Trust score
- 5/10
- Legal simplicity
- 5/10
- Min. deposit
- 1000
City Index
A London-based broker offering seminars, daily analysis, segregated and Islamic accounts, an affiliate program, and a wide range of trading instruments with no minimum deposit.
- Trust score
- 4/10
- Legal simplicity
- 4/10
- Min. deposit
- 0
PhillipCapital UK
FCA-regulated UK broker offering forex, CFDs, and commodities on MT4, with copy trading, daily analysis, and a $2,000 minimum deposit aimed at experienced traders.
- Trust score
- 3/10
- Legal simplicity
- 4/10
- Min. deposit
- 2000
Singapore is a major global foreign exchange centre — among the largest by turnover — and its retail regime is correspondingly serious. The Monetary Authority of Singapore combines central banking and financial supervision in one institution, and its licensing standards keep the number of retail brokers small.
The rules
- 20:1 maximum leverage for retail foreign exchange, reduced from 50:1 in 2019 after MAS reviewed retail outcomes. That is tighter than Europe's 30:1 and the US 50:1.
- A Capital Markets Services licence under the Securities and Futures Act, with substantial base capital and risk requirements.
- Client money segregation, conduct requirements and reporting obligations enforced by an authority with a reputation for acting quickly.
The Investor Alert List
MAS publishes an Investor Alert List naming entities that may be wrongly perceived as licensed or regulated in Singapore. It is long, actively maintained and directly useful: a great many offshore firms invoke Singapore's reputation while holding no MAS licence at all. Checking a broker's name there takes a minute and catches the most common misrepresentation in this market.
The offshore pull
Because 20:1 is restrictive by regional standards, Singaporean traders are actively marketed to by brokers licensed in Vanuatu, Seychelles and Saint Vincent offering hundreds to one. The trade is explicit: higher leverage in exchange for no capital requirements, no MAS supervision, no compensation and no recourse. Singapore does not prohibit a resident from opening such an account, and MAS cannot help when one refuses a withdrawal.
Protection
There is no MAS compensation scheme of the FSCS type for trading accounts. Segregation and the licensing standard are the protections, and both depend on dealing with a licensee rather than with a firm invoking the jurisdiction's name.
Tax
Singapore does not tax capital gains. Whether trading proceeds are capital or trading income depends on facts including frequency and organisation, and active trading can be assessed as income. Take local advice before assuming.
Checks
Use the MAS Financial Institutions Directory and the Investor Alert List.
Frequently Asked Questions about Forex Brokers in Singapore
What Makes Singapore a Global Financial Hub for Forex Trading?
Singapore combines a robust economy, a strategic time zone that overlaps with other major markets, advanced trading infrastructure, and strict oversight from the Monetary Authority of Singapore (MAS) — together making it a leading Forex trading hub.
How Does the Monetary Authority of Singapore (MAS) Influence Forex Trading?
MAS is Singapore's central bank and financial regulator. It enforces strict rules against financial malfeasance, which protects traders and keeps the local Forex market secure and transparent.
Are There Any Specific Challenges in Forex Trading in Singapore?
Yes. High competition among brokers can make comparing providers confusing, and MAS's strict regulations, while protective, add compliance requirements that traders need to navigate.
How Does Singapore's Forex Market Compare to Other Major Forex Markets?
Singapore's regulator, MAS, is known for stringent oversight, comparable to bodies like the FCA or SEC in other major markets. Singapore offers high market access and advanced technological infrastructure, with trading hours convenient for Asian markets rather than European or American sessions.
How Can Broker Ratings Benefit Traders in Singapore?
Broker ratings give traders a clear view of each broker's strengths, weaknesses, and suitability for different trading strategies, helping both beginners and experienced traders choose a provider that fits their needs.
What Should Traders Consider When Trading Forex in Singapore?
Traders should understand MAS's regulations and how they affect account opening, compare the competitive field of brokers, make use of the advanced trading technology available locally, and stay current with financial news that can move the market.
Why Is Singapore Considered a Top Choice for Forex Traders Worldwide?
Singapore combines a convenient time zone, advanced trading technology, and strict MAS oversight, creating a secure and efficient environment that appeals to traders globally.