Trading forex (currencies) in Singapore is popular among residents. Before any fx broker in Singapore can accept forex and CFD traders as clients, they must become authorised by the Monetary Authority of Singapore (MAS), which is the financial regulatory body in Singapore. MAS's website is mas.gov.sg. We recommend Singaporean residents to follow the MAS on twitter, @MAS_sg.
MAS is Singapore's Central Bank and financial markets regulatory body and was founded in 1971. For a historical breakdown, here's a link to the Monetary Authority of Singapore's webpage on Wikipedia.
Best Forex Brokers List Singapore
To find the best forex broker in Singapore, we created a list of all MAS authorised brokers, then ranked brokers by both trustworthiness, as well as their Overall ranking from the ForexBrokers.com 2018 Review. The result is our top forex brokers list for Singapore.
| MAS Authorised (Singapore) | Average Spread EUR/USD - Standard | Minimum Initial Deposit | Trust Score | Overall | |
|---|---|---|---|---|---|
| IG | Yes | 0.75 | £250.00 | 97 | |
| Saxo Bank | Yes | 0.90 | $2,000.00 | 94 | |
| FOREX.com | Yes | 1.30 | $250.00 | 92 | |
| City Index | Yes | 0.69 | £100.00 | 92 | |
| CMC Markets | Yes | 0.772 | $0.00 | 90 | |
| OANDA | Yes | 1.40 | $0.00 | 90 | |
| Z.com Trade | No | N/A | $50 | 87 |
How to Verify MAS Authorisation
To identify if a forex broker is regulated by MAS, the first step is to identify the register number from the disclosure text at the bottom of the broker's Singapore homepage. For example, here's the key disclosure text from CMC Markets's website,
CMC Markets Singapore Pte. Ltd. (Reg. No./UEN 200605050E.) is regulated by the Monetary Authority of Singapore and holds a capital markets services licence for dealing in securities and leveraged foreign exchange, and is an exempt financial adviser.
Next, look up the firm on the MAS website to validate the register number is, in fact, legitimate. Here is the official MAS page for CMC Markets Singapore Pte. Ltd..
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