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Best Forex Brokers Singapore for 2022

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

Published January 10, 2022
Last modified August 17, 2022

The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

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.

Monetary Authority of Singapore (MAS) logo

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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers Singapore

ForexBrokers.com 2022 Review

To find the best forex brokers in Singapore, we created a list of all MAS authorized brokers, then ranked brokers by both trustworthiness, as well as their Overall ranking. Here is our list of the top forex brokers in Singapore.

  • IG
    - Best overall broker, most trusted
  • Saxo Bank - Best web-based trading platform
  • CMC Markets - Excellent overall, best platform technology
  • Interactive Brokers
    - Great overall, best for professionals
  • City Index - Excellent all-round offering
  • Plus500 - Trusted broker, great for beginners

Singapore Forex Brokers Comparison

Compare Singapore authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.

Company Accepts SG Residents Regulated by MAS Average Spread EUR/USD - Standard Minimum Initial Deposit Overall Rating Visit Site
IG logoIG check check 0.828 (September 2021) £250.00 starstarstarstarstar Visit Site
Saxo Bank logoSaxo Bank check check 0.8 (August 2020) $2,000 starstarstarstarstar
CMC Markets logoCMC Markets check check 0.73 (August 2021) $0 starstarstarstarstar
Interactive Brokers logoInteractive Brokers check check 0.6 (August 2022) $0 starstarstarstarstar Visit Site
City Index logoCity Index check check 1.1 (August 2021) £100.00 starstarstarstarstar_border
Plus500 logoPlus500 check check 0.6 (as of Aug 2018) €100 starstarstarstarstar_border
AvaTrade logoAvaTrade check 0.91 (Aug 2020) $100 starstarstarstarstar_border
Admiral Markets logoAdmiral Markets check 0.8 (July 2021) $100 starstarstarstarstar_border
IC Markets logoIC Markets check 0.62 (August 2021) $200 starstarstarstarstar_border
Capital.com logoCapital.com check 0.6 (July 2021) $20 starstarstarstarstar_border
XM Group logoXM Group check 1.6 (Aug 2020) $5 starstarstarstarstar_border
FP Markets logoFP Markets check 1.2 (August 2022) $100 AUD starstarstarstarstar_border
Tickmill logoTickmill check 0.27 (September 2021) $100 starstarstarstarstar_border
HYCM (Henyep) logoHYCM (Henyep) check 0.6 (Sept 2021) $100 starstarstarstarstar_border
HFM logoHFM check 1.2 (August 2021) $5 starstarstarstarstar_border
FlowBank logoFlowBank check N/A $0.00 starstarstarstarstar_border
Vantage logoVantage check 1.22 (August 2021) $200 starstarstarstarstar_border
Moneta Markets logoMoneta Markets check 1.22 (August 2021) $50 starstarstarstarstar_border
Trade Nation logoTrade Nation check 0.6 $0 starstarstarstarstar_border
BlackBull Markets logoBlackBull Markets check 0.845 (October, 2021) $50 starstarstarstarstar_border
ACY Securities logoACY Securities check 1.2 (Sept 2021) $50 starstarstarstarstar_border
Eightcap logoEightcap check N/A $100 starstarstarstarstar_border
VT Markets logoVT Markets check 1.2 (September 2021) $200 starstarstarstarstar_border
easyMarkets logoeasyMarkets check 0.9 (as of Mar 2020) $100 starstarstarstarstar_border
LegacyFX logoLegacyFX check 0 $500 starstarstarstar_borderstar_border

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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2022 Review Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

About the Author

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).


John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.


Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.


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