The ForexBrokers.com annual forex broker review (five 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. 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.
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
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 2021, most trusted
- Saxo Bank - Best for research, trusted global brand
- CMC Markets - Best web platform, most currency pairs
- Interactive Brokers - Great for professionals and institutions
- City Index - Excellent all-round offering
- Plus500 - Best for beginners 2021
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.
| Forex Broker | Accepts SG Residents | Regulated by MAS | Average Spread EUR/USD - Standard | Minimum Initial Deposit | Overall | Visit Site |
|---|---|---|---|---|---|---|
| IG | Yes | Yes | 0.745 | £250.00 | Visit Site | |
| Saxo Bank | Yes | Yes | 0.800 | $10,000.00 | N/A | |
| CMC Markets | Yes | Yes | 0.740 | $0.00 | N/A | |
| Interactive Brokers | Yes | Yes | N/A | $0 | N/A | |
| City Index | Yes | Yes | 1.100 | £50.00 | N/A | |
| Plus500 | Yes | Yes | 0.600 | €100 | N/A | |
| AvaTrade | Yes | 0.910 | $100.00 | N/A | ||
| XM Group | Yes | 1.600 | $5-100 | N/A | ||
| FP Markets | Yes | 1.140 | $100 AUD | N/A | ||
| IC Markets | Yes | 0.800 | $200 | N/A | ||
| Tickmill | Yes | 0.530 | $100.00 | N/A | ||
| FxPro | Yes | 1.510 | $100.00 | N/A | ||
| Vantage FX | Yes | 1.350 | $200 | N/A | ||
| Moneta Markets | Yes | 1.300 | $200.00 | N/A | ||
| HYCM | Yes | 2.00 | $100 | N/A | ||
| Eightcap | Yes | $100 | N/A | |||
| VT Markets | Yes | 1.30 | $200 | N/A | ||
| BlackBull Markets | Yes | 0.76 | $200 | N/A | ||
| OctaFX | Yes | 1.100 | $25 | N/A |
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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Methodology
For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors 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." Learn more.
