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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 Singapore
To find the best forex broker in Singapore, we created a list of all MAS authorized brokers, then ranked brokers by both trustworthiness, as well as their 2019 Overall Ranking. Here is our list of the top forex brokers in Singapore.
- IG - Best Overall, Most Trusted
- Saxo Bank - Best Web Platform, Research
- City Index - Well-rounded Offering
- OANDA - Well-rounded Offering
- Plus500 - 3.0 Stars
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 Trust Score.
| Forex Broker | Accepts SG Residents | Average Spread EUR/USD - Standard | Minimum Initial Deposit | Trust Score | Overall | Open Account |
|---|---|---|---|---|---|---|
| IG | Yes | 0.750 | £250.00 | 97 | Visit Site | |
| Saxo Bank | Yes | 0.900 | $2,000.00 | 94 | N/A | |
| City Index | Yes | 0.770 | £100.00 | 92 | N/A | |
| OANDA | Yes | 1.400 | $0.00 | 88 | Open Account | |
| Plus500 | Yes | 0.600 | €100 | 84 | 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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"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.
