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Best Forex Brokers Singapore for 2023

Steven Hatzakis

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

January 11, 2023

ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. 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

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
  • Interactive Brokers - Great overall, best for professionals
  • CMC Markets - Excellent overall, best platform technology
  • City Index - Excellent all-round offering
  • Plus500 - High Trust Score, 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 0.86 (September 2022) £250.00 5/5 Stars Visit Site
Saxo Bank logoSaxo Bank check check 0.9 (September 2022) €2,000 5/5 Stars
Interactive Brokers logoInteractive Brokers check check 0.6 (Aug 2022) $0 5/5 Stars
CMC Markets logoCMC Markets check check 0.51 (August 2022) $0 5/5 Stars
City Index logoCity Index check check 1.0 (July 2022) £100.00 5/5 Stars
Plus500 logoPlus500 check check 0.6 (as of Aug 2018) €100 4.5/5 Stars
AvaTrade logoAvaTrade check 0.91 (Aug 2020) $100 4.5/5 Stars
Capital.com logoCapital.com check 0.6 (July 2021) $20 4.5/5 Stars
XM Group logoXM Group check 1.6 (Aug 2020) $5 4.5/5 Stars
Admiral Markets logoAdmiral Markets check 0.8 (July 2021) $100 4.5/5 Stars
FP Markets logoFP Markets check 1.2 (August 2022) $100 AUD 4.5/5 Stars
IC Markets logoIC Markets check 0.62 (August 2022) $200 4.5/5 Stars
Tickmill logoTickmill check 0.51 (August 2022) $100 4/5 Stars
BlackBull Markets logoBlackBull Markets check 0.827 (August 2022) $0 4/5 Stars
HFM logoHFM check 1.2 (August 2021) $5 4/5 Stars
FlowBank logoFlowBank check N/A $0.00 4/5 Stars
HYCM (Henyep) logoHYCM (Henyep) check 0.6 (Sept 2021) $100 4/5 Stars
Vantage logoVantage check 1.22 (August 2021) $50 4/5 Stars
Eightcap logoEightcap check 1.0 (Aug 2022) $100 4/5 Stars
Trade Nation logoTrade Nation check 0.6 $0 4/5 Stars
Moneta Markets logoMoneta Markets check 1.27 (September 2022) $50 4/5 Stars
ACY Securities logoACY Securities check 1.2 (Sept 2021) $50 4/5 Stars
easyMarkets logoeasyMarkets check 0.9 (as of Mar 2020) $100 4/5 Stars
Libertex (Forex Club) logoLibertex (Forex Club) check -1 $10 3.5/5 Stars

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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2023 Review Methodology

At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to 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 Editorial Team

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.



Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the full Risk Disclosure.

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