Forex Brokers in Singapore

Richard Montana | November 22, 2022

Buying and selling currencies is popular amongst residents of Singapore who are looking to speculate and take advantage of the forex market volatility. Singapore has come of age and established itself an international financial hub on par with such powerhouses as New York and London. Any CFD and forex broker in Singapore will need to be regulated and authorised by the Monetary Authority of Singapore (MAS) before they can accept clients. Founded in 1971, MAS is the financial regulatory body in Singapore that sets strict rules and procedures which brokerage firms must comply with. This can give traders and investors the peace of mind they are using a safe broker and some protection in the event something was to go wrong.

Best forex brokers Singapore

To find the best forex brokers in Singapore, we created a list of all forex brokers that mention they accept traders and investors who are based in Singapore, then ranked them according to their overall rating. You can see the list we compiled of our top forex brokers in Singapore below.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

ASIC, FCA, MAS

$100

1983

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.

ASIC, CySEC, FCA, FSA, FSCA, FMA, ISA, MAS

$100

2008

1:30

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
4.

ASIC, FCA, FINMA, JFSA, MAS, SFC

$500

1992

1:66

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

ASIC, FCA, FMA, IIROC, MAS

$1

1989

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

MAS forex brokers in Singapore

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. MAS also works with the financial industry to develop Singapore as a dynamic international financial centre. MAS regulates financial institutions in the banking, capital markets, insurance and payments sectors.

The Monetary Authority of Singapore is the country’s de facto central bank and chief financial regulation-setter and supervisor. The authority was created in 1971 to coordinate the city’s rapidly developing financial sector.

Singapore’s local government and culture is well known for strict adherence to and enforcement of rules, customs, and regulations. With the country’s emphasis on international trade, it is no surprise that Singapore is also a financial hub for foreign exchange. The MAS oversees the forex trading industry and is instrumental in implementing important policies in the FinTech arena.

MAS regulates and supervises over 150 deposit-taking institutions in Singapore, including full banks, wholesale banks, merchant banks and finance companies such as forex brokers. Credit card and charge card issuers in Singapore are governed by the Banking Act.

How to verify MAS regulated brokers in Singapore

Any forex broker wishing to operate physically in Singapore must be licensed by the MAS and adhere to strict codes of conduct, capital adequacy requirements and operating standards. All customer deposits must also be segregated in separate bank accounts for safety and security.

To check if a forex broker is regulated in Singapore by MAS, you will first need to identify the registration number which is usually located at the bottom of the broker’s homepage. Once you have the register number, you can look it up the on the MAS website to validate the current regulatory status of the forex broker in Singapore.

About the Author

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Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.


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