Best MAS Regulated Forex Brokers

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 10 min read
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A key element for any forex trader if you are getting into the industry, has to be security. This is why you should always try to choose a legitimate forex trading site that is well-regulated by a top-tier regulatory body. These come in many different forms, but one of the most trustworthy, particularly in Asia, is MAS of Singapore.

Here we will take a look at everything that MAS can offer you in terms of protection and security as a trader, and we will also chart some of the best MAS forex brokers you can find anywhere.

Table of contents

What is the MAS?

MAS stands for “Monetary Authority of Singapore”, and as the name suggests, they are the regulatory body of Singapore. They were founded in 1971. This makes them one of the longest running in the sector. Since this time, they have managed to cultivate a highly trusted reputation,and they can now be considered as one of the most respected, and influential regulatory bodies, both in Asia, and around the world. In this respect, regulation from MAS is an excellent addition for any top forex broker.

Top 8 best MAS Regulated Forex Brokers

Here is a rundown of the very best forex brokers you will find, all of whom have MAS regulation already in place.

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80% of retail CFD accounts lose money

1. CMC Markets

The first broker to make the listing is CMC Markets. They are regulated by MAS ucnder the number 200605050E, and are already a very well-known and trusted broker around the world. They are a very popular choice with a huge range of more than 9,500 markets available for you to trade in. This selection includes 26 forex pairs.

There are several benefits here which make them an attractive choice. Not least of these is the very competitive trading costs which start with spreads from only 0.3 pips on forex. The no minimum deposit requirement also keeps them accessible to all traders. SGD deposits are supported and you can manage your account in SGD, HKD, or USD for convenience. The MT4 trading platform is available here alongside a generous rebate program for active traders which can refund amounts of up to $10 per lot traded. All of these features are what makes CMC Markets a top MAS regulated choice for many traders of all levels.

80
Rated: Excellent
Security 95
Cost 61
Trading 75
Education 81

Platforms: Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC, IIROC, FMA, CBRC Minimum Deposit: 0
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67% of retail CFD accounts lose money

2. City Index

Next on our listing of the best MAS regulated brokers is CIty Index. They are regulated under the number 200400922K and are another well-known and trusted name in the industry, both in this region and around the world. Their spreads too start from a very competitive 0.3 pips when you are trading forex. Many Singaporean traders are further attracted to City Index as they offer very low spreads starting from 0.5 pips on SGD forex pairs.

You will find a good minimum deposit of 250 SGD here which makes it quite accessible for all to get started trading no matter your level. You will also find a range of top trading platforms available to suit your choice. The broker offers the industry regarded Metatrader 4, alongside a webtrader, and AT Pro. This should leave you in a good, well-rounded position when it comes to making your trading platform choice. A rewarding rebate program is also in place here, with refunds of up to $8.50 per 10 lots traded available.

78
Rated: Excellent
Security 94
Cost 58
Trading 77
Education 69

Platforms: Proprietary Desktop Platform, Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC Minimum Deposit: 50
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72% of retail investor accounts lose money

3. Plus500

Plus500 are next to feature on our listing of the top MAS regulated forex brokers. They are regulated under number CMS100648-1 and provide a very top-quality service at almost unbeatable levels of cost. This is thanks mainly to their zero costs policy which means that many actions you may undertake at the broker will be free. This really helps to reduce your trading costs.

The Plus500 minimum deposit also stays very accessible at just 200 SGD with the options also available to manage your account in SGD keeping things very convenient. In order to do this though, you will have to contact customer support first. In Keeping with the model which gained the broker great popularity, you will have access to competitive spreads that start from 1 pip on forex. They also provide a very intuitive, user-friendly trading platform through which you will operate. This is another of the key reasons why Plus500 remains a very top choice around the world for those looking to trade CFDs.

74
Rated: Excellent
Security 96
Cost 70
Trading 66
Education 37

Platforms: Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC, FMA, CYSEC, ISA, Offshore Minimum Deposit: 100
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76% of retail CFD accounts lose money

4. IG Markets

Next in the collection of top MAS regulated brokers is IG Markets. They are another top broker who are known not only in Singapore, but around the world for their safe, trusted trading environment, and for the huge range of assets they offer traders. This broker is MAS regulated under number 200510021K and you can get started with a minimum deposit of 450 SGD.

IG Markets prioritize your safety as a trader. This makes them very popular around the world and is a fact demonstrated by their option for you to retain your negative balance protection if you opt for a limited risk trading account, even though it is not mandated by the regulator. As mentioned, they also offer a tremendous range of assets to choose from including 90 forex pairs in total. That is not all, with IG Markets, your spread too starts from a very low 0.6 pips on forex, and you will have access not only to MT4, but other proprietary trading platforms alongside a well-developed research and education section to keep you in the know on each of the 17,000 assets offered for trading.

90
Rated: Excellent
Security 98
Cost 62
Trading 100
Education 84

Platforms: Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, CFTC, MIFID-ESMA, ASIC, FMA, FSCA, DFSA Minimum Deposit: 300
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72% of retail investor accounts lose money

5. Saxo Bank

Next on the list is Saxo Bank. They are MAS regulated under the number 200601141M and are a very well-respected bank that offers brokerage options to traders around the world.
The minimum deposit starts from 3,000 SGD here, though there are also account options with 50,000 SGD, and 1,000,000 SGD minimum deposits available, so this may be a broker choice more for the experienced trader. What they do offer at this rate though is an even better spread than most, starting from 0.3 pips on forex, direct contact with the Saxo Bank customer support, and more. A number of base currencies are also supported though this will be determined by the currency of your first deposit so you should be aware of this. The broker also offers a great range of assets for trading. These include everything you would expect from a top broker, along with offerings in bonds, and mutual funds for a very wide-ranging choice.

81
Rated: Excellent
Security 95
Cost 67
Trading 75
Education 76

Platforms: Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, MIFID-ESMA, ASIC, SFC, FSCA, DFSA, CYSEC Minimum Deposit: 2000
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73.50% of retail investor accounts lose money

6. Oanda

Oanda is the next broker to make our list of top MAS regulated forex brokers. They are regulated under the number 200704926K and offer another excellent range of services that is well-renowned in the sector. They provide particularly well for new traders with a host of accessible choices available here.

You will find that there is no minimum deposit required, and that the minimum required trade size is very low. This makes Oanda the perfect choice for those seeking a lower risk trading experience or starting out in the industry. They also cater very well for Singaporean traders with both SGD deposits and base currency accepted. Further to this, they provide for spreads that start at a low spread of just 1 pip on forex. This helps keep overall trading costs very competitive. The MT4 trading platform, among the best in the business, is again available with this broker.

80
Rated: Excellent
Security 94
Cost 70
Trading 71
Education 80

Platforms: MT4 Dekstop, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC Minimum Deposit: 0
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74-89% of retail CFD accounts lose money

7. Interactive Brokers

Interactive Brokers are unique in our listing of the top MAS regulated brokers since they are the only American broker choice to make this list. Despite this, they are available and respected around the world. They are regulated under MAS number CMS100917, and have been around in the industry providing a top-quality trading experience for many years.

This top-quality experience is also a cost-effective one. The broker has two distinct account types for you to choose from. These are the IBKR Lite, and IBKR Pro account types. The first of these comes with no minimum deposit or maintenance fees to worry about. The Pro account on the other hand features a maintenance fee of up to $10 but also has no minimum deposit which keeps it very much available to all. The broker provides a great range of markets that includes both forex, with 105 pairs available, and a strong range of stocks to trade in. The cost of trading too is kept extremely low. This starts from a spread on forex of just 0.1 pips.

80
Rated: Excellent
Security 95
Cost 71
Trading 71
Education 75

Platforms: Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC, SEC, CYSEC, Offshore Minimum Deposit: 0
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79% of retail investor accounts lose money

8. Swissquote

Last but not least to make our collection of the top MAS regulated brokers, is Swissquote. Like Saxo Bank, they too are a very well-respected bank that offers brokerage services. This brings with it a wide range of assets that you can choose to trade in including both bonds and mutual funds if you desire.

Swissquote offers three account types which range from having a minimum deposit of $1,000, up to $50,000. With that, they may also be best suited to more experienced traders. Still though, even though the deposit is quite higher, you do receive better spreads with the higher levels of deposit, so if you have the capital, this could be a wise starting point. The broker is accessible to Singaporean traders, though any SGD deposit will attract fees that start from 20 SGD, and range up to 40 SGD depending on the deposit. Spreads at the broker start from 1.1 pips on forex, and both top MT4, and MT5 trading platforms are available alongside proprietary options to choose from.

84
Rated: Excellent
Security 98
Cost 76
Trading 75
Education 80

Platforms: ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FINMA, FCA, MIFID-ESMA, SFC, DFSA Minimum Deposit: 0

How the MAS works

MAS, as with other major regulatory bodies, play a key role in many aspects of safety within the industry. Their major duties include preventing fraud within the forex, and wider financial market, from forex brokers or other parties. They also focus on trying to develop these financial markets within the region they oversee.

The bottom line here is that MAS provides for a secure, and regulated trade environment for you as a forex trader. Somewhere you can feel safe, and place your trades in a manner which is made as transparent as possible. To this end, unregulated brokers cannot offer services in the region. They must first be regulated by MAS.

Characteristics and benefits of MAS

With MAS as your regulating body, the key points to note are that the maximum leverage on forex trading is restricted to 20:1. This is quite strict, even more so than CySEC which has a 30:1 restriction. MAS are lighter in some areas though, with bonus offerings from forex brokers permitted, and all trading strategies available to be used by you as a trader.

On the broker side, all funds must be held in segregated accounts. This protects you if the broker got into any financial problems. Negative balance protection is not mandatory, so this is something to be careful of and means that in some cases, you could lose more than you deposit. With that said, many brokers still offer this protection even though it is not officially required.

Prohibitions with MAS

There are no other major prohibitions for you to be aware of under MAS regulation. The only one to remember is that brokers must be MAS regulated to offer services in Singapore, and traders in the area also cannot register with any other broker which is not MAS regulated.

Differences between MAS Regulated and MAS Licensed Brokers

Under some other regulators, it may be possible for brokers to be either regulated, or licensed. In these cases, to be regulated means passing through an entire, and often rigorous process to offer trading services in a country, while being licensed allows services to be offered even though the broker is not directly regulated in that area.

With MAS though, it is not possible to be only MAS licensed. Brokers must complete the whole process and be fully MAS regulated in order to offer their services in Singapore.

How to check if a broker is MAS regulated

It is important to double check and verify that your broker is indeed MAS regulated. If you want to do this, all you will need to do is go to MAS official website and contact MAS authorities who can help you verify. Another way in which you can check the regulation is to look for the MAS Financial Institution Directory within the official MAS website. Using this service, you can type the business name of the broker into the search bar, and you should get some information back.

If you are looking for the business name of your broker, it can often be found at the bottom of their homepage, and it does often differ from the name of the broker.

How MAS intervene in case of financial abuse?

MAS not only regulates forex brokers in Singapore, but also much of the financial industry there. They are very much respected worldwide and have widespread powers to ban any fraudulent operators or those brokers who break the rules.

A strong example of their power has been demonstrated recently with the banning of 4 financial firms, predominantly banks that were offering life insurance and other services. These firms were banned for periods of between 5 and 9 years.

How MAS can help you

If you feel you have been mistreated by a broker, or that they may have broken any of the MAS regulations, then you can and should reach out to the regulatory body. you can contact MAS going on their MAS Official Website. They will follow up an ensure that appropriate steps are taken to protect you as a trader.


About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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