The best Forex brokers regulated by the Monetary Authority of Singapore (MAS), according to our research, are:
- City Index
- Plus500
- IG Markets
- CMC Markets
- Saxo
- Oanda
- Interactive Brokers
- Swissquote
To evaluate these brokers, we adhered to the following criteria:
- A valid MAS license and local presence
- SGD deposits and accounts availability
- Trading offer
- The overall quality of services
What are the best MAS forex brokers?
Below is our curated list and review of the best forex brokers regulated by MAS in Singapore, with details and information about the regulation, the features, and the characteristics.
City Index
best for day traders
City Index holds MAS regulation n° 201130598R. City Index offers SGD accounts and forex trading. City Index applies a 2% card deposit fee and allows leverage up to 50:1 for accredited investors.
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About City Index
City Index is a global forex and CFD broker founded in 1983, offering trading on currencies, indices, commodities, cryptocurrencies, and stocks. City Index provides proprietary platforms alongside MetaTrader 4. City Index is regulated by multiple top-tier authorities including FCA, ASIC, and MAS. City Index is known for competitive spreads, extensive research tools, and educational resources. City Index is part of the NASDAQ-listed StoneX Group. The City Index’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.
City Index Features
The features of City Index are listed below.
- City Index is MAS regulated with n° 201130598R, a registered local office in Raffles Place, Singapore.
- With City Index under MAS oversight, you can access over 6,000 markets and more than 80 forex pairs.
- You can open City Index accounts in SGD and manage SGD deposits as well. There is a 2% fee on deposits if made via credit/debit cards under MAS regulation.
- Spreads on forex with City Index start from 0.3 pips on EUR/USD and MAS-regulated traders make use of spreads from 0.5 pips on SGD forex pairs.
- MAS imposes a limitation on leverage for retail clients up to 20:1 but accredited investors with City Index have higher leverage up to 50:1 and a sign-up bonus of 150 SGD.
- A rewarding City Index rebate program is also in place here under MAS regulation, with refunds of up to $8.50 per 10 lots traded available.
City Index Pros and Cons
Advantages of City Index
The advantages of City Index are listed below.
- Regulatory Trust
- Advanced Trading Tools
- Diverse Market Access
Disadvantages of City Index
The disadvantages of City Index are listed below.
- Limited MetaTrader Options
- Educational Content Gaps
- Customer Support Issues
Plus500
overall trading experience
Plus500 holds MAS license n° CMS100648-1. Plus500 supports SGD accounts and deposits. Plus500 offers a wide range of assets and restricts leverage to 20:1 on forex trades.
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About Plus500
Plus500 is a global fintech company founded in 2008, offering online Futures trading services in different markets such as Agriculture, Cryptocurrencies, Metals, Commodities, Forex, Interest Rates, Energy and Equity Indices. Plus500 provides proprietary web and mobile trading platforms. Plus500 is regulated by multiple top-tier authorities including FCA, ASIC, and CySEC. Plus500 is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The Plus500 CEO is David Zruia since April 2020.
Plus500 Features
The features of Plus500 are listed below.
- Plus500 is regulated under MAS license n° CMS100648-1, with a local branch in Temasek Avenue, Singapore, and a website available in Chinese as well.
- Deposits with Plus500 support SGD and it actually possible to open accounts directly in SGD if trading under MAS.
- Plus500 offers access to more than 2000 assets including 60 forex pairs.
- Spreads on forex with Plus500 with MAS oversight start from 0.8 pips in the case of the EUR/USD pair.
- All Plus500 traders have a max leverage of 20:1 on forex as under MAS there is no professional account but there is a premium service on an invitation-only basis.
- MAS-licensed traders can avail of a Plus500 first deposit bonus for up to 13,000 SGD extra.
Plus500 Pros and Cons
Advantages of Plus500
The advantages of Plus500 are listed below.
- Well-regulated CFD provider
- Over 2000 tradable CFDs
- Unlimited demo account offered
Disadvantages of Plus500
The disadvantages of Plus500 are listed below.
- Limited Regulatory Protections for Professionals
- Inactivity fees
- Limited deposit methods
IG Markets
total number of assets
IG Markets operates under MAS with license n° 200510021K. IG Markets offers SGD accounts. IG Markets provides access to 17,000+ CFDs and limits leverage to 20:1 and extends to 50:1 for premium clients.
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About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- IG Markets is authorized by MAS with the trading name IG Asia Pte. Ltd. and a license n° 200510021K. The registered address is in Battery Road, Singapore.
- SGD is among the selectable base currency for your IG Markets account under MAS regulation and you can open the account with a minimum deposit of 450 SGD.
- IG Markets offers a huge range of CFDs with more than 17,000 available including over 80 forex pairs.
- Spread on forex with the MAS-licensed entity of IG Markets starts from 0.6 pips on EUR/USD.
- Leverage is limited by MAS up to 20:1 even though premium clients with IG Markets have access to a higher ratio up to 50:1 on forex.
- High-volume traders under MAS can access IG Markets cash rebates once they trade the minimum notional amount (USD million) of volume required monthly.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
CMC Markets
wide range of CFDs
CMC Markets holds MAS license n° 200605050E. CMC Markets supports SGD accounts and wide market access. CMC Markets allows forex trading with leverage up to 20:1, and higher for professionals.
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About CMC Markets
CMC Markets is a global online financial trading company founded in 1989 and headquartered in London. CMC Markets offers trading on forex, indices, commodities, cryptocurrencies, and shares through CFDs and spread betting. CMC Markets provides proprietary and MetaTrader platforms for desktop, web, and mobile. CMC Markets is regulated by multiple authorities including FCA, ASIC, and BaFin. CMC Markets is listed on the London Stock Exchange. The CMC Markets CEO is Lord Peter Cruddas.
CMC Markets Features
The features of CMC Markets are listed below.
- CMC Markets is regulated by MAS with license n° 200605050E and has a registered office in Raffles Place, Singapore. Website is available in Chinese.
- CMC Markets under MAS oversight offers a huge range of more than 10.000 markets including 300 forex pairs.
- SGD deposits are supported by CMC Markets and you can manage your account in SGD, HKD, or USD.
- The CMC Markets spreads on forex start from 0.7 pips in the case of EUR/USD.
- Leverage with CMC Markets is limited to 20:1 due to MAS regulation but if you apply for professional status the amount is higher up to 50:1.
- Active traders with MAS regulation will find a generous CMC Markets rebate program that can refund amounts of up to $10 per lot traded.
CMC Markets Pros and Cons
Advantages of CMC Markets
The advantages of CMC Markets are listed below.
- Regulatory Trust
- Low Trading Costs
- Extensive Trading Platform
Disadvantages of CMC Markets
The disadvantages of CMC Markets are listed below.
- Complex Fee Structure
- Limited Funding Options
Saxo
best for professional traders
Saxo operates under MAS license n° 200601141M. Saxo offers SGD trading accounts. Saxo controls leverage up to 20:1 for general clients, and higher for accredited investors.
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About Saxo
Saxo is a Danish investment bank and online trading platform founded in 1992. Saxo offers trading in forex, stocks, CFDs, futures, options, and other financial instruments across global markets. Saxo provides proprietary trading platforms and white-label solutions for institutional clients. Saxo is regulated by multiple authorities including the Danish FSA and UK FCA. Saxo serves retail and institutional clients in over 170 countries. The Saxo CEO and co-founder is Kim Fournais.
Saxo Features
The features of Saxo are listed below.
- Saxo is authorized by MAS with a registered office at Market Street CapitaSpring, Singapore, and holds a license n° 200601141M.
- Saxo offers trading accounts directly in SGD and does not require a minimum deposit to open the account.
- There is a huge range of 40,000 CFDs available with Saxo counting also more than 200 forex pairs.
- Forex trading with Saxo charges a spread from 0.3 pips on EUR/USD.
- Leverage is capped to 20:1 on forex due to MAS rules but if you qualify as an accredited investor with Saxo you can overcome this limit and trade with a leverage up to 50:1.
- You can earn Saxo reward points by trading, depositing funds, or other actions if operating under MAS and redeem them to improve your plan for earning benefits.
Saxo Pros and Cons
Advantages of Saxo
The advantages of Saxo are listed below.
- Regulation and Trust
- Extensive Product Range
- Advanced Trading Platform
Disadvantages of Saxo
The disadvantages of Saxo are listed below.
- High Minimum Deposits for Premium Accounts
- Lack of Spread Betting Options
- Custody Fees in Certain Regions
Oanda
best for beginners
Oanda operates under MAS regulation n° 200704926K. Oanda provides SGD accounts. Oanda restricts leverage to 20:1 for retail clients and allows up to 50:1 for accredited investors.
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About Oanda
OANDA is a global multi-asset broker founded in 1996, offering trading on forex, CFDs, commodities, indices, and cryptocurrencies. OANDA provides proprietary platforms and API solutions. OANDA is regulated by multiple authorities including FCA, ASIC, and MAS. OANDA is known for competitive spreads, fast execution, and currency data services. OANDA serves both retail and institutional clients worldwide. The Oanda Chief Executive Officer is Gavin Bambury since August 2019.
Oanda Features
The features of Oanda are listed below.
- Oanda operates under MAS regulation n° 200704926K as OANDA Asia Pacific Pte. Ltd. from a local office located in Collyer Quay, Singapore.
- MAS-licensed traders can open SGD accounts with Oanda and make direct SGD deposits as well.
- Oanda provides access to around 100 financial instruments with 70 tradable forex pairs under MAS oversight.
- Spreads on forex with Oanda start from 0.6 pips on the EUR/USD pair.
- Leverage on forex is restricted to 20:1 for Oanda retail clients trading in MAS jurisdiction while accredited investors trade with up to 50:1 leverage.
Oanda Pros and Cons
Advantages of Oanda
The advantages of Oanda are listed below.
- Comprehensive Platforms
- Robust Education
- Highly Regulatory Trust
Disadvantages of Oanda
The disadvantages of Oanda are listed below.
- Higher Spreads
- Proprietary Platform Limitations
- Inactivity Fees
Interactive Brokers
wide range of global markets
Interactive Brokers has MAS regulation n° CMS100917. Interactive Brokers supports SGD accounts and trades. Interactive Brokers keeps leverage up to 20:1 on forex.
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About Interactive Brokers
Interactive Brokers is a global electronic broker founded in 1978, offering trading in stocks, options, futures, forex, bonds, ETFs, and cryptocurrencies across 150 markets in 33 countries. Interactive Brokers provides advanced trading platforms, low commissions, and access to a wide range of financial instruments. Interactive Brokers is known for its sophisticated technology and serves both retail and institutional clients. Interactive Brokers is regulated by multiple top-tier authorities worldwide. The CEO of the Interactive Brokers Group is Milan Galik.
Interactive Brokers Features
The features of Interactive Brokers are listed below.
- Interactive Brokers can also boast a MAS regulation n° CMS100917, a Chinese website, and the registered address for the local branch is in Marina View, Singapore.
- Interactive Brokers offers a wide range of account currency including SGD though it supports only SGD wire transfers under MAS.
- Traders under MAS can avail of more than 100 forex pairs with Interactive Brokers among the 7000 assets available.
- Spread on forex with Interactive Brokers is low starting from 0.2 pips on EUR/USD.
- The maximum leverage available according to MAS is 20:1 on forex with Interactive Brokers.
Interactive Brokers Pros and Cons
Advantages of Interactive Brokers
The advantages of Interactive Brokers are listed below.
- Low Trading Fees
- Advanced Trading Tools
- Wide Market Access
Disadvantages of Interactive Brokers
The disadvantages of Interactive Brokers are listed below.
- Not user-friendly
- No MetaTrader Support
- Additional Fees
Swissquote
best for transparency
Swissquote holds MAS regulation n° 201906194G. Swissquote serves accredited investors only. Swissquote enables SGD accounts and allows leverage up to 50:1.
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About Swissquote
Swissquote is a Swiss online banking and trading company founded in 1996. Swissquote offers trading on forex, stocks, CFDs, cryptocurrencies, and other financial instruments. Swissquote provides various trading platforms including MetaTrader and a proprietary platform. Swissquote is regulated by multiple authorities including FINMA and FCA. Swissquote serves over 500,000 clients worldwide and is listed on the SIX Swiss Exchange. The Swissquote CEO is Marc Bürki.
Swissquote Features
The features of Swissquote are listed below.
- Swissquote Pte. Ltd. is the MAS-regulated entity of the broker with a license n° 201906194G and a local office in Raffles Quay, Singapore.
- Swissquote under MAS is available only for accredited, expert, asset managers, and institutional investors.
- Trading accounts with Swissquote are possible in SGD with a minimum deposit of 1,000SGD though with a fee up to 40 SGD depending on the deposit method.
- Swissquote enables trading on 130 global markets with around 70 forex pairs under MAS regulation.
- Spread on forex starts from 1.1 pips on the EUR/USD pair with Swissquote.
- Leverage available is up to 50:1 with Swissquote since under MAS regulation retail clients can’t open accounts.
Swissquote Pros and Cons
Advantages of Swissquote
The advantages of Swissquote are listed below.
- Regulated and Trusted
- Comprehensive Product Range
- Advanced Trading Platforms
Disadvantages of Swissquote
The disadvantages of Swissquote are listed below.
- High trading Fees
- Complex Pricing Structure
- Steep Minimum Deposit Requirement
How does the MAS work?
The major duties of MAS 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 that is made as transparent as possible. Unregulated brokers cannot offer services in the region. They must first be regulated by MAS.
What are the 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 gets 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.
What are the 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 on 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 does 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 by going to their MAS Official Website. They will follow up and ensure that appropriate steps are taken to protect you as a trader.