Visit City Index70% of retail CFD accounts lose money
Visit Plus50077% of retail investor accounts lose money
Visit IG Markets69% of retail CFD accounts lose money
Visit CMC Markets78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
Visit Saxo Bank72% of retail investor accounts lose money
Visit OandaCFDs are not available to residents in the United States
Visit Interactive Brokers74-89% of retail CFD accounts lose money
The best Forex brokers regulated by the Monetary Authority of Singapore (MAS), according to our research, are:
- City Index
- IG Markets
- CMC Markets
- Saxo Bank
- Interactive Brokers
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.
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.
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