| Updated: Singapore is one of the world’s leading forex trading centres and a major financial hub in Asia, with a steadily growing share of the global market. Its favourable trading environment, robust regulatory framework and comprehensive protections for traders make it an attractive destination for both retail and institutional participants. The Monetary Authority of Singapore (MAS) acts in two capacities: as the country’s central bank and as its main financial regulatory authority. All financial institutions, including forex brokers operating in Singapore, are required to comply with MAS rules and regulations.
Below is a list of forex brokers regulated in Singapore:
Top 11 Forex Brokers in Singapore
-
Fusion Markets
- Australia regulated broker
- MT4, MT5, TradingView, Ctrader
- Leverage up to 500
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
FP Markets
- Australia and CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
BlackBull Markets
- Broker boasting lightning-fast execution speed
- ECN brokers with tight spreads from 0.0 pips
- $0 minimum deposit requirement
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
Global Prime
- Australia regulated broker
- Advanced MT4
- $0 Minimum Account Size
Trading InstrumentsDeposit Methods- Commodity CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
-
IC Markets
- Offers 2,200+ tradable markets, including 61 currency pairs
- Leverage of up to 1:1000 in select jurisdictions
- EUR/USD spreads from 0.8 pips for standard accounts
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
IG
- Offers different account types, including DMA (Direct Market Access) one
- Offers turbo warrants on forex pairs, commodities, indices, and equities
- Supports popular platforms like MT4 and TradingView as well as ProRealTime, L2, and more
Trading InstrumentsDeposit Methods- Bond Futures
- Bond Options
- Bond Spread Betting
- Bonds CFDs
- Commodity CFDs
- Commodity Futures
- Commodity Options
- Commodity Spread Betting
- Crypto CFDs
- Crypto Options
- Crypto Spread Betting
- Currency Futures
- Energy CFDs
- Energy Futures
- Energy Options
- Energy Spread Betting
- ETF CFDs
- ETF Options
- ETF Spread Betting
- Forex CFDs
- Forex Options
- Forex Spread Betting
- Index CFDs
- Index Futures
- Index Options
- Index Spread Betting
- Interest Rate Futures
- Metal CFDs
- Metal Futures
- Metal Options
- Metals Spread Betting
- Share CFDs
- Stock CFDs
- Stock Options
- Stock Spread Betting
- US Stock CFDs
- US Stock Options
- US Stock Spread Betting
-
Pepperstone
- Australia and CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
GO Markets
- Segregated client funds
- Excellent support
- Free TradingView subscription
Trading InstrumentsDeposit Methods- Bonds CFDs
- Commodity CFDs
- Crypto CFDs
- ETFs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Share CFDs
- Treasuries
-
eToro
- Popular broker for social trading
- Trading is conducted on innovative in-house platform
- Offers both investing and trading products
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Share CFDs
- Stock CFDs
- US Stock CFDs
-
XM Group
- XM provides great trading experiences using MetaTrader 4 and MetaTrader 5, which are improved by personalized features.
- Zero commission accounts are available
- Top-tier regulation from CySEC, ASIC, FSC, and DFSA oversee XM's operations, assuring transparency and client safety.
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Share CFDs
- Turbo Stocks
-
ActivTrades
- Winner of 20+ Global Awards
- MT4/MT5, TradingView
- Leverage up to 1:400
Trading InstrumentsDeposit Methods- Bonds CFDs
- Commodity CFDs
- Crypto CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Share CFDs
Our 8-step guide to choosing a forex broker
- Verify regulation and authorisation (e.g., FCA, ASIC).
- Check trading costs: spreads, commissions, swaps.
- Compare execution quality: slippage, fills, order types.
- Check platforms and tools: MT4/MT5, cTrader, TradingView.
- Ensure risk controls: stop-loss, guaranteed stops, negative balance protection.
- Review funding and withdrawals: local options, fees, processing times.
- Evaluate research, education, and alerts.
- Prioritise security and support: segregated client funds, two-factor authentication, support hours.
Brokers Compared by Spread
FX Broker Deposit Method Comparison
| Brand | Minimum deposit | |
|---|---|---|
| Fusion Markets |  |
$0 |
| FP Markets | |
$50 (AU$100) |
| BlackBull Markets |  |
$0 (Standard)$0 (Prime)$20,000 (Institutional) |
| Global Prime | |
$0 |
| IC Markets | |
$200 |
| IG | |
$50 |
| Pepperstone | |
$10 |
| GO Markets | |
$0 ($200 recommended) |
| eToro | |
$50 or $100 based on country ($10 for the UK) |
| XM Group | |
$5 |
| ActivTrades | |
$0 |
Forex Brokers by Regulator
| Brand | Maximum leverage | |
|---|---|---|
| Fusion Markets | |
1:500 (ASIC | Pro Account), 1:30 (ASIC | Retail Account), 1:500 (VFSC | Retail Account) |
| FP Markets | |
1:500 (CySEC | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (CySEC | Retail Account), 1:500 (FSAS | Retail Account) |
| BlackBull Markets | |
1:500 (FMA), 1:500 (FSAS) |
| Global Prime | |
1:500 (ASIC | Pro Account), 1:30 (ASIC | Retail Account), 1:500 (VFSC) |
| IC Markets | |
1:500 (CySEC | Pro Account), 1:30 (CySEC | Retail Account), 1:1000 (FSAS | Retail Account) |
| IG | |
1:222 (BaFin | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (BaFin | Retail Account), 1:200 (BMA | Retail Account), 1:30 (FCA | Retail Account) |
| Pepperstone | |
1:500 (CySEC | Pro Account), 1:500 (SCB | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (CySEC | Retail Account), 1:30 (DFSA | Retail Account), 1:30 (FCA | Retail Account), 1:200 (SCB | Retail Account) |
| GO Markets | |
1:30 (ASIC), 1:30 (CySEC), 1:500 (FSAS), 1:500 (FSCM), 1:500 (SVGFSA) |
| eToro | |
1:400 (CySEC | Pro Account), 1:30 (CySEC | Retail Account), 1:400 (FSAS | Retail Account) |
| XM Group | |
1:30 (CySEC | Retail Account), 1:1000 (IFSC | Retail Account) |
| ActivTrades | |
1:400 (CMVM | Pro Account), 1:30 (CMVM | Retail Account), 1:1000 (FSC), 1:200 (SCB) |
Forex Broker Platform Availability
| Brand | FX pairs to trade | |
|---|---|---|
| Fusion Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| FP Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| BlackBull Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| Global Prime | |
MetaTrader 4, MetaTrader 5 |
| IC Markets | |
cTrader, MetaTrader 4, MetaTrader 5 |
| IG | |
MetaTrader 4, Proprietary Web, TradingView |
| Pepperstone | |
MetaTrader 4, MetaTrader 5, Proprietary Mobile, Proprietary Web |
| GO Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| eToro | |
Proprietary |
| XM Group | |
MetaTrader 4, MetaTrader 4 MultiTerminal, MetaTrader 5, Proprietary Mobile, Proprietary Web |
| ActivTrades | |
MetaTrader 4, MetaTrader 5, Proprietary Web, TradingView |
Comprehensive Comparison of the Best Singapore Forex Brokers
| Brand | Min. Deposit | Trading Platforms | Spread | Regulation | Trustpilot |
|---|---|---|---|---|---|
 |
$0 |
|
AVG 0.91 pips |
|
|
 |
$50 (AU$100) |
|
AVG 1.29 pips |
|
|
 |
$0 (Standard)$0 (Prime)$20,000 (Institutional) |
|
AVG 0.1 pips |
|
|
 |
$0 |
|
AVG 1 pips |
|
|
 |
$200 |
|
AVG 0.82 pips |
|
|
 |
$50 |
|
AVG 0.86 pips |
|
|
 |
$10 |
|
AVG 1.1 pips |
|
|
 |
$0 ($200 recommended) |
|
AVG 0.9 pips |
|
|
 |
$50 or $100 based on country ($10 for the UK) |
|
AVG 1.1 pips |
|
|
 |
$5 |
|
MIN 1.6 pips |
|
|
 |
$0 |
|
AVG 0.5 pips |
|
In this article, we provide detailed information about the legalities and restrictions surrounding forex trading in Singapore and outline the regulatory requirements that forex brokers must meet to operate legally in the country. We also cover the taxes that may apply to forex trading and the key criteria that can help Singaporeans identify reliable brokers.
Legal Forms of Forex Trading in Singapore
Forex trading is legal and regulated by the Monetary Authority of Singapore (MAS) under the Securities and Futures Act 2001. To legally serve local customers, brokerage firms must first obtain Capital Markets Services (CMS) licences from the Singaporean regulator. Spot trading and derivative instruments such as contracts for difference (CFDs), futures, options and knock-out options are all legal in the country, provided that a broker is authorised to offer them.
- Spot Trading
Spot trading is the most common form of forex trading. It involves buying or selling currency pairs at their current market prices, with the aim of profiting from fluctuations in exchange rates. Spot trades are typically settled within two business days, with traders owning the underlying assets, which are the currencies in this case.
- Forex Derivatives in Singapore
Derivative instruments are also legal in Singapore, with contracts for difference (CFDs) serving as a prime example. They enable you to speculate on the price movements of a currency pair without actually owning the underlying asset. They also offer leverage, allowing you to control larger positions with relatively little initial capital.
Other derivative instruments, such as futures and options, are also available to Singaporeans. Futures contracts are agreements to buy or sell a currency at a specified price on a predetermined future date. Options contracts are similar, giving you the right, but not the obligation, to buy or sell a currency pair at a given price on or before a specific date. Some brokers serving Singaporeans also offer knock-out options that become worthless if the underlying asset reaches a certain price level.
- Binary Options Restrictions
While there is no outright ban on forex binary options in Singapore, the local financial regulator advises residents to exercise extreme caution when trading these instruments. In 2017, MAS issued a warning to investors about the risks associated with trading these instruments through unregulated brokers.
Binary options are a type of derivative that involves betting on the price movement of an underlying asset and offers a fixed payout if the trader is correct. MAS cautions that binary options are susceptible to fraud and manipulation when traded on unauthorised platforms. The regulator recommends trading them only with licensed and regulated brokers and remaining wary of any firm that offers unusually high returns or guarantees success.
Restrictions on Currency Trading in Singapore
MAS imposes restrictions on the maximum retail leverage available for CFDs in Singapore, with current limits set at 1:20 for major currency pairs and 1:15 for minor pairs. Previously, the retail leverage caps were 1:50 for forex majors and 1:20 for minors, but MAS reduced them further in 2019 to protect retail investors from excessive risk-taking and potentially significant losses.
Locally regulated forex brokers must also ensure that retail traders can adequately manage their risk. They must maintain minimum margin levels for leveraged trading and provide negative balance protection, which helps prevent clients from falling into debt. The margin requirements ensure that investors have sufficient funds in their accounts to cover potential losses, while negative balance protection prevents them from suffering losses that exceed their account equity.
Who Regulates Forex Trading in Singapore?
The Monetary Authority of Singapore (MAS) is the primary regulator of forex trading in the city-state. Established in 1971, MAS is responsible for regulating and supervising Singapore’s financial sector, including forex brokers, fund managers, trustees and insurance companies.
MAS was founded after the Monetary Authority of Singapore Act was passed into law in 1970. Its responsibilities include licensing and regulating all capital market entities, such as forex brokers, and ensuring that they comply with local financial legislation. MAS also has the power to investigate and enforce compliance with regulatory requirements and impose penalties on entities that violate them.
Requirements for Forex Brokers in Singapore
To operate in Singapore, forex brokers must obtain a CMS licence from MAS. The requirements for obtaining a licence include meeting the base minimum capital requirement, which ranges from $50,000 to $5 million. The exact amount depends on the type of services offered by the licensee and whether the broker engages in market-making.
Additionally, MAS-regulated forex brokers are required to provide negative balance protection and segregate client funds from their own operating capital. This ensures that client funds are protected in the event of the broker’s insolvency and prevents companies from misusing customer money. Forex brokers must also comply with MAS regulatory rules, including reporting and disclosure requirements, and have adequate risk management systems and controls in place.
Are There Taxes on Profits from Forex Trading in Singapore?
Profits from forex trading in Singapore may be subject to taxation, depending on the individual’s tax-residency status and whether the activity is considered a trade or business. The Inland Revenue Authority of Singapore (IRAS) is responsible for collecting applicable taxes, with resident tax rates ranging from 0% to 24%.
The “badges of trade” criteria are used to determine the tax treatment of forex traders. Individuals considered to be trading in the course of a business are liable for taxation. The current tax rates for Singapore residents from 2024 onwards are outlined in the table below.
| Taxable Income | Tax Rate |
|---|---|
| Up to $20,000 | 0% |
| $20,001 to $30,000 | 2% |
| $30,001 to $40,000 | 3.5% |
| $40,001 to $80,000 | 7% |
| $80,001 to $120,000 | 11.5% |
| $120,001 to $160,000 | 15% |
| $160,001 to $200,000 | 18% |
| $200,001 to $240,000 | 19% |
| $240,001 to $280,000 | 19.5% |
| $280,001 to $320,000 | 20% |
| $320,001 to $500,000 | 22% |
| $500,001 to $1 million | 23% |
| Over $1 million | 24% |
Foreigners generally must have stayed or worked in the country for at least 183 days to be considered tax residents. Tax treatment depends on residency status and the nature of the income. CFDs on forex do not attract stamp duty in Singapore because traders do not own the underlying assets.
How to Identify Reliable Forex Brokers Accepting Singaporean Clients
When choosing a forex broker, Singaporeans have a wide range of options. However, with so many brokers operating in the market, it can be challenging to identify a reliable and trustworthy provider. In this section, we offer tips and guidelines for finding a dependable forex broker that accepts Singaporean clients.
Here are a few tips for identifying trusted brokers that serve Singaporeans.
- A licence from the Monetary Authority of Singapore (MAS) indicates that the broker complies with all regulatory requirements and is subject to ongoing supervision and monitoring.
- Reliable brokers should provide transparent pricing information, including clearly stated spreads, commissions and non-trading fees.
- Brokers with a physical presence in Singapore are more likely to be subject to local regulatory oversight and are more accessible to Singaporean clients.
- Prospective customers should research the broker’s reputation online, read reviews and check for any regulatory warnings or fines.
- Reliable brokers should provide negative balance protection, which prevents clients from incurring losses that exceed their account balance.
To verify a broker’s licence status, Singaporeans should search the register of locally licensed brokers on the MAS website. Investors can also contact MAS directly to confirm a broker’s licence and regulatory status by dialling +65 6225 5577, sending an email to mas_feedback@mas.gov.sg or visiting the regulator’s headquarters in person (10 Shenton Way, MAS Building, Singapore 079117).
FAQ
What deposit methods can Singaporeans use to fund their live forex trading accounts?
Singaporeans can fund their live trading accounts using a variety of deposit methods, including bank transfers, credit/debit cards and online payment solutions such as FasaPay. Many forex brokers also accept deposits through popular e-wallets such as Skrill and Neteller, making it convenient for Singaporean traders to manage their accounts. Additionally, some brokers may offer deposit methods specifically tailored to the Singaporean market, such as PayNow.
Do Singaporeans face legal action for trading at offshore forex brokers?
Singaporeans who trade with unlicensed offshore forex brokers risk falling prey to fraud and unethical practices, although the local government is highly unlikely to take legal action against these traders.
Is using MT4 and MT5 legal in Singapore?
Using MetaTrader 4 (MT4) and MetaTrader 5 (MT5) is legal in Singapore, as these third-party platforms are widely used by forex brokers and traders around the world. MAS does not impose any specific regulations or restrictions on the use of MT4 and MT5. However, it is important to note that the legality of using these platforms in Singapore depends on the broker’s compliance with MAS regulations.
What is the minimum deposit to start trading forex in Singapore?
The minimum deposit required to start trading forex in Singapore varies by broker, but it can range from $100 to $1,000 or more. Some brokers offer micro or mini accounts with lower minimum deposits, while others require a higher initial deposit to access certain trading platforms or features. It is essential to check the specific broker’s minimum deposit requirements.
What is the best time to trade forex in Singapore?
The best time to trade forex in Singapore depends on an individual’s trading strategy and goals. Generally, the most liquid and volatile trading periods occur during overlaps between the Asian, European and US market sessions. For Singaporean traders, optimal times are typically between 7:00 am and 12:00 pm SGT, when the Asian markets are open, and between 4:00 pm and 12:00 am SGT, when the European and US markets overlap. However, it is essential to consider the specific currency pairs being traded and the prevailing market conditions.
Why You Should Trust RationalFX
When it comes to making informed decisions about forex brokers, it's essential to rely on trustworthy sources. RationalFX, a company with over 20 years of experience since its founding in 2005, has established itself as a credible authority in the industry. With an impressive collection of over 2500 reviews on Trustpilot, boasting a score of 4.2, it's clear that Rational FX has built a reputation for providing reliable and unbiased information.
What sets Rational FX apart is its rigorous evaluation process, which considers over 30 different criteria when selecting forex brokers. This comprehensive approach ensures that every aspect of a broker's service is taken in consideration, including regulation, forex spreads, trading platforms, deposit methods, and reputation. With its wealth of experience, transparent review process, and outstanding customer feedback, Rational FX is a trusted source for anyone seeking reliable information on forex brokers. You can reach us via e-mail at feedback@rationalfx.com or contact us through our social media accounts here: Facebook, YouTube, or leave a feedback here.