By Jeffrey Cammack Author Information Updated: June 30, 2020

As a resident of Singapore, there are advantages of trading with a regulated broker.  Though unregulated brokers are allowed to operate in the country, it is best to use a MAS regulated broker as they are governed by local laws that are required to attain a Capital Markets Service Licence. Be aware that all MAS regulated brokers are only allowed to offer maximum leverage of 20:1 for traders without an accredited investor licence, so leverage amounts shown below are the maximum levels the broker can offer.

Below are a handful of the leading MAS regulated brokers operating in Singapore. Each selection has premier trading conditions, comprehensive education sections and demo accounts for beginners.

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  • Broker
    CityIndex

    CityIndex  - Best Singapore Regulated Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    MAS MAS
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    AUD 50
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    City Index is a long-established and well-regulated market maker owned and operated by NYSE listed GAIN Capital.

    Offering tight spreads for a market maker, City Index also has a varied and excellent platform choice, including the powerful ATPro platform for more experienced traders. The education section is good for beginners and research and analysis is updated frequently across all asset classes available to trade. Overall, City Index is a good market maker broker and competitive with other traditional brokers in its class.

    Pros

    • Well regulated
    • Wide range of assets
    • Excellent market analysis

    Cons

    • Slow withdrawals
    • Limited demo account
    • Limited education
    Account Spread From Commission Execution Min. Deposit
    Standard 0.5 pips None Instant USD 200 Account Details
    Premium 0.5 pips None Instant USD 10000 Account Details
    Professional 0.5 pips None Instant USD 500000+ Account Details
  • Broker
    CMC Markets

    CMC Markets  - Best Trading Platforms

    REGULATED BY
    ASIC ASIC
    FCA FCA
    MAS MAS
    FMA FMA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    AUD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    CMC Markets are a well-known market maker broker, based in London and operating globally. While it currently only offers a single live account, spreads are tighter than most of its competitors and the required minimum deposit is low enough for all beginner traders. The focus on new traders continues with CMC Market's education and analysis sections, which are insightful, well-structured and updated frequently.

    We also like the proprietary New Generation trading platform, wide asset choice and responsive customer service. Overall, an excellent broker for all traders and one of our highest rated.

    Pros

    • Well regulated
    • Tight spreads
    • Good for beginners
    • Excellent education
    • Excellent market analysis

    Cons

    • No swap-free account option
    Account Spread From Commission Execution Min. Deposit
    CFD Account 0.7 pips None Instant USD 5 Account Details

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The Monetary Authority of Singapore (MAS)

Singapore is one of the largest financial centres in the world and has a well-regulated financial trading sector. The Monetary Authority of Singapore (MAS) oversees all regulated brokers in the country and is increasingly seen as a responsible and reputable regulator.

A Forex broker who wants to set up a base of operations in Singapore is required to have a Capital Markets Service Licence issued by MAS. Though internationally-based brokers are still allowed to operate unregulated in Singapore, it is highly recommended that you use a MAS regulated broker for the protection they offer consumers:

  • MAS regulated brokers are required to segregate broker and client funds – so if a broker falls into bankruptcy, all customers will be refunded.
  • The management of MAS compliant brokers are required to pass a fit and proper test – they must have qualifications commensurate with the financial services industry and have an unblemished professional background.
  • MAS requires brokers to deal with all customer complaints via a legal framework, overseen by the regulator. If you do have an issue with a MAS regulated broker you can apply for the Financial Industry Disputes Resolution Centre (FIDReC) to intervene and investigate your complaint.
  • As part of a recent raft of regulatory tightening, MAS has limited the amount of leverage that can be offered by brokers at 20:1, though this can be increased if you are an accredited investor (requiring personal assets of more than 1.5 million USD). Though this low level of leverage does limit potential profits it also limits the losses traders can be exposed to.

MAS is not only responsible for regulating Forex brokers but for all aspects of finance in Singapore. MAS also acts as the country’s central bank and enforces compliance with legislation on insurance, banking, equities, and currency. All regulated entities will have a profile (example: Plus500) on the MAS website.

MAS is increasingly being viewed as a world-class regulator, with a strict code of conduct. This was further underlined by the recent announcement by MAS and the UK’s Financial Conduct Authority (FCA) that they plan to deepen cooperation across a range of sectors. Though the focus of the partnership is on preventing cybercrime, the collaboration also includes sharing best practices and innovations in the development and delivery of training programmes and facilitating mutual recognition of professional standards and certifications.

MAS has also recently announced a campaign to incentivise major members of the foreign-exchange industry to set up systems in Singapore, removing the delay caused by routing trades via Tokyo or London. UBS and CitiGroup have already set up local pricing engines and MAS hopes to bring in at least six more major companies. Though this won’t have a direct effect on CFD Forex trading, we expect the sector to expand further over the coming years as Singapore becomes a major Forex trading hub.

MoneySense

MoneySense was founded in 2003 and is Singapore’s national financial education programme. All MoneySense programmes are overseen by the MoneySense Council, which is co-chaired by MAS and comprises representatives from various government agencies.

It is focussed on educating the public and providing them with the information to make more informed financial decisions.

MoneySense can be useful for traders as they regularly post alerts regarding various financial scams, including unregulated brokers and people fraudulently claiming to represent regulated brokers.

MoneySense is a good example of how seriously MAS takes its role as an educator. A financially educated populace is more likely to make intelligent investment decisions and will be better customers for responsible brokers.

Conclusion

The Singapore financial sector is tightly regulated and has one of the lowest rates of malpractice in the world. As MAS takes further steps to enhance the country’s reputation as a secure place to trade we expect the CFD Forex trading industry to grow. By using a MAS regulated Forex broker you can guarantee the security of your funds and know that your rights are protected.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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