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Best forex brokers in Singapore 2026

Only MAS-regulated brokers make this list. We compare spreads, platforms, and SGD account options so you trade with full regulatory protection.

MAS Regulated SGD Accounts Top-Rated 2026
Affiliate disclosure: CompareFX may earn a commission when you open an account through links on this page. This does not affect our ratings or editorial independence. We only list MAS-regulated brokers.

MAS regulation explained

The Monetary Authority of Singapore (MAS) is Singapore's financial regulator. All brokers operating in Singapore must hold a Capital Markets Services (CMS) licence. MAS caps retail forex leverage at 1:20, requires client fund segregation, and enforces strict reporting standards. Always verify your broker's licence at mas.gov.sg.

Broker Regulation Min deposit Avg spread EUR/USD Platforms
IG Markets Singapore MAS CMA#187360 SGD 450 0.6 pip IG Web, MT4, ProRealTime
Saxo Bank MAS Licensed SGD 3,000 0.8 pip SaxoTraderGO, SaxoTraderPRO
Oanda MAS Licensed No minimum 1.0 pip fxTrade, MT4, MT5
CMC Markets MAS Regulated SGD 200 0.7 pip Next Generation, MT4
Interactive Brokers MAS Regulated SGD 0 0.5 pip TWS, IBKR Mobile, API
Detailed broker reviews

1. IG Markets Singapore

4.8★★★★★
MAS CMS Licence #187360
Min deposit
SGD 450
EUR/USD spread
0.6 pip
Leverage (retail)
1:20
Platforms
3
Pairs
80+
SGD account
Yes

Pros

  • MAS licensed since 2001
  • Widest instrument range in SG
  • Strong educational resources
  • MT4 + proprietary platform

Cons

  • Higher minimum deposit
  • Inactivity fee applies
Best for: Traders who want the widest selection of instruments with full MAS protection.

2. Saxo Bank Singapore

4.7★★★★★
MAS Licensed
Min deposit
SGD 3,000
EUR/USD spread
0.8 pip
Leverage (retail)
1:20
Platforms
2
Pairs
185+
SGD account
Yes

Pros

  • Institutional-grade platform
  • Largest FX pair selection
  • Premium research tools
  • Stocks, bonds, ETFs too

Cons

  • High minimum deposit
  • Complex for beginners
Best for: Experienced traders who want institutional-grade tools and multi-asset access.

3. Oanda Singapore

4.6★★★★★
MAS Licensed
Min deposit
None
EUR/USD spread
1.0 pip
Leverage (retail)
1:20
Platforms
3
Pairs
70+
SGD account
Yes

Pros

  • No minimum deposit
  • Fractional pip pricing
  • Strong API for algo traders
  • fxTrade mobile app

Cons

  • Spreads slightly wider
  • Fewer pairs than rivals
Best for: Beginners and algorithmic traders who want no deposit barrier and API access.

4. CMC Markets Singapore

4.5★★★★★
MAS Regulated
Min deposit
SGD 200
EUR/USD spread
0.7 pip
Leverage (retail)
1:20
Platforms
2
Pairs
330+
SGD account
Yes

Pros

  • Low 0.7 pip EUR/USD spread
  • 330+ currency pairs
  • Advanced charting tools
  • Negative balance protection

Cons

  • CFD-only (no physical FX)
  • Platform learning curve
Best for: Active traders who want tight spreads and a huge selection of currency pairs.

5. Interactive Brokers Singapore

4.4★★★★☆
MAS Regulated
Min deposit
SGD 0
EUR/USD spread
0.5 pip
Leverage (retail)
1:20
Platforms
3
Pairs
100+
SGD account
Yes

Pros

  • Lowest spreads on list
  • Commission-based pricing
  • Multi-asset (stocks, options)
  • Strong API and algo support

Cons

  • Complex TWS platform
  • Not ideal for beginners
Best for: Professional traders and institutions who prioritise low commissions and multi-asset trading.
How to start trading forex in Singapore
1

Verify MAS licence

Check the broker holds a valid CMS licence on the official MAS Financial Institutions Directory at mas.gov.sg.

2

Open your account

Complete the online application. You will need your NRIC/passport, proof of address, and income details for suitability checks.

3

Fund with SGD

Deposit in Singapore dollars via PayNow, bank transfer, or debit card. Avoid currency conversion fees where possible.

4

Trade with 1:20 leverage

MAS caps retail leverage at 1:20. Start with a demo account to learn the platform before risking real funds.

Frequently asked questions
Is forex trading legal in Singapore?
Yes. Forex trading is legal in Singapore. All retail brokers must hold a Capital Markets Services (CMS) licence issued by the Monetary Authority of Singapore (MAS). Trading with an unlicensed broker carries significant legal and financial risk.
What is the maximum leverage for retail traders in Singapore?
MAS caps leverage for retail forex traders at 1:20 on major currency pairs. This means a SGD 1,000 margin controls a SGD 20,000 position. Professional traders may apply for higher leverage subject to eligibility criteria.
Are my funds safe with a MAS-regulated broker?
MAS-licensed brokers must segregate client funds from company funds, ensuring your money is protected if the broker becomes insolvent. However, forex trading itself carries significant risk of loss. Always check the broker's licence status at mas.gov.sg.
Can I open a Singapore dollar (SGD) account?
Yes. All five brokers on this list offer SGD-denominated accounts, which eliminates currency conversion costs when depositing or withdrawing in Singapore dollars. This is an important feature to look for when comparing brokers.
How do I verify a broker's MAS licence?
Visit the MAS Financial Institutions Directory at mas.gov.sg/financial-institutions. Search by the broker's name or licence number. You can see the exact licence type, scope, and status. For example, IG Markets Singapore holds CMS licence #187360.