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Singapore Forex Broker Guide 2024

Best Forex Brokers
in Singapore 2024

Expert-reviewed brokers for Singapore traders. We cover MAS-regulated options, SGD account availability, and the best international brokers accepting SG clients — with real account testing on every entry.

See Top Brokers → Compare Side-by-Side
14+
Brokers accepting SG traders
MAS
Singapore's top-tier regulator
SGD
Account base currency available
0.0
Minimum spread (pips, ECN accts)
Regulation & Safety
Understanding the MAS & Forex Regulation in Singapore

The Monetary Authority of Singapore (MAS) is one of the world's most respected financial regulators — good news for Singapore-based traders seeking well-protected platforms.

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MAS-Licensed Brokers
Brokers holding a Capital Markets Services (CMS) licence from the MAS are subject to strict capital adequacy requirements, mandatory client fund segregation, and Singapore's investor compensation framework. This is the gold standard for SG-based traders.
Highest protection level
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International Brokers (ASIC/FCA)
Many top international brokers — regulated by ASIC, FCA, or CySEC — accept Singapore traders and offer broader product ranges. These carry strong regulatory oversight even without a local MAS licence. Several also maintain Singapore offices.
Tier-1 global regulation
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Leverage Rules in Singapore
Singapore imposes leverage caps on retail clients: up to 20:1 for major forex pairs under MAS-regulated accounts. International brokers operating outside MAS jurisdiction may offer higher leverage, though this increases risk commensurately.
Know your limits
Updated January 2024 · Real Account Tested
Top Forex Brokers for Singapore Traders

Ranked by overall score across regulation, spreads, execution, and SG-specific features.

#BrokerRatingMin. DepositSpread (EUR/USD)Regulation
1
IG Group
Market Maker · Web platform, MT4, ProRealTime
✓ MAS-licensed (CMS Licence) · SGD accounts
 ★★★★★9.3 $0 0.6 pips MAS FCA ASIC ReviewVisit ↗
2
Saxo Bank
Premium Broker · SaxoTraderGO, MT · Institutional
✓ MAS-licensed · SGD accounts · Singapore office
 ★★★★★9.1 $2,000 0.4 pips MAS FCA DFSA ReviewVisit ↗
3
Pepperstone
ECN/STP · MT4, MT5, cTrader, TradingView
✓ Accepts SG traders · ASIC + FCA regulated
 ★★★★★9.4 $0 0.0 pips (Razor) ASIC FCA ReviewVisit ↗
4
IC Markets
True ECN · MT4, MT5, cTrader · High volume
✓ Accepts SG traders · Low-latency servers
 ★★★★★9.2 $200 0.0 pips (Raw) ASIC CySEC ReviewVisit ↗
5
OANDA
Market Maker · OANDA Platform, MT4 · No min deposit
✓ MAS-licensed · SGD base currency available
 ★★★★8.5 $0 1.2 pips MAS ASIC FCA ReviewVisit ↗

⚠ CFD trading carries a high risk of losing money due to leverage. 68–89% of retail accounts lose money. Consider carefully whether you can afford the risk.

Feature Comparison
Singapore-Specific Feature Matrix
BrokerMAS LicensedSGD AccountAccepts SGLocal Bank TransferSingapore OfficeSG Support
IG Group✓ Yes✓ Yes✓ Yes✓ Yes✓ Yes✓ English
Saxo Bank✓ Yes✓ Yes✓ Yes✓ Yes✓ Yes✓ English
Pepperstone✗ No (ASIC)USD/AUD/EUR✓ Yes✗ No✗ No✓ 24/5
IC Markets✗ No (ASIC)USD/AUD/EUR✓ Yes✗ No✗ No✓ 24/7
OANDA✓ Yes✓ Yes✓ Yes✓ Yes✓ Yes✓ English
Singapore Forex FAQs
Is forex trading legal in Singapore? +
Yes, forex trading is fully legal in Singapore. The Monetary Authority of Singapore (MAS) regulates the financial sector and requires brokers offering forex services to Singapore residents to hold a Capital Markets Services (CMS) licence. Many international brokers without a local MAS licence also legally accept Singapore clients provided they hold a comparable tier-1 licence (ASIC, FCA, etc.).
Do I need to pay tax on forex profits in Singapore? +
Singapore does not impose capital gains tax, which is excellent news for forex traders. However, if forex trading is deemed to be a "trading business" rather than passive investing, profits may be classified as income and taxed accordingly. Most retail traders who trade their own money casually are typically not taxed on forex gains. We recommend consulting a Singapore tax professional for your specific situation.
What is the maximum leverage available in Singapore? +
For MAS-regulated brokers, retail clients are typically limited to 20:1 leverage on major forex pairs. For international brokers operating outside MAS jurisdiction, higher leverage (up to 500:1) may be offered, though this significantly increases risk. Singapore's leverage limits are less restrictive than Europe (30:1 max under ESMA) but more conservative than some offshore jurisdictions.
Can I open a SGD base currency account? +
Yes, but only with certain brokers. IG Group, Saxo Bank, and OANDA all offer SGD base currency accounts for Singapore clients, eliminating currency conversion costs on deposits and withdrawals. International brokers like Pepperstone and IC Markets typically offer USD, AUD, or EUR as base currencies without a local SGD option.