Best Forex Brokers in Singapore

Best Forex Brokers in Singapore 2023

OctaFX

• Competitive trading conditions
• Wide range of instruments
• User-friendly platforms

• Limited educational resources
• Limited support options
• High CFD Fees

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T&Cs applyCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-90% of retail investor accounts lose money when trading CFDs. 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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Pepperstone

• Competitive spreads
• Fast trade execution
• Multiple trading platforms

• Limited educational resources
• No fixed spread
• Customer support can be improved

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T&Cs applyCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-90% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Review

BlackBull Markets

• Robust trading technology
• Multiple account types
• Strong focus on client security

• Limited educational resources
• High minimum deposit
• Customer support can vary

Learn More

T&Cs applyCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-90% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Review

Vantage

• Competitive spreads
• Wide range of instruments
• Multiple trading platforms

• Limited educational resources
• Customer support responsiveness can vary
• High Minimum deposit

Learn More

T&Cs applyCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-90% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Review

AvaTrade

• Wide range of instruments
• User-friendly platforms
• Multi-Regulated broker

• Inactivity fees may apply
• Limited educational resources
• Customer support response varies

Learn More

T&Cs applyCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-90% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Review

Forex Trading In Singapore

As with most countries in South East Asia, forex trading has seen a significant increase in popularity across Singapore over the past few years. Although forex trading is not illegal in Singapore, it is considered a grey area, and local residents are advised to trade with a broker who is authorized by the Monetary Authority of Singapore (MAS) – https://www.mas.gov.sg/regulation/overview. The MAS is the central bank of Singapore and provides strict regulation for all financial transactions within the country, making sure brokers comply with anti-money laundering laws as well as other regulations related to trading.

If you want to learn more about Forex trading and how it works, click here to visit our Beginners Guide to Forex.

Forex Regulation in Singapore

The Monetary Authority of Singapore(MAS) is the regulatory body for all financial services and activities in Singapore.

It was established in 1971 to operate as the local government’s banker. Nevertheless, it is not required to get authorization from the Monetary Authority of Singapore, in order to offer financial services and forex trading to the residents of Singapore.

However, it is advised to choose a regulated broker with a Tier 1 license like Cysec, FCA, FSCA, or ASIC to make sure your funds are protected.

MAS is considered one of the most reputable financial regulators due to its strict policies and thorough control of firms registered under them. It obligates forex brokers to keep business and client funds separate, along with several other safety measures to protect retail traders’ interests. It can also take disciplinary actions for compliance violations and even suspend the operations of financial firms.

Retail forex brokers regulated by MAS can offer a maximum leverage of up to 1:20, to retail clients. Qualified professional investors can receive leverage up to 1:50. However, MAS does not allow hedging, automated trading, or copy trading, and does not offer a compensation scheme in case of a dispute.

How to Verify MAS Authorisation and License

To identify if a forex broker is regulated or authorized by MAS to offer services in Singapore, the first step is to identify the registration number from the disclosure text at the bottom of the broker’s Singapore homepage. For example, here’s the key disclosure text from CMC Markets’s website,

CMC Markets Singapore Pte. Ltd. (Reg. No./UEN 200605050E.) is regulated by the Monetary Authority of Singapore and holds a capital markets services license for dealing in securities and leveraged foreign exchange, and is an exempt financial adviser.

Next, look up the firm on the MAS website to validate the register number is, in fact, legitimate.