The best forex brokers in Singapore are brokers licensed by the Monetary Authority of Singapore (MAS) under a Capital Markets Services (CMS) licence. They offer tight spreads, reliable platforms and segregated client funds, with retail leverage capped at 20:1 on major pairs. Compare the top MAS-regulated options below.
| Feature |
 Gerchik & Co
|
 FOREX.com
|
 AvaTrade
|
|---|---|---|---|
| Regulators | VFSC · FSC Mauritius | NFA, CFTC, FCA · ASIC · CFTC | CBI, ASIC, FSCA, CySEC |
| Founded | 2015 | 2001 | 2007 |
| Execution | STP | Market Maker, ECN, STP | Market Maker, Instant execution |
| Min Deposit | $10 | $100 | $100 |
| EUR/USD Spread | 1.0 pips | 0.0 pips + $7/lot | 0.8 pips |
| GBP/USD Spread | 0.4 pips | 1.2 pips | 1.2 pips |
| Gold Fee | $10 | 0.30 to 0.32 pips | 0.34 pips |
| Platforms | MT4, MT5, CopyTrading | MT4, MT5, WebTrader, TradingView | MT4, MT5, WebTrader, AvaTrade App, AvaOptions, AvaSocial, CopyTrading |
| Open Account Read review | Open Account Read review | Open Account Read review |
Singapore has emerged as a premier hub for forex trading in Asia, driven by its robust regulatory framework, access to the Singapore dollar (SGD), and a growing retail trading community. The Monetary Authority of Singapore (MAS) oversees all licensed forex brokers operating in the region, ensuring investor protection and market integrity. Whether you’re a beginner exploring currency markets or an experienced trader seeking tight spreads and fast execution, finding the right broker is crucial to your success.
This guide compares the best forex brokers in Singapore for 2026, focusing on MAS-regulated platforms and offshore brokers that accept Singapore-based traders. We’ve evaluated regulation, trading platforms, spreads, customer support, and payment methods to help you make an informed decision.
TradeQuo operates as a highly strategic, multi-jurisdictional brokerage group that successfully blends premium regional oversight with flexible offshore licensing to offer an optimal, multi-tiered trading environment. The group establishes deep institutional credibility through its regional entities, notably Tradequomarkets Financial Services L.L.C which is authorized and…
FBS operates under a multi-regulatory structure, holding licenses from the FSC in Belize, CySEC in Cyprus, and ASIC in Australia. This setup offers clients varying levels of protection depending on their registered entity. While CySEC and ASIC provide robust oversight, the FSC license is considered…
IUX operates under multiple regulatory bodies to ensure a secure trading environment for its global client base. The group holds licenses from reputable authorities including ASIC in Australia and the FSCA in South Africa. Retail clients are primarily onboarded under their FSC Mauritius entity, which…
Weby Markets operates as an international business company incorporated under the laws of Saint Lucia. Here are the key regulatory details regarding its legal structure and operating environment: Legal Entity: Weby Markets Ltd Registration Authority: Registry of International Business Companies in Saint Lucia Registration Number:…
Vantage Markets operates under a complex regulatory structure, holding licenses from several authorities globally. Client funds are segregated, and negative balance protection is offered to eligible clients, though not universally guaranteed across all entities.
Headway operates under the authorisation of South Africa’s Financial Sector Conduct Authority, a tier-2 regulator that enforces strict AML and KYC standards but doesn’t offer retail investor compensation. The broker segregates client funds in separate accounts and provides negative balance protection, which adds meaningful safety…
Doto operates under multiple regulatory bodies, providing a varied level of oversight depending on the entity. Its global operations are overseen by the FSC in Mauritius and the FSA in Seychelles, which are considered Tier 3 regulators. Doto also holds licenses with the FSCA in…
VT Markets operates under a multi-jurisdictional regulatory framework, holding licenses from the Mauritius Financial Services Commission, CySEC in Cyprus, and the SVGFSA in St. Vincent and the Grenadines. While client funds are held in segregated accounts and the broker offers up to $1 million in…
zForex operates under the regulation of the Mwali International Services Authority (MISA) in Saint Vincent and the Grenadines. This is a Tier 3 offshore regulator, which generally provides less stringent oversight and fewer client protections compared to Tier 1 authorities. Our research did not confirm…
Plus500 operates under multiple tier-1 regulatory authorities including the UK’s Financial Conduct Authority, Cyprus Securities and Exchange Commission, Australian Securities and Investments Commission, and the Monetary Authority of Singapore. The broker has been in operation since 2008 and maintains segregated client accounts, negative balance protection…
Swissquote operates under a robust multi-regulatory framework, holding licenses from several top-tier authorities globally. This includes regulation by FINMA in Switzerland, the FCA in the UK, and CySEC in Cyprus, among others. The presence of a Swiss banking license for Swissquote Bank Ltd adds a…
Exness operates under multiple tier-one regulatory licenses including CySEC in Cyprus, the FCA in the United Kingdom, and the FSA in Seychelles. Client funds are held in segregated accounts with top-tier banks, and negative balance protection is offered to retail clients in regulated jurisdictions. The…
HFM operates under a multi-regulatory framework, holding licenses from several authorities, including Tier 1 regulators like the FCA and CySEC. While this offers a strong layer of oversight, the lack of confirmed client fund segregation and the RBI Alert List warning are points to consider.…
Singapore offers distinct advantages for forex traders compared to other markets in the region.
Strong Regulatory Protection: The MAS enforces strict capital requirements, segregated client funds, and transparent reporting standards. All MAS-regulated brokers must hold a Capital Markets Services (CMS) license, meaning your deposits are protected under Singapore’s financial framework. This level of oversight is rare in Southeast Asia.
Access to Local Payment Methods: MAS-regulated brokers accept Singapore-based deposits via bank transfers, e-wallets, and local payment gateways. Withdrawal times to local bank accounts typically range from 1 to 3 business days, compared to 5-7 days for many offshore platforms. You can fund your account in SGD, eliminating currency conversion fees on initial deposits.
Competitive Spreads on Major Pairs: Leading brokers like IG offer spreads around 0.9 pips on popular pairs such as EUR/USD and GBP/USD. This tight execution reduces your trading costs, especially important if you trade multiple times daily or hold positions for brief periods.
Multilingual Support and Local Expertise: Top Singapore brokers provide 24/5 customer support in English and sometimes Mandarin, with teams based in the region. Relationship managers familiar with local tax treatment, payment infrastructure, and trading conditions are available to Singapore traders, offering personalised guidance that offshore brokers rarely provide.
Forex trading is fully legal in Singapore, provided you use an authorised and regulated broker. The MAS regulates domestic forex brokers under the Securities and Futures Act (SFA), which was expanded in 2018 to include over-the-counter (OTC) derivatives trading. Any entity offering forex trading services to Singapore residents must hold a valid CMS license from the MAS.
The MAS maintains a public register of licensed capital markets service providers. You can verify a broker’s licence status and scope of approval by checking the official MAS website before opening an account. Licensed brokers must comply with stringent conduct rules, including proper segregation of client funds, regular audits, and disclosure of material conflicts of interest.
Singapore traders can also use offshore brokers regulated in other jurisdictions, such as the UK Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC). However, offshore brokers are not directly supervised by the MAS, so your recourse through Singapore’s regulatory system is limited. Many traders prefer MAS-regulated brokers for this reason, though some choose offshore platforms for specific features or asset classes not available locally.
To trade forex legally in Singapore, you must:
Selecting the right broker requires careful evaluation of multiple factors. Follow these five steps to make a data-driven decision.
Start by verifying that the broker holds a valid CMS licence from the MAS or is regulated by a tier-1 authority in your preferred jurisdiction. Visit the MAS’ online registry or the broker’s website to confirm licence details. Check whether the licence permits retail forex trading; some brokers may offer CFDs but not spot forex. A broker regulated by the FCA (UK) or CySEC (Cyprus) offers additional protection but falls outside MAS jurisdiction.
Confirm that the broker accepts your preferred deposit method. Local bank transfers are the fastest and cheapest option for Singapore traders. Some brokers also accept e-wallets like PayNow, credit cards, and cryptocurrency. Compare withdrawal fees and processing times to local SGD accounts; expect 1-3 business days from MAS-regulated brokers and 5-7 days from offshore platforms.
Tight spreads directly reduce your trading costs. Request or check the broker’s typical spreads on EUR/USD, GBP/USD, and USD/JPY. MAS-regulated brokers typically quote spreads between 0.5 and 2 pips on major pairs. Don’t confuse raw spreads with total cost; some brokers add commissions or execution fees. Use the broker’s demo account to check live quotes before committing real capital.
Contact the broker’s customer support team via email or live chat with a simple question. Evaluate whether representatives respond in English (or your preferred language), answer promptly, and address your concern directly. Singapore traders benefit from brokers with dedicated local support teams or relationship managers who understand regional payment systems and trading hours.
Before depositing real capital, open a free demo account to test the trading platform, order execution, and user interface. Spend at least 3-5 trading sessions on the demo to ensure you’re comfortable with the platform’s navigation, charting tools, and order types. This risk-free trial reveals whether the broker’s technology meets your needs.
Several questions arise frequently when Singapore traders evaluate forex brokers.
MAS regulation provides stronger legal protection and faster dispute resolution through Singapore’s financial system. If a broker fails or disputes arise, your funds are protected under the Securities Investor Protection Fund (SIPF) up to SGD 500,000 for MAS-regulated brokers. Offshore brokers offer no such guarantee, though many are regulated by reputable authorities such as the FCA. The choice depends on your risk tolerance and preference for local oversight.
Singapore does not impose capital gains tax on individuals. Forex trading profits are generally not taxable unless you are classified as a trader or the forex trading constitutes your primary business. If the Inland Revenue Authority of Singapore (IRAS) classifies your trading as ordinary income, your gains may be subject to income tax. Consult a local tax advisor to understand your specific tax position.
Beginners should use low leverage, typically 5:1 to 10:1, to limit losses on losing trades. A 10:1 leverage means a 10% adverse price move wipes out your entire deposit. Many brokers recommend a maximum of 5% of your account risk per trade, which naturally restricts leverage based on your position size and stop-loss distance.
Yes, you can trade forex part-time as a hobby or additional income source without requiring special permits, provided you trade through a regulated broker. Many Singapore traders combine part-time forex trading with full-time employment. However, keep detailed records of your trades for tax purposes and be aware that frequent, large-scale trading may trigger IRAS scrutiny regarding your trading classification.
Singapore’s regulatory environment, local payment infrastructure, and growing trading community make it an attractive market for forex traders. By choosing a MAS-regulated broker or a reputable offshore platform, verifying regulation, comparing spreads, and testing the platform on a demo account, you’ll significantly improve your chances of long-term trading success.
The brokers listed above represent the best options available to Singapore traders in 2026, each excelling in regulation, execution quality, customer service, or specialised features. Compare them side-by-side using the factors outlined in this guide, and select the broker that best aligns with your trading style, budget, and goals.
The Monetary Authority of Singapore (MAS) is the regulator. Brokers offering leveraged forex to retail clients must hold a CMS licence under the Securities and Futures Act.
MAS caps retail leverage at 20:1 on major currency pairs. Limits are lower on minor pairs and other instruments, and Accredited Investors can opt in to higher leverage.
Singapore has no general capital gains tax, so profits are usually not taxed for individual investors. If the IRAS views your trading as a business, the income may be taxable, so check with a tax professional.
Search the broker’s legal name in the MAS Financial Institutions Directory. Confirm it holds a CMS licence that covers leveraged forex before you deposit.
Licensed brokers must follow strict capital, conduct and reporting rules, including keeping retail client money segregated. This helps protect your deposits.
It may be legally possible, but offshore brokers offering 100:1 or 500:1 leverage are not under MAS retail protections. A MAS-licensed broker is the safer choice.
It varies by broker. Many MAS-regulated brokers accept deposits from around S$100, though some require more. Always check the broker’s account terms.
