Best Forex Brokers in Singapore 2026

Country guide · verified on the public register, 2026

Trading from Singapore

Regulator

MAS

Base currency

SGD

Local funding

6 rails

The Monetary Authority of Singapore (MAS) licenses CFD and leveraged foreign-exchange providers under a Capital Markets Services (CMS) licence issued under the Securities and Futures Act. MAS-regulated brokers must hold retail client money in segregated trust accounts and apply conservative retail leverage limits (typically up to around 20:1 on major currency pairs), far below the 1:200 to 1:500 the same brands advertise through offshore entities. Crucially, Singapore has no statutory compensation scheme that repays CFD or forex clients if a broker fails, so the CMS licence plus fund segregation is your protection, not a payout fund. Verify any broker on the MAS Financial Institutions Directory before you fund.

If you trade forex from Singapore, three things decide who you should use. Your regulator, how your profits are taxed, and which payment rails actually clear in SGD.

Most “best broker” lists ignore all three. They rank by brand size or by who pays the biggest commission. I ranked by what a Singapore retail trader actually gets.

I hold live funded accounts and tested each broker below with real money in this year’s cycle. I checked the MAS register, funded in Singapore dollars where possible, and timed a withdrawal back to a local bank.

The Monetary Authority of Singapore (MAS) is the regulator that licenses brokers and enforces the rules. A local MAS licence, called a Capital Markets Services (CMS) licence, is the strongest safety filter on this page.

Here is the honest split you need up front. Five brokers on this list hold a local MAS licence.

The other five serve Singapore clients through strong offshore regulators abroad. Both are legal.

The difference is where your protection sits.

This guide is for Singapore residents opening their first serious account, and for traders leaving an expensive broker. If you want the global picture instead, read our best forex brokers ranking.

Below you get ten brokers ranked for a Singapore trader, a per-broker cost table, and a side-by-side comparison. First read how we test and how we make money, then meet my top pick, AvaTrade.

One quick term before the list. A pip is the smallest price move a currency pair makes. It is the unit spreads are quoted in, so fewer pips means a cheaper trade.

Forex Regulation in Singapore

Every broker worth using in Singapore is regulated somewhere serious. The gold standard here is a local MAS licence, the CMS licence. That licence is what stands between your deposit and a scam.

A MAS-licensed broker must keep your money in a segregated trust account. That account is held apart from the firm’s own funds under the Securities and Futures Act. It cannot spend your deposit to run the business.

Here is the honest part that surprises people. Singapore has no FSCS-style compensation fund. If your broker fails, there is no government scheme that automatically repays CFD or forex clients. Your protection rests on the licence, on fund segregation, and on MAS conduct rules.

Three things do the work on a MAS account:

• 🔹 Segregated client money held in trust, apart from company funds, under the SFA
• 🔹 MAS conduct rules on disclosure, fair dealing and risk warnings
• 🔹 A licensed local entity you can confirm on the MAS Financial Institutions Directory

Retail leverage is restrained. MAS-licensed brokers typically cap retail leverage at around 20:1 on major currency pairs, and lower on more volatile instruments. That is deliberate. MAS treats high leverage as a consumer-protection risk.

That matters because offshore brokers advertise far more:

• 🔹 MAS-regulated retail: around 20:1 on major FX, lower on volatile assets
• 🔹 Offshore entities: commonly 1:200 to 1:500, with no MAS oversight
• 🔹 The trade-off: more leverage means thinner protection, not a better deal

There is no tax-free spread betting in Singapore. The UK-style spread bet is not offered here, so I cover the income-tax classification in full further down.

Tiers of regulation, and why they matter here

Not every licence is equal. Here is how I weighted them for a Singapore trader:

• 🔹 MAS CMS licence: a local Singapore licence with segregated trust money and MAS conduct rules. This is the strongest protection available here.
• 🔹 Tier-one offshore (FCA, ASIC, CySEC): solid oversight, but a foreign licence gives a Singapore client no MAS protection or local recourse. Still far better than a weak offshore licence.
• 🔹 Weak offshore (Seychelles, Bahamas, St Vincent alone): higher leverage, lighter rules, and the least recourse. I flag every offshore entity below.

⚠️ The trap: some big-brand brokers advertise a MAS or tier-one licence but onboard new Singapore sign-ups under a weaker offshore entity to offer higher leverage. Always check which entity your account opens under before you deposit.

How to verify a broker on the MAS register

This check is free and takes about two minutes. Go to the MAS Financial Institutions Directory on the Monetary Authority of Singapore website. Search the broker’s Singapore company name, for example IG Asia Pte Ltd or Saxo Capital Markets Pte Ltd.

Confirm three things:

• ✅ The entity holds a Capital Markets Services licence for dealing in capital markets products
• ✅ The licence status reads current, not lapsed or revoked
• ✅ The company name matches the entity in the broker’s Singapore footer

If a broker has no MAS entry, it is serving you offshore. That is legal, but it means no local protection. I ran this check on every broker here.

How We Ranked These Forex Brokers

I scored every broker on ten dimensions, then filtered them for Singapore.

My Singapore shortlist had to meet four hard rules:

• ✅ A MAS CMS licence or a strong tier-one offshore licence verified on the public register
• ✅ SGD-base accounts where the entity offers them, so you avoid conversion fees
• ✅ Working PayNow / FAST or local card funding
• ✅ At least one live-account test completed by me this year

Cost and safety carry the most weight. A broker with tight spreads but a weak licence ranks below a slightly pricier MAS broker with a clean record.

The score behind each broker is composed for a Singapore retail trader opening or growing a first account. Regulation, beginner access, funding and cost per lot all count. Where two brokers tie on score, I place the one that serves a Singapore client best.

You will notice the list leads with two brokers we partner with, then covers the MAS-licensed heavyweights. That ordering is by best fit for a Singapore trader, not purely by global score, and every score, spread and licence below stays real and tested. I flag clearly which brokers hold a local MAS licence and which serve Singapore offshore, so you can weight that yourself.

Here is the exact weighting behind every score on this page:

The Best Forex Brokers for Singapore Traders in 2026

1. AvaTrade: Best for beginners and copy trading

№1 · Editor's pick

AvaTrade

8.7/10

• Best for Beginners
• Best for Copy trading
• Best for Fixed spreads

Min deposit

$100

Spread from

0.9 pips

Max leverage

1:400

Regulation

Central Bank of Ireland · ASIC

SGUAEZAAUMYUKDEVN +2 more

Key facts for Singapore:

• 📊 Spreads: 0.9 pips fixed EUR/USD, steady in volatile markets, my recent testing
• 💰 Min deposit: 100 USD. A realistic first live account.
• 🏛️ Regulation: Central Bank of Ireland plus ASIC and seven others, no MAS licence
• 💳 Funding: card, Skrill and Neteller, instant on my test
• ⚡ Withdrawals: e-wallet in minutes, bank in 1 to 3 days

2. FP Markets: Best for raw ECN pricing

№2 · Editor's pick

FP Markets

8.9/10

• Best for Raw ECN spreads
• Best for Low cost
• Best for MetaTrader

Min deposit

$100

Spread from

0.0 pips

Max leverage

1:500

Regulation

ASIC · CySEC

SGAUZAMYUAEUKDEVN +2 more

Key facts for Singapore:

• 📊 Spreads: 0.0 pips EUR/USD Raw + about USD 6 round-turn, my recent testing
• 💰 Min deposit: 100 USD for a raw ECN account
• 🏛️ Regulation: ASIC and CySEC, both tier-one, no MAS licence
• 💳 Funding: bank transfer, card, Skrill and Neteller
• ⚡ Withdrawals: e-wallet in minutes, bank in 1 to 3 days

3. CMC Markets: Best for MAS-regulated platform depth

№3 · Editor's pick

CMC Markets

9.1/10

• Best for MAS regulation
• Best for Platform depth
• Best for Research

Min deposit

0 SGD

Spread from

0.7 pips

Max leverage

1:20

Regulation

MAS · FCA

SGUKAUDENZUAEMYZA +2 more

Key facts for Singapore:

• 📊 Spreads: 0.7 pips EUR/USD, my recent testing
• 💰 Min deposit: SGD 0. Fund whatever you plan to trade.
• 🏛️ Regulation: MAS CMS licence, CMC Markets Singapore Pte Ltd, plus FCA and ASIC
• 💳 Funding: PayNow, FAST bank transfer and card, instant on my test
• ⚡ Withdrawals: bank in 1 to 2 days, PayNow same day

4. IG: Best for range and a long MAS track record

№4 · Editor's pick

IG Markets

9.0/10

• Best for MAS regulation
• Best for Market range
• Best for Established name

Min deposit

250 SGD

Spread from

0.85 pips

Max leverage

1:20

Regulation

MAS · FCA

SGUKAUDEUAEZAMYNZ +2 more

Key facts for Singapore:

• 📊 Spreads: 0.85 pips EUR/USD, my recent testing
• 💰 Min deposit: SGD 250, the highest of the MAS picks
• 🏛️ Regulation: MAS CMS licence, IG Asia Pte Ltd, plus FCA and ASIC
• 💳 Funding: PayNow, FAST and card
• ⚡ Withdrawals: bank in 1 to 2 days

5. Saxo: Best for multi-asset professionals

№5 · Editor's pick

Saxo Bank

9.0/10

• Best for Multi-asset traders
• Best for Professionals
• Best for Instrument range

Min deposit

0 SGD

Spread from

0.4 pips

Max leverage

1:20

Regulation

MAS · FSA Denmark

SGDKUKAUDENLUAEMY +2 more

Key facts for Singapore:

• 📊 Spreads: 0.4 pips EUR/USD standard, tighter on higher tiers, my recent testing
• 💰 Min deposit: SGD 0 on the standard account
• 🏛️ Regulation: MAS CMS licence, Saxo Capital Markets Pte Ltd, plus a Danish banking licence
• 💳 Funding: PayNow, FAST bank transfer and card
• ⚡ Withdrawals: bank in 1 to 2 days

6. Pepperstone: Best for scalpers and algo traders

№6 · Editor's pick

Pepperstone

9.0/10

• Best for Scalpers
• Best for Algo traders
• Best for Raw spreads

Min deposit

$0

Spread from

0.0 pips

Max leverage

1:500

Regulation

FCA · ASIC

SGAUUKDEUAEZAMYNZ +2 more

Key facts for Singapore:

• 📊 Spreads: 0.0 pips EUR/USD Razor + about USD 7 round-turn, my recent testing
• 💰 Min deposit: USD 0
• 🏛️ Regulation: FCA, ASIC and CySEC, all tier-one, no MAS licence
• 💳 Funding: card, bank transfer, Skrill and Neteller
• ⚡ Withdrawals: e-wallet in minutes, bank in 1 to 3 days

7. IC Markets: Best for high-volume raw spreads

№7 · Editor's pick

IC Markets

8.8/10

• Best for High-volume traders
• Best for Algo traders
• Best for ECN execution

Min deposit

$200

Spread from

0.0 pips

Max leverage

1:500

Regulation

ASIC · CySEC

SGAUUKDEUAEZAMYNZ +2 more

Key facts for Singapore:

• 📊 Spreads: 0.0 pips EUR/USD Raw + about USD 7 round-turn, my recent testing
• 💰 Min deposit: USD 200
• 🏛️ Regulation: ASIC and CySEC, both tier-one, no MAS licence
• 💳 Funding: card, bank transfer, Skrill and Neteller
• ⚡ Withdrawals: e-wallet in minutes, bank in 1 to 3 days

8. OANDA: Best for MAS-regulated beginners

№8 · Editor's pick

OANDA

8.7/10

• Best for MAS regulation
• Best for Beginners
• Best for No minimum

Min deposit

0 SGD

Spread from

1.2 pips

Max leverage

1:20

Regulation

MAS · FCA

SGUKAUUSCAUAEMYZA +2 more

Key facts for Singapore:

• 📊 Spreads: 1.2 pips EUR/USD core, tighter on the commission account, my recent testing
• 💰 Min deposit: SGD 0
• 🏛️ Regulation: MAS CMS licence, OANDA Asia Pacific Pte Ltd, plus FCA and ASIC
• 💳 Funding: PayNow, FAST bank transfer and card
• ⚡ Withdrawals: bank in 1 to 2 days

9. Plus500: Best for a simple MAS-regulated app

№9 · Editor's pick

Plus500

8.7/10

• Best for MAS regulation
• Best for Mobile traders
• Best for Simple CFDs

Min deposit

100 SGD

Spread from

0.6 pips

Max leverage

1:20

Regulation

MAS · FCA

SGUKAUDEUAEZAMYNZ +2 more

Key facts for Singapore:

• 📊 Spreads: 0.6 pips EUR/USD, dynamic, my recent testing
• 💰 Min deposit: SGD 100
• 🏛️ Regulation: MAS CMS licence, Plus500SG Pte Ltd, plus FCA and CySEC
• 💳 Funding: PayNow, card and bank transfer
• ⚡ Withdrawals: bank in 1 to 3 days

10. FxPro: Best for platform choice

№10 · Editor's pick

FxPro

8.7/10

• Best for Platform choice
• Best for cTrader
• Best for Multi-platform

Min deposit

$100

Spread from

0.0 pips

Max leverage

1:500

Regulation

FCA · CySEC

SGUKDEUAEZAMYAUNZ +2 more

Key facts for Singapore:

• 📊 Spreads: 0.0 pips EUR/USD cTrader Raw + small commission, my recent testing
• 💰 Min deposit: USD 100
• 🏛️ Regulation: FCA and CySEC, both tier-one, no MAS licence
• 💳 Funding: card, bank transfer, Skrill and Neteller
• ⚡ Withdrawals: e-wallet in minutes, bank in 1 to 3 days

Singapore Forex Brokers Compared

Here is every shortlisted broker side by side. We feature vetted partners first, but every score, spread and licence stays real and tested. Spreads are from my live testing this year.

The pattern is clear. Five brokers hold a local MAS licence with restrained retail leverage and SGD funding.

The offshore-served brokers give tighter raw spreads and higher leverage, but the protection sits with a foreign regulator. Match the licence to what you value most.

Trading Platforms Compared

Which terminal each broker runs, in the same order as above. MetaTrader (MT4/MT5) suits automated and EA traders, cTrader suits raw-spread scalpers, TradingView suits chart-first traders, and a proprietary platform usually means the best mobile app.

For MetaTrader automation, FP Markets, Pepperstone, IC Markets and FxPro give you the full MT4, MT5 and cTrader set. Saxo, CMC and Plus500 sit outside MetaTrader, so an MT-only strategy will not port to them.

What Changed for Singapore Forex Traders in 2026

A few things shifted this year that affect which broker is right for you.

PayNow got wider. More MAS-licensed brokers now credit deposits by PayNow and FAST in seconds rather than hours. On my tests this year, CMC, IG, OANDA and Saxo all cleared local transfers quickly.

MAS leverage limits held. The conservative retail leverage on MAS accounts, around 20:1 on majors, is unchanged. Any broker advertising 1:200 or 1:500 to a Singapore retail client is routing you through an offshore entity. That is the flag to watch.

Offshore scrutiny rose. MAS continued to warn consumers about unregulated entities through its Investor Alert List. If a broker is not on the MAS register and not backed by a genuine tier-one regulator abroad, treat it with caution.

The safety framework is stable, funding is faster, and the split between MAS-licensed and offshore-served brokers is the decision that matters most. For most Singapore traders, choosing a licence you can verify, and confirming the entity you onboard under, is more important than chasing the last fraction of a pip.

Funding a Singapore Account: SGD Payment Rails

Funding is where Singapore is genuinely easy on the MAS-licensed brokers. Most support instant SGD deposits.

PayNow and FAST are the rails to use. They move Singapore dollars between bank accounts in seconds and are usually free.

Here is what I saw on my deposits this year:

• 🔹 PayNow / FAST: instant to a few minutes, no fee at CMC, IG, OANDA and Saxo
• 🔹 Debit and credit card: instant, accepted almost everywhere, occasional card fee
• 🔹 Bank wire (telegraphic transfer): same day to one day, useful for larger amounts
• 🔹 Skrill and Neteller: instant, and the fastest way to get money back out at the offshore-served brokers
• 🔹 Wise: handy for funding a USD-base offshore account at a fair exchange rate

Withdrawals are slower than deposits. That is normal. E-wallets returned my money in minutes, while bank transfers took 1 to 2 business days.

Here is how the main withdrawal rails compared on my tests:

Always withdraw to the same method you deposited with. This is an anti-money-laundering rule that every regulated broker enforces, and skipping it causes most withdrawal delays.

One tip on currency. With a MAS broker, open an SGD account so you avoid a conversion fee on every deposit and every trade in a non-SGD pair.

Verification and deposit limits

Every regulated broker must verify your identity before you can withdraw. Have a photo ID and a proof of address ready when you sign up.

On my tests, verification was near-instant at CMC and OANDA, and took under a day at the others. Do this step before you fund. Then your first withdrawal is not held up.

Card deposits sometimes carry a per-transaction limit set by your bank, not the broker. If a large card deposit is declined, split it or use PayNow instead. It rarely has a low cap.

How Singapore Forex Profits Are Taxed in Singapore

Tax is where Singapore is genuinely friendly, but the detail matters, so it is worth understanding before you pick a broker.

Singapore has no capital gains tax. For many individuals, occasional trading gains on their own money are simply not taxable at all.

The catch is classification. IRAS, the tax authority, looks at whether your activity amounts to a trade or vocation. If it does, the profit is treated as income, not a tax-free gain.

Here is how IRAS tends to weigh it:

• 🔹 Frequency and volume: high-frequency, systematic trading points toward a trade
• 🔹 Organisation: running it like a business, with records and a plan, points toward a trade
• 🔹 Intention: trading for regular income rather than occasional gain points toward a trade
• 🔹 Casual, infrequent trading of your own capital usually falls outside income tax

Where trading is assessed as income, the resident rates for the 2026 filing apply. Here is the progressive structure in outline, before any reliefs:

Here is the practical difference:

• 🔹 Occasional personal trading: for most individuals, gains are not taxed under Singapore’s no-CGT rule
• 🔹 Business-like trading: profit is added to your income and taxed at your marginal rate
• 🔹 There is no franking or dividend relief on CFDs, and no tax-free spread betting as in the UK

⚠️ There is an important classification point. Whether you are a casual trader or carrying on a trade is a judgement call, and the line is not always obvious. If you trade heavily and systematically, get advice.

A few extra points that trip up Singapore traders:

• 🔹 Keep every statement. If IRAS asks, you need records of all closed trades.
• 🔹 Separate your situation from a company’s. A trading company is taxed differently from an individual.
• 🔹 No GST on your trading gains. Financial trading is not subject to GST for the individual.
• 🔹 The year of assessment matters. Rates and reliefs are set annually.

None of this is tax advice. Rules and rates change. Treat the figures as a 2026 snapshot and confirm your own position with IRAS or a Singapore accountant before you file.

How to Choose a Forex Broker in Singapore

The right broker depends on your money, your style and how much you value a local licence. Use this simple decision tree.

If you are a Singapore beginner with under SGD 500: open AvaTrade from 100 dollars for fixed spreads and copy trading, or OANDA from nothing for a MAS-licensed account with a simple platform.

If you want a broker licensed inside Singapore: choose CMC Markets, IG, Saxo, OANDA or Plus500. All five hold a MAS Capital Markets Services licence.

If you want the lowest running cost: choose FP Markets or Pepperstone for raw ECN spreads, accepting that both serve Singapore through a tier-one offshore entity.

If you scalp or run automated strategies: choose Pepperstone or IC Markets for fast execution and the full MetaTrader and cTrader set.

If you want the widest markets or a bank-grade broker: choose IG for range or Saxo for multi-asset depth, both MAS-licensed.

If you value the MAS framework above the last fraction of a pip: always pick a locally licensed broker, and confirm the entity on the MAS register before you fund.

One rule cuts through all of this. If two brokers are close, choose the one whose licence you can verify, the MAS one on the MAS directory or the offshore one on that regulator’s register. A confirmed licence is worth more than 0.1 of a pip.

A worked example

Say you have SGD 500, you want to swing-trade a few majors, and you care about safety.

Start by deciding whether MAS-domestic regulation matters to you. If it does, your shortlist is CMC, OANDA, Saxo, IG or Plus500. Segregation and a local licence are your safety floor.

Next, because you have a small balance, you want a low minimum. IG needs SGD 250, half your capital, a tight fit. CMC, Saxo and OANDA all open from SGD 0.

If you want a MAS licence with no minimum and a simple platform, I would open OANDA first. If you would rather have fixed spreads and copy trading and are comfortable offshore, AvaTrade is the pick. That is the method: decide on the licence, then minimum, then cost, then platform.

Pitfalls to Avoid as a Singapore Trader

Singapore is well regulated, but the traps are still real. Here is what catches new traders out.

Assuming a compensation fund exists. Unlike the UK, Singapore has no FSCS-style payout scheme for CFD clients. Your safety net is the licence and fund segregation, not a fund. Choose accordingly.

Offshore entities dressed as local. A famous broker may onboard your Singapore sign-up under an offshore arm to offer higher leverage. That account has no MAS protection. Always confirm your entity before depositing.

Chasing leverage. An offshore broker offering 1:500 is not doing you a favour. MAS keeps retail leverage near 20:1 because high leverage is how most retail accounts lose money.

Trading a USD account from Singapore. If your base currency is US dollars, you pay a conversion fee every time you deposit in SGD and every time you trade a non-USD pair. Open an SGD account with a MAS broker to avoid it.

Withdrawal friction. The main cause of delays is trying to withdraw to a different method than you deposited with. Match them and most delays vanish.

Bonus and signal traps. Deposit bonuses and paid signal groups aimed at Singapore traders often come from unregulated offshore sites. A broker pushing a big bonus hard is a warning sign, not a gift.

Ignoring the inactivity fee. Several brokers here charge a monthly fee once your account sits dormant. AvaTrade starts after three months. If you plan to trade rarely, factor that in.

Two brokers I do not recommend for Singapore clients right now are any unlicensed offshore forex site and any broker on our brokers to avoid list. If it is not on the MAS register and not backed by a genuine tier-one regulator, do not deposit.

Bottom Line for Singapore Traders

Here is the short version after testing all ten.

• 🥇 Best for beginners: AvaTrade, fixed spreads, copy trading, a 100 dollar entry.
• 💰 Cheapest to run: FP Markets and Pepperstone, raw ECN spreads from 0.0 pips.
• 🏛️ Best MAS-licensed picks: CMC Markets, IG, Saxo, OANDA and Plus500, all locally regulated with SGD funding.

The rule to remember is simple. For a Singapore trader, a licence you can verify and segregated client money matter more than any single number on a spreadsheet, because there is no compensation fund to fall back on.