Best Forex Brokers in Singapore

Singapore traders have something most of the region does not: a local regulator that licenses retail forex and CFD brokers. The Monetary Authority of Singapore (MAS) issues Capital Markets Services licences covering OTC derivatives and spot forex, caps retail leverage, and requires client money to be kept separate from the firm's own. With licensed options available, there is little reason to use an unlicensed offshore firm.

Is forex trading legal in Singapore?

Yes. Retail forex and CFDs are legal through MAS-licensed brokers. Firms dealing with Singapore residents need a Capital Markets Services (CMS) licence, and the MAS Financial Institutions Directory lets you confirm one in a minute. MAS also keeps an Investor Alert List of unregulated persons that may have been wrongly perceived as licensed; offshore brokers soliciting Singaporeans often appear there.

MAS-licensed forex brokers

Five well-known brokers serve Singapore retail traders under a MAS CMS licence. All are capped at 20:1 on major currency pairs.

The right one depends on how you trade. Open demos on two, compare the all-in cost on the pairs you use, and pick the platform you find clearest.

Leverage and client protection

MAS caps retail leverage at 20:1 on major currency pairs and lower on minor pairs, indices and commodities. That is below the 30:1 allowed in the UK and Australia, and it is deliberate: at 20:1 a 5 per cent move against a fully leveraged position wipes out the margin. Licensed brokers must segregate client money, but Singapore has no deposit-insurance style compensation for trading accounts, so the broker's own financial strength still matters.

Deposits and withdrawals

Licensed brokers take FAST and PayNow transfers from Singapore bank accounts, usually credited the same day, and many support SGD base accounts, which removes conversion costs on deposits and withdrawals. Withdrawals return to a bank account in your own name within one to two business days.

Tax on forex trading in Singapore

Singapore does not tax capital gains, so occasional trading gains are generally not taxed. If your trading is frequent, organised and profit-driven enough to look like a business, IRAS can treat the profit as income taxable at personal rates. The badges of trade decide it, not the product.

Best times to trade from Singapore

Singapore is GMT+8. The Tokyo session runs from about 8:00 am to 5:00 pm, London opens around 3:00 to 4:00 pm, and the London and New York overlap is roughly 8:00 pm to midnight. USD/SGD is most active in the local session and around the MAS policy statements.

Scams aimed at Singapore traders

• Investment scams run through dating apps and WhatsApp, often with fake trading apps.
• Impersonation of MAS-licensed brokers with look-alike websites.
• Offshore firms claiming to be "regulated in Singapore" without a CMS licence.

Report scams to the police and the ScamShield helpline (1799), and check the MAS directory before trusting any claim of a licence.

Costs compared: what you really pay

With leverage capped and protections equal across licensed brokers, cost is what separates them. Compare three things on the pairs you trade most: the typical spread during your trading hours, any commission per lot, and overnight financing if you hold positions.

CFDs, spot forex and futures

Before comparing products, decide how long you usually hold a trade. Intraday traders care most about spreads and execution; swing traders care about overnight financing; long-term holders may prefer futures or simply a foreign currency deposit at a Singapore bank, which carries no leverage and no margin calls.

MAS-licensed brokers offer forex mainly as CFDs or leveraged spot contracts, and some, such as Interactive Brokers, also give access to exchange-traded currency futures. CFDs and spot contracts are flexible in size and never expire. Futures have fixed sizes and expiry dates but trade on an exchange with published volumes. For most retail traders, a CFD or spot account is simpler; futures suit larger, longer-term positions.

MAS also manages the Singapore dollar against a basket of currencies within an undisclosed band, and publishes policy statements that can move USD/SGD sharply. Our guide to MAS exchange-rate policy explains how to read them.

Which licensed broker suits which trader

The five MAS-licensed brokers overlap, but each suits a different trader. A beginner who wants to start small and learn will find OANDA's small trade sizes and IG's education useful. Someone who already invests in shares and funds may prefer Saxo, where forex sits beside the rest of a portfolio. Chart-focused traders often like CMC Markets' platform, and very active or cost-focused traders gravitate to Interactive Brokers.

Whichever you choose, open a demo first and trade it during the hours you would really use. A platform that feels clear at lunchtime can feel very different at 10 pm when US data lands.

Mistakes Singapore traders make

• Moving to an offshore broker for higher leverage and losing MAS protection in the process.
• Falling for investment scams that start on dating apps or messaging platforms.
• Holding swing trades for weeks without checking the overnight financing cost.

XM and Octa blocked in Singapore

On 20 June 2025, MAS and the Singapore Police Force blocked access to the websites of XM and Octa for offering leveraged forex, commodities, indices and equities to Singapore customers without a licence, in breach of the Securities and Futures Act. XM's platform was operated by XM Global Limited, incorporated in Belize, and Octa's by companies in the Comoros and Mauritius. Singaporeans with existing accounts could no longer reach the websites through local internet providers.

The lesson reaches beyond those two brands. Any overseas firm serving Singapore residents without a CMS licence can be blocked in the same way, and clients are left dealing with a firm they can no longer easily reach.

Exchange-traded FX futures on SGX

SGX lists FX futures and options, including USD/CNH, INR/USD, KRW/USD, SGD pairs and several Asian currencies, and FX futures volume hit a record in March 2026. They trade through futures brokers, clear through the exchange and suit larger or longer-term positions. For most retail traders a CFD account with a MAS-licensed broker is simpler, but SGX futures are the choice if you want exchange clearing and published volumes.

How many retail CFD accounts lose money?

MAS-licensed brokers must show risk warnings, and the published figures for retail CFD accounts that lose money typically range from about 51 to 89 per cent depending on the broker. Check the figure on the broker's own site; it is a better guide to the product than any marketing.

Compare Malaysia, Japan and China, where the rules on retail forex are very different.

Frequently asked