Demo Account Guide
Demo Account Guide

Forex Brokers in Singapore


The financial industry in Singapore is well-regulated by MAS (Monetary Authority of Singapore). It is a highly regarded regulator that has contributed to turning Singapore into one of the most reputable jurisdictions for forex trading in Asia. Singapore is also a business-friendly country, which has led some of the most prominent forex brokers to set up their regional headquarters in the city-state.

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Score Broker Country Regulation Min Deposit Max Leverage

If you are interested in trying one of the brokers in the list above, make sure to open the forex demo account so you could experience trading firsthand with virtual money. You don't even have to deposit any funds since the demo account is 100% free. It is also available in most brokers.


Yes. It is 100% legal to trade forex in Singapore. It is one of the few countries in Southeast Asia that fully permits and regulates forex trading. In this case, The Monetary Authority of Singapore (MAS) is the authorized institution to oversee the Singapore forex industry. Interestingly, MAS also operates as the central bank, so it is also responsible for regulating banks, issuing Singapore's currency, as well as managing the country's foreign exchange reserves.


There are no specific obligations for traders to pay taxes. Singapore-based forex brokers do not withhold your gains for tax purposes, and the government does not impose capital gains tax.

However, it is worth noting that individuals are required to pay taxes on their income.

Singapore follows a progressive resident tax rate system, starting at 0% for earnings up to 20,000 SGD and gradually increasing to 22% for earnings exceeding 320,000 SGD. Some individuals believe that part-time traders might be exempt from taxes, but full-time traders are subject to taxation.

Singaporean traders are advised to maintain detailed financial records and consult with a qualified accountant for the most accurate guidance.


  1. Leverage up to 1:20 for major currency pairs and 1:10 for non-major currency pairs.
  2. No restriction on trading with overseas brokers or non-MAS-regulated brokers.
  3. No restriction on choosing the account currency, in which Singaporean traders don't have to use SGD as their base currency.
  4. Thorough registration process where traders might be required to prepare detailed personal information and documents before trading.
  5. Segregated account.

To ensure good legality and security for Singaporean traders, the first thing that should be taken into account is whether the broker is regulated by MAS. Nonetheless, since the authority does not restrict traders in choosing other brokers, they can consider overseas brokers even without a MAS license with these checklists:

  • Experienced for more than 5 years.
  • Having an SGD account currency and SGD instruments to trade are highly preferred.
  • Local or specified contact support for Singaporean clients.
  • Regulated (or at least registered) in at least two well-known financial jurisdictions (the UK - FCA, Australia - ASIC, Cyprus - CySEC, the US - CFTC/NFA, etc.)
  • Supports affordable trading costs, variable instruments, and favorable trading conditions that go well with your trading strategy.

Additional FAQ

Many scam cases have occurred in Singapore. From various cases that have occurred, it can be recognized that these things are the main points in the forex trading scam schemes in Singapore:

  • Give you high promises and claim that in forex trading, there is no such thing as a "bear" market.
  • Brokers that tell you to trade in the interbank market.
  • Firms that ask you to send money quickly via the internet, by mail, cryptocurrency, or others.
  • Unclear background information about the company.

Continue Reading at Forex Scams in Singapore and How to Avoid Them

There are plenty of popular brokers regulated by MAS in Singapore. Here are some of them:

  • OANDA Asia Pacific Pte. Ltd.
  • Interactive Brokers
  • Goldman Sachs (Singapore) Pte.
  • Citigroup Global Markets Singapore Pte. Ltd.
  • CMC Markets Singapore Pte Ltd
  • and many more

Continue Reading at Forex Trading in Singapore: 5 Facts You Need to Know

Yes, all forex brokers that wish to operate in Singapore must be authorized by the Monetary Authority of Singapore (MAS) as the financial regulatory body in the country and must adhere to strict operating standards and capital requirements.

The primary aim of the MAS is to protect consumers from fraud, corruption, and shady business practices.

Continue Reading at Forex Scams in Singapore and How to Avoid Them

Forex trading in Singapore is overseen by the Monetary Authority of Singapore (MAS). This regulatory body is very strict and alert in seeing suspicious broker or investment activities in its territory.

MAS prohibits brokers from operating without its regulation, protecting traders from fraud and fraudulent practices. Without regulation from MAS, brokers that reside in Singapore will be terminated immediately. In short, you can expect stable and secure forex trading in this country due to MAS' strict authority.

Continue Reading at Top 10 Countries to Live as a Forex Trader