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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

Singaporean traders have the legal freedom to choose between both local and overseas forex brokers. Singapore does not restrict traders to domestic brokers, allowing them to select the forex broker that best aligns with their preferences and requirements.

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

SGD is the currency of the island state of Singapore. Right now, the currency is issued and monitored by the Monetary Authority of Singapore. The SGD pegged its Dollar to the British Pound Sterling until the early 1970s, then switched to the US Dollar for a short period of time. However, from 1985 onwards, the Singapore Dollar floated within an undisclosed bandwidth, closely monitored by the Monetary Authority of Singapore (MAS).

Economy-wise, Singapore ranks in the world's top five financial centers. Singapore's economy depends heavily on its exports including consumer electronics, IT products, pharmaceuticals, and financial services. Their free-market economy operates in an open and corruption-free environment with stable prices and GDP. In terms of trading itself, Singapore has a pretty active trading community. In fact, it has plenty of successful traders.

Continue Reading at USD/SGD Trading: Why and How to Profit from It

Forex trading in Singapore is not explicitly subject to taxation. Singapore-based forex brokers do not deduct traders' gains for tax purposes. Moreover, Singapore does not impose a capital gains tax. However, individuals are required to pay taxes on their earned income, with a progressive resident tax rate.

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

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