The Spreadlog
Menu

Best Forex Brokers in Singapore (2026): MAS-Licensed Only

The MAS-licensed forex brokers we review, ranked by score, with the Singapore company behind each account, SGD funding options, platforms and published costs.

By The Spreadlog Editorial Team. Updated 11 Oct 2026. Ranked by score under our methodology; placement in this list is never sold.

Our ranking

  1. Interactive Brokers

    Regulated by Central Bank of Ireland, DFSA, FCA, MAS, SEC and CFTC (US). Minimum deposit None.

    Interactive Brokers has no offshore company: every account sits with a tier-1 regulated firm, including a MAS-licensed one in Singapore, and its forex commissions are the lowest we've seen. The catches are a professional-grade platform, no MetaTrader, no Islamic account, AML and sanctions settlements in 2020 and 2025, and no leveraged forex for Indian residents.

    7.7/10
    Good

  2. Saxo

    Regulated by Danish FSA, MAS. Minimum deposit USD 5,000 (UAE Classic); no minimum in Singapore.

    Saxo is a Danish bank, so Gulf clients get tier-1 regulation and deposit-guarantee cover that offshore brokers can't match, and Singapore residents get a MAS-licensed company. The trade-offs are a USD 5,000 minimum in the Gulf, no MetaTrader, a 2026 anti-money-laundering fine, and no service in Kuwait or India.

    7.4/10
    Good

  3. IG

    Regulated by BMA (Bermuda), DFSA, FCA, MAS. Minimum deposit None stated (SGD 50 minimum by card in Singapore).

    IG is one of the most established brokers anywhere, and Singapore residents get it through a MAS-licensed company with same-day PayNow funding. Gulf traders are moving to a Bermuda company with no negative balance protection, and there's no Islamic account. It is on the RBI Alert List.

    7.2/10
    Good

  4. CMC Markets

    Regulated by BMA (Bermuda), DFSA, FCA, MAS. Minimum deposit Not stated.

    CMC Markets is a long-established, listed broker with very low FX Active pricing and a MAS-licensed company in Singapore. Since 2025 its international site runs through a Bermuda company, it publishes no country list, and Singapore clients get no negative balance protection.

    6.7/10
    Average

  5. OANDA

    Regulated by ASIC, FCA, FSC BVI, MAS, SEC and CFTC (US). Minimum deposit None for BVI Standard; not stated in Singapore.

    OANDA is a long-standing forex specialist with a MAS-licensed company in Singapore and unusually clear disclosure of who serves which country. Elsewhere in our region it uses a BVI company, it doesn't accept Kuwait, Saudi Arabia, India or Pakistan, and its US arm has been fined three times since 2020. It is now owned by prop firm FTMO.

    6.2/10
    Average

Every broker on this list holds a Capital Markets Services licence from the Monetary Authority of Singapore (MAS) through a Singapore company. That’s the only kind of broker a Singapore resident should use for leveraged forex: MAS treats offshore brokers that serve residents without a licence as breaking the law, and in June 2025 it had XM and Octa blocked for exactly that. The ranking above follows our overall scores; the table below shows what each broker looks like from Singapore specifically.

Singapore comparison

Broker Our score MAS-licensed company SGD funding Platforms EUR/USD cost (published)
Interactive Brokers 7.7 Interactive Brokers Singapore Pte Ltd (CMS100917) Bank transfer TWS, IBKR apps, TradingView link Commission from 0.20 bps (min USD 2)
Saxo 7.4 Saxo Capital Markets Pte Ltd eDDA, FAST, PayNow, card SaxoTraderGO, SaxoTraderPRO Major FX from 0.6 pips, no commission
IG 7.2 IG Asia Pte Ltd PayNow, FAST, digital banks, card IG platform, MT4, TradingView, ProRealTime EUR/USD 0.6 to 0.86 points (2020 averages)
CMC Markets 6.7 CMC Markets Singapore Pte Ltd FAST, PayNow, card, TT Next Generation, MT4 FX Active: 0.0 pips + USD 2.50 per 100k
OANDA 6.2 OANDA Asia Pacific Pte Ltd PayNow, FAST, DBS bill pay, wire OANDA platform, MT4, MT5, TradingView From 0.8 pips, or 0.0 + USD 3 per 100k

One thing to know about the scores: they rate each broker across all the countries we cover, so IG, CMC Markets and OANDA lose points for the offshore companies they use elsewhere. For a Singapore resident, all five deal through a MAS-licensed company, so the gap between them is smaller than the scores suggest. Pick on costs, platform and funding.

How we picked

We only list brokers with a MAS-licensed Singapore company that takes retail clients, each with a full Spreadlog review. They’re ordered by our overall score, which no broker can pay to change. Offshore brands that accept Singapore residents, including several we review elsewhere on this site, are left out on purpose. Read how we review brokers.

Forex regulation in Singapore

MAS licenses leveraged forex and CFD providers under the Securities and Futures Act. For retail clients, forex margin is set at a minimum of 5% on the major pairs, which caps leverage at 20:1; accredited investors can get more. A MAS licence also means segregated client money and access to FIDReC, Singapore’s financial dispute resolution centre, if a complaint goes nowhere.

What it doesn’t mean is a compensation scheme for trading accounts, or automatic negative balance protection. CMC Markets and OANDA both say in their Singapore terms that you can lose more than you deposit.

Deposits in SGD

All five accept SGD funding, and four of them take PayNow or FAST, which usually lands the same business day for free. Interactive Brokers works through standard bank transfers. Check whether withdrawals in other currencies carry a fee: OANDA charges USD 20 to 35 for non-SGD withdrawals.

Common questions

Is forex trading legal in Singapore?

Yes, through a broker licensed by MAS. Offshore brokers that serve Singapore residents without a licence are breaking Singapore law, and MAS can have them blocked, as it did with XM and Octa in 2025.

Which forex brokers are regulated by MAS?

Of the brokers we review, Interactive Brokers, Saxo, IG, CMC Markets and OANDA all have MAS-licensed Singapore companies. You can check any firm in the MAS Financial Institutions Directory.

What is the maximum forex leverage in Singapore?

20:1 on major currency pairs for retail clients, set through a 5% minimum margin. Accredited investors can trade with less margin.

Can I use XM or Exness from Singapore?

Neither has a MAS licence. MAS had XM blocked in 2025 for serving Singapore residents without one, and using an unlicensed broker leaves you with no Singapore regulator or dispute scheme to turn to.

Sources