Forex brokers that are MAS Regulated

These are our top brokers for traders in Sinapore are:

Broker Our Rating Regulation Standard
EUR/USD Spread
Standard
GBP/USD Spread
Standard
AUD/USD Spread
Raw
EUR/USD Spread
Raw
GBP/USD Spread
Raw
AUD/USD Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
81 FCA, CIRO, ASIC
MAS, JFSA, FSC-BVI
KNF, NFA/CFTC, MFSA
0.6 0.9 0.7 - - - - - $0 70+ 4+ Visit Site
69 ASIC, MAS, FCA
CIRO, FMA, BaFin
1.12 1.30 1.64 0.5 0.9 0.6 $2.50 138ms $0 338+ 19+ 30:1 500:1 Visit Site
54 ASIC, FINMA
FCA, MAS
1.20 1.8 0.9 - - - - 135ms $2000 209+ 9+ 50:1 50:1 Visit Site
57 ASIC, CySEC, MAS
FCA, FMA, DFSA
EFSA, FSA, FSCA
1.70 2.3 1.4 - - - - 140ms $100 71+ 15+ 30:1 300:1 Visit Site
50 FCA, FINMA
MAS, DFSA, MFSA
1.7 2 1.6 - - - 2 170ms $1000 76+ 26+ 30:1 400:1 Visit Site
52 NFA, CFTC, CBI
ASIC, FCA, MAS
CIRO, JFSA
- - - - 0.08%-0.2% 110ms $0 100+ - 30:1 500:1 Visit Site

Monetary Authority of Singapore Guidelines
MAS regulation is considered the gold standard not just in Singapore but throughout the Asian/Pacific region. For over 40 years (founded in 1971) the regulator is both the financial regulatory body and the Central Bank of Singapore. We strongly recommend that Singaporean traders select a MAS broker to ensure it has a strong reputation and to ensure protections exist set by the regulatory body.

Below is a list of the brokers, their standard account spread and their licence number.

Broker Mas Licence Number EUR/USD Standard Spread
OANDA 200704926K 0.6
CMC Markets Singapore Pte. Ltd. 200605050E 1.12
Saxo Capital Markets Pte. Ltd. 200601141M 1.2
PLUS500SG PTE. LTD. 201422211Z 1.7
Swissquote Pte. Ltd. 201906194G 1.7
INTERACTIVE BROKERS SINGAPORE PTE. LTD. CMS101000 N/A
 

Who Are The Top Forex Brokers That Are  MAS Regulated?

The best Monetary Authority of Singapore-regulated brokers depend on the type of trader you are. Based on this we have broken down the list for each segment.

1. OANDA THE BEST BROKER WITH MAS REGULATION

OANDA

Forex Panel Score

81

Average Spread

EUR/USD = 1.4
GBP/USD = 2
AUD/USD = 1.4

Trading Platforms

MT4, TradingView, OANDA Trade (fx Trade)

Minimum Deposit

$0

Why We Recommend OANDA

OANDA is our choice for the best regulated forex broker overall in Singapore. Regulated in 9 different jurisdictions, including tier-1 regulations in Australia (by ASIC) and the UK (the FCA), OANDA earned a high trust score of 8/10 from the CompareForexBrokers team.

We also recommend OANDA for its low forex spreads, having the lowest average spreads for the top 5 traded currency pairs at 0.70 pips compared to the industry average of 1.52 pips for its Standard account.

Pros & Cons

  • Top proprietary forex platform
  • Great range of 70 forex pairs
  • Social trading with TradingView
  • No shares CFDs available
  • Limited learning resources
  • MetaTrader 5 not available

Broker Details

OANDA Is licenced To offer trading services in Singapore
OANDA is a multi-regulated market maker broker that offers Singaporean traders commission-free trading on a range of contracts for difference (CFDs).

Trading Platforms

OANDA offers two trading platform options, a proprietary platform or MetaTrader 4 (MT4). Both platforms are available as desktop platforms, web trader platforms and mobile trading apps for iOS and Android devices.

oanda trading platform

OANDA Trading Platform

The broker’s proprietary trading platform, OANDA Trade, is easy to use and well-suited to beginner traders. The platform’s key features include:

  • Orders are executed with no requotes.
  • An inbuilt charting package with technical indicators and drawing tools.
  • Fundamental analysis tools with real-time news.
  • Additional trading tools like market sentiment features.
  • A range of order types, including stop and limit orders.
  • Customisable alerts and notifications.

OANDA Trade MAS Brokers

MetaTrader 4

MT4 is a great option if you want to develop algorithmic trading strategies where you use trading robots. Few platforms offer such features, with most algorithmic traders using either MetaTrader platforms (which are known as Expert Advisors), or cBots on cTrader.

MetaTrader 4’s popular trading tools and features are:

  • Advanced charting tools for technical analysis with 9 timeframes and 50+ technical indicators.
  • Exclusive OANDA MT4 addons with market scanning tools, automatic chart pattern recognition and automated alerts.
  • Risk management tools including pending order types and alerts.
  • A choice of servers in different time zones like New York.

OANDA MT4 MAS Brokers

CFD and Forex Product Range

As an OANDA trader, you can trade CFDs derived from 4 main asset classes with no commission fees.

  • Forex: Over 70 different major and minor currency pairs
  • Commodities: 30+ softs, oil and gas, and precious metals like gold and silver against a range of currencies (i.e. the SGD, JPY and NZ)
  • Bonds: 6 bonds such as Bund UK Gilts and US T Notes.
  • Indices: 16 major indices like the Singapore 30, Japan 225 and Australia 200.

Minimum Deposit and Fees

There are no minimum deposit requirements when opening a trading account with OANDA. Singaporean traders can deposit funds using DBS bill pay, PayNow, internet bank transfer, bank wire transfer, PayPal and Cheque. All deposit methods are fee-free except for PayPal, where a 1.8% PayPal fee and a 4.2% admin fee apply.

To withdraw funds from your trading account, you can use PayPal, cheque and bank transfer. There are no withdrawal fees for PayPal, cheque, and local Singaporean bank transfers, but international bank transfers incur fees. As shown below, withdrawal fees for international bank transfers double after the first withdrawal for each month.

OANDA Withdrawal Fees Singapore MAS Brokers

Trading Accounts and Spreads

OANDA offers one trading account type with no choice of pricing structures available. As the broker is a market maker, all CFD trading is commission-free, with OANDA’s compensation for their brokerage services built into the spread.

OANDA’s average spreads are competitive when compared to other forex trading financial institutions that offer no commission spreads. A broker is a great option if your trading strategies are going to focus on the EUR/GBP as OANDA offers tight spreads of 1.40 pips. For currency pairs like the EUR/USD and AUD/USD, OANDA offers low spreads of 1.10 pips and 1.20 pips respectively, although City Index offers slightly tighter spreads of 0.80 pips and 0.90 pips.

Disclaimer: OANDA operates as a market maker, and does not offer an ECN account.

No Commission Spreads
1.10 1.20 1.40 1.50 1.20
0.70 2.20 1.10 1.60 0.60
1.12 1.64 1.30 1.55 1.38
1.70 1.60 1.70 2.50 1.60
1.30 1.70 2.10 1.70 1.50
1.40 2.50 2.50 2.60 1.60
2.00 1.40 1.71 2.13 1.46

Avg. spreads are taken from each broker's website and updated monthly. Last update on 02/01/2024

As well as spreads, other trading fees applicable are inactivity fees. If you do not make a trade for a year, OANDA will deduct an inactivity fee of SGD $10 per month.

oanda account type singapore

Demo Accounts

OANDA offers demo accounts for both MetaTrader 4 and the brokers’ proprietary trading platform. There are no virtual funds and time restrictions, meaning you can access and add/withdraw virtual funds from your demo account as you wish.

OANDA About MAS Brokers

View OANDA ReviewVisit OANDA

2. CMC Markets THE LARGEST RANGE OF CFD TRADING PRODUCTS

CMC Markets

Forex Panel Score

69

Average Spread

EUR/USD = 0.5
GBP/USD = 0.9
AUD/USD = 0.6

Trading Platforms

MT4, CMC NGEN

Minimum Deposit

$0

Why We Recommend CMC Markets

CMC Markets has the top range of currency pairs, offering over 300 tradeable markets. We like CMC Markets so much because the broker quotes its 150 odd currency pairs both ways, meaning you can trade both EUR/USD and the inverse USD/EUR. No other broker that we know offers inverse quotes.

You can trade these forex pairs on one of our favourite trading platforms, CMC Markets’ own Next Generation platform.

Pros & Cons

  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products
  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products

Broker Details

CMC Markets have 300 CFD Forex pairs to trade with

CMC Markets is a market marker with one of the largest ranges of forex and CFD trading products in the market.

Established in 1989, CMC Markets is a public company listed on the London Stock Exchange (LSE). CMC operates all over the globe, with regulated subsidiaries in the following countries – Singapore, New Zealand, Australia, Germany, the UK, and Canada.

Trading platforms

CMC Markets clients’ can place orders via MetaTrader 4 (MT4) or the forex broker’s proprietary platform, Next Generation. MetaTrader 4 is the most widely used trading platform amongst forex market participants, with MT4’s Expert Advisors (EAs) allowing for automated trading. The MT4 trading platform is available as a desktop, WebTrader, mobile and tablet app. Yet, CMC Markets offering of the MetaQuotes Software is restricted in some ways.

The Next Generation platform has numerous advantages over CMC Markets MetaTrader 4 offering. Clients are able to stay up to date with market movements thanks to an economic calendar, insights and real-time news. Along with the wider product range compared to MT4 (discussed further below), the highly customizable platform web platform offers advanced charting functions and trading tools that require no downloads to employ.

CMC Markets mobile trading apps offer sufficient tools to conduct analysis and place orders. The forex broker offers custom-built apps for Android, iPad and iPhone devices, designed for traders who want to keep up to date with trading conditions while on the go. The fully functional apps provide traders with a customisable app with over 40 technical indicators and drawing tools, in addition to the market calendar available on the desktop and WebTrader platforms.

cmc-next-generation-trading-platforms

CFDs

CMC Markets offer clients market access to over 9500 financial instruments. Clients’ can choose from CMC Markets extensive range of forex products with over 330 forward and cash currency pairs available. Many investors are drawn to CMC Markets due to its cryptocurrency offering, with the broker offering over 12 crypto products with competitive spreads when compared to other cryptocurrency providers. In addition to the popular Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum products, clients’ can trade less common cryptocurrencies including Dash, EOS and Monero.

CMC Markets Products

In addition to CMC Markets forex and cryptocurrency market access, indices, commodities, share and treasury CFDs can also be traded.

Minimum Deposit and Fees

CMC Markets does not require a minimum deposit. Credit and debit cards are charged a 2.3% fee for deposits, however, if the initial deposit is made via credit card, CMC Markets waives the deposit fee. Like many other top forex brokers, CMC Markets charges an inactivity fee if a trading account is dormant for 12 months, equating to USD $15 per month.

Trading Accounts and Spreads

CMC Markets clients’ can choose from a CFD Trading or Corporate Account. Market access is similar between the two account types, although a Corporate Account is not able to trade cryptocurrencies.

CMC Markets

Regardless of whether a client is signed up to a CFD Trading or Corporate Account, CMC Markets spreads on forex are as low as 0.7 pips for major currency pairs. For forex trading, commission is built into the spreads while shares carry a minimum $7 commission fee.

  • EUR/USD from 0.7 pips
  • GBP/USD from 0.9 pips
  • EUR/CHF from 2.5 pips
  • USD/JPY from 0.7 pips
  • AUD/USD from 0.7 pips
  • AUD/JPY from 1.3 pips
  • AUD/NZD from 2.7 pips

Demo account

CMC Markets offers a demo account for prospective clients wanting to practise trading CFDs and forex in a risk-free environment. A trial account is quick to set up, with no payment information is required to gain access. A major benefit of signing up for a trial with CMC Markets compared to other forex broker demo accounts is that there is no time limit. Traders are given up to $10,000 in virtual money to practice trades and build confidence, as well as full access to charting tools and mobile and tablet devices.

CMC Markets Demo Account

3. Saxo Markets GREAT BONUS TRADING TOOLS FOR CHARTING

Saxo Markets

Forex Panel Score

54

Average Spread

EUR/USD = 0.9
GBP/USD = 0.7
AUD/USD = 0.9

Trading Platforms

MT4, TradingView, SaxoTraderGo, SaxoTraderPro

Minimum Deposit

$0

Why We Recommend Saxo Markets

We like Saxo Markets’ range of trading tools, particularly through its excellent platform, SaxoTraderGo. The platform offers complex order types and account protection features, which we regard very highly to help manage risk.

One aspect of SaxoTraderGo we particularly enjoyed, is having a tab for each asset to easily access market information such as news headlines, videos and trading signals.

Pros & Cons

  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products
  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products

Broker Details

Saxo Markets has 3rd party apps for a richer trading experience

Saxo Markets is one of the most well-known top forex brokers due to its large market access and global reach. The Forex broker offers a choice of proprietary platforms, an extensive range of products, and professional-grade trading tools.

Trading Platforms

Saxo Markets offers two trading platforms for clients to choose from, each suited to different levels of forex trading experience. SaxoTraderGO, the broker’s user-friendly, web trading platform is an excellent option for those new to trading foreign exchange. While SaxoTraderPRO is a professional-grade interface available as a desktop platform.

Saxo Markets Trading Platform SaxoTraderGO

SaxoTraderGO provides an intuitive platform with easily accessible tools and charting features. SaxoMarkets in-house analysts supply a stream of news and research to supplement the platform’s technical and fundamental analysis tools. Although well-suited to beginners, SaxoTraderGO offers advanced tools and features for experienced, high-volume traders.

SaxoTraderPRO is a multi-screen, fully customisable platform that provides advanced trading tools suitable for high-volume, active investors. Clients using the professional-grade platform can execute trades with few clicks, quickly place algorithmic orders as well as trade directly from charts. Due to the high-risk nature of forex trading, SaxoTraderPRO’s risk management tools assist users in maximizing net gains. Pro clients’ can close one or all positions with two clicks, set customised margin alerts, and employ stop-limit orders and trailing stops.

Saxo Markets Trading Platform SaxoTraderPRO

CFDs

Saxo Markets is an established forex broker providing investors extensive market access. Asset classes that Saxo Markets clients can trade include futures, options, bonds, crypto, CFDs, ETFs, stocks, indices and forex. Although known for its comprehensive product range, the forex broker only offers two different cryptocurrency products, Bitcoin and Ethereum.

Saxo Markets FX Markets

A unique feature that Saxo Markets offer is its SaxoSelect system. Various trading strategies and portfolios are recommended to users based on their desired risk level. The combination of mutual funds and robot trading allows traders to build confidence and save time.

Minimum Deposit and Fees

Saxo Bank charges no deposit fees with 19 base currencies to choose from, including the Singapore Dollar (SGD). Deposits can only be made via credit and credit cards, FAST, PayNow, MEPS, HSBC, wire transfer, bank transfer or USD/SGD cheques. There is no fee to withdraw funds from your trading account, yet clients are restricted to bank transfers. Saxo Markets require a high minimum initial deposit compared to the industry average. Singaporean clients initially need to fund their account with SGD $3000 to trade forex and CFDs. Inactivity fees are reasonable, with clients’ facing a $25 fee if they do not make a trade in the past three months.

Trading Accounts and Spreads

Saxo Markets offer three account types with tiered pricing. Standard accounts require an SGD $3000 minimum deposit and offer spreads on AUD/USD as low as 0.5 pips. Platinum account holders are required to deposit SGD $50,000 but will gain access to tighter spreads and priority customer service. For investors trading high volumes and wanting access to the lowest Saxo Markets spreads, a VIP account is offered. VIP account holders are allocated a personal relationship manager and are invited to exclusive financial sector events. AUD/USD spreads are as low as 0.4 pips, with SGD 1,000,000 initial minimum funding required to open a VIP account.

saxo bank account type singapore

Demo account

Saxo Markets offer a demo account for prospective clients to test trading strategies and explore Saxo platforms. Access is granted for 20 days, with demo users given 100,000 in virtual money for the duration of the trial. Demos are available on both platforms, SaxoTraderGO and SaxoTraderPRO.

4. Plus500 TOP PLATFORM WITH RISK MANAGEMENT TOOLS

Plus500

Forex Panel Score

57

Average Spread

EUR/USD = 1.7
GBP/USD = 2.3
AUD/USD = 1.4

Trading Platforms

Plus500 Trading Platform

Minimum Deposit

$0

Why We Recommend Plus500

We’re big fans of any broker that offers good risk management tools and Plus500 is one of our favourites. The broker offers guaranteed stop-loss orders (GSLOs) to help minimise your risk of slippage while trading.

We also like Plus500’s simple, user-friendly platform which,, when combined with the broker’s risk management tools, is well-suited for beginner traders.

Pros & Cons

  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products
  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products

Broker Details

Plus500 platform includes a guaranteed stop-loss

Plus500 is a CFD provider with its specialised trading platform built for the unique needs of its clients. In addition to an intuitive and simple user interface, traders can also make use of their guaranteed stop-loss.  When trading with Plus500, traders will not need to pay commission fees when opening or closing a trade.

Trading Platforms

Trading platform options when trading CFDs and forex with Plus500 include a Webtrader platform and a mobile app. Both platforms are proprietary interfaces and very user-friendly. The mobile app is compatible with iOS and Android and available in 32 languages.

Plus500 Trading Platform Webtrader

The web and mobile platforms provide advanced charting tools, price alerts, and an economic calendar to assist with strategy development. Plus500 is well-known for its trader sentiment feature, allowing traders to assess to supply and demand of different instruments and buy and sell accordingly.

Plus500 Trader Sentiment

Order types available on the Plus500 platforms include:

  • Market
  • Stop
  • Trailing Stop
  • Limit

CFDs

Plus500’s product range focuses on currency pairs, crypto and CFDs. Over 70 forex instruments are available to trade, along with CFDs derived from asset classes such as indices, stocks, ETFs and commodities. Four of the most popular cryptos worldwide are offered – Bitcoin, Ethereum, Litecoin, and Ripple.

plus500 financial trading products overview

Minimum Deposit and Fees

A minimum deposit of $100 is required to open an account with Plus500. Deposits and withdrawals can be made by credit card, debit card, bank transfer, Skrill, or PayPal. Plus500 requires withdrawals to be processed in the same payment method as deposits are made, and although there are no withdrawal fees, there is a minimum withdrawal amount that must be satisfied.

Trading Accounts and Spreads

Two account types are offered by Plus500, a standard account and a professional account. A standard account offers clients reasonable spreads with no commission fees. The retail investor account is well-suited to those new to trading as fees are built into the spreads, simplifying the process. Spreads are as low as 0.6 pips for major currency pairs such as EUR/USD, while currency pairs such as USD/CHF start from 1.4 pips.

plus500 account type Singapore overview

A professional account requires traders to make at least 10 trades every three months for the past year, with Plus500 or another forex broker. Upgrading to a professional account (investor account) means traders will access to higher leverage, although a significant minimum investment portfolio value is required.

Demo account

Plus500’s demo account is known as one of the best trial accounts offered by top Forex brokers. There is no time restriction, unlike many other CFD brokers. Users have unlimited access to the trial platform that is available as a Webtrader or mobile app, providing an excellent environment to test trading strategies and learn new analysis techniques.

5. Swissquote MOST TRUSTED FOREX BROKER IN SG

Swissquote

Forex Panel Score

50

Average Spread

EUR/USD = 1.7
GBP/USD = 1.6
AUD/USD =

Trading Platforms

MT4, MT5, Advanced Trader

Minimum Deposit

$1,000

Why We Recommend Swissquote

Trust scores highly with us and Swissquote is the most trusted forex broker in Singapore to our eyes. The broker is regulated in five tier-1 jurisdictions, including MAS in Singapore, FCA in the UK and the SFC in Hong Kong.

We also like Swissquote’s Advanced Trader platform, which features TradingView charts, one of our favourite platforms.

As a regulated forex broker that also operates three banks, Swissquote’s reputation in the industry precedes itself.

Pros & Cons

  • Most trusted broker in SG
  • Excellent trading platforms
  • Advanced Trading Tools
  • Wide Commission-free Spreads
  • High Minimum Deposit
  • Limited CFD Range

Broker Details

Excellent Platform Experience

Swissquote offers three excellent trading platforms: its own Advanced Trader and both MT4 and MT5.

In terms of platform experience, we think Swissquote stands out in two ways:

  • MT4 and MT5 can be upgraded using the MetaTrader Master Edition for additional advanced trading tools
  • Charting platform, TradingView can be integrated with Advanced Trader, as well as Autochartist for superior charting and algorithmic trading

swissquote trading platforms

Wider Spreads and Premium Charges

Given that Swissquote is a Swiss broker, you will pay a premium for the privilege of its quality service, for all three of its trading accounts.

For both of Swissquote’s two commission-free accounts, Premium and Prime, you’ll need either USD 1000 or 5000 to earn spreads from as low as 0.6 pips. This is a much higher minimum deposit than the industry average for a Standard-type account.

The broker’s average Standard spreads are 1.70 pips for the EUR/USD, which is much higher than the industry average of 1.24 pips.

For the lowest spreads, you can opt for the Elite account which entails a competitive EUR 2.50 commission per side for spreads as low as 0 pips. You will require, however, a very high minimum deposit of USD 10,000 to open this account.

SwissQuote Trading Accounts

Decent Forex Range

While Swissquote doesn’t offer a huge range of trading products, the broker does offer a decent 76 forex pairs, more than the average broker. You can also trade forwards with Swissquote, which is a unique investment vehicle not many brokers offer.

Verdict of Swissquote

Overall, Swissquote stands out as the most trusted broker in Singapore with an excellent platform experience to boot. While its premium pricing may be too expensive for some, Swissquote’s intuitive platforms and advanced trading tools will suit experienced traders who appreciate sophisticated market analysis.

6. Interactive Brokers BEST FOREX, CFD AND SHARE TRADING BROKER

Interactive Brokers

Forex Panel Score

52

Average Spread

EUR/USD = N/A
GBP/USD = N/A
AUD/USD = N/A

Trading Platforms

Trader Workstation

Minimum Deposit

$0

Why We Recommend Interactive Brokers

Interactive Brokers is our top forex, CFD and share trading broker due to the sheer immensity of its product range. As well as a good range of +80 forex pairs, we particularly like that IB offers trading on over 90 global share exchanges.

You can trade this huge range of products on Interactive Brokers’ advanced proprietary platforms, which we enjoy for their sophisticated trading tools.

Pros & Cons

  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products
  • Tight standard account spreads
  • Good trading platforms for beginners
  • Solid range of CFD products

Broker Details