Trading forex (currencies) in Singapore is popular among residents. Before any fx broker in Singapore can accept forex and CFD traders as clients, they must become authorised by the Monetary Authority of Singapore (MAS), which is the financial regulatory body in Singapore. MAS’s website is mas.gov.sg. We recommend Singaporean residents to follow the MAS on twitter, @MAS_sg.

Best Forex Brokers in Singapore

To find the best forex brokers in Singapore, we created a list of all MAS authorized brokers, then ranked brokers by both trustworthiness, as well as their Overall ranking.

Here is our list of the top forex brokers in Singapore:

Plus500

General Info

• Min Deposit: $100
• Max Leverage: 30:1
• Platforms: Plus500 app, Webtrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 1.3
• USDJPY: 1.7
• GBPUSD: 2.0
• GOLD: 0.3

IG

General Info

• Min Deposit: $450
• Max Leverage: 30:1
• Platforms: MT4, IG app, Webtrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 0.7
• USDJPY: 1.1
• GBPUSD: 1.0
• GOLD: 0.4

FOREX.com

General Info

• Min Deposit: $100
• Max Leverage: 400:1
• Platforms: Mobile App, Webtrader, MT4, MT5, TVC
• Inactivity Fee: Yes

Average Spread

• EURUSD: 1.3
• USDJPY: 1.5
• GBPUSD: 1.4
• GOLD: 0.65

City Index

General Info

• Min Deposit: $150
• Max Leverage: 30:1
• Platforms: MT4, TVC, Mobile app, Webtrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 1.0
• USDJPY: 1.2
• GBPUSD: 1.5
• GOLD: 0.5

Swissquote

General Info

• Min Deposit: $1000
• Max Leverage: 100:1
• Platforms: Swissquote App, MT4, MT5
• Inactivity Fee: No

Average Spread

• EURUSD: 1.0
• USDJPY: 1.2
• GBPUSD: 1.5
• GOLD: 0.5

How to Verify MAS Authorisation

To identify if a forex broker is regulated by MAS, the first step is to identify the register number from the disclosure text at the bottom of the broker’s Singapore homepage. For example, here’s the key disclosure text from Plus500’s website:

Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products (License No. CMS100648). Office Address: Plus500SG Pte Ltd | 1 Temasek Avenue, Millenia Tower #37-03 | Singapore 039192.

Next, look up the firm on the MAS website to validate the register number is, in fact, legitimate. Here is the official MAS page for CMC Markets Singapore Pte. Ltd..

About the Monetary Authority of Singapore (MAS)

Established in 1971 to coordinate the country’s financial sector, the Monetary Authority of Singapore (MAS) has a dual role; it operates both as a central bank and a financial regulator. As a central bank, MAS adopts non-inflationary monetary policies while managing Singapore’s exchange rate and liquidity in the banking sector. As a financial regulator, MAS offers prudential oversight for all financial institutions in Singapore and works with the industry to promote the country as a dynamic financial hub.

Is trading forex legal in Singapore?

Over five million residents can freely and legally trade forex in Singapore, so long as they do so with brokers that are regulated by the Monetary Authority of Singapore. MAS has long placed an emphasis on strong Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines as they pertain to brokers in Singapore, having been a founding member of the inter-governmental organization Asia Pacific Group on Money Laundering (APML).

To identify if your preferred forex broker in Singapore is regulated by MAS, we recommend validating the broker’s registration number through the regulator’s official page. You can typically find the broker’s registration number within the disclosure text at the bottom of their homepage.

Is forex taxed in Singapore?

In a break from tradition, forex trading in Singapore is not subject to taxation unless it is your main source of income, wherein your trading would be classified as a business activity. The Inland Revenue Authority of Singapore (IRAS) categorizes profits derived from forex trading as personal investments and thus those who trade as a hobby are exempt from paying Income or Capital Gains Tax.

While residents of Singapore are responsible for reporting taxable events to the government, with professional forex traders who trade for a living potentially paying an Income Tax rate of up to 22%, we recommend consulting with your local accountant to best determine your specific tax obligations.