The lack of capital gain tax and free capital control in the country make Singapore one of the top jurisdictions in financial markets. Monetary Authority of Singapore (MAS) is the regulator of the financial system in the country. The website of the regulator is www.mas.gov.sg and you could check there the registration number of the forex broker if it is regulated in Singapore.
In the list below you could see the best Forex and CFD brokers regulated from Monetary Authority of Singapore (MAS).
| Broker | Description | Pros | Cons | Rating | Go |
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| Plus500 | Plus500 was founded in 2008 in Israel. The company offers various CFDs based on Forex, Indices, Commodities, Shares, and ETFs. Plus500UK Ltd is authorized & regulated by the FCA (#509909), Plus500CY Ltd is authorized & regulated by CySEC (#250/14), Plus500SG Pte Ltd is licensed by the MAS (#CMS100648-1) and IE Singapore (#PLUS/CBL/2018). The company attracts clients with the proprietary developed platform. |
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Full Review | |
| IG Markets | IG Markets is the biggest CFD provider in the world. The company was established in 1974 in the United Kingdom. IG Markets offers more than 16 000 products to over 175 000 clients. The company offers two platforms – developed in house platform and Meta Trader 4. Financial Conduct Authority (FCA), United Kingdom, regulates IG Markets. |
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| CMC Markets | The company was established in 1989. CMC Markets offers more than 300 forex instruments, 60 indices, 15 cryptocurrencies, and 9000 shares. The company services his clients in own developed platform. CMC Markets is authorized and regulated by the Financial Conduct Authority in the United Kingdom. |
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One of the main downsides of Singaporean is the low leverage in local regulated brokers. At the end of 2019 Monetary Authority of Singapore cut the maximum allowed leverage from 50:1 to 20:1. If your strategy does not need big leverage you could benefit from the strong regulation in Singapore. Otherwise, you have the option to try to be classified as a professional investor if you cover the required threshold for financial assets (more than 2 million Singaporean dollars (around 1.5 US dollars) or over one million Singaporean dollars and over 300 000 Singaporean dollars yearly yield. The other option that you have is to choose an offshore broker. If you decide to go in that direction place have in mind the low protection of the offshore brokers and to your check for the chosen broker carefully.
| Forex Broker | Min deposit | Leverage | Deposit method | Platforms | Spread | Swaps | Support |
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| Pepperstone Visit |
200 AUD | 1:30 |
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| Plus500 Visit |
100 USD | 1:30 |
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| XTB Visit |
250 USD | 1:30 |
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| XM Visit |
300 USD | 1:30 |
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| CMC Markets | 0 USD | 1:30 |
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| IG Markets | 300 USD | 1:30 |
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All of these three brokers offer own developed platforms that offer a lot of different options.
As we described already the leverage in Singapore is limited to 20:1 for retail clients. If leverage is an important part of your trading strategy better choose a broker regulated in other of the top jurisdictions that accept Singaporean citizens or offshore broker.
There is a big variety of CFDs that you could trade through the brokers in Singapore. Plus500 offers over 2000 different types of CFDs in their platform.
If we summarize Singapore is a jurisdiction with high authority during traders. The accounts up to 75 000 Singaporean dollars have insurance from Singapore Deposit Insurance Corporation (SDIC) Singapore Deposit Insurance Corporation (SDIC). The recovery ratio is 90%. The forex brokers in the country offer also a big amount of different trading instruments with competitive spreads.
Miroslav Georgiev is Senior Risk Executive with 20+ years of professional wide-ranging experience in multinational forex companies. Take part in Global setup and development of Forex and CFD being an active part of the Business Team. Build and manage Risk management departments and teams.
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