Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Forex Brokers in Singapore

Forex in SingaporeSingapore ranks among of the Asian Tigers due to its economic status in the region. It boasts of a stable political climate which has led to the thriving of its financial and tourism industry. The booming business climate has made it home to investments one of which is foreign exchange trading. The nation is one of the five biggest Forex trading centers in the world with daily transactions worth more than $300 billion.

The country’s reputation has made it a hub for Forex brokers. Both domestic and foreign companies take part in the Singaporean Forex industry. Such has led stringent regulation by the Monetary Authority of Singapore, MAS. However, despite the organization’s efforts to root out malicious players, there are still few scrupulous firms in the country. Check the table below to find more information on the best Forex brokers in Singapore.

  • Key information
  • Trading
  • Payment systems
  • Trading platforms
  • Trading instruments
  • Support
  • Trading accounts
  • Account settings
  • Spreads
  • Promotion
Filter
Company#LogoForex brokerFoundedRegulatedReviewsPayment systemsBroker type(?)Min. DepositMax.
leverage
Live spread
Interval:
Live
spread
EUR/USD
Live spread
Interval:
Live
spread
GBP/USD
Live spread
Interval:
Live
spread
USD/CHF
Live spread
Interval:
Live
spread
USD/CAD
Live spread
Interval:
Live
spread
USD/JPY
Live spread
Interval:
Live
spread
AUD/USD
Live spread
Interval:
Live
spread
NZD/USD
Live spread
Interval:
Live
spread
EUR/AUD
Live spread
Interval:
Live
spread
EUR/CAD
Live spread
Interval:
Live
spread
EUR/CHF
Accepting US traders?Account
1RoboForexbest broker2009
IFSC
22

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
2XM.COM2009
ASIC, IFSC

Regulated

79

Payment systems

MM
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
3EXNESS2008
FCA, CySEC
95

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
4FxPro2006
FCA, CySEC

Regulated

182

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
5MultiBank Group2005
ASIC
2

Payment systems

ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
6IC Markets2007
ASIC
30

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
7Alpari1998
IFSC, NAFD
41

Payment systems

ECN
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
8Forex.com2001
FCA, CFTC

Regulated

47

Payment systems

ECN, MM
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
9Plus5002008
ASIC, FCA
40

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
10Just2Trade2006
CySEC
57

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
11AMarkets2007
FSA
83

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
12LiteFinance2005-43

Payment systems

ECN
50 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
13FXPRIMUS2009
CySEC, VFSC
11

Payment systems

STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
14Vantage FX2009
ASIC
18

Payment systems

ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
15XTB.com2002
FCA, CNMV
5

Payment systems

NDD, STP
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
16EasyMarkets2001
ASIC, CySEC
13

Payment systems

MM
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
17RoboMarkets2012
CySEC
46

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
18Admiral Markets2001
FCA, CNMV
25

Payment systems

NDD, ECN
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
19FXOpen2005
ASIC, FCA
108

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
1 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
20AXITrader2007
ASIC, FCA
12

Payment systems

NDD
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
21Instaforex2007
RAUFR
97

Payment systems

NDD, ECN
1 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
22Yadix.com2010
FSC
65

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
23NordFX2008
SEBI, VFSC
102

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
24Hantec Markets2009
FCA
15

Payment systems

NDD
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
25Forex4you2007
FSC
33

Payment systems

NDD, STP
20 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
26IFC Markets2006
FSC, CySEC
40

Payment systems

STP
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
27AVATrade2006
ASIC, CBI
64

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
28Dukascopy Europe2010
FCMC
19

Payment systems

ECN
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
29Dukascopy Bank SA1998
FINMA
15

Payment systems

ECN
1000 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
30LMFX2015-25

Payment systems

NDD
50 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
31FxGrow2008
CySEC
5

Payment systems

ECN, STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
32HYCM1977
FCA
182

Payment systems

MM
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
33FxGlory2012-18

Payment systems

NDD, MM
1 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
34Fort Financial Service2010
IFSC
3

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
35Interactive Brokers1977
FCA, CFTC

Regulated

11

Payment systems

MM
10000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
36Tickmill2014
FCA, SIBA
10

Payment systems

NDD
25 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
37HotForex2010
CySEC, FSC
91

Payment systems

NDD
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
38FXCM1999
ASIC, FCA
20

Payment systems

NDD
0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
39FIBO Group1998
FSC, CNMV
37

Payment systems

NDD, MM
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
40OANDA1996
ASIC, FCA
21
-0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
41FP Markets2005
ASIC, CySEC
19

Payment systems

DMA
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
42Swissquote1996
FINMA
36

Payment systems

STP
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
43FXDD2002
MFSA
8

Payment systems

NDD, ECN
250 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
44DeltaStock1998
BNB
21

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
45Markets.com2006
CySEC
13

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
46ActivTrades2001
FCA, CNMV
132

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
47Fortrade2013
FCA, FSCS

Regulated

23

Payment systems

-100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
48AAFX Trading2014
ASIC, FSA
231

Payment systems

NDD, ECN
100 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
49GrandCapital2006-16

Payment systems

STP
10 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
50BCS Forex2006
FSA
16

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
51FreshForex2004
KROUFR
83

Payment systems

NDD, MM
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
52IG1974
ASIC, FCA
15

Payment systems

DMA, MM
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
53FinmaxFX2017
CROFR, VFSC
21

Payment systems

MM
250 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
54Alfa-Forex2016
CBR
16

Payment systems

NDD
0 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
55Orbex2010
CySEC
30

Payment systems

ECN
500 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
56NPBFX1996
IFSC
24

Payment systems

NDD, STP
10 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
57Saxo Bank199224

Payment systems

ECN, STP
10000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
58eToro2008
ASIC, FCA
59

Payment systems

NDD, STP
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
59FBS2009
IFSC, NAFD
101

Payment systems

ECN, STP
1 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
60CMC Markets1989
ASIC, FCA
33

Payment systems

NDD, STP
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
61Swiss Markets2012
CySEC
3

Payment systems

STP
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
62BMFN1988
ASIC, FCA
12

Payment systems

NDD, DMA
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
63ForexMart2015
CySEC
24

Payment systems

ECN
1 $1:5000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
64ForexChief2014
VFSC
124

Payment systems

ECN, STP
1 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
65Octa FX2011
FCA, FSA
29

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
66ICM Capital2009
FCA
4

Payment systems

-200 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
67PhillipCapital UK1975
ASIC, FCA
7
NDD
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
68Finam Forex1994
CBR, NAFD

Regulated

4

Payment systems

NDD, DMA
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
69Core Spreads2014
FCA
18

Payment systems

NDD
1 $1:240N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
70FxGiants2015
FCA
41

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
71Degiro2008
BaFin
9
NDD
0 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
72GO Markets2006
ASIC
14

Payment systems

NDD
200 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
73Forex.ee2004
FSA
8

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
74City Index2001
ASIC, FCA
15

Payment systems

NDD, ECN
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
75PSB Forex2016
CBR, NAFD

Regulated

8
NDD
1500 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
76ICE FX2015-8

Payment systems

STP
30 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
77FriedbergDirect2008
IIROC
11

Payment systems

NDD, STP
0 $1:33N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
78TrioMarkets2014
CySEC
9

Payment systems

ECN, STP
500 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
79iOCBCfx2004
MAS
8
NDD
1000 $1:35N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
80UOB Kay Hian2000
MAS
7
NDD
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
81KGI Futures2001
MAS
8
NDD
1000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
82KE Forex1972
MAS
9
NDD
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
83City Index Singapore2006
MAS
3
MM
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
84Haitong2010
MAS
9
NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
0 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
85FXCitizen2010
VFSC
11

Payment systems

NDD, ECN
10 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
86Land FX2013
FCA, FSCS

Regulated

11

Payment systems

NDD, ECN
300 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
87Pepperstone2010
ASIC
13

Payment systems

ECN
200 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
88Ak Investment1996
SPK
12
NDD, DMA

Broker type

  • NDD
  • DMA
  • MM
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
89InvestAZ2010
FSP, SPK
8
ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
90Corner Trader2012
FINMA
9
MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
91Abshire-Smith2011
FCA, FSCS
10

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
92ArgusFX2000
CySEC
10

Payment systems

STP
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
93Ayondo2008
FCA, BaFin
9

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
94Bacera2009
ASIC
11

Payment systems

MM
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
95BogoFinance2006
CySEC
11

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
96Capital.com2016
ASIC, FCA
119

Payment systems

MM
20 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
97Capital Index2014
FCA, CySEC

Regulated

3

Payment systems

NDD, STP
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
98Core Liquidity Markets2012
ASIC, FSA
10

Payment systems

NDD
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
99Darwinex2012
FCA
10

Payment systems

STP, DMA
500 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
100CMG2015
ASIC
19

Payment systems

-250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
101Colmex Pro2010
CySEC
14
NDD, ECN
2000 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
102eTrader2014
CySEC
11
NDD
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
103Flatex1999
BaFin
9
NDD, MM
0 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
104Fullerton Markets2015
FSP
16

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
105FX882016
CySEC
2

Payment systems

ECN
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
106FXCC-
FCA, CySEC
163

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
107FX Choice2010
IFSC
6

Payment systems

NDD
100 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
108GMG Markets2015
FCA
2
NDD, STP
200 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
109HMS Markets1972-3
NDD
1000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
110Infinox Capital2009
FCA
10

Payment systems

ECN, STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
111iTrader2012
IFSC
4

Payment systems

NDD
250 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
112Mex Exchange2012
ASIC
3

Payment systems

NDD, ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
113FXPCM2007
FSC, DFSA

Regulated

2

Payment systems

NDD, ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
114Rakuten Securities Hong Kong2002
SFC
2
NDD, STP
0 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
115RietumuFX1992
FCMC
9
NDD
1000 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
116TD Ameritrade1975
FINRA, SIPC
6
DMA
2000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1
117TFI Markets1999
CySEC
3
NDD
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
118Tradealot2010
FCA
8

Payment systems

STP
2000 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
119CommSec1998
ASIC
4
DMA, MM
10 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
120Binarium2012
CROFR
4

Payment systems

-9 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
121Finpari2013
CySEC
3

Payment systems

NDD, STP
100 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
122AMP Global2018
CySEC, CFTC

Regulated

7

Payment systems

STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
123Ingot Brokers2004
ASIC
8
ECN
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
124Alvexo2014
CySEC, SIBA
10

Payment systems

ECN
0 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
125AETOS2007
ASIC
6

Payment systems

NDD
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
126Arum Capital2017
CySEC
5

Payment systems

ECN, STP
0 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
127ATFX2015
FCA
17

Payment systems

NDD
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
128Key to Markets2010
FCA, FSP

Regulated

6

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
129Trading.com2018
FCA
3

Payment systems

ECN
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
130BDSwiss2012
CySEC, FSC
10

Payment systems

ECN
0 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
131ATC Brokers2005-3
ECN
2000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
132IQ Option2013
FSA
11

Payment systems

NDD
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
133ACY.com2011
ASIC, VFSC
4
ECN, STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
134Milton Prime2015
CySEC, SIBA
1

Payment systems

NDD
0 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0
135-Capex2018
CFSFA, DMCC

Regulated

2

Payment systems

DMA, MM
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0


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History of Forex brokers in Singapore

A look at the economic and political history of Singapore offers an interesting insight into the stimuli behind the country’s dominance in the Forex industry. Singapore became an independent state in 1963 after over 137 years of British colonial rule. It was initially part of Malaysia but was cut off two years after its independence due to sharp political differences. The Chinese-dominant nation found itself betwixt two friendly neighbors, Malaysia and Indonesia. Even more, it had no natural resources besides its deep harbor and the people.

Unlike most courtiers, Singapore chose to retain the British legal system, education, and language. Its meritocratic system soon led to the growth of elite groups that spearheaded the economy of the nation through trade. The legal system it had inherited from its colonizers made Singapore a business haven for external investors. Even more, the use of the English language made communication more comfortable between the nation’s business personalities and foreign investors. Before long, Forex trade found roots in the country as investor sought to take advantage of the country’s political stability.

It is no secret that most international observers have considered Singapore’s leadership as more authoritarian than it is democratic. However, optimists have pointed out that democracy is gradually taking root in the country. The strict rule, however, has been a blessing to most legitimate investors and Forex brokers, The government of Singapore shows a zero tolerance towards illegal and corrupt business organizations and persons. Such has made it an attractive destination for genuine foreign exchange traders and brokers.

The official regulation of the Forex industry in Singapore began in 1971 with the creation of the MAS. It also became the regulatory body for banking institutions, securities, and insurance. It has developed over the years creating holistic regulatory grasp upon the Forex business while encouraging external investors. 

Regulation of Singapore Forex brokers

MAS Singapore

Singapore has no natural resources of which to boast. As a result, the majority of the residents depend on Forex trade as a primary source of investment. It is, therefore, not surprising that the country has attracted several unscrupulous players who have been out to defraud unwary citizens. However, MAS is dedicated to ensuring the safety of the trader’s investment and a fair playing ground for all.

MAS is the sole regulatory body of the country’s Forex industry. It monitors and authorizes the activities of Forex brokers in the country. It also serves as the nation’s central bank. Consequently, it is in charge of the issuance of the Singapore Dollar, SGD, monetary policies and also serves as the government’s financial advisor.

Goal and mission of the Monetary Authority of Singapore

The purpose of the MAS is to enhance sustainable economic development. Its mission is to promote professional ethics in the financial sector. It receives credit for the country’s reputation as one of the nations with the lowest corruption ratings. MAS strives to maintain it that way by fighting scammers and frauds through harsh laws and regulations that entail hefty fines and other forms of punishment.

MoneySENSE and its benefits to Forex brokers and traders

MAS view itself as a consumer-centric organization, working to prevent the interest of the country’s consumers from opportunistic companies who might want to exploit them. It launched a financial education program called MoneySENSE in 2003. It aims at providing information to the general public on how to make financial decisions. Financial Education committee heads the program.

Forex traders are the primary beneficiaries of the MoneySENSE program. It provides information about the latest scam news and regulations in the Forex industry. It also offers details on how traders can keep off from fraudulent investors.

Importance of choosing an MAS regulated broker

 

Assurance of the safety of investment

MAS advises the citizens to deal only with duly regulated Forex brokers. One key benefit is the guarantee on the security of the investment even if the broker collapses. The regulatory organization has put in places several measures to take care of the trader’s bottom line.

Proper management of customer complaints

The law obliges regulated brokers to handle customer complaint amicably and respectfully. It has also provided channels for managing conflicts between the parties. The customer can contact the Financial Industry Dispute Resolution center or other organizations such as the Singapore Mediation Centre or the Consumer Association of Singapore. Courts are the final resort for solving disputes between the consumer and a Forex broker provided the latter is MAS-regulated.

The regulation of Forex trading in Singapore is probably one of the best at safeguarding consumer’s interest. Additionally, MAS has exhibited an excellent appreciation for trends in the global market, and it strives to accommodate them. There are regulatory organizations that are more reputable than MAS. However, it is undoubted that the Singaporean authority is better than many others in the world.

Requirements to be a Forex broker in Singapore

Finance Forex Singapore

Monetary Authority of Singapore has placed several requirements for new Forex brokers, domestic and foreign, that want to operate in the country’s Forex sector.

Registration requirements

Prospective brokers in Singapore must have a Forex license to engage in Forex trading. The first step is registering a company in the country with the primary purpose of providing FX trade services. One then has to submit the company’s Memorandum of Association, business plan and other complementing documents. The complementing reports provide information on the internal operation of the company. There should also be a disclosure on the absence of conflicts of interest.

The process may be tedious for foreign brokers. Hiring professional consultants in the country’s Forex business might come in handy.

Operational requirements

The primary function of the MAS is its goal of promoting sustainable economic environment is t safeguard the consumer’s bottom line. As a result, it has laid a number of operational requirements on all the brokers under its jurisdiction. They include:

  • Segregated financial accounts: The law requires that all Forex brokerages in Singapore have different accounts for the business funds and the clients’ funds. The goal of this regulation is to ensure that investors can withdraw their money even if the broker collapses. Such protection is one of the reasons why it is vital to opt for licensed brokers.

  • Professional employees: It is a requirement by MAS that all Forex brokers in the country employ staff that is qualified in money markets. Consequently, it requires that each Forex broker provide a list of its employees and their qualifications before opening a business in Singapore. The brokers also provide information on the choice of investments instruments its offering to the clients such as currencies, stocks or other commodities.

  • Proper bookkeeping: With the increased instances of money laundering, all Forex brokers in Singapore are obliged to provide evidence of their business transactions, Auditing and adequate accounting are necessary if a broker is to keep its business license.

  • Handling customer complaints: Most Forex trading regulatory agencies focus on the significant aspects of the brokers’ operations. MAS, however, ensures that the broker treats its customers with dignity. It has outlined a system of handling differences between a customer and the broker. The case can only end up in court if the mediating agencies do not resolve the matter.

Prohibition of Meta Trader4 platform

MT4, as it is popularly known, is a Forex trading platform that comes with a number of features. (MT4 Forex brokers list here). A specific feature that makes it a target is its provision for hedging and automatic trading. The latter allows the trader to use trading robots called Expert Advisors to analyze the market trends and trigger automatic transaction executions. The feature led to the prohibition of the platform in Singapore and other countries such as the US. Therefore, Forex brokers that are willing to operate in the Asian city-state must settle for an alternative trading platform.

Limitations and comparisons to other countries

Flag Singapore

The UK, US, Japan, Hong Kong, Switzerland, and France are some of the Forex centers that measure up to Singapore’s standards. Forex trading in Singapore excels in several ways. First, it is tax-free. Most countries such as the UK tax earnings from Forex trading which has made to traders to opt for spread betting format to avoid taxes.

Like in most countries, Singapore Forex brokers provide demo accounts. They offer unlimited opportunity for new traders to practice trading with virtual money. A demo account helps a prospective trader determine if the broker is worth investing and if they can handle the dynamics of financial markets. It also allows the customer to learn the ropes when starting out.

 The Forex market is not as restricted in Singapore as it is in the US. However, US brokerages still provide more trading options than those from the Asian nation.

Two organizations, the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) are responsible for the regulation of the Forex industry in the US. It is unlike Singapore where one agency, MAS, regulates all the financial functions of the government. While it seems to work well in Singapore, it makes one question if there could have been better regulation had the roles been severed to a specific authority.

FX brokers that use MetaTrader4 have to find alternatives with which to explore the Singapore market. A country such as the UK, which is above Singapore in the Forex trading ranking, allows MT4 trading platforms. MT4‘s auto trading capability is an essential feature for traders who do have the time to go through manual trading.

It is essential to point out that Singapore, in spite of its political stability, has been criticized as an authoritarian nation. Some have termed the Forex industry as a cartel-managed sector. While there is little empirical evidence to substantiate some of these allegations, a broker should conduct diligent research on the dynamic of the market before jumping in.

Popular Forex brokers in Singapore

Some of the popular Forex brokers in Singapore include:

  1. Oanda

  2. FX Pro

  3. Plus500

  4. eToro

  5. FXCM 

Oanda

 It is the most popular Singapore-based Forex trading company in the world. It has won several awards in the global markets including the Best Trade Execution Provider, Best Mobile Platform and Best Value for Money by Investment Trends. It has four other offices outside Singapore in Toronto, London, Tokyo, and Chicago. It is regulated by the regulatory organizations in the respective countries. 

FX Pro

 A London-based Forex broker with offices in the Southeast Asia city-state. It has been on the market since 2006 and has become one of the favorite brokers in the country. 

Plus500

 Plus500 is popular in Asia, Australia, and Europe, though under different names. In Europe, for example, it operates as Plus500 UK Ltd. 

eToro

 The company is a broker in multi-asset as well as social trading. It has other offices in the UK, Cyprus, and Israel. 

FXCM

 It is the most popular brokerage among traders who are interested in no dealing desk brokers. The broker only facilitates the trader’s direct access to liquidity providers and other traders in the system. The Chinese Yuan is one of the numerous currencies that this company offers its Singapore traders.

Conclusion

Singapore is a haven for Forex traders as its regulation focuses on safeguarding the interest of the trader. Legitimate brokers can thrive in the city-state because MAS protects them from the unfair competition that is common in unregulated markets. However, not all brokers operating in the country are legit. A trader has to confirm the registration status of the company with MAS; you can quickly find more information about Singapore FX trading market on topbrokers.com.