You’re here because you want to trade, and you want to know which MAS regulated brokers in Singapore are worth your time (and money). This article breaks down the brokers you can rely on, especially if you’re just starting and don’t know who to trust yet.
🏛️ What is the MAS?
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and financial regulator. It was established in 1971 to oversee the country’s financial sector under one authority. MAS sets the rules for banks, brokers, and other financial firms to protect consumers and maintain trust in the system.
MAS issues licenses, monitors financial activities, and enforces strict standards. It also plays a key role in preventing fraud, ensuring fair trading, and promoting transparency. When a broker is MAS-regulated, it means the company has met these high standards and operates under tight supervision.
For traders in Singapore, that regulation brings peace of mind. Let’s look at exactly why choosing a MAS-regulated broker is so important—especially if you’re just starting out.
🔒 Why Choose a MAS-Regulated Broker in Singapore?
When you’re choosing a broker in Singapore, the first thing you should check isn’t the fees or the platform—it’s the regulation. In Singapore, a broker regulated by the MAS is held to one of the highest standards in the region. This means your funds must be kept in segregated accounts, the firm must meet capital adequacy requirements, and it’s subject to ongoing audits to ensure everything is above board.
Why does that matter to you? Let’s say you deposit $10,000 into an offshore trading platform that looks legit but isn’t MAS-regulated. If that broker suddenly freezes withdrawals—or worse, disappears—there’s very little you can do. No local legal protection. No recovery process. That’s a nightmare we’ve seen play out, even among some popular international platforms.
Compare that to trading with a MAS-regulated broker. In 2020, when global markets turned volatile during COVID, several MAS-licensed brokers in Singapore were proactively monitored by MAS to ensure liquidity and client fund safety. No frozen withdrawals. No shock closures. Singaporeans who chose MAS-regulated firms stayed protected during one of the most uncertain financial periods in recent history.
In short, MAS regulation isn’t just a badge—it’s a shield. And with so many reputable brokers operating under this framework, there’s no reason to take unnecessary risks with your capital.
But while being MAS-regulated is essential, not all brokers are created equal. That’s why we’ve broken down some of the top-performing MAS-licensed brokers that actually welcome retail investors—everyday individuals like you and me. Let’s start with two industry leaders that stand out for very different, but equally compelling, reasons.
📋 Top MAS-Regulated Brokers for Retail Traders in Singapore
1. IG Markets Singapore – Best All-Round MAS-Regulated Broker
Entity: IG Asia Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ✅ Yes
IG Markets has earned its place as one of the most reputable brokers in Singapore—and for good reason. As a MAS-regulated broker with a long-standing global track record, IG combines tight spreads, a user-friendly platform, and powerful charting tools that cater to both beginners and experienced traders. Its Singapore entity, IG Asia Pte Ltd, is fully licensed under MAS, so you’re trading in a secure, transparent environment.
Whether you’re trading forex, indices, or CFDs, IG offers a level of platform stability and regulatory assurance that offshore brokers simply can’t match. Add in responsive local support and extensive educational resources, and it’s easy to see why IG is often the first stop for Singaporeans entering the market.
2. CMC Markets Singapore – Best for Active FX & CFD Traders
Entity: CMC Markets Singapore Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ✅ Yes
If you’re a more active trader—especially someone who thrives on market movements—CMC Markets is a name worth knowing. Known for its lightning-fast execution and over 300+ FX pairs, CMC Markets delivers one of the most comprehensive trading platforms available to retail investors in Singapore.
Regulated under MAS and operating locally, CMC doesn’t just offer access—it offers depth. You’ll find a wide selection of products, customizable charting tools, and features built for traders who take a hands-on approach. Plus, as a MAS-regulated broker, CMC Markets adheres to high compliance standards, giving you both freedom to trade and confidence in your broker.
3. Saxo Markets Singapore – Best for Professional Traders and Investors
Entity: Saxo Capital Markets Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ✅ Yes
Saxo Markets is built for traders who demand more. This MAS-regulated broker offers one of the most advanced platforms in Singapore. You get access to global markets, deep liquidity, and institutional-grade tools—all within a sleek, professional interface.
Saxo supports multi-asset trading, including stocks, ETFs, forex, options, and bonds. Its pricing is transparent and competitive. For investors looking to grow beyond basic FX or CFD trades, Saxo is a top-tier choice. It’s ideal for serious traders who want depth, speed, and security under the MAS framework.
4. City Index Singapore – Reliable, Fast, and Backed by StoneX
Entity: GAIN Capital Singapore Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ✅ Yes
City Index is a trusted name in online trading. It operates under MAS regulation through GAIN Capital Singapore, a subsidiary of StoneX Group—a Fortune 100 company. This backing adds both strength and credibility.
The platform is fast and responsive. Spreads are tight, especially for forex and indices. City Index also offers strong risk management tools and market research, making it ideal for active traders. Whether you’re trading CFDs, FX, or commodities, you’ll get consistent execution and local support.
5. Phillip Futures – Trusted Singapore Broker with Local Support
Entity: Phillip Futures Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ✅ Yes
Phillip Futures is one of the most established MAS-regulated brokers in Singapore. It’s part of the PhillipCapital Group, which has been serving Singaporeans since 1975. If you prefer local service with in-person support, this is your go-to broker.
Phillip Futures offers access to futures, forex, and commodities, with reliable execution and tailored service. It’s a favorite among conservative investors who value transparency and trust. The platform isn’t flashy, but it’s solid—backed by decades of experience and full MAS oversight.
6. OANDA Singapore – Great for Beginners and Mid-Level Traders
Entity: OANDA Asia Pacific Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ✅ Yes
OANDA is a global broker known for transparency and user-friendly platforms. In Singapore, it operates under full MAS regulation, ensuring high standards for safety and reliability.
The interface is clean and easy to use. Spreads are fair, and execution is smooth. OANDA also offers strong charting tools and a mobile app that ranks among the best. It’s perfect for new traders who want a safe, straightforward entry into forex and CFD markets.
7. Plus500 Singapore – Simple, Mobile-First Trading Experience
Entity: Plus500SG Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ✅ Yes
Plus500 stands out for its mobile-first approach and clean design. This MAS-regulated broker is built for casual traders who want quick access to CFDs on stocks, indices, crypto, and forex—all in one place.
The app is intuitive and fast. There are no complicated tools or hidden fees. It’s ideal for traders who prioritize ease of use and simplicity over advanced features. MAS oversight ensures your funds stay protected while you trade on the go.
8. Interactive Brokers Singapore – Best for Advanced and Global Investors
Entity: Interactive Brokers Singapore Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ✅ Yes
Interactive Brokers (IBKR) is one of the most powerful platforms available to retail traders. It’s MAS-regulated and known for offering access to over 150 markets across stocks, options, futures, forex, and ETFs.
IBKR is best for experienced investors. The platform offers low commissions, advanced order types, and deep market access. It also supports algorithmic trading and portfolio margining. For serious traders who want full control and global reach, IBKR is hard to beat—especially with the peace of mind that comes from local MAS oversight.
9. Tiger Brokers Singapore
Entity: Tiger Brokers (Singapore) Pte Ltd
License: CMS License
Access: ✅ Retail Investors
Why Choose Tiger Brokers?
The MAS fully licenses Tiger Brokers Singapore and is a trading and clearing member of the SGX. It offers Singaporean traders access to global markets with the assurance of local regulatory oversight.
The platform is engineered for performance, capable of processing over 10,000 investor queries per second. This ensures stable and responsive trading, even during market volatility. It also features automated failover systems to reduce downtime and keep trades running smoothly.
Tiger prioritizes client fund protection by holding assets in segregated trust and custodian accounts, in compliance with MAS and SGX requirements. On the cybersecurity front, it’s certified under ISO27001 and ISO27701, and offers two-factor authentication to secure every user account.
With its mix of regulatory strength, tech resilience, and global market access, Tiger Brokers stands out as a strong MAS-regulated choice for both new and experienced investors in Singapore.
🚫 MAS-Regulated Brokers Without Retail Access
While there are several reputable brokers regulated by the MAS, some are restricted to accredited investors or institutional clients. These brokers do not offer access to the general retail public, meaning individual traders in Singapore cannot use their platforms for everyday trading.
It’s crucial to understand these restrictions when choosing a broker. While these companies may have the same regulatory oversight from MAS, their services are not designed for the retail market.
Here are two such brokers:
1. Swissquote Singapore – Accredited Investors Only
Entity: Swissquote Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ❌ Accredited Investors Only
Swissquote, a Swiss bank-based broker, holds a CMS license from MAS. However, it is restricted to accredited investors, meaning only high-net-worth individuals or institutions can access its services. While Swissquote is an excellent choice for professional and institutional clients, Singaporean retail traders will need to look elsewhere for access to more affordable and accessible trading options.
2. TD Ameritrade Singapore – Accredited Investors Only
Entity: TD Ameritrade Singapore Pte Ltd
License: Capital Markets Services (CMS) License
Retail Access: ❌ Accredited Investors Only
TD Ameritrade, now a subsidiary of Charles Schwab, also holds a CMS license in Singapore. However, after its acquisition, retail access is no longer available. Like Swissquote, TD Ameritrade’s services are now limited to accredited investors and institutions, making it unsuitable for regular retail traders in Singapore.
💰 Fee Comparison: MAS-Regulated Brokers in Singapore (Retail Access)
Notes:
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Spread-only models (like IG, OANDA, Plus500) are easier for beginners to understand.
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Commission-based brokers (like Saxo and IBKR) often offer lower raw spreads, which benefit high-frequency or high-volume traders.
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Interactive Brokers and Saxo are more cost-effective for experienced traders due to low spreads and tiered pricing.
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Phillip Futures may charge slightly more but offers localized service and support, which some traders value over fee savings.
💳 Deposit & Withdrawal Comparison: MAS-Regulated Brokers in Singapore
Note:
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Bank Transfers are universally accepted across all brokers, ensuring a reliable funding method.
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Credit/Debit Cards are widely supported, offering quick and convenient transactions.
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PayPal is available with OANDA and Plus500, providing an alternative e-wallet option.
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Processing Times typically range from 1 to 3 business days, depending on the broker and method used.
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Fees: Most brokers do not charge fees for deposits or withdrawals, but it’s advisable to check with your bank for any potential charges on their end.
When choosing a broker, always ensure that the broker’s funding options meet your trading needs.
🧐 How to Choose an MAS Forex Broker in Singapore
Choosing an MAS-regulated forex broker in Singapore requires a few key considerations. First, regulation is non-negotiable—only brokers licensed by MAS can provide you with the security and protection needed for trading. Next, look for brokers that offer competitive spreads and low commissions. Since forex trading involves frequent transactions, you want to minimize your costs.
The trading platform is also important. It should be intuitive, reliable, and offer real-time data and advanced charting tools. Check whether the broker supports MetaTrader 4 (MT4) or MetaTrader 5 (MT5)—two of the most popular platforms for forex trading. Additionally, consider the leverage options offered. MAS-regulated brokers usually have set limits on leverage to ensure safe trading, but you still want to ensure it fits your risk tolerance.
Lastly, always verify that the broker offers local customer support in Singapore. This ensures quick assistance and peace of mind if you face any issues while trading.
🧠 How to Verify if a Broker is MAS-Regulated
Verifying if a broker is MAS-regulated is straightforward. It’s a crucial step in ensuring your funds and trading activities are fully protected under Singapore’s financial laws.
1. Check the MAS Financial Institutions Directory
The first place to check is the MAS Financial Institutions Directory. You can easily access it online. Here’s how:
- Visit the MAS Financial Institutions Directory.
- Enter the broker’s legal entity name in the search box.
- Confirm that the broker has a valid Capital Markets Services (CMS) License.
If the broker is listed, it means they are licensed and regulated by MAS. If not, proceed with caution.
2. Confirm the License Type
Ensure the broker holds a CMS License that allows them to offer trading services to retail investors. This is an essential requirement for brokers dealing in assets like forex, CFDs, and stocks in Singapore.
3. Contact MAS Directly
If you’re unsure or need further clarification, contact MAS directly. They are the final authority and can confirm whether a broker is licensed and whether they have retail access.
🌍 Can I Trade Forex with an International Broker in Singapore?
Yes, you can trade forex with international brokers in Singapore. Many traders use offshore brokers like Exness, Octa, and FBS every day. These brokers are not regulated by MAS, but they hold licenses from trusted regulators like CySEC, FCA, or ASIC.
These licenses matter. They require brokers to follow strict rules on fund safety, transparency, and fair trading. Many of these offshore brokers have strong reputations and large global client bases. They offer tight spreads, fast execution, and user-friendly platforms.
While MAS regulation adds a local safety net, using a well-regulated offshore broker is still safe. Just make sure the broker lists its regulatory details clearly. Avoid platforms with no license or unclear legal information.
If you stick to reputable, regulated international brokers, you can trade confidently—even if they aren’t MAS-licensed.
Is Forex Regulated in Singapore?
Yes, forex trading is regulated in Singapore. The MAS is the central regulatory authority overseeing all forex trading activities within the country. This means that brokers offering forex services to retail traders in Singapore must adhere to strict standards set by MAS. These include requirements for fund protection, fair trading practices, and operational transparency.
If a broker is licensed by MAS, it means they are fully authorized to offer forex services, and traders can expect a high level of safety and compliance. MAS-regulated brokers are subject to regular audits, ensuring that they maintain high ethical and financial standards, providing local traders with peace of mind when trading forex.
Is Forex Taxed in Singapore?
When it comes to forex taxation in Singapore, the good news is that forex trading is not taxed for individual retail traders. Singapore adopts a territorial tax system, meaning you are only taxed on income earned within the country.
Profits made from forex trading are typically not considered taxable income, as long as it is not your primary source of income or part of a business.
However, if you engage in forex trading as a business or make it a full-time profession, the income may be subject to tax. It’s always a good idea to consult with a local tax professional to ensure you’re in full compliance with any potential tax obligations, especially if you trade forex frequently or in larger volumes.
🎯 Final Thoughts: Choosing the Right MAS-Regulated Broker
Choosing the right MAS-regulated broker is key to safe and effective trading in Singapore. Here are a few important tips:
- Regulation is a Must
Only trade with brokers licensed by MAS. This ensures compliance with local laws and that your funds are protected. - Retail Access is Key
Check if the broker offers retail access. Some brokers are limited to accredited investors and won’t suit your needs. - Platform & Fees Matter
Look for brokers that offer a user-friendly platform and transparent fees. Make sure the broker fits your trading style—whether you’re a beginner or an advanced trader. - Customer Support is Crucial
Good customer support can make all the difference. Ensure the broker offers local support and quick responses to your queries.
By following these steps, you’ll be well on your way to choosing a secure, trusted MAS-regulated broker that aligns with your investment goals.
❓ FAQ
1. What is the MAS?
The Monetary Authority of Singapore (MAS) is the country’s central bank and financial regulator. It supervises and licenses financial firms to protect consumers and ensure market stability.
2. What kind of protections do MAS-regulated brokers offer to their clients?
MAS-regulated brokers must meet strict rules on client fund segregation, risk controls, financial reporting, and transparency. They are also subject to regular audits and supervision by MAS.
3. How do I verify if a forex broker is regulated by MAS?
Visit the MAS Financial Institutions Directory on the MAS website. Search the broker’s company name to confirm its license status.
4. What are the differences in protections between MAS-regulated brokers and brokers regulated offshore?
MAS-regulated brokers follow stricter rules on fund safety, transparency, and client protection. Offshore brokers may offer fewer safeguards and may not be accountable to Singapore’s legal system.
5. As a Singapore resident, can I trade with a broker regulated outside Singapore?
Yes, you can. But MAS does not protect you if the broker is offshore and unregulated in Singapore. Choose well-known, licensed offshore brokers if you go that route.
6. Which MAS-regulated broker is best for beginners?
OANDA is often recommended for beginners. It offers an easy-to-use platform, clear pricing, and strong educational resources—all under MAS regulation.
7. What is the best forex trading platform offered by an MAS-regulated broker?
IG Markets and Saxo Markets offer some of the best platforms. IG is known for its clean interface, while Saxo provides powerful tools for advanced users.
8. Can I trade cryptocurrencies with MAS-regulated brokers?
Most MAS-regulated brokers do not offer direct crypto trading. You may need to use a licensed crypto exchange or an overseas broker that allows CFDs on crypto.
9. What is a segregated fund?
A segregated fund means your money is kept in a separate bank account from the broker’s own funds. This helps protect your funds if the broker faces financial trouble.
10. How to verify if the broker offers a segregated fund?
Check the broker’s website under its compliance or legal section. MAS-regulated brokers usually state clearly that client funds are held in segregated trust accounts.