Ranked by our disclosed methodology, shown here only because each one's own disclosed regulatory footprint confirms a licence from MAS (Monetary Authority of Singapore) specifically. This is a direct licensing match, not an EU-passporting inference: a broker appears on this page only if MAS is confirmed in its own disclosed regulatory footprint, not because it merely holds some other licence elsewhere. That's still not a guarantee every broker below is actively onboarding Singapore retail clients today under that licence -- confirm directly with the broker. See our full reviews for brokers not licensed in Singapore.
Singapore regulates leveraged forex/CFD trading directly through MAS under the Securities and Futures Act, with a mandatory knowledge test for retail clients rather than the EU's passporting mechanic.
A meaningful share of brokers serving Singapore residents reportedly do so through offshore entities outside MAS's licence regime entirely -- worth confirming before assuming MAS's 20:1 retail leverage cap and protections apply to your specific account.
Base currency: SGD · Local regulator: MAS (Monetary Authority of Singapore)
A firm offering leveraged forex or CFDs to Singapore retail clients needs a Capital Markets Services (CMS) licence from MAS under the Securities and Futures Act, and retail clients must generally pass a Customer Knowledge Assessment (CKA) before trading leveraged products. Some brokers instead serve Singapore-resident clients through an offshore entity holding no MAS licence at all -- those accounts fall entirely outside MAS's retail protections, including its leverage cap below, so confirm which entity (MAS-licensed or offshore) actually holds your account.
No MAS-administered investor compensation scheme specific to CFD/forex broker insolvency was confirmed in the sources checked for this page. MAS's framework for CMS licensees centres on licensing conditions, segregated client accounts, and the Customer Knowledge Assessment rather than a standing compensation fund; not independently confirmed either way -- check directly with MAS before assuming fund-backed protection.
MAS cut the retail forex leverage cap from 50:1 to 20:1 in 2019 (roughly a 5% margin requirement); broker-comparison guides from 2025-2026 still describe 20:1 as the current retail ceiling, though this wasn't independently confirmed against the MAS rulebook itself for this page. A Singapore "accredited investor" (meeting the jurisdiction's wealth/experience criteria) can access higher leverage, reportedly up to 50:1, with correspondingly reduced regulatory protection. Offshore brokers serving Singapore residents outside MAS's licensing regime aren't bound by this cap at all and may offer far higher leverage -- a materially different risk profile from a MAS-licensed account.
Not independently confirmed in the depth this page would need -- Singapore generally doesn't tax capital gains, but trading income classified by IRAS as a "trade or business" (rather than a one-off capital transaction) can instead be taxed as ordinary income; the classification is fact-specific. Consult a Singapore tax adviser for your own position.
General overview only, not tax advice -- rules change and depend on your personal circumstances (including whether you're classified as trading as a business). Confirm your specific position with a local tax advisor.
Not independently confirmed broker-by-broker for this page -- Singapore clients are typically offered bank transfer (including PayNow where a broker supports it), card, and e-wallet options, but confirmed broker-level support wasn't verified here.
The mandatory Customer Knowledge Assessment for MAS-licensed CMS holders, and the existence of unlicensed-offshore alternatives entirely outside MAS's leverage cap and protections, are the two points most worth confirming directly with any specific broker before funding a Singapore account.
None of the brokers ranked below are confirmed to be headquartered in Singapore -- every one is included because its own disclosed regulatory footprint confirms a MAS licence, not because of a confirmed local office or headquarters.
Ranked using our disclosed overall broker score (nine weighted categories, led by regulation & client protection and trading costs) -- every broker here has a confirmed MAS licence in its own disclosed regulatory footprint, a direct match rather than an EU-passporting inference. This list is shorter than our usual ten because only 5 of our reviewed brokers currently carry a confirmed MAS licence -- we'd rather show an honest, shorter list than pad it with brokers that aren't actually licensed here. We don't have independent country-level trading-volume or market-share data, so this reflects broker quality and confirmed licensing, not measured local popularity. See our comparison tool to compare any two directly.
Is leveraged forex/CFD trading legal in Singapore?
Yes, through a firm holding a Capital Markets Services licence from MAS, with retail clients generally required to pass a Customer Knowledge Assessment first. Some brokers instead serve Singapore residents through an unlicensed offshore entity, which falls outside MAS's protections entirely.
What leverage can retail traders get in Singapore?
MAS-licensed accounts are generally capped at 20:1 for forex (cut from 50:1 in 2019), though this wasn't independently re-confirmed against the current MAS rulebook for this page. Accredited investors can reportedly access up to 50:1; offshore, non-MAS-licensed brokers aren't bound by the cap at all.
Singapore: MAS (Monetary Authority of Singapore) (official site)