Here is the full list of MAS regulated forex brokers in Singapore that we have carefully tested and reviewed for you in 2019.
MAS regulated Forex Brokers Comparison Table
|Forex Broker's Name||Trust Score||Minimum deposit||Max. Leverage||Trading Platform||Our Review|
66% of CFD retail accounts lose money.
|9.9 / 10 ||$200||400:1||CopyTrader™ ||eToro review|
|9.3 / 10||$5||888:1||MetaTrader 4|
|9.2 / 10||$10||500:1||Forex, Stocks, ETF|
|IQ OPTION review|
|9 / 10||$100||300:1||MetaTrader 4||Markets.com review|
|8.8 / 10||$1000||200:1||MetaTrader 4|
|8.6 / 10||$50||500:1||MetaTrader 4||HotForex review|
|8.5 / 10||$200||WebTrader|
|8 / 10||$100||400:1||MetaTrader 4||AvaTrade review|
**CFD Service. 80.6% lose money
|7 / 10||$100||-||WebTrader||Plus500 review|
|5 / 10||$300||1000:1||MetaTrader 4||Instaforex review|
- 2018 Winner – Best Forex Trading Platform in Singapore !!
- Perfect for large deposits
- Perfect for micro accounts
- 50% BONUS up to the deposit of $ 500*
- 20% BONUS up to $ 4500*
- No slippages / price requotations
- Very fast trade execution
- Metatrader 4 and 5 trading platforms are available
- Free VPS for deposits over $ 5000
- An Excellent trading platform for Expert Advisor OR FX Robots !!!!
- 56 global currency pairs available
- Spreads starting from 1Pip
- Max. Leverage up to 888: 1*
- Guaranteed Stop Loss
- Protection against the negative balance
MAS is responsible for regulating forex brokers in Singapore
MAS (Monetary Authority of Singapore) regulates financial market operators in Singapore including forex trading brokers and stock trading companies.
What is MAS Monetary Authority of Singapore
MAS (Monetary Authority of Singapore) established by the government in 1971 as a Central bank of SG is a powerful local regulatory agency with a serious regulatory capacity. Its main role is to keep a healthy monetary market by ensuring the financial stability of the country by ensuring inflation rate and economic growth is at a sustainable level. Besides being a central bank, MAS is also the only official regulatory body in the country. Its main role is the regulation of financial capital market. Besides other tasks they are the watchdog for forex trading companies in Singapore.
It is wise to consider MAS-regulated brokers
MAS-regulated brokers are a safe bet for Singaporeans who are serious about online trading and want to start trading with their hard earned cash. The fact is, that MAS-regulated brokerages need to meet very strict requirements set by the Monetary Authority.
MAS has introduced financial educational programme called MoneySENSE
MoneySENSE has started in the last decade as a financial educational for masses of financial consumers with a goal to educate and increase financial literacy in the country.
Is Forex Trading Legal in Singapore?
Yes Singaporeans can trade currencies online with any forex company they want. Currency trading has been very popular and is fortunately completely legal in the country. At the moment there are more than 550 financial providers present in the country. Though the fx trading is completely legal here, always make sure you check the reviews before depositing.
The most sophisticated traders of course turn to top notch foreign forex trading companies for example XM.COM which are located in world’s renowned financial centers like London (FCA regulated), Cyprus (Cysec) or Australia (ASIC) and select the one that fits their own trading style the best.
Is Income from Forex Trading Taxable in Singapore?
This is good question. As many investors know, in Singapore there is no capital gains tax, in fact there is only income tax. The profits made during intraday trading should be logically can be subject to income tax. However if you want to be 100% sure, we strongly advise you to speak with your local IRAS tax advisor whether the profits are income or capital gains.
What are the best times to trade foreign currencies in Singapore
Singapore currency trading facts
Name of currency: Singapore Dollar
International short name: SGD
The SGD currency has been introduced in 1965 when Singapore has gained its independency. During the first decades the SGD was pegged to GBP and then to USD but since 1985 it is floating.
How to start forex trading in Singapore
Forex stands for “foreign exchange” and describes the trading of currencies in the foreign exchange market. Unlike the securities markets, the foreign exchange market is decentralized : trading takes place directly and almost completely electronically between the market participants. Market participants are large banks and other institutional investors.
Now let’s dive into the main definitions.
Base Currency: In USD /SGD currency pair this is the USD
Quote Currency: In the USD /SGD, this is the SGD
Standard lot: 100,000 units of the base currency
Pip: a change by one unit on the fourth decimal place
Long position: Speculation on appreciation of the base currency
Short position: Speculation on devaluation of the base currency
The hypothetical forex trade: The USD/SGD is quoted on the foreign exchange market at 0.75, for 1.00 USD are therefore paid 0.75 SGD. Say you expect the USD to appreciate against the Singapore dollar and therefore you open a long position of one standard lot (100,000 units) at a price of 0.75
Your assessment was correct: the exchange rate rises to 0.80 USD/SGD within a few hours. You smooth the position to this course and make a profit.
* T&C’s Apply. Trading Bonuses are not available for European Union residents
** Maximum Leverage for European Union residents/citizens is 30:1