Best Forex Brokers in Singapore for 2024

Over five million residents can freely and legally trade forex in Singapore, so long as they do so with brokers that are regulated by the Monetary Authority of Singapore. MAS has long placed an emphasis on strong Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines as they pertain to brokers in Singapore, having been a founding member of the inter-governmental organization Asia Pacific Group on Money Laundering (APML).

To identify if your preferred forex broker in Singapore is regulated by MAS, we recommend validating the broker’s registration number through the regulator’s official page. You can typically find the broker’s registration number within the disclosure text at the bottom of their homepage.

In a break from tradition, forex trading in Singapore is not subject to taxation unless it is your main source of income, wherein your trading would be classified as a business activity. The Inland Revenue Authority of Singapore (IRAS) categorizes profits derived from forex trading as personal investments and thus those who trade as a hobby are exempt from paying Income or Capital Gains Tax.

While residents of Singapore are responsible for reporting taxable events to the government, with professional forex traders who trade for a living potentially paying an Income Tax rate of up to 22%, we recommend consulting with your local accountant to best determine your specific tax obligations.

IG is the best forex broker in Singapore. Simply put, IG provides an exceptional overall trading experience, complete with excellent trading and research tools, industry-leading education, and nearly 20,000 CFDs in its extensive product suite. Singaporeans looking for educational resources will find both written and video content along with weekly webinars, all of which complement the comprehensive courses available within the IG Academy. IG’s modern mobile app is loaded with 30 technical indicators, 20 drawing tools, and 16 selectable time frames across five chart types.

Some of the best forex brokers from around the world hold regulatory licenses with the MAS. I’ve reviewed and tested over 60 of the best international forex brokers in the industry and conducted thorough research into each broker’s range of regulatory licenses to determine their individual Trust Scores. Here are my top three picks for the best forex brokers regulated by the MAS in Singapore in 2024:

1. IG

99 Trust Score - Most trusted broker in 2024, Best Overall Broker in 2024

IG is well-capitalized, holding over $498 billion as of May 31 2023, and authorized by eight highly trusted Tier-1 regulators, including the Monetary Authority in Singapore (MAS). Because IG is regulated by MAS, the broker is subject to client money protection guidelines as prescribed under Singapore’s Securities and Futures Act of 2001. As such, IG is required to separate client money from its own resources and not use them in the course of business activities, resulting in the distribution of all money held on behalf of clients across several top-tier banks. As well as ranking as the most trusted forex broker in our 2024 Annual Awards, IG also finished best-in-class for offering of investments, commissions and fees, education, mobile trading and professional trading.

Here's a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.

2. Saxo

99 Trust Score - Operates three banks, earned our top 2024 Annual Award for Platforms & Tools

Saxo is highly trusted and authorized by seven Tier-1 regulators (this includes highly coveted licenses from the United States and UK). Notably, Saxo holds a Capital Markets Services (CMS) license with MAS, meaning it has been assessed on factors such as the ability to meet minimum financial requirements as stipulated by the Securities and Futures Act. Saxo delivers one of the best forex trading platforms in Singapore as well as access to over 70,000 financial instruments. Saxo also publishes average spread data – not only across daily trading sessions but by order size, which offers traders the opportunity for execution at scale.

Check out this gallery of screenshots from Saxo's trading platforms, taken by our research team during our product testing.

3. CMC Markets

99 Trust Score - Publicly traded, won our 2024 Annual Award for #1 Most Currency Pairs

CMC Markets is a highly trusted forex broker in Singapore authorized by five Tier-1 jurisdictions and two Tier-2 jurisdictions, including in Canadaand the U.K. In line with MAS regulation and to protect funds in the event of insolvency, CMC Markets holds all retail client money in segregated bank accounts with banks that are licensed in the country under the Singapore Banking Act of 1970. This means that CMC Markets does not hedge their positions in order to meet trading obligations, as stipulated by the Securities and Futures Act.

Take a look at a gallery of screenshots from CMC Markets' trading platforms, taken by our research team during our product testing.

When opening a forex trading account in Singapore, it’s important to make sure that you are choosing a forex broker that is regulated and licensed in Singapore by the Monetary Authority of Singapore, a Tier-1 regulatory agency. Once you've picked a forex broker that is right for your individual needs, follow these important next steps to get started as a forex trader in Singapore:

1. Complete the live account application process. Make sure to read through all applicable terms and conditions.
2. Fund your new brokerage account. Choose your preferred deposit method, and make sure you are starting with an amount you can afford to risk.
3. Try out a demo (virtual trading) account. Familiarize yourself with the broker’s trading platform, get comfortable with the broker’s website and product offerings, and consume any available educational content.
4. Put together a trading plan. Even the best traders can lose money, but the key to long-term success lies in sticking to a trading plan that keeps your average losses low (relative to your average profits). Learn more about trading plans by checking out my guide to getting started as a forex trader.
5. Enter the forex market. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.