Best MAS Forex Brokers 2026

Monetary Authority of Singapore (MAS) is the main financial body that regulates Forex brokers in this country and issues Capital Markets Services license (CMS).

Traders residing in Singapore can benefit from various top-tier brokers that offer strong regulation, negative balance protection, various tradable products, and leverage of up to 1:30.

		MultiBank Group	Study Review	Sign up
		eToro	Study Review	Sign up
		Forex.com	Study Review
4		Plus500	Study Review
5		Moomoo	Study Review
6		Swissquote	Study Review
7		Saxo Bank	Study Review
8		Interactive Brokers	Study Review
9		IG	Study Review
10		OANDA	Study Review

Trustpilot Ratings of MAS-Regulated Forex Brokers

Traders must consider the trustpilot ratings of the top MAS-regulated brokers before opening a trading account.

Minimum Spreads of Forex Brokers Licensed By MAS

The table below outlines the minimum spreads across different account types (including Standard, Zero, and ECN) in the best Forex brokers regulated by MAS in Singapore.

Non-Trading Fees in Forex Brokers Regulated by MAS

Non-trading fees, including deposit, withdrawal, and inactivity cost, add to the overall trading costs and traders must consider them before choosing a Forex broker.

Number of Tradable Instruments in Forex Brokers Regulated by MAS

Having access to a wide variety of instruments such as Forex, stocks, crypto, commodities, and indices is crucial for diversifying your portfolio. Here are the top MAS regulated brokers’ number of tradable assets.

Top 8 Forex Brokers Regulated by MAS

Here is a detailed overview of the best Forex brokers regulated by the Monetary Authority of Singapore.

MultiBank Group

MultiBank is a global multi-asset broker established in 2005, offering access to Forex, commodities, indices, shares, and cryptocurrency CFDs through MetaTrader 4, MetaTrader 5, and its proprietary MultiBank-Plus platform.

Trading conditions include leverage of up to 1:500, commission-free accounts, and minimum deposits starting from $200, depending on the account type and region.

The broker operates under a broad regulatory framework, with oversight from authorities such as ASIC, CySEC, MAS, SCA, BaFin, CIMA, and AUSTRAC. All these entities require traders to complete the MultiBank verification process.

Funds are held with Tier 1 banks, and the company holds a “B” rating from Standard & Poor’s.

After completing the MultiBank registration, traders can choose between Standard, Pro, and ECN accounts, each designed for different trading profiles, alongside Islamic and demo accounts.

Supported services include copy trading, MAM/PAMM structures, and automated trading via Expert Advisors.

Deposit and withdrawal options cover cards, bank transfers, cryptocurrencies, SEPA, and regional payment systems, all available on the MultiBank dashboard.

Services are restricted in several countries, including the USA, UK, Iran, Russia, and North Korea. Overall, MultiBank positions itself as a compliance-focused broker with diversified instruments and technology-driven infrastructure.

MultiBank Group Pros and Cons

The table below outlines the main benefits and drawbacks of trading with the MultiBank Group broker.

eToro

 eToro is an Israel based broker founded in January 2007 by David Ring, Ronen Assia, and Yoni Assia, operating under eToro Ltd and headquartered in Tel Aviv.

The company is regulated across multiple jurisdictions through entities supervised by FCA, CySEC, MFSA, ADGM FSRA, ASIC, FSA Seychelles, GFSC, MAS, and in the United States by SEC and FINRA.

Account options after completing the eToro registration include Personal, Professional, Corporate, and Islamic, with a $10 minimum deposit, and leverage ranging from 1:30 for retail clients to 1:400 for eligible professional clients.

Costs vary by instrument and region, including a 1% crypto fee, a $5 withdrawal fee from USD accounts, conversion charges, and a $10 monthly inactivity fee after 12 months.

Funding methods include bank transfer, cards, PayPal, Skrill, Neteller, Trustly, iDEAL, Sofort, and Przelewy24.

Reported limitations include no MT4 or MT5 support and customer service channels centered on email, ticketing, and live chat rather than phone calls.

Pros and Cons of eToro

Check the table below to learn about the pros and cons of trading with eToro.

Swissquote

Swissquote is a Switzerland-based online bank and brokerage group that provides access to Forex, equities, indices, commodities, bonds, metals, and digital assets.

Founded in 1990 by Marc Bürki and Paolo Buzzi and publicly listed on the SIX Swiss Exchange under the symbol SQN, the company operates from its headquarters in Gland with additional offices in Europe, Asia, and the Middle East.

The broker is regulated by multiple authorities, including FINMA, FCA, DFSA, CySEC, CSSF, SFC, MFSA, MAS, and FSCA.

As a licensed bank, Swissquote maintains institutional-level compliance standards and operational oversight. Swissquote offers more than three million financial products across international exchanges such as NYSE, NASDAQ, AMEX, SIX, and selected regional markets.

Trading access is provided through MetaTrader 4, MetaTrader 5, and the proprietary CFXD platform, which supports automated trading via Expert Advisors, custom indicators, multi-screen layouts, and integrated market data feeds.

Account structures after Swissquote registration include Standard, Premium, Prime, and Professional tiers, with a minimum deposit of $1,000 and leverage up to 1:100, subject to regulatory limits.

Supported base currencies include USD, EUR, CHF, GBP, JPY, AUD, CAD, and several regional options. Islamic accounts and negative balance protection are available in selected jurisdictions.

Funding and withdrawals are primarily conducted via bank transfers and Visa or MasterCard deposits.

Swissquote Pros and Cons

The table below allows you to understand the benefits and drawbacks of trading with the Swissquote broker.

Forex.com

Forex.com is a multi-asset brokerage brand launched in 2001 in New Jersey, later expanding to the UK and Japan, and acquired by StoneX Group Inc. in 2020.

Through regional entities, it operates under regulators such as CFTC and SEC in the United States, FCA in the United Kingdom, ASIC in Australia, MAS in Singapore, CIRO in Canada, FSA in Japan, CySEC in Cyprus, and CIMA in the Cayman Islands.

The broker lists 5,500+ instruments across Forex, indices, shares CFDs, commodities, gold, and crypto CFDs, with reported average execution around 0.02 seconds.

Platforms include MetaTrader 5, TradingView integration, and a proprietary web and mobile trader. Account options typically include Standard, Raw Spread, and MetaTrader, with a $100 minimum deposit and minimum trade size of 1,000 units.

Costs are instrument dependent, and non-trading charges can include a $15 monthly inactivity fee after 12 months. Promotions and rebates are region specific, including VIP interest on free margin and cashback offers in some jurisdictions.

Forex.com Pros and Cons

Traders must consider the benefits and drawbacks of trading with Forex.com before joining this broker.

Saxo Bank

Saxo Bank is a Danish investment bank founded in Copenhagen in 1992 by Kim Fournais. It operates as a licensed, multi regulated institution and reports more than €100 billion in client assets, serving over 1.2 million clients across 180+ countries.

Regulatory coverage spans Tier 1 frameworks including the Danish FSA, FCA, ASIC, MAS, SFC, JFSA, and FINMA, with client safeguards such as segregated funds and negative balance protection across major entities.

Compensation schemes differ by branch, including up to £85,000 under FSCS in the UK and up to CHF 100,000 in Switzerland.

The broker provides access to roughly 71,000 instruments across Forex, CFDs, shares, ETFs, bonds, commodities, futures, options, and selected crypto exposure.

Pricing is account tier dependent, with floating spreads that can start near 0.4 pips, and commissions that vary by asset class.

Trading is delivered through Saxo Investor, SaxoTrader Go, and SaxoTrader Pro, including charting, multi-screen workflows, and free trading signals inside SaxoTrader Go.

Funding is primarily via bank transfer, and card deposits were discontinued as of 14 April 2025. Non trading costs can include currency conversion and a 100 EUR account termination fee, while inactivity charges are generally not applied.

Pros and Cons of Saxo Bank

The table below provides a detailed look at the benefits and drawbacks of trading with the Saxo Bank broker.

Plus500

Plus500 is a CFD focused broker founded in 2008 and headquartered in London, operating through around 10 licensed subsidiaries and listed on the London Stock Exchange under LSE: PLUS, within the FTSE 250.

The group is available in more than 50 countries, with clients routed to different legal entities depending on residence and regulatory scope.

Oversight is provided by a broad set of authorities, including FCA in the UK, CySEC in Cyprus, ASIC in Australia, MAS in Singapore, DFSA in the UAE, EFSA in Estonia, FMA in New Zealand, FSCA in South Africa, ISA in Israel, and an offshore entity under FSA Seychelles.

Trading is conducted via Plus500 WebTrader and its mobile app, rather than MT4 or MT5.

The product list includes 2,800+ instruments across Forex, indices, commodities, options, ETFs, stocks, and crypto CFDs, with spreads that can start around 0.5 pips and a mostly commission free pricing model.

Traders can access all these instruments after completing the Plus500 registration. Accounts are offered in Retail and Professional categories, with a $100 minimum deposit and professional leverage up to 1:300, subject to eligibility rules.

Non trading costs can include an inactivity fee after three months and currency conversion charges.

Plus500 Pros and Cons

Understanding the Plus500 benefits and drawbacks are necessary when choosing this broker to trade Forex.

IG

IG is a London founded brokerage group established in 1974 and listed in the FTSE 250, with offices across 17 countries and a client base reported at 381,000 plus.

It provides access to more than 17,000 instruments, including Forex, indices, shares, commodities, cryptocurrencies, bonds, ETFs, and IPO linked products, with 24-hour indices and extended hours for U.S. shares.

Trading is supported through MT4, TradingView integration, ProRealTime, L2 Dealer, IG Web Trader, and proprietary platforms, with order types such as market, limit, stop loss, trailing stops, triggers, and guaranteed stops.

IG operates through multiple regulated entities, including IG Markets Ltd under the FCA, IG Europe GmbH under AMF and BaFin frameworks, IG Australia Pty Ltd under ASIC, IG Singapore Pte Ltd under the MAS, IG Securities Ltd under the JFSA, IG Limited in Dubai under DFSA, and IG Markets South Africa Ltd under the FSCA.

The broker offers a single CFD account structure after completing the IG registration with features such as demo access, trading signals, an economic calendar, and algorithmic trading via APIs, while crypto availability and support hours may differ by region.

IG Pros and Cons

Traders must keep the following points in mind when choosing IG as their preferred Forex broker.

Interactive Brokers

Interactive Brokers is a globally established brokerage firm founded in 1977 by Thomas Peterffy and headquartered in Greenwich, Connecticut.

Operating across more than 150 markets and serving over 2.9 million client accounts, the company provides access to a broad range of asset classes, including Forex, stocks, ETFs, options, futures, bonds, mutual funds, and US spot gold.

Client protection frameworks vary by region and include SIPC coverage up to $500,000 in the United States, FSCS protection up to £85,000 in the United Kingdom, and EU compensation schemes up to €20,000.

Negative balance protection is available in several regulated entities for retail clients using leverage.

This broker offers six main account types for traders who complete the Interactive Brokers registration, including Individual, Joint, Trust, Retirement, Institutional, and Non-Professional Advisor accounts, alongside a fully featured demo account.

Trading is supported through proprietary platforms such as Trader Workstation (TWS), IBKR Mobile, Client Portal, and IBKR APIs, which provide advanced analytical and execution capabilities.

Funding and withdrawals are primarily conducted through bank transfers, checks, and wire services.

While commissions and spreads are generally competitive, payment methods are limited, and promotional programs are not offered. Overall, Interactive Brokers focuses on global market access, regulatory transparency, and institutional-grade trading infrastructure.

Interactive Brokers Pros and Cons

The table below outlines the key benefits and drawbacks of using Interactive Brokers services.

How Did we Choose the Best MAS-Regulated Brokers?

TradingFinder team of experts have reviewed all the available Forex brokers with an MAS license based on the factors listed below to choose the best ones based on traders’ needs.

• Account types
• Funding and withdrawal methods
• Leverage
• Tradable instruments
• Client protection schemes
• Customer support

We have also considered the brokers that were mentioned in our best Forex brokers in Singapore to design the current list.

What is MAS?

The Monetary Authority of Singapore (MAS) functions as Singapore’s central bank and primary financial supervisor, operating as an integrated regulatory institution since 1971.

 Its mandate focuses on maintaining macroeconomic stability, supporting sustainable growth, and ensuring the resilience of the national financial system.

By guiding the exchange rate within a defined policy band, the authority aims to preserve price stability and manage inflationary pressures.

In its regulatory capacity, MAS oversees a wide range of financial institutions, including commercial banks, insurance providers, capital market intermediaries, financial advisors, and fintech companies.

This comprehensive supervisory framework is designed to strengthen risk management practices and promote market transparency.

MAS also serves as the banker and financial agent of the Singapore Government, handling public sector financial operations and contributing to overall fiscal efficiency.

At the institutional level, it operates under the oversight of the Prime Minister’s Office, reflecting its strategic role within national economic governance.

Beyond regulation, MAS supports the development of Singapore as an international financial hub by encouraging innovation, digital finance, and responsible fintech adoption.

Through its integrated policy, supervisory, and developmental functions, MAS remains a central pillar in shaping Singapore’s financial stability and long-term competitiveness.

What Powers Does MAS Have?

The Monetary Authority of Singapore (MAS) holds extensive regulatory, supervisory, and enforcement powers aimed at preserving the stability and integrity of Singapore’s financial system.

Its authority covers banking, insurance, capital markets, and payment services, Forex brokers and has been further reinforced by the Financial Institutions (Miscellaneous Amendments) Act 2024 (FIMA Act).

As the central licensing body, MAS approves the establishment, ownership changes, and key appointments of financial institutions.

Under the Banking Act and the Securities and Futures Act (SFA), it may issue prohibition orders, remove unsuitable executives, and intervene in audit arrangements.

In the enforcement sphere, MAS can compel information disclosure, conduct examinations, and, where justified, enter premises and secure evidence.

In parallel, it manages the Singapore Dollar exchange rate to support price stability. Together, these powers enable MAS to address risks, misconduct, and systemic vulnerabilities in a timely manner.

What Are the Monetary Authority of Singapore Responsibilities?

Here are the main responsibilities of the MAS in Singapore:

• Develops and enforces regulatory guidelines on accountability, ESG standards, technology risk management, outsourcing, environmental risk, and business continuity to support financial system stability;
• Publishes financial statements, financial stability reviews, and assets under management reports, while maintaining the Investor Alert List and licensed representatives register for public verification;
• Manages the licensing and authorization of banks, brokers, insurers, and financial institutions through centralized regulatory directories;
• Oversees monetary and operational frameworks by managing exchange rate mechanisms, conducting resilience testing, and implementing enterprise-wide risk assessments;
• Applies supervisory and disciplinary measures, including targeted financial sanctions, prohibition orders, civil penalties, reprimands, and formal warnings in cases of regulatory violations.

Do MAS-Regulated Brokers offer Negative Balance Protection?

Negative balance protection is an important risk management feature within the Singapore forex trading environment, designed to prevent traders from incurring losses that exceed their deposited funds.

This mechanism ensures that trading accounts do not fall below zero, even during periods of extreme market volatility or sharp price fluctuations.

In practice, most MAS-regulated brokers extend negative balance protection primarily to retail clients, reflecting regulatory standards focused on investor protection and financial stability.

By limiting downside exposure, this safeguard reduces the risk of unexpected debt arising from leveraged trading positions. As a result, it is particularly relevant for less experienced participants who may lack advanced risk management strategies.

This distinction aligns with international regulatory practices applied by authorities such as the Monetary Authority of Singapore (MAS). Overall, leading forex brokers authorized in Singapore generally incorporate negative balance protection into their client protection policies.

When combined with leverage restrictions, margin controls, and transparent risk disclosures, this mechanism contributes to a more controlled trading environment and supports responsible participation in leveraged financial markets.

Are MAS-Regulated Brokers Safe?

The safety of client funds with forex brokers in Singapore depends on both regulatory safeguards and individual risk management practices.

Trading in leveraged markets inherently involves exposure to market volatility, pricing fluctuations, and execution risks, which can affect account performance regardless of broker oversight.

Under the supervision of the Monetary Authority of Singapore (MAS), licensed brokers are required to operate within a structured compliance framework designed to promote transparency and financial stability.

MAS-regulated brokers also provide access to risk management tools such as stop-loss orders, limit orders, guaranteed stops, and price alerts.

These features enable traders to define potential losses and manage position exposure more effectively. In addition, many retail accounts benefit from negative balance protection, which limits losses to the amount deposited.

From a compliance perspective, regulated providers must adhere to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements, aligned with international standards supported by the Asia/Pacific Group on Money Laundering.

These obligations strengthen institutional integrity and monitoring practices.

Overall, while MAS regulation establishes a secure operational environment, effective capital protection ultimately depends on disciplined trading strategies, informed decision-making, and appropriate use of available risk controls.

Forex Trading Tax for MAS Regulated Brokers

In Singapore, the taxation of forex trading activities is governed by guidelines set by the Inland Revenue Authority of Singapore (IRAS). Under this framework, trading profits are generally subject to income tax when forex activities constitute a primary or regular source of income.

This classification typically applies to professional or full-time traders who generate consistent earnings from market participation. In contrast, individuals who trade on an occasional or non-commercial basis are less likely to be assessed under the same criteria.

Corporate entities engaged in forex trading are subject to a standard corporate income tax rate of 17%. For individual traders, tax obligations depend on progressive income brackets, ranging from zero percent for low-income earners to higher rates for elevated income levels.

These losses may be applied to offset future taxable income, subject to regulatory conditions. However, they are not eligible for retrospective adjustment against prior-year earnings.

Overall, the tax treatment of forex income in Singapore depends largely on trading frequency, income dependency, and professional classification, making accurate recordkeeping and regulatory compliance essential.

How can I Check If a Broker is Regulated by MAS?

Here are the exact steps you must take to ensure the broker you choose is under oversight of MAS:

1. Check the broker’s website footer or legal section and find the regulatory disclosure showing its relationship with the Monetary Authority of Singapore (MAS), including the legal entity name and license details;
2. Note the official company name, registration number, and stated authorization, such as a Capital Markets Services (CMS) license;
3. Visit the official MAS register and search for the same legal entity using the recorded name or registration number;
4. Compare the register information with the broker’s website, including business activities, address, contact details, and official domain;
5. Review the MAS Investor Alert List and licensed representatives register to confirm that neither the company nor its key personnel are flagged as unregulated.
6. Keep records of the matched disclosure and register entry as verification evidence.

Rules Set by MAS for Forex Brokers

Forex brokers operating in Singapore must comply with a structured regulatory framework established by the Monetary Authority of Singapore (MAS), which governs participation in the local foreign exchange and derivatives markets.

A fundamental requirement is holding a Capital Markets Services license for dealing in OTC derivatives, spot foreign exchange, and leveraged FX products.

MAS mandates minimum base capital thresholds, commonly starting from SGD 1 million, depending on business scope and risk exposure.

Brokers are required to segregate client funds from operational capital to strengthen client asset protection and reduce insolvency risk.

In addition, firms must implement formal risk management systems, publish comprehensive risk disclosures, and conduct investor suitability assessments.

Business conduct standards emphasize fair dealing, best execution, accurate statements of account, and systematic recordkeeping.

From a governance perspective, brokers must maintain an independent compliance function in Singapore and submit regular regulatory reports and annual financial audits to MAS.

When disputes arise, affected clients may escalate complaints to the Financial Industry Disputes Resolution Centre (FIDReC), which provides an external mechanism for dispute resolution within the Singapore financial system.

Tradable Instruments in the MAS Regulated Brokers

Here’s a list of trading products you have access to in the brokers regulated by the Monetary Authority of Singapore:

• Listed equities (stocks) traded on the Singapore Exchange (SGX) and major international exchanges in the U.S. and Hong Kong markets;
• Exchange-Traded Funds (ETFs) covering equity indices, sectors, commodities, and multi-asset strategies;
• Foreign Exchange (Forex) products, including spot currency pairs and leveraged FX trading instruments;
• Contracts for Difference (CFDs) on stocks, indices, commodities, and currencies without direct asset ownership.
• Futures contracts and options on financial instruments and commodity markets for hedging and speculative purposes;
• Real Estate Investment Trusts (REITs) providing exposure to income-generating property portfolios;
• Debt securities, including government bonds, corporate bonds, and other fixed-income instruments.

Can I Trade Crypto in the MAS-regulated Forex Brokers?

Yes, cryptocurrency trading through MAS-regulated forex brokers in Singapore is generally offered in the form of derivative instruments rather than direct ownership of digital assets.

Although these brokers operate under the supervision of the Monetary Authority of Singapore (MAS) for forex and capital markets activities, the underlying crypto assets themselves are not regulated as legal tender or securities.

As a result, digital currencies remain outside the formal regulatory scope of MAS, which places them in a higher-risk category compared to traditional financial instruments.

MAS regularly emphasizes the importance of risk awareness when dealing with crypto-related products.

Key concerns include high market volatility, limited price transparency, and the absence of statutory investor protection mechanisms. These factors may restrict access to legal remedies in the event of disputes or losses.

In addition, certain leveraged or complex crypto-linked products may be available only to accredited or professional investors, depending on regulatory classification.

Overall, crypto trading through MAS-regulated brokers focuses on price exposure via derivatives, rather than asset custody, and requires careful consideration of regulatory boundaries and risk profiles.

MAS vs Other Top-tier Regulatory Entities

Here’s how the Monetary Authority of Singapore compares to other top-tier regulators in the world.

Conclusion

Based on our evaluation of the best MAS regulated brokers, eToro, MultiBank Group, Swissquote, Forex.com, Plus500, Saxo Bank, and Interactive brokers are the best available options.

Now you must weigh the pros and cons of trading with each broker and choose the one that fits your trading goals and risk tolerance.

All brokers have been evaluated based on the TradingFinder Forex Methodology.