Advertiser disclosure: we have no affiliate or advertising agreements with brokers, and no click to a broker is paid. If that changes, this notice changes first. How we make money
7 brokers in our data serve Singapore residents through a company licensed by the Monetary Authority of Singapore. MAS caps retail leverage on major currency pairs at 1:20, lower than the 1:30 allowed in the UK, EU and Australia.
Low Spread Brokers does not give personal investment advice.
For traders who live in Singapore and want the account held by a MAS-licensed company. With leverage capped at 1:20, cost per trade matters more than how much exposure a broker allows, so this list is sorted by our costs score. Read first:how we rankhow we make moneySingapore rules
CMC Markets is first here on our costs score (8.0/10), and Singapore residents are served by CMC Markets Singapore Pte. Ltd. Every broker on the list has a MAS-licensed entity for Singapore, so the cap of 1:20 on FX majors is the same at each; the difference is cost.
Search the company on the MAS Financial Institutions Directory and check that it holds a capital markets services licence.
Ask whether the account has negative balance protection: our reference records no MAS rule that requires it.
Compare the spread and commission on the pair you trade; the costs score uses EUR/USD only.
MAS-licensed brokers for Singapore residents, ranked by cost
Ranked by this page’s rule from published broker data, not by commission. Advertiser disclosure
Why this order: only brokers whose MAS-licensed entity accepts Singapore residents, sorted by our costs score from published EUR/USD spreads and commissions; brokers that publish no EUR/USD spread in pips come last. Ranked from our data on 7 brokers, updated 19 Oct 2026. How we rank
Ranked by this page’s rule · 19 Oct 2026
The entity named on each card for residents of Singapore decides your leverage and protections.
Depends on entity: up to 1:30 (major FX; margin from 3.34%) (FCA)
Funding methods
Debit card, Credit card, Open banking (TrueLayer), Bank transfer
StandardRawSpread bettingProfessional7 of 8 licences checked on the register, 20 Oct 2026
Why #1Costs score: 8.0/10. Residents of Singapore are served by CMC Markets Singapore Pte. Ltd. (MAS, Tier 1, licence number not published). The 0.0-pip quote in our data is for the FX Active account on CMC’s UK pages, which adds a commission.
Depends on entity: up to 50:1 implied (margin from 2% on EUR/USD, retail) (CFTC / NFA)up to 30:1 (major forex pairs, retail; margin 3.33%) (FCA)up to 1:30 (retail, per account comparison table on EU site) (KNF)up to up to 20:1 (retail) (MAS)up to 25x implied (individual FX margin at least 4% of transaction amount) (JFSA)
Funding methods
Debit card, Credit card, Bank transfer (Faster Payments, BACS, CHAPS, SWIFT, SEPA)
StandardRawProfessional4 of 8 licences checked on the register, 20 Oct 2026
Why #2Costs score: 7.6/10. Residents of Singapore are served by OANDA Asia Pacific Pte Ltd (MAS, Tier 1, licence Capital Markets Services Licence (number not published on page); Co. Reg. No 200704926K). OANDA Asia Pacific’s customer agreement states that the account has no negative balance protection.
Depends on entity: up to 1:30 (forex, retail; EUR/USD initial margin 3.33%) (FCA)up to 1:30 (forex, retail — per Plus500 forex page en-fr) (CySEC)
Funding methods
Debit/credit card (Visa, Mastercard only), PayPal, Skrill, Bank transfer
StandardProfessional7 of 14 licences checked on the register, 20 Oct 2026
Why #5Costs score: not measured, so it ranks below brokers with a score. Residents of Singapore are served by Plus500SG Pte Ltd (MAS, Tier 1, licence CMS100648-1).
Depends on entity: up to 1:30 (major FX CFDs, retail: ESMA-style minimum initial margin 3.33%; 5% other pairs) (FCA)up to Leverage limits per CBI CFD rules (Aug 2019) for retail; ESMA minimum margin 3.33% major FX (1:30) per CFD margin page (Central Bank of Ireland)
Funding methods
Bank wire, ACH (US), Direct ACH (US), Check (US), Online Bill Pay (US), Wise balance transfer, USDC stablecoin (USD)
Standard6 of 9 licences checked on the register, 20 Oct 2026
Why #6Costs score: not measured, so it ranks below brokers with a score. Residents of Singapore are served by Interactive Brokers Singapore Pte. Ltd. (MAS, Tier 1, licence CMS100917).
StandardProfessional5 of 8 licences checked on the register, 20 Oct 2026
Why #7Costs score: not measured, so it ranks below brokers with a score. Residents of Singapore are served by eToro Singapore Pte. Ltd. (MAS, Tier 1, licence CMS101824).
7eToroown platform; no single minimum deposit published5.9/10
At a glance · Singapore
Forex broker comparison table
What the table shows
Licence numbers as each broker publishes them (not yet matched on the registers), which entity serves which country, and spreads with the date we copied them from the broker’s own pages.
How to use this table
Sort by score, spread or minimum deposit. Deposits stay in the broker’s own currency, so compare them only within one currency.
50:1 implied (margin from 2% on EUR/USD, retail) (CFTC / NFA) · 30:1 (major forex pairs, retail; margin 3.33%) (FCA) · 1:30 (retail, per account comparison table on EU site) (KNF) · up to 20:1 (retail) (MAS) · 25x implied (individual FX margin at least 4% of transaction amount) (JFSA)
Spreads as published by each broker, latest check 19 Oct 2026. Minimum deposits are shown in each broker’s own currency and are not converted. Leverage shown for all entities; yours depends on the entity named in the ranking.
Is forex trading regulated in Singapore?
MAS licenses the firms that offer leveraged FX and CFDs to Singapore retail investors and caps their leverage. Our reference is not yet verified, so open the MAS links before you rely on it.
Not yet verified against the regulator: check the linked sources
The most a MAS-licensed firm may give a retail investor. The second figure is still to be checked against the current MAS notice.
UnderlyingMaximum retail leverage
FX majors1:20
Other FX, gold, major indices1:10 (to verify)
Source: our country reference for Singapore (MAS); not yet verified against the MAS notice.
Singapore caps major pairs at 1:20, tighter than the UK, EU or Australia
The FCA, CySEC and ASIC allow 1:30 on major pairs for retail clients; MAS allows 1:20. Unlike those three regimes, our reference records no MAS rule requiring negative balance protection and no compensation scheme for capital markets services licence holders.
Tier 1Our class for regulators such as the FCA, ASIC, CySEC, MAS and CIRO
Tier 2Our class for regulators such as the FSCA, SCA and SEC Nigeria
OffshoreRegistration with light supervision; no compensation scheme in our data
One brand, several entities
A global broker runs separate companies for different regions. Your country of residence decides which one you sign with, not the website you land on.
A licence number you can check
Each entity has a number on its regulator’s register. We print the number the broker publishes; match it on the register yourself before you deposit.
What the FCA, CySEC and ASIC rules give a retail trader
Leverage caps
FX majors: 1:30 (FCA), 1:30 (CySEC), 1:30 (ASIC); lower on riskier assets.
Negative balance protection
Required for retail clients under all three regimes in our reference.
Margin close-out
The FCA and ESMA rules close positions at 50% of required margin; ASIC’s order also sets a close-out.
Compensation
Financial Services Compensation Scheme (FSCS): £85,000 per person per firm (investments). Investor Compensation Fund (ICF) of CIFs: €20,000 per client. Australia: no general scheme for CFD client money in our reference.
A complaints body
Financial Ombudsman Service, Financial Ombudsman of the Republic of Cyprus, Australian Financial Complaints Authority (AFCA).
These protections apply to accounts held by entities under those regulators. The rules for Singapore are in the section above.
Leverage caps at three Tier 1 regulators
Maximum retail leverage: Singapore and three Tier 1 regulators
Underlying
MAS (SG)
FCA (UK)
CySEC / ESMA (EU)
ASIC (AU)
FX majors
1:20
1:30
1:30
1:30
FX non-majors, gold, major indices
1:10 (to verify)
1:20
1:20
1:20
Commodities (ex gold), non-major indices
Not in our reference
1:10
1:10
1:10
Individual equities
Not in our reference
1:5
1:5
1:5
Cryptoassets
Not in our reference
banned (crypto derivatives may not be sold to retail clients)
1:2
1:2
Source: our country reference, built from FCA PS19/18 and PS20/10, the ESMA CFD measures applied by CySEC and the ASIC CFD product intervention order. Not yet verified against those documents.
No bonuses on this site
We list no sign-up bonuses, cashback or deposit offers, under any entity.
A bonus offer is a reason to check which entity and which regulator stand behind it before you deposit.
Loss rates disclosed by Tier 1 entities of brokers on this page
Listed alphabetically · scale 0–100%
CMC Markets69%
IG74%
Interactive Brokers58.9%
OANDA76.6%
Plus50076%
Saxo61%
Source: each broker’s published risk warning, latest check 19 Oct 2026.
Whose figure this is
Each figure belongs to a brand’s Tier 1 entity. The entity that would hold an account for a resident of Singapore may publish a different figure or none, and no figure here is a verdict on quality.
Compensation and complaints in Singapore
Our reference records no investor compensation scheme for capital markets services licence holders in Singapore. Complaints go to the broker first, then to the Financial Industry Disputes Resolution Centre (FIDReC).
Something went wrong?
1Complain in writing to the broker entity that holds your account
2Escalate to the Financial Industry Disputes Resolution Centre (FIDReC)
3Report concerns to MAS
Spot a clone
Clone firms copy real broker names and licence numbers. Search the number on the regulator’s own site (eservices.mas.gov.sg), compare the website address, and read the regulator’s warning list before you deposit.
Country rules: compiled from regulator sources, not yet verified · broker data up to 19 Oct 2026
Brokers serving Singapore retail investors hold a capital markets services (CMS) licence. Most of the MAS licence numbers on this page are not published by the brokers in our data; check the company name instead.
1Copy the exact company name of the Singapore entity from the broker’s website
2Search that name in the MAS Financial Institutions Directory
3Check that the licence covers dealing in capital markets products and is current
4Make sure your account application names that same Singapore company
Clones borrow the names of MAS-licensed firms. If the website or phone number differs from the directory entry, contact the firm only through the details MAS lists.
Highest score in our data
First on this page in October 2026
CMC Markets publishes Tier 1 licences from 6 regulators and quotes EUR/USD from 0.0 pips on its FX Active account (checked 19 Oct 2026). The trade-off: our data has no MAS licence number for CMC Markets Singapore, and the 0.0-pip quote is for the FX Active account, which charges a commission.
69% of retail investor accounts lose money when trading CFDs with this provider (CMC Markets UK plc).
Scores by criterion
Each criterion scored 0–10. Darker means a higher score; an empty cell means not measured.
Scores by criterion
Broker
Costs
Platforms
Regulation
Accounts
Research
Support
CMC Markets
8.0
6.5
9.0
7.0
Not measured
Not measured
OANDA
7.6
8.0
9.0
7.0
Not measured
Not measured
IG
7.6
8.5
9.0
6.0
Not measured
Not measured
Saxo
7.2
6.0
9.0
6.5
Not measured
Not measured
Plus500
Not measured
4.0
9.0
5.5
Not measured
Not measured
Interactive Brokers
Not measured
4.0
9.0
5.0
Not measured
Not measured
eToro
Not measured
4.0
9.0
4.0
Not measured
Not measured
Preliminary scores from published broker data. Research and support are not scored until live-account tests, and a broker with no published EUR/USD spread in pips has no costs score.
Further down this list
They passed the MAS filter and rank lower on cost. Plus500, Interactive Brokers and eToro publish no EUR/USD spread in pips, so their costs score is not measured.
6Interactive BrokersSEC / CFTC · FCA · DFSA · Central Bank of Ireland · ASIC · CIRO · MAS · JFSA · SFC Hong Kong6.1/10
A desk score from the brokers’ published terms. We have not opened live accounts yet, so nothing on this page is a test result.
1Copy published termsSpreads, commission, deposits, platforms and account types from each broker’s own pages, each with its date (latest 19 Oct 2026).
2Map entities to countriesEvery licensed company of a brand, the countries it serves and the licence number the broker publishes. Matching each number on the register is the next step.
3Score four criteriaCosts, platforms, regulation and accounts, 0–10 each, by a fixed formula. Research and support stay unscored until we test them.
4Apply this page’s ruleThe filter and sort written under the ranking heading. Ties are broken by the overall score.
Weights in the preliminary score
Costs · 31%
Regulation & safety · 31%
Platforms · 19%
Accounts & funding · 19%
7brokers scored
19 Oct 2026latest data check
What does not affect a score
Partner status and advertising. We have no affiliate or advertising agreements with brokers.
Published spreads behind the scores
Checked
Quote
Spread
19 Oct 2026
EUR/USD, FX Active account, CMC Markets
0.0 pips
19 Oct 2026
EUR/USD, Spread-only (OANDA Europe Limited, UK) account, OANDA
0.6 pips
19 Oct 2026
EUR/USD, UK spread bet/CFD account, IG
0.6 pips
Reviewed by the Low Spread Brokers team · 20 Oct 2026
We have no affiliate or advertising agreements with brokers, and no click to a broker is paid. If that changes, the site will say so first; partner status is not an input to any score, whose formulas use spreads, platforms, licences and account terms only.
What we don’t do
No bonuses or sign-up offers. No offshore leverage presented as a feature. No claim that we tested an account we have not opened. No personal investment advice.
Each country page has its own ranking: only brokers with a company that accepts residents, ordered by a rule chosen for that country’s regulator, leverage caps and protections.
Country rules (compensation, complaints body, leverage caps) come from our country reference, which is not yet re-verified against each regulator; the regulator’s own text prevails.
Risk warning:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
Low Spread Brokers does not give personal investment advice.
Country rules come from our reference, which is not yet verified against the regulators; broker facts are the brokers’ published terms up to 19 Oct 2026.
Search the company name in the MAS Financial Institutions Directory (eservices.mas.gov.sg/fid). The entry should show a capital markets services licence and the same name as your account application.
Broker data collected up to 19 Oct 2026
2What leverage does MAS allow retail traders?
1:20 on major currency pairs, per our country reference. Our reference has 1:10 for other FX, gold and major indices; that figure still needs checking against the current MAS notice.
Our reference records no MAS rule that requires it. OANDA states in its Singapore terms that the account has none. Ask the broker before you open an account.
Broker data collected up to 19 Oct 2026
4What happens if a Singapore broker fails?
Our reference records no investor compensation scheme for capital markets services licence holders, so do not count on a payout if a broker fails. Ask the broker how and where it holds client money.
Broker data collected up to 19 Oct 2026
5Where do Singapore traders complain about a broker?
To the broker first. If that does not settle it, FIDReC (fidrec.com.sg) handles disputes with financial institutions.
Broker data collected up to 19 Oct 2026
6Are forex profits taxed in Singapore?
It depends on whether IRAS treats your trading as income in your circumstances. We do not give tax advice: see iras.gov.sg or ask a tax adviser.
Broker data collected up to 19 Oct 2026
Sources
Primary sources for the Singapore rules on this page. Links opened 20 Oct 2026; the rules are not yet verified against them.
Copies broker terms and entities from the brokers’ own pages, records the date and source of each figure and checks entities and licence numbers on the regulators’ registers; for this page that check is still in progress.