Best Forex Brokers in Singapore: Compared
In Singapore, leveraged foreign exchange trading is a regulated activity under the Securities and Futures Act, and firms that carry it on in Singapore need a Capital Markets Services licence from MAS. MAS's directory lists licensed firms for this activity, so residents have a locally supervised option that offshore brokers can't match on protection. Among the brokers we cover, Vantage says it doesn't serve Singapore; the others don't name it.
Brokers we cover
| Broker | Min deposit | Bonus | Licence | Visit broker | ||
|---|---|---|---|---|---|---|
 XMFeatured | 4.9/5Editorial rating | 1,000:1 | $5 | 100% deposit bonus | FSC Belize | Visit |
 Vantage | 4.3/5 | Unlimited | $50 | Promotions vary by region | FSCA South Africa 51268 | Visit |
 Exness | 4.2/5 | 2,000:1 | Standard from about $10 | None | FSA Seychelles SD025, CBCS Curaçao, FSC BVI, FSC Belize, F… | Visit |
 HFM | 4.1/5 | 2,000:1 | $0 | Deposit bonus | CySEC 183/12, FCA 801701, FSCA 46632, FSA SD015, CMA 155 | Visit |
 XS.com | 4.1/5 | 2,000:1 | No minimum | No deposit bonus listed | FSA Seychelles SD089 | Visit |
 FXGT | 4.1/5 | 5,000:1 | $0 | Deposit bonuses | FSA Seychelles SD019 | Visit |
 Titan FX | 3.7/5 | 2,000:1 | No minimum | No deposit or sign-up bonus | Vanuatu FSC | Visit |
 BigBoss | 3.2/5 | 2,222:1 | No minimum deposit | Three-tier deposit bonus up to $13,840 | Comoros | Visit |
The legal position: MAS and the Securities and Futures Act
The Monetary Authority of Singapore (MAS) regulates leveraged forex. Its foreign exchange page says dealing in capital markets products that are spot foreign exchange contracts for the purposes of leveraged foreign exchange trading is a regulated activity under the Securities and Futures Act, and financial institutions doing this in Singapore need a Capital Markets Services (CMS) licence.
That gives Singapore residents a clear regulated route: MAS-licensed brokers, supervised locally, with Singapore conduct rules. Offshore brokers licensed in places like Vanuatu, the Seychelles or Mauritius are not supervised by MAS, and an offshore licence gives none of the protection a CMS licence carries. This is a general description of the rules, not legal advice.
How to check a broker
- MAS Financial Institutions Directory: the directory lets you search by name, or filter for CMS licensees whose activities include spot FX for leveraged trading.
- MAS Investor Alert List: the MAS Investor Alert List covers persons who may be wrongly perceived as licensed or authorised by MAS. MAS has stopped publishing the names of entities impersonating licensed firms there and points investors to the directory instead.
- Clone sites: if a broker claims a MAS licence, check that the company name, address and website on the directory match exactly.
Which brokers we cover accept Singapore
From each broker’s own site, checked 31 October 2026:
| Broker | What its own site says about Singapore |
|---|---|
| Vantage |
Does not serve Singapore (named in its regional restrictions with India, Canada, China, Hong Kong and the US) |
| XM (XM Global) | Not stated; its restricted list names the US, Canada, Israel and Iran |
| Exness |
Not stated; its list names the USA, Canada, Iran, North Korea, Europe, the UK, Russia, Belarus “and others” |
| Titan FX |
Not on its unsupported-countries list |
| FXGT |
Not stated (it excludes only EU and UK residents) |
| XS.com |
Not stated (it names the USA, Iran and North Korea) |
| BigBoss |
Not stated (it names the USA, Iran and Macau, and in principle Malaysia and Japan) |
| HFM |
Not stated on its public pages; HFM’s registration form shows whether your country is accepted |
“Not stated” means the site doesn’t name Singapore either way. It isn’t an endorsement and doesn’t mean the broker is authorised to serve Singapore.
Funding in Singapore dollars
Titan FX’s funding page lists SGD among the currencies for card deposits and offers SGD as an account base currency, and Vantage accepts SGD as a base currency on its Pro ECN account. Otherwise, none of the brokers we cover lists a Singapore-specific payment method on its public pages. Exness and Vantage show methods by region after registration. See our deposit methods guide.
Offshore vs MAS-licensed: what you give up
The trade-off for higher leverage and bonuses at offshore brokers is protection. With an offshore broker you lose MAS supervision and Singapore’s dispute channels, and you depend on the offshore company’s own client-money arrangements. If leverage is the attraction, read our leverage guide first; if safety matters most, see regulated vs offshore brokers and how client funds are protected.
Tax
For how trading gains are treated, check IRAS or a tax adviser. Our forex tax guide explains the general principle that your residence decides.
Bottom line
Singapore residents have a well-regulated local market. Offshore brokers in our table may accept a registration, but they aren’t MAS-licensed, and Vantage excludes Singapore outright. Use the MAS directory before you sign up anywhere. Before you fund an account, ask your bank how it handles transfers to overseas brokers and what it charges.
Frequently asked questions
Is forex trading legal in Singapore?
Yes, through MAS-licensed firms. MAS says dealing in spot FX contracts for leveraged foreign exchange trading is a regulated activity under the Securities and Futures Act, and firms doing it need a Capital Markets Services licence.
How do I check if a broker is licensed by MAS?
Use the MAS Financial Institutions Directory. You can filter for Capital Markets Services licensees authorised for spot FX contracts for leveraged foreign exchange trading.
Does Vantage accept Singapore residents?
No. Vantage's site lists Singapore among the jurisdictions it doesn't serve.
What is the MAS Investor Alert List?
A list of persons who may be wrongly perceived as licensed or regulated by MAS. MAS has stopped publishing impersonators there and advises checking the Financial Institutions Directory instead.
How are trading gains taxed in Singapore?
It depends on your circumstances; check IRAS (iras.gov.sg) or a tax adviser. We don't give tax advice.