Every broker with a Singapore office slaps the MAS logo on its homepage. But a Capital Markets Services licence from the Monetary Authority of Singapore doesn't guarantee tight spreads, fast PayNow withdrawals, or even that your account sits under that licence. We scored every MAS-regulated broker available to Singapore residents on five signals that actually matter — EUR/USD spreads, SGD deposit methods, local-bank withdrawal speed, the entity holding your funds, and Trust Score. Here is the shortlist that survives.
What MAS regulation actually covers — and what it doesn't
Every broker in Singapore slaps "MAS Regulated" on its homepage. The implication is safety. The reality is narrower — and knowing the gap matters more than the badge.
The CMS licence is not a blanket approval
A Capital Markets Services (CMS) licence from the Monetary Authority of Singapore permits specific activities: dealing in capital markets products, advising on investments, or managing funds. Most forex brokers hold a CMS licence for dealing in capital markets products — but that licence is typically held by a Singapore-incorporated subsidiary. Your trade may never touch that entity. Many brokers route client orders to an offshore affiliate in Vanuatu, the BVI, or Seychelles, where capital requirements are lower and leverage limits don't exist. The MAS licence applies to the Singapore entity's conduct, not to the offshore execution desk handling your position.
No compensation scheme for broker failure
MAS does not operate a trader compensation fund. If your broker collapses and funds go missing, there is no equivalent of the UK's FSCS (up to £85,000) or the US SIPC (up to $500,000). The Singapore Deposit Insurance Corporation covers bank deposits up to S$100,000 — but that applies to bank accounts, not brokerage client funds. When a broker fails, you are an unsecured creditor.
Segregation is real — but limited to local funds
MAS requires licensees to segregate client money in a trust account with a Singapore bank. This is genuine protection: if the broker becomes insolvent, those segregated funds are not part of the bankruptcy estate. The catch is that this protection only covers money held in the Singapore trust account. If your deposit lands in an offshore account — and many brokers do route deposits that way — the MAS segregation requirement never attaches.
The common bait-and-switch
A broker flashes its CMS licence number on the footer. You check the MAS Register — it's valid. What the footer doesn't say is that your trading account is booked under a Vanuatu-registered entity with a different name. Trade execution, leverage, margin close-outs, and dispute resolution all follow that offshore entity's rules, not MAS regulations. Some brokers do hold client accounts under the MAS-licensed entity — we flag which ones below. For everyone else, the MAS badge is marketing, not protection.
How we picked: five signals, zero affiliate bias
Every broker on this list passed the same gauntlet. BrokerMap's Trust Score methodology is public — you can read the full formula on our site — and it explicitly bans paid placement. No broker can buy a higher rank. No affiliate deal tilts the order. The ranking below is the raw output of a system designed to surface the brokers that actually serve Singapore traders, not the ones with the biggest marketing budget.
The five signals that mattered for Singapore
We scored every candidate on five criteria specific to the Singapore market:
MAS licence held by the entity that books your trade. Many brokers display a Monetary Authority of Singapore licence on their homepage. Look closer: that licence often covers only advisory or introducing-broker activities, while your trade is executed by an offshore entity with no MAS oversight. We only included brokers where the MAS-licensed entity is the counterparty to your trade.
Raw spreads on EUR/USD. We measured the minimum raw spread (before commission) available on a standard account type. Numbers below 0.2 pips indicate a genuine ECN or STP setup.
SGD account and PayNow support. Can you deposit in Singapore dollars without converting through USD first? Does the broker support PayNow for instant funding? Both were required for inclusion.
Local-bank withdrawal speed. We tested or verified the typical time from withdrawal request to funds landing in a DBS, OCBC, or UOB account. Measured in business days, not "processing time" caveats.
No history of regulatory warnings from MAS. We checked the MAS Investor Alert List and any public reprimands. A single warning disqualified the broker, regardless of other scores.
Why the licence detail matters
The most common trap in Singapore forex is the "MAS-licensed" badge that doesn't cover client trading. A broker may hold a Capital Markets Services licence for advising on securities — and use that to imply regulatory approval — while routing all client orders to a BVI or Seychelles entity. If that entity collapses, MAS has no jurisdiction and no obligation to intervene. We excluded every broker that relies on this shell-game structure.
Disclosure and data freshness
BrokerMap does not accept money from brokers. No affiliate relationship, no sponsored slot, no "preferred partner" arrangement influences this list. The data was collected in January 2026. Spreads, fees, and payment methods change — always verify current terms on the broker's own website before opening an account.
Saxo Markets — best for serious traders who want MAS protection end to end
Most brokers advertising "MAS regulated" actually hold the licence under a BVI or Cyprus entity that licenses the brand to a Singapore rep office. Saxo does not play that game. Saxo Markets Pte. Ltd. holds its own MAS Capital Markets Services (CMS) licence and books client trades under that same Singapore entity. That means the regulatory umbrella covers you from deposit to withdrawal — not just the marketing page.
Costs, spreads, and the commission catch
Saxo publishes raw spreads from 0.4 pips on EUR/USD, which lands in the tight range for a tier-1 broker. The catch: a commission applies on top, varying by account tier and volume. For active traders moving decent size, the all-in cost is competitive with Interactive Brokers. For someone placing three small trades a month, the fee structure stings more than a fixed-spread alternative.
SGD support, PayNow, and same-day withdrawals
Saxo handles SGD accounts natively — no forced USD conversion, no hidden FX margin on deposits. PayNow deposits credit instantly, and local-bank withdrawals via FAST usually land the same business day. This is the smoothest local-currency pipeline among the MAS-licensed brokers we track.
The two real tradeoffs
Minimum deposit is SGD 3,000. That is not a typo. If you are starting with SGD 500 or testing forex as a side experiment, Saxo will turn you away. The account is designed for traders who treat this as a serious capital allocation.
The platform is powerful but punishing for beginners. SaxoTraderGO and SaxoTraderPRO are professional-grade tools with enough depth charts, order types, and analytics to overwhelm. If you want a simple Buy/Sell button and a clean P&L line, this is not it. Saxo rewards traders who invest time upfront to learn the interface — and punishes those who skip it.
IG Markets — best for intermediate traders who value execution speed
IG Markets holds an MAS Capital Markets Services (CMS) licence and books the majority of its retail forex trades under the Singapore entity, not a regional pass-through. That matters when a regulator dispute arises — you're dealing with the Monetary Authority of Singapore directly, not a call centre in another time zone.
Execution and spreads
IG's EUR/USD spreads start at 0.6 pips on the standard account with no commission. That is competitive but not raw — you won't get the 0.0-pip institutional pricing that ECN brokers advertise. What you get instead is reliable fill quality on a platform that handles 15,000+ symbols without stuttering. For the intermediate trader who values execution over headline spread numbers, IG's infrastructure is the stronger trade.
SGD accounts and withdrawals
IG supports SGD-denominated accounts, PayNow deposits, and bank transfers to DBS, OCBC, and UOB. Withdrawals typically land within one business day — faster than most MAS-licensed competitors, who often take 2–3 days for local-bank processing.
The tradeoffs
IG's forex product range is narrower than Saxo's. You get 45+ major, minor, and cross pairs, but exotic pairs are sparse and there are no crypto CFDs. If you trade only EUR/USD, GBP/JPY, and AUD/USD, this is not a limitation. If you chase Turkish lira or Nigerian naira crosses, look elsewhere.
There is also an inactivity fee — charged after two consecutive years of no trading. Regular traders will never trigger it, but occasional position-takers should know: IG is not a set-and-forget account.
OCBC Securities — best for bank clients who want one dashboard
MAS-regulated, bank-graded safety
OCBC Securities holds a MAS Capital Markets Services licence (CMS100001-0) and sits directly under the OCBC Bank group. That means client funds live inside a Singapore-licensed bank, not a segregated trust account at a third-party institution. For traders who prioritise counterparty risk above all else, this is as clean as it gets. Your cash is with the same entity that issues your ATM card.
SGD native, PayNow instant, withdrawals same-day
The account is denominated in Singapore dollars by default. Deposits via PayNow arrive instantly with zero fees. Withdrawals to any local bank — DBS, UOB, Maybank, whatever — clear the same business day because OCBC Securities settles through FAST. No wire delays, no conversion layers, no "pending" status that drags into tomorrow.
The spreads tradeoff
OCBC Securities prices forex like a bank, not a brokerage. EUR/USD typically runs 1.0–1.5 pips during London hours. That is 2–3 times wider than what a dedicated forex broker like IC Markets or Saxo offers. The platform — iOCBC — was built for equities and unit trusts. Forex is a secondary feature. Charts are functional, not professional-grade, and execution feels like a web app built for occasional use.
Who should (and shouldn't) use it
This is a strong fit if you already bank with OCBC and want a single dashboard for stocks, bonds, REITs, and the occasional forex trade. The leverage cap of 1:20 is MAS standard — you won't find 1:500 here, and you shouldn't expect it. For pure forex scalpers or traders running high-frequency strategies, the spread width and platform limitations make OCBC Securities a poor choice. It is a multi-asset account that happens to offer forex, not a forex broker that happens to offer equities.
CGS International Securities — best kept secret for cost-conscious traders
Most Singapore traders overlook CGS International Securities because they associate it with blue-chip equities, not forex. That's a mistake. Formerly CIMB Securities, CGS holds a full MAS Capital Markets Services (CMS) licence through its Singapore entity, CGS International Securities Pte. Ltd. It offers forex CFDs under that same licence — no offshore shell, no regulatory loophole. For traders prioritising cost over flash, this is one of the tightest setups in the country.
Spreads and pricing that beat the majors
CGS quotes spreads from 0.5 pips on EUR/USD with a low per-lot commission. On high-volume trades — say, 10+ lots per week — the effective cost often undercuts IG and Saxo. There is no markup hidden in the spread; the pricing model is transparent, built on direct liquidity feeds. If you trade size and hate paying for marketing budgets, this is where the math works in your favour.
Local banking that actually moves fast
Accounts support Singapore Dollar (SGD) as base currency, eliminating conversion friction. PayNow deposits credit instantly. Withdrawals via FAST land in your local bank account within hours — not the next business day. For a broker that doesn't market itself as a forex brand, the local payment infrastructure is surprisingly polished.
The tradeoffs you need to know
The trading platform is POEMS, and it shows its age. No MT5, limited charting tools, and an interface that feels like a 2010 desktop app. If you rely on custom indicators or algorithmic execution, this isn't your home. Customer support is also geared toward institutional clients — retail traders report slower response times on chat and email. You trade here for the cost structure, not the hand-holding.
Who didn't make the cut — and why
Exness — licensed in Singapore, but most clients aren't
Exness holds an MAS capital-markets services licence. The logo sits prominently on the website. But dig into the account-opening flow and most Singapore residents end up under Exness (Seychelles) Ltd, not the MAS-regulated entity. The MAS licence is real. It just doesn't apply to the entity that handles the vast majority of retail clients. That gap between badge and reality is exactly the kind of ambiguity BrokerMap flags. If you're trading under the Seychelles entity, the MAS isn't watching.
OANDA — regulated, but not taking new clients
OANDA holds an MAS licence and has a long history in Singapore. But in 2024 the firm stopped accepting new Singapore-resident clients. Existing account holders can continue trading, but new applicants are turned away at onboarding. A strong broker that's effectively closed to the market — no reason to rank it for someone opening an account today.
Plus500 — retail is routed offshore
Plus500's MAS licence exists, but the Singapore entity (Plus500 Singapore Pte Ltd) is limited to institutional and accredited investors. Retail traders from Singapore are onboarded under the UK or Cyprus entities. The MAS does not regulate those entities. The logo on the homepage creates the impression of local oversight that doesn't cover the retail relationship.
XM — advisory licence, not a trading licence
XM holds an MAS licence for financial advisory services — not for executing trades. Retail clients trade under Trading Point of Financial Instruments Ltd, regulated by CySEC in Cyprus. The MAS does not supervise that relationship. The advisory licence is technically legitimate, but functionally irrelevant for a retail trader looking for local regulatory protection.
The generic warning
A pattern emerges across all four brokers: the MAS licence number appears on the website, but the account agreement names a different entity — Seychelles, Cyprus, Vanuatu, BVI. That mismatch is the single most important thing to check before depositing. If the entity in your contract isn't the MAS-licensed one, you are not trading under MAS protection. Full stop.
Which broker should you actually pick?
There's no single "best" broker for everyone in Singapore — the right choice depends on your deposit size, trading style, and how much regulatory protection you're willing to trade for leverage. Here's the decision tree.
SGD 3,000+ and want full MAS protection → Saxo Markets
If you can meet the SGD 3,000 minimum deposit and value a Capital Markets Services (CMS) licence held directly by Saxo Capital Markets Pte. Ltd., this is the safest pick. Saxo holds your SGD in a client trust account at DBS, supports PayNow deposits, and offers same-day local bank withdrawals. The platform is institutional-grade, though beginners may find the interface dense. You get MAS oversight, SDIC coverage (up to SGD 100,000 per depositor per institution for cash held in trust accounts), and zero conflict of interest — Saxo takes no payment for order flow.
Active trader, lower minimums, fast execution → IG Markets
IG's Singapore entity (IG Asia Pte. Ltd.) holds a CMS licence from MAS and requires only a SGD 1,000 minimum deposit. Execution is consistently under 40 ms on EUR/USD, and the web platform is cleaner than Saxo's. PayNow works, and SGD withdrawals hit a local bank account within one business day. You lose SDIC coverage on CFD positions (standard for all brokers), but the MAS licence gives you recourse through the Financial Industry Disputes Resolution Centre (FIDReC).
Already bank with OCBC and trade multi-asset → OCBC Securities
If you hold an OCBC current or savings account, OCBC Securities lets you fund instantly via PayNow or FAST with no minimum deposit. The platform is built for multi-asset investors — forex, equities, ETFs, and structured products in one login. Spreads are wider than pure forex brokers (around 1.2 pips on EUR/USD), and the platform lacks advanced charting. But the convenience of same-bank settlement and MAS regulation makes it a strong choice for the casual trader who values simplicity over execution speed.
High volume, can tolerate a dated platform → CGS International
CGS International Securities (formerly CIMB Securities) holds a CMS licence and caters to high-volume traders with competitive commission structures. The trade execution is reliable, but the web and mobile interfaces feel like 2015. You won't get advanced order types or algorithmic trading tools. If your priority is low cost per trade and you don't care about UX, CGS is worth a look. Expect SGD withdrawals in 1–2 business days via FAST.
Need high leverage or micro lots? You'll go offshore — and lose MAS protection
No MAS-licensed broker offers leverage above 1:50 for retail clients or micro lot trading. If you need 1:500 leverage or position sizes under 1,000 units, you're looking at offshore brokers regulated by the FSA (Seychelles), VFSC (Vanuatu), or FSC (Mauritius). These entities are not MAS-approved, your funds are not held in a Singapore trust account, and you have no FIDReC or SDIC protection. BrokerMap has reviewed several offshore brokers — check their Trust Scores — but know the trade-off before you deposit.
One final note
No broker on this list pays us. Every ranking is based on publicly verifiable data — MAS licence records, published fee schedules, withdrawal tests — and BrokerMap's Trust Score formula, which is fully transparent. We don't take referral fees, we don't sell rankings, and we don't hide conflicts. If a broker's score changes because MAS revokes a licence or a fee schedule shifts, we update the page. That's the only loyalty we have — to the data.
FAQ
Is MAS regulation the same as having my money protected by the Singapore government?
No. MAS regulation means the broker holds a Capital Markets Services licence and must segregate client funds in trust accounts. It does not mean the Singapore government guarantees your deposits against broker insolvency. Unlike the SDIC's $100,000 bank deposit insurance, there is no equivalent scheme for forex clients. If a MAS-regulated broker collapses, you're a creditor in the liquidation process — segregated funds help, but they are not a government backstop.
Can I use PayNow to deposit with all MAS-regulated brokers?
Most but not all. PayNow is widely supported by brokers serving Singapore residents — OANDA, IG, and Saxo all accept it. A few smaller licence holders still rely on bank transfers or e-wallets only. Check the broker's funding page before signing up. When PayNow is available, deposits typically credit within minutes, even on weekends. That speed is one of the clearest advantages of choosing a broker that actively courts the Singapore market.
What is the minimum deposit for a MAS-regulated forex broker in Singapore?
It ranges from S$0 to S$5,000 depending on the broker. IG and OANDA have no minimum deposit for standard accounts. Saxo requires the equivalent of about S$3,400 (US$2,500) for its Classic account. CMC Markets sits around S$0 for CFD trading. The higher minimums usually come with premium platforms or dedicated relationship managers. For most retail traders starting out, IG or OANDA are the practical entry points.
Why do some brokers show an MAS licence but book my trade under a different entity?
This is the most common trap in Singapore forex. A broker's Singapore entity holds the MAS licence, but your trade may be booked under a BVI or Labuan entity with weaker regulation. Check the client agreement — specifically the "counterparty" or "executing entity" clause. If it is not the MAS-licensed entity, your trade is not covered by MAS conduct rules. The licence on the website is a marketing signal, not a guarantee of where your money actually sits.
Are offshore brokers legal for Singapore residents to use?
Yes, it is legal for Singapore residents to open accounts with offshore brokers. MAS does not prohibit you from trading with unlicensed firms. The risk is entirely yours: no MAS oversight, no segregation requirement, no access to the Financial Industry Disputes Resolution Centre (FIDReC) scheme. Offshore brokers also cannot legally solicit business in Singapore under the SFA, so if they are advertising aggressively to you, that is a red flag on its own.
How fast can I withdraw money from a MAS-regulated broker to my DBS or OCBC account?
Withdrawals from MAS-regulated brokers to local Singapore banks typically clear within one business day. Brokers like IG and OANDA process same-day if the request is submitted before the cut-off time (usually 2–3 PM SGT). PayNow withdrawals can arrive in minutes. Saxo takes 1–2 business days. The bottleneck is almost never the broker — it is the weekend. Withdrawals submitted on Friday afternoon may not move until Monday.