Forex Brokers in Singapore: MAS Rules and How to Check
Forex in Singapore: only MAS licensees may offer leveraged FX, retail leverage is capped at 20:1 on majors, and many offshore brokers exclude it.
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Leveraged forex and CFDs in Singapore must be offered by a firm holding a Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS). Retail leverage on major currency pairs is capped at 20:1, with lower limits on minor and exotic pairs. Several brokers we cover don't accept Singapore residents. VT Markets and Vantage both say they don't serve Singapore. Check any broker on the MAS Financial Institutions Directory and the MAS Investor Alert List before funding.
Singapore Rules at a Glance
| Item | Detail |
|---|---|
| Licence | Capital Markets Services licence for leveraged FX / CFDs (MAS) |
| Retail leverage | 20:1 on majors; lower on minors and exotics |
| Register | MAS Financial Institutions Directory |
| Warnings | MAS Investor Alert List |
How to Check a Broker
- Search the exact company name on the MAS Financial Institutions Directory.
- Confirm the licence covers dealing in capital markets products: leveraged foreign exchange / OTC derivatives.
- Search the MAS Investor Alert List for the brand and website.
- Make sure your account is with the Singapore entity, not an offshore affiliate.
Brokers That Exclude Singapore
| Broker | Singapore status |
|---|---|
| VT Markets | States it does not serve Singapore citizens or residents (VT Markets safety) |
| Vantage | Does not offer services to Singapore residents (review) |
Check the MAS Investor Alert List
Cost of Trading Under MAS Rules
With a 20:1 cap on major pairs, margin for 1 standard lot of EURUSD (about $108,000 notional at 1.08) is roughly $5,400. At an offshore broker with 500:1 it would be about $216. A lower cap means you need more capital for the same position. In return you get MAS conduct rules, segregation of client money and a local dispute route.
| MAS-licensed broker | Offshore broker | |
|---|---|---|
| Max leverage (majors) | 20:1 | Often 500:1+ |
| Margin for 1 lot EURUSD | ~$5,400 | ~$216 |
| Local complaints route | FIDReC / MAS | Offshore regulator only |
| Client money rules | MAS segregation | Varies |
Red Flags Seen in Singapore
- "Guaranteed monthly returns" or managed accounts sold through Telegram or WhatsApp
- A brand that copies a licensed firm's name but uses a different domain
- Requests to pay into a personal account or a crypto wallet
Related: Legit forex brokers checklist · Best regulated forex brokers
Forex Brokers in Singapore: Your Questions Answered
Is forex trading legal in Singapore?
Yes, through MAS-licensed providers.
What is the maximum forex leverage in Singapore?
20:1 on major currency pairs for retail investors.
Can Singaporeans use offshore brokers?
Several major offshore brokers refuse Singapore residents. Those that accept them aren't MAS-licensed, so you get no Singapore protection.
Sources checked 2026-10-01: MAS retail leverage limits for leveraged FX (Securities and Futures regulations); VT Markets Singapore notice; our Vantage review. Not legal advice.
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Sources & verification
- Last checked
- Written by
- HNL Growth Team
- Reviewed by
- Hà Ngọc Lộc
- Length
- 2 min read · 484 words
Rules, prices and payout terms on this page were checked against the official websites, help-centre articles and published terms of the firms mentioned, on the date above. Prop firms and brokers change conditions often — confirm the current version on the official site before you buy or deposit. Read our broker review methodology and affiliate disclosure.
Official sources & documentation verified
- Check the MAS Investor Alert List(mas.gov.sg · Official Regulator)
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Check the Regulator Before Any Broker
Search the Monetary Authority of Singapore list for the exact brand and website before depositing. This page does not link to account opening.
Risk disclaimer: This page reports public regulator information and is not legal advice. HNL Growth has affiliate relationships with some brokers named here, but this page contains no account-opening links. CFDs and leveraged forex carry a high risk of losing money rapidly.