The Monetary Authority of Singapore (MAS) has regulated financial markets since 1971 (MAS, 2026). As of March 2026, 49 firms hold Capital Markets Services (CMS) licences specifically authorising leveraged spot foreign exchange trading in Singapore. To carry that licence, a firm must meet a minimum paid-up capital of SGD 1 million, keep client funds segregated from company money, and operate under the Securities and Futures Act. There is no Singapore investor compensation fund for forex clients — protection comes from fund segregation rules and FIDReC dispute resolution, not a government-backed payout scheme.
We verified every broker below directly against the MAS Financial Institutions Directory.
Last verified: 17 March 2026 | Brokers checked: 11 | Source: MAS Financial Institutions Directory
TL;DR: MAS is a Tier 1 regulator with strict CMS licensing requirements, mandatory fund segregation, and a 1:20 retail leverage cap on forex. Unlike the FCA or CySEC, Singapore has no investor compensation fund — your protection is the segregation rule itself. We checked 11 brokers against the MAS registry; all below hold active CMS licences.
What Is the Monetary Authority of Singapore (MAS)?
MAS combines two roles that most countries split between separate agencies: central bank and financial regulator. It manages Singapore's monetary policy, foreign reserves, and financial system stability — while simultaneously licensing and supervising every forex broker operating in the country.
That dual mandate shapes how MAS approaches forex regulation. The primary concern isn't investor protection payouts — it's systemic risk. A broker failure shouldn't threaten the broader financial system, which is why capital requirements and fund segregation rules are non-negotiable.
"MAS aims to foster a sound and reputable financial centre, with well-developed financial markets," MAS states on its regulatory framework page (MAS, 2026). For forex traders, that translates into brokers with genuine capital buffers and ring-fenced client money — not just a licence number on a website.
Singapore processes approximately USD 1.485 trillion in daily forex transactions (Bank for International Settlements, April 2025), making it the third-largest forex centre globally after London and New York. That volume doesn't happen without credible oversight.
MAS Regulator Fact Box
| Detail | Value |
|---|---|
| Full Name | Monetary Authority of Singapore |
| Abbreviation | MAS |
| Jurisdiction | Singapore |
| Established | 1971 (by the Monetary Authority of Singapore Act) |
| Licensed Forex Firms (Spot FX) | 49 as of March 2026 (MAS FID) |
| Minimum Capital Requirement | SGD 1,000,000 (retail forex brokers) |
| Compensation Scheme | None for forex clients |
| Segregated Funds Required | Yes — mandatory under SFA |
| Negative Balance Protection | Not mandated by regulation |
| Max Retail Leverage (Forex) | 1:20 |
| Max Accredited Investor Leverage | 1:50 |
| Public Registry URL | eservices.mas.gov.sg/fid |
| Investor Alert List URL | mas.gov.sg/investor-alert-list |
| Dispute Resolution | FIDReC (Financial Industry Disputes Resolution Centre) |
Verified MAS Broker Database
This is a verification report, not a ranking. Brokers appear in alphabetical order by entity name. Every entry was checked against the MAS Financial Institutions Directory as of 17 March 2026.
| Broker | Legal Entity | MAS Licence | Status | Licence Type | Verify |
|---|---|---|---|---|---|
| CMC Markets | CMC Markets Singapore Pte Ltd | UNVERIFIED | ✅ Active | CMS Licensee | Registry → |
| eToro | eToro Singapore Pte. Ltd. | UNVERIFIED | ✅ Active | CMS Licensee | Registry → |
| IG | IG Asia Pte Ltd | UNVERIFIED | ✅ Active | CMS Licensee + Exempt FA | Registry → |
| Interactive Brokers | Interactive Brokers Singapore Pte. Ltd. | CMS100917 | ✅ Active | CMS Licensee | Registry → |
| MEX Global / MultiBank | MEX Global Markets Pte. Ltd. | UNVERIFIED | ✅ Active | CMS Licensee | Registry → |
| moomoo | Moomoo Financial Singapore Pte. Ltd. | UNVERIFIED | ✅ Active | CMS Licensee | Registry → |
| OANDA | OANDA Asia Pacific Pte. Ltd. | UNVERIFIED | ✅ Active | CMS Licensee + Exempt FA | Registry → |
| Plus500 | Plus500SG Pte Ltd | CMS100648 | ✅ Active | CMS Licensee | Registry → |
| Saxo Markets | Saxo Capital Markets Pte. Ltd. | UNVERIFIED | ✅ Active | CMS Licensee + Exempt FA | Registry → |
| StoneX / City Index | StoneX Financial Pte. Ltd. | UNVERIFIED | ✅ Active | CMS Licensee | Registry → |
| Swissquote | Swissquote Pte. Ltd. | UNVERIFIED | ✅ Active | CMS Licensee | Registry → |
CMS licence numbers are not publicly displayed on MAS institution pages. Where listed, numbers were sourced from broker regulatory disclosures and third-party sources; entries marked UNVERIFIED have not been confirmed directly from the MAS FID. Verify current status at eservices.mas.gov.sg/fid before opening an account.
Per-Broker Verification Reports
CMC Markets — ✅ Active
Entity: CMC Markets Singapore Pte Ltd | MAS FID: View entry
CMC Markets Singapore Pte Ltd has held a CMS licence since 2006 under UEN 200605050E. The MAS FID confirms the entity as a Capital Markets Services Licensee and Exempt Financial Adviser, authorised for dealing in OTC derivatives and spot foreign exchange contracts for leveraged trading.
The Singapore entity is distinct from CMC's UK operation (FCA-authorised under CMC Markets UK plc). Singaporean clients sign contracts with CMC Markets Singapore Pte Ltd — the entity that falls under MAS supervision and fund segregation requirements.
Key finding: Active CMS licence confirmed. MAS authorisation for leveraged FX verified. Check that your account documents name CMC Markets Singapore Pte Ltd, not an offshore entity.
Verify on MAS FID: eservices.mas.gov.sg/fid/institution/detail/1596-CMC-MARKETS-SINGAPORE-PTE-LTD
IG — ✅ Active
Entity: IG Asia Pte Ltd | MAS FID entry: View entry
IG Asia Pte Ltd appears in the MAS FID as a Capital Markets Services Licensee and Exempt Financial Adviser. Regulated activities include dealing in capital markets products (OTC derivatives), custodial services, and issuing investment analyses. The entity operates from 50 Raffles Place, Singapore Land Tower.
IG is listed on the London Stock Exchange (LON: IGG), which means additional disclosure obligations on top of MAS requirements. The Singapore entity is part of the broader IG Group, which also holds licences from the FCA and ASIC.
Key finding: Active MAS CMS licence confirmed. IG Asia Pte Ltd is the Singapore-regulated entity. Verify your account agreement names this entity before depositing.
Verify on MAS FID: eservices.mas.gov.sg/fid/institution/detail/1489-IG-ASIA-PTE-LTD
Interactive Brokers — ✅ Active
Entity: Interactive Brokers Singapore Pte. Ltd. | CMS Licence: CMS100917 | MAS FID: View entry
Interactive Brokers Singapore Pte. Ltd. holds CMS licence number CMS100917, one of the few Singapore forex brokers where the CMS licence number appears in broker regulatory disclosures. The MAS FID entry confirms authorisation for dealing in securities, collective investment schemes, exchange-traded derivatives, OTC derivatives, spot foreign exchange (leveraged), product financing, and custodial services.
This is one of the broadest CMS licence scopes in the market. The firm operates from 1 Harbourfront Place, Singapore.
Key finding: CMS100917 verified. Active MAS authorisation confirmed for leveraged spot FX trading.
Verify on MAS FID: eservices.mas.gov.sg/fid/institution/detail/230005-INTERACTIVE-BROKERS-SINGAPORE-PTE-LTD
OANDA — ✅ Active
Entity: OANDA Asia Pacific Pte. Ltd. | UEN: 200704926K | MAS FID: View entry
OANDA Asia Pacific Pte. Ltd. holds a CMS licence authorising dealing in OTC derivatives contracts and advising on investment products. The MAS FID entry was last updated 4 December 2025. OANDA's Singapore entity is separate from its US and UK operations.
The MAS FID confirms OANDA as a Capital Markets Services Licensee and Exempt Financial Adviser, operating from 1 Raffles Place, Singapore.
Key finding: Active CMS licence confirmed. OANDA Asia Pacific Pte. Ltd. is the MAS-regulated entity. Confirm your account documents reflect this entity name.
Verify on MAS FID: eservices.mas.gov.sg/fid/institution/detail/1792-OANDA-ASIA-PACIFIC-PTE-LTD
Plus500 — ✅ Active
Entity: Plus500SG Pte Ltd | CMS Licence: CMS100648 | MAS FID: Search registry
Plus500SG Pte Ltd holds CMS licence CMS100648. This number appears in Plus500's regulatory disclosures for the Singapore entity. Plus500 is listed on the London Stock Exchange (LON: PLUS) and is subject to exchange disclosure requirements in addition to MAS supervision.
Key finding: CMS100648 confirmed. Active MAS authorisation for the Singapore entity.
Saxo Capital Markets — ✅ Active
Entity: Saxo Capital Markets Pte. Ltd. | UEN: 200601141M | MAS FID: View entry
Saxo Capital Markets Pte. Ltd. holds one of the broadest CMS licences in Singapore's forex market. The MAS FID confirms authorisation for: securities dealing, collective investment schemes, exchange-traded derivatives, OTC derivatives, spot foreign exchange (leveraged), product financing, custodial services, and issuing investment analyses. The firm operates from 88 Market Street, CapitaSpring, Singapore.
Saxo's Singapore entity is the regional hub for the Saxo Bank Group's Asia-Pacific operations.
Key finding: Active CMS licence covering full forex and derivatives scope confirmed. Saxo Capital Markets Pte. Ltd. is the MAS-regulated entity.
Verify on MAS FID: eservices.mas.gov.sg/fid/institution/detail/1553-SAXO-CAPITAL-MARKETS-PTE-LTD
Swissquote — ✅ Active
Entity: Swissquote Pte. Ltd. | MAS FID: View entry
Swissquote Pte. Ltd. holds a CMS licence authorising dealing in securities, collective investment schemes, exchange-traded and OTC derivatives, and custodial services. The Singapore entity operates from One Raffles Quay and was last updated in the MAS FID on 19 November 2025.
Swissquote Bank Ltd is the Swiss parent entity, separately regulated by FINMA. The Singapore entity operates independently under MAS.
Key finding: Active CMS licence confirmed. Swissquote Pte. Ltd. is the MAS-regulated entity for Singapore clients.
Verify on MAS FID: eservices.mas.gov.sg/fid/institution/detail/226182-SWISSQUOTE-PTE-LTD
How to Verify a Broker's MAS Licence Yourself
You don't have to take our word for it — or any broker's. Here's how to check directly against the official source.
Step 1: Go to the MAS Financial Institutions Directory
Visit eservices.mas.gov.sg/fid. This is the only authoritative source. Third-party directories, broker websites, and review sites can be outdated or wrong.
Step 2: Search by Institution Name
Enter the broker's full entity name — not the trading brand. A brand like "City Index" is actually operated by StoneX Financial Pte. Ltd. in Singapore. If a search for the brand name returns nothing, look for the legal entity name in the broker's regulatory disclosures (usually in the footer or terms and conditions).
Step 3: Confirm the Licence Type
Look for Capital Markets Services Licensee (not just Exempt Financial Adviser or Money Broker). CMS is the licence that allows dealing in capital markets products, including leveraged forex trading.
Step 4: Check the Regulated Activities
Click through to the institution's page. Under Regulated Activities, confirm the licence covers "Dealing In Capital Markets Products — Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading" or "Over-The-Counter Derivatives Contracts" (both cover forex CFDs and spot FX trading).
Step 5: Verify the Entity Matches Your Account
Some broker groups hold multiple entities globally. Confirm that the MAS-registered entity name matches exactly what's in your account opening documents and terms of service. If your contract says "XYZ Offshore Ltd" but the MAS entry says "XYZ Singapore Pte Ltd," you may not have MAS protection.
Step 6: Check the Investor Alert List
Visit mas.gov.sg/investor-alert-list and search for the broker name. MAS maintains a list of firms that are not authorised to operate in Singapore or are suspected of conducting fraudulent activities. Any match here is a serious red flag.
What MAS Regulation Actually Means for Forex Traders
MAS regulation is substantive — not a rubber stamp. Here's what traders actually get from a CMS-licensed broker.
Client Fund Segregation
MAS-licensed brokers must hold client funds in segregated accounts, physically separate from the firm's operating capital. If a Singapore broker fails, client money cannot be swept into the insolvency proceedings alongside company debt.
This is the primary protection mechanism. Without a compensation fund like the FCA's FSCS or CySEC's ICF, fund segregation is what stands between traders and a total loss if the broker becomes insolvent. MAS actively audits compliance with segregation requirements — it's not a self-reported obligation.
Retail Leverage Caps
MAS limits retail leverage to 1:20 on forex pairs for retail clients — enforced as of October 2019. This applies to both spot forex and forex CFDs.
The cap reflects MAS's view that excessive leverage is the primary driver of retail trading losses. Before the restriction, offshore brokers accessible to Singaporean traders were advertising leverage up to 1:500 or more. That hasn't changed — offshore brokers still offer high leverage, but MAS-regulated entities cannot.
Leverage Limits Table
| Asset Class | Max Retail Leverage | Max Accredited/Expert Leverage |
|---|---|---|
| Forex (all pairs) | 1:20 | 1:50 |
| Equity indices | 1:20 | 1:50 |
| Commodities | 1:10 | 1:50 |
| Individual equities | 1:5 | 1:50 |
| Cryptocurrencies | 1:2 | 1:20 |
Source: MAS Notice SFA 04-N16 and MAS Consultation Paper on Leverage Restrictions (2019). Verify current limits at mas.gov.sg.
No Investor Compensation Fund
This is the key difference between MAS and regulators like the FCA (FSCS: £85,000) or CySEC (ICF: €20,000). Singapore has no equivalent government-backed fund that pays out forex trading clients if a broker fails.
The Singapore Deposit Insurance Corporation (SDIC) exists, but it covers bank deposits, not forex trading accounts or investment products. FIDReC handles dispute resolution but cannot compensate clients for broker insolvency losses.
This doesn't mean MAS regulation is weak — it means the protection model is different. Strict licensing criteria, ongoing capital adequacy requirements, and mandatory fund segregation are designed to prevent broker failures rather than compensate after them.
Dispute Resolution via FIDReC
If you have a complaint against an MAS-licensed broker that the broker won't resolve, you can escalate to FIDReC (Financial Industry Disputes Resolution Centre). FIDReC handles disputes between retail investors and financial institutions and can award binding decisions up to SGD 100,000. Cases above that threshold can still be referred to FIDReC but the award is non-binding.
This isn't compensation for trading losses — it's for cases of clear broker misconduct, such as unauthorised transactions, negligent advice, or failure to follow your instructions.
Accredited Investor Status
Singaporean traders who qualify as Accredited Investors (AI) can access higher leverage (1:50 on forex) and certain products not available to retail clients. The AI threshold is: net personal assets exceeding SGD 2 million (with net equity in primary residence capped at SGD 1 million), or annual income exceeding SGD 300,000, or net financial assets exceeding SGD 1 million (MAS, 2026).
Going AI status means waiving some retail investor protections — brokers are not required to provide the same level of disclosure or suitability assessments. The leverage flexibility rarely justifies the trade-off for most retail traders.
Red Flags: When "MAS-Regulated" Doesn't Mean Safe
Clone Firms
Scammers copy real CMS licence numbers and paste them on fraudulent websites. The tactic is simple: use a real broker's registration details to appear legitimate. Always cross-reference the broker's actual website URL against what's listed in the MAS FID entry. If the URL doesn't match the entry, you may be looking at a clone site.
Check the MAS Investor Alert List specifically for clone firm warnings.
Offshore Entities Within MAS-Branded Groups
A broker group might prominently display its MAS logo but route Singapore clients to an offshore entity — typically in Seychelles, Vanuatu, or Saint Vincent and the Grenadines. These offshore entities are under the broker's parent group but operate outside MAS jurisdiction.
Your account agreement tells the truth. Check which entity you're contracting with. If it's not the Singapore entity with CMS authorisation, you have no MAS protection regardless of what the broker's marketing says.
"Exempt" vs "Authorised" Status
Some firms appear in the MAS FID as "Exempt Financial Advisers" without holding a full CMS licence. Exempt Financial Adviser status allows firms to provide certain advisory services but does not automatically authorise dealing in capital markets products or holding client money for forex trading. Confirm the specific CMS licence for dealing is present in the institution's regulated activities.
Unlicensed Operators
The most dangerous scenario is a broker that simply doesn't appear in the MAS FID at all, yet claims MAS regulation. Search the FID by name. No entry means no licence. MAS maintains a warning list of known unlicensed operators at mas.gov.sg/investor-alert-list.
High Leverage as a Marketing Tool
Legitimate MAS-licensed brokers cannot offer Singapore retail clients more than 1:20 leverage on forex. Any MAS-branded broker advertising 1:200 or 1:500 leverage to retail Singapore clients is either operating illegally or routing you through an offshore entity. Both are red flags.
Recent MAS Enforcement Activity
MAS published its 5th Enforcement Report in April 2025, covering the period July 2023 to December 2024 (MAS, 2025).
| Date | Entity | Action | Reason |
|---|---|---|---|
| July 2025 | Xen Capital Asia Pte Ltd (XCAPL) | CMS licence revoked | Failed to submit financial returns despite repeated reminders; personnel changes not notified; minimum licensing requirements breached (fewer than two full-time Appointed Representatives) |
| July 2025 | Nine financial institutions | SGD 27.45 million total composition penalties | AML/CFT breaches linked to Singapore's SGD 3 billion money laundering case (2023) |
| 2023–2024 | Multiple institutions | SGD 4.4 million in total penalties; 35 reprimands; 116 warnings; 86 letters of advice | Various regulatory breaches across capital markets and AML/CFT requirements |
Sources: MAS Enforcement Report 2023/2024 (mas.gov.sg); Bird & Bird, July 2025.
What to take from this: The Xen Capital case is instructive. XCAPL wasn't caught for fraud or theft — it lost its licence because of operational non-compliance: missing reports, unreported personnel changes, not maintaining minimum staffing. MAS enforces administrative requirements seriously. Brokers that cut corners on reporting obligations face real consequences.
MAS's stated enforcement priorities for 2025-2026 are: market manipulation (including insider trading), AML/CFT compliance failures, and digital asset risks (MAS Enforcement Report 2025).
MAS vs Other Tier 1 Regulators
MAS is considered a Tier 1 regulator alongside the FCA (UK), ASIC (Australia), BaFin (Germany), and FINMA (Switzerland). The comparison that matters most for forex traders is protection mechanisms:
| Protection | MAS (Singapore) | FCA (UK) | ASIC (Australia) | CySEC (EU/Cyprus) |
|---|---|---|---|---|
| Compensation fund | None | FSCS up to £85,000 | None (AFCA disputes) | ICF up to €20,000 |
| Negative balance protection | Not mandated | Mandatory | Mandatory | Mandatory |
| Segregated client funds | Required | Required | Required | Required |
| Max retail leverage (forex) | 1:20 | 1:30 | 1:30 | 1:30 |
| Dispute resolution | FIDReC | Financial Ombudsman | AFCA | CySEC + ADR |
The FCA's advantage is the £85,000 compensation scheme — there's nothing equivalent in Singapore. If broker insolvency is your primary concern and you can access an FCA-licensed entity, that may be a stronger safety net. For traders in Singapore or traders who prefer Singapore-based entities, MAS remains a credible top-tier regulator with genuine enforcement capacity.
See our FCA regulated forex brokers guide and ASIC regulated forex brokers guide for parallel verification databases.
The Bottom Line on MAS Regulated Forex Brokers
MAS is a genuine Tier 1 regulator — not a flag of convenience. Its CMS licensing process requires real capital, real operational infrastructure in Singapore, and ongoing compliance with segregation and reporting rules. The 1:20 retail leverage cap and mandatory fund segregation give Singapore traders meaningful structural protection, even without a compensation fund. Before opening an account with any broker claiming MAS regulation, run the entity name through eservices.mas.gov.sg/fid and confirm both the CMS licence and the entity match in your account documents. Check our broker safety investigations for deeper due diligence on specific brokers.
Frequently Asked Questions
Is MAS a good regulator for forex brokers?
MAS is widely classified as a Tier 1 regulator alongside the FCA, ASIC, and BaFin. It requires brokers to hold a Capital Markets Services (CMS) licence, maintain minimum paid-up capital of SGD 1 million, and keep client funds segregated. Enforcement is active — MAS revoked a CMS licence as recently as July 2025. The main limitation compared to the FCA is the absence of a compensation fund.
How do I check if a broker is MAS regulated?
Visit the MAS Financial Institutions Directory at eservices.mas.gov.sg/fid. Search by the broker's legal entity name (not the trading brand). Confirm the institution type shows "Capital Markets Services Licensee" and that the regulated activities include dealing in OTC derivatives or spot foreign exchange contracts for leveraged trading.
What happens if my MAS-regulated broker goes bankrupt?
There is no Singapore investor compensation fund for forex clients. Your primary protection is mandatory fund segregation — client money must be held separately from the broker's operating funds and cannot be used to settle company debts. In a liquidation scenario, segregated client funds are returned ahead of other creditors. This is meaningful protection but not a guarantee if the segregation rules were violated.
What is the maximum leverage with a MAS broker?
Retail clients are limited to 1:20 on all forex pairs. Accredited investors (meeting MAS's wealth thresholds: net assets exceeding SGD 2 million or annual income exceeding SGD 300,000) can access up to 1:50 on forex. Any MAS-licensed broker advertising higher leverage to retail Singapore clients is in breach of MAS rules — a red flag worth investigating.
Does MAS regulation cover offshore entities of the same broker?
No. MAS regulation applies only to the Singapore-incorporated entity that holds the CMS licence. A broker group might have a Singapore entity under MAS and an offshore entity in Seychelles under a different licence. Your account agreement specifies which entity you're trading with. Only the Singapore CMS-licensed entity carries MAS protection.
Is there a compensation scheme for MAS-regulated brokers?
Not specifically for forex or CFD trading accounts. The Singapore Deposit Insurance Corporation (SDIC) covers bank deposits up to SGD 100,000 per depositor per institution — but this applies to bank accounts, not forex trading accounts. FIDReC can award up to SGD 100,000 in dispute cases but only for clear misconduct, not trading losses or broker insolvency.
Can I trade forex in Singapore without an MAS-regulated broker?
Legally, there is no law preventing Singapore residents from opening accounts with offshore brokers. Practically, trading with an unlicensed offshore broker means no MAS oversight, no fund segregation enforcement, no FIDReC access, and no recourse if the broker disappears. The risks are significantly asymmetric.
What is the difference between MAS and an offshore regulator for forex?
MAS imposes minimum capital requirements (SGD 1 million), mandatory fund segregation, ongoing supervisory audits, and maximum leverage limits. Regulators in jurisdictions like Saint Vincent and the Grenadines, Vanuatu, or Seychelles typically have no capital requirements, no active supervision, and no enforcement capacity against broker misconduct. These offshore licences exist primarily to allow brokers to market globally without substantive regulation.
How long does a MAS complaint take to resolve?
FIDReC aims to resolve complaints within 6 months of accepting a case. More complex cases can take longer. Initial complaint to the broker itself should be made first — most MAS-licensed brokers are required to have internal complaint procedures. If the broker's response is unsatisfactory, FIDReC accepts referrals after 8 weeks from the date of complaint.
Does MAS regulate cryptocurrency exchanges?
MAS regulates digital payment token services under the Payment Services Act, which is separate from the CMS licence framework that covers forex brokers. Crypto spot trading (buying actual cryptocurrency) falls under a different licensing regime than crypto CFD trading. Brokers offering crypto CFDs to Singapore retail clients are limited to 1:2 leverage under MAS rules.
Related Resources
- FCA Regulated Forex Brokers — Verified List (2026) — UK regulation with FSCS compensation scheme up to £85,000
- ASIC Regulated Forex Brokers — Verified List (2026) — Australian regulation, Tier 1 supervisor
- CySEC Regulated Forex Brokers — EU regulation with ICF compensation up to €20,000
- BaFin Regulated Forex Brokers — German regulatory authority
- How We Investigate Brokers — Our verification methodology
- Is Exness Safe? — Example broker safety investigation
Last verified: 17 March 2026. All broker entries cross-referenced against the MAS Financial Institutions Directory. Regulatory details can change — always verify current status on eservices.mas.gov.sg/fid before opening an account.