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MAS Regulated Forex Brokers 2021

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

Are you looking for MAS regulated forex brokers in Singapore? Do you want to know how MAS and their regulation protects you from forex scams and unregulated Forex brokers?

Then this piece is for you. In this article, I explain to you what you need to know MAS, their functions, and how they protect you. And finally, I will recommend you a list of reliable regulated brokers where you can trade Forex with a peace of mind. 

Read: Forex Trading Singapore

Overview of MAS

The Monetary Authority of Singapore (MAS) oversees regulating financial activities in Singapore. The body vested with the responsibility of regulating brokers in Singapore.

Before 1970 activities involving finances and money were carried out by other government agencies. Afterwards, the Parliament of Singapore passed The Monetary Authority of Singapore Act, which led to the establishment of MAS. 

MAS was given authority by the provision of the Act to oversee the regulation of policies on monetary, banking, and finance in Singapore. In 1977, the insurance industry saw its regulation taken over by MAS. The regulatory functions under the Securities industry act of 1973 were taken over by MAS in 1984.

In a nutshell, any broker or intermediary intending to operate in Singapore must have a Capital Markets Service License, issued by MAS.

The board serves as the country’s central bank and conducts the monetary policies of the country. It was also established to manage the foreign reserve of Singapore to develop the country as an international financial center.

How Does MAS Protect Singaporean Traders?

As I have mentioned before, the major function of this body is to promote sustained economic growth through proper monetary policy formulation. It also protects intending investors like you from unregulated brokers who can swindle you.

The functions of this body can be categorized into developmental, regulatory, protective, and monetary policy functions.

Developmental function of MAS

MAS works with Tripartite partners to build a sustainable pipeline of professionals and leaders in the financial sector.

The body offers risk financing options to primitive insurance to alternative capital, aided by tech and workforce

Regulatory Functions

  1. The agency regulates the financial market in Singapore
  2. The body also created an online network called MASNET used to share data and dividends into shareholders accounts
  3. Financial services providers in Singapore are required to be licensed, exempted, or regulated in some other way by MAS.

Protective Function

  1. The board forbids fraud or any criminal act.
  2. MAS conducts integrated financial acts supervision.
  3. The body ensures room for complaints from customers is available and such complaints are attended to promptly.

Monetary Policy Function

  1. MAS carries out the full range of central banking functions related to formulating and implementing monetary policy
  2. The body makes policies to manage exchange rates for price stability, and economic growth.

Another notable function of MAS is their educational function which involves the creation of MoneySENSE in 2003, which is an educational program that encourages you to be financially self-reliant, to promote your rights as a consumer, deal with customer complaints promptly and effectively, and protects your investment.

Protect Yourself With Regulated International Brokers 

To ensure Singapore’s financial market is well-regulated, trustworthy and maintains a high level of integrity to attract foreign investment, MAS created a platform for consumers to complain. If you experienced an unsatisfactory act from a local financial provider operated in Singapore, write to them first.

If they don’t respond to you or fail to respond within the first 6 months of complaints, you can contact the Financial Industry Disputes Resolution Centre (FIDRC). Other means of complaints include approaching the Consumers Association of Singapore or the Singapore Mediation Centre, or taking your case to court.

However, to avoid cases like these and the stress that comes along with it. The best option is for you to trade with international regulated brokers. You can trust them, and you are sure your investment is safe with them.

Not sure which international forex brokers to use? Don’t worry, below are the 5 trusted Forex brokers I have curated after careful testing and research.

Trusted International Forex Brokers For Singaporean Traders 

See below for the 5 best forex brokers in Singapore:


Plus500 is an international Forex broker that gives online business transactions to over 2,000 securities and assets. It was founded in 2008 by six alumni of the Israel Institute of Technology with an initial investment of $400,000. It has its headquarter in Israel.

What will you gain with Plus500?

  • Free withdrawals and deposits.
  • Calendars, market sentiments, and news
  • 24/7 customer care and reliable orders
  • Demo account

Read: Plus500 Review


FOREX.com is an award-winning online broker that offers Forex and metal trading. The broker is registered with FCM, RFED, CFTC, NFA. They offer you equity, commodity, and crypto trading.  

Benefits of trading with FOREX:

  • They don’t engage in proprietary trading.
  • FOREX enforces robust bank review and monitoring guidelines which are set by the Risk Committee of StoneX Group, Inc. (NASDAQ: SNEX).
  • A minimum deposit of $0
  • No withdrawal or deposit fee.

Read: Forex.com Review


IG Group (IG), founded in 1974 by Stuart Wheeler “as the world’s first spread betting firm,” is part of IG Group Holdings Plc. IG Group Holding Plc. It is a publicly traded (LSE: IGG) conglomerate that “empowers informed, decisive, adventurous people to access opportunities in financial markets.” 

They have these for you:

  • Extensive range of offerings
  • Regulated by FCA (U.K.) & CFTC, NFA (U.S.)
  • Emphasis on education and research
  • A minimum deposit of $0

Read: IG Review


XM Global was established in 2017 and is regulated by the International Financial Services Commission (IFSC/60/354/TS/19). The platform boasts over 1.5 million clients with traders in 196 countries. 

XM Global Web trade is suitable for beginner and seasoned traders alike. Traders can get started with the trading software real account, or test the waters with a demo account platform with $100,000USD of virtual currency. 

Features they offer include:

  • XM offers a free VPS (virtual private server) service to help increase the speed of trades.
  • Free withdrawals and deposit
  • Deposit with debit and credit card
  • Deposit with electronic wallets 

Read: XM Review


Vantage FX is a CIMA regulated Forex broker, providing traders with access to the global Forex market through top tier FX liquidity providers. Since the company’s inception in 2009, Vantage FX has offered retail Forex trading clients an unparalleled Forex trading experience.

What you get when you trade with Vantage

  • Vantage offers you leverage up to 500:1
  • Exclusive fx promotions
  • Raw ECN spreads from 0.0

Read: VantageFX Review


MAS aims to safeguard the financial interest of Singaporeans through its robust regulatory framework for any financial entities operating in Singapore. They also conduct regular audits to ensure compliance and issue harsh punishment for those who breach. 

As always, you should research and find out more about the brokers before deciding to deposit your money to start your trading account. Make sure they are registered and regulated from internationally-recognised institutions like MAS and FCA. 

If you’re unsure of the international broker to use, I’ll recommend you check out Plus500 as they have some amazing perks to offer.

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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