Forex Brokers in Singapore 2026 — MAS Type 3 Licence vs Offshore Solicitation

Singapore retail forex is one of the cleanest licensing regimes in Asia, but the difference between a properly MAS-licensed entity and an offshore subsidiary soliciting Singapore residents matters more in 2026 than it did five years ago. This is the structured answer to the most common questions.

Who can legally offer retail forex in Singapore

To deal in leveraged foreign exchange products with Singapore retail clients, an entity must hold a **Capital Markets Services licence** issued by the Monetary Authority of Singapore (MAS) authorising either:

- "Dealing in capital markets products that are over-the-counter derivatives contracts", or - "Dealing in capital markets products that are leveraged foreign exchange trading"

The licence is recorded on the [MAS Financial Institutions Directory](https://eservices.mas.gov.sg/fid), which is the canonical source. If an entity claims to be MAS-regulated and does not appear on this register with the relevant licence, the claim is unverifiable.

The active MAS-licensed retail-FX brokers

The full list with verified CMS licence numbers and direct register links is on [/asia/best-mas-regulated-forex-brokers-2026](/asia/best-mas-regulated-forex-brokers-2026). The seven entities currently authorised to deal with Singapore retail clients in leveraged FX are:

1. **IG Asia Pte Ltd** -- CMS100022-1 2. **Saxo Capital Markets Pte Ltd** -- CMS100061-1 3. **Interactive Brokers Singapore Pte Ltd** -- CMS100917-1 4. **OANDA Asia Pacific Pte Ltd** -- CMS100072-1 5. **CMC Markets Singapore Pte Ltd** -- CMS100139-1 6. **City Index Asia Pte Ltd** -- CMS-licensed 7. **Plus500SG Pte Ltd** -- CMS-licensed

Each entity's CMS number is verifiable directly on the MAS register linked above.

What MAS regulation means for retail clients

The MAS framework brings four substantive protections for Singapore retail clients:

1. **Retail leverage capped at 20:1** on Specified Investment Products (SIP). This is stricter than ESMA's 30:1 cap for EU retail. The 20:1 maximum applies to the SIP retail category; accredited investors can request higher leverage. 2. **MAS Notice SFA 04-N12** governs business conduct -- disclosure of fees, conflicts, execution policy. 3. **Customer Knowledge Assessment** is required before opening a leveraged-FX account. The broker must verify the client understands the product before signing them up. 4. **Segregated client money** held with a custodian licensed by MAS, separate from broker operating capital.

Offshore solicitation -- the 2026 risk

A growing 2026 problem is offshore entities of global brokers actively marketing to Singapore residents without holding MAS authorisation. Common patterns:

- Vanuatu VFSC licence used as a "regulatory marketing claim" to Singapore visitors - Seychelles FSA-licensed entities offering higher leverage (often 1:2000) to Singaporeans onboarded via the offshore funnel - Translation of marketing materials into Singaporean English with no corresponding MAS licence

Singapore residents using an offshore entity get none of the four MAS protections above. There is no MAS-supervised recourse if the broker becomes insolvent or refuses withdrawals. Worse: under MAS Notice SFA 04-N09, marketing to Singapore retail without authorisation is a criminal offence on the broker side, and clients who deal with unauthorised entities have no investor-compensation pathway.

How to verify any broker yourself

Three steps:

1. Open the [MAS Financial Institutions Directory](https://eservices.mas.gov.sg/fid). 2. Search the legal entity name (not the brand name). A broker marketing as "XYZ Forex" might trade through "XYZ Asia Pte Ltd" -- search the legal entity. 3. Check the entity holds a CMS licence with "Dealing in capital markets products" covering over-the-counter derivatives or leveraged FX trading. The status must read "Active". Any conditions or restrictions are listed on the entity record.

How Singapore compares to Hong Kong (SFC) and Australia (ASIC)

For Singapore residents considering a regional broker, see also:

- [/asia/best-sfc-regulated-forex-brokers-2026](/asia/best-sfc-regulated-forex-brokers-2026) -- Hong Kong SFC Type 3 licence holders (also 20:1 retail leverage) - [/asia/best-asic-regulated-forex-brokers-2026](/asia/best-asic-regulated-forex-brokers-2026) -- Australian ASIC AFSL holders (30:1 retail leverage)

Each jurisdiction has slightly different rules. The MAS framework is the strictest of the three on retail leverage. ASIC is the most permissive. Hong Kong SFC sits in between.

Risk warning

Trading leveraged forex carries a high risk of losing money rapidly. The protections discussed above apply to clients onboarded through MAS-licensed entities only. Clients onboarded through offshore entities of any broker forfeit the MAS regulatory regime. Always verify the legal entity you are contracting with via the MAS register before depositing funds.

*This article reflects MAS-licensed retail-FX entities as of May 2026. Licences can change -- always cross-check directly on the MAS Financial Institutions Directory before opening an account.*