Monetary Authority of Singapore (MAS) Brokers 2024

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Written By
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Written By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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Fact Checked By
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Brokers regulated by the Monetary Authority of Singapore (MAS) must facilitate a robust trading environment for local traders in line with regulations. As well as listing the top trading brokers authorized by the MAS, this guide will cover the financial body’s objectives, powers and protections for retail traders.

Best MAS Brokers

These 4 brokers are the best options for traders from Singapore with authorized firms required to abide by various safety standards:

Click a broker for details
  1. 1
    IG
    Forex trading involves risk. Losses can exceed deposits.

    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
  2. 2
    Interactive Brokers

    Ratings
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5

    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
  3. 3
    Moomoo
    Get up to 15 free stocks worth up to $2000

    Ratings
    4.8 / 5
    3.3 / 5
    3 / 5
    3.8 / 5
    3 / 5
    2 / 5
    3.8 / 5
    4.4 / 5
    4.6 / 5
    3.3 / 5

    $0
    $0
    1:2
    SEC, FINRA, MAS, ASIC, SFC
    Stocks, Options, ETFs, ADRs, OTCs
    Desktop Platform, Mobile App
    Wire Transfer, ACH Transfer
    USD, HKD, SGD
  4. 4
    Gemini

    Ratings
    2 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    0 / 5
    0 / 5

    $0
    0.00001 BTC
    NYDFS, MAS, FCA
    Cryptos
    ActiveTrader, AlgoTrader, TradingView
    Bitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, Etana
    USD, EUR, GBP, CAD, AUD, HKD, SGD

This is why we think these brokers are the best in this category:

  1. IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
  2. Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
  3. Moomoo - Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
  4. Gemini - Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
RegulatorFCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:250 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis

Cons

  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
  • Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients

Interactive Brokers

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

Christian Harris, Reviewer

Interactive Brokers Quick Facts

Demo AccountYes
InstrumentsStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
RegulatorFCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Minimum Deposit$0
Minimum Trade$100
Leverage1:50
Account CurrenciesUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

  • While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
  • IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
  • There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.

Cons

  • Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
  • You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
  • TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.

Moomoo

"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."

Jemma Grist, Reviewer

Moomoo Quick Facts

Bonus OfferGet up to 15 free stocks worth up to $2000
Demo AccountYes
InstrumentsStocks, Options, ETFs, ADRs, OTCs
RegulatorSEC, FINRA, MAS, ASIC, SFC
PlatformsDesktop Platform, Mobile App
Minimum Deposit$0
Minimum Trade$0
Leverage1:2
Account CurrenciesUSD, HKD, SGD

Pros

  • There are reduced options contract fees from $0.65 to $0
  • It is reassuring that Moomoo holds licenses with the US Securities and Exchange Commission (SEC) and the Monetary Authority of Singapore (MAS), among others
  • The ‘Moomoo Token’ generates dynamic passwords for transaction security - a unique and helpful safety feature

Cons

  • There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
  • It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
  • There is no phone or live chat support - common options at most other brokers

Gemini

"Gemini’s ActiveTrader platform and TradingView integration make it a good choice for serious crypto traders seeking a reliable charting environment, though we were disappointed by some unnecessary fees and previous security breaches."

Michael MacKenzie, Reviewer

Gemini Quick Facts

Demo AccountNo
InstrumentsCryptos
RegulatorNYDFS, MAS, FCA
PlatformsActiveTrader, AlgoTrader, TradingView
Minimum Deposit$0
Minimum Trade0.00001 BTC
Account CurrenciesUSD, EUR, GBP, CAD, AUD, HKD, SGD

Pros

  • The exchange ensures high security standards with 2FA a requirement for all crypto investors
  • The trading app features a user-friendly, modern design and intuitive interface, with an excellent range of charting tools for day traders
  • Crypto perpetual futures are available in many jurisdictions with up to 1:100 leverage

Cons

  • There are high fees for some funding methods including a 3.49% fee for card transactions
  • The exchange has a history of concerning incidents including the collapse of its Earn program and a phishing breach
  • There is no practice profile or demo account for prospective traders

What Is The Monetary Authority of Singapore?

The Monetary Authority of Singapore (MAS) is the financial regulatory authority of Singapore. It deals with activities pertaining to banking, insurance, securities, money and the overall financial sector. In addition to this, it controls currency issuance and control of foreign exchange rates for USD to SGD exchanges.

The address of its headquarters is at 10 Shenton Way, MAS Building, Singapore. It also has locations around the world, including an office in London and an office in New York.

According to its website, the mission and vision of the MAS are to “promote sustained and non-inflationary economic growth, and a sound and progressive financial services sector”. To achieve this, the MAS develops strategic plans and aims to:

The MAS has also managed and administered a series of measures to help achieve its mission, including:

The Monetary Authority of Singapore has created a set of objectives and desired outcomes:

History

The Monetary Authority of Singapore was established in 1971. Before this, all monetary functions were conducted by government departments, mainly the Board of Commissioners and Currency. In 1970, Singapore’s parliament passed the Monetary Authority of Singapore Act which led to the establishment of the MAS on January 1st, 1971. This was in response to an increasingly complex monetary environment. The act gave the MAS the power to regulate all aspects of finance in Singapore.

MAS trading brokers

Structure

The Monetary Authority of Singapore’s organisational chart can be found on its website. MAS’s day-to-day head is its managing director, Mr Ravi Menon, who is effectively the CEO. He sits atop of the hierarchy, and beneath him is Keith Chnioh and a management team who deal with specific aspects of the MAS.

This includes head of corporate development – Jacqueline Loh, international development head – Andrew Khoo, and head of cyber security and hygiene – Tan Yeow Seng. Team members deal with anything from press releases and news events, to writing the latest prospectus.

The Monetary Authority of Singapore has had a number of notable employees who have had successful careers. These include names such as Chua Kim Leng, Valerie Tay and Lee Yuan Siong.

Responsibilities & Powers

The Monetary Authority of Singapore has many responsibilities, including:

Guidelines & Rules

To provide a safe financial environment both for customers and for financial service providers, the MAS issues guidelines on a variety of subjects, such as individual accountability and conduct, environmental risk management, business continuity management, ESG, technology risk management and outsourcing guidelines.

Public Information

As a government body, the Monetary Authority of Singapore is required to release information to the public. This includes financial statements, such as annual (and quarterly) reports, balance sheets and financial stability reports. It releases reports on its assets under management (AUM), including net profit. It also provides an investor alert list to warn customers of unregulated persons, such as Jardin Smith.

In the same vein, the Monetary Authority of Singapore provides a register of all licensed representatives. The public can conduct an entity license search to check which trading brokers and institutions are regulated by the MAS.

Licensing

Legitimate and trusted online brokers will always aim to become licensed by the Monetary Authority of Singapore. Brokers from Singapore, Myanmar, Hong Kong and all over the world aim to receive a license from MAS, as it allows customers to put a level of trust in the brand. There is a financial institution directory listing all financial service providers that hold licenses, such as Tiger Brokers.

Monetary Policy

The Monetary Authority of Singapore has a series of powers relating to monetary policy, including the ability to implement quantitative easing measures and to ensure sustainable non-inflationary economic growth. It also sets the exchange rate, conducts operational risk and resilience checks, as well as enterprise-wide risk assessments.

Sanctions

When it comes to sanctioning parties that have broken the rules and regulations, there are many things the MAS can do:

For those wishing to contact the Monetary Authority of Singapore for any support or advice, the helpdesk is available Monday to Fridays between 8:30 am to 6.00 pm, via telephone or email.

FinTech

The Monetary Authority of Singapore’s FinTech regulatory sandbox enables financial institutions to experiment with innovative financial products or services. The MAS provides regulatory support by relaxing specific legal and regulatory requirements for the duration of the sandbox. Upon completion and successful experimentation, the sandbox entity must fully comply with the relevant legal and regulatory requirements.

Cryptocurrency

The Monetary Authority of Singapore has seen the potential of digital and virtual currency, or cryptocurrency and the blockchain. The world is going through a digital transformation which the MAS recognises. It aims to cement itself as a key player for crypto-related businesses and has developed strong regulations for firms to operate.

This has attracted crypto firms like Binance who are now in partnership with the Monetary Authority of Singapore in facilitating the trading of Bitcoin and other cryptos coins. Project Ubin is another collaborative project that the MAS is involved in which aims to explore the use of blockchain and distributed ledger technology for clearing and settlement of payments, for example, PayPal payments.

Environmental Concerns

The Monetary Authority of Singapore believes in sustainable and green trade finance. As the effects of climate change grip the planet, the MAS is incorporating environmental, social and governance (ESG) factors into its financing decisions. It wants to promote sustainable finance within the sector and encourages institutions to consider ESG criteria in their decision making.

Final Thoughts On The MAS

The Monetary Authority of Singapore is responsible for overseeing and supervising all aspects of Singapore’s financial sector, from the central bank to trading brokers and insurance providers.

The MAS sets out tough guidelines that all financial services providers must meet to ensure the market is fair and safe. With other initiatives such as the FinTech and Innovation sandbox, ESG guidelines and cryptocurrency projects, it’s no wonder that the MAS continues to promote Singapore as a robust financial centre.

Before you sign up to a broker, it would be wise to ensure that they hold a license by conducting an entity search on the Monetary Authority of Singapore’s public register. Alternatively, check out our list of MAS brokers today.

FAQs

What Does The Monetary Authority Of Singapore Do?

The MAS is the central bank and financial regulatory authority of Singapore. It covers anything relating to banking, money, insurance, securities and the wider financial sector.

Who Owns The Monetary Authority Of Singapore?

In terms of ownership, the MAS is a government body. It operates as a government agency and is not owned by a private party.

The Monetary Authority Of Singapore Is Under Which Ministry?

The MAS is governed by a board of directors and supported by its management team. It is chaired by Singapore’s Minister for Finance.

Does The Monetary Authority Of Singapore Regulate Forex Brokers?

Yes, the MAS regulates forex brokers. It regulates any financial services provider operating in Singapore. Traders signing up to a broker in Singapore should always ensure that they are licensed by the Monetary Authority of Singapore.

What Preceded The Monetary Authority Of Singapore?

There was no official body prior to the MAS. Before 1971, government departments and agencies regulated the financial sector.