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Monetary Authority of Singapore (MAS) Brokers 2024

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

  1. CityIndex
  2. FOREX.com
  3. IG
  4. CMC Markets
  5. Plus500

#1 - CityIndex

Why We Chose CityIndex

City Index is an established and award-winning forex, CFD and spread betting broker with top-tier global regulation, including in the UK (FCA) and Australia (ASIC). With 30+ years in the industry, 13,500+ instruments and 24/5 customer support, City Index is a solid pick for aspiring traders.

"City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds
  • Regulator: ASIC, FCA, MAS
  • Platforms: MT4, TradingView, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.

Pros

  • Industry-leading platforms including MT4, plus access to cutting-edge third-party tools like TradingView
  • Tight spreads from 0.5 pips on EUR/USD and competitive commissions on CFD shares
  • Excellent reputation with over 1 million account holders and tier-one regulatory oversight

Cons

  • $15 monthly inactivity fee
  • Cryptocurrency trading not available in all locations
  • No Islamic account for Muslim traders
Visit CityIndex

#2 - FOREX.com

Why We Chose FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities
  • Regulator: NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:200 (Retail), 1:500 (Pro)

Pros

  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.

Cons

  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
Visit FOREX.com

#3 - IG

Why We Chose IG

Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand 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.

"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."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
  • Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
  • Platforms: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:250 (Pro)

Pros

  • The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met

Cons

  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
  • 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
Visit IG

#4 - CMC Markets

Why We Chose CMC Markets

Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.

"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
  • Regulator: FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
  • Platforms: Web, MT4
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:500 (Pro)

Pros

  • The brokerage continues to stand out with its wide range of value-add resources, including pattern recognition scanners, webinars, tutorials, news feeds, and research from respected sources like Morningstar.
  • The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
  • CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.

Cons

  • Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
  • An inactivity fee of $10 per month is applied after 12 months of inactivity, which may deter casual investors.
  • The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
Visit CMC Markets

#5 - Plus500

Why We Chose Plus500

Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.

"Plus500 offers a super-clean experience for traders with a CFD trading platform that sports a modern design and dynamic charting. That said, the broker’s research tools are limited, fees trail the cheapest brokers, and there’s room for enhancement in its educational resources."

- DayTrading Review Team
  • Instruments: CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
  • Regulator: FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA
  • Platforms: WebTrader, App
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30

Pros

  • The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
  • Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
  • The broker offers commission-free trading on a diverse range of markets, minimizing additional fees while appealing to established traders

Cons

  • Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced day traders looking for familiarity
  • Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
  • The absence of social trading means users can’t follow and replicate the trades of experienced traders
Visit Plus500

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

As Singapore and other countries struggled with the Covid-19 pandemic in 2020, the MAS brought forward its twice-yearly meeting, eased the Singapore dollar’s appreciation and interest rate to zero per cent and moved the policy band downwards. This was the first such move since the global financial crisis.

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.