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Although a fairly small country, Singapore is actually a large forex market (in terms of trading volume). According to the 2016 Triennial Central Bank Survey in 2016, it is the biggest FX center in Asia and the third-largest globally after London and New York.
As required by law, the forex brokers operating in the Singapore must have a license from the Monetary Authority of Singapore (MAS). This is an organization empowered to act as the country’s central bank, to manage the official foreign reserve of the country, to develop and promote Singapore as an international financial center, and to be in charge of financial services providers. The latter includes drafting of guidelines, licensing, close supervision aimed at sound and progressive financial services sector.
The local financial regulator’s task is to ensure that authorized brokerages provide high level of customer protection, including but not limited to keeping client funds in segregated accounts. In addition, MAS makes sure that those entities are not creating unfavorable trading conditions for clients and that their employees are sufficiently competent and experienced. The authority also has complete authority over the companies to impose fines and revoke licenses, if it finds any violations.
Above is a list of some of the best forex brokers in Singapore.