Monetary Authority of SingaporeAA

The Monetary Authority of Singapore (MAS) is a regulator for regulating the financial industry in Singapore,which include MAS-regulated brokers. MAS is a highly regarded regulator that has contributed to turning Singapore into one of the most reputable jurisdictions for forex trading in Asia, after having seen strong growth in its financial sector over the past few decades.
However, MAS also has a number of other functions, including acting as the country’s central bank. Other responsibilities include managing statutes in relation to insurance, banking, securities, money, currency issuance, along with the financial sector in general.

IG(License Number: --)
CMC Markets(License Number: --)
Saxo Bank(License Number: --)
Interactive Brokers(License Number: CMS100917)
KGI Futures(License Number: --)
UOB Kay Hian(License Number: --)
Maybank Kim Eng (Ke Forex)(License Number: --)
Phillip Nova(License Number: --)
CGS CIMB(License Number: --)
Orient Futures(License Number: CMS100869)
MEX Group(License Number: CMS101174)
Lion Brokers(License Number: --)
Phillip Capital(License Number: 197501035)
USMART(License Number: 101161)
Moomoo Financial Singapore(License Number: CMS101000)
Plus500(License Number: CMS100648-1)
MultiBank Group(License Number: 101174)
Swissquote(License Number: --)
Forex.com(License Number: --)

1. Safety of Client Funds:
A CMS licence holder is required to deposit customers' moneys and assets into a trust account maintained with a bank, merchant bank or finance company in Singapore. For customers' assets, the holder may also deposit the assets in a trust account maintained with the following institutions:
(1) a depository agent, only in relation to securities deposited into the CDP system;
(2) an approved trustee for a collective investment scheme in respect of assets under the collective investment scheme; or
(3) a company holding a CMS licence to provide custodial services for securities.

2. Requirement on Forex Brokers' Reports:
Transaction Reports; Audit Reports; Anti-money laundering Reports.

Generally speaking, MAS-regulated broker profile will be found at the Financial Institutions Directory page on MAS website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as below:

1. Find the licensed/reference no.(preferred) or name of the forex broker, which you can get from the broker's website;

2. Enter the reference no. or name into the search bar on https://eservices.mas.gov.sg/fid;
Note: If you can't find the broker's profile on MAS wesbite, it's probably an unauthorised broker and please keep away of it.

3. And you'll get the broker's contents on MAS website. At this time you need go through the 'License Type/Status' and check if the broker has the authorization to provide 'Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading' under 'Dealing in Capital Markets Products';

4. If all the steps above have been done, don't forget to check the most important information: check if the broker contact details published on MAS website matches the ones you'll go to trade with, especially the website and email etc.
If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.

When you have disputes with a MAS-regulated broker, you can proceed the following ways:

1st way:The recommended way is to contact the broker directly and discuss with them to find a solution.

2nd way:If you're not satisfied with the broker's solution, try to contact FIDReC in Singapore, which aims at solving the disputes between the forex broker and the investor.
You can send the complaint to the email: info@fidrec.com.sg.
Emailed Complaint Form: https://www.fidrec.com.sg/website/pdf/Dispute%20Resolution%20Form%20(For%20claims%20against%20Non-General%20Insurers%20Only).pdf

3rd way:If the 2 ways above can't solve the dispute, the last way is to issue a case to the court in Singapore.