Which CFD brokers offer 1:200 leverage to Singapore traders?
Verdict
- Pepperstone is our pick: its international entity, Pepperstone Markets Limited (SCB Bahamas, SIA-F217), publishes retail leverage of 1:200 on forex, gold and major indices for the clients it serves, Singapore residents included.
- That entity holds no MAS licence. A search of the MAS Financial Institutions Directory for "pepperstone" returns no result, so 1:200 comes with offshore, not Singapore, regulation.
- XS accepts Singapore residents and advertises up to 1:2000 with dynamic leverage on its global site, without naming the entity that offers it.
- Capital.com's Bahamas company also lists 200:1, but Capital.com does not accept Singapore residents, so it is not an option here.
Yes, 1:200 is available to a Singapore resident, but only from brokers serving you through an offshore company. Pepperstone does it most transparently: it publishes the limit per asset class, the entity, and what protection you keep as a retail client.
Pepperstone: 1:200 on forex, gold and major indices
Pepperstone's international site, the one it routes Singapore visitors to, lists these maximum retail leverage ratios on its costs page. The 1:200 ceiling applies only to three asset classes; everything else is lower. The margin column is simply 1 divided by the leverage.
| Asset class | Max retail leverage | Margin needed |
|---|---|---|
| Forex | 1:200 | 0.5% |
| Gold | 1:200 | 0.5% |
| Major indices | 1:200 | 0.5% |
| Commodities (excl. gold) | 1:50 | 2% |
| Stocks | 1:20 | 5% |
| BTC/USD | 1:20 | 5% |
| Other metals | 1:10 | 10% |
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What 1:200 does to a small account
At 1:200, a USD 20,000 forex position ties up USD 100 of margin. A 0.5% move against that position wipes out the same USD 100. That is the whole trade-off in one line: the margin is small because the room for error is small. Pepperstone's international entity says 80% of retail investor accounts lose money trading CFDs with it. Two published safeguards apply to retail clients:
- Negative-balance protection: the SCB terms (clauses 6.2–6.3) say retail clients are not liable for negative equity.
- Tiered margins: an SCB retail margin table (effective 19 September 2026) sets the margin by instrument and position size, so very large positions do not get the full 1:200.
Other brokers that reach 1:200 for Singapore residents
In our data, two other names come up, and only one of them actually takes Singapore clients.
- XS: accepts Singapore residents on its sign-up form and advertises "up to 1:2000 with dynamic leverage", with a margin call at 40% and stop-out at 20%. Its account page does not say which XS company sets those terms, and its regulation list (ASIC, CySEC, FSCA, Seychelles FSA, Labuan FSA, Mauritius FSC and a UAE consultation licence) includes no MAS licence.
- Capital.com: its Bahamas entity lists retail 200:1 on FX, indices and commodities, but our data shows Capital.com does not accept Singapore residents.
Why MAS-licensed brokers are not on this list
IG Asia, CMC Markets Singapore, Saxo Capital Markets, OANDA, Plus500SG, eToro Singapore and StoneX (FOREX.com) all name a Singapore company holding a MAS licence. Their leverage limits are not in our fact set, so we cannot list them as 1:200 providers. If local regulation matters more to you than leverage, check their margin pages directly: that is the real choice behind this question.
Above 1:200: Pepperstone Pro
Clients who self-certify two of three criteria (leveraged trading experience, cash and portfolio above USD 500,000, or professional experience in financial services) can move to Pepperstone Pro. The pro table lists 1:500 on forex, gold and major indices. The price: standard negative-balance protection ends, replaced by a discretionary, one-time cover of up to USD 100,000. The pro page's headline also mentions 1:1000, which contradicts its own table; we go by the table.
Sources
Leverage and entity details as each firm publishes them.
Is 1:200 leverage legal for Singapore retail traders?
We cannot give legal advice. What we can say is that the 1:200 offers in our data all come from companies without a MAS licence; Singapore-licensed firms set their own limits under local rules.
Does Pepperstone give 1:200 on shares and crypto?
No. Stocks are capped at 1:20, BTC/USD at 1:20, commodities other than gold at 1:50 and other metals at 1:10 for retail clients.
Can I choose lower leverage than 1:200?
Trading with less margin than the maximum is always possible: open smaller positions relative to your balance. The maximum is a ceiling, not a requirement.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage; 80% of retail investor accounts lose money when trading CFDs with Pepperstone's international entity. Make sure you understand how they work. This is not investment advice.