Which forex broker is most trusted?
Verdict
- Pepperstone is the broker we trust most for Singapore residents' forex trading: its group is licensed by ASIC, the FCA, CySEC, BaFin, the DFSA and the SCB, and it is open about which company serves you.
- That company is Pepperstone Markets Limited, regulated by the Securities Commission of The Bahamas (SIA-F217); it has no MAS licence and names no compensation scheme.
- If trust for you means Singapore supervision, a MAS-licensed firm such as IG Asia, Saxo, CMC Markets Singapore, OANDA, Plus500SG, eToro Singapore or StoneX is the stronger choice on that point.
- We publish no trust scores; this answer rests on licences and written terms.
Trust is not something a broker can claim; it has to be shown in licences, contracts and how client money is treated. Pepperstone shows a lot, and we explain below where it falls short for a Singapore resident.
What earns Pepperstone our trust
- A group regulated in six jurisdictions: ASIC (AFSL 414530), FCA (684312), CySEC (388/20), BaFin, DFSA (F004356) and SCB (SIA-F217).
- Plain disclosure of the serving entity: Singapore visitors are routed to the international site run by Pepperstone Markets Limited.
- Retail negative-balance protection written into the SCB terms (clauses 6.2–6.3).
- A published retail loss figure for that entity: 80% of retail accounts lose money trading CFDs.
- No inactivity or account-keeping fees, and free withdrawals except international wires.
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Where Pepperstone falls short for Singapore
None of the group's six licences is a MAS licence, and the MAS Financial Institutions Directory returns no result for Pepperstone. The international site names no investor compensation scheme, and its client-money page cites Australia's Corporations Act 2001, an Australian law, on a Bahamas entity's page. Those points do not make Pepperstone untrustworthy, but they mean a Singapore resident relies on Bahamas regulation and Pepperstone's own terms.
Licence comparison for Singapore residents
| Broker | Company for Singapore clients | Regulator |
|---|---|---|
| Pepperstone | Pepperstone Markets Limited | SCB, Bahamas (SIA-F217) |
| XS | Not specified on its account pages | No MAS licence in its list |
| eToro | eToro Singapore Pte. Ltd. | MAS (CMS101824) |
| Plus500 | Plus500SG Pte Ltd | MAS (CMS100648) |
| IG | IG Asia Pte Ltd | MAS |
| Saxo | Saxo Capital Markets Pte. Ltd. | MAS |
How to weigh trust against everything else
If Singapore supervision outweighs cost and platform choice, pick from the MAS-licensed list and compare their terms. If you value Pepperstone's published costs (0.1 pips average on EUR/USD Razor plus commission), its SGD account and its five platforms, and you are comfortable with Bahamas regulation, Pepperstone is our choice. Capital.com, which holds several licences elsewhere, does not accept Singapore residents.
Sources
Licence registers and legal documents.
Is Pepperstone a scam?
No evidence in our data suggests that. It is a multi-regulated group; for Singapore residents it operates under a Bahamas licence rather than a MAS one.
Which forex brokers are MAS-licensed?
In our data: IG Asia, Saxo Capital Markets, CMC Markets Singapore, OANDA, Plus500SG, eToro Singapore, StoneX (FOREX.com) and Phillip Securities.
Does more regulators mean more protection for me?
Only the regulator of the company that holds your account protects you. Pepperstone's other licences cover clients of its other companies.
A trusted broker does not make leveraged trading safe: CFDs and forex carry a high risk of losing money quickly. Check every licence yourself. This is not investment advice.