Is trading with an offshore broker legal for Singapore residents?
Verdict
- We cannot confirm the legal position, and neither does Pepperstone, our pick if you choose an offshore account: it publishes no Singapore-specific eligibility statement and holds no MAS licence.
- Pepperstone's Singapore traffic goes to its Bahamas site, run by Pepperstone Markets Limited (SCB licence SIA-F217). That company's terms exclude Australia, the UK, the EU, the US and 'any other country where to do so would be unlawful'; Singapore is not named either way.
- Dealing with an offshore firm means your account is governed by that firm's regulator and terms, not by MAS.
- If a Singapore licence is a requirement for you, IG, CMC Markets, OANDA, Saxo, Plus500 and FOREX.com's owner StoneX all name MAS-licensed Singapore companies.
This is a question for a Singapore lawyer, not a broker review, and we will not pretend otherwise. What we can do is set out what the brokers themselves publish, what the MAS register shows, and the practical consequences of choosing a firm licensed outside Singapore.
What Pepperstone says, and what it does not
Pepperstone has no Singapore website; its own hreflang tags send Singapore visitors to pepperstone.com/en. That site is run by Pepperstone Markets Limited, company no. 177174 B, of Nassau, licensed by the Securities Commission of The Bahamas. A search of the MAS Financial Institutions Directory returns 'No result for: pepperstone'. The entity's terms (December 2025) list the countries its products are not intended for, and Singapore is not on the list, but the terms do not say Singapore residents are welcome either. If, after checking your own position, you decide an offshore account suits you, Pepperstone is the one we would choose: a $10 minimum, an SGD base currency, Razor EUR/USD at a published 0.1-pip average, and a group also regulated by ASIC, the FCA, CySEC, BaFin and the DFSA.
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What changes when the broker is offshore
- Your contract is with the offshore company, so its regulator and its terms govern disputes, not MAS.
- Protections are whatever that company publishes: Pepperstone's Bahamas entity gives retail clients negative-balance protection but names no compensation scheme.
- Leverage follows the offshore rules: up to 1:200 on FX, gold and major indices for retail clients at Pepperstone's Bahamas entity.
- The group's other licences (ASIC AFSL 414530, FCA 684312) cover clients of those companies, not you.
Onshore alternatives with a MAS licence
If you would rather stay inside the Singapore framework, these brokers name a Singapore company with a MAS licence on their own sites:
| Broker | Singapore company | Licence shown |
|---|---|---|
| IG | IG Asia Pte Ltd | Capital markets services licence (number not printed) |
| Plus500 | Plus500SG Pte Ltd | CMS100648 |
| eToro | eToro Singapore Pte. Ltd. | CMS101824 |
| Saxo | Saxo Capital Markets Pte. Ltd. | CMS licence (number not printed) |
| OANDA | OANDA (Co. Reg. 200704926K) | CMS licence (number not printed) |
| FOREX.com | StoneX Financial Pte. Ltd. | CMS licence (number not printed) |
| Phillip Securities (POEMS) | Phillip Securities Pte Ltd | MAS-regulated (number not printed) |
How to decide
- Get advice on your own legal and tax position if you are unsure.
- Check the MAS Financial Institutions Directory for any broker you consider.
- Read the offshore firm's terms for the country list and for how disputes are handled.
- Weigh cost and platform choice against the comfort of a local regulator.
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Sources
Broker sites and the MAS register.
Does Pepperstone accept Singapore residents?
Our broker records list Singapore as accepted, and Pepperstone routes Singapore visitors to its Bahamas site, but Pepperstone publishes no Singapore-specific eligibility statement.
Is XS licensed in Singapore?
No. None of the companies on XS's regulation page holds a MAS licence.
Can a MAS-licensed broker offer 1:200 leverage?
We have not verified Singapore leverage caps for MAS-licensed firms; check each broker's Singapore site.
CFDs are leveraged and complex, and they carry a high risk of losing money quickly. According to Pepperstone's international site, 80% of retail investor accounts lose money trading CFDs with this provider. This article is general information, not investment advice, and broker conditions can change without notice.