Is JustMarkets Legal in Singapore? Regulation, Safety and Trading Guide

Is JustMarkets legal in Singapore? Singapore is one of the most tightly supervised financial centres in Asia, so the question deserves a careful answer. The Monetary Authority of Singapore (MAS) requires firms that deal in leveraged foreign exchange for Singapore customers to hold a Capital Markets Services (CMS) licence, and it caps retail leverage at levels far below what offshore brokers advertise. JustMarkets is licensed in several jurisdictions, but not by MAS.

In this guide we explain how Singapore's framework works, what that means for a Singapore resident looking at JustMarkets, how the broker's offshore conditions compare with a MAS-licensed provider, and the practical checks that keep you safe. We keep the tone neutral: our aim is to help you make an informed choice, not to push you in either direction.

If you want to see the broker's current conditions while reading, you can take a look at JustMarkets' official website and compare it with the points below.

In Brief: Where JustMarkets Stands in Singapore

• Local licence: JustMarkets does not appear in the MAS Financial Institutions Directory as a CMS licensee for leveraged foreign exchange trading.
• Group licences: its companies are regulated by the Seychelles FSA, Cyprus CySEC, South Africa FSCA, Mauritius FSC and BVI FSC.
• Retail leverage gap: MAS-licensed firms apply a 20:1 cap for retail leveraged FX; JustMarkets' global accounts advertise far higher leverage.
• Eligibility: whether the broker currently accepts Singapore residents is a matter of its own policy, which can change. Check the official site and client agreement.
• Protection: MAS rules on client money, conduct and dispute resolution apply to MAS-licensed firms, not to offshore providers.

How MAS Regulates Leveraged Forex

MAS is Singapore's central bank and integrated financial regulator. It supervises banks, insurers and capital markets intermediaries under a single roof, which gives it a broad view of the system.

The Securities and Futures Act

The Securities and Futures Act (SFA) is the main statute for capital markets. Under it, "leveraged foreign exchange trading" is a regulated activity. Firms carrying on that business must hold a CMS licence unless an exemption applies. CFDs on other underlying assets fall within the SFA's regime for capital markets products as well.

The CMS licence

A CMS licence comes with ongoing obligations, including:

• base capital and financial resource requirements,
• segregation and safeguarding of customer moneys and assets,
• fit-and-proper requirements for directors and representatives,
• business conduct rules, including risk disclosures and suitability-related assessments for complex products,
• regular reporting to MAS and audits.

Retail leverage caps

MAS tightened the leverage limits for retail investors in leveraged FX several years ago. For retail customers of licensed firms, the cap is 20:1 (a minimum margin of 5%), while accredited, expert and institutional investors can access higher leverage under different rules. MAS can revise these limits, so check the current requirements on its website.

Complex product safeguards

Singapore classifies CFDs and leveraged FX as products that require extra checks for retail investors. Licensed firms typically assess whether a customer has relevant knowledge or experience, and may require them to complete an educational module before trading. These steps can feel bureaucratic, but they exist because leveraged products are easy to misunderstand.

The Investor Alert List and the Financial Institutions Directory

Two free tools make Singapore one of the easiest places to check a broker:

• The Financial Institutions Directory (FID) lets you search licensed firms and filter by activity, such as leveraged foreign exchange trading.
• The Investor Alert List (IAL) names unregulated entities that may have been wrongly perceived as licensed or regulated by MAS. Being on it is not a finding of wrongdoing, but it is a clear signal that the firm is not MAS-regulated.

Dispute resolution

Customers of MAS-regulated financial institutions can, within the scheme's limits, bring eligible disputes to the Financial Industry Disputes Resolution Centre (FIDReC). This route is generally not available for disputes with an offshore broker that is not part of Singapore's framework.

JustMarkets: Background and Licensed Entities

JustMarkets began operating in 2012 as JustForex and rebranded in 2022. It focuses on CFDs on forex, metals, energies, indices, shares and crypto, offered mainly through MetaTrader 4 and MetaTrader 5.

The brand operates through several companies:

• Just Global Markets Ltd, regulated by the Financial Services Authority of Seychelles as a securities dealer. This is commonly the entity for international clients signing up on the global website.
• JustMarkets Ltd, a Cyprus Investment Firm regulated by CySEC, serving the European Economic Area via a separate EU site.
• Just Global Markets (PTY) Ltd, an authorised financial services provider with the FSCA in South Africa.
• Just Global Markets (MU) Limited, an investment dealer regulated by the FSC in Mauritius.
• Just Global Markets (VG) Limited, licensed by the FSC in the British Virgin Islands.

Licence numbers and roles are published on the broker's regulations page; verify them on each regulator's register before relying on them. Our separate guide on where JustMarkets is based covers the group history in more detail.

What none of these licences does

None of these licences is a MAS licence, and none of them is "passported" into Singapore. Singapore does not recognise a Seychelles or Cyprus authorisation as permission to deal in leveraged FX with Singapore customers. That is the central fact behind everything else in this article.

Is JustMarkets Legal in Singapore? Three Angles

Angle 1: The firm's perspective

A foreign firm that actively deals in leveraged FX with Singapore customers, or targets them, may need a CMS licence. The SFA contains provisions that can reach conduct outside Singapore that has a substantial and reasonably foreseeable effect in Singapore. Brokers without a MAS licence therefore usually limit or avoid marketing to Singapore, and some exclude Singapore residents entirely. JustMarkets' current eligibility rules are set out on its website and in its client agreement; read those first.

Angle 2: The trader's perspective

Singapore's rules are framed around the providers. We are not aware of a rule that makes it an offence for an individual to hold an account with a foreign broker, but we are not lawyers, and your situation may differ. What is certain is the practical consequence: an account with an offshore entity sits outside MAS protection, including client money rules, conduct standards and access to FIDReC.

Angle 3: The protection perspective

Even if an arrangement is not unlawful for you, "legal" and "protected" are different things. With a MAS-licensed provider, you benefit from Singapore's supervision. With an offshore entity, you rely on the foreign regulator and the broker's own policies. For many Singapore residents, that difference is decisive.

Putting the three angles together: JustMarkets is a licensed broker abroad, it is not licensed by MAS, and a Singapore resident considering it should verify current eligibility and accept that local protections would not apply. The MAS-licensed alternative exists and is easy to find in the FID.

Common Myths, Checked

Accounts, Spreads and Margin Rules

For readers comparing offers, here are JustMarkets' headline conditions on its global (offshore) site. These may change and may not be available to Singapore residents.

Maximum leverage on the global site goes far beyond Singapore's retail cap, depending on the instrument and account equity. Swap-free versions are available for eligible clients.

How the margin thresholds work

Margin level is equity divided by used margin. At 40% you receive a margin call; at 20% the platform begins closing positions, starting with the largest loser. MAS-licensed firms set their own close-out rules within the regulatory framework, often at higher margin levels, which closes positions earlier and limits losses.

Which account suits which style?

• Standard / Cent: learning with very small positions, testing strategies with real execution.
• Pro: traders who want tighter spreads without per-trade commission.
• Raw Spread: high-frequency or short-term traders who prefer a near-zero spread plus fixed commission. See our article on whether JustMarkets allows scalping for execution details.

Special Cases: Expats, Accredited Investors and Short-Term Visitors

Singapore has a large international population, and the "right" answer can differ depending on your status. Here are the situations we see most often.

Employment pass holders and other expats

If you live and work in Singapore, you are generally treated as a Singapore resident for the purposes of a broker's eligibility checks, regardless of your nationality. An account opened using an address abroad that you no longer live at creates a mismatch between your documents and reality, which can cause verification problems or account closure later. Declare your real country of residence.

Accredited and expert investors

Singapore allows individuals who meet specified wealth or income thresholds to opt in as accredited investors. With MAS-licensed providers, that status can unlock higher leverage than the retail cap and fewer retail-specific safeguards. It does not, however, turn an offshore broker into a MAS-licensed one. If higher leverage is your main reason for looking offshore and you qualify as an accredited investor, a licensed provider may be able to offer what you need within Singapore's framework.

Singaporeans living abroad

A Singapore citizen resident in another country is usually assessed under that country's rules and the broker's policy for it. Our guides for markets such as the UAE cover how other regulators approach offshore brokers.

Short-term visitors

Visitors generally remain residents of their home country. Opening a new trading account while travelling does not change which rules apply to you; your home country's regulation is the one to check.

Funding, SGD and Withdrawals

Money movement is a practical test of any broker relationship, so it is worth thinking through before you open anything.

No SGD account currency

The Singapore dollar has not been among the account currencies listed for JustMarkets' global accounts, which include USD, EUR, GBP, JPY and a range of Asian, African and Gulf currencies. A Singapore resident would typically hold a USD account and convert SGD on the way in and out. Each conversion carries a spread from your bank or payment provider.

Payment methods

JustMarkets lists bank cards, e-wallets, cryptocurrencies, bank wires and local methods, varying by country and entity. It says it charges no deposit or withdrawal fees of its own, although third parties may. Singapore banks apply their own risk controls to payments to overseas trading platforms, which may lead to questions or declined transactions.

If, after checking eligibility and the client agreement, you decide to evaluate the account opening flow, you can start a JustMarkets registration and review the terms before funding anything. Read the restricted-jurisdictions section carefully during sign-up.

Withdrawal principles

• Withdrawals generally return to the original payment method in your own name.
• Complete verification (KYC) before depositing, so withdrawals are not held up later.
• Crypto transfers are irreversible; a wrong address means lost funds.
• Keep statements; they are useful for tax and for any dispute.

Tax notes

Singapore generally does not tax capital gains, but gains from trading activity can be taxable if they are considered income from a trade or business, depending on factors such as frequency, intention and organisation. The Inland Revenue Authority of Singapore (IRAS) publishes guidance; a tax professional can help if you trade actively.

Trading Platforms

JustMarkets offers the standard MetaTrader set-up:

• MT4 and MT5 desktop for Windows and macOS.
• MT4 and MT5 WebTrader, browser-based, nothing to install.
• The JustMarkets mobile app for account management and trading, alongside MetaTrader mobile apps.

MetaTrader is widely used, and several MAS-licensed providers offer it too, so you can often keep the same charting habits, indicators and expert advisors whichever regulated broker you choose. Our guide on installing JustMarkets on a PC walks through the desktop set-up step by step.

MAS-Licensed vs Offshore: Comparison Table

Neighbouring markets take different approaches. Our guides for Indonesia and India show how other Asian regulators handle offshore brokers.

Illustrations With Hypothetical Numbers

These examples use made-up figures for clarity only. They are not predictions or offers.

Illustration 1: 20:1 vs 500:1 on the same account

Wei Ling has USD 2,000. She wants to trade one standard lot of USD/JPY (USD 100,000 exposure).

• At 20:1, margin required is USD 5,000, more than she has. She would have to trade 0.3 lots or less.
• At 500:1, margin required is USD 200. She can open the full lot.
• A 1% adverse move on a full lot is about USD 1,000, half her account. On 0.3 lots it is about USD 300.

The cap does not stop her from trading; it stops her from betting half her account on a 1% move.

Illustration 2: Conversion drag

Suppose SGD-to-USD and USD-to-SGD conversions cost a hypothetical 0.8% each. Depositing the equivalent of USD 5,000 and later withdrawing the same amount costs roughly USD 80 in conversion alone. That is before spreads, commissions or swaps.

Illustration 3: Raw Spread round-trip

One lot on a Raw Spread account with a 0.2-pip spread costs about USD 2 in spread plus USD 6 commission (USD 3 each side), so roughly USD 8 per round trip. Ten round trips a day, twenty days a month, is about USD 1,600 in costs at that size. Active trading needs an edge that covers these numbers.

Illustration 4: Stop-out sequence

An account has USD 3,000 equity and USD 1,500 margin in use (margin level 200%). If equity falls to USD 600, the margin level is 40% and a warning arrives. At USD 300, it is 20% and positions start closing. The account has lost 90% before automatic protection kicks in.

Scams and Red Flags

Singapore's police and MAS have repeatedly warned about investment scams run through messaging apps, dating apps and fake trading platforms. Common patterns include:

• Romance or friendship scams where a new contact introduces you to a "trading platform" that shows fake profits.
• Impersonation of real brokers, banks or even MAS officers.
• Fake apps that look like MetaTrader or a broker app but are controlled by scammers.
• "Withdrawal fees" or "tax payments" demanded before releasing funds.
• Group chats where many "members" post profit screenshots to build trust.

Rules of thumb: verify the exact domain, download apps only through links on the broker's official site, never share passwords or one-time codes, and never pay to withdraw. If in doubt, call the ScamShield helpline or check official anti-scam resources.

Due Diligence in Ten Steps

1. Search the MAS Financial Institutions Directory for the firm and filter by leveraged foreign exchange trading.
2. Search the MAS Investor Alert List for the firm's name and website.
3. Read the broker's restricted-jurisdictions statement and client agreement for Singapore eligibility.
4. Identify the contracting entity and its regulator.
5. Verify that licence on the foreign regulator's own register.
6. Confirm the official domain and app download links.
7. Calculate full costs: spread, commission, swaps and currency conversion.
8. Decide your maximum leverage and risk per trade before funding.
9. Practise on a demo account until you can explain margin level and stop-out in your own words.
10. If you proceed, start small and test a withdrawal early.

🔥 Your next move:

Spend five minutes on the MAS directory and alert list, then compare one MAS-licensed provider with the offshore offer using the table above. If you still want to review JustMarkets' current terms and eligibility rules, visit the JustMarkets homepage to read the latest conditions and its legal documents before making any decision.

Questions Singapore Traders Ask

Is JustMarkets regulated by MAS?

No. JustMarkets' entities are regulated in Seychelles, Cyprus, South Africa, Mauritius and the BVI. Check the MAS Financial Institutions Directory for the current list of licensed leveraged FX providers.

Does JustMarkets accept clients from Singapore?

Eligibility is set by the broker and can change. Read its restricted-jurisdictions statement and client agreement, or ask support in writing.

Is it illegal for me to trade with an offshore broker?

Singapore's licensing rules mainly target providers. We cannot give legal advice on your situation; if in doubt, consult a Singapore lawyer. What is clear is that MAS protections would not apply to an offshore account.

What leverage can retail traders use in Singapore?

MAS-licensed firms apply a 20:1 cap for retail leveraged FX. Accredited and expert investors may access different limits.

Can I use FIDReC against an offshore broker?

FIDReC handles eligible disputes with participating financial institutions. An offshore broker outside Singapore's framework is generally not covered.

Does JustMarkets offer SGD accounts?

SGD has not appeared among the listed account currencies on the global site. Check the live account page for updates.

What platforms does JustMarkets offer?

MetaTrader 4 and 5 for Windows and macOS, WebTrader versions, and a mobile app alongside MetaTrader mobile.

What is the minimum deposit?

On the global site, about USD 10 for Standard and Cent accounts and USD 200 for Pro and Raw Spread.

Are trading gains taxed in Singapore?

Capital gains are generally not taxed, but trading gains may be taxable as income depending on circumstances. IRAS guidance or a tax adviser can clarify.

How do I know if a site is a JustMarkets clone?

Compare the domain with the broker's official site and regulator registers, download apps only from official links, and check the MAS Investor Alert List.

Glossary

• MAS: Monetary Authority of Singapore, the central bank and financial regulator.
• SFA: Securities and Futures Act, the main capital markets statute.
• CMS licence: Capital Markets Services licence, required for regulated activities such as leveraged FX trading.
• FID: MAS Financial Institutions Directory.
• IAL: MAS Investor Alert List.
• FIDReC: Financial Industry Disputes Resolution Centre.
• Accredited investor: an investor meeting wealth or income thresholds who can access fewer retail protections.
• Margin call: warning that margin level has fallen to a set threshold.
• Stop-out: automatic closure of positions at a lower threshold.
• Raw spread: near-interbank spread charged with a separate commission.

Conclusion

Is JustMarkets legal in Singapore? JustMarkets is a licensed broker in several foreign jurisdictions, but it is not licensed by MAS, and Singapore requires a CMS licence for firms dealing in leveraged FX with Singapore customers. Whether the broker accepts Singapore residents is governed by its own current policy, and any account would sit outside Singapore's protections on client money, conduct, leverage and dispute resolution.

For most Singapore residents, a MAS-licensed provider found through the Financial Institutions Directory is the lower-risk route. If you still study offshore offers, verify eligibility, entity and licence, size positions conservatively, and treat every unsolicited "opportunity" as a potential scam.

📌 Important: CFD Risk Warning and Disclosure

CFDs and leveraged FX are complex instruments with a high risk of losing money rapidly due to leverage. Many retail investor accounts lose money when trading CFDs. Consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

This article is general information, not financial, investment, legal or tax advice, and it does not consider your personal circumstances. Rules and broker terms change; verify all details with MAS, the relevant foreign regulator and the broker's official website, and seek independent professional advice where needed.

🔗 Affiliate notice: we may earn a referral commission when readers open accounts via links here; your costs stay the same.