Best Prop Firms for Traders in Singapore, MAS Checks and SGD Payouts

Key takeaways

We checked 20 prop firms on October 5, 2026 for traders in Singapore and ranked 14 forex and futures products, plus three crypto-only products, by cost per $1,000 of loss room at $50K.

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We checked 20 prop firms on October 5, 2026 for traders in Singapore and ranked 14 forex and futures products, plus three crypto-only products, by cost per $1,000 of loss room at $50K. Blue Guardian 2 Step Nano is cheapest at $25.40 on its fee alone, then Hantec Trader Endurance at $47.25 (fee-only, Instant programmes closed to Singapore), Topstep at $47.50 ($95 a month), E8 Markets E8 Pro 10% at $49.80 with an SGD bank payout through WorkMarket, and FundingPips 2 Step Flex at $49.83. Goat Funded Trader and SabioTrade name Singapore on their own restricted lists, AquaFunded allows Singapore only on instant accounts up to $50K, and Apex Trader Funding and Take Profit Trader are checked but not ranked. MAS’s Investor Alert List, re-checked on October 6, 2026, names none of the 20 firms; HyroTrader’s exchange partner Bybit is on it. Rise lists Singapore for SGD withdrawals at $10, and no firm names PayNow or FAST. SGD figures use the October 2, 2026 ECB cross of 1 USD = S$1.2798.

Checked: October 5, 2026 for firm pages; October 6, 2026 for the MAS Investor Alert List. Firms change prices, codes and country lists without notice, so confirm on the firm’s own page before paying. Each Trustpilot figure shows its own read date.

Quick answer and the top five prop firms in Singapore

Singapore is not an automatic yes for prop firms. Two of the 20 firms checked name Singapore on their own restricted lists, two more cut it down to certain products, and the rest leave it off their lists in wording that ranges from a plain yes to an open-ended “including”. Then come the questions no directory answers: what MAS’s alert list shows, and whether a payout can reach a Singapore bank in Singapore dollars. Ranked on what you pay for each $1,000 the account can lose, these five come first:

1. Blue Guardian 2 Step Nano: $25.40 per $1,000. Price $127 (about S$163); floor $5,000, static, both stages.
2. Hantec Trader Endurance 3-Step: $47.25 per $1,000. Price $189 (about S$242); floor $4,000, static (8%).
3. Topstep Trading Combine, No Activation Fee: $47.50 per $1,000. Price $95/month (about S$122); floor $2,000, end-of-day trailing.
4. E8 Markets E8 Pro 10%: $49.80 per $1,000. Price $249 (about S$319); floor $5,000, static, both stages.
5. FundingPips 2 Step Flex: $49.83 per $1,000. Price $299 (about S$383); floor $6,000, static (12%), all stages.

Blue Guardian’s lead and Hantec Trader’s second place both rest on activation fees the firms do not publish either way, and FundingPips’ figure is fee-only too. On fully published prices the lowest are Topstep for futures and E8 Markets for forex, and E8 is also the firm with the clearest SGD payout. If you want Singapore named rather than merely missing from a list, Alpha Capital Group names it at checkout and Fintokei names it on its payout list. For the same checks in two neighbouring markets, see our guides to the best prop firms for traders in the Philippines and traders in Indonesia.

What a prop firm is for traders in Singapore

A prop firm, in the sense these 20 firms use the word, sells you an evaluation on a simulated account. You trade to a profit target without touching a daily or overall loss limit; pass, and you trade a funded account that is usually still simulated, and the firm pays you a share of the simulated profit, typically 80% to 90%. That is different from a broker, which holds your own money in a real account, and from the proprietary trading desks in Singapore that hire traders as staff to trade the firm’s own capital, which recruit like any other employer and sell no evaluations. For the basics, see what a prop firm is.

• For: your loss is capped at the fee, you can trade a $50,000 account for $95 to $379, and most firms here pay 80% or more of profit.
• Against: most buyers never reach a payout, a broken daily limit ends most accounts at once, the funded account is simulated, payouts arrive in US dollars unless a processor converts them, and several firms keep a mandatory live move.

Every ranked firm describes its funded accounts as simulated or demo. FTMO says its traders trade with simulated capital only, AquaFunded says every account is simulated, and HyroTrader says there is no real-capital stage at any point. A few keep a live stage behind a discretionary move, covered in each firm’s section below.

Is prop trading legal in Singapore, and what MAS publishes about prop firms

We do not give a legal verdict, and neither MAS nor the police has published one on prop firms that we could find. Singapore has no licence written for prop firms, and none of the 20 firms checked claims a MAS licence. What the authorities have published is the rule for trading platforms. In a June 6, 2025 release, the Singapore Police Force said, with MAS: “Under Section 82 of the SFA, a capital markets services licence is required for an entity to carry on business in the regulated activity of dealing in capital markets products, which include securities and leveraged foreign exchange trading.” It added: “This prohibition extends to entities operating outside Singapore, when the entities solicit or advertise products or services that are targeted at Singapore persons, or if there is a substantial number of Singaporeans using a foreign entity’s products or services.”

That release was about two trading platforms, Octa and XM, whose services included leveraged foreign exchange trading, and it said “access to both trading platforms’ websites will be blocked for Singapore residents with effect from 20 June 2025”. No release we found names a prop firm, and whether a simulated evaluation falls inside that rule is not something MAS has addressed in anything we found. We could not test from a Singapore internet provider whether any firm here is reachable, and we do not suggest any will be cut off. Goat Funded Trader’s own Singapore guide puts the question differently: “are prop firms legal in Singapore?, the answer is YES, as they operate under the evaluation and simulated funding model.” That is a firm’s claim, and Goat itself bars Singapore, as the excluded section below shows.

MAS also runs an Investor Alert List of persons who, in MAS’s words, “may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS”, and says: “This list is not exhaustive and is based on what was known to MAS at the time of publication.” We pulled all 920 entries from mas.gov.sg on October 6, 2026, the newest listed on September 30, 2026, and searched every firm in this guide, every domain it uses, its group companies, and its payout and platform partners.

None of the entries names any firm in this guide. One names a partner: Bybit Fintech Limited, listed on June 17, 2026, which runs the exchange behind one of HyroTrader’s challenge routes; the HyroTrader section explains what that means. A few other entries share part of a name and are not these firms: entries containing “Guardian” are unrelated crypto projects, not Blue Guardian, three start with “Aqua” and are Singapore property and aquaculture companies, not AquaFunded, and a 2025 entry for a Facebook page called Edge Prop Trade is not any firm here.

A licence somewhere else is a different matter. FXIFY’s footer names a Mauritius-licensed group company, FundingPips names a Comoros licence, and Fintokei’s payout partner Walletory appears in MAS’s Financial Institutions Directory as a Major Payment Institution, a licence that covers Walletory’s payments, not Fintokei’s evaluations. The police release itself pointed readers to that directory: “The SPF and MAS strongly encourage members of the public to deal only with regulated online trading platforms with valid capital markets services licenses, which are listed on MAS’ Financial Institutions Directory.” For firms that do hold a licence somewhere, see our guide to regulated prop firms.

Which prop firms accept traders in Singapore

We read each firm’s own restricted-countries page, terms, help article or checkout for Singapore. Unlike most European countries, Singapore is named on several of them, so the wording matters. Five groups come out:

• Singapore named as accepted: Alpha Capital Group lists Singapore in its checkout country menu, and Fintokei names it on its list of countries that can take crypto payouts.
• Missing from a named list with no “including” wording: Topstep, E8 Markets, FundedNext, The5ers, For Traders, FTMO, Tradeify and Tradeify 247.
• Missing from a list worded “include” or “including”, or with a second list not published: Blue Guardian, FundingPips, FXIFY and HyroTrader. They rank, but their wording leaves room for a country they have not named.
• Open only on some products: Hantec Trader closes its Instant programmes to Singapore residents, and AquaFunded allows only Instant Funding up to $50,000. Both rank on the product you can actually buy.
• Named as restricted: Goat Funded Trader and SabioTrade.

Singapore’s neighbours fare worse, which is why a country check beats a regional one. FundedNext bars Malaysia, Fintokei pauses new purchases in Malaysia, Indonesia, the Philippines, Thailand and Cambodia, Tradeify names Malaysia, Indonesia, Vietnam and Cambodia, Hantec Trader names Malaysia and Thailand, Apex names Brunei and Vietnam, Blue Guardian names the Philippines and Vietnam, and FTMO names Indonesia. Singapore is on none of those lists. Each firm also tests something different, which matters if you are a Singapore citizen living abroad or a foreign resident in Singapore:

Our shorter Singapore country page lists three crypto options; this guide checks the standard forex and futures products as well. A directory flag or a firm’s own roundup is not a pass: the top search result for this question is Goat Funded Trader’s blog, which ranks Goat first for Singaporeans while its help centre bars Singapore.

How prop firm payouts reach a Singapore bank in SGD

No firm checked names PayNow, FAST or a Singapore bank by name for payouts, and only one challenge firm publishes a Singapore-dollar bank payout outside Rise: E8 Markets pays through WorkMarket, whose own fee page has a Singapore row for a bank account paid in SGD at S$5.50 a transfer plus 2-3% conversion. Most of the others pay into Rise, whose help page lists Singapore for SGD withdrawals to a local bank; Rise says “The withdrawal fee is $10, and the maximum timeframe is 2 business days”. The conversion is done by Rise, not by the firm.

The rest send US dollars and let your bank convert them. Topstep’s only route to Singapore is a $30 international wire, its Wise route covering China, Canada and the UK only. FTMO’s bank wire names no currency. Fintokei covers the fee on a wire to any bank and names Singapore for crypto payouts, and HyroTrader pays only in USDT or USDC. FundingPips names bank and card payout regions from Spain to Indonesia but not Singapore. Fees add up before the conversion: Blue Guardian and AquaFunded take 3% of every payout, The5ers 3.5%, FundedNext a provider fee of up to 3.5%, Topstep $30 per wire and For Traders $50 per Rise transfer from $400. E8 Markets, FTMO, Fintokei and HyroTrader charge no fee of their own. For how each rail works across firms, see prop firms that pay by wire, bank, Rise, Deel or Wise.

A worked example: a $2,000 payout through Rise at a firm with no fee of its own arrives as about S$2,560 at the October 2 rate, less Rise’s $10 and whatever margin Rise builds into the conversion. The same payout at a firm that takes 3% first loses $60 before Rise sees it. Through E8’s WorkMarket route the same $2,000 costs S$5.50 plus 2-3% conversion, roughly S$51 to S$77 on S$2,560. Paying in is a separate question. FTMO states its fee in euros, Fintokei lets you hold the account in US dollars, yen, euros or koruna, and everyone else prices in US dollars; none offers Singapore dollars at checkout, so your card issuer converts.

How we checked prop firms for Singapore

1. Read each firm’s own restricted-countries page, terms, help article or checkout for Singapore, product by product, and note whether the list is called complete.
2. Treat a brand’s forex, futures and crypto arms as separate listings, and keep crypto-only products in their own table.
3. Price every $50K variant a Singapore resident can buy at list price, add any activation fee, and convert to Singapore dollars at the October 2, 2026 ECB cross; codes go in the firm notes only.
4. Divide by the smallest overall loss limit in dollars at any stage, never a daily limit or a per-asset rule, and multiply by 1,000.
5. Search MAS’s full Investor Alert List for each firm, domain, company and partner, then note the payout routes that reach a Singapore bank, live stage terms and Trustpilot.

Prop firms in Singapore ranked by cost per $1,000 of loss room

Lower is better. A $2,000 floor at $95 and a $5,000 floor at $249 both cost under $50 for each $1,000 you are allowed to lose, which is the comparison that matters if you expect to buy more than once.

Notes on this ranking: Cost per $1,000 is the list price of the firm’s cheapest $50,000 product that a resident of Singapore can buy, plus any activation fee, divided by the smallest overall loss limit in dollars at any stage, times 1,000. Daily loss limits, per-asset and per-position rules (Alpha Capital Group’s 2% Max Risk Rule, For Traders’ 2% Drawdown Protection, AquaFunded’s floating-loss policy) are not used; they are named as watch-outs. Singapore dollar figures convert at the European Central Bank reference cross of October 2, 2026, 1 USD = S$1.2798, rounded to the nearest dollar; your card or bank rate will differ. FTMO is the only firm here that states its fee in euros, converted at EUR/USD 1.1225. “Via Rise” means the firm pays into Rise, whose own help page lists Singapore for SGD withdrawals to a local bank at $10. Ties share a rank. ^a Blue Guardian publishes no activation fee for 2 Step Nano and does not say there is none, so $127 is the evaluation fee alone; an activation fee above $109.25 would drop it below Hantec Trader. Its restricted list is introduced with the word “include”, so Singapore is missing from a list the firm does not call complete. ^b Hantec Trader shows only the programme cost at checkout and does not say whether an activation fee follows, so $189 is the fee alone; any fee above $1.00 would put it behind Topstep. Its Instant programmes are closed to Singapore residents by name, so only its evaluations count here. ^c Monthly billing: the figure covers one 30-day cycle. A second month at $95 would make it $95.00 per $1,000, behind every forex product in this table except AquaFunded. ^d FundingPips publishes no activation or Master fee either way, so $299 is the evaluation fee alone; a fee above $21.40 would drop it below Alpha Capital Group. Its footer bars residents of “certain jurisdictions, including” sanctions and FATF lists; Singapore is on neither FATF list dated June 19, 2026. ^e FundedNext does not name an activation fee for Stellar Lite and does not say there is none; a fee above $19.01 would drop it below The5ers. ^f The5ers’ High Stakes $50K size table shows an 8% overall loss ($4,000) while its FAQ says 10% ($5,000). We rank on the tighter figure; on the FAQ figure it would be $49.80 and tie E8 Markets. Its Pro Growth $50K has no such conflict and works out at $109.67. ^g Fintokei’s cards say “one-time fee” with no activation line, but the firm never states the fee is $0; a fee above $14.00 would put it behind For Traders. ^h FTMO states its fee in euros: €319 x 1.1225 = $358.08. Tradeify is only 1.2% dearer, so a move of that size in the euro would swap them. FTMO’s 2-Step Challenge (€345, about $387.26, static floor, fee refunded with the first reward) works out at $77.45. ⁱ FXIFY’s footer list is worded “including” and adds any country where use would be against local law, so Singapore’s absence is not a written acceptance. ^j AquaFunded names Singapore among countries that may trade only its Instant Funding models, up to $50,000 per trader, so its cheaper evaluations are closed to you. It publishes no activation fee for the instant account either way, so $278.67 is the account price alone.

Singapore checks for each prop firm, same order

What MAS’s alert list shows, how the money comes back to a Singapore bank and in what currency, what you are charged in, the platforms on offer and the Trustpilot standing. Same order as the ranking.

Notes on this table: The MAS column is our search of the full Inves