Singapore to Block Unlicensed Trading Platforms Octa and XM

As of June 2025, Singapore has not officially banned OctaFX or XM. However, both platforms are not licensed by the Monetary Authority of Singapore (MAS), placing them in a regulatory grey area.

⚠️ Regulatory Status

OctaFX: Not licensed by MAS; operates via offshore entities. Users lack local investor protection.

XM: Also unlicensed in Singapore. While regulated elsewhere (e.g., ASIC, CySEC), these protections don't extend to Singaporean traders.

🌐 International Warnings

Malaysia: OctaFX is on Bank Negara Malaysia's Financial Consumer Alert List.

Philippines: Authorities have ordered the blocking of OctaFX's website for operating without proper licenses.

⚠️ Risks

Using unlicensed platforms means:

No MAS oversight or support.

Limited legal recourse in disputes.

Potential exposure to unethical practices.

✅ Recommendation

For safety, trade only with MAS-licensed platforms listed in the Financial Institutions Directory. Always verify a broker's regulatory status before investing.