The development of single-phase symmetrical bipolar voltage gain matrix converters (MC) is growing rapidly as they find their application in power systems for dynamic restoration of line voltages, high voltage AC−DC converters, and variable frequency controllers for many industrial processes. However, the existing trend in matrix converter technology is a buck−boost operation that has inherently serious issues of high voltage and current surges or stresses. This is a big source of the high voltage and current rating of semiconductor switching devices. There is also a problem of high ripples both for voltage as well for current, requiring large size of filtering capacitors and inductors. The non-symmetrical control of the voltage gain increases the control complication. A large count of operating transistors is critical regarding their cost, size, and power conversion losses, as the space and cost required by their gate control circuits are much larger than the size and cost of the switching transistors. Thus, in this research work, a new single-phase MC is introduced only employing six fully controlled switching devices, ensuring similar operation or outputs as is obtained from the existing topologies that require the use of eight or more fully controlled switching devices, and the reduction by two or more switching transistors helps to compact the overall size and lower the overall cost. The separation in its voltage buck and boost operation enables smooth control of the voltage gain through duty cycle control. The low values of the voltage and current surges reduce the power rating and losses of the switching devices. The flow of the current in the filtering inductor is kept unidirectional to avoid the current interruption and reversal problem once the operation of the converter is abruptly switched from inverting to non-inverting and vice versa. All these factors are comprehensively detailed through the circuit’s description and comparative analysis. Simulation and practical results are presented to confirm the effectiveness of the developed circuit topology.