Today, Singapore is one of the top countries where investing is a very common thing. Many use this as their secondary income, and others see it as a possibility for strengthening their retirement funds.
People are investing in stocks, bonds, property, gold, and other assets. It is reported that 52% of Singaporeans put their money in stocks.
However, to invest, you first need to have a brokerage account.
But with the rise of interest in investing, finding the best online brokerage accounts in Singapore is not as easy as it sounds.
In this article, I detail everything you need to know so you can better understand what a brokerage account is and why you need one.
I will also give you the best online brokers Singapore has and show you how to choose the one that suits you the most.
Comparison of the Best Online Brokers in Singapore
Markets and Assets Available
Here is the comparison of the markets and assets available from the different online brokers in Singapore:
Broker | Markets Available | Asset Class Offered |
Tiger Brokers | – Singapore – U.S. – China – Australia | – Stocks – ETFs – Options – Warrants – CBBCs – Futures – Unit trusts – REITs |
DBS Vickers | – Canada – Hong Kong – Japan – Singapore – U.K. – U.S. – Australia | – ADR/GDR – Warrants – REITs – Bonds – Preference shares – Common shares – ETFs – CBBCs – Daily leverage certificates |
UOB Kay Hian | – Singapore – Malaysia – Hong Kong – China – U.S. – U.K. – Canada | – Bonds – CFDs – Daily leverage certificates – Stocks – ETFs – Margins – Unit trusts – Leveraged forex – SPACs – Structured products |
PhillipCapital (POEMS) | – U.S. – Singapore – Hong Kong – Canada – China – Malaysia – Thailand – Indonesia – Japan – Australia – U.K. – Germany – Turkey – Philippines – South Korea – Taiwan – Vietnam – France – Netherlands – Portugal – Belgium | – Stocks – ETFs – SPACs – Warrants – Daily leverage certificates – Unit trusts – CFDs – Bonds – Futures – Forex |
Interactive Brokers | – U.S. – Canada – Mexico – Europe – Australia – Hong Kong – India – Japan – Singapore – South Korea | – Stocks – ETFs – Warrants – Options – Futures – Unit trust – Forex – Metals – Cryptocurrencies |
SAXO Markets | – U.S. – U.K. – Singapore – Hong Kong – China – Australia – Japan – Canada – Malaysia – Europe | – Stocks – Bonds – ETFs – Cryptocurrency ETPs – Unit trusts – Forex – CFDs – Futures – Commodities – Options |
KGI Securities | – Singapore – U.S. – Hong Kong – Thailand | – Stocks – ETFs – REITs – ADRs – Warrants – Margin – Futures – Forex |
Syfe Trade | – U.S. | – Stocks – ETFs |
Moomoo | – Singapore – U.S. – China | – Stocks – ETFs – Options – Warrants – CBBCs – Futures – Unit Trusts – Margin – ADR – REITs |
OCBC Securities | – Australia – Canada – Hong Kong – Indonesia – Japan – South Korea – Malaysia – New Zealand – Philippines – China – Singapore – U.K. – U.S. – Europe | – Stocks – Warrants – Daily leverage certificates – REITs – SPACs – ETFs – Forex – Metals – Bonds – Futures |
*Each platform has different stock exchanges in the Europe category, do check before registering an account | ||
Fees for Singapore Market
Here is a list with rates charged for the Singapore market of some of the best trading accounts Singapore has to offer.
| Broker | Min. Commission | Min. Funding | Trading Fees |
| Tiger Brokers | No minimum for Singapore; | S$0 | 0.08% |
| DBS Vickers | S$25; | S$0 | 0.18% – 0.28% |
| UOB Kay Hian | S$10; | S$0 | 0.12% |
| PhilipCapital (POEMS) | No minimum for Singapore | S$0 | 0.12% |
| Interactive Brokers | S$2.50 | S$0 | 0.08% |
| SAXO Markets | S$2; | S$0 | 0.08% |
| KGI Securities | S$25 | S$0 | 0.18% |
| Syfe Trade | No minimum for Singapore | S$0 | N/A |
| Moomoo | S$0.99; | S$0 | 0.03% for SG stocks; |
| OCBC Securities | S$18 | S$0 | 0.18% |
Fees for US Market
Many online brokers in Singapore allow trading with US stocks. Here is a list of the best brokers for the US market.
| Broker | Min. Commission | Min. Funding | Trading Fees |
| Tiger Brokers | $1.99 | $0 | $0.01 per share |
| DBS Vickers | $25 | $0 | 0.15% |
| UOB Kay Hian | $20 | $0 | 0.3% |
| TD Ameritrade | No minimum for the US | $3,500 | Free |
| PhilipCapital (POEMS) | $3.88 | $0 | 0.18% – 0.275% |
| Interactive Brokers | $1 | $0 | $0.005 per share |
| SAXO Markets | $4 | $0 | 0.06% |
| KGI Securities | $20 | $10,000 | 0.3% |
| Syfe Trade | No minimum of the US | $0 | 5 free trades and then $0.99 per trade |
| Moomoo | $1.99 | $0 | $0.0049 for US stocks |
| OCBC Securities | $20 | $0 | 0.3% |
1. Best Overall Online Brokerage (and Cheapest!) – Moomoo
Moomoo is the best investment platform in Singapore – especially if you’re looking for the lowest fees.
This broker is based in California, the US but is a subsidiary of Futu Holdings Ltd, including Futu Inc. and Futu Singapore Pte. Ltd.
This opens the door for it to the US markets, China, and the SGX as well.
Interestingly enough, Moomoo is backed up by some of the biggest names in Asia and the US, like Sequoia Capital, Matrix Partners, and Tencent.
It trades with stocks, ETFs, Futures, Options, and REITs (Real Estate Investment Trusts).
It is also planning on bringing warrants to this group of services soon enough.
Moomoo is fairly new to the market – established in 2018 – but it gained huge attention when it started offering free Apple shares when you fund your account.
Now, there is also a welcome bonus that offers 5 free stocks up to $3,500.
The platform and trading fees are 0.03%, with a minimum commission of S$0.99 for the Singaporean market.
It has a $0.0049 trading fee and a $1.99 minimum commission on the US markets.
Moomoo also allows trading on HK stocks with a 0.03% fee or HK$3, whichever is higher.
| Market | Platform and Trading fees | Minimum Commission |
| Singapore | 0.03% | S$0.99 |
| US | $0.0049 | $1.99 |
| Hong Kong | HK$15 | 0.03% / HK$3 |
Moreover, this broker doesn’t charge an account or inactivity fees. You can also get the app through the Play Store or Apple Store and use it on any Android or iOS device.
2. Best Online Brokerage For Access to the US Market – TD Ameritrade
The SGX is not the only exchange market where Singaporeans can trade. You can also choose to invest in some of the largest stock markets in the world – the USA.
TD Ameritrade is a broker founded in 1975 and has since provided help to traders and investors in Asia about the US markets.
It’s regulated by the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA).
This makes it one of the safest and overall best online brokerage accounts in Singapore today.
What draws Singaporeans to it is that there are no fees when trading ETFs, online stocks, and options trades in US markets.
This includes platform fees, minimum commission, and trading fees. However, there is minimum funding that is required of $3,500.
On the other hand, TD Ameritrade has excellent educational services.
Namely, it offers a demo account coupled with a tutorial on how to use the trading platform and a few videos and articles that would give you better market insight.
There is even a TD Ameritrade Academy comprising a 5-week course that covers a range of investment activities.
Another big plus is that there is a fully functional mobile app that makes trading from Singapore in the US markets even simpler.
3. Best Online Brokerage For US Stocks & ETFs – Syfe Trade
If you don’t trade that often or have little capital but are interested in the US ETFs and stocks, Syfe Trade is your broker!
It offers 5 free trades per month and then has a fee of $0.99 for the rest. There are other brokers that maybe have cheaper fees, but the trick with Syfe is that it has a flat fee, meaning you will always pay only $0.99.
Another pro of this broker compared to others is the interface which is by far simpler and easier to understand.
Plus, recently Syfe Trade started offering fractional shares. Now you don’t have to buy Apple shares that are worth thousands of dollars. Instead, you can buy as little as $1 worth a share.
Syfe Trade is regulated by the Monetary Authority of Singapore and has won the DigFin Innovation Awards 2021 for Best Digital Advisory Solution.
All investments up to $500.000 are SIPC protected.
Currently, Syfe offers a welcome gift that can get you S$200, which you can use to buy stocks in the US.
Moreover, you can download the app from Play Store or Apple Store.
4. Best Online Brokerage For Beginners – SAXO Markets
If you’re new to investing, then you should consider Saxo Markets. It was established in 2006 and is part of the SAXO Group, which dates from 1992.
The first trading platform from this broker showed up in early 1998.
Since then, SAXO has continuously been breaking the barriers of the global trading markets. It is perfect for beginners because its support section has many video guides, including a long list of Q&As separated into a few topics.
Currently, SAXO Markets offers stocks, CFDs (Contract for Differences), futures, bonds, Forex, ETFs, mutual funds, and commodities.
It has a low and acceptable commission of S$2 or $4, where the trading fees are 0.08% and 0.06%, respectively.
| Market | Minimum Commission | Trading Fee |
| Singapore | S$2 | 0.08% |
| US | $4 | 0.06% |
There are 5 accounts – bronze, silver, gold, platinum, and diamond. Each of them gives lower rates. For example, for the SGX the rates go as follows:
- Bronze – 0.08%
- Silver – 0.06%
- Gold – 0.05%
- Platinum – 0.04%
- Diamond – 0.03%
5. Best Online Brokerage For International Market Access – Interactive Brokers
For 45 years, Interactive Brokers (IBKR) has grown to be one of the best online brokerage accounts in Singapore with $10.22 billion in the capital.
It currently deals on more than 130 markets all over the world and thus has over 2,621,000 trades daily.
Although it is situated in the USA, it has around 33 offices in Asia and Europe.
Its services include trading stocks, currencies, bonds, mutual funds, futures, options, warrants, EFTs, FOPs, SSFs, cryptocurrencies, gold, silver, and fixed income.
It also has a Block Desk feature that helps you keep track of your trades even if you are away from your computer or phone.
Interestingly, this broker didn’t offer its services to Singapore residents until 2020, when it first opened its offices.
IBKR has low fees, but more importantly, it recently cut its account fee, which used to be $10.
This broker has given full transparency to all of its services and fees regarding every market on the official site.
You can search for rates for specific trades like stocks, ETFs, and warrants, or look up the price for options or cryptocurrencies.
It has a separate IBKR Campus where you can find many webinars, articles, projects, etc., that can help you trade on any market.
Plus, there is a free trial and a mobile app compatible with every iOS or Android device.
This broker offers 2 plans:
- IBKR Lite – gives clients 0% commissions on US stocks and ETFs; no account nor inactivity fees; however, the holder must be US-domiciled.
- IBKR PRO – gives active traders access to the IB SmartRouting system, which offers $0.47 per 100 shares price improvement vs the industry.
6. Best Brokerage For Buying Various Assets – DBS Vickers
Present on the market for over 35 years, this broker currently has 18 offices around Asia and Europe, and its estimated asset worth is S$646 billion.
It deals with stocks, REITs, bonds, ETFs, structured warrants, daily leverage certificates, and American Depository Receipts (ADR).
What makes DBS Vickers appealing to many Singaporeans is the low commission of S$10 in the Cash Upfront trading account. The trading fee is 0.12% which is also lower than the basic Cash account.
For comparison, the Cash account has a minimum fee of S$25, with a trading fee that varies between 0.18%-0.28%.
| Account Type | Minimum Commission | Trading Fee |
| Cash | $25 | 0.18% – 0.28% |
| Cash Upfront | S$10 | 0.12% |
However, the fees of the Cash Upfront account only apply to buying assets. It’s great as a long-term investment where you keep the stock or other investment for a longer period, but not if you’re looking to buy and sell. If you choose to sell, make note that the fee is S$25.
You can trade through your mobile device, computer, or a Broker-assisted Investment Service Centre.
7. Best Online Brokerage For Promotions – Moomoo
Entering the market in 2020, Moomoo has some of the lowest fees on the market. It has no minimum commission for Singapore and a trading fee of 0.03%. It trades stocks, ETFs, options, warrants, CBBCs, margin, funds, and futures.
It trades on the Singaporean market, as well as the US, Hong Kong, and China.
Aside from its low fees, Moomoo is best known for the many promotions it offers.
There are giveaways, special offers, and coins that you can use to redeem gifs.
Moreover, it is planning on introducing an initial offering period as part of its promotions.
With its free Apple share promotions still ongoing, it’s easily one of the best trading platforms for promotions, and at the lowest fees too!
Final Words
There you have it – the best online brokerage accounts in Singapore!
Remember that this list is not definite or set in stone. There are other online brokers in Singapore that might suit your needs better.
Always know what you want from a broker and only after, go in search for one.
If you’re having trouble deciding on how to manage your finances, talk to a financial advisor in Singapore right here!
They will help you understand your financial needs and guide you to the best outcome.
What is a Brokerage Account?
A brokerage account is an account you use to manage your investments. Simply put, it is the account you use so that you can buy or sell stocks, bonds, ETFs (Exchange -Traded Funds), or other securities.
Naturally, having a brokerage account is a must if you wish to enter the world of trading and investing. That is why it is also called a trading account.
To create a brokerage account, you first need to find a brokerage firm.
Once you find a suitable company, you deposit a desired amount of cash and start trading.
Don’t worry, the broker is only an intermediary between you and the assets you want to purchase or sell.
Brokerage Account vs. CDP Account vs. Custodian Account
Quite often, a brokerage account is confused with a CDP account. A Central Depository (CDP) account is where you keep your stocks, bonds, or other investments.
Basically, this is the safe box where all of your assets are stored.
A brokerage account is linked with a CDP account. In plain language, when you want to buy a stock, you first go through your brokerage account and purchase it.
After that, you store it in your CDP account. Or vice versa.
The important thing to note about a CDP account is that it’s controlled by the Singapore Stock Exchange (SGX).
But, the investments you make are all in your name, which means you’re the legal owner and shareholder.
The only downside is that it’s focused on Singapore, and the associated fees are high.
On the other hand, there is the option of having a custodian account instead of a CDP one.
A custodian account works the same way as a CDP account, with the main difference being that the brokerage firm of your choice operates it.
So, whereas a CDP is in the hands of the SGX, your custodian account is in the hands of the broker.
Naturally, in these cases, you can’t use your custodian account with different brokerage accounts.
Moreover, the purchases you make won’t be in your name, i.e. you won’t be a shareholder in the company where you’ve bought stocks.
But on the plus side, with a custodian account, you can trade internationally and have lower fees.
How to Choose the Best Broker For You?
Finding the right brokerage company for you is important for your future investments. All brokers will allow you to trade online, but other features set them apart.
When looking for the best trading accounts Singapore has to offer, here are some things to take note of.
Licenses
Nobody wants to invest their money somewhere where they might not be safe.
The best online brokers in Singapore naturally has to have a valid license to prove that they provide a legally recognised way of securing people’s funds.
In Singapore, any company that wants to carry out activities under the Securities and Futures Act must have a Capital Markets Services (CMS) license.
So if your brokerage firm is CMS certified, you are safe to proceed.
Otherwise, I advise looking for another broker.
Available Markets
It’s important to first ask yourself where you want to invest. The Singaporean market is vast, but there are also options to invest internationally.
For example, the largest stock exchange markets are currently in the USA – the New York Stock Exchange and NASDAQ, followed by China – Shanghai Stock Exchange Market.
This would be crucial to determining the brokerage firm and the type of account you would want to open.
Type of Account
When talking about the type of account, I mean choosing a CDP or a custodian account.
As I mentioned, a CDP account will allow you to only trade on the SGX. Plus, the fees for maintaining this account are higher.
But, you will be able to have multiple broker accounts, and you are the sole owner of all stocks, bonds, ETFs, etc., that you purchase.
And with a custodian account, you will have the opposite.
You will be able to trade on other international and big exchange markets, but you are tied to one brokerage firm.
This is why the fees for a custodian account are much lower than for a CDP one.
Fees
When choosing a broker, the first thing everyone takes note of are the many different fees.
First come the platform fees for using the trading platform.
Usually, lower fees are more enticing, but some of the best online brokerage accounts Singapore has to offer can charge more.
Then, you should ask yourself how many times you plan to sell or purchase.
If you are going for a more frequent process, then companies with a lower commission are definitely better.
Then there are asset fees. You can only choose to invest in stocks, so finding a broker that has low fees for ETFs, but high for stocks, doesn’t fit your needs.
If you’re trading internationally, then you need to look out for exchange fees in the currency.
Even if you’re only trading in Singapore, don’t forget the SGX trading fees and clearing fees.
These two are constant and equal to 0.0075% and 0.0325%, respectively.
Ease of Use
Make sure that you consider the availability of a mobile app from the broker.
All the best online brokers in Singapore offer a desktop version as well as one for your Apple or iOS device.
Another thing is how easily you can create and access your account through this app.
Most brokers allow online submission of documents, but you will have to visit them in person in some cases.
That is why the time it takes for the app to respond and how user-friendly its interface is is crucial.
If a broker has a trial period, try the account from it and see if it fits your needs.
Available Asset Classes
I mentioned this before, but before you begin your search for the best investment platform in Singapore, decide what type of assets you want to invest in.
Brokerage accounts can include stocks, ETFs, bonds, unit trusts, REITs, gold, CFDs, and other investment assets.
Ease of Withdrawals and Deposits
The time you need to withdraw or deposit cash into your brokerage account also plays a big role.
Some brokers may place time dates as to when you can withdraw or deposit. Others may have forms you need to fill in to complete the process.
In all cases, make sure you read the conditions of the broker regarding this matter.
Minimum Funding
Figuring out what your financial abilities are is important before you start looking for a broker.
This is because some brokers have a minimum limit that you need to reach in order to use their services.
Many even set different levels that give you a higher limit.
However, there are also trading platforms like TD Ameritrade that don’t have this type of restriction.
Market Insights
The role of a brokerage is to connect you with a potential buyer or seller of assets.
The best online brokers have newsletters or articles that give you a deeper insight into the market.
These are, of course, done by their expert analysts, and their goal is for you to understand the exchange market better.
Some trading accounts might go as far as to hold events where these experts can explain them in person.
A company that offers this type of service to its customers definitely has some of the best online brokerage accounts in Singapore!
Choosing a trading platform that suits you
As you can tell, there are quite a few things you need to consider before deciding on the best brokerage account for your needs.
Firstly, determine if you’re okay with a custodian account or you would prefer a CDP-linked account.
As mentioned, custodian accounts usually carry lesser fees as you’re kinda “forced” to use their platforms.
CDP-linked accounts are generally pricier as it’s centralised and you can use different brokers for your investing needs.
Think about it this way, with CDP-linked accounts, you can make buys on platforms with lower fees and sell them on another platform at lower prices as well.
To incentivise you to stay with them, custodian accounts are “cheaper” than CDP-linked accounts.
Next, you’ll need to figure out whether the broker has the securities and access to the financial market you’re interested in.
It doesn’t matter if they charge low rates but don’t have market access to what you need!
If you’re looking to invest or trade in the US or Hong Kong markets, then make sure the broker you choose has access to them.
From time to time, brokers might run promotions as well, something you’d want to look into.
Lastly, you need to think of the brokerage fees and the asset fees.
Figure out what type of investor you are and what kinds of assets you’d like to purchase.
That way, you can make an informed decision on which brokerage account is the best for you.
