Understand the top online brokers in Singapore and how they can enhance your international brokerage services.
Top Ten Online Brokers in Singapore 2023 – that will be the topic of today’s article.
In this article, I am going to cover the details of the top 10 online brokers available in Singapore.
This is just going to be an informational article and should not be considered actual investment advice.
I do not endorse any of these trading platforms and I am not affiliated with any of them.
If you want to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).
Table of Contents
Saxo Markets
According to various sources, Saxo Markets is deemed one of the best online brokers in Singapore.
Account
With Saxo, there are a multitude of account types such as:
— Saxo Account
— Corporate Account
— Joint Account
— Accredited Investor Account
There is a VIP programme, which is only available through invitation. The minimum funding required for becoming eligible for this VIP programme is SGD 1 million.
There are different plans at Saxo, which have been listed below.
1. Bronze
Transaction fees:
— SGD 5 for SG stocks
— USD 4 for US stocks
— USD 3 for US stock options
Real-time market data is available along with applicable fees.
Annual custody fee – 0.06%.
Minimum account funding – SGD 3,000.
SGD 1 per month is the monthly fee, which is waived if you invest in SaxoWealthCare or SaxoSelect.
2. Silver
Transaction fees:
— SGD 3 for SG stocks
— USD 3 for US stocks
— USD 2 for US stock options
Free real-time market data is provided for US stocks.
No custody fee.
Commission rebates of SGD 5 per month.
Additional SGD 5 per month rebate if you invest SGD 10,000+ in SaxoWealthCare.
You can earn up to 2.56% interest with no lock-up.
The monthly fee is SGD 5, which can be waived with 5,000 points.
3. Gold
Transaction fees:
— SGD 2 for SG stocks
— USD 2 for US stocks
— USD 1 for US stock options
Free real-time market data is provided for US, EU, UK & CH stocks.
No custody fee.
Commission rebates of SGD 15 per month.
The SGD 30 per month is rebated if you invest SGD 20,000+ in SaxoWealthCare.
Cash rebates on FX/CFDs (USD 3/USD 1M Notional Value).
Earn up to 3.06% interest with no lock-up.
The monthly fee is SGD 15, which can be waived with 15,000 points.
4. Platinum
Transaction fees:
— SGD 1.50 for SG stocks
— USD 1.50 for US stocks
— USD 0.80 for US stock options
Free real-time market data is provided for US, EU, UK, CH & SG stocks.
No custody fee.
Commission rebates of SGD 45 per month.
A rebate of SGD 100 per month if you invest SGD 100,000+ in SaxoWealthCare.
Cash rebates on FX/CFDs (USD 5/USD 1M Notional Value).
Earn up to 3.56% interest with no lock-up.
A monthly fee of SGD 45, which can be waived with 45,000 points
5. Diamond
Transaction fees:
— SGD 1 for SG stocks
— USD 1 for US stocks
— USD 0.65 for US stock options
Free real-time market data is provided for US, EU, UK, CH, SG & HK stocks.
No custody fee.
Commission rebates of SGD 145 per month.
A rebate of SGD 365 per month if you invest SGD 300,000+ in SaxoWealthCare.
Cash rebates on FX/CFDs (USD 10/USD 1M Notional Value).
Earn up to 4.31% interest with no lock-up.
A monthly fee of SGD 145, which can be waived with 145,000 points
Fees
The stock and ETF trading fees at Saxo are around 0.025% to 0.15% depending on the country’s stocks and plan selected.
Similarly, the trading fees for other products vary based on the plan selected.
Trading Platforms
There are different types of trading platforms at Saxo namely SaxoInvestor, SaxoTraderGo, and SaxoTraderPRO.
Safety
In Singapore, Saxo is supervised by the Monetary Authority of Singapore.
It is regulated by some of the top-tier authorities such as FCA, Danish FSA, FINMA, and so on.
What do I think?
This low-fee brokerage offers a user-friendly interface and provides access to international markets.
With their higher-tier monthly plans, you have the option to waive fees using points.
Additionally, you can earn up to 4.31% interest on your cash balances without any lock-in period.
Furthermore, you have the opportunity to earn cash rebates on your FX and CFD trades, subject to specific plan thresholds.
To access more details or get an account with Saxo Markets, click here.
Moomoo by FUTU
Moomoo is a great broker for beginners with low fees and commission-free US stocks, ETFs, and options.
Account
The account opening process at Moomoo is completely digital and fast.
Fees
As mentioned, Moomoo offers commission-free stocks, ETFs, and options. There is no inactivity fee.
The deposits and withdrawals can only be made through bank transfers.
Domestic deposits cost $8 unless it is the first deposit or the deposit amount is $25,000.
International deposits cost $25 unless it is the first deposit or the deposit amount is $25,000.
Only one base currency is available at Moomoo, i.e., the USD.
Withdrawals are free when they are made through ACH transfers. Withdrawals cost $25 for domestic wire transfers and $45 for international wire transfers.
Trading platforms
Moomoo does not have a web platform, but the desktop and mobile platforms are user-friendly.
Markets and products
There are various types of products offered with Moomoo such as stocks, ETFs, options, futures, and funds.
It offers access to 5 stock exchanges and 31,000 ETFs.
Research and Education
The research tools at Moomoo are good such as interactive charts, fundamental data, etc.
Educational resources such as demo accounts, webinars, tutorials, and videos are provided.
Safety
Moomoo is regulated by top-tier authorities such as SEC, FINRA, and MAS.
What do I think?
Even though the broker is great in various aspects, it has some drawbacks.
The product portfolio is limited and the deposits/withdrawals are limited to bank transfers.
To access more details or open an account with Moomoo, click here.
Tiger Brokers
This is a great trading platform for investors/traders who want to trade with US and Singapore markets frequently.
Account
The account opening process can be done online through MyInfo with SingPass.
There are different types of accounts offered by Tiger Brokers namely Paper Accounts, Prime Accounts, and Fund Mall Accounts.
Fees
US Stocks & ETFs: The fee is S$1 or USD 0.01 per share, whichever is greater, with a minimum of USD 1 per order.
SG Stocks & ETFs: The fee is 0.03% of the trade value.
SG Stocks, ETFs, DLC & Warrants: The fee is 0.06%.
HK Stocks & ETFs: The fee is 0.06%.
China Stocks: The fee is 0.06%.
Forex Fees: The fee is $1.99 commission plus a $1 platform fee.
Options Fees: The fee is 0.95 USD per contract, with a minimum of 2.99 USD per order.
Futures Fee: The fee is $1.99 commission plus a $1 platform fee.
US Stocks (Online): The fee is S$1.99.
SG Stocks (Online): The fee is 0.06% of the trade value.
Trading platforms
Tiger Brokers offers a mobile platform as well as a desktop platform. These offer a wide range of investing tools like watchlists, stock information, news, etc.
Markets and products
Tiger Brokers offers different types of investment products like stocks, ETFs, mutual funds, futures, options, etc.
It also provides certain rare investment products like CBBCs and REITs. It offers access to 10 markets and is available in nine different currencies.
Safety
Tiger Brokers is backed by Xiaomi as well as the top-notch brokerage Interactive Brokers.
Tiger Brokers is licensed by the Monetary Authority of Singapore (MAS).
What do I think?
Tiger Brokers offers a user-friendly interface and a simple sign-up process with appealing benefits.
It also offers competitive commission fees while:
— No currency exchange fees
— Deposit/withdrawal fees
— Inactivity fees
— Account maintenance fees
— Custody fees
— Dividend handling fees.
However, it is a relatively new player in the brokerage industry while having a limited selection of stock exchanges.
The fee structure of Tiger Brokers can be complex, involving platform fees and commission fees.
Funding options are limited, with no support for PayNow. As there are no custodian accounts, you must link your CDP (Central Depository) account.
To get more details or apply for an account with Tiger Brokers, click here.
uSMART
Another new brokerage that offers plenty of features, specifically best for beginners.
Account
uSMART has different types of accounts namely uSMART Trader, uSMART Standard, and uSMART Intel.
Fees
Commission for U.S. stocks:
uSMART Trader: US$0.003 per share (with a minimum of US$0.50 per order)
uSMART Standard: US$0.004 per share (with a minimum of US$0.88 per order)
uSMART Intel: US$0.009 per share (with a minimum of US$1 per order)
Platform fee for U.S. stocks:
uSMART Trader: US$0.005 per share (with a minimum of US$1 per order)
uSMART Standard: US$0.005 per share (with a minimum of US$1 per order)
uSMART Intel: US$0.01 per share (with a minimum of US$1.88 per order)
Commission for SG stocks:
uSMART Trader: 0.02% of the transaction amount
uSMART Standard: 0.03% of the transaction amount
uSMART Intel: 0.05% of the transaction amount
Platform fee for SG stocks:
uSMART Trader: 0.03% of the transaction amount (no minimum)
uSMART Standard: 0.03% of the transaction amount (no minimum)
uSMART Intel: 0.05% of the transaction amount (no minimum)
Commission for HK stocks:
uSMART Trader: 0.024% of the transaction amount (no minimum order)
uSMART Standard: 0.03% of the transaction amount (no minimum order)
uSMART Intel: 0.06% of the transaction amount (no minimum order)
Platform fee for HK stocks:
uSMART Trader: HK$12
uSMART Standard: HK$12
uSMART Intel: HK$15
At uSMART, there are other types of fees like GST, clearing fees, SEC fees, etc.
Click here to get a detailed snapshot of fees charged at uSMART to have a better understanding.
Markets and products
The markets that can be accessed through uSMART are Hong Kong, Singapore, and the US.
As for the products, uSMART offers the availability of trading with stocks, ETFs, REITs, and US options.
Safety
In Hong Kong, uSMART received its license from the Securities and Futures Commission.
It is regulated by the Monetary Authority of Singapore and received its capital market license from the same authority.
What do I think?
The fees are affordable with uSMART, which makes it lucrative to most traders and investors.
The product portfolio is somewhat limited, which can be weighed as a drawback.
To apply for an account or know more details about uSMART, click here.
Capital.com
Click here to get an in-depth review of Capital.com, which was already written by me.
FSMOne
FSMOne is yet another broker offering low trading fees while giving access to Singaporean and other country markets.
To be specific, it offers flat fees for trading with Singaporean markets, which is S$8.80.
Account
There are four types of accounts available with FSMOne Singapore, which are:
— New Personal Account
— New Beneficiary Account
— New Corporate Account
— Additional Account (for existing clients)
There is no minimum balance/deposit requirement for opening an account with FSMOne.
Fees
Fees for trading Singapore stocks: A flat rate of S$8.80 per trade is applied.
Fees for trading US stocks: A fee of 0.08% per trade is charged, with a minimum of US$8.80.
Fees for trading Hong Kong stocks: A fee of 0.08% per trade is charged, with a minimum of HK$50.
Fees for trading Malaysia stocks: A fee of 0.08% per trade is charged, with a minimum of MYR 8.80.
Fees for trading China A Shares: A fee of 0.08% per trade is charged, with a minimum of CNH 40.
Fees for trading bonds (retail, wholesale, Bond Express): A fee of 0.35% per trade is applied, with a minimum of S$10. Processing and platform fees apply.
Fees for trading SGS bonds: A fee of 0.1% per trade is charged, with a minimum of S$10. Processing and platform fees are also levied.
Fees for trading funds: No fees are imposed for investments made using CPF funds
For fixed-income funds, a fee of 0.05% is charged.
For all other fund types (equity, alternative investments, etc.), a fee of 0.05% or 0.0875% is levied.
However, a quarterly platform fee is applicable for investments made using cash or SRS.
FSMOne FundSupermart Platform Fees:
ETFs: 0%.
Stocks: 0%.
Robo-Advisory Portfolio: Ranges from 0.0875% to 0.125% per quarter.
Bonds (Retail, Wholesale, Bond Express): 0.05% per quarter.
SGS Bonds: 0.025% per quarter.
All Unit Trusts (CPF Investments): 0%.
All Unit Trusts (Cash and SRS Investments):
— Fixed Income Funds: 0.05% per quarter
— Other Funds (Alternative Investments, Balanced Equity, etc.):
For the first S$300,000, 0.0875% per quarter, and the remaining Amount Above S$300,000 it is 0.05% per quarter.
Trading platforms
The web trading platform of FSMOne is good with detailed menus, yet it can be confusing for beginners.
The mobile application offers features such as easy switching between tabs, watchlist, etc.
Markets and products
FSMOne offers access to different types of products such as stocks, ETFs, funds, bonds, and so on.
The markets accessible with FSMOne are somewhat disappointing as you can only access the markets of:
— Singapore
— Hong Kong
— USA
What do I think?
Without any doubt, the fees offered by FSMOne are the best in the market, especially considering the flat fees.
It can do better in terms of trading platforms and markets accessible. It may not be a convenient trading platform for beginners because of the complex user interface.
Even expats (non-residents and foreigners) can open an account with FSMOne Singapore.
To apply for an account with FSMOne or get more details regarding the broker, click here.
DBS Vickers Cash Upfront
There are different types of accounts available with DBS Vickers Online Trading, and we are discussing the Cash Upfront Account.
As the name suggests, this is a pre-funded account that offers low commission rates.
It is ideal for people who wish to get the best possible rates while having the necessary money for investment/trading.
Account
There is no requirement for:
— Account opening fees.
— Annual fees.
— Account maintenance fees.
— Minimum balance requirement.
Other account types available with DBS Vickers Online Trading are as follows:
— Cash Account
— Young Investor Account
— Supplementary Retirement Scheme
— Investing with CPF Funds
Fees
Let us have a quick comparison between the cash account and the cash upfront account. This will help us to have a general idea of how low the commissions can be with the cash upfront account.
Singapore:
Cash Trades: 0.28% (minimum of 27 SGD)
Cash Upfront Trades: 0.12% (minimum of 10.80 SGD)
Australia:
Cash Trades: 0.35% (minimum of 32.40 AUD)
Cash Upfront Trades: 0.25% (minimum of 21.60 AUD)
Canada:
Cash Trades: 0.30% (minimum of 31.32 CAD)
Cash Upfront Trades: 0.25% (minimum of 21.60 CAD)
Hong Kong:
Cash Trades: 0.18% (minimum of 108 HKD)
Cash Upfront Trades: 0.15% (minimum of 86.40 HKD)
Japan:
Cash Trades: 0.35% (minimum of 3240 JPY)
Cash Upfront Trades: 0.25% (minimum of 2160 JPY)
United Kingdom:
Cash Trades: 0.35% (minimum of 27 GBP)
Cash Upfront Trades: 0.25% (minimum of 21.60 GBP)
United States:
Cash Trades: 0.18% (minimum of 27 USD)
Cash Upfront Trades: 0.15% (minimum of 19.44 USD)
Other fees include:
Clearing Fee imposed by CDP: 0.0325%.
SGX Trading Fee: 0.0075%.
SGX Settlement Instruction Fee (Effective from 1st June 2022): SGD 0.35 (or equivalent in the respective foreign traded currency).
Markets and products
The product portfolio of DBS Vickers Online Trading is as follows.
— Callable bear/bull contracts
— Structured warrants
— American depository receipts
— Global depository receipts
— Stocks
— ETFs
— REITs
— Preference shares
— Fixed income securities
— Daily leverage certificates
However, you can only access Singaporean stocks with the help of a cash upfront account.
What do I think?
The fees available with this broker are not the best available, yet they aren’t the highest.
The only available products you can invest in with a cash upfront account are Singaporean stocks.
Note that you will need a CDP account in order to open an account with DBS Vickers Online Trading.
Additionally, to get your hands on a cash upfront account, you will need a DBS/POSB iBanking account.
It may not be the best-in-class broker in Singapore, but the DBS Vickers Cash Upfront account does come with some good benefits.
To apply for a Cash Upfront Account with DBS Vickers Online Trading or to know more details, click here.
Honourable Mentions
Given below are some other brokers available in Singapore, which are deemed best.
Interactive Brokers – best global broker.
MEXEM – good for equity trading.
CapTrader – low stock and ETF fees.
IG – user-friendly.
Syfe – for US stocks and ETFs.
Webull – zero commissions for US and HK markets.
TD Ameritrade – good for trading within the US Markets.
Bottom Line
Choosing a broker is based on various aspects like markets available, fees, regulations, and much more.
These brokers are considered some of the best available in the market, based on some of the important aspects.
It is always wise to go with a broker that is known to provide the necessary features based on your requirements.
All the information provided within this article is accurate and up to date at the time of writing this article.
It might change while you read this, and that’s the reason why I provided links to the broker’s website at the end of each broker discussion.
You should know that the information provided within this article is for general educational purposes. I am neither affiliated with any of these brokers nor do I endorse them.
Finally, it is always wise to consult with your financial advisor before deciding on investments.
If you do not have a financial advisor, then you are in luck, because I offer tailored investment solutions to my clients.
My services are specifically designed for people who are either expats or high-net-worth individuals.
Feel free to contact me to know whether or not you can benefit from the investment-related services that I offer.
Pained by financial indecision? Want to invest with Adam?
Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.
