Best Online Brokerages and Trading Platforms in Singapore 2023

Saxo Markets is the best online brokerage in Singapore because it combines low cost, great market access, and an easy user interface into one platform.

First, Saxo charges just 0.08% commission on trades in Singapore, with a minimum cost of S$5. And if you were to sign up to their higher-tier plans for a monthly fee which can be waived off, you’ll be able to enjoy rates as low as 0.03% per trade (minimum S$1).

Not only that, Saxo doesn't charge any hidden fees, i.e., no inactivity fee, no platform fee, no maintenance fee, etc. Saxo can be effective not just for long-term investors, but also for frequent traders who invest S$100,000 or less.

On top of its low fees, Saxo offers online trading in 60 exchanges worldwide, and market-leading commission rates for the major international markets such as the U.S., Hong Kong, and Japan.

Additionally, Saxo is one of the best platforms for trading foreign currencies, since its FX spreads are consistently among the lowest available, beating competitors by a significant margin. Finally, our analysts found Saxo Markets's trading platform to have the most intuitive user interface.

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moomoo (investment products offered by FUTU)is the most affordable online brokerage in Singapore as it has the lowest commission fees on the market, an intuitive trading platform, and access to US, HK, China A and SG markets—making moomoo an excellent choice for new investors. With their special welcome promotion, new accounts can receive real-time level 2 market data, 1 Apple (AAPL) share (and more) for free.

As one of the cheapest online trading platforms in SG, the commission charged for every trade in SG and HK markets is only 0.03%, which is much lower than other online trading platforms which range between 0.08%-0.28%. Similarly, moomoo only charges USD 0.0049 per order for US stocks, ETFs, and American depositary receipts (ADRs). Furthermore, with their current promotion, you can enjoy commission-free trading for 180 days in all SG and HK markets. What's better is that you will be able to enjoy $0 Commission for US Stocks forever. Even after the promotional period ends, new investors will still enjoy the lowest commissions in the market.

If you are looking for a simple UI/UX mobile application, moomoo's intuitive app offers tools like community chat functions, technical indicators, ratings, and insights. So, those looking to trade SG, HK, and US stocks can quickly download the app, set up an account, and begin trading. Unfortunately, moomoo's product offering and market access are currently not as broad as some of its competitors. However, they are relatively new and are expecting to broaden their product offering soon.

Tiger Brokers has one of the lowest commission fees on the Singaporean brokerage market, an easy-to-use platform, and live prices for the US and Singapore, making it a great option for new and seasoned investors. The commission charged for every trade is just 0.03%, which is much lower than other online brokers who charge around 0.08%-0.28%.

This is still impressively lower than the average in Singapore, which is 0.21%. Additionally, new customers can also enjoy 60 Commission-Free Trades in 365 Days and 1 share of SoFi Technologies Inc. Share (NASDAQ: SOFI) upon opening your account. Moreover, Tiger Brokers charges neither a custodian nor a currency conversion fee, and it's fairly quick to open an account (1-3 days).

For those looking to invest abroad, Tiger Brokers' platform gives customers real-time access to markets in the United States, Hong Kong, China, and Australia. For trading in the US, you can invest for as little as USD $0.005 commission with a minimum fee of USD $0.99 per order. For those who prefer to trade in Hong Kong, Tiger Brokers' minimum fee is only HKD $7. This is one of the most attractive rates in Singapore, as most firms charge around HKD $100-HKD $240. Trading futures is also simple, as there are built-in features on their platform to give customers support with these deals. With low trading fees, a user-friendly platform, and access to current market data, Tiger Brokers is a great platform.

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Webull is a relatively new discount brokerage to enter the Singapore scene. They boast low commission fees on par with, and sometimes even cheaper than, other discount brokers for US, HK and CN markets.

Webull currently offers zero commission trading for US stocks, 0.03% of trade amount for HK stocks and 0.02% of trade value for CN stocks. What truly makes Webull competitive is they do not currently charge any platform fees for buying and selling stocks and ETFs. This would be particularly beneficial for investors who are just getting started in their investing journey and make small but frequent stock buys as they would be able to minimse their costs as compared to using other brokerages that charge a flat fee per trade.

The biggest downside about Webull is that they currently do not offer trading of SG stocks, ETFs and REITs. If you are primarily interested in trading international, namely US, HK and CN stocks, Webull offers an affordable option that is good for both experiences and novice traders alike. This coupled with Webull's regular attractive welcome promotions of free shares ranging from US$3 - S$1,000 makes Webull a good option for those looking to explore new trading platforms.

uSMART has one of the lowest commission fees on the Singaporean brokerage market, and specially-curated educational content and resources, making it a great option for new and fresh investors. The commission charged for every trade in Singapore is just 0.02-0.05%, which is much lower than other online brokers who charge around 0.08%-0.28%.

The Standard account type would be the most suitable for the average and ordinary user because of its low fees and reasonable access to the SMART features available. Users with Trader accounts, on the other hand, would not be able to access uSMART’s SMART features, but they will be able to enjoy the cheapest fees available.

uSMART’s SMART features are its undoubted selling point, and for good reason. Currently, uSMART offers 4 main types of preset SMART order strategies: Sell-High, Breakdown-sell, Breakthrough buy, and Buy-Low. uSMART will monitor the stock market, and depending on the order strategy that you choose, it will automatically buy or sell the stock that you’re interested in once the target price that you’ve set has been reached.

For instance, the Sell-High strategy allows you to input a set selling price, and uSMART will automatically place an order once that price has been reached. These innovative features majorly streamline and simplify the trading process.

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Syfe Trade has the lowest commission fees on the market for trading US stocks and ETFs.

For a start, the Singapore online brokerage is giving every investor five free trades per month, and thereafter a flat fee of USD 0.99 per trade, during its introductory offer which will end at the first quarter of 2022. Even after its introductory offer comes to an end, Syfe Trade remains extremely competitive by giving its investors two free trades per month, and a flat fee of USD 1.49 per trade.

Syfe Trade also allows investors to engage in fractional trading for US stocks and ETFs, allowing retail investors with smaller capitals to get the US stock or ETF of their choice from just USD 1.

The only drawback to Syfe Trade, for now at least, is that it only offers access to the US market. While there are plans to expand into more markets, including Singapore, users who are looking to invest in the short run would be better off looking at other choices.

If you are willing to wait, however, you’ll be happy with Syfe Trade’s simple and intuitive interface and the protection for up to 500K against brokerage failure.

Similar to other online brokerage offerings in Singapore, Syfe Trade gives its users live US market data as well to maximise your investment gains.

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In terms of trading securities in non-Singapore markets, Interactive Brokers' commission levels are hard to beat for available online trading platforms in Singapore. This is attractive to investors that may feel limited by the number of stocks on the Straits Times Index and feel inclined to consider other options. As you can see in the table below, Interactive Brokers has the lowest commission costs for any region outside of Singapore. Still, Saxo is the best option for those who want access to every market including Singapore.

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IG is another leading brokerage in Singapore with CFD offerings. While its commission fees are generally higher than those of City Index, it offers a few features that make it worth considering.

First, IG allows investors to adjust their exposure by trading fractions of a contract (e.g. 0.5 contracts of spot FX EUR/USD). Furthermore, IG offers Knockout CFDs, which is a unique feature that allows traders to determine their maximum losses before entering a position. This product automatically adjusts margin requirements based on the user's specific "knockout level", or maximum loss.

IG also offers a comprehensive CFD education platform through IG Academy, which helps new traders get up to speed and even practice risk-free with an account with simulated funds. Finally, IG's collaboration with Singapore Airlines allows users to earn KrisFlyer Miles on every trade. For more information, please refer to the toggles below.

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