Best Online Brokerages and Trading Platforms in Singapore 2024

With so many trading platforms to choose from, finding the best online brokerage in Singapore can be difficult. To help you with the process, our team has compared the top trading platforms in Singapore based on a range of factors such as commission fees, international market access and exchange rates.

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Want to get started with trading but not sure where to start? Our roundup of the best online brokerages and trading platforms in Singapore is here to help.

Our Picks for the Best Online Brokerages in Singapore

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Comparing the Best Brokerages and Trading Platforms in Singapore

When comparing trading platforms, consumers are faced with many different factors to consider (i.e. UI/UX, market access, product offering, etc.). It can be overwhelming, but a great place to start is by looking at the fees associated with each trade. Some platforms offer free or promotion periods where fees are waived along with other perks and benefits.

Below we have curated the best online brokerages for different user profiles to make it easier for you to find the right online brokerage for your investing needs.

Best Overall in Singapore: Saxo Markets

Saxo Markets Stocks and ETF Trading Fees

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MarketClassicPlatinumVIP
Singapore
0.08% (min. 3 SGD)
0.05% (min. 3 SGD)
0.03% (min. 3 SGD)
US
0.08% (min. 1 USD)
0.05% (min. 1 USD)
0.03% (min. 1 USD)
Japan
0.08% (min. 800 JPY)
0.05% (min. 800 JPY)
0.03% (min. 800 JPY)
Hong Kong
0.08% (min. 15 HKD)
0.05% (min. 15 HKD)
0.03% (min. 15 HKD)
Europe / Middle East / Africa0.08% – 0.30%0.05% – 0.25%0.03% – 0.1%
* Commission fees accurate as of March 2024

Saxo Markets Index CFDs Trading Spreads

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MarketClassicPlatinumVIP
US 30 Wall Street
1.8 USD
1.6 USD
1.4 USD
US 500
0.6 USD
0.5 USD
0.4 USD
EU Stocks 50
1.5 EUR
1.5 EUR
1.5 EUR
* Commission fees accurate as of March 2024

Saxo Markets Forex Spreads

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MarketClassicPlatinumVIP
EURUSD
Euro/US Dollar
0.7 PIPS
0.6 PIPS
0.5 PIPS
British Pound/US Dollar
0.8 PIPS
0.6 PIPS
0.5 PIPS
US Dollar/Japanese Yen
0.8 PIPS
0.7 PIPS
0.5 PIPS
Australian Dollar/US Dollar
0.6 PIPS
0.5 PIPS
0.4 PIPS
US Dollar/Singapore Dollar
1.1 PIPS
1 PIPS
0.9 PIPS
Euro/Japanese Yen
1 PIPS
0.8 PIPS
0.7 PIPS

Analyst's Review

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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$3.

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 exchanges worldwide, and market-leading commission rates for the major international markets such as the US, UK, Japan, Hong Kong and Europe.

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. You are even able to earn interest on your idle cash on any currency if you are a Platinum or VIP member. The more you deposit into your account, the higher the interest you are able to earn.

Finally, our analysts found Saxo Markets’s trading platform to have the most intuitive user interface on both their desktop and mobile applications.

Read our full review

Cheapest Online Trading in SG, US, and HK: moomoo

1 Apr - 1 Jul 2024: New users can get up to 6.8% p.a. returns with Moomoo Cash Plus.
Get a S$20 Cash Coupon and 1 free AAPL Stock (worth ~S$243) when you deposit S$100 and make 1 buy trade.
Valid until 1 July 2024. T&Cs apply.

Moomoo

moomoo by FUTU is a great brokerage for investors who are looking for a platform that allows them to get the most bang for their buck.


Moomoo


Pros

  • Lowest commission fees in Singapore
  • Lifetime $0 commission for US stocks
  • No minimum income requirement

Cons

  • Commission free trades only apply to US stocks, does not apply to SG or HK stocks
  • High margin rates
More Details

moomoo Trading Fees

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MarketCommission FeePlatform Fee
SingaporeS$0 for the first year, 0.03% thereafter0.03% (min S$0.99/ Order)
USUS$0US $0.99 / Order
Hong Kong0.03% (min HK$3)HK$15 / Order
China A-shares0.03% (min CN¥ 3)CN¥ 15 / Order
* Commission fees accurate as of March 2024

moomoo Investing Products by Country

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Market/TypeThe U.S.Hong KongSingapore
ProductsStocks, ETFs, Stock Options, ADRStocks, ETFsStocks, ETFs, REITs

Analyst's Review

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moomoo 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 SG, US, HK and China A-shares markets. Moomoo an excellent choice for new investors looking to dip their toe into the world of investing.

As one of the cheapest online trading platforms in SG, there are no commission fees for trading US stocks and ETFs or SG stocks and ETFs for the first year. After your first year of trading, trading SG stocks, similar to trading HK and CN stocks, are an affordable 0.03% per trade. This is amongst the lowest trading fees for US, SG HK and CN markets amongst online brokerages in Singapore.

If you are someone who enjoys trading on your phone, moomoo’s mobile app offers tools like community chat functions, technical indicators, ratings, and insights. So, those looking to trade SG, HK, US and China A-shares can quickly download the app, set up an account, and begin trading.

The main downside to moomoo’s is that their product offering and market access is currently not as broad as some of its competitors. With access to just 4 markets, you are not able to trade European or Japanese stocks through moomoo.

Read our full review

Similar to moomoo But With More Market Access: Tiger Brokers

Tiger Brokers

Tiger Brokers is one of the cheapest online brokers on the market.


Tiger Brokers


Pros

  • Low cost trading fees
  • Cheap trades on the HKSE
  • Easy to use platform

Cons

  • Limited market access
More Details

Tiger Brokers Trading Fees

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MarketStandard Commission FeePlatform Fee
Singapore0.03% (min S$0.99)0.03% (min S$1)
USUS$ 0.005 / Share (min. US$ 0.99)US$ 0.005 / Share (min. US$1)
Hong Kong0.03% thereafter (min HK$7)0.03% (min HK$8)
China A-shares0.03% (min. CN¥ 7)0.03% (min. CN¥ 8)
Australia0.03% (min. AU$2) 0.07% (min. AU$6)
* Commission fees accurate as of March 2024

Tiger Brokers Investing Products by Country

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Market/TypeSingaporeThe U.S.Hong KongChinaAustralia
ProductsStocks, ETFs,  REITs, FuturesStocks, ETFs, Stock Options, Fractional Shares, FuturesStocks, Warrants, CBBCs, FuturesA-shares (in HKEX Northbound Trading)Stocks

Analyst's Review

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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 Singapore trades is just 0.03%, which is much lower than other online brokers who charge around 0.08%-0.28%.

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, China or Australia, comission fees are an affordable 0.03% of your total trade value. Trading futures is also simple, as there are built-in features on their platform to give customers support with these deals.

Tiger Brokers charges neither a custodian nor a currency conversion fee, and it’s fairly quick to open an account (1-3 days). What’s more? Tiger currently offers commission free trading for US stocks for the first 180 days and commission free trading for the first year for SG, HK and China A-shares for new sign ups.

With low trading fees, a user-friendly platform, and access to current market data, Tiger Brokers is a great platform.

Read our full review

Best Online Trading Platform for Beginners: Webull Online Brokerage

Webull Online Brokerage

Webull has some of the lowest trading fees currently available, making it suitable for those who are just getting started with investing or those with a small investment budget.


Webull Online Brokerage


Pros

  • Supports fractional trading for US stocks
  • Allows you to earn interest on your idle cash
  • Allows you to automate your investing

Cons

  • Trading of US stocks during overnight hours has slightly higher commission fees than during regular and extended hours
  • Limited investment features
More Details

Webull Trading Fees

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MarketCommission FeePlatform Fee
Singapore0.025% (min. S$ 0.80)0.025% (min. S$ 0.80)
US
  • Regular and Extended Hours: 0.025% (min. US$ 0.50)
  • Overnight Hours:0.03% (min. US$ 0.89)
US$ 0
Hong Kong0.03% (min. HK$ 12)HK$ 0
China A-Shares0.02% (min. CN¥ 12)CN¥ 0
* Commission fees accurate as of March 2024

Webull Investing Products by Country

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Market/TypeSingaporeUSHong KongChina A-Shares
ProductsStocks, ETFs, REITs, Warrents, DLCsFractional Shares, Stocks, ETFs, Options, ADRsStocks, ETFsStocks, ETFs

Analyst's Review

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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 commissions of 0.025% of traded amount for SG stocks and US stocks traded during regular and after hours (04:00 – 20:00 EST), 0.03% of traded 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 for US, HK and CN markets. 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.

Read our full review

Best Online Trading Platform For Advanced Traders: uSMART

Trade US stocks for as little as S$1 in fees per trade if you are an eligible client in Singapore.
New users can also trade US stock options for zero commission.
Valid until 30 Jun 2024.

uSMART

With its innovative SMART features, extensive learning affordances, and some of the cheapest commission fee rates for the SG and HK markets, uSMART is the perfect option for new and fresh investors.


uSMART


Pros

  • Lowest commision fees for SG and HK markets
  • SMART features for convenient trading process
  • Educational features to guide new investors

Cons

  • Does not support mutual funds or bonds trading
More Details

uSMART Trading Fees

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MarketTraderStandardIntel
Commission FeePlatform FeeCommission FeePlatform FeeCommission Fee Platform Fee
Singapore0.02% (min S$1 per order)0.02% (min S$1.88 per order)0.03% (min S$1 per order)0.03% (min S$1.88 per order)0.05% (min S$1 per order)0.05% (min S$1.88 per order)
USUS$0
  • Stock price <40 US$: US$ 0.005 per share, (min US $1)
  • Stock price ≥ 40 US$: US$1 /Order (Fixed)
 US$0
  • Stock price <40 US$: US$ 0.005 per share, (min US $1)
  • Stock price ≥ 40 US$: US$1 /Order (Fixed)
 US$0
  • Stock price <40 US$: US$ 0.01 per share, (min US $1.88)
  • Stock price ≥ 40 US$: US$1.88 /Order (Fixed)
Hong Kong0.024%HK$ 12.000.03%HK$ 12.000.06%HK$ 16.00
* Commission fees accurate as of March 2024

uSMART Investing Products by Country

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Market/TypeSingaporeUSHong Kong
ProductsStocks, ETFs, REITs, Unit Trusts, InsuranceFractional Shares, Stocks, ETFs, Options, ADRsStocks, Warrants, CBBCs

Analyst's Review

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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 those interested in trying their hand at day trading. The commission charged for every Singaporean market trade 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 11 advanced trading order types including Grid Trading Orders, Sell-High, Breakdown Sell, Breakthrough Buy, Buy-Low, Take-Profit, Stop-Loss, Trailing Stop, Price-Order Triggering, TWAP Order, VWAP order. 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.  These innovative features majorly streamline and simplify the trading process.

Read our full review

Best Platforms for CFD Trading

Contracts for difference (CFDs) allow individuals to speculate on the future price of an underlying asset, without actually owning the asset. CFDs are also traded on leverage, giving traders additional buying power. For these reasons, they are popular among experienced traders in Singapore. Below we highlight the two best online trading platforms in Singapore that stand out for CFD trading.

Cheapest Trading Platform for CFD Trading: City Index

City Index

Consider this if you are looking for a CFD trading platform with low fees and fast execution.


City Index


Pros

  • Great for experienced CFD trader
  • International CFDs available

Cons

  • Not the best for inexperienced traders
More Details

City Index Trading Fees

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Market nameCFD commissionMinimum
Singapore shares0.08%SGD 10
US shares1.5 cents per shareUSD 8
UK shares0.10%GBP 8
European shares0.10%EUR 8
Australian shares0.08%AUD 5
Hong Kong shares0.15%HKD 15
Japanese shares0.05%JPY 1,000
* Commission fees accurate as of March 2024

Analyst's Review

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City Index is a good choice for investors looking to exclusively trade more complex derivatives such as CFDs. It is backed by the US-based, Nasdaq-listed company StoneX which has over a century of history in financial markets. 

City Index’s CFD commissions trading fees are extremely competitive. Their commission fees for US equities are on par with other competitors and they have some of the cheapest CFD commission rates for non-US equities. City Index also prides itself on its fast execution of trades. 99% of trades are executed within 1 second, allowing traders to trade fast price swings. 

If you are interested in learning more about CFD trading, City Index Academy offers trading courses, guides and more that range in complexity to suit new traders and experienced traders alike. 

Best CFD Trading Platform With Features to Manage Risk: IG

New User Promotion: Start trading with IG for a welcome bonus of up to S$888*. Valid till 31 december 2024. T&Cs apply.

IG

IG is an online trading platform, offering traders access to over 13,000+ financial markets in CFDs for indices, forex, shares, commodities and more.


IG


Pros

  • Broad range of CFD products
  • Competitive Forex trades

Cons

  • Not the lowest costs to trade
More Details

IG Online Brokers Trading Fees

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Market/Product TypeCommission Fee
CFD Commission for Stocks & ETFs:
Singapore0.10%
USUS$ 0.02 per share
Hong Kong0.25%
Europe0.10%
UK (FTSE 350)0.10%
Index CFD Spread:
Singapore2
US 5000.4 – 1.5
Hong Kong HS505 – 30
Germany 401.2 – 5
UK FTSE 1001 – 4
* Commission fees accurate as of March 2024

Analyst's Review

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IG is one of the leading brokerages in Singapore for CFD trading. While its commission fees are generally higher than those of City Index, it offers a few features that make it worth considering.

IG offers Knockout CFDs, which is a unique feature that allows traders to determine their maximum losses before entering a position. Knock-outs are a limited risk product with an expiry date. This product automatically adjusts margin requirements based on the user’s specific “knockout level”, or maximum loss. This is extremely useful in managing your risk when trading CFDs.

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.

Read Our Full Review

How to Choose an Online Brokerage Platform

Finding the best online trading platform that fits your needs is crucial to becoming a successful investor. You should consider the following features and requirements before picking an online broker in Singapore.

1. Brokerage Fees and Minimum Funding

Brokerage fees are one of the most important factors when choosing a trading platform. Active traders should look for a firm with the lowest commission rates in markets they invest in most frequently. Investors who make fewer, larger investments should prioritise finding a platform with a low, flat fee per trade.

You should also consider the minimum funding requirements of different brokerage accounts to find one that fits your budget. Some trading platforms like Saxo Markets have different account tiers depending on the size of your total investment.

2. Market Access

Another crucial factor when selecting a brokerage account is market access. While amateur investors may be content with access to a few markets, experienced traders may seek access to stocks and ETFs in dozens of countries. If you are interested in trading CFDs, gold, crypto, or Forex, make sure you find a brokerage that offers these products. Trading platforms that offer advanced trading products and broad international access tend to have higher fees.

3. Usability and Quality of the Brokerage App

Make sure to explore the interface of different brokerage platforms and see which devices are supported. You want to use a platform that you can easily understand and have access to your finances from both a desktop and a mobile device.

4. Educational Materials and Customer Support

Many brokerage firms offer research materials, informative visuals, and live stock quotes that can be helpful for making informed investments, especially for beginner traders. You should also make sure the brokerage firm you select has a responsive customer support and security features to protect your account from fraudulent activity.

5. Automated Features and Advanced Tools

AI and technological advances are making it easier than ever to invest. Brokerage platforms like uSMART offers inbuilt trading order features that allow you to automate your order execution, improve pricing, and time the market with ease. You can also leverage robo advisors to help you set goals and manage your trades.

Types of Fees and Costs

There will be a few types of fees associated with different trades that you will need to know. Once you begin trading on an online trading platform you may come across several different types of fees.

Type of FeeDescription
Commission feesThis is the most common and upfront fee traders should expect to pay. Think of it as a service charge that the online brokerage charges every time you want to execute a trade. The more frequent you trade the more fees you will pay. If you are a long-term trader and you expect to have low trade volume, then commission fees may not be your highest concern when shopping for a brokerage.
SpreadThis refers to the difference between the sell (bid) and buy (offer) prices when trading certain assets. It is common to see a spread when trading forex or commodities and you will incur either gains or losses from the difference in the buy/sell prices.
Clearing & Trading FeesIf using a Central Depository account (CDP), you will pay clearing fees per completed transaction. You will also need to pay a trading fee of the contract value mandated by the Singapore Exchange (SGX).

Types of Products You Can Invest With Online Brokerages

Online Brokerages are constantly updating their investment product offering for Singaporeans to grow their wealth. Here is a quick guide to some standard products you can invest using trading platforms in Singapore.

Most Commonly Traded Investment Products

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Investment ProductDescription
CommoditiesCommodities refer to raw materials like gold/silver, agricultural products, and oil. Investors trading in commodities must keep up to date with political, economic, and weather changes.
EquitiesEquities or stocks is the buying and selling of shares of a company. Most new investors think of equities when the topic of investment comes up in casual conversation. Before purchasing any stock it is crucial to research and analyse the company and the fundamentals of its business. Read our basic guide to stocks to get started.
Mutual FundsA mutual fund is a pool of money from many investors used to buy other securities. Usually a mutual fund will consist of stocks and bonds, but can include other types of investments. Each mutual fund is managed by professional money managers and are generally considered safer investments. Mutual Funds can only traded once per trading day after the market closes.
Index FundsIndex funds is a type of fund that matches the performance of a financial market index or specific portfolio of securities. For example the Straits Times Index (STI) tracks the performance of the top 30 companies in the SGX. These funds provide broad market exposure and are safe options for passive investors.
ETFsETFs track an underlying index fund and will mimic the performance of that index. For example, some online brokerages offer ETFs that track the S&P 500 or NASDAQ. Unlike a Mutual fund, ETFs can be bought and sold like stocks throughout the day. If you are a passive investor, ETFs are a good way to begin your investing journey.
Forex (FX)Forex trading involves the buying and selling of currency pairs. Most online brokerages in Singapore that offer forex accounts will have a menu of different major foreign currency options to choose—like SGD/USD or EUR/USD pairs to choose from.
BondsBonds are fixed income units that represent government or corporate debt. It is like a company taking out a loan. Instead of getting one from a bank, corporations can issue out bonds and get funds from investors. The most common bonds are corporate and municipal bonds (issued by the government).
CFDsA CFD (Contract For Difference) is an agreement between you and the brokerage firm to exchange the difference in the value of specific investment from when you first opened a position to when you closed it. You can typically find brokerages offering CFDs for Forex, commodities, and equities.
FuturesFutures trading are financial contracts that obligates involved parties to buy or sell an asset at a future date at an agreed upon price. That asset can range widely from commodities, equities, ETFs, and more. Futures trading is essentially wagering on the price movement of an asset. Since it is like borrowing money on a bet, futures trading can increase your risk but also magnify returns.

Frequently Asked Questions

Want to learn more about investing? Here are some answers to commonly asked questions.

Is Online Trading Safe?

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Online trading is safe as online brokerages have a high level of platform security and strive to create a safe trading environment. If you’re investing online, you should check that your online brokerage is regulated and licensed by the Monetary Authority of Singapore.

That being said, there are risks you should be aware of before you start trading. For instance, every investment comes with a risk of losing all the money you put into the investment. Moreover, as it’s very easy to top up your account and make a trade, those prone to gambling may be more at risk of losing money on bad investments.

Since online trading relies on the individual to make a trade and not a broker or professional investor, it’s up to you to do proper due diligence. It can be difficult to determine what is sound financial advice so it is always best to exercise caution when investing.

How Do You Invest in the Stock Market as a Beginner?

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While signing up to an online trading platform is easy, actually investing your money into the stock market might some experience to figure out. To get the best results and learn the most, you should consider a user-friendly platform with special tools for beginners. For instance, Saxo Markets offers analytical tools and market data to help inform investors’ decisions on whether to invest in a product or not.

It could be advisable to start with more beginner friendly investment products like index funds and ETFs to get a feel for online trading. When you become more accustomed to investing, you can move on to evaluating and trading individual companies’ stocks.

How Do You Invest in the US Stock Market?

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To trade financial products in the US stock market, check whether your trading platform offers access to markets in the US like the New York Stock Exchange. Try and compare fees, as some international trading platforms could charge higher commission charges or currency conversion rates. In Singapore, there are several online trading platforms which offer low- or no-commission charges and expert market data on the US stock market.

What are Blue-Chip Stocks?

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Blue-chip stocks are shares of a large, publicly-traded company. These companies are usually worth billions of dollars and are considered safe investments due to their large size and proven track record. Many blue-chip companies pay annual dividends to shareholders, so they are common to have in income portfolios.

What Are The Different Types of Investing Strategies?

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The different investment strategies include having an aggressive, defensive, income, speculative, or hybrid portfolio. These portfolios usually contain a collection of stocks, bonds, and other financial instruments that help you diversify your investments. There are pros and cons to each, though generally speaking, you should choose a portfolio based on your risk tolerance.

For example, those who can afford to play around with their money could invest in an aggressive portfolio, which includes financial products that have greater price fluctuations and the ability to have higher gains. On the other hand, more risk-averse investors or those who are closer to retirement and are looking to just protect their nest egg should consider a more defensive portfolio.

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