facebookBest Online Brokerage Trading Accounts in Singapore 2022 - - Seedly

Best Online Brokerages in Singapore 2022

Compare and read real user reviews on Online Brokerage to find out the best Online Investment Brokerage Accounts in Singapore. Learn about brokerage fees, trading platforms, investment options and how to open an online trading account.Updated December 2022

Advertisement

28 Products Found

    $2

    MINIMUM FEE

    0.03% to 0.08%

    TRADING FEES

    Custodian

    STOCK HOLDING TYPE

    Customer Support

    4.4

    User Experience

    4.5
    Morten Røngaard

    "User friendly and easy to use. Great customer support and offering of..." 4w ago

    Syfe Trade

    5.0

    116 Reviews

    $0

    MINIMUM FEE

    2 free monthly trades, US$1.49 per trade after

    TRADING FEES

    Custodian

    STOCK HOLDING TYPE

    Customer Support

    5.0

    User Experience

    5.0
    J

    "I love the app UI and it's easy to navigate. Customer service support..." 9h ago

    $0

    MINIMUM FEE

    0.08%

    TRADING FEES

    Custodian

    STOCK HOLDING TYPE

    Customer Support

    4.4

    User Experience

    4.3
    Justin

    "[Features] My go-to for trading SGX! They are always updating their features on..." 3mth ago

    ProsperUs

    4.6

    110 Reviews

    $0

    MINIMUM FEE

    0.06% to 0.15%

    TRADING FEES

    Custodian

    STOCK HOLDING TYPE

    Customer Support

    4.8

    User Experience

    4.5
    NC

    "I am a new user of Prosperus and I must say their..." 1d ago

    $8.80

    MINIMUM FEE

    0.08%

    TRADING FEES

    Custodian

    STOCK HOLDING TYPE

    Customer Support

    4.5

    User Experience

    4.3
    T

    "[Commission Rates] Hidden 0.5% management fee charged on Auto Sweep Cash Solutions account [Products..." 4mth ago

    From $0

    MINIMUM FEE

    0.03%

    TRADING FEES

    Custodian

    STOCK HOLDING TYPE

    📣 SIGN-UP BONUS

    Get S$20 Cashback and win up to S$30,000 worth of prizes with Moomoo Cash Plus

    Valid till 18 Dec 2022. T&Cs apply.

    Dot Pattern
    Handphone

    Customer Support

    4.3

    User Experience

    4.3
    Mel's Mum

    "There are many offerings but not very sure how does it works..." 3w ago

    $2.88

    MINIMUM FEE

    0.04%

    TRADING FEES

    Custodian

    STOCK HOLDING TYPE

    Customer Support

    3.9

    User Experience

    4.3
    C

    "Even though naked put was in the money, there was still 2..." 5mth ago

    $25

    MINIMUM FEE

    0.18% to 0.275%

    TRADING FEES

    CDP

    STOCK HOLDING TYPE

    Customer Support

    4.5

    User Experience

    4.3
    Oh ChengKok

    "Customer service is great. I had a responsive broker who was helping..." 19mth ago

    $10

    MINIMUM FEE

    0.1%

    TRADING FEES

    Market Maker

    STOCK HOLDING TYPE

    Customer Support

    4.5

    User Experience

    4.5
    Debra Amy

    "I read so many stories about bitcoin loss to scams. I like..." 5mth ago

    USD 0

    MINIMUM FEE

    USD 0

    TRADING FEES

    Custodian

    STOCK HOLDING TYPE

    📣 SIGN-UP BONUS

    Enjoy a S$100 Cash via PayNow + USD 150 cash vouchers and win up to S$30,000 worth of prizes with Webull

    Valid till 18 Dec 2022. T&Cs apply.

    Dot Pattern
    Handphone
    NicoleJing

    "On top of the Sign up bonus Webull is offering, im also..." 1w ago

    Complete Guide to Online Brokerages

    New to online brokerages or are thinking of starting a new account? Fret not, we’ve got you covered with all you need to know about online brokerages. From your frequently asked questions to online brokerages reviews, we’ve got you covered with a beginner’s guide and comparisons of the various online brokerages on the market. Read on to learn more about online brokerages!

    What Is An Online Brokerage?

    An online brokerage is a platform where the buying and selling of financial instruments is facilitated by online brokers or a brokerage firm for a commission. On top of that, users of an online brokerage can also choose to engage in their own buying and selling of financial instruments depending on the availability of such features in the online brokerage

    How Does An Online Brokerage Work?

    An online brokerage works once a user keys in their order on the online trading platform. The order is then inputted in the database and then a check on the many different markets or stock exchange is carried out to produce a quote of real-time prices for the products a user is looking to purchase. Once a price match happens, the user will receive a confirmation request for the order before the trade is executed. Once the trade is executed, the buyer will have a set number of days to exchange the cash for the shares.

    Beginner’s Guide: Your Frequently Asked Questions

    If you are new to online brokerages, check out the following articles to find out how online brokerages work. Get answers to your questions about online brokerages before deciding which product is right for you: 

    What Financial Products Are Available For Trading In Online Brokerages?

    There are 2 classes of financial products available for trade in online brokerages: Asset Classes and Financial Instruments. Asset classes refers to products that can be traded or invested in, while financial instruments are the ways in which stocks or bonds are traded across various asset classes.

    Asset Classes

    Asset Classes are a group of investments - which can be financial or physical assets - with shared or comparable degrees of risks, characteristics or behaviour.

    Asset Classes

    Description

    Forex (FX)

    Forex trading refers to the market in which currencies are traded. They're also always traded in pairs, and behave similarly to the buy/sell system at money changers. Buying EUR/USD, for example, essentially means receiving EUR in exchange for USD. Should the EUR strengthen against the USD, you'll make a profit - or loss, if the reverse happens.

    Commodities

    What makes this asset class unique is that you're trading in natural or grown commodities. Examples include gold, energy, oil and agriculture, all of which are affected by fluctuations in the economy - or even weather developments.

    Equities

    Equities - also known as stocks or shares - give you part-ownership in a company. When you invest in equities, you're offered dividends (or payouts) based on the company's earnings. In a sense, it offers less stability than bonds, since you aren't guaranteed returns.

    Bonds

    Unlike equities, bonds don't give you part-ownership of a company. Instead, you're 'lending' a company money - in exchange for the promise of returns within a certain timeframe. You'll also be guaranteed a fixed interest rate as indicated at the time of the bond's issuance

    Indexes/Indices

    Indices are a measure of changes in the securities market. The securities market, then, refers to stocks or bonds. You'd likely know of the Straits Times Index (STI), which lists the top 30 companies in Singapore. You'll typically be able to learn more about STI stocks through ETFs and CFDs.

    Real Estate Investment Trusts (REITs)

    A REIT pools money from investors to invest in a portfolio of income-generating real estate assets.

    These assets can be shopping malls, offices, industrial buildings, hotels, or even data centres.

    Different Types Of Asset Classes

    Financial Instruments

    Financial instruments is a contract or legal document between two entities that represents a legal agreement involving any kind of trade where monetary value is involved.

    Financial Instruments

    Financial Instruments

    Contracts for Difference (CFDs)

    A Contract for Difference (CFD) refers to an agreement between you and a brokerage - one in which you receive the difference in an asset's value between the time it was purchased and closed. CFDs include asset classes such as shares, commodities, indices and forex, as mentioned above.

    Exchange-Traded Funds (ETFs)

    What happens when you can't decide which companies to invest in? That's where ETFs come in: you're offered access to a range of companies. ETFs are traded on the stock exchange. In Singapore, two popular ETFs include the SPDR STI ETF (SGX: ES3) and Nikko AM STI ETF (SGX: G3B).

    Futures

    As its name suggests, futures are contracts in which you buy a specified amount of asset classes - think indices, commodities, forex and equities - at a set time and price in the future.

    Mutual Funds

    Mutual funds refer to funds that are collected from a pool of investors to purchase securities across asset classes. This diversification means mutual funds are generally viewed as safer investments.

    Different Types Of Financial Instruments

    Why Do People Invest Instead Of Just Saving Money?

    Investing and saving is mistakenly regarded as 2 similar things by those not so well-versed in personal finance. However, there are plenty of differences between the 2 and it all has to do with returns and risks. Saving, though a much more secure way of accumulating wealth is less efficient as the interest you earn from savings account or Certificates of Deposits (CD) pales in comparison to the returns you stand to earn from investing and sometimes, the interest is not sufficient to cover the increase in prices due to inflation meaning you will have lesser spending power. However,  saving money means your wealth is much more accessible as you are not tied-down by the often longer term strategies involved with investing.

    Investing on the other hand, boasts a higher rate of return when compared to saving. However, these come at the cost of risks. With investing there is a chance of the products you’ve pumped in money into underperforming meaning you will either get muted returns or you will lose money and be on a deficit.

    However, you should both save and invest as your savings is what will tide you through the short-term in case of any immediate emergencies that requires a quick injection of funds while investing will help you secure your future with its long-term and hopefully high returns strategies.

    Comparison Of The Best Online Brokerages In Singapore

    Find out about the different features of the online brokerages in Singapore to help you choose the best and most suitable online brokerage for you.

    Online Brokerage

    Products Available

    Fees and Charges for Cash Account

    Fees and Charges for Cash Upfront Account

    Fees and Charges For  Buying US Stocks

    CGS-CIMB iTrade

    CFDs, Stocks, REITs, ETFs, Structured Warrants, Daily Leverage Certificates, Bonds, Futures, Mutual Funds

    Minimum Commission Fee: S$25

    Trading Fees: 0.18% - 0.275%

    Account Type: CDP

    Min Commission Fee: S$18

    Trading Fees: 0.18%

    Account Type:

    Min. Fee: US$ 18

    Commission: 0.18%

    DBS Vickers Securities

    Stocks, REITs, ETFs, Bonds, Structured Warrants, Daily Leverage Certificates, American/ Global Depository Receipts (ADR)

    Minimum Commission Fee: S$25

    Trading Fees: 0.18% - 0.28%

    Account Type: CDP

    Min Commission Fee: S$10

    Trading Fees: 0.12%

    Account Type: CDP

    *DBS Vickers Cash Upfront is only applicable to buy trades. For sell trades, the commission to sell is $25

    Min. Fee: US$ 18

    Commission: 0.15%

    FSMOne FundSupermart

    Stocks, REITs, ETFs, Bonds, Funds

    Min Commission Fee: S$25

    Trading Fees: 0.18%- 0.275%

    Account Type: CDP

    Min Commission Fee: S$25

    Trading Fees: 0.18%

    Account Type: Custodian

    Min. Fee: US$ 20

    Commission: 0.30%

    Lim & Tan Securities

    CFDs, Stocks, REITs, ETFs

    Min Commission Fee: S$25

    Trading Fees: 0.18%- 0.28%

    Account Type: CDP

    Min Commission Fee: S$12

    Trading Fees: 0.18%

    Account Type: Custodian

    Min. Fee: US$ 20

    Commission: 0.30%

    Maybank Kim Eng

    CFDs, Stocks, REITs, ETFs, Forex

    Min Commission Fee: S$25

    Trading Fees: 0.18%- 0.275%

    Account - Type: CDP

    Min Commission Fee: S$10 (*note: this is a promotional rate)

    Trading Fees: 0.12%

    Account Type: Custodian

    Min. Fee: US$ 20

    Commission: 0.30%

    Moomoo

    Stocks, Options, ETFs, Futures, REITs. Warrants are coming soon

    Commission: 0.03% * transaction amount, Minimum SGD 0.99 (zero during the commission-free period)

    Platform Fees: 0.03% * transaction amount, minimum SGD 1.50

    Trading Fees: 0.0075% * transaction amount (charged by SGX)

    Account Type: Securities with Margin

    -

    Min. Fee: 1.99 USD for US shares including platform fee and comm 

    Commission: 0% during promotional periods

    Trading Fees: USD$ 0.0099/Share, and USD$ 0.005/Share during non-promotional and promotional periods respectively. (Both inclusive of platform fees

    OCBC Securities iOCBC

    Stocks, REITs, ETFs, Warrants, ADRs, Futures, Forex, Precious Metals

    Min Commission Fee: S$25

    Trading Fees: 0.18%- 0.275%

    Account Type: CDP

    Min Commission Fee: S$18

    Trading Fees: 0.18%

    Account Type: Custodian

    Min. Fee: US$ 20

    Commission: 0.30%

    Phillips Capital POEMS

    Stocks, REITs, ETFs, Warrants, ADRs, Futures, Forex, Precious Metals

    Min Commission Fee: S$25

    Trading Fees: 0.18%- 0.275%

    Account Type: CDP

    Min Commission Fee: Waived, No minimum

    Trading Fees: 0.08 %- 0.12%

    Account Type: Custodian

    Others; $15 quarterly account maintenance fee - can be waived

    Min. Fee: US$ 20

    Commission: 0.30%

    RHB Securities

    Stocks, REITs, ETFs, Warrants, ADRs, Futures, Mutual Funds

    Min Commission Fee: S$25

    Trading Fees: 0.18%- 0.275%

    Account Type: CDP

    -

    Min. Fee: US$ 20

    Commission: 0.30%

    Syfe Trade

    Stocks, ETFs

    -

    Commission: US$0.99 per trade after 5 free trades/month

    Account Type: Custodian

    Commission: US$0.99 per trade after 5 free trades/month

    Standard Chartered Online Trading

    Stocks, REITs, ETFs, Bonds, Unit Trust, Commodities, Forex

    Min Commission Fee: S$25

    Trading Fees: 0.18%- 0.275%

    Account Type: CDP

    Min Commission Fee: S$10

    Trading Fees: 0.20% - 0.18%

    Account Type: Custodian

    Min. Fee: US$ 10

    Commission: 0.25% / 0.20% (for Priority Banking Clients)

    SAXO Markets Trading

    Stocks, CFDs, ETFs, Forex, Futures, Bonds, Commodities, Forex, Mutual Funds

    -

    Min Commission Fee: S$5

    Commission Rate: 0.08%

    Custody Fee: 0.12% p.a

    Account Type: Custodia

    Min. Fee: US$3 - $4

    Commission: 0.04% (VIP) - 0.06% (Classic)

    Custodian Fees: 0.12% p.a.

    UOB UTRADE Kay Hian

    Stocks, CFDs, ETFs, Bonds, DLCs, Unit Trusts

    Min Commission Fee: S$25

    Trading Fees: 0.18% - 0.275%

    Account Type: CDP

    Min Commission Fee: S$10

    Trading Fees: 0.08%

    Custody Fee: 0.12% p.a

    Account Type: Custodian

    Min. Fee: US$20

    Commission: 0.18%

    Tiger Brokers

    Stocks, Futures, REITs, Warrants

    -

    Min Commission Fee: $2.88

    Trading Fees: 0.08%

    Account Type: Custodian

    Min. Fee: US$1.99

    Commission: US$0.01 per share

    Best Online Brokerages In Singapore Comparison

    Understanding Online Brokerage Fees

    Online brokerages each may have different fee structures which will suit different types of investment strategies. For example, a low commission fee structure with a high trading fee will have different implications on the frequency and amount of the trades compared to a fee structure with high commission but $0 commission. Be sure to understand the online brokerage fee structure so you can pick a platform that aligns with your strategies and goal in order to achieve maximum efficiency. Below is a list of fees a potential investor needs to look out for.

    Types of Fees

    Description

    Brokerage Fees

    For every transaction made (i.e. for every stock that is bought or sold), the brokerage charges a minimum fee, and a trading fee based on the size of your transaction. For instance, SAXO Markets charges a minimum fee of US$4, and a trading fee of 0.06% per transaction.

    Clearing and Trading Fees

    Completing a transaction using your CDP account means additional, albeit minute, fees. Clearing fees are chargeable at 0.0325% of your purchase; meantime, trading fees incur a 0.0075% charge.

    Custodial Fees

    This refers to fees collected from brokerages that are holding your stock. It only applies to purchases made through your custodian account, and varies per brokerage. In some instances, the online brokerage might not charge a custodian fee for certain products - as in the case of stock and ETF holdings on FSMOne.

    Others

    If you're trading in the US market, selling your shares incurs something called a Securities and Exchange Commission (SEC) fee.

    The Different Types Of Online Brokerage Fees

    Types of Brokerage Accounts

    To invest, you need to first open a brokerage account (also known as trading account or simply a broker) with a brokerage firm. A brokerage account is a platform that allows investors to buy and sell investment products, such as stocks, REITs and ETFs, that are listed on a stock exchange.

    Brokerage firms act as intermediaries between investors and the stock exchange. Both buying and selling stocks incur small fees per transaction made as determined by individual brokerage firms. If you're interested in Singapore-listed companies, you'll first need a CDP account and/or custodian account.*

    A CDP account is a direct securities account with The Central Depository (CDP). If you're keen on starting your CDP account, here's a How-To-guide on opening a CDP account.

    CDP vs Custodian Accounts

    While a CDP account allows you to hold all purchased stocks under your name, a custodian account means your purchased stocks are held by the respective investment firms. You won't be able to use more than the amount you've placed in your account.

    What Are The Different Investment Strategies?

    There are plenty of investment strategies available and each has it's pros and cons. Here's a overall guide on which strategy suits you the best:

    • If you have a high tolerance for risk and have a long investment horizon then you might want to consider adopting the buy and hold strategy, the growth strategy or the value investing strategy.
    • If your tolerance for risk and investment horizon is moderate then perhaps dividend strategy and value strategy is the way to go.
    • If you have a low tolerance for risk with a short investment horizon, you might just stick with dividend investing strategy

    What To Consider When Choosing The Best Online Brokerage For You?

    Availability Of Products Eligible For Trading

    The goals and investment strategies you have planned on utilizing may directly or indirectly be impacted by the type of products you are investing in. So extra care needs to be taken when picking the best online brokerage for you to ensure the platform actually has the specific products you want to trade. You may choose to pick a platform with a small selection of products but with lower fees, that way, you get to meet your investment goals and strategies while being cost-effective. If you are someone who wants to diversify their portfolio then a platform with a wide variety of products would suit you well.

    Level Of Access To Different Markets

    Certain users might choose to not limit themselves to their local markets when it comes to investing in products. However, not all online brokerages offer equal access to all financial markets. So if you are looking to invest in different markets due to reasons such as a difference in the market volatility or other factors, ensure that the online brokerage platform you choose provides proper access to the markets you plan to invest in.

    Ease Of Use Of The Online Brokerage Platform

    The platform itself plays a critical role in whether an online brokerage is suitable for you. So don’t hesitate to test out the platform especially if it offers free access even if that access is limited.

    Even without a way to test it via a free account, it is recommended you find out these few things to ensure your trading experience on the platform will be a pleasant one:

    • Is there a proper onboarding process for new users to help familiarize beginners with trading via an online brokerage?
    • Does the platform feature sufficient data and accompanying data visualizations for you to easily track your performances, gain insights, do your own analysis and make informed forward steps?
    • Does the user interface, especially if the platform has a mobile app, make the app easy and seamless to you? Is the app or website riddled with bugs and is the response time of the app or website too high making it frustrating for users to execute certain actions?

    Is It Easy For Users Of The Online Brokerage To Open An Account

    If you have to jump through a lot of hoops to start an account with an online brokerage, then perhaps you might want to start looking for alternatives. Nowadays, signing up with an online brokerage is a simple process with Singpass being the main tool for verification, doing away with the need for documents and form-filling, speeding up the process of registration.

    Minimum Initial Deposit

    Typically, online brokerages do away with the requirement for a Minimum Initial Deposit - which is the minimum amount a user has to deposit into their account to be eligible for the services. If the case arises where you are faced with the need to have a Minimum Initial Deposit then it is recommended you pick one that is within your financial capabilities or one that does away with that requirement.

    Cost Per Trade

    Depending on your investment strategy, the fees accrued might be the difference between handsome profits and losses. Depending on the fees, commissions per trade and the products you are investing in, you have to ensure that you thoroughly understand the different costs involved to ensure a favourable cost of trade.

    Availability And Quality Of Customer Service

    There are times when a user requires assistance either with the app or with an errant transaction brought about by human error or a bug.Sometimes, the matter is of such urgency that every minute or hour that passes will worsen the situation and lead to financial losses. So, it is essential that customer support is made as available as possible to ensure any error or roadblocks can be addressed as immediately as possible.

    Ease Of Access And Availability Of Analysis And Educational Content

    In order to make the most informed decision, a user will be required to fully understand the whole process of trading which includes knowing what the different products, investment strategies, fees are all about. Check to see if the platform offers such educational content so you actually do know what you are getting yourself into. On top of that, in order to make the most out of your investments, a very useful feature online trading platforms should have are visualization and analysis of your trades to help you gain insights and make forward steps.

    Find The Best & Cheapest Brokerage in Singapore

    Looking for the best and cheapest brokerages in Singapore? Find the best product for you with these online brokerage comparisons:  

    Frequently Asked Questions For Online Brokerages

    How Can I Open An Online Trading Account?

    In order to start online trading, you are required to open a CDP account. You need to be at least 18 years old and possess a local bank account. The list of banks are Citibank, DBS/POSB, HSBC, Maybank, OCBC, Standard Chartered Bank, and UOB.

    Who can open an online trading account?

    In order to start online trading, you are required to open a CDP account. You need to be at least 18 years old and possess a local bank account. The list of banks are Citibank, DBS/POSB, HSBC, Maybank, OCBC, Standard Chartered Bank, and UOB.

    How long does it take to open a new trading account?

    Online application for a CPD account takes as little as 3 to 8 minutes and it will take at least 2 weeks for your application to be completely processed.

    How to Set Up A CDP Securities Account

    A CDP account is run by the Singapore Exchange (SGX), and functions as a centralised point from which all your stocks can be controlled and viewed. It's open to both Singaporeans and foreigners, although only locals can apply through the online form.

    Essentially, your CDP ensures that any shares - whether stocks or bonds - purchased in the open market are kept safe.

    There are three ways to open your CDP account:

    • Through a brokerage firm,
    • Online or via mail, or
    • In-person at the SGX CDP Customer Service counter
    • We'd highly recommend applying online, though; it's a fuss-free, 15-minute process.

    For this, you'll need to:

    • Ensure you have a local bank account. These include Citibank, DBS/POSB, HSBC, OCBC, UOB, Maybank and Standard Chartered Bank
    • Fill out the necessary application form, or sign up using MyInfo. The latter option is only available for Singaporeans and PRs.
    • Prepare your supporting documents. These include your identification card; a recent e-statement from a local bank, CPF or IRAS; a scanned copy of your signature, and your Tax Identification Number (TIN).

    It takes around ten business days for an application to be processed. From there, you'll be able to use your CDP account to purchase and sell stocks, as well as vote or attend Annual General Meetings (AGMs).

    Leveraged Trading (CFDs) vs Investing (ETFs): What's the Difference?

    If you're new to the world of online brokerages, it's imperative to understand the differences between leveraged trading and investing. With investing, you're granted part-ownership of a company and will receive dividends on shares and exchange-traded funds (ETFs).

    Conversely, leveraged trading - also known as Contracts for Difference (CFD) trading means you don't own a stock or asset. Instead, you're putting in a sum of money to speculate a product's price movements. Because you're only required to put in a fraction of money of the overall trade value, what then happens is the indexes can fluctuate greatly and your profits could far exceed your deposit. Your risk of gaining or losing profits is therefore amplified as your capital could go either way. Therefore, CFD traders must have enough capital in their accounts to cover a potential loss. With CFDs, you'll also be able to trade a wider variety of products spanning shares, indices, commodities and forex. CFDs also allows you to trade outside of stock exchange opening hours. CFD products include forex, shares, indices, commodities and cryptocurrencies - all of which are explained further in the next section.

    What is a diversified portfolio?

    A diversified portfolio is a risk management strategy that aims to build a portfolio that includes components that do well in different economic situations. If ever an economic situation happens, you won't lose all the money you've invested due to the holding of investments that move independently or opposite from one another. A portfolio can be diversified by types of asset classes, geography, sectors or industries, market cap of a company and time.

    Are There Any Resources To Help Me Understand Online Brokerages Further?

    In Seedly, we are all about educating everyone about their personal finance and that includes helping users make the most informed decisions. Here are a few guides that might serve you well:

    Read Online Brokerage Reviews

    Find online brokerage reviews about your favourite products before you sign up for an account if you are still unsure: 

    Disclaimer: Products with a "Visit Site" button pay to access additional features

    Seedly's Product Comparison Page Listing Guidelines
    For Online Brokerages products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:

    • Is an SGX partner retail brokerage OR
    • Owns a Capital Markets Service License