Best Online Brokerages and Trading Platforms in Singapore 2024

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.

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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.

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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.

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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.

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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.

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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. 

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.

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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.

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.

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.

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.

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.