Best online brokerage & trading platform in Singapore [2023]

Summary of best online brokerage & trading platform in Singapore [2023]

Our picks for best online brokerages in Singapore:

• Cheapest for trading US and SG stocks: Moomoo Singapore  
• Best for CDP-linked account, CPF/SRS investing and RSP of SG stocks: FSMOne by iFAST
• Best sign-up promo: Webull Singapore

With many different trading platforms to choose from, finding the best online broker in Singapore can be difficult. 

To help you look for the best stock trading platform in Singapore that suits your investing needs, we will be comparing the fees across various online brokers based on the products they offer.

Whether you are looking to invest in US or Singapore stocks, or start a regular savings plan, here are our picks for the best online broker in Singapore.

Cheapest for US and Singapore stocks: Moomoo
Pros: Competitive fees for trading US and Singapore stocks Offer access to money market funds through Moomoo Cash Plus Attractive sign-up promo	Cons: Not able to invest with CPF/SRS funds No access to London Stock Exchange
Promo: New customers can earn a guaranteed return of 5.8% p.a. for 30 days when you deposit your funds into Moomoo Cash Plus. Also, receive 3 free Tesla (TSLA) stock worth about US$60 when you deposit S$3,000 or more. T&Cs apply.

Best for CDP-linked account, CPF/SRS investing and RSP in Singapore stocks: FSMOne
Pros: Competitive fees for CDP-linked account Able to invest with CPF/SRS funds Competitive fees for regular savings plan (RSP) for Singapore stocks & ETFs	Cons: Not lowest fee for trading US and Singapore stocks
Promo: Open an FSMOne account during the promotional period and take part in the ETF RSP promotion to receive $10 worth of cash. T&Cs apply.

Best sign-up promo: Webull
Pros: Competitive fees for trading US stocks, ETFs and options Offer access to money market funds through Webull Moneybull Attractive sign-up promo	Cons: Not able to invest with CPF/SRS funds No access to Singapore stocks
Promo: New customers can receive 10 free shares worth US$30-US$1000 when you open an account, fund any amount, and maintain for 30 days. No trading required. T&Cs apply.  Beansprout Exclusive: Earn an additional S$20 Grab voucher when you sign up through our site.

How to pick the best online brokerage and trading platform in Singapore?

There are a few key considerations when picking an investment platform that suits you needs. We would be looking at the following:

• Licensed and trusted. We would like our money to be safe with the investment platform. One of the ways to have a greater peace of mind is to ensure that the brokerage is licensed by the Monetary Authority of Singapore (MAS). All the brokerages we compare in this review are regulated by the MAS.
• Low fees. Trading commission fees may erode your long term investment returns, which is why we will be comparing the commission fees and platform fees you will incur across different brokerages.
• Product and market access: It is also important to select a broker that offers you access to the products and markets you are looking to invest in. For example, some brokers may not offer you the ability to invest in the Singapore market or trade options, so you will need to find one that meets your investment style.

#1 - Lowest cost online brokerage for trading Singapore stocks

When you are picking a brokerage account in Singapore, you will find that there are two different account types: CDP-linked accounts and custodian accounts.

With a CDP-linked account, the stocks are purchased in your name and held in your CDP account. With a CDP-linked account, you become the owner of the shares listed on the Singapore Exchange and a company shareholder. 

With a custodian account, your ownership in the stock will be through the broker, which will hold the shares in CDP on your behalf. However, you will remain the ultimate beneficial owner of the stock. 

Custodian accounts typically offer lower fees compared to CDP accounts. 

To learn more about how to decide between a CDP and custodian account, check out our comparison here. 

Custodian accounts

For trading in Singapore stocks, Moomoo SG and Tiger Brokers offer the most competitive rates with a total commission fee and platform fee of 0.06%, and minimum fee per trade of below S$2. 

This is followed closely by POEMS and Interactive Brokers, which charge a commission of 0.08% per trade. 

CDP-linked accounts 

If you are looking for a CDP-linked account but at a lower cost, you can also consider a cash upfront account. 

This would require you to deposit money into the trading account before you can purchase stocks. The amount you have funded is the buying power you will have on your investments. 

The FSMOne account offers the lowest fees amongst the CDP-linked account, with a flat fee of S$8.80 per trade. 

To find out how to open a CDP account, read our step-by-step guide here.

Outside of these cash upfront accounts, the minimum fee for trading Singapore stocks using CDP-linked account that does not require you to put in the cash upfront would be S$25 per trade. 

#2 - Lowest cost online brokerage for trading US stocks and ETFs

For trading in US stocks, Webull and TD Ameritrade offer the lowest cost with no trading commissions and no minimum fee. This is followed by Moomoo SG and Interactive Brokers. 

#3 - Lowest cost trading platform and online brokerage for CPF investments

According to CPF, there are only nine platforms that allow you to invest using CPF and SRS funds. These would include DBS Vickers, OCBC Securities, UOB Kay-Hian, FSMOne, CIMB Securities, Phillip Securities (POEMS), Maybank Kim Eng, Lim & Tan, and KGI Securities (Singapore).

Unfortunately, you will not be able to invest your CPF or SRS funds with popular online brokers like Tiger Brokers, Moomoo SG, and Webull.

Amongst these brokers, the POEMS Cash Plus Account offers a flat fee of 0.08% per trade, with no minimum commission for trading SGX-listed stocks and ETFs.

FSMOne also has comparatively lower commission fees with a fixed rate of S$8.80 per transaction.

This would mean that it would be cheaper to use POEMS Cash Plus if your transaction value falls below S$11,000, and cheaper to use FSMOne if transaction value exceeds S$11,000.

When it comes to setting up a regular savings plan using your CPF or SRS funds, POEMS and FSMOne stand out as having the lowest fees.

If your RSP investment amount is $1,000 monthly, it will result in S$1 fees for both POEMS and FSMOne.

However, there will be a difference once your total investment increases, as POEMS calculates their fees as a percentage of the total portfolio value.

At the 10th month, POEMS would charge a monthly fee of S$2.50 (0.025% x S$10,000). FSMOne, on the other hand, would still charge the same fee of S$1 for your S$1,000 purchase in the month.

#4 - Lowest cost trading platform and online brokerage for Regular Savings Plan (RSP) using stocks and ETFs

If you are looking to RSP into US and Hong Kong stocks and ETFs, then Webull and Tiger Brokers offer competitive rates for your to dollar-cost average into these markets. 

If you are looking to RSP into Singapore stocks and ETFs, then FSMOne and POEMS offer the lowest fees. 

FSMOne is also currently having a promotion offering 0% processing fee when you transact via a RSP in more than 100 ETFs across Singapore, US and Hong Kong in 2023.  

#5 - Which stock trading and online brokerage account offers the best signup promo?

Webull Singapore Promo

• Webull has just launched its September signup promotion which allows you get free shares worth up to US$1000 by funding any amount. 
• Fund any amount to receive five free shares worth US$15 to US$500.
• Maintain your funding for 30 days to receive another five free shares worth US$15 to US$500
• This means that you can receive US$30 (S$40) to US$100 (S$1,350) of welcome rewards by signing up, funding the account and maintaining for 30 days. No trading is required!
• Receive a S$20 Grab voucher from Beansprout in addition to the Webull welcome gift when you sign up for a Webull account via Beansprout and fund any amount before 28th September. 

The promo will end on 28 September 2023 3.59pm Singapore Time. Learn more about Webull Singapore promo here.

Moomoo Singapore Promo

• Moomoo is offering new customers a guaranteed return of 5.8% p.a. for 30 days when you deposit your funds into Moomoo Cash Plus. This means that you would be able to earn up to S$380 for a S$80,000 deposit. 
• Also, receive 3 free Tesla (TSLA) stock worth about US$60 when you deposit S$3,000 or more.

The promotion will run till 31st October 2023. Learn more about the Moomoo Singapore promo here.

Final verdict on best stock trading and online brokerage account

Here are our picks for the best online brokerage and trading platform in Singapore:

Moomoo SG offers competitive fees across trading US and Singapore stocks for investors who are looking to invest in both markets. Read our review of Moomoo SG here or signup for a Moomoo account here.

FSMOne offers the lowest fee on its cash-upfront account for investors who prefer a CDP-linked account for trading Singapore stocks. FSMOne also offer competitive fees for investing using CPF/ SRS funds and a RSP into Singapore stocks and ETFs. Read our review of FSMOne here.

Webull Singapore offers the best signup promo in September 2023 where you can receive US$30 (S$40) to US$100 (S$1,350) of welcome rewards by signing up, funding the account and maintaining for 30 days. Read our review of Webull here or sign up for a Webull account here.