Discover the best options trading platforms in Singapore! Compare the best options trading platforms with the lowest fees and best features as you start trading options in Singapore.
Summary of best online brokerage for options trading in Singapore
Our picks for best brokerages to trade options in Singapore:
- Best for Low-Cost Options Trading: Webull
- Best for Beginning Options Traders: Tiger Brokers and Moomoo
- Best for Advanced Options Traders: IBKR
Options trading has been gaining popularity with retail investors in Singapore.
For some investors, options trading offers a way for investors to take a position on the future direction of the overall stock market or individual stocks.
For others, options trading serve as a way to hedge against risk and the buying or selling options
But with multiple brokerage and trading platforms available, you may be wondering which is the best options trading platform for you.
How to pick the best option trading platform in Singapore?
There are a few key considerations when picking an option trading platform that suits you needs. We would be looking at the following:
- Licensed by the MAS
- Platform features
#1 – Licensed by MAS
Chief among the most important things to look out for is to make sure that your options trading platform is licensed with and regulated by the Monetary Authority of Singapore (MAS).
MAS establishes rules for financial institutions and encourages best practices which also help to protect retail customers like you and me.
For this reason, it is paramount to choose a options trading platform that is regulated by MAS.
This includes brokers such as Webull, Moomoo, Tiger Brokers, Interactive Brokers and Saxo to name a few.
Unfortunately, platforms like TastyWorks and FirstTrade are not licensed by MAS.
For the purpose of this review, we will only be comparing option trading platforms that are licensed by the MAS.
#2 – Fees for trading options
When comparing the best options trading platforms, everybody’s first question would naturally be: which one is the cheapest?
As far as fees are concerned, you can generally think of it as two types of fees: commissions and other types of fees.
The former refers to the fees charged on every trade you place, whether it is buying or selling; the latter can refer to things like platform fees, deposit fees, and settlement fees.
When picking an options trading platform, you’re definitely going to want to compare the commission rates and fee structure.
#3 – Ease of use of option trading platform
Another point of consideration when it comes to picking an options trading platform is its relative ease of use.
Good options trading platforms will typically be powerful and fast, offering users a seamless and intuitive experience when trading options.
The best options trading platforms may even bring additional tools and advanced features to the table, allowing traders access to intelligent analytics, probability calculators, and the like.
#1 - Lowest cost options trading platform
In this section, we compare the brokerages in terms of commission fees when it comes to options trading.
Webull currently offers the most competitive trading fees with a minimum of US$0.55 per contract.
This is closely followed by Tiger Brokers which is currently having a fixed commission promotion of US$0.65 per contract until 31 March 2024.
Moomoo is currently running a promotion which offers new users zero-commissions for trading US options for six months. During this promotion period, you just have to pay a platform charge of just US$0.30 per contract with a minimum fee of US$0.99 per order. Outside of the promotion, Moomoo users will incur an additional standard commission fee of US$0.65 per contract with a minimum fee of US$1.99 per order. This will bring the total fee to a minimum of US$2.98 per order.
Saxo offers competitive commission fees according to different tiers based on the account type.
Online brokerages and trading platforms may also levy additional costs in the form of trading activity fees, regulatory fees, transaction fees on sell trades only, as well as clearing and settlement fees.
The table below shows you how much you can expect to pay for the buying and selling of US stock options contracts.
|Brokerage||Trading fees per contract||Minimum trading fees per order|
Commission Fee: US$0.55
Platform Fee: 0
|Tiger (Fixed Commission Plan)|
Commission Fee: US$0.35
Platform Fee: US$0.30
|US$0.65 (Until March 2024)|
|Saxo (Gold tier)||US$0.75||US$0.75|
|POEMS||Commission Fee: $0.88||US$2.88|
Commission Fee: US$0.65/contract, Minimum US$1.99/order
Platform Fee: US$0.30/contract, Minimum US$0.99/order
|US$2.98 per order|
|Source: Brokerage websites as of 21 November 2023|
#2 - Platform option trading features
When it comes to the features offered by the brokerage platform, some users may like Webull for some of the tools in its options trading tab.
Here you can get easy access to long and short options trading with a built-in options screener that helps investors filter options contracts from the thousands available.
Webull offers access to smart trading tools with customisable option chain, single leg option quotes, and real time charts all presented to you on the Webull mobile app.
Additionally, users will also enjoy real time Options Price Reporting Authority (OPRA) and Cboe Global Indices Feed (CGIF) data.
So who is it for? Well, Webull seems to be suitable for both beginners and experienced options traders.
Tiger Brokers is another broker that offers a refreshingly clean interface that is gentle on the eyes, especially if you’re a newbie when it comes to options trading.
In the past, some users pointed out that Tiger Brokers does not support covered call strategies but that has since changed.
Today, Tiger Brokers supports 9 option strategies which includes covered calls/puts, call/put vertical spreads, short call and put, protective calls/puts, as well as call/put calendar spreads.
All this is available to users in their options tab, which contains a wide array of useful information in various widgets.
If you want to keep things simple, you can simply customise your personal watchlist of stocks to filter from.
The interface on the Moomoo mobile app is similar in terms of the widgets presented, and also comes with a host of different columns with various indicators.
One thing that stood out to us was how intuitive it was to go from the detailed quotes page of the stock watchlist to the options page–which itself allowed the customisation of the options’ information display column using a filter.
This makes for a helpful and user-friendly experience when navigating through the different pages in the options tab.
Another highlight is the presentation of useful indicators such as volume, turnover, OI, OI value, and others that were laid out in the options ranking.
If you’re ready to take options trading to the next level, Interactive Brokers offers a robust and advanced platform for serious traders.
Their OptionTrader is a powerful tool that allows you to view and trade options on an underlying, displaying market data and providing a complete view of available options chains, all in one single screen.
Additionally, the interface is configurable and allows you to manage multiple options orders in the same screen.
Traders can easily access the open interest on option chains while viewing the Greek risk dimensions, with colour-coded values for taking a quick glance at the available information.
Interactive Brokers has a handy Options Analytics tool that allows traders to visualise changes in an option’s price in relation to unit changes in Greek values.
This is pretty useful for seeing how price and volatility changes will affect an option’s value and risk dimensions–traders can use interactive curves to see how moving closer to the expiration date and adjusting the price of the underlying will impact the option line’s value.
Final verdict on best brokerage to trade options
Here are our picks for the best option trading platform in Singapore
Webull has the lowest commission fees and zero platform fees charged. Read our review of Webull here.
Tiger Brokers offers ultra-low fees for options trading with the current promotion, and has a clean interface for beginning options traders who are looking to start with simple options strategies. Read our review of Tiger Brokers here.
Moomoo SG also offers a user-friendly experience when trading options, but its fees are slightly higher than Webull and Tiger Brokers. Read our review of Moomoo SG here.
Interactive Brokers supports competitive fees, and has powerful analytical tools to support strategies for more advanced options traders. Read our review of Interactive Brokers here.
Are there any signup promos for the best options trading platforms in November 2023?
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