FSMOne Fundsupermart Review: Best all-in-one broker in Singapore?

TL;DR

• Managed by SGX-listed iFast Corp, the FSMOne platform offers a complete suite of investment products, including unit trusts, mutual funds, stocks, ETFs, bonds, managed portfolio services.
• What users may like about FSMOne: A fixed fee structure, investing with CPF/SRS funds, regular savings plan, and the ability to transfer SGX-listed securities from CDP accounts
• What users may not like about FSMOne: Their fixed fee structure is unsuitable for those who trade low amounts, options trading is not available, and there are no sign-up incentives
• Fees for SG stocks: flat rate of S$8.80
• Fees for US stocks: 0.08% or minimum US$3.80 

If you were a customer of MoneyOwl, you would probably have read that the it will be winding down its financial advisory business and all commercial activities will cease by December 31, 2023.

As part of the winding down process, MoneyOwl will transfer its fund management business and insurance advisory business to iFAST.

In case you have not heard of iFAST, it is listed on the SGX and manages the online investment platform FSMOne. 

In this review, we will be taking a closer look at FSMOne to find out more about the features of the investment platform and if it is a better option compared to other online brokers and trading platforms.

What is FSMOne?

FSMOne, previously known as Fundersupermart, started as an online unit trust trading platform back in 2000, and has since expanded the range of investment products and services offered on their platform.

Today, investors are able to access a whole suite of stocks/ETFs (Singapore, Hong Kong and US-listed), bonds (retail, wholesale, and Singapore Government Securities), Managed Portfolios (MAPS), insurance, and estate planning services all with one single FSMOne account.

iFAST Corporation also has a presence in other countries such as Hong Kong, Malaysia, China, and the United Kingdom.

What users may like about FSMOne

#1 Wide selection of investment products

FSMOne gives their users access to a whole slate of products and services such as:

• Over 2,105 global unit trusts and mutual funds
• Over 1,147 global and local bonds
• Over 1,682 exchange traded funds offered by more than 312 fund managers
• Stocks (US, SG, HK, China, and MY markets)
• Managed Portfolio services
• Insurance products

Moreover, users can also make use of the services of their Investment Advisers for customised portfolios if they require professional guidance.

This makes FSMOne a suitable option for investors looking to hold all their investments in a single account on a low-cost and easy-to-manage platform.

#2 Invest with CPF/SRS retirement funds

With FSMOne, you can invest with your CPF or SRS retirement funds into selected products.

To trade stocks or ETFs using your CPFIS-OA monies, you will need to open a CPF Investment Account with one of the agent banks (DBS / OCBC / UOB).

You may refer to the SGX website for the list of SGX stocks that can be purchased under the CPF Investment Scheme.

In addition, you can also use your SRS funds to invest in a range of products available on the FSMOne platform. 

#3 Regular Savings Plan

FSMOne offers competitively low commission fees for their regular savings plan with no platform fees. The regular fees are shown in the table below

FSMOne is now running a promo where you can enjoy 0% processing fee when transacting via a Regular Savings Plans (RSP) in more than 100 ETFs across SGX, HKEX and US exchanges in 2023. Find out more about the promo here.

This is a great option for those looking to automate their monthly investments via a trustworthy platform that is both consumer-centric and user-friendly.

Users will be able to access more than 40 counters listed on the Singapore, Hong Kong, and US stock exchanges with a minimum RSP investment of S$50 a month.

There are also over 1,200 funds and 10 managed portfolios with a minimum RSP investment of S$100 a month and S$500 a month respectively.

#4 CDP Approved Depository Agent on SGX

Your stocks and ETF holdings on FSMOne are held under a custody account with iFAST Financial Pte Ltd, which is a licensed custodian under MAS.

For SGX-listed securities, iFAST is also a CDP Approved Depository Agent (DA), which allows them to also maintain a sub-account with CDP on behalf of each client, even though the listed securities are held with iFAST.

This means that you have the option to transfer your SGX-listed stocks or ETFs to your FSMOne account if you wish to do so.

In doing so, you can sell certain holdings in your CDP account through more competitive rates compared to the traditional CDP brokers. 

Similarly, you can also transfer out your SGX-listed securities held in your FSMOne account  to the CDP.

This is unlike other brokers such as Tiger Brokers or moomoo SG which only offer custodian accounts where your stocks are held through the broker.

For more information on CDP and custodian accounts, you may read our explanation article here.

#5 Fixed fee structure

One key standout feature of FSMOne is the flat processing fee of S$8.80 for SGX stocks and ETFs.

For non-SGD stocks and ETFs, users are billed a fixed rate of 0.08% or a minimum amount (US$3.80 / HK$50 / CNH$40 / MYR$8.80).

Naturally, this fixed fee system benefits investors who engage in trades that are substantially higher.

To illustrate, if an SGX trade is valued at S$20,000, the corresponding commission fee would still be S$8.80.

This fee amounts to just 0.044% of the trade value, which is considerably lower compared to other competitors.

In contrast to other brokerage firms, FSMOne also does not impose any fees for account inactivity or require a minimum deposit. This makes it friendly for beginner investors who may not trade frequently or have smaller capital.

Stocks and ETFs

Mutual funds

There is no sales charge for the purchase of mutual funds on FSMOne.

There is also no platform fee charged for the purchase of mutual funds using CPF funds. 

However, a platform fee of 0.05% per quarter (or 0.2% per year) is charged for fixed income funds purchased using cash or SRS, and a platform fee of 0.0875% per quarter (or 0.35% per year) for all other funds purchased using cash or SRS for portfolio values of S$300,000 and below. 

Platinum clients with assets under administration (AUA) of S$500,000 and above pay 0% platform fee for Unit Trust holdings held under FSMOne.

Auto-Sweep Account

The FSMOne Auto-Sweep Account is a cash management account that allows you to earn a potentially higher yield compared to most savings accounts, while offering you the ability to buy into investment products available on FSMOne with no lag time. 

Following the success of the FSMOne SGD Auto-Sweep Account and CNH Auto-Sweep Account, the USD Auto-Sweep account was launched in July this year, allowing investors to earn a net yield of 4.70% as of 19 September 2023. 

Learn more about the FSMOne USD Auto-Sweep Account here. 

Source: FSMOne as of 20 September 2023

What users may not like for FSMOne

#1 Higher fees for those who trade lower amounts

The flat fee of S$8.80 for SGX-listed stocks and ETFs can be hefty for active traders who trade at lower amounts.

In fact, this flat fee structure will benefit investors who transact at higher amounts.

A purchase of 100 shares of CapitaLand Integrated Commercial Trust (C38U.SI) will incur the same commission fee as a purchase of 1,000 shares of the same stock.

#2 No futures and options

FSMOne currently does not offer futures and options on their platform.

#3 No attractive sign-up rewards and bonuses

Unlike popular low-cost brokers such as moomoo SG, and Webull, FSMOne does not offer any free stock or commission free trade vouchers for new sign-ups.

While they have certain perks and awards to users on their platform, they are only made available to those with assets from S$200,000 onwards.

FSMOne vs DBS vs Phillip Securities: Which is the best broker for trading Singapore stocks using CDP-linked account?

FSMOne has the lowest commission fee for investing in Singapore stocks using CDP-linked accounts, with a flat fee of S$8.80.

This is lower than DBS Vickers which charges a commission of 0.12% with a minimum fee of S$10 for its cash upfront account.

Is FSMOne safe?

iFAST Financial Pte Ltd is licensed with and regulated by the Monetary Authority of Singapore to conduct the following:

• Dealing in Capital Markets Products
• Providing discretionary portfolio management services
• Providing custodial services for securities
• Providing services as an exempt insurance broker
• Arranging of any contract of insurance in respect of life policies
• Advising others

Additionally, iFAST Financial Pte Ltd is also a member of SGX-ST Securities Trading and CDP Securities Clearing, and a registered CDP Depository Agent.

What would Beansprout do?

When it comes to the competition between online brokers and stock trading platforms, there are many options to choose from.

Here, FSMOne emerges as a highly commendable online broker for Singaporean investors, offering competitive fees for those who want a CDP-linked account, as well as for a regular savings plan into Singapore stocks and ETFs. 

FSMOne also offers a comprehensive range of investment products and services, including allowing users to invest with their CPF and SRS funds. 

Lastly, FSMOne's longstanding and strong reputation for reliability provides a peace of mind to investors, ensuring their assets are well-protected.

Explore our guide to the best online brokerage and trading platform in Singapore to find out how FSMOne fares against other brokers.