Best Online Investment Brokerages Singapore

Compare top online investment brokerage firms in Singapore in terms of fees and commission, platform capabilities and product portfolios. Learn how to open an investment brokerage account and start investing today!

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Best Broker for Trading Platforms & Rates

Saxo Markets

  • Trading Fees Rating

  • Trading Platform Rating

  • Product Portfolio Rating

Saxo is an award-winning investment brokerage platform that is tailored for new and professional traders and investors alike. They offer access to over 40,000 markets at industry-leading prices across stocks, ETFs, bonds, commodities, options, futures, funds, managed portfolios, FX and CFDs. Their world-class service is delivered from their Singapore hub.

Trading fees: Saxo generally offers some of the most competitive rates in Singapore. For example, for stocks traded in Singapore, you will be charged S$10 per transaction, which is the amongst the lowest in Singapore. On FX Spreads, it also offers as low as 0.6 pips for popular currency pairs such as EUR/USD.

Trading platforms: Saxo’s trading platforms cater to investors or traders with varying degrees of investing experience. You’ll be able to access and execute trades on SaxoTraderGO and SaxoInvestor using your desktop, tablet or mobile. SaxoTraderPRO is more suited to professional traders. All Saxo platforms provide comprehensive research and analysis tools and a 24/7 customer service help desk.

Product portfolio: For equities, you will gain access to more than 19,000 single name stocks across 36 exchanges worldwide - SG, US, HK and JP. Other than FX and equities, you can trade in commodities, bonds, mutual funds & CFDs.

Minimum funding: S$3,000 for Classic Account. S$50,000 for Platinum Account. S$1,000,000 for VIP Account.

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Best Broker for FX CFD Products & Rates

IG

  • Trading Fees Rating

  • Trading Platform Rating

  • Product Portfolio Rating

CFD traders may want to look into IG as it gives investors access to over 16,000+ markets. With an extensive range of product investment options, they make trading on a global level more accessible to traders.

Trading Fees: IG SG offers competitive CFD rates across asset classes (FX, Stocks, Commodities etc... ). For CFDs FX, you can enjoy spreads as low as 0.6 pips on FX pairs such as EUR/USD & AUD/USD. 0.7 pips for USD/JPY. For CFD Stocks traded in Singapore, you will be charged a minimum of S$15 per transaction.

Trading Platforms: IG's trading platforms are user-friendly and cater to traders with varying degrees of trading experience. Its MetaTrader 4 platform allows you to customise or automate your trades based on your individual preferences. It also includes 24/7 customer support. You can also deposit and withdraw funds easily.

Product portfolio: IG has very strong coverage in FX, as it offers over 80 major, minor and exotic currency pairs from EUR/USD, USD/JPY to USD/TRY. For equities, you will gain access to more than 12,000 CFD stocks globally, which is one of the most comprehensive coverage that you will get for CFD stocks.

Minimum Funding: No minimum funding requirement

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Best Broker for Experienced CFD Traders

City Index

  • Trading Fees Rating

  • Trading Platform Rating

  • Product Portfolio Rating

City Index is another key player in the investment market that lets you trade on global markets with a CFD trading account or FX trading platform. Both new and experienced traders will have access to over 4,500 global shares, 17 global indices, 84 FX pairs and 26 global commodities.

Trading fees: If you’re worried about the commission fees, relax – they’re usually very minimal. At times, there are even no fees. With City Index, you don’t need to pay commissions on CFDs. For Shares the rate starts at 0.08%/$10.

Trading platforms: Both new and experienced traders can take advantage of a breadth of trading tools for technical analysis research. You can use AT Pro – an automated analysis tool with 100+ indicators, extensive drawing tools, charts and more. Another trading platform is Web Trader. It features HTML technology with comprehensive drawing tools, charts, customisable workspaces that give you a seamless market overview.

Product portfolio: For an exclusively CFD only product broker, City index offers an extremely diverse portfolio of international products to trade in and at competitive rates. You can trade in popular asset classes such as Forex, Stocks, Indices, commodities and even cryptocurrencies. For stocks, City index offers more than 4,500 single name stocks via CFDs. Along with 17 different indices across US, Asia, Australia and Europe.

Minimum funding: No minimum funding requirement to start trading.

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Best Broker For Trading in US markets

TD Ameritrade

  • Trading Fees Rating

  • Trading Platform Rating

  • Product Portfolio Rating

TD Ameritrade is one of the most comprehensive online brokers. With a full suite of investment products, you can trade options, futures, stocks and ETFs. Much like other players in this industry, they also provide advanced trading tools and extensive research to help traders make profitable decisions.

Trading fees:When trading stocks, you’ll be charged a flat commission fee of USD$10.65 per trade. With options, you need to pay USD$0.81 per contract plus USD$10.65. To enjoy waived options commissions, you must execute a trade to close any short individual or single leg option for USD$0.05 and below.

Trading platforms:The trading platform used by TD Ameritrade is called thinkorswim, which can be accessed through desktop or mobile app. On desktop, they offer advanced trading features for comprehensive charting, market analysis, strategy testing, risk management and market scanning.

Product portfolio: If you are a US centric trader or investment, TD Ameritrade allows you to trade in the US markets via Options, futures and Stocks & ETFs. Although is US markets only, its flat fee on commissions I hard to beat.

Minimum funding: USD $3,500

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Preferred Local Broker

Phillip Capital

  • Trading Fees Rating

  • Trading Platform Rating

  • Product Portfolio Rating

Phillip Capital has been in the brokerage business in Singapore for more than 40 years. It was one of the first to launch online trading in Singapore with its POEMS trading platform. It offers a wide range of quality financial products and services, including investment, savings, protection, financial education and financing.

Trading Fees: Depending on which type of account you open (Margin, Custodian or Pre-paid), trading fees on stocks can be as low as S$10 (SG market) and US$8.80 (US market) per transaction for pre-paid accounts. On Mutual Funds, investors are not charged on any sales, platform or switching fees if you invest online via POEMS.

Trading Platforms: POEMS has various platforms depending on your trading style and requirements. The POEMS 2.0 platform, available on both desktop and mobile, is an easy-to-use platform that is great for beginners. POEMS Mercury is a more sophisticated platform designed for more active day traders. Users can customise their charts for more in-depth technical analysis.

Product portfolio: POEMS offers access to more than 25 markets across Asia, Europe and North America. You can buy and sell stocks that is trading on SGX, HKE LSE, NYSE & NASDAQ. With POEMs, you also can choose to invest in any of the 1000+ mutual funds or 3,000+ ETFs offered on its platform.

Minimum Funding: No minimum funding requirement to start trading.

Open a Saxo Account and Start Trading with Just S$3,000 Initial Funding

Leverage Saxo's best in class digital services with 24 hours technical and account support on weekdays to kickstart your investment journey!

Minimum Fee Comparison for Trading Stocks

BrokerSG StocksUS Stocks
Saxo MarketsSGD$10 (0.08% of Contract Value)USD$4 (0.06% of Contract Value)
IGNot ApplicableNot Applicable
Phillip SecuritiesSGD$10 (0.12% of Contract Value)USD$8.80 (Flat)
CMC MarketsNot ApplicableNot Applicable

Minimum Fee Comparison for Stocks CFD

BrokerSG Stocks CFDUS Stocks CFD
Saxo MarketsSGD$15 (0.19% of Contract Value)USD$4 (0.06% of Contract Value)
IGSGD$15 (0.10% of Contract Value)USD$15 (US$0.02 per share)
Phillip SecuritiesSGD$25 (0.128% of Contract Value)USD$15 (0.18% of Contract Value)
CMC MarketsSGD$10 (0.10% of Contract Value)USD$10 (0.10% of Contract Value)

Minimum Spreads Comparison for FX

BrokerEUR/USD SpreadsUSD/SGD Spreads
Saxo Markets0.6 pips1.7 pips
IGNot ApplicableNot Applicable
Phillip Securities2.0 pips3.5 pips
CMC MarketsNot ApplicableNot Applicable

Minimum Spreads Comparison for FX CFDs

BrokerEUR/USDUSD/SGD
Saxo Markets2.0 pipsNot Applicable
IG0.6 pips3.0 pips
Phillip Securities0.7 pips1.5 pips
CMC Markets0.7 pips3.0 pips

Types of Products offered by Online Brokerages

To be more specific, products can be differentiated between Asset Classes & Financial Instruments. Asset classes are what you can trade or invest in, and financial instruments are the different ways you can trade securities across asset classes.

  • Forex (FX)

    Asset Class

    When people talk about forex trading, it involves the price movements of major, minor and exotic currency pairs across the globe. Some examples of these pairs are EUR/USD and USD/SGD. In essence, participating in forex trading is almost the same as going to the money changer. When you buy USD/SGD, you’ll receive (buy) USD in exchange (sell) for your SGD.

  • Commodities

    Asset Class

    Commodity trading involves gaining exposure in natural or grown commodities such as gold, silver, energy (oil, natural gas, etc) and agriculture (corn, soybeans, etc). Commodities are an interesting asset class to trade in as you have to be fully aware of the economic, political and weather developments.


  • Equities

    Asset Class

    Shares, otherwise known as stocks, are securities that signify part ownership of a company. This means, if you have Singtel or CapitaLand shares, you’re a part-owner of that company. Hence, It is important to understand what business the company is involved in. Stocks often offer dividends which could be a significant portion of your total returns.

  • Bonds

    Asset Class

    Bonds are called a Fixed Income instrument because when you own a bond, you entitle to fixed and periodic payments. So you can think of yourself as a lender of money to a borrower. And the payments are the interest you earned on the principal amount or the amount you lent.



  • Index

    Asset Class

    In the financial markets, an index is a financial measure of a certain portfolio of securities (be it stocks or bonds). In Singapore, the Straits Times Index (STI) tracks the performance of the top 30 companies listed on the Singapore Exchange. The 30 STI stocks were selected to best indicate Singapore’s economic health. You typically gain exposure in Indices via financial instruments called CFDs or by buying ETFs.

  • ETFs

    Asset Class

    An ETF (Exchange-Traded Fund) is a collection of securities (normally stocks) which tracks or replicates the performance of an underlying index. One such example is the STI ETF, which tracks the Straits Times Index. ETFs can consists of various asset classes such as stocks, commodities, bonds, or a mixture of the above. Since an ETF is marketed as a security, it has a buy and sell price and can be traded on an exchange.

  • CFDs

    Financial Instrument

    A CFD is a contract between you and the brokerage to exchange the difference in the value of an asset between the time you first open a position and when you close it. Most brokerages offering CFDs have CFDs on the main asset classes such as FX, Equities and Commodities.

  • Futures

    Financial Instrument

    Futures are financial contracts that obligate traders to transact an asset at a predetermined future date and price. Futures are traded on an exchange and you can buy futures on a variety of asset classes such as FX, Commodities & Equities and indices.

  • Mutual Funds

    Financial Instrument

    Mutual funds or Unit trusts are a pool of money collected from investors to be subsequently invested in a diversified basket of securities (such as stocks, commodities). Since funds will be used to buy a variety of securities and sometimes across asset classes, it is generally considered a safer investment.

Difference between Stocks CFDs and Stocks

With Stock CFDs (Contract for Difference), you do not own the underlying stock or asset but are simply purchasing a contract which allows you to speculate on the price movements of the underlying stock. With share trading, when you purchase a stock, you have legal ownership of the stock. In Singapore, you may be required to open a CDP (Central Depository) account where the stocks are held in this account under your name. The same applies for other asset classes as well, so while you may trade outright stocks, FX, commodities, ETFs, some brokers offer CFDs products on these assets.

Another thing to note is that CFDs are a leveraged product, so which means you are only required to deposit a percentage of the actual notional amount of the asset you are purchasing and you profits or losses can be magnified. For example, if the margin requirement of a product is 2% and you what to buy an asset that costs SGD$100,000. You will only need S$2,000 of your own funds. If the asset appreciates by 1% and is now worth S$101,000, it means you have made $1,000 from your $2,000 - a return of 50%. Another way of looking at it is this way. A 2% margin means you are leveraged 50 times (1 / 2%), so your profits and losses are multiplied 50 times for a 1% move in the asset, 100 times for 2% move and so forth.

Things to know about the different types of CFD Products

Now let’s take a closer look at CFD trading. In a nutshell, it’s a contract whereby 2 parties agree to exchange the difference in the value of a specific asset from the time the position is opened until it’s closed. When you have buy or sell position, you can incur profit or losses depending on the direction the market moves. Given that a CFD is a derivative product, its value is based on an underlying asset.

  • Forex

    It comes as no surprise as to why foreign exchange trading is a popular choice among traders. When it comes to forex trading with CFD, you don’t need billions of dollars to get started.

  • Shares

    When trading shares via CFDs you be able to easily gain access to more than 12,000 global share CFDs. Access that may not be easily accessed if you trade outright stocks. E.g. via the above brokerages you can easily gain price exposure to US/JP/AU stocks at the same time you’ll get to trade shares on low margins and competitive spreads too.

  • Indices

    If you’d like to get your hands on the world’s top financial markets, you can look into stock index CFD. Put simply, it’s a financial instrument that represents the value of the underlying publicly-traded companies. Dow Jones, Nasdaq, S&P, Nikkei, and our very own SGX are some examples of stock indices. The good thing about IG Markets is you trade indices all day long across 30+ indices.

  • Commodities

    With a total of 26 commodity markets, IG offers a new way for you trade commodity CFDs. It’s quite simple. Akin to index CFD, you’ll be subject to a funding charge if you hold your commodity position overnight. Aside from this, you’ll be able to access technical analysis of your chosen commodity market whenever you want.

  • Cryptocurrencies

    With Crypto CFDs you will have the opportunity to speculate on a number of popular cryptocurrencies such as Bitcoin, Ether, Litecoin, Ripple, Stellar, NEO and EOS. This means you can take advantage of the volatility closely associated with these cryptocurrencies by predicting the rise and fall of their value.

Things to Know When Choosing an Online Investment Brokerage Account

Before you start your investment journey, here are some of the things to look out for:

  • Which markets are you interested to trade in?

    Some brokerages offer better coverage for local markets, and some offer more products in popular markets like US, UK and Japan. Do note that when you trade in international markets such as stocks in US for e.g. you may be asleep while important news comes out at 2am SG time which may significantly affect the stock price.

  • Trading versus Investing

    There is no official definition for both trading and investing, but there are certainly some differences. Trading implies that you purchase or sell an asset with the intention of holding the position for a relatively short time. For examples, day traders often make several buy and sell trades in a single day. On the other hand investing involves the holding of the position for a longer time horizon, months or even years. So choose brokers which offers products that suit your requirements.

  • Understand the products you are trading

    FX, Stocks, Commodities, ETFs, Indices are all different in their own way. It would be good to fully understand the specific product before deciding to take a position in them. In addition, you also have to keep abreast of the news in the financial markets, as this greatly influences price movements.

Types of Investment Brokerage Fees or Costs

  • Commissions Fees

    There’s no way around commission fees. Every time you execute a transaction, you’ll be required to pay such fees, unless the exception is stipulated by the brokerage firm. If you’re an aggressive trader, you’ll pay multiple commission fees in the long run. Hence, it’s important to weigh your options and consider a brokerage firm that fits your trading behaviour.

  • Spreads

    Spreads refer to the difference in the selling price and buying price of a certain asset. When dealing with products with spreads, traders aim to move the value past the spread in order to profit from the transaction.

  • Clearing & Trading Fee

    With a CDP account, you’ll be subject to clearing fees each time you complete a transaction with the Central Depository. At the moment, it’s at 0.0325% of the contract value. Aside from this, you also need to pay a trading fee which amounts to 0.0075% of the contract value as mandated by the SGX.

How to Open an Investment Brokerage Account

How to Open an Investment Brokerage Account

Know your eligibility

If you want to start trading investment products in Singapore, you must be above 18 years old and not an undischarged bankrupt at the time of application.

Open a CDP account

Depending on the brokerage firm, first-time investors in the Singapore securities market may opt to set up a Central Depository Account (CDP). It’s a subsidiary of Singapore Exchange (SGX), which provides integrated clearing, settlement and depository facilities for traders. Don’t be overwhelmed as you can go directly to the Central Depository or apply through an investment brokerage firm.

Choose a brokerage firm

There are many consideration factors when it comes to choosing the most suitable brokerage firm in Singapore. Most of the time, the decision boils down to which firm charges the lowest fee because it directly affects profits. However, investors should also look at the availability of overseas investment products, reliability and usability of the trading platform, and investment research materials among others.

Frequently Asked Questions

  • What is an Investment Brokerage Firm?

    An Investment Brokerage Firm enables you to buy and sell shares on the stock market. Every investor needs to choose an investment brokerage firm before they can start investing and trading. You'll want to choose a brokerage that understands your needs, especially if you're just starting out. Typically, you get charged commission fees each time you conduct an online trade. That’s why traders choose a brokerage firm with the lowest brokerage commission.
  • Who can open an online trading account?

    If you’re above 18 years old and not an undischarged bankrupt, you can open an online trading account in Singapore. Even if you’re a foreigner working outside of Singapore, you can open a trading account any time you want as long as you meet the above requirements.
  • How much do I need to pay to open a trading account?

    The initial deposit required by brokerage firms in Singapore varies. To accommodate the different risk appetites and budget of individual, brokerage firms offer different funding tiers. For example, Saxo Markets requires a minimum S$3,000 funding for a Classic Account whereas IG does not have any minimum funding requirements
  • How long does it take to process a new trading account?

    The time it takes to successfully open an online trading account depends on the internal process of your chosen brokerage firm. It usually takes 10 working days to complete the process upon application submission.
  • What are the different types of trading markets in Singapore?

    Singapore Exchange or SGX is the stock trading market in Singapore. It offers an extensive suite of investment products that include securities, derivatives, and commodities.
  • How do I open a CDP account?

    There are 2 ways to open a CDP account. You can either go directly to the Central Depository to process your own account or seek assistance from an investment brokerage firm.
  • What is the difference between Cash Upfront Trading and Cash Account

    Used as collateral, cash upfront trading requires you to pre-fund your account before you can start trading. Usually, this type of account has lower commission fees since your purchased stocks are held by the brokerage firm. Cash account trading, on the other hand, doesn’t require prepayment. It makes use of the available cash in the fund. This means you can only trade when there’s enough capital in your account. Without sufficient funds, you won’t be able to enter a trade transaction.
  • Whats the difference between a CDP and a Custodian Account?

    These terms of more relevant when you are intending to purchase stocks and shares in Singapore. CDP is a depository account that applies to the securities market in Singapore. With CDP, you become the legal owner of the stock you purchase. Since the stock is under your name, you’ll have all the benefits of a stockholder. It also stores your SGX stocks in a centralized location, so you can buy and sell from different brokerage firms. The downside is that it costs more due to the other fees involved.

    With a custodian account, your stocks are in the custody of the brokerage firm. This means you’re not the rightful owner of your purchased stocks because they’re held under a trust. Despite its lower trading fees, you’ll still incur additional maintenance fees if you don’t fulfill the quarterly trade requirement.

    In Singapore, most brokerage firms hold your stocks with the CDP. So, even when you execute the trade through them, no one else owns the stocks but you.
  • What is margin trading?

    Margin trading is done by borrowing money from your broker to execute a trade in the hopes of gaining profits. The profits (if any) are used to repay your broker. As such, you can start with a small investment, but the risk is significantly higher.
    Here’s an example, you can buy 250,000 USD/SGD with a margin of only 2%, which translates to 5,000 USD. This also means that you are leveraged 50 times. Because you are only using 5,000 USD to gain an exposure of 250,000 USD.
  • What is initial margin, maintenance margin and margin call?

    Margin comes in two types. Initial margin is the deposit needed for each trade that you enter in. If your initial margin falls short along the trade process, you’ll be given a margin call which alerts you each time your funds fall below the minimum requirement. As such, in order to keep your position open, you must ensure that the available funds in your account meets the maintenance margin.