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Looking for the best online brokerage in Singapore? Whether you are a beginner or an expert in trading and investing, we’ve compiled the best brokerages available in Singapore.
Saxo is an online trading platform offered by the Copenhagen-based Saxo Bank which covers a wide range of product portfolios such as stocks, ETFs (exchange traded funds), bonds, commodities, options, futures, funds, forex, and CFDs (contract for differences).
Saxo Singapore gains you access to 37 international and overseas markets, and allows you trade across 19,000 single name stocks. Saxo is great for investors who are looking to trade regularly at relatively lower commission fees across a diverse investment portfolio. Saxo Capital Markets Pte Limited is authorised and regulated by the MAS (Monetary Authority of Singapore).
Along with its competitive rates, Saxo Singapore also offers investors 3 user-friendly platforms, SaxoInvestor, SaxoTraderGO, and SaxoTraderPRO for traders to choose from, comprehensive research and analysis tools, and 24/5 customer service support.
At Saxo, commission fees vary according to the trade product, trade exchange, trade volume, and your Saxo account tier status. Saxo is known for their relatively lower stock commission fees at 0.08% (minimum of S$5) for SGX and 0.06% (minimum of US$7, maximum of US$100) for US stocks. When it comes to FX, EUR/ USD spreads start at 0.6 pips if you’re a Classic account holder and lowers to 0.5 pips and 0.4 pips for Platinum and VIP account holders respectively. CFD commissions start from US$3 for US stock CFDs, ETFs commissions start from US$3 on US-listed ETFs, bonds commissions start from 0.05% on US government bonds, and there are $0 commission, custody, and platform fees for mutual funds. View the full spreads and commissions list at Saxo online.
Spread is simply the difference in the offering and asking price that a trader is willing to pay while trading Forex – both representing the cost for traders, and profit for sellers. Spreads of popular FX pairs include 0.6 pips for EUR/ USD, 0.7 pips for GBP/ USD, 0.7 pips for EUR/ JPY, 0.6 pips for USD/ JPY, and 0.5 pips for AUD/ USD (rates are based on an entry-level Classic account tier with Saxo). View Saxo’s historical and live spreads on the Saxo Singapore website.
Rollover rates are typically overlooked by traders. This rate is the interest that is either charged or credited to your account each time you keep your positions open overnight – which most brokerages will charge you a fee to help you do so. Depending on the currency’s interest rate, the rollover rate for your position may be positive on one day, and negative on another day – representing gains or cost for you. On your Saxo trading platform, select “Account”, “Historic Reports”, followed by “Forex Rollovers” to view historical reports of FX rollover rates.
|Saxo Singapore Trading Products||Trading Fees|
|US Stocks/ ETFs||0.06% (Min. US$4, Max. US$100)|
|SG Stocks/ ETFs||0.08% of contract value (Min. S$5)|
|US Stocks CFD||0.06% of contract value (Min. S7)|
|SG Stocks CFD||0.19% of contract value (Min. S$15)|
|Commodities Fees||0.06% of contract value (Min. US$6)|
|Bond Fees||0.20% of contract value (Min. of €80)|
|Forex Fees||0.6 pips (EUR/ USD), 1.2 pips (USD/ SGD)|
|Mutual Fund Fees||US$0|
|Carrying/ Holding Cost||1.50%|
|DRS Stock Transfer Fee||Varies|
|Custody Fee||0.12% per annum|
|Transfer-out fee||€50 per ISIN (Max. €160 per transfer request)|
|Account Opening Fee||S$0|
|Minimum Funding||S$3,000 – S$1,500,000 (depends on account type)|
There are 3 Saxo online trading platforms you can choose from, depending on your investment needs. SaxoTraderGO is Saxo’s most popular online trading platform and is suitable for small and medium volume traders across all experience levels. The award-winning platform provides trading tools such as trade tickets, equity research showing company fundamentals and analyst sentiments, news feeds, trade signals, live charts, and charting all in an easy-to-navigate interface. If you prefer to view things at a glance, you will be able to manage your account and analyse portfolios’ performance with functions such as Portfolio Summary, Performance Analysis and Returns Breakdown.
SaxoTraderPRO is an advanced platform, with functions designed for active and high-volume professional or institutional traders. Benefits of the SaxoTraderPRO include trading tools such as advanced trade tickets, market depth trader using level 2 market data you are subscribed to, time and sales data, algo-trading for major US, European, and Asian markets, and charting across 6 screens simultaneously.
SaxoInvestor was designed for the regular retail investor, basically regular folks like you and I. First, there is no minimum funding amount. Second, you can access cash products like stocks, mutual funds, ETFs, bonds, and Saxo’s regular savings plan. Finally, you will be able to access investment themes, such as electric vehicles, robotics, and more, to help you identify potential investments in your preferred sectors. In each theme, you will find a curated list of relevant stocks, mutual funds, and ETFs.
It is easy to open a Saxo trading account in Singapore: apply online via SingPass and submit all necessary documents, fund your account, and trade. The entire process should take an average of 2 working days for a private account.
Step Blurb 1Before you start trading or investing in shares in Singapore, the first thing you have to do is to set up your CDP (Central Depository) account with SGX (Singapore Exchange Limited). The CDP serves to hold the shares you own and is supervised by the MAS (Monetary Authority of Singapore). To set up either an individual or joint account, visit the SGX website, click on “Securities”, “Retail Investor”, followed by “Apply for CDP Securities Account” and “Online Application”. If you are a Singapore citizen or PR, you will be able to apply with SingPass MyInfo quickly. If you are not a resident of Singapore, you can apply via the same online form and have your supporting documents scanned and uploaded.
Saxo Singapore offers custodian accounts with custody fees of 0.12% per annum. That is to say, the shares you buy will be held by Saxo Singapore and will not be in your personal CDP account. In the event that you wish to transfer your shares to your personal CDP account, you will be able to initiate the transfer via your SaxoTraderGO, SaxoTraderPRO, or Saxo Investor trading platforms. An exit fee of €50 per ISIN capped at €160 maximum per transfer request) applies.
To apply for your first Saxo account easily, scroll up, click on your Saxo account of choice and you will be guided through an online application. Alternatively, visit the Saxo Singapore website and select “Open Account”. If you are a Singaporean or PR, you will be able to use SingPass MyInfo to complete the application. If you are not a resident of Singapore, select “Sign up without MyInfo” and you will be guided through an online form. The account verification process may take up to 2 working days. Once approved, you will receive an email from Saxo with your SaxoID, login credentials, and payment information to fund your account. To check on your Saxo application status, call the customer service hotline at +65 6303 7800.
Once you have received your verification email, you need to fund your account to start trading. You can fund your account via PayNow or FAST instantly and free of charge. Do ensure your payment details are aligned with the payment information provided in the verification email. The Saxo Regular Savings Plan requires S$2,000 minimum funding, both SaxoTraderGO and SaxoTraderPRO require S$3,000 minimum, while the Saxo Investor does not require minimum funding.
Now that you have your first Saxo Singapore account ready, there are numerous videos and step by step guides on the Saxo Singapore website to help you get started. Visit the Saxo Singapore website, open the drop down menu, select “Support” and you will find a list of guides for beginners. You will be able to watch and learn how to use trading platforms such as Saxo Investor, read and learn about the basics, historical, and live news and data of your preferred financial product, practice and learn to execute your trades on a free demo account. Once you have grasped a basic understanding, visit “Inspiration” instead to read the latest market news.
Launch the Saxo trading platform you are using and click on the financial product you are looking to buy – stocks, for instance. You will then be able to select SG or US stocks for example. If you are looking to trade SGX, then click on SG Stocks. You will then see a list of stocks appear. Scroll down, or search with the finder button for what you are looking for – whether it be CapitalLand Ltd, StarHub Ltd, Mapletree and more. Click on your stock of choice and a new page with more details will appear. Select “Buy”, fill in the details on the trade ticket, and confirm your trade.
What is Saxo's minimum deposit for opening a trading account? Which Saxo account type should I choose? Also, if I were to open a Saxo account, will I be able to close my Saxo account easily in the future? These are common questions that we have while considering an online brokerage. Fret not, we have it all covered here.
What is Saxo’s trading minimum deposit? S$3,000 and above – depending on the size of your trading budget. There are 3 Saxo account types: for an entry-level Classic account, the minimum initial funding will be S$3,000, a Platinum account requires S$300,000 minimum initial funding, while a VIP account requires a S$1,500,000 minimum initial funding.
To close your Saxo account, login to your Saxo Investor, Saxo TraderGO, or Saxo TraderPRO platforms. Select the “Account” menu, “Corporate Actions”, followed by “Securities Transfer”. You will have to close your open positions, and select the “Withdraw Cash” function. You will also have to save or print your account statements for tax purposes. Finally, you may then click on “Account”, “Contact Support” to raise a support ticket to close your account. Alternatively, you can call the Saxo Singapore help desk at +65 6303 7888.
|Saxo Trading Products|
|Stocks||Over 19,000 stocks across 37 international exchanges|
|Bonds||Over 5,000 government and corporate bonds|
|ETFs||Over 3,000 exchange traded funds across over 30 exchanges|
|Mutual Funds||Over 500 mutual funds with global investors|
|Managed Portfolios||Defensive to aggressive portfolios adjusted to your goals|
|Regular Savings Plan||Defensive to aggressive portfolios from S$100 contributions per month|
|Forex||182 major, minor, and exotic FX pairs|
|CFDs||Over 9,000 on stocks, indices, forex, commodities, options, or bonds|
|Futures||Over 200 futures across 23 exchanges internationally|
|Commodities||Trade spot metals, corn, and Brent Crude or WTI crude oil|
|Forex Options||44 Forex vanilla options across major pairs|
|Listed Options||Over 1,200 listed options across 23 global exchanges|
Saxo offers free online tutorials, courses, news, and analysis articles for both beginner and expert traders and investors alike.
New to trading? Saxo offers free online trading courses on their website across 7 financial products, namely bonds, CFDs, equities, forex, forex options, futures, and options. Each course comes with 2 to 3 video lessons with interactive quizzes. You will be guided through basics such as introduction to forex and equities, what does technical analysis mean, how do futures work, how are bonds structured and priced, and how do long and short contracts mean. These trading courses are free for all.
Saxo offers step by step articles and video guides detailing how you can use their trading platforms. To find these video guides, visit the Saxo Singapore website, select “Support” from the main menu, followed by “Video Guides”. Alternatively, you can browse articles by your topic of interest such as building your first Saxo watchlist, how to fund your Saxo account, and more.
SaxoStrats is Saxo’s in-house strategy team of experts behind the Saxo Call podcast, quarterly economic reports, news and market articles, commentaries, and opinions on the Saxo Insights, Saxo News and Research, and the website’s “Inspiration” section. The articles are free for all to access, and you can keep up with the SaxoStrats experts on Twitter too. Saxo Singapore has its own team of SaxoStrats Singapore sales traders as well.
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