Best Trading Platform Singapore

10 Best Trading Platform Singapore To Start Investing in (2022)

Trading online has become one of the biggest trends in Singapore after numerous Circuit Breakers. Investors of all ages scrambled to find the best trading platform Singapore currently has, and many online brokers have stepped up to meet the demand.

There are many advantages to using brokerage accounts online, such as eliminating the middleman, eliminating broker finances and paying your brokerage account fees instead, and being cheaper than using a traditional system.

Indeed, it’s great that many trading platforms give you access to various financial markets beyond Singapore. Still, with so many excellent ones, it’s challenging to find the best online trading platform that addresses all your needs. 

For this reason, we created this list of the best online trading platforms suitable for any situation. Most of them have their mobile trading platform and provide investors with commission-free trading. Plus, we guarantee that all of them are registered with Singapore’s top-tier financial authorities, ensuring your security in spending money using their services.

Interactive Brokers – Best All-Around Online Trading Platform

Interactive Brokers is one of the best Singaporean and international market platforms available that’s highly rated by many reviews. IB is fully regulated by Monetary Authority Singapore (MAS) and the U.S.’s SEC and U.K.’s FCA. Many Singaporean day traders use Interactive Brokers because of its intuitive interface, excellent analysis tools that you can customize, and competitive fees.

Key Features

  • Top-notch technical analysis tools
  • Built for individual or joint investing with specialized accounts
  • Low international trading commission fees
  • Premium pricing for high volume traders

Assets Available

  • International stocks
  • Foreign exchange
  • Options
  • Futures
  • Bonds
  • Various funds 

What We Think Of Interactive Brokers

There’s no doubt that using Interactive Brokers is a great choice for Singaporeans because of its low commission fees and great value for money features. You won’t need any minimum deposits to use their services, and you get the best technical analysis tools, educational materials, and news tickers to make fully-informed investing decisions. Plus, the account opening process is greatly easy using IB.

Trading Fees Table

SG Stocks Commission Fee (Min. Fee) 0.08% (S$2.50)
U.S. Stocks Commission Fee (Min. Fee) $0.0035 (USD 0.35)
Hong Kong Stocks Commission Fee (Min. Fee) 0.08% (HKD 12)
Japan Stocks Commission Fee (Min. Fee) 0.050% (JPY 80)

 

IQ Option – One of The Best Trading Platforms For Finding Binary Options

IQ Option has been around almost a decade after its establishment in 2013. This service is legitimate and fully regulated by MAS and Cyprus’ Securities and Exchange Commission. For many investors, IQ Option is greatly popular thanks to its online advertisements with seven million registered users as evidence of its excellent services.

Key Features

  • Custom-built platform
  • Excellent technical analysis tools
  • Mobile trading
  • Standard and VIP trading accounts
  • Low minimum deposit with zero processing fees

Assets Available

  • Stocks
  • Foreign Exchange
  • ETFs
  • Cryptocurrency
  • Commodities
  • Binary options
  • Digital Options or CFDs

What We Think Of IQ Options

IQ Option continues to be a progressive force for online brokerages. It was one of the first to accommodate crypto trading into its systems. In addition, its developers continue to create new features, such as easy-to-understand technical analytics tools and helpful educational content, to provide beginners knowledge in wisely trading CFDs, stocks, and other assets. 

Newer features always arrive in IQ options, allowing advanced and experienced traders to maximize their respective trading account earning potential.

Trading Fees Table

IQ Option’s trading fees change periodically. Here’s a screenshot of the fees between 10 January 2022 – 16 January 2022. 

Instrument Spread  Overnight funding (Buy/Sell) 
Amazon.com, Inc.

AMZN

0.702% -0.029%, -0.087%

-0.0203%, -0.0609%

Apple Inc.

AAPL

0.703% -0.029%, -0.087%

-0.0203%, -0.0609%

Baidu, Inc. ADR

BIDU

0.583% -0.029%, -0.087%

-0.0203%, -0.0609%

Cisco Systems, Inc.

CSCO

0.058% -0.029%, -0.087%

-0.0203%, -0.0609%

Facebook, Inc.

FB

0.03% -0.029%, -0.087%

-0.0203%, -0.0609%

 

Plus500 – The Best Online Broker With Great Tools For Active Traders

Plus500 has been around for almost two decades after it established itself in Israel in 2008. The broker is publicly traded in the London Stock Exchange (LSE:Plus) and is part of the FTSE 250 Index. Plus500 mainly operates in Europe and Asia Pacific, including Singapore, but does not allow U.S. investors in its systems.

Plus500 is well-known for its technical tools, consistent UI in mobile and desktop versions, and provides access to cryptocurrency trading.

Key Features

  • Beginner-friendly user interface
  • Excellent technical tools
  • UI consistency in all platforms
  • Professional Account cash rebates
  • Access to cryptocurrency trading
  • Copy-trading features

Assets Available

  • Forex Trading
  • CFD Trading
  • Forex Pairs 
  • International Stock Trading
  • Cryptocurrency 

What We Think Of Plus500

Plus500 is a great investment platform for beginners because of its simple yet expandable UI. It’s challenging to find a good broker with a platform that has precise charting on both desktop and mobile. Finding tons of CFDs and other symbols is easy because of its simplified interface.

However, Plus500 does have some shortcomings because its simplicity is efficient. Additionally, beginners will have to find other sources for education, and the platform does not have any headlines to aid investor decisions.

Trading Fees Table

Feature Plus500
Minimum Deposit EUR100
Average Spread EUR/USD – Standard 0.6 (as of Aug 2018)
All-in Cost EUR/USD – Active N/A
Active Trader or VIP Discounts No
Execution: Agency Broker No
Execution: Market Maker Yes

 

Increasing Graph Chart

Saxo Markets – The Best for Accessing High-Quality Trading Markets

Saxo Bank was founded in 1992 in Denmark and served the country as an effective local bank. It expanded its operations as Saxo Capital Markets in 2006 and has become a cutting-edge specialist in the field of financial technology. 

Saxo Markets focuses on multi-asset trading and investment. With its efforts in the stock market, Saxo Markets has become one of the best online brokers you can use with no cash upfront.

Key Features

  • Classic, platinum, and VIP accounts
  • Low fees than market average
  • Access to various financial products
  • Beginner-friendly user interface
  • Consistent UI experience across all platforms

Assets Available

  • Crypto FX
  • Forex
  • CFDs
  • Futures
  • Commodities
  • Forex options
  • Listed options
  • Stocks
  • Bonds
  • ETFs
  • Crypto ETPs
  • Mutual funds
  • Managed portfolios
  • Regular Savings Plan

What We Think Of Saxo Markets

One of the best things About Saxo Markets is its various user tiers that offer low fees beyond the average floor of international trades for others. Saxo Markets can charge only 0.08% for Singapore stock trades at a minimum of S $0 deposit. Surely, you can find another broker that will charge about 0.22% for trading in Singapore. 

Once you’ve built up your investing confidence using its platform, Saxo Markets will charge you 15-33% less if you apply for their Platinum and VIP accounts, which respectively require S $300,000 and S $15m deposits when investing. It’s worth the deposit if you’ve had great luck using Saxo Market’s basic account on your investment journey.

Trading Fees Table

Market Classic Platinum VIP Industry Average
Singapore 0.08% 0.08% 0.08% 0.22%
US 0.06% 0.05% 0.04% 0.27%
Japan 0.15% 0.12% 0.10% 0.32%
HK 0.15% 0.12% 0.10% 0.21%
EU 0.10% 0.07% 0.058% 0.31%
Saxo minimum deposits SG: S $5; US: USD 0; JP: JPY1,000-1,500; HK: HKD60-90; EU: EUR6-12

 

AvaTrade – The Best Trading Platform For Singaporeans

AvaTrade has slowly become popular in Singapore because of its efficient features, access to multiple trading platforms like MetaTrader and DupliTrade, and an excellent selection of educational material to help beginners grasp basic technical analysis.

The online broker was founded in 2006 as a CFD and forex broker. Now, it has expanded its operations and includes commodities, bonds, cryptocurrencies, and stock indexes. AvaTrade’s headquarters is in Dublin, Ireland but has multiple subsidiary registrations worldwide. It restricts access against U.S. investors but provides full accessibility to Singaporean investors.

Key Features

  • MetaTrader, ZuluTrade, and DupliTrade access
  • Excellent educational material for beginners
  • Expansive features for beginner and advanced traders
  • User-friendly interface that extends on all platforms
  • Copy-trading features

Assets Available

  • Individual stocks
  • ETFs
  • Stock indexes
  • Commodities
  • Bonds

What We Think Of AvaTrade

At first glance, AvaTrade seems to sell itself as a CFD and forex platform exclusively. Over the years, many investors praised its inclusion of high-quality financial instruments, including stocks, and ETFs. Plus, advanced investors that want to see market movements in customized variations find that having access to multiple trading platforms gives them the opportunity to find the perfect way to view the timelines of their investment products.

However, even if it operates out of the U.K., AvaTrade isn’t under the U.K. Financial Conduct Authority’s jurisdiction. In addition, it does not guarantee that its stop loss orders will protect its traders upon setting if the functionality malfunctions during a critical trade.

Trading Fees Table

Assets Fee level Fee terms
US stock fee Not available
EUR/USD fee Average The fees are built into the spread, 0.9 pips is the average spread cost during peak trading hours.
US tech fund fee Not available
Inactivity fee High USD50 per quarter after 3 months of inactivity; after 12 straight months of non-use, a futher annual administration fee of $100 applies

 

MooMoo by Futu – The Best Market Access for Singapore, U.S., and Hong Kong

Many experienced investors were worried about MooMoo’s sudden appearance in the market in March 2021. However, the new trading platform powered by Futu, a China and Hong-Kong-based digitized financial company, proved to be a great platform to use that has become popular in Singapore and various parts of Asia.

MooMoo has no cash upfront trading, meaning investors can get started with no minimum deposit. However, you’ll want to deposit higher to take advantage of this trading platform’s excellent asset selection.

Key Features

  • Full access to Singapore, U.S., and Hong Kong markets
  • Low minimum commission fee (US$0.99 for US stocks, HK$3 for HK stocks and S $0.99 for SG stocks)
  • Effective technical analysis tools
  • Futu-powered and managed

Assets Available

  • Stocks (including blue-chip stocks from the U.S., such as Apple and Tesla)
  • Options
  • Futures
  • ADRs
  • RETs

What We Think Of MooMoo by Futu

MooMoo is an excellent platform with the lowest commission rates in the market. Plus, its Apple stock incentive is a great plus considering the blue-chip company’s unyielding performance. However, having access to only SG, US, and HK markets is severely limiting, but unbothered investors will find many ways to gain high profits using MooMoo’s high-quality platform, excellent variety of financial products, and overall pleasant experience among other retail investor accounts.

Trading Fees Table

Market Trading Fees Min Commission Industry Average Fee Industry Average Commission
SG 0.03% S $0.99 0.22% S$25
US $0.0049 USD 0.99 0.27% USD 15-29
HK 0.03% HKD 3 0.21% HKD 100-200
US Stock Options USD 0.65 USD 1.99

 

Tiger Brokers – The Best For Low Trading Fees

Tiger Brokers was one of the “young” investment platforms with less than five years of age but gained traction following the retail investor population pickup after the COVID-19 pandemic restrictions. However, even if Tiger Brokers entered the Singapore market in 2020, it was founded in 2014 as a global online broker. 

One of the main reasons investors love Tiger Brokers is its lack of inactivity fee and custodian account fees. However, it does require some cash upfront before you can start investing.

Key Features

  • Conveniently-designed user interface
  • Low trading fees
  • No FX fees
  • No deposit and withdrawal fees
  • No other fees, including inactivity and account maintenance
  • 3 Types of Accounts: Paper, Prime, Fund Mall

Assets Available

  • Stocks
  • ETFs
  • Bonds
  • Commodities
  • Options
  • Futures
  • Funds
  • FX
  • CFDs

What We Think Of Tiger Brokers

The best way to challenge any market is to offer value to attract customers and generate interest. Tiger Brokers probably had this goal in mind when it entered Singapore’s online investment brokerage in 2020 and offered low minimum commission fees, making it one of the best choices for active stock traders in the country.

While it does require some cash upfront to maximize its earning potential, Tiger Brokers offers the lowest commission fees, zero hidden fees, and seasonal promotions that save you money by creating unique blue-chip dip-buying opportunities.

Trading Fees Table

Country Costs
US Stocks & ETFs USD 0.0005/Share
Hong Kong Stocks 0.03 x Trade Value
Singapore Stocks 0.04 x Trade Value
China A-Shares 0.03 x Trade Value
Australian Stocks 0.03 x Trade Value

 

City Index – The Best For Traders With Experience

City Index is a CFD and forex brokerage that offers excellent services. It’s based in the United Kingdom and was acquired by a U.S.-based broker named GAIN Capital. City Index is registered through subsidiaries in Australia, Dubai, and Singapore. 

Many investors trust City Index because of its competitive brokerage fees and 24-hour support lines anywhere in the word. Your cash account is in good hands by using City Index as it is fully regulated by the Financial Conduct Authority, Australian Securities and Investments Commission, and the country’s own Monetary Authority of Singapore

Key Features

  • Competitive CFD costs
  • Wide market access across various countries
  • 24-hour support
  • High-quality educational materials
  • Dependable technical analysis tools

Assets Available

  • Indices
  • Stocks
  • Crypto
  • Commodities
  • Forex

What We Think Of City Index

Many investors worldwide and in Singapore have found City Index to be a capable online brokerage firm with low CFD and forex trading barriers. Plus, it has a great selection of financial products to invest in complete with educational and research tools to make sure you’re making an informed decision.

However, City Index does have its respective set of limitations, including having a limited product portfolio, high fees for its CFDs, and a sometimes-challenging UI experience on desktops. Still, it doesn’t take away from City Index being one of the best trading platforms in Singapore.

Trading Fees Table

CITY INDEX TRADING FEES
Indices/ CFDs 0.4 points minimum spread (for SG Index)
Shares/ CFDs 0.08% or S$10 minimum commission (for SG shares)
Forex/ CFDs 0.5 points minimum spread (for EUR/ USD)
Commodities/ CFDs 0.4 points minimum spread (for US Crude Oil)
Metals/ CFDs 0.5 points minimum spread (for Gold)
Funding Fees 2.00% (for debit and credit cards)
Withdrawal Fees US$0
Currency Conversion Charge Varies (depends on contract notes)
Guaranteed Stop Loss Orders 0.25% of notional trade value (for SG Shares)
Inactivity Fees S$15 (for 24 months and above)

 

Stock Trading Market

TD Ameritrade – The Best For US-Focused Trading

TD Ameritrade is an excellent platform if you want to deposit beyond the offers of Singapore stocks. It is a relatively young investment platform that offers an excellent experience for beginners and experienced investors alike. Investors deal with zero commission on trades while enjoying a fantastic experience using TD Ameritrade’s user-friendly mobile application.

Key Features

  • No commissions on US stocks, ETFs, and options
  • High-quality free research and educational tools
  • In-depth technical analysis tools
  • No minimum account amount needed.
  • Wide selection of investments

Assets Available

  • Stocks
  • Options
  • ETFs
  • Mutual Funds
  • Futures
  • Forex
  • Managed Portfolios
  • Cash Management
  • Bonds and CDs

What We Think Of TD Ameritrade

TD Ameritrade excels in the market in many ways, such as offering excellent educational resources. It offers digital magazines to help investors keep up and make fully informed trading decisions. Perhaps the only downside to TD Ameritrade is its lack of fractional shares, poor margin rates, and lack of automated features, such as sweeping non-invested cash into money market funds for automated growth.

Trading Fees Table

Stock & ETFs USD0 applies to U.S. exchange-listed stocks and ETFs. A USD7.44 commission applies to online trades of over-the-counter (OTC) stocks.
Options USD0.70 per contract, with no ticket charge, exercise or assignment fees. Option fees are waived when you buy to close any short individual or single leg option for $0.05 or less.
Futures USD2.41 per contract (plus exchange & regulatory fees).
Exchange and Regulatory Fees Exchange fees vary by exchange and by product. Please visit the appropriate exchange for a list of the associated fees. Please note, the National Futures Association (NFA) also charges a fee of $0.01 per contract.

 

POEMS by Phillip Capital – The Best For Zero Trading Commissions

Phillip Securities is an established Singapore brokerage firm that has provided investment opportunities for multiple asset classes since 1975. POEMS is its online trading platform, granting investors access to many financial products, including CFDs, ETFs, stocks, and other assets. While POEMS is young, many investors trust it because of Phillip Capital’s backing.

Key Features

  • Access to 26 global exchanges & 11 international markets
  • Ability to trade CFDs, ETFs, & bonds
  • Below average commission fees
  • Effective technical analysis tools
  • User-friendly interface for beginners

Assets Available

  • Stocks
  • ETFs
  • REITs
  • CFDs
  • Warrants
  • Bonds
  • Unit trusts
  • Forex
  • Futures
  • Securities

What We Think Of POEMS by Phillip Capital

Phillip Capital is one of the most-trusted Singaporean brokerage firms in the country, making POEMS an automatically trustworthy investment platform. POEMS is very helpful for beginners because of its free demo. It helps you learn about its basics, educational materials, seminars, and events focused on assisting new investors to make fully-informed decisions.

However, POEMS doesn’t have the cheapest minimum fee around, which might make Singaporeans think about other brokerages that can help them get outside of the Singapore securities market with a smaller platform fee. Still, POEMS offers an excellent investing experience for beginners and experienced investors alike.

Trading Fees Table

Starter(S$0 – $29,999) Premier (S$30,000 to S$249,999) Privilege (S$250,000 and above)
SGX trading fee 0.12%, minimum S$10 0.10%, minimum S$10 0.08%, minimum S$8
NYSE trading fee US$10.88 US$8.88 US$6.88
HKEX trading fee 0.15%, minimum HKD80 0.12%, minimum HKD60 0.08%, minimum HKD50

 

Minimum Deposit and Fee Comparison Table

Trading Platform Minimum Deposit Fee
Interactive Brokers USD 0 0.08% (SG market)
IQ Option USD 10 2.9%
Plus 500 USD 100 USD 10 (Levied)
Saxo Markets USD 2,000 0.12% per year
AvaTrade USD 100 No admin fee, but will charge  USD 100 administration fee and USD 50 for three months of inactivity.
MooMoo by Futu USD 0 US$0.0049 per share (US market)
Tiger Brokers USD 0  0.04% of trade value (SG market)
City Index S$150 0.08% or S$10 minimum commission (for SG shares)
TD Ameritrade USD 0  USD 0, but a USD 6.95 fee applies if you’re trading over-the-counter securities
POEMs by Philip Capital S$1,000 From 0.08%, minimum S$8 for SG stocks

From US$6.88 for U.S. stocks

 

Many online traders have competitive rates, such as zero platform fee and initial deposit requirements. Many of the traders listed here don’t require upfront deposits, but they will severely limit your earning opportunities because you can’t enjoy the discounts of advanced and VIP accounts that require higher deposits. 

Plus, some have clauses that have different commission charges for certain international exchanges, inactivity, and others, so make sure to take note of them.

 

How To Select The Best Trading Platform?

Investors trying to look for the best trading platforms should take note of the following:

  • Caters To Your Needs: Your investment platform should cater to your needs. If you’re a beginner, trading with a platform that offers excellent tutorials and educational materials is imperative. Otherwise, you’ll want to learn the areas you want to automate, optimize, and maximize.
  • Has a User-Friendly Interface: Beginners will need excellent user interfaces that won’t look overwhelming and confusing. You can always start with a good-UI platform and then move on to one with advanced and customizable features as your knowledge and experience grows.
  • Provides Features You Fully Understand: Guaranteed stop-loss features, tracking, technical analysis rulers and guides, and other advanced features can be troublesome to learn. Make sure you fully understand these before jumping right into a broker you’ve chosen.
  • Guarantees Performance Stability: Your chosen platform shouldn’t have poor performance issues, frequently-malfunctioning functionalities, such as stop-loss orders, chart updates that are lacking, and others. 
  • Ensures Excellent Customer Support: Good, consistently-available support is always a welcome aspect of any trading experience to the point that it can replace the advantage of having broad market access.

 

Our Final Thoughts

Trading in Singapore and virtually anywhere in the world has never been easier than investing with these top trading platforms. Know more on how to start investing in Singapore here. We guarantee an excellent and consistent experience by using the top Singapore traders of 2022.

  • Singapore’s best traders often have zero commission, zero minimum deposits, and guarantee zero hidden fees.
  • Some traders provide access to a great number of educational content and excellently-designed user interfaces, making them perfect for beginning investors while providing full customizability for advanced traders. 
  • Ensure that you always look into the terms, fees, and other particulars of the online brokerage firm you’re using. For example, account funding and custodian accounts might be simple actions to invest in a particular financial instrument, but they might have some costs you’ve yet to learn.

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