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Best Brokerage Accounts To Start Your Investment Journey In Singapore

Ching Sue Mae

Ching Sue Mae

Last updated 06 November, 2023

Every spending situation is unique. SingSaver assembles the 'Best For' list, so you can decide what’s best for you.

The first step to investing in the financial markets starts from opening a brokerage account. But as for that step before the first step, you’ll have to invest in the best choice of brokerage account for yourself.

Best Brokerage Accounts in Singapore on SingSaver

Tiger Brokers Syfe | City Index | Stashaway | POEMS SAXO Interactive Brokers moomoo Endowus IG Trading | CMC Markets ProsperUs | Webull

Despite the market volatility since the start of the COVID-19 pandemic (or perhaps, thanks to this pandemic), more young investors have started their first foray into investing. In the US market, investors have put more money into stocks in the first five months of 2021 than in the last 12 years combined.

Here in Singapore, there has also been increased interest in investments

Rather than allowing our idle cash to erode due to inflation, investing these dollars is one way to reduce the opportunity cost and grow our wealth. 

To invest in the various financial products available, a brokerage account and CDP account are required. Here’s what you need to know: 

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SingSaver's Exclusive Offer: Apply for our exclusive credit cardtravel insurancecar insurancepersonal loaninvestmentsavings account, and priority banking deals to enter our 101! Milestone Giveaway.

Enjoy up to 3x chances to win your share of over S$200,000 worth of prizes, including S$5,000 bonus cash each week on top of ongoing promotions!

Valid till 20 December 2023. T&Cs apply. Click here to check out our past Lucky Draw winners!



However, if you are new to investing or have just started out on your investment journey, get started with the basics. Learn how to buy shares, find out the different types of investment products, and more here:


SingSaver Exclusive Offer: Enjoy 2x chances to win your share of up to S$200,000 in prizes in our epic 101! Milestone Giveaway, including S$5,000 bonus cash each week on top of ongoing promotions. Valid till 20 December 2023. T&Cs apply. Click here to check out our past Lucky Draw winners!

Successful applicants of Citigold who make an S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment will get an Apple iPhone 15 Pro Max 256GB (worth $1,999) or S$1,500 Cash. Valid till 30 November 2023. T&Cs apply.

Applicable to New-to-bank only ie. users with no Citigold or Current and Savings Accounts. If a user has applied for Citi Credit Card or Personal Loan, they will still be eligible.

What is a brokerage account and CDP account? 

A brokerage account is the second step pf your investment journey, with the first step being to open a Central Depository (CDP) account. 

CDP account: Owned by the SGX, a CDP account provides integrated clearing, settlement and depository services for a wide range of products in the Singapore Securities Market. Your CDP is where your securities are held. To apply, you must be 18 years old and you will require a Singapore bank account. You can open a CDP account by applying online and using MyInfo for quicker application. 

Brokerage account: A brokerage account comes with more choices and you can choose from more than 10 different brokerage firms. You will need a brokerage account to buy and sell investment products on the financial market. This includes equities, fixed income products and other trading products. 

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CDP-linked vs Custodian account

When choosing a brokerage account, you’ll find that there are generally two different types of accounts: CDP-linked and custodian accounts. Each type of account has its own pros and cons.

CDP-linked account: With a CDP-linked account, the stocks are purchased under your name and will be credited into your CDP account. This means that you own these shares and become a shareholder of the company. This is only applicable for trades made on the SGX. 

Pros Cons
Enjoy perks of being a shareholder of the company, such as attending annual general meetings (AGM) and being entitled to voting rights Higher brokerage fees and minimum commission amount
View all your stock holdings in one single CDP account, even if you made the trade using different brokerages. This also allows you to use different brokerages to buy and sell.  Incur additional fees such as
- Clearing fee: 0.0325%
- SGX access fee: 0.0075%

Custodian account: Your stocks are purchased through a nominee account that is managed by the brokerage firm. This means that the owner of the stock is legally the brokerage house and they hold the stocks on your behalf. If you’re buying overseas stocks, you will require a custodian account. 

Pros Cons
Lower brokerage fees and lower minimum commission fee Do not have the same benefits as shareholders (e.g. attend AGM, enjoy voting rights)
More providers available  Incur additional fees
- Custody fee: This varies based on the brokerage, as some do not charge a custody fee
- Transfer fee: Fees incurred (per counter) when you transfer shares in or out of the custodian account into your CDP account

If you’re a short-term trader, custodian accounts will be more ideal as it saves you from paying higher costs when you make numerous trades. If you’re a long-term investor, there could be more value in getting the stock credited to your CDP.

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Brokerage account fees and charges 

CDP-linked brokerage accounts

Provider Min. commission fee Trading commissions
CGS-CIMB Securities S$25 0.275%
DBS Vickers S$25 0.28%
DBS Vickers Cash Upfront Account (only applicable to ‘Buy’ trades) S$10 0.12%
FSMOne (CDP account linkage available for ‘Sell’ orders only)  S$8.80 (flat fees) S$8.80 (flat fees)
KGI Securities S$25 0.275%
Lim & Tan Securities S$25 0.28%
Maybank Kim Eng Securities S$25 0.275%
OCBC Securities S$25 0.275%
Phillip Securities (POEMS) S$25 0.28%
RHB Securities S$25 0.275%
UOB Kay Hian S$25 0.275%

With S$25 being the common minimum commission fee, what stands out is the low minimum commission fee for DBS Vickers Cash Upfront account and FSMOne, although this is limited specifically to 'Buy' and 'Sell' orders respectively. 

Custodian accounts (based on SG stocks)

This is based on commissions charged for the Singapore market, with assets of less than S$30,000. For customers that have more assets with the brokerage firm, you can enjoy lower commission fees.

Provider Minimum fees Commission and platform fees
CGS-CIMB Securities S$18 0.18%
Citibank Brokerage S$28 0.25%
CMC Invest (Gold) S$3 0.05%
FSMOne S$8.80 (flat fee) S$8.80 (flat fee)
HSBC S$25 0.25%
Interactive Brokers S$2.50 0.08%
KGI Securities S$25 0.18%
Lim & Tan Securities S$18 0.18%
Maybank Kim Eng S$10 0.12%
moomoo SG S$1.98 0.06% 
OCBC Securities S$18 0.18%
Phillip Securities (POEMS) No minimum 0.12%
SAXO (Silver Plan) S$5 0.06%
Standard Chartered Online Trading S$10 0.20%
Tiger Brokers S$1.99 0.06%
UOB Kay Hian S$25 0.20%
uSMART S$2.88  0.05%

If you are a priority customer of these brokerages, you also enjoy additional perks such as lower commission fees. For example, if you are a Standard Chartered Priority Banking client or a POEMS Privilege client.

Custodian accounts (based on US stocks)

Dabbling in US stocks has gotten cheaper and far more accessible, thanks to the new online brokerages in recent times. Here's how much (or how little) you'll have to pay when trading US stocks.

Provider Min. commission fee Trading commissions
CGS-CIMB iTrade US$18 0.18%
Citibank Brokerage US$25 0.30%
CMC Invest (Gold) US$4 0.04%
FSMOne US$8.80 US$8.80
HSBC US$20 0.25%
Interactive Brokers US$1 US$0.005 per share
KGI Securities US$20 0.3%
Lim & Tan Securities US$20 0.3%
Maybank Kim Eng US$10 0.12%
moomooo SG US$0.99  NIL
OCBC Securities US$20 0.3%
Phillip Securities (POEMS) No minimum US$0 for contract gross value ≤ US$2,000 (otherwise from US$5.88)
ProsperUs US$5 US$5
SAXO Markets US$4 0.06%
Standard Chartered Online Trading US$10 0.25%
Syfe Trade US$1.49 per trade US$1.49 per trade
Tiger Brokers US$0.005 per share US$0.0013 per share
Webull US$0.50 0.025% of total trade value
uSMART US$1.50 US$0.008 per share
UOB Kay Hian US$20 0.3%

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SingSaver Exclusive Offer: Enjoy 2x chances to win your share of up to S$200,000 in prizes in our epic 101! Milestone Giveaway, including S$5,000 bonus cash each week on top of ongoing promotions. Valid till 20 December 2023. T&Cs apply. Click here to check out our past Lucky Draw winners!

Receive S$50 cash upon starting a Citi Plus relationship and get another S$100 cash (total S$150) or an Apple Airpods (3rd Gen) With Magsafe Charging Case (worth S$271.50) or a Sony WF-C700N (worth S$199) when you fund a min. deposit of S$20,000 within 2 months of account opening and maintain it for 4 months. Valid till 30 November 2023. T&Cs apply.

Boost your returns with up to 2% cash back with minimum S$500 qualifying spend (capped at S$2,000) on your Citi Cash Back+ Mastercard Credit Card when you spend for a period of 12 months. In addition, enjoy up to S$699 worth of exciting gifts. T&Cs apply

Also, stand a chance to win a pair of Singapore Airlines tickets to Hong Kong in Citi Plus 1st Year Anniversary Lucky Draw! T&Cs apply.

Choosing a brokerage account that suits you

With so many brokerage accounts to choose from, how do you pick the one that suits your investment needs? Here are a few factors that you should consider.

Fees: Fees can eat into your investment returns. Most brokerage providers impose a minimum commission fee, with a few rare exceptions. With this minimum fee imposed, it could make more financial sense to be trading a larger amount of money so that the commissions would not take up a significant portion of your capital. Do also keep in mind that the fees could differ depending on the market you trade.

On this note, do not be fooled by zero-commission free trades that might convince users that trading is absolutely free. Do beware of other fees like a per-share settlement fee that some brokerage accounts charge, especially those without a cap. This could potentially put you in a deficit if the price of each share is low. An article by The Business Times highlighted a trader who sold his shares for a total of US$5,000, only to realise that he found himself with a US$11,000 deficit because of the high settlement fee that he was charged.

Perks given through promotions: Brokerage providers run promotions from time to time. This can come in the form of commission fee waivers, lowered commissions, vouchers and cash rebates. You can make the most of commission-free promotions by making more transactions during that period. 

Products available: What investment products are you planning to use and what does the brokerage provider offer? For example, this could be stocks, bonds, Contracts for Difference (CFD), forex, commodities, futures and more. 

Tools and indicators provided: What tools do you frequently use and does the brokerage account provide those tools? This could be technical charting tools, various indicators, drawing capabilities, stock screeners and more.

Market access: Which global exchanges can you access with that provider? This would be important for those looking to trade in overseas markets such as Hong Kong, China and the USA, or if you are looking to trade in specifically in lesser known markets.

Platform interface: Not all apps are created equal. Some are more user friendly than others, being easier to navigate and execute trades. However, this user appeal could also be a largely personal preference. The speed and responsiveness of the app to show prices and execute trades are also important, particularly for traders that trade with short timeframes.  

Investment insights: Brokerage accounts also go the distance to value add by providing investment insights such as buy/sell/hold calls, research reports, market outlook commentary, stock ideas and other materials for their clients to use. 

Some brokerage accounts also offer demo accounts. These demo accounts are a great way to test out the platform and decide for yourself if their web platform or mobile app is your cup of tea. 

You may also read these comparisons to find out the best online brokerages and investment products to suit your financial needs and also investment strategies.

Compare Between The Best Online Brokerage Account In Singapore
Compare The Best Investment Apps In Singapore
Compare Between Moomoo Vs Tiger Brokers

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Best brokerage accounts in Singapore

With so many different brokerage accounts available, we have filtered them down into a few important categories. 

Best overall and for overseas stocks: Interactive Brokers (IBKR), CMC Invest, SAXO Markets, and ProsperUS

Known for their incredibly low fees, you can use Interactive Brokers (IBKR) to invest globally in a variety of products — stocks, options, futures, currencies, bonds and funds — all from a single integrated account in 135 markets across 33 countries.

There are two different pricing plans, IBKR Lite and IBKR Pro, both of which offer low or zero commission fees. However, IBKR Lite is only offered to direct US clients and any client of an Introducing Broker or if you are an employee of a firm using Employee Track. 

Previously, customers could not use IBKR to trade Singapore shares, making IBKR a great option for low-cost trades in overseas markets. However, in July 2020, Interactive Brokers opened their Singapore office and investors will now be able to use IBKR to trade Singapore stocks.

IBKR has also removed their account maintenance fee requirement. Previously, this was US$10 per month, less commission paid that month — a deterring factor for investors that don't make multiple trades monthly.

Check out our full review of IBKR here.

cmc investCMC Invest offers competitive trading and commission fees, access to popular markets, and wide range of trading instruments, including asset management and regular savings plan (RSP). 

For the Gold tier, the commission fee for SG stocks is only 0.05% (after two free monthly trades) and 0.04% (after five monthly trades) for US stocks. Aside from the US and SG stocks, you can also trade UK, Hong Kong, and Japan stocks. 

But platform is perhaps best known for contract for difference (CFD) trading. So if you're like speculating on the price movements of underlying assets such as stocks, indices, forex, and more, without owning the assets, this platform is for you. 


SingSaver's Exclusive Offer: Open a CMC Invest account and get S$20 bonus cash. Plus, fund a minimum initial amount of S$500 and receive 1X Warner Bros. Discovery Inc share (worth S$14). Valid till 30 November 2023. T&Cs apply.

Additionally, receive 1 iShares Global Clean Energy ETF or 1 iShares Robotics and AI ETF or 1 Tesla Inc. share when you deposit and trade with your CMC Invest account. Valid till 30 November 2o23. T&Cs apply.




Aside from offering competitive commission fees, SAXO stands out for its extensive product range and user-friendly platform.

Besides the Singapore Stock Exchange, it also offers access to foreign exchanges including the NASDAQ, New York Stock Exchange, London Stock Exchange, Hong Kong Exchange, and Shanghai Stock Exchange, among others. 


ProsperUs: Digital Investment Service Singapore

Meanwhile, CGS-CIMB-backed ProsperUs is also one of the best overall brokers out there. Aside from stocks, ProsperUs also offers ETFs, mutual funds, bonds, CFD, FX, and option across markets like the U.S, China, the U.K, Singapore, Australia, Europe, Malaysia, Japan, and more.

There are three account tiers (Rookie, All-Star, Hall of Fame) and the commission fee depends on the account that you hold. However, if you're trading in the U.S stock market (AMEX, NYSE, NASDAQ), the platform charges a US$5 flat rate commission fee across all tiers. While it's not the cheapest, the price is still quite competitive if you're not a frequent trader, and considering that it's also regulated by the Monetary Authority of Singapore (MAS).

Furthermore, ProsperUs doesn't charge a platform fee, account maintenance fee, and inactivity fee. There's also no minimum deposit required. 

Best for low fees: moomoo SG, Tiger Brokers, or Webull

moomoo竖版上市组合标志_画板 1

One of the newest entrants to the online brokerage space in Singapore, moomoo SG first made waves during the pre-launch by offering a free Apple (AAPL) stock with each funded account.

moomoo SG doesn't charge any commission fee and only a platform fee of US$0.99 per order.

For Singapore stocks, moomoo charges 0.06% for commission and platform fees with a minimum fee of S$1.98 at the time of writing.

If you don't have a bank account in Singapore, you can also transfer funds from your overseas account via Wise. You can fund your account either through Wise balance or bank transfer via Wise. Here's a step-by-step guide on how to do it.

moomoo SG is currently offering various sign-up rewards worth up to S$660 for new users who open an account with Futu SG from 2 November 2023 to 3 January 2024:

Reward 1:

Upon successful opening of a moomoo SG securities account, you’ll enjoy:

  • Lifetime commission-free trading for the U.S market
  • Free access to real-time Lvl 2 Market Data for the U.S stock market
  • Free access to real-time Lvl 1 Market Data for the SG stock market
  • Free access to real-time Lvl 1 Market Data for China A Shares market
  • One year free commission-free trades for SG market (stocks, ETFs, and REITs)
  • Six months commission-free for US stock iptions
  • moomoo Cash Plus 5.8% p.a. guaranteed returns of up to S$380, valid for 30 days

Reward 2

If you deposit a cumulative amount of at least S$3,000 (or equivalent currencies) before 3 January 2024 for 30 days and perform three cummulate buy trades and maintain your assets for 30 days to receive: 

  • One stock bundle consisting of Tesla (TSLA), Nvidia (NVDA), Apple (APPL), Sea (SEA), and NIO (NIO) fractional shares worth around S$70. 

Reward 3

Deposit a cummulate amount of at least S$10,000 (or equivalent currencies), maintain it for 90 days, and perform eight cummulate buy trades before 3 January 2024 to receive three stocks bundles of Apple, Nvidia, Tesla, and Sea, and NIO fractional shares worth S$210. 

 Note that rewards 1, 2, and 3 are stackable.


SingSaver Exclusive Promotion: Receive S$80 Grab vouchers when you open a moomoo universal account and fund a minimum of S$100. Valid till 5 December 2023. T&Cs apply.

Additionally, get up to S$660 in rewards and up to 5.8%^ p.a. guaranteed returns when you park your cash with Moomoo Cash Plus for up to 30 days. Valid till 3 January 2024. T&Cs apply.


Having entered the market in 2020, Tiger Brokers continues to offer a low fee of 0.08% for every trade made. For US stocks, Tiger charges US$0.005 per share, with a minimum commission fee of US$0.99. There is also no inactivity fee or custodian fee, adding to the perks of opening a Tiger Brokers account. You will have to fund your Tiger Brokers account before you can make a trade.

On the other hand, Tiger Brokers is also running a welcome promo from 31 October to 22 November 2023:

Open An Account

Sign up and open an account with Tiger Brokers (Singapore) Pte Ltd ("TBSPL") during the promotional period to receive 365 days of unlimited commission-free trades for HK, SG, and China A stocks and 180 days of unlimited trades for U.S stocks. 

(This bonus package is valid for first-time account opening only.)

Activate the Auto-sweep feature on Tiger Vault

Activate the Auto-sweep feature on Tiger Vault for the first time on your newly approved account to enjoy a 30-day(trading days only) interest bonus boosted to 8% p.a. Limited to the first 3,000 eligible rewards.

(This bonus is valid for first-time account opening and first-time activation of the Auto-sweep feature only.)

Fund and Trade

  • Fund your newly approved account with S$300 or more in one single deposit during the promotion period to receive US$10 of Apple fractional shares (NASDAQ: AAPL).

  • Fund your newly approved account with S$1,000 or more in one single deposit and execute five new BUY trades during the promotion period to receive US$30 of Apple fractional shares (NASDAQ: AAPL) and one sure-win draw attempt to get one free stock valued between US$8.8 to US$888.

Bonus Tier

Account Opening

Unlimited Commission-Free Trades for HK & SG & China A Stocks for 365 days

Unlimited Commission-Free Trades for U.S. Stocks for 180 days

Activate the auto-sweep feature on Tiger Vault

30-day (trading days only) interest bonus boosted to 8%* p.a.

First Deposit ≥ S$300

US$10 of Apple fractional shares (NASDAQ: AAPL)

First Deposit at least S$1,000 and complete five new BUY Trades

US$30 of Apple fractional shares (NASDAQ: AAPL),

One sure-win draw attempt to get one free stock, valued between US$8.8 to US$888

Check out our full review of Tiger Brokers here.



SingSaver Exclusive Promotion: Enjoy 3x chances to win your share of up to S$200,000 in prizes in our epic 101! Milestone Giveaway, including S$5,000 bonus cash each week on top of ongoing promotions. Valid till 20 December 2023. T&Cs apply. Click here to check out our past Lucky Draw winners!

Receive S$120 cash via PayNow or S$140 Capitaland Vouchers when you open a Tiger Brokers account and fund any amount. Fund a min. of USD 1,000 on your account to get S$180 Cash via PayNow or S$190 Capitaland Vouchers. Valid till 20 December 2023. T&Cs apply.

Also, get up to USD 888 worth of prizes and an 8% p.a. interest bonus from Tiger Brokers when you deposit and trade with your Tiger Brokers account. Valid till 22 November 2023. T&Cs apply.



Meanwhile, Webull is one of the newest brokerages in Singapore. A popular online broker in the US, the trading platform offers zero platform fee for the US and HK markets, and a commission fee of 0.02% of the total trade amount (min. US$0.50). There are also no withdrawal fees, deposit fees, and inactivity fees.

Additionally, it also supports fractional share trading for as low as US$5 per fractional share. This allows you to buy high-priced shares of big companies such as Alphabet, Apple, and Amazon, even if you don't have a large capital. 

Read our review of Webull here

WEBULL_$140_BLOGARTICLE_800x250 (1)

SingSaver Exclusive Promotion: Enjoy 3x chances to win your share of up to S$200,000 in prizes in our epic 101! Milestone Giveaway, including S$5,000 bonus cash each week on top of ongoing promotions. Valid till 20 December 2023. T&Cs apply. Click here to check out our past Lucky Draw winners!

For a limited time, be the 1st, 5th or 10th eligible applicant daily during the Flash Deal period to receive an Apple iPad Air 4th Gen 64GB (worth S$879) on top of existing rewards. Receive $90 cash via PayNow when you open a Webull account and fund a minimum of S$100 within 30 days of account opening. Also, receive an additional S$50 cash (total S$140 cash) when you fund a min. of S$2,000. Valid till 4 December 2023. T&Cs apply.

Also, receive up to 10 free shares worth up to USD 5,000 when you fund any amount within the campaign period and maintain the amount for 30 days. Valid till 30 November 2023. T&Cs apply.



Best CDP-linked accounts: DBS Vickers and FSMOne

If you prefer trading Singapore stocks with a CDP account, you can enjoy lower commission fees and a low minimum commission fee of S$10 for buying Singapore stocks with the DBS Vickers Cash Upfront account.

This makes it one of the cheapest brokerage account to use if you want the stocks to be transferred into your CDP account. A pre-funded account, you will have to top up sufficient cash into the account before you can execute a trade.

However, this low commission is only applicable to ‘Buy’ trades. This makes it a great option if you are looking at long-term investments and do not plan on selling the stock. If you do want to sell the stock in the future, you could consider other brokerages such as FSMOne to execute that trade at a low commission fee instead.

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But if you prefer a flat fee regardless of your trade, consider trading on FSMOne. It charges a flat S$8.80 processing fee regardless of the size of your trade. Silver account holders also earn 10% additional points on top of the Standard Rewards points. To become a Silver FSMOne account holder, you need to have at least S$100,000 in your FSMOne account

However, do note that this is only applicable for trades in SGX-listed stocks and ETFs. This flat fee also excludes CDP clearing fees and SGX trading fees.

Read reviews of the best online brokerages in Singapore

Want to learn more about the offerings of different online brokerage platforms in Singapore? Read our reviews of the different online investment platforms here: 

Besides opening a brokerage account, if you're looking for a diversified investment solution, you can also consider investing with robo-advisors.


Read these next: 
Tiger Brokers Review: New Kid On The Block With Low Commissions
moomoo Review: Low Cost Trades And A Free AAPL Share
Interactive Brokers (IBKR) Review: Pros, Cons and Why They’re So Popular
7 Popular Types Of Investment In Singapore (And Tips To Use Them For Optimal Gains)
Best Robo Advisors To Auto-Pilot Your Investments In Singapore
Best Citibank Credit Cards in Singapore
A Full Guide to Priority Banking in Singapore

A flat white, an adventure-filled travel and a good workout is her fuel. Sue Mae enjoys sharing knowledge on personal finance while chasing the dream of financial independence.


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