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.
If you open a new global investment account with ProsperUs from 1 October to 31 December 2022, you'll be rewarded with S$30 cash credit for every buy trade you make, up to a maximum of three days buy trades using the same ProsperUs account. You must make the three buy trades within 30 days upon account opening.
On top of that, you'll also be rewarded with free level 1 market data subscription for U.S stocks (NASDAQ, New York Stock Exchange, AMEX and ARCA) until 31 December 2022.
Best for low fees: moomoo SG, Tiger Brokers, or Webull
One of the newest entrant 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 charges a commission fee of 0.03% per transaction amount for SG stocks, with a minimum commission fee of S$0.99 (except for commission-free months). Do note that you can only trade US, HK or SG stocks on moomoo SG and will also incur a platform fee of 0.03% of the transaction amount (minimum S$0.99 per order).
Investors take note - moomoo is offering users lifetime zero commission for US stocks and $0 platform fees for 1 year for the US market.
Upon successful account opening, you'll also get free access to Level 2 Market Data for the US stock market and free access to Level 1 market data in the SG stock market and China A shares market.
On top of that, you'll also enjoy a S$2 cash coupon every day for 10 days if you invest at least S$100 in moomoo Cash Plus and hold S$100 or move for 10 days.
If you deposit S$2,700 or more, you'll have one chance to spin the wheel and win 1 free share worth between S$35 to S$200.
The above promos end on 31 December 2022.
SingSaver Exclusive Offer: Receive S$20 cashback when you open and fund S$100 into a moomoo Cash Plus Account and hold the balance for 30 days. Valid till 31 December 2022. T&Cs apply.
In addition, enjoy a guaranteed return of 5% p.a. for 3 months when you make a subscription between $100 to $10,000. T&Cs apply.
Plus, apply for this product and score 1x entry in our Score Big Grand Lucky Draw, where you stand to win your share of over S$30,000 worth of exciting prizes! Valid till 18 December 2022. 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$0.01 per share, with a minimum fee of US$1.99. 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.
Check out our full review of Tiger Brokers here.
Meanwhile, Webull is one of the newest brokerages in Singapore. A popular online broker in the US, the trading platform offers zero commission and platform fees for the US and HK markets.
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.
SingSaver Exclusive Offer: Receive S$100 cash when you apply for a Webull account and fund min. S$2,000 within 30 days of account opening. Valid till 7 February 2023. T&Cs apply.
Additionally, get up to USD150 worth of cash vouchers and enjoy zero-commission trading. What's more, refer a friend and get USD120 worth of shares; refer 10 friends and stand to win an iPhone 14. T&Cs apply.
Plus, apply for this product and score 2x entry in our Score Big Grand Lucky Draw, where you stand to win your share of over S$30,000 worth of exciting prizes! Valid till 18 December 2022. T&Cs apply.
Best for US markets with no commissions: TD Ameritrade
One of the largest US online broker, TD Ameritrade features an unbeatable US$0 commission on US exchange-listed online stock, ETF, and option trades for all new and existing clients. There is also no platform fee, no inactivity fees and no minimum deposit required.
Beyond commission-free trading, TD Ameritrade Singapore's trading platform, thinkorswim, was voted the 'Most Preferred Platform' at INVEST Fair 2019. They also offer comprehensive investor education and trading tools.
Best for flat fee: FSMOne
If you’re trading on FSMOne, you enjoy just S$8.80 flat 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.
Best for Singapore stocks: DBS Vickers Cash Upfront
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 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.
Best for promotions: Tiger Brokers, moomoo SG, or uSMART
The aforementioned brokerages have made their mark in the Singapore brokerage market despite being relatively new here.
The game changer when it comes to promotions, Tiger Brokers were the ones that introduced the idea of collecting coins (much like Shopee), attractive referral gifts, stock vouchers and more.
Tiger Brokers is also offering a welcome gift promotion till 30 November 2022 that rewards new customers with 180 days of unlimited commission-free trades for U.S. stocks, and 365 days of unlimited commission-free trades for HK, SG, and China A stocks. You'll also receive one free Grab share.
On top of that, you'll receive S$88 when you fund at least S$1,000 into your account and make at least five new buy trades. However, note that your total assets would need to amount to S$1,000 or above every day until 30 November.
For both Tiger Brokers and moomoo SG, if you're an existing user, you can still earn other rewards such as stock vouchers through referrals made.
Finally, as part of the welcome promo, new uSMART users will get to enjoy zero-commission charges for US, SG, and HK stocks and zero US market settlement fees until 31 December 2022.
You'll also receive 0.02 worth of Tesla vouchers (worth up to US$6); free US and SG market live price; one wire transfer reimbursement voucher pack; and one cash voucher reward pack.
Read our review of uSMART 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