Best Brokerage Accounts for Online Stock Trading

Choosing the right online brokerage account is key to successful stock trading in Singapore. The ideal brokerage offers fast trade execution, low or no commissions, user-friendly platforms, and responsive customer service. 

Moreover, a robust platform with free investment research and a wide selection of investment options also adds value to an investor's overall experience, ensuring that both beginners and experienced traders can optimise their strategies.

At SingSaver, we feature a range of brokerage firms to suit different trading needs. For beginners, platforms like Robinhood and Webull offer simple, intuitive interfaces and low fees, making them ideal for those new to stock trading.

For seasoned traders, firms like Tiger Brokers, and Longbridge provide advanced tools and research resources for more sophisticated strategies. These platforms are designed for investors who need powerful execution and in-depth analysis.

Moomoo stands out as a well-rounded option, offering a comprehensive platform that appeals to both beginners and experienced traders with its mix of ease of use and advanced features. These options ensure that investors in Singapore can find a brokerage that aligns with their unique goals.

At SingSaver, we are committed to providing our users with a comprehensive and unbiased review of online brokerage accounts. To help you choose the best option for stock trading, we follow a detailed and thorough evaluation process, considering a wide range of factors to ensure that each featured brokerage offers the best possible experience for investors in Singapore.

Our selection process starts with a deep dive into the core aspects that matter most to traders: fees, platform usability, investment options, customer service, and regulatory compliance.

To choose the best online broker for your needs, here are the key factors to consider:

Most online brokers today have eliminated commissions or trading fees for stock trades, making it easier and more affordable for investors to buy stocks as well as sell them. However, commissions can still apply to other types of trades, such as stock options.

For options trades, brokers often charge a per-contract fee. If you’re an options trader, it's important to compare these fees across brokers, as some have completely removed the contract fee. Brokers who offer low or no fees for options trading can provide significant savings over time, especially for active traders.

When choosing a broker, consider how often you plan to trade options and whether the commission structure aligns with your trading style and frequency. For those focused primarily on stock options, it's worth checking out brokers who specialise in options trading, as they may offer more competitive pricing and additional resources.

When selecting a broker, it’s important to consider the full range of account fees that may apply beyond just trading commissions. Many brokers charge various types of fees, including commission fees, inactivity fees, platform fees, and more.

When choosing a broker, it's crucial to understand how these fees could impact your investment returns, especially over the long term. If you're an active trader, you may want to prioritise brokers with lower commissions or tiered pricing to reward higher volumes.

For long-term investors, it’s important to check for custody or account maintenance fees that can accumulate and erode returns over time. Consider these factors carefully to avoid unexpected charges that could diminish your investment gains.

When choosing an online broker, consider the markets and asset classes you want to invest in. If you're focused on Singapore stocks, ensure the broker provides access to the Singapore Exchange (SGX). Alternatively, if you’re interested in diversifying your portfolio with international markets like the US or Hong Kong, confirm that the broker offers access to those exchanges as well.

Additionally, many brokers offer fractional shares, which allow you to invest in portions of high-priced stocks, making them more accessible to smaller investors. This feature is particularly beneficial for those looking to invest in well-known, expensive stocks but with a limited budget.

>> Learn more about Brokerage Fees And Other ‘Hidden Fees’ To Know When Investing In Singapore

Execution quality refers to how efficiently and accurately a broker can execute your orders in the market. For most casual traders, differences in execution quality are generally minor, especially when making fewer trades. However, for active traders who trade large volumes of shares frequently, execution quality becomes much more important.

A high-quality execution ensures that orders are filled at favourable prices, minimising slippage and enhancing overall trading performance. When reviewing brokers, we focus on the broker's self-reported execution quality, which is often measured by the percentage of orders executed at or better than the National Best Bid and Offer (NBBO).

The NBBO represents the best available price at any given time across all exchanges. Brokers with higher execution quality typically provide better price fills and faster order execution, which is critical for those looking to make frequent, large trades. If you're an active trader, it's essential to consider execution quality to optimise your trading outcomes.

For new investors, having access to solid educational resources is essential to building confidence and making informed decisions. Look for brokers that offer a range of free materials, such as live webinars, how-to guides, video tutorials, and glossaries.

Additionally, if you're interested in more advanced strategies, consider brokers that offer clear guidance on risk management, such as access to an on-call customer support team or live chat. This will ensure you fully understand the products and strategies you’re using.

For active traders, having access to powerful tools and research materials is equally important. Many brokers provide customisable platforms with advanced charting tools, market data, and technical indicators that can help you analyse trends and make better decisions. 

If you're an experienced trader, you may also benefit from premium research resources, including analyst reports and in-depth market analysis, although these may come with an additional cost. Be mindful not to overpay for tools you don’t need.

Besides these, the user interface (UI) and experience (UX) of a trading platform are crucial for successful trading. A well-designed, intuitive platform allows you to trade quickly and efficiently, whether it's web-based, mobile, or desktop.

Even with your investments carefully selected, idle cash in your brokerage account, such as from dividend payments, can accumulate over time. It’s important to consider the interest rate your broker offers on this uninvested cash, as some brokerage firms in Singapore provide competitive rates.

However, finding this information can be challenging, as many brokers don’t openly disclose their interest rates. In fact, some may bury the rate in the fine print, particularly if the rate is low or nonexistent. To find this information for common brokers in Singapore, you can check the account details or FAQs on their website.

Some brokers may also disclose these rates through account statements or investor communications, so it's worth reviewing those documents as well.

When choosing an online broker, reliability is a crucial factor to consider, as you want to ensure your funds and trades are secure. Brokers are regulated by the Monetary Authority of Singapore (MAS), which ensures they adhere to strict financial regulations and maintain a high standard of operations.

While there are both well-established firms with decades of experience and newer entrants into the market, reliability is something you shouldn't overlook. Established brokers are generally considered more reliable due to their proven track record in various market conditions.

However, newer brokers in Singapore can still be trusted as long as they are regulated by MAS. While they may be untested in certain market scenarios, many of them offer competitive features and services. For investors seeking a straightforward, no-frills investment account, newer, streamlined apps or brokers can be a suitable choice.

On the other hand, if you prefer the security and stability of a long-established institution, it may be worth choosing a larger, more established brokerage.

When selecting an online broker, it's important to consider the various account types offered, each with its own features and minimum deposit requirements. Different brokers cater to different types of investors.

Some provide basic accounts with low minimum deposit thresholds for casual investors, while others target active traders with premium accounts that come with higher deposit requirements. The type of account you choose should align with your investment goals and the level of service needed.

Many online brokers offer sign-up promotions to attract new customers, such as cash bonuses for meeting certain deposit thresholds or free trades for a limited time. While these promotions can be tempting, it's important not to let them be the primary factor in your decision-making process. A high commission or hidden fees over time can easily outweigh any initial bonus or savings. 

However, if you're deciding between two otherwise similar brokers, a promotion could serve as a useful tie-breaker to help you make your final choice. Just remember to consider the long-term value and costs associated with each broker before making your decision.

>> Level up your portfolio: View the best brokerage promotions right now

Switching to a new online broker is a straightforward process that can typically be done entirely online. Here’s a simple four-step guide to help you make the transition:

1. Start by finding your most recent brokerage account statement. Next, open an account with your new broker, which you can do online. During the sign-up process, you’ll be asked for basic details such as your date of birth, address income, and others.

2. Once your new account is set up, log in to it and start an ACAT (Automated Customer Account Transfer), where you'll provide your old account number and other relevant details.

3. The new broker will confirm whether your investments can be transferred in-kind (without needing to sell). This typically applies to stocks, ETFs, and mutual funds. If some of your investments aren’t supported, you can sell them and transfer the cash instead.

4. The transfer process can take anywhere between five and seven days. Once completed, you’ll be notified and ready to begin trading with your new account.