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With so many brokerage firms in Singapore to choose from, finding the best online broker can be a daunting process. To help you narrow your search, we have prepared a comparison of the best online brokers in Singapore based on a range of factors like commission cost of trading, international market access and exchange rates.

Consider this ifyou want to trade any securities while minimising trading costs

In our opinion, Saxo Markets is the best online brokerage in Singapore because it combines low cost, great market access and easy user interface into one offering. First, Saxo Markets only charges 0.08% of commission on your trades with a minimum cost of S$10 for Singapore stocks ($4 for US stocks), roughly half of what most of its peers charge in the market.

Saxo Marketssadvantage is apparent in its foreign market access as well. It provides online trading in 36 global markets, and also offers market leading commission rates for the major international markets like the US, HK and Japan. It also charges even lower commissions for investors with funding of at least S$50,000 (S$50,000 for platinum and S$1,000,000 for VIP accounts). Saxos FX spreads are also some of the lowest weve seen, beating competitors by a huge margin. Our analysts have also found Saxo Marketss user interface to be the most intuitive and the easiest to use. Combining price competitive, market access and ease of use, Saxo Markets, provides one of the best offerings for investors and traders alike.

Consider this ifyou are an experienced trader of CFDs

For expert traders who only want to trade CFDs, City Index might be a great option to consider. CFDs are basically instruments for margin trading, meaning you are borrowing to invest more money than you have on hand. As such, it can dramatically increase both your gains and losses. Because of this nature, CFDs should generally be recommended for seasoned experts who know how to trade in a savvy manner.

When it comes to trading CFDs, City Index can lead to the lowest costs for you. While Saxos essential account is still the cheapest for some options, City Indexs CFD offering provides a more diverse market access and its commission and financing interest are both either match or are lower than even Saxos standard account. City Index also offers a robust and competitive trading platform for forex trading. However, Saxo is still the better fit for investors who seek access to a diverse set of asset classes (i.e. equities, ETFs, bonds, etc.) with market leading commission.

Comparison of City Index and Saxo Markets By Product and Market

Comparison of City Index and Saxo Markets By Product and Market

Interactive Brokers: Best Online Brokerage for International Markets

Consider this ifyou plan to invest more than S$100,000 exclusively in international markets outside of Singapore

The Singapore market can be quite limiting in terms of options, as Straits Times Index only includes 30 stocks. If you are looking to diversify into other markets like the US, Hong Kong and Thailand, you might want to consider other options. In terms of trading securities in non-Singapore marketsonly, Interactive Brokerss commission levels are hard to beat. As you can see in the tablebelow, IB has the lowest cost for any region outside of Singapore. Still, Saxo is the best option for those who want access to every market including Singapore.

The problem, however, is that it can only be used by Singaporeans to buy stocks outside the country because its notlicensedto fully operate in Singapore. This also comes with other risks like the fact that the Singapore government will not guarantee your money in case of IBs default since its not licensed; however, IB is an international firm with a very solid reputation so this risk might be low. Lastly, IB charges a monthly minimum fee of S$10 for accounts between S$2,000 and S$100,000. Though this cost can be offset with trading commissions, it can still be a meaningful cost if you are trading only a few thousand dollars in total.

Consider this ifyou only want to trade US stocks and ETFs

For wealthy investors who only plan to trade US stocks & ETFs, TD Ameritrade might be a good alternative to Saxo. Although it charges a higher minimum commission of about S$15 (USD10.65) commission on your trades compared to Saxos 0.06% on US stocks (USD $4 minimum), this is actually a flat fee no matter which market you trade or how much money you are trading. Therefore, if you are in large amounts (greater than about S$25,000) at a time, your fee can easily be lower with TD Ameritrade than what you pay with Saxo. However, if you are looking to invest in a variety of securities like futures, options, bonds and FX, we think Saxo is still a better option for you especially if you trade a lot.

Fee Comparison: TD Ameritrade and Saxo Markets

Fee Comparison: TD Ameritrade and Saxo Markets

Summary Table of Online Brokerages Commissions

Below is a summary table of all the online brokers in Singapore. Please read our review of the best online brokers above for more detailed analysis and see which one best suits your needs.

There are many other factors to consider. For one, it might be useful to actually check out the user interface of each brokers offering to see if you can use them easily. Some of the brokers like Saxo and POEMS have quite user-friendly platforms, while others have websites that look quite outdated. Furthermore, for sophisticated traders who care about live-data API connection and margin financing, it might be crucial to understand the different product offerings in the market to make sure that they get the best deal on everything they care about. Not every broker will provide this information upfront; but usually, companies that have the best rates tend to make the most disclosure. Lastly, some brokers may have teams of analysts that provide research reports for companies and markets, which could be valuable to some investors depending on their investment style and aptitude.

Duckju is the CEO of ValueChampion. He covers the financial services industry, consumer finance products, budgeting, and investing. He previously worked in the financial services industry, including at such hedge funds such as Tiger Asia and Cadian Capital.

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