Home Guide to Investing Best Stock Brokers for Singapore Investors in 2022 (US, Singapore, Hong Kong...

Best Stock Brokers for Singapore Investors in 2022 (US, Singapore, Hong Kong markets)

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I’ve been getting quite a few questions on the best stock brokers for a Singapore investor recently.

Given it’s been some time since my last update, and with the entry of Robinhood style Webull (free US stocks and options trading), I thought this piece was long overdue.

What to look out for in a Stock Broker (as a Singapore Investor)?

At a high level, the 4 biggest points you look out for in a stock broker are:

1. Fees – Generally speaking, the lower the fees, the better (as long as you don’t sacrifice too much of the other points on this list)

2. Market Access – Which markets the broker gives you access to. As a Singapore investor, the key markets you want (in order of priority) are Singapore, US, Hong Kong and London.

That said, this is ultimately a personal choice, some people are happy with just Singapore and US.

3. Trade Execution – How well the broker executes your trades. Does the broker execute at market price, or is there a small spread?

4. Safety of assets – How safe are your assets? Is there a chance the stock broker will go under? Are assets held in your name?

Apart from the 4 above, everything else is mostly a good to have, and will depend on personal preference:

a. Account Opening Bonus – You get free stuff when you open an account. Nothing Singaporeans love more than a good freebie.

b. CDP vs Custodian – CDP vs Custodian is applicable only for Singapore shares.

It’s ultimately down to personal preference, but for me I would say that if you plan to hold the shares long term, it’s worth paying a bit more on brokerage fees to have your shares held in CDP.

If you just plan to trade, then go with custodian for cheaper fees.

c. User Interface – Again a personal preference.

Sometimes you just cannot get along with the User Interface of certain stock brokers.

Latest Fee Schedules for Singapore Stock Brokers

I’ve set out the latest brokerage fees for the shortlisted Singapore Stock Brokers below:

Market

Webull

Interactive Brokers

Tiger Brokers

Moomoo (powered by Futu)

DBS Vickers Cash Upfront

US

Free

$0.005 per share

$0.01 per share

(Minimum $2)

Free for first year

$0.99 per order after

 

London

Not available

GBP 6

Not Available

 

Not Available

 

Germany

0.1%

Paris

Hong Kong

Free (may change in future)

 

 

 

 

 

 

0.08% (Minimum $2.5)

 

 

 

0.06%

(Minimum $7)

0.03% (minimum $18)

Australia

 

 

 

 

Not available

 

0.1%

(Minimum $8)

Not Available

China

0.06% (Minimum $15)

Tokyo

Not Available

Singapore (SGX)

0.06%

(Minimum $2)

 

0.06% (Minimum $2)

Buy – 0.12%

(Minimum $10)

Sell – 0.18% – 0.28% (Minimum $25)

In case the table doesn’t display properly, here’s the same in picture form:

   

My personal views – Best Stock Broker for Singapore Investors in 2022

Now I’m just going to cut to the chase and share my views on the best brokers to use.

For Casual Investors

For Sophisticated Investors

  • International Markets (US, Hong Kong, London etc) – Interactive Brokers
    • (can consider Webull for US/HK markets as a secondary broker)
    • (or Saxo if you’re not a fan of IBKR)
  • Singapore – DBS Vickers Cash Upfront

Promo Code / Account Opening Bonus for Stock Brokers

Promo codes / Accounting Opening bonus for each of the recommended brokers are set out below, but I do highly recommend reading the rest of this article before making a decision:

Webull Signup Link  

Tiger Brokers

MooMoo

Interactive Brokers

Saxo

Best Stock Broker for US/HK markets (Casual Investors) – Webull

What I like about Webull

I did a full review on Webull recently, and I actually really like it.

It’s basically the Singapore investors’ equivalent of Robinhood – with Commission Free US stocks and options trading.

There’s no gimmick here. You can literally trade US stocks and options on the app without paying a single cent in fees.

I love it.

FX fees are decent enough too at 0.3% spread.

It’s not best in class like Interactive Brokers which gives you interbank FX rates at a $2 commission. But definitely on par with all the other brokers on this list.

I absolutely love the Webull app as well. I find the app very well designed, very smooth, and very easy to use – even better than Tiger Brokers and Moomoo in my personal view.

Personally I use Webull as my main app to track stock prices these days.

What I don’t like about Webull

If there is a drawback with Webull, it is that you only have access to the US and Hong Kong markets.

Which means that you’ll probably need to find another broker to access Singapore or London markets.

Webull is a Chinese owned stockbroker (like Moomoo and Tiger), so read into that what you will.

According to the Terms and Conditions the assets are held in a custody account, held on trust for you.

At this day and age, I wouldn’t say for certain that any one broker is completely risk free. I would almost never put all my assets into any one broker.

Best to spread them around.

Webull does do payment for order flow (they sell their order book to market makers like Citadel), but as a retail investor I don’t think that’s a big issue.

As long as you use limit orders (set a price to buy at instead or a market order), this shouldn’t affect you a great deal, and the free commissions are probably worth it.

They’re running an accounting opening promo now with up to USD100 in Apple shares – good time to open an account if you’re keen: Webull Signup Link  

Best Stock Broker for Singapore market (Casual Investors) – Tiger Brokers

What I like about Tiger Brokers

Tiger Brokers actually has access to quite a few big markets, at very decent fees.

You can access to the usual Singapore, US and Hong Kong, but on top of that you also get access to Australia and China A-Shares.

Fees are acceptable too, and if you’re a new customer you get 180 days commission free trades for US stocks.

FX fees come in at 0.3%, pretty much in line with Moomoo and Webull, which is acceptable.

Special Account opening promo for FH readers

Tiger Brokers is doing a special promo for FH readers – on top of the usual account opening promo you’ll also get an additional SGD 40 stock voucher if you fund more than $2000.

Something to consider if you’re thinking of going with Tiger Brokers.

Full account opening promo below:

  • Commission-free trades for U.S. stocks in 180 days (Unlimited);
  • 1 Grab share (NASDAQ: GRAB)
  • Lucky Draw to win one free stock(valued between SGD8- SGD1120)
  • SGD5 voucher;
  • *Financial Horse Exclusive* SGD 40 stock voucher (First Deposit ≥ SGD 2,000) for the extra bonus for new users through Financial Horse.

Tiger Brokers signup link

What I don’t like about Tiger Brokers

Just like Webull and Moomoo, Tiger Brokers is a China owned broker – so read into that what you will.

For what it’s worth, all of them are MAS licensed though.

Best Stock Broker for Singapore market (Casual Investors) – Moomoo

What I like about Moomoo

Frankly speaking, Moomoo and Tiger are very similar.

Moomoo is slightly cheaper in terms of fees for the US markets.

But with Moomoo you don’t get access to China and Australia markets.

User Interface wise, both are pretty similar as well.

And I mean this in a good way.

Because frankly, because I didn’t have any issues navigating around the app and finding whatever function I needed for both Moomoo and Tiger Brokers.

MooMoo signup link

What I don’t like about Moomoo

Moomoo is also a China owned broker, listed in the US under Futu.

The recent share price crash has been bad for all the China shares include the stock b rokers.

I highly doubt if this will cause any insolvency issues. But they might probably switch up their marketing strategies going forward to focus less on growth at all costs.

Which might mean less account opening promotions and the like going forward.

We’ll see.

Best Stock Broker for International markets (Sophisticated Investors) – Interactive Brokers

What I like about Interactive Brokers

For serious investors who are investing large sums of money, I think Interactive Brokers is probably the best option out there right now.

You get ridiculously low fees, interbank FX rates (for a $2 commission), and access to almost every market you can possibly want.

And their platform is sophisticated enough to execute whatever complex options trade you may want to cook up as well.

Frankly – what more do you want in a stock broker?

Interactive Brokers Sign Up Link

What I don’t like about Interactive Brokers

If there is one drawback about Interactive Brokers, it would be that the platform is kind of complex.

I know that this is a stupid point to gripe about, but if you just go inside and play around, you’ll get what I mean.

If Moomoo / Webull is like riding a bike, Interactive Brokers is like flying a 747.

Literally every option you want, is at your fingertips.

That’s good when you need it.

But sometimes, you just want to buy a stock and not fuss around too much with the app. In which case the platform options can be a bit too overwhelming for this simple horse.

Interactive Brokers also doesn’t have access to CDP for Singapore stocks, so you’ll need to use another stock broker for that.

Alternative: Saxo

If you’re not a fan of Interactive Brokers, or you just can’t stand their User Interface, Saxo is another strong option to check out.

Fees are slightly more expensive than Interactive Brokers, but the access to markets, the product offering, the user interface, are all very solid.

A very decent alternative to Interactive Brokers for the sophisticated investors, looking to invest in international markets.

Special account opening bonus for Saxo Brokers too (drop email to saxo@financialhorse.com for full steps).

Best Stock Broker for Singapore market (Sophisticated Investors) – DBS Vickers Cash Upfront

What I like about DBS Vickers Cash Upfront

If you want CDP access for Singapore shares, you’ll probably have to stick with DBS Vickers Cash Upfront.

It’s 0.12% (minimum $10) per trade for buy trades, and 0.28% (minimum $25) for sell trades.

It’s a bit pricey, but personally I think it’s worth it for the peace of mind and convenience that comes with holding your shares in CDP, in your own name.

You also get annual reports and rights issue forms sent directly to your address as well, which is worth the fees in my view.

What I don’t like about DBS Vickers Cash Upfront

That said, there’s no denying that fees are on the high side.

If those really bother you, you can use FSMOne which has flat $8.8 fees, but you will need to link your CDP account to FSMOne (can be done online now).

DBS Vickers internet banking platform is also a bit dated, and their mobile app is non-existent.

But I mean, I only go in to execute a trade, and then I go out.

I can live with it.

Best Stock Brokers for Singapore Investors in 2022

And there you have it!

Best Stock Brokers for Singapore Investors in 2022.

Some of you may not agree, in which case just share your favourites in the comments below!

For Casual Investors

For Sophisticated Investors

  • International Markets (US, Hong Kong, London etc) – Interactive Brokers
    • (can consider Webull for US/HK markets as a secondary broker)
    • (or Saxo if you’re not a fan of IBKR)
  • Singapore – DBS Vickers Cash Upfront

Account opening promo for each of the stock brokers below:

Webull Account Opening Promo – Promo Code / Sign Up Bonus

If you open a Webull account, fund at least $2000, and execute 1 buy trade you will get USD60 worth of Apple fractional shares.

Just make 5 more buy trades and you get another USD40 worth of Apple shares.

That’s USD100 worth of welcome bonuses for not very much work.

Sign up link here: Webull Signup Link  

 

Tiger Brokers Account Opening Promo

Full account opening promo below:

  • Commission-free trades for U.S. stocks in 180 days (Unlimited);
  • 1 Grab share (NASDAQ: GRAB)
  • Lucky Draw to win one free stock(valued between SGD8- SGD1120)
  • SGD5 voucher;
  • *Financial Horse Exclusive* SGD 40 stock voucher (First Deposit ≥ SGD 2,000) for the extra bonus for new users through Financial Horse.

Tiger Brokers signup link

Moomoo Account Opening Promo

Get 1 free Apple share (worth up to $150) you’re new to MooMoo and fund $2700.

Interactive Brokers Account Opening Promo

Interactive Brokers Sign Up Link

Saxo Account Opening Promo

Special account opening bonus for Saxo Brokers too (drop email to saxo@financialhorse.com for full steps).

16 COMMENTS

  1. Hi FH,

    Been using account with webull US for sometime, reason cos webull offer great level 2 data screen. Info is comprehensive n easy too. Too bad, most of the CDP account broker here, base fees are sky high n not willing to negotiate, this which will effect user investing decisions n investing methods. Others brokers here do offer no fee for US market , those are great as well. Trading tools, chart features n news also compliment to the account, when choosing. Great FX rates is also important as well. All the best for your investment Endeavor. 😉

    • Agreed that Webull has great data and easy to use.

      And yes! The fees charged by the local CDP account brokers are really not attractive. Unfortunately, there are little alternatives.

  2. Thank you. Some feedback on custodian risk. One useful gauge: in one’s respective opinion, is webull etc less risky versus MF Global?

    MF Global went bankrupt in 2011. Was major US listed brokerage with $43bn assets (2010). Though separate trust account for client assets, it still took years for investors to get their shares or monies back (after all the liquidation process).

    For me personally, and admittedly its subjective. Level 1 = CDP = Vickers upfront + FSM for Singapore counters Level 2 = Singapore banks or brokers.

    The important premise is that Singapore headquarteted FIs are prudently run and well regulated. Key is headquarter here in Singapore.

    Now DBS OCBC UOB brokerages are way too expensive for foreign counters. My preferences would be SCB and FSM. SCB though headquartered in UK, the Singapore banking entity is a ring-fenced separate local subsidiary.

    • Agreed on your analysis.

      For what it’s worth, I dont think it is likely for a major broker like Webull or Futu to go under. But frankly in these days, one can never say never.

  3. Hi FH,

    Noticed that Saxo, FSMOne and more are not included in this list. Wonder if you still consider them as top choices as you have been promoting Saxo over the past 1-2 years? Thanks

    • Yes I think Saxo is a very solid option, right behind IBKR.

      Between IBKR and Saxo I think IBKR is probably the better option because it is cheaper fees wise, but Saxo is better in other ways too.

      So yeah… I think Saxo can be considered too. Might probably update the article to include Saxo.

  4. Notably Saxo is no longer mentioned.

    In your objective opinion, how does it fare as compared to the other front runners?

    You can choose not to publish this if it’s not convenient and I will understand.

    • No not at all.

      I actually think Saxo is a very solid option, right behind IBKR.

      Between IBKR and Saxo I think IBKR is probably the better option because it is cheaper fees wise, but Saxo is better in other ways too.

      But whatever the case, Saxo probably deserves to be on this list. Might probably update the article to include Saxo.

    • I’m not saying it’s right or wrong, but some people view the risk as higher beccause of perceived insolvency risk (in which case even if they are custodised it may take a bit of time/hassle to get your assets back). Or the exposure to Chinese personal data regulations. Or that the plunge in share price may affect marketing / business strategies.

      If it doesn’t bother you, then it doesn’t bother you.

      Really depends on the individual.

      For me I’m a bit more neutral, but I know many who are bothered by this, so I wanted to flag it.

  5. Thanks for the great coverage. How safe money/ stocks are with the brokerage is always a concern. Any thoughts on Syfe Trade? It’s fairly basic but good for just executing orders. I think it’s singapore based and says Licensed by MAS which is a huge plus. Wondering what your thoughts are on it. Thanks for your blog posts.

    • I think like you said, it’s a decent broker, and fees are cheap. Features are pretty basic though.

      But they are Singapore based if that gives you peace of mind.

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