There are plenty of opportunities for those looking to grow or protect their wealth. With global interest rates at record low levels, many in Singapore are taking matters into their own hands.
Opening a brokerage account in Singapore can give you access to some of the best online trading platforms on offer across the world. With a bit of research, it’s possible to find a way to regulated, user-friendly, cost-effective investment and trading. This review of brokers in Singapore will offer up some candidates for your shortlist, and the reasons why they may be a best fit for you.
4 Best Trading Platforms in Singapore
#1IG
What We Liked
- Regulated by MAS
- Reliable, user-friendly trading platform
- Powerful software tools to take trading to the next level
- Customer support is available 24/5
- Low-cost trading
- A broker with more than 45 years history
- Client funds are ring-fenced
IG is a well-regarded broker which has been supporting its clients in the international financial markets since 1974. Since beginning operations, IG has developed an extensive range of high-quality research and trading services, both of which equip their clients with everything they need to trade.
The IGTV livestream news channel is just one example of how IG offers additional features. These ensure that traders are supported by professional-grade services. It’s possible to trade more than 18,000 different markets at IG including FX, bonds, options, and commodities. The broker is particularly strong in the equity markets, with 16,000 stock and ETF markets available to trade. This position is ideal for those whose investment strategy targets a diverse range of sectors. Despite the array of neat add-on features, the platform still has trade execution functionality that give the platform the feel of being set up by traders, for traders.
BROKER FEES
When trading share CFDs with IG, you are dealing at the real market price. This is so that they don’t attach their own spread. Additional fees and commissions are charged on each stock trade and are in-line with its peer group.
- Stocks — US: 2cents per share, Singapore: 0.10% per side, Hong Kong: 0.25% per side, Australia: 0.08% per side, UK: 0.1% – 0.35% per side.
- Indices — Minimum spread 0.8.
- ETFs — Average fund cost 0.13%.
- Forex trading — Minimum spread 0.6.
- Commodities and futures — Minimum spread 0.1.
TRADING LIMIT
Leverage varies according to the instrument being traded. CFD trading in stocks has a maximum leverage limit of 1:5. The limit for forex is 1:30, commodities 1:10, and indices 1:20.
FEATURES
- One of the widest range of instruments to trade
- All markets can be traded from the same account
- Great additional extras
REGULATION
IG Asia Pte Ltd (IGA) is regulated by the Monetary Authority of Singapore (MAS), and it holds a Capital Markets Services license. This license exists under the Securities and Futures Act, and acts to deal in capital market products that are over-the-counter derivatives contracts on a variety of markets. As an Exempt Financial Adviser under the Financial Advisers Act, IGA is also permitted to issue analytic reports on investment products – such as over-the-counter derivatives contracts and units in collective investment schemes.
PLATFORM
IG offer their clients the use of their own in-house-developed platform, or the ever-popular MT4. L2 Dealer and Pro Real Time are trading dashboards which will appeal to intermediate and advanced level traders.
- IG Online Platform — A clean aesthetic and easy to navigate. The simplicity of the platform belies the powerful software operating in the background.
- MT4 — MetaTrader’s trading platform is offered by IG and supports those looking to automate their trading.
- Pro Real Time — Another platform which helps those looking to automate their trading or take their technical analysis up to another level.
- L2 Dealer – Direct market access (DMA) trading allows clients to access the heart of global exchanges.
Each of the platforms offered by IG is of the highest quality, while the slight difference in functionality ensures there is a platform which is a best-fit for all types of clients.
CUSTOMER SUPPORT
The customer service at IG is built on a track-record of supporting clients for decades. The FAQ section of the site is well laid out but it is easy to contact a member of the support team by calling +65 6390 5133 or email [email protected].
The firm’s address is: 9 Battery Rd, #01-02 MYP Centre, Singapore 049910.
#2FXGT
What We Liked:
- Innovative analysis tools
- Spreads as tight as zero pips
- Hassle-free account opening
- Leverage of up to 1:1000
- Crypto-friendly
FXGT.com is a newcomer in the broker sector, but its strategic advantage lies in adopting an approach that offers an array of innovative tools and unique markets. Since its inception in 2019, FXGT.com has swiftly amassed a dedicated global following and received numerous prestigious industry awards.
The platform prioritizes user-friendly features, allowing new clients to select from various account types for an optimal fit. Offering funding options in both cryptocurrencies and fiat currencies, FXGT.com maintains low trading costs. While the platform may not encompass the widest range of traditional asset markets, its ground-breaking selection and diversity of crypto asset instruments set it apart.
#3CMC
What We Liked
- Tight trading spreads
- One of the best options trading platforms in Singapore
- Round-the-clock customer service
- Research and analysis designed to help you spot trading opportunities
- Well regulated (MAS)
- Access to asset groups ranging from Singapore stocks to US Treasuries
CMC offers one of the best trading platforms in Singapore. It’s a quality operation, designed to stack the odds in the favour of their clients with the aim of helping them make money.
There is fierce competition to be the best broker in Singapore, but CMC can stake a claim and if you’re looking to open an account, CMC deserves to be on your shortlist.
Broker Fees
Spreads on major FX pairs start at 0.7 points and commissions on shares start from 0.1%. Spreads on crude oil start at 2.5 points and on US Treasuries at 2.0 points. Crypto spreads start at 40 points.
Trading Limit
CMC offers leverage of up to 1:20 on forex and indices. Leverage on shares is 1:10, and on commodities, the max leverage is 1:5.
Features
- A platform that has to be seen to be believed — try the free Demo account
- Responsive, professional and client orientated customer service available 24hrs a day
- Regulated by MAS
Regulation
CMC Markets is regulated and authorised by the Monetary Authority of Singapore (MAS).
Clients of CMC Markets have their funds secure in segregated trust accounts with banks that are licensed under the Singapore Banking Act, in Singapore. This is in-line with the segregation requirements of the Singapore Securities & Futures Act.
Platform
The proprietary platform provided by CMC is one of the best in the market. There are countless tools to make you a better trader and the list is so extensive that its probably best heading here and trying it out for yourself using a free demo account.
The below list of platform features offers a flavour of what is available
- 12 different chart types
- 35 Drawing tools
- 30 Technical overlays
- 50 indicators such as Bollinger bands
- 20 years price history — ideal for back testing
- Price comparison of two charts by simply drag-and-drop across screens
- Fully customisable layout
The CMC platform is available in desktop, web-browser and mobile app format. For those looking to trade on the move, it’s worth trying out a CMC mobile trading demo account as the functionality makes it one of the best stock apps in the Singapore market.
Traders who are already using MetaTrader’s MT4, it’s possible to use MT4 on your CMC account as well.
Customer Support
The customer support at CMC is round the clock — in fact, its slogan is “When there’s a market open, we are too”.
Being available 24 hours doesn’t mean there is any drop of in terms of quality of service. Around 98% of calls to CMC are answered within 20 seconds. It’s also possible to contact the support team via live chat and email.
#4SAXO MARKETS
What We Liked
- It only takes five minutes to open an account
- Market-leading proprietary platform
- Over 19,000 markets to trade
- Active trading and regular savings plans
- Asset groups include shares, futures, forex, ETFs indices, options, commodities and mutual funds
- SGX equities — 0.08% commission and no minimum size
Saxo is a leading multi-asset broker that offers a service widely regarded as one of the best online trading platforms in Singapore. It regularly picks up industry awards such as the Highest Overall Client Satisfaction award, in the Investment Trends 2019 report.
The quality of the service is so high that clients using the platform include hedge funds, proprietary traders, family offices and fin techs. The fact that retail clients can access the same platform as institutions is a real plus point and if you want to start trading, the broker also offers a demo account.
Broker Fees
Saxo offers a premium service but still has some of the lowest brokerage fees in Singapore.
- Stocks — $3 commissions on US stocks. Similarly low fees for Singapore stock trading.
- Mutual Funds — $0 charged on commission, custody and platform fees.
- Bonds — 0.05% commissions on US Treasuries. Access bond markets in 26 different countries.
- ETFs — $3 on US-listed ETFs.
- Forex trading — Spreads as low as 0.4 pips. Over 180 forex markets to trade.
- Commodities and futures — $1.25 per lot.
Trading Limit
Leverage on forex for retail clients goes as high as 1:20. For stocks and ETF CFD trading, the maximum rate is 1:5. The exact T&Cs vary according to account type and size, but all the information is well laid out on the Saxo site.
Features
- Trading in a wide range of asset groups
- Accounts to suit your type of trading and investing
- Easy to set up and fund your account
Regulation
Saxo Capital Markets Pte Ltd (‘Saxo Markets’) is a licensed subsidiary of Saxo Bank A/S, headquartered in Denmark. Since 2006, Saxo Markets has operated in Singapore and serves as the APAC headquarters. Saxo Capital Markets Pte Ltd is a company authorised and regulated by the Monetary Authority of Singapore (MAS), with company registration number: 200601141M.
Saxo has signed up to the FX Global Code of Conduct, which is aimed at improving industry standards and promoting best practice by brokers and has been recognised by MAS.
Platform
The Saxo platforms are unique to the broker 0 — they are incredibly high quality and you won’t be able to find them at other brokers.
- SaxoTraderGO — Ground-breaking features include enhanced trade tickets, performance analysis, powerful fundamental and technical analysis tools, extensive charting package, options chain and comprehensive account overview.
- SaxoInvestor — View personalised stock lists and analysis on trending investment themes. A platform designed for those looking to hold positions for a longer period of time.
- SaxoTraderPRO — Use algorithmic models, one-click trading, options chains and high-spec charting packages and performance reports.
Each platform allows you to access an incredibly wide range of markets and asset groups including stocks, mutual funds, ETFs, bonds and managed portfolios. Given the popularity of the options market, it is worth mentioning that GO and PRO both challenge for the title of the best options trading platform in Singapore.
Customer Support
The customer service at Saxo is very professional. The FAQ-style section of the site is well laid out, but if you can’t resolve your issue there, then it’s possible to contact staff using number +65 6303 7888
It’s also possible to open tickets directly from the platform using the MyTickets function, which is part of the SaxoTraderGO and SaxoTraderPRO desktop and mobile app platforms.
#5OCBC Securities
What We Liked
- Great research features including in-depth analysis
- Wide range of markets — from trading shares to investing in REITs
- Account types to suit all users — from trading accounts to the Young Investor Program
- A range of platforms to choose from with each dedicated to a specific market
The OCBC online trading platform is one of the best in Singapore and users of it also get the option to invest as well as trade. It’s a one-stop-shop with extensive coverage of different markets and instruments.
It is one of the leading brokerage firms in Singapore with more than 30 years’ experience in providing clients with securities, derivatives, leveraged foreign exchange, and futures trading.
Broker Fees
There are more than six separate accounts to choose from and each has its own T&Cs. The Basic Security Trading account charges from 0.18% for SGX trades and offers the additional benefit of holding assets in a custodian account.
Trading Limit
Leverage terms again depend on which account you open. The Leveraged Futures Account and Share Financing Account both offer leveraged trading and the Leveraged Forex Account offers leverage up to 1:40.
Features
- Well-regulated (MAS)
- Supports investment and trading
- Advanced research and analysis tools
Regulation
OCBC Securities Pte Ltd (OSPL) is regulated and authorised by the Monetary Authority of Singapore (MAS) and complies with all necessary legislation to keep its clients’ funds safe and segregated.
Platform
The OCBC platform comes in two formats, iOCBC and iOCBCfx, and there is also a Futures Trading Platform. Breaking the platform out to cater to different asset groups means that each offers a specialised approach for that market.
The approach has been rewarded by the firm picking up a range of industry awards. In 2016–17 OCBC won the Global Banking and Finance awards in the Best Online Trading Platform Singapore and Best Mobile Trading App Singapore categories.
Customer Support
One neat feature of the OCBC service is that you can take advantage of having a member of OCBC staff help you trade. There is an additional charge for this service, but it will still attract many.
There is no charge for contacting the regular customer service team and this can be done around the clock. Offering 24hr support is always a positive factor in any decision making as getting prompt, professional help can be the difference between making a profit and a loss.
