Average Brokerage Fee in Singapore: 20+ Broker Fees Compared
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Fees, fees, fees. Probably the first think you will think of when choosing the right brokerage platform to get started in stocks trading is fees.
Having invested for close to two decade now, and I’ve probably paid thousands of dollars in fees alone. Imagine all that money that you can use to invest, how much will it be after years of compounded growth.
Fees can eat your return on investment quickly, thus it is crucial that you as an investor know your cost of investing, and invest smartly, with that we’ve created a guide on the average brokerage fees in Singapore.
KEY TAKEAWAYS
- Fees can eat away return on your investment which can compound over the years.
- Fee differ between brokerage and the different can be as high as 15 times according to our studies.
- Fees however important, it is good to note you should consider the features, market access and size of your trades when choosing the right brokerage platform.
How Commission Fees Can Impact Your Stock Trading Investment Returns?
At Singapore, we have over 20+ brokerage you can choose from to open a brokerage account and get started in investing. However, the fees you pay for each trade can vary widely between each brokerage.
In our study of 20 largest brokerage in Singapore, the basic commission fees for each trade can range from as low as 0.02% of your trading value to as high as 0.30% of your trading value, this is 15 times in fees.
To put it into context, for each trade of $100,000 here are the difference in fees:
- 0.02% Commission Fees of $100,000: 0.02% * $100,000 = $20 in fees
- 0.30% Commission Fees of $100,000: 0.30% * $100,000 = $300 in fees
Personally, I trade around 10 to 20 times per year and a day trader perform at least 4 trades each week and trade at least 208 per year.
When you multiply that by the fees for each trade in Singapore, the total fees for stock trading in a year is calculated as follow:
- Retail Investor Fees Per Year: $200 to $3,000
- Day-Trader Fees Per Year: $4,160 to $62,400
And remember, the calculated fee is just for 1 year of investing, you can multiple the number with the numbers of years you’ve invested to get a better ideas on how much fees you’ve paid throughout your investing journey.
Fees can really eat into your return.
Average Brokerage Fee Comparison in Singapore
As an investor in Singapore, you can buy stocks in Singapore primary from two places:
- Financial institution like banks such as DBS, OCBC and UOB
- Major stocks brokerage like Moomoo Singapore, Webull Singapore and uSmart.
The average brokerage fees in Singapore varies widely between each financial institute.
Trading Platform (SGX) | IB Rating | Min. Fees | Trading Commissions | Promotion |
---|---|---|---|---|
Moomoo Singapore | ☆ 4.6 / 5.0 | $0.99 | 0.03% Trade Value | Get up to $800 worth of Free Shares + Perks |
WeBull Singapore | ☆ 4.6 / 5.0 | $0.80 | 0.025% Trade Value | Get up to $3,000 worth of Free Shares + Perks |
Tiger Brokers | ☆ 4.3 / 5.0 | $0.99 | 0.03% Trade Value | Get Free Share |
uSMART | ☆ 4.3 / 5.0 | $1.00 | 0.02% Trade Value | Get Cash Vouchers |
Interactive Brokers | ☆ 4.2 / 5.0 | $2.50 | 0.08% Trade Value | None |
FSMOne | ☆ 4.2 / 5.0 | $8.80 | 0.08% Trade Value | None |
iFAST Financial | ☆ 4.1 / 5.0 | $8.80 | 0.08% Trade Value | None |
Phillip Nova | ☆ 3.7 / 5.0 | $18.00 | 0.08% Trade Value | None |
Phillip Securities | ☆ 3.7 / 5.0 | $0.00 | 0.08% Trade Value | None |
Prosperus | ☆ 4.2 / 5.0 | $0.00 | 0.10% Trade Value | Get Free Shares |
DBS Vickers | ☆ 3.7 / 5.0 | $10.80 | 0.12% Trade Value | None |
Standard Chartered | ☆ 2.9 / 5.0 | $0.00 | 0.15% Trade Value | None |
Saxo Markets | ☆ 3.7 / 5.0 | $9.00 | 0.15% Trade Value | None |
UOB Kay Hian | ☆ 3.1 / 5.0 | $25.00 | 0.18% Trade Value | None |
KGI Securities | ☆ 2.9 / 5.0 | $25.00 | 0.18% Trade Value | None |
Maybank Kim Eng Securities | ☆ 2.9 / 5.0 | $25.00 | 0.275% Trade Value | None |
OCBC Securities | ☆ 2.9 / 5.0 | $25.00 | 0.275% Trade Value | None |
Lim & Tan Securities | ☆ 2.9 / 5.0 | $25.00 | 0.28% Trade Value | None |
Citibank Brokerage | ☆ 2.5 / 5.0 | $25.00 | 0.30% Trade Value | None |
CGS-CIMB Securities | ☆ 3.1 / 5.0 | $25.00 | 0.18% Trade Value | None |
Market Average | NA | SGD $13 | 0.14% Trade Value | NA |
In fact, our studies shows, the commission fees between each broker can differ by 15 times in fees, ranging from 0.02% trade value to over 0.30% trade value.
- Lowest Fees Stock Brokers: Moomoo, Webull, and uSmart with commission fee ranging from 0.02% to 0.03%
- Highest Fees Stock Brokers: Citibank, Lim & Tan Securities, OCBC and Maybank with commission fee ranging from 0.275% to 0.3%
SGX Stock Trading Platform Commission Fees Comparison
And if you are investing in SGX-Listed stocks in for Singapore, it is further categories into CDP-Linked Account and Custodian account. Let’s take a look at the brokerage fees in Singapore for the two types of account:
Trading Platform | Min. Fees | Trading Commission (SGD) | Account Type | Custodian Fees (SGD) |
---|---|---|---|---|
Moomoo | $0.99 | 0.03% Trade Value | Custodian | No custodian fees |
WeBull | $0.80 | 0.025% Trade Value | Custodian | No custodian fees |
uSMART | $1.00 | 0.02% Trade Value | Custodian | No custodian fees |
Tiger Brokers | $0.99 | 0.03% Trade Value | Custodian | No custodian fees |
Interactive Brokers | $2.50 | 0.08% Trade Value | Custodian | No custodian fees |
iFAST Financial | $8.80 | 0.08% Trade Value | Custodian | No custodian fees |
Phillip Nova | $18.00 | 0.08% Trade Value | Custodian | No custodian fees |
Prosperus | $0.00 | 0.10% Trade Value | Custodian | No custodian fees |
Standard Chartered | $0.00 | 0.15% Trade Value | Custodian | No custodian fees |
Saxo Markets | $9.00 | 0.15% Trade Value | Custodian | 0.06% to 0.12% p.a. of Stockholding Balance |
Citibank Brokerage | $25.00 | 0.30% Trade Value | Custodian | 0.0165% of your monthly avg. stockholding balance |
Average | $6.10 | 0.10% Trade Value | NA | NA |
Fees for custodian brokerage account:
- Lowest Fees Stock Brokers: Moomoo, Webull, and uSmart
- Highest Fees Stock Brokers: Citibank and Saxo Markets
Trading Platform | Min. Fees | Trading Commission (SGD) | Account Type |
---|---|---|---|
Phillip Securities | $25.00 | 0.08% Trade Value | CDP-Linked |
KGI Securities | $25.00 | 0.18% Trade Value | CDP-Linked |
Lim & Tan Securities | $25.00 | 0.28% Trade Value | CDP-Linked |
FSMOne | $8.80 | 0.08% Trade Value | CDP-Linked |
DBS Vickers | $10.80 | 0.12% Trade Value | CDP-Linked |
UOB Kay Hian | $25.00 | 0.18% Trade Value | CDP-Linked |
CGS-CIMB Securities | $25.00 | 0.18% Trade Value | CDP-Linked |
Maybank Kim Eng Securities | $25.00 | 0.275% Trade Value | CDP-Linked |
OCBC Securities | $25.00 | 0.275% Trade Value | CDP-Linked |
Average | $21.62 | 0.18 % Trade Value | NA |
Fees for CDP-Linked brokerage account:
- Lowest Fees Stock Brokers: FSMOne and Phillip Securities
- Highest Fees Stock Brokers: OCBC Securities and Maybank Kim Eng Securities
Note: All data are checked for accuracy to ensure outmost reliability by the Author who is also an investor through hours of research into each of the brokerage platforms. Guided by our editorial guidelines, the author aims to provide the most accurate data, but always do your own due diligence before investing. Fees are for Trading Singapore Stocks only.
How To Choose Stock Broker According To Your Brokerage Fees?
Depending on what type of investor or trader are you, the fee involved in each trade can vary in it’s importance.
- A retail investor requires less sophisticated charting and data, thus you can go with those which offers much lower fees.
- A day trader required advance charting and data, thus fee may not be your main concern, but the feature that the brokerage offers.
Regardless, here I’ve listed down the top criteria you may want to consider when you are choosing the best brokerage for your investing journey.
1. Brokerage Fees and Charges For Stock Broker
Choosing the right stock broker in Singapore requires an in-depth look at various fees and how they impact your investment returns.
Types of Brokerage Fees
When trading stocks in Singapore, you’ll encounter several fees that can affect your investment’s profitability. Here is a breakdown of common brokerage fees:
- Commission Fees: These are the fees a broker charges you to execute a trade. They can be a fixed rate or based on the transaction size.
- Trading Fees: Apart from commissions, trading fees include charges for the use of the broker’s trading platform and tools.
- Platform Fees: Some brokers charge a fee for using their trading platform, often depending on the level of sophistication and features offered.
- Clearing Fee: Imposed by the Central Depository (CDP), this fee is charged for clearing the trade.
- Settlement Fee: This is also charged by the CDP for settling trades, typically lower than the clearing fee.
- Minimum Commission Fee: Brokers may set a minimum fee that will be charged regardless of the trade size, ensuring they cover their costs.
- Regulatory Fees: These are mandatory fees imposed by regulators, such as the Monetary Authority of Singapore (MAS).
- Trading Activity Fee: A fee that applies to the selling side of equity and option sales, supporting the regulatory costs.
2. Choose The Right Type of Brokerage Accounts
When choosing a stock brokerage in Singapore, you need to understand the key differences between custodian and CDP-linked accounts. Each type offers distinct features and caters to various investor needs.
Custodian Account
- Holds your securities under the broker’s name
- Typically lower fees and minimal maintenance
- May not have voting rights for held shares
CDP Account
- CDP (Central Depository) account is linked directly to the Singapore Exchange (SGX)
- Holds securities under your own name
- Might incur higher fees but offers full shareholder benefits
Whether you go with a custodian or a CDP-linked account, make sure it aligns with your investment strategy and preferences.
3. Online Brokerage Account Features
When selecting an online brokerage account in Singapore, you want to know the various features offered. These options can significantly impact your investing experience, from ease of use to the costs involved. Below is an overview of essential features to consider:
Real-Time Market Data
- Access to information: Provides up-to-the-minute price data for informed decision making.
Trading Tools
- Charting software: Helps analyze market trends.
- Technical analysis tools: Aids in forecasting future price movements.
Fees and Commissions
- Structure: Either fixed or percentage-based, affecting the cost per trade.
- Reduction on volume: Some brokerages offer lower fees for high-volume trading.
Customer Service
- Support: Availability of help when you need it.
- Quality: Knowledgeable and responsive assistance.
Account Minimums
- Initial deposit: The required amount to open an account.
- Maintenance balance: Minimum balance to avoid fees.
Mobile and Desktop Platforms
- Accessibility: Trade on the go or from a computer.
- Usability: Intuitive interfaces enhance the trading experience.
Product Range
- Variety: Ability to trade different products like stocks, bonds, or ETFs.
- International markets: Offers access to overseas exchanges.
4. Evaluating The Size and Frequency of Your Trades
When assessing brokerages in Singapore, it’s essential to consider how often and how much you intend to trade.
- Trading frequently with lesser amounts means each commission takes a larger bite from your returns.
- Trade less frequently with larger amount may result in lower overall fees as a percentage of the investment amount due to tiered commission structures.
Online brokerages typically have minimum fees that apply regardless of trade size.
If your individual trades are usually below a certain threshold, you’d encounter the minimum fee rather than the variable percentage, thus always consider the fees with the size of your trade.
Below is a simplified comparison to guide you in what it means:
Brokerage | Min. Fee | Commission Rate <$50k | Commission Rate $50k-$100k | Commission Rate >$100k |
---|---|---|---|---|
Broker A | $25 | 0.275% | 0.22% | 0.18% |
Broker B | $10 | 0.22% | 0.18% | 0.12% |
Broker C | $0.99 | 0.025% | 0.025% | 0.025% |
Choose an online brokerage that aligns with the size of your trades and the frequency with which you trade.
Simply, compare and pick what makes the most economic sense based on your trading pattern.
5. Selecting a Broker With Access to International Markets
When you’re keen on diversifying your portfolio with overseas stocks, it’s vital to select an investment brokerage that provides access to a wide range of international markets.
Here’s what to consider:
- Fees: Brokerage commission fees can vary widely, so it’s important to compare. Look for transparency in their trading fee and commission fee structures as these impact your investment returns.
- Market Access: Top brokers offer a gateway to overseas markets including US, Singapore (SGX), Hong Kong (HK), and China. Ensure they cover the equities, ETFs or exchange traded funds (ETFs) you’re interested in.
- Institutional Support: Banks and established brokerages like Moomoo and Webull can often provide robust platforms and research tools. Partnering with MAS regulated brokerage can lend an added layer of confidence to your international market ventures.
Understanding how the brokers integrate with your investment strategy is especially important if you aim to trade a mix of local SGX stocks and international US stocks, HK stocks, and China stocks.
So, Which Brokerage Will I Choose?
As a lazy retail investor, I usually makes 10 to 20 trades a year, and with that I prefer brokerage platform that is easy to use offering me all the financial information in the same place. Things I like to have for my brokerage during my investment includes:
- Financial data and valuation data for fundamental analysis
- Simple charting tools and technical analysis tools for current market sentimental on the stock.
- Company and market insights for macroeconomics analysis
- Analyst insight for a quick understanding of the company’s performance
- Choice of ordering type such as limited order for ease of ordering
With that in mind, I choose a low cost brokerage that can do just all that.
Personally, I use Moomoo for most of my trades, not only it is low fees, having everything I need in one platform, I simply love the whole user experience.
If you are considering picking one brokerage to get started, you can check out Moomoo yourself. They are currently having Welcome Promotion, you can click the link below to get started.
BEST FOR: Beginner Retail Investors and Professional Traders Looking For All-In-One Trading App to Invest in SG, US, HK and China.
securely through Moomoo’s website
Disclaimer: All views expressed in the article are independent opinion of the author, based on my own trading and investing experience. Neither the companies mentioned or its affiliates shall be liable for the content of the information provided. The information was accurate to the best knowledge of the author. This advertisement has not been reviewed by the Monetary Authority of Singapore. * T&C Applies
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Antony C. is a dividend investor with over 15+ years of investing experience. He’s also the book author of “Start Small, Dream Big“, certified PMP® holder and founder of IncomeBuddies.com (IB). At IB, he share his personal journey and expertise on growing passive income through dividend investing and building online business. Antony has been featured in global news outlet including Yahoo Finance, Nasdaq and Non Fiction Author Association (NFAA).