Singapore Stock Brokers Compared: Fees, CDP vs Custodian, and Who They Suit
Contents
Choosing a stock broker in Singapore involves one decision most other markets don't face: whether to open a CDP-linked account or a custodian account. This single choice has real implications for how your shares are held, what happens if your broker collapses, and which brokers are even available to you.
Beyond that, the Singapore broker market has changed significantly in the last three years. Online brokers like Tiger Brokers and moomoo now dominate new account openings, undercutting traditional bank brokers on fees by a wide margin. For SGX stocks, US stocks, and increasingly Hong Kong stocks, investors now have genuinely competitive options.
We compared six brokers that cover the most common scenarios for Singapore investors: Tiger Brokers, moomoo (Futu Singapore), Interactive Brokers, Saxo Markets, DBS Vickers, and FSMOne (Philip Securities). Each has a distinct positioning.
This is not a ranking. The right broker depends on how often you trade, what markets you access, and how much the CDP-versus-custodian distinction matters to you.
- For SGX stocks, CDP-linked accounts (DBS Vickers, FSMOne, Saxo) hold shares directly in your name at CDP β safer if the broker fails, but more expensive to trade
- Custodian accounts (Tiger Brokers, moomoo, IBKR) are cheaper but shares sit with the broker, not directly in your CDP account β read the fine print on insolvency protection
- On a SGD 10,000 SGX round-trip trade, Tiger Brokers costs ~SGD 3.50 vs SGD 25β40 for DBS Vickers β online brokers are 7β10x cheaper
- Tiger Brokers and moomoo both hold MAS Capital Markets Services licences and are regulated under Singapore law
- For multi-market investors (SGX + US + HK), IBKR and Tiger offer the best combination of breadth and cost
CDP vs Custodian Accounts: What Singapore Investors Must Understand
Before comparing brokers, you need to understand this fundamental split.
CDP (Central Depository Pte Limited) is Singapore's central securities depository. When you buy SGX-listed shares through a CDP-linked broker, the shares are registered in your name directly at CDP β not with the broker. If the broker goes under, your shares are unaffected because CDP holds them on your behalf, not the broker.
Custodian accounts work differently. Your broker holds the shares in a pooled custodian account on your behalf. Your ownership is recorded in the broker's internal system, not at CDP directly. Most custodian brokers are MAS-regulated and required to segregate client assets β but the insolvency process is more complex than with CDP-linked accounts.
For buy-and-hold Singapore investors who want the cleanest ownership structure, CDP-linked accounts offer more straightforward protection. For cost-sensitive or internationally-focused traders, custodian accounts are significantly cheaper.
The distinction matters most for SGX stocks. For US and HK stocks, all Singapore brokers use custodian arrangements anyway β there is no CDP equivalent for foreign markets.
How We Evaluated
Our comparison uses publicly available fee schedules, direct platform testing, and feedback from active Singapore investors. We assessed seven dimensions: commission and fees, platform quality, market access, minimum deposit, research tools, customer support, and regulation.
No broker paid for inclusion or influenced our assessment. Where we have reviewed a broker in more detail elsewhere, we link to that review.
Comparison Table
| Tiger Brokers | moomoo (Futu SG) | Interactive Brokers | Saxo Markets | DBS Vickers | FSMOne | |
|---|---|---|---|---|---|---|
| SGX Commission | 0.03% (min SGD 1.99) | 0.03% (min SGD 0.99) | 0.05% (min SGD 2.50) | 0.10% (min SGD 10) | 0.18% (min SGD 25) | 0.08% (min SGD 10) |
| Account Type | Custodian | Custodian | Custodian | CDP-linked | CDP-linked | CDP-linked |
| US Stock Commission | USD 0.0088/share (min USD 1.99) | USD 0.0099/share (min USD 0.99) | USD 0.005/share (min USD 1) | 0.10% (min USD 10) | 0.18% (min USD 20) | 0.20% (min USD 20) |
| HK Stock Access | Yes | Yes | Yes | Yes | No | No |
| Platform Fee | SGD 1.50/SGX order | None | None | None | None | None |
| Minimum Deposit | None | None | None | None | None | None |
| Mobile App Quality | Good | Excellent | Functional but dense | Good | Basic | Basic |
| Free Level 2 Data | HK (free), SG (paid) | HK + US (free) | Paid add-on | Paid | Not available | Not available |
| Research Tools | Moderate | Strong | Extensive | Good | Moderate | Moderate |
| MAS Licence | CMS | CMS | CMS | CMS | Exempt (bank) | CMS |
| CPFIS-approved | No | No | No | No | Yes | Yes |
SGX commission rates as of March 2026. Verify current terms directly with each broker before opening an account.
Individual Broker Reviews
Tiger Brokers (θθθ―εΈ Singapore)
Tiger Brokers entered Singapore in 2019 and has grown into one of the largest retail brokers by account count in the country. Its SGX commission (0.03%, minimum SGD 1.99) is among the lowest available, and the platform supports SGX, US, HK, and Australian markets from a single account.
The Tiger Trade app is clean and modern, with decent charting, a real-time newsfeed, and basic screening tools. For Singapore investors who also trade HK stocks β a growing segment β Tiger's cross-market account is particularly useful.
Where Tiger falls short: Free Level 2 data is only available for HK stocks; SGX Level 2 requires a monthly subscription. Shares are held in Tiger's custodian account, not directly at CDP. The SGD 1.50 platform fee per SGX order adds cost on top of commission for smaller trades. Customer support responsiveness has been mixed based on user feedback.
Best for: Cost-conscious investors who want multi-market access (SGX + US + HK) from a modern app.
moomoo (Futu Singapore)
moomoo is the Singapore retail brand of Futu Holdings (NASDAQ: FUTU). Its commission structure is the lowest on this list at 0.03% with a SGD 0.99 minimum β making it the cheapest option for small trades. Unlike Tiger, moomoo does not charge a platform fee on top of commission for most order types.
The platform is notably strong on data: free Level 2 data for both HK and US stocks, an extensive screener, and a social community built around investment discussion. The mobile app is polished and feature-dense. Futu's Hong Kong experience translates well to Singapore.
Where moomoo falls short: Singapore SGX Level 2 is not free. Shares are held in custodian (not CDP-linked), the same limitation as Tiger. Some users have flagged aggressive marketing practices. As with Tiger, moomoo's parent company has mainland China ties, which some investors factor into their risk assessment.
Best for: Active traders who want the lowest per-trade cost and the best free data package.
Interactive Brokers (IBKR)
Interactive Brokers has operated in Singapore for over a decade and remains the benchmark for multi-market institutional-grade access. From a single Singapore account, investors can trade SGX, US, European, HK, Australian, and dozens of other markets. FX conversion rates are among the tightest available anywhere.
For Singapore investors with international portfolios, IBKR's breadth is unmatched. The Trader Workstation (TWS) is powerful, and the IBKR Mobile app β while less polished than Tiger or moomoo β is functional for everyday use.
Where IBKR falls short: SGX commission (0.05%, minimum SGD 2.50) is competitive but not the cheapest. The platform complexity is genuinely steep for casual investors. Account opening takes longer than fintech brokers β expect a few business days and more documentation. Custodian structure, same as Tiger and moomoo.
Best for: Serious investors with globally diversified portfolios who prioritise execution quality and breadth over simplicity.
Saxo Markets
Saxo is a Danish broker with a significant Singapore presence. Unlike the three online brokers above, Saxo offers CDP-linked accounts for SGX stocks, meaning your Singapore shares are held at CDP in your name. This is a meaningful difference for buy-and-hold investors concerned about broker insolvency.
The SaxoTraderGO platform is well-regarded for its charting and professional tools. Saxo also offers access to bonds, ETFs, forex, and options alongside equities, making it a strong choice for investors who want a broad product range with CDP protection.
Where Saxo falls short: SGX commission (0.10%, minimum SGD 10) is three times higher than Tiger or moomoo for active traders. The premium positioning comes with premium costs. Research tools are good but the platform can feel complex for newer investors. No free Level 2 data.
Best for: Investors who want CDP ownership of SGX shares combined with a capable trading platform and multi-asset access.
DBS Vickers
DBS Vickers is the brokerage arm of DBS Bank, Singapore's largest bank. It offers a CDP-linked account for SGX stocks β meaning shares are registered at CDP in your name β and the seamless integration with DBS banking is a genuine convenience for existing DBS customers.
For investors who trade occasionally and value bank-grade institutional trust, DBS Vickers does the job. Funding is instant from DBS savings accounts. The online platform is functional for basic equity trading.
Where DBS Vickers falls short: Fees are high. SGX commission of 0.18% (minimum SGD 25) means a SGD 10,000 trade costs SGD 25 one-way β that is 0.25% round-trip on commission alone, before SGX levies. No HK stock access. The platform has not meaningfully modernised in years. CPFIS-approved (a positive if you want to invest CPF OA funds).
Best for: DBS bank customers who trade SGX stocks infrequently and prioritise banking integration and CDP ownership.
FSMOne (Phillip Securities)
FSMOne is the online platform of Phillip Securities, a Singapore-headquartered broker founded in 1975. It offers CDP-linked accounts for SGX stocks, US stocks, and various Asian markets. The POEMS platform covers equities, ETFs, bonds, unit trusts, and more β FSMOne has one of the widest product ranges in Singapore.
FSMOne is also CPFIS-approved, allowing investors to use their CPF Ordinary Account funds for approved stock and fund investments through the platform.
Where FSMOne falls short: SGX commission (0.08%, minimum SGD 10) is more expensive than the online brokers. The POEMS platform interface is dated compared to Tiger or moomoo. No free real-time Level 2 data. US stock fees are also higher than online competitors.
Best for: Investors who want CDP ownership, broad product access including bonds and unit trusts, and CPFIS eligibility from an established Singapore brokerage.
Fee Breakdown: What You Actually Pay on SGX
When you trade SGX stocks, exchange levies apply to all brokers equally. Commission is just one component.
| Fee Component | Rate | On SGD 10,000 Trade |
|---|---|---|
| SGX Clearing Fee | 0.0325% (each way) | SGD 3.25 |
| SGX Access Fee | 0.0075% (each way) | SGD 0.75 |
| SGS Settlement | Included in clearing | β |
| GST (on brokerage) | 9% of commission | varies |
Round-trip commission cost on a SGD 10,000 SGX trade:
| Broker | Commission (Buy + Sell) | Platform Fee | Total Broker Cost |
|---|---|---|---|
| moomoo | SGD 1.98 | SGD 0 | SGD 1.98 |
| Tiger Brokers | SGD 6 | SGD 3 | SGD 9 |
| Interactive Brokers | SGD 5 | SGD 0 | SGD 5 |
| FSMOne | SGD 20 | SGD 0 | SGD 20 |
| Saxo Markets | SGD 20 | SGD 0 | SGD 20 |
| DBS Vickers | SGD 50 | SGD 0 | SGD 50 |
Commission minimums apply. Verify current rates directly with each broker.
The gap between online custodian brokers and traditional CDP-linked brokers is significant. For a frequent trader making 20 round-trip SGX trades per month at SGD 10,000 each, the cost difference between moomoo and DBS Vickers is roughly SGD 960 per month β nearly SGD 11,500 per year.
For a buy-and-hold investor who trades once a quarter, the absolute cost difference is minor and the CDP protection may well be worth the premium.
Who Should Choose What
You trade SGX stocks frequently and want the lowest cost: moomoo for pure commission minimisation, or Tiger Brokers if you also trade HK stocks regularly and want free HK Level 2 data.
You want CDP protection on your Singapore shares: Saxo Markets for the best combination of cost and platform quality among CDP-linked brokers. FSMOne if you also need CPFIS access or a wider product range. DBS Vickers if you are already a DBS customer and trade only occasionally.
You trade across multiple global markets: Interactive Brokers. Nothing else comes close for access to 150+ markets from a single Singapore account. TradingView pairs well with IBKR for technical analysis β the free plan covers candlestick charts and indicators that no broker app currently matches.
You are a beginner: Start with moomoo or Tiger Brokers. Both have paper trading modes, educational content, and modern apps. Avoid opening with a traditional bank broker β the high minimums will disproportionately affect your returns on smaller trades.
No matter which broker you pick, pair it with TradingView for professional-grade charts. The free plan includes candlestick charts, 100+ technical indicators, multi-market watchlists, and real-time alerts covering SGX, US, and HK stocks. Used by institutional traders and serious retail investors worldwide.
Try Free Charts βFrequently Asked Questions
Is my money safe with Tiger Brokers or moomoo in Singapore?
Both Tiger Brokers and moomoo hold Capital Markets Services (CMS) licences from the Monetary Authority of Singapore (MAS). MAS regulations require them to segregate client assets from company assets β your stocks and cash cannot be used by the broker for its own operations. In a broker insolvency, MAS's framework provides investor protections, though the process is more complex than with CDP-linked accounts. The Singapore Investor Protection Scheme (IPS) provides additional cover, but amounts and scope differ from CDP's direct-ownership model.
What is the cheapest broker for SGX stocks in Singapore?
For small trades under SGD 1,000, moomoo's SGD 0.99 minimum commission is the lowest available. For trades above SGD 3,300, Tiger Brokers' 0.03% rate with SGD 1.50 platform fee is competitive. Interactive Brokers at 0.05% (minimum SGD 2.50) is a close third for mid-sized trades.
Can I use CPF (CPFIS) funds to invest through online brokers?
No. The CPF Investment Scheme (CPFIS) is only available through MAS-approved CPF investment account operators. Currently, DBS Vickers, FSMOne (Phillip Securities), and several other traditional brokers are approved β but Tiger Brokers and moomoo are not CPFIS-approved. If you need to invest CPF OA funds, FSMOne or DBS Vickers are the most suitable options on this list.
Can Singapore residents trade Hong Kong stocks easily?
Yes. Tiger Brokers and moomoo both offer HK stock trading (including HK IPOs) from their Singapore accounts. Interactive Brokers also provides full HK market access. DBS Vickers and FSMOne do not directly offer HK stock trading. For Singapore investors interested in the HK IPO market specifically, our HK IPO beginner guide covers the subscription process in detail.
Do I need to open separate accounts for SGX and US stocks?
No. Tiger Brokers, moomoo, Interactive Brokers, and Saxo Markets all allow you to trade SGX, US, and other markets from a single account. DBS Vickers and FSMOne also support US stocks but with higher fees. The multi-currency accounts at IBKR, Tiger, and moomoo let you hold SGD, USD, and HKD positions simultaneously.
What about Singapore withholding tax on dividends?
Singapore-listed stocks (SGX) do not impose withholding tax on dividends paid to Singapore residents β SGX dividend income is generally received in full. For US stocks, non-US residents face a 30% withholding tax on US-source dividends (reducible to 15% under the US-Singapore tax treaty if you file the appropriate W-8BEN form). This applies equally regardless of which broker you use.
Related Reading
- Hong Kong Stock Brokers Compared: Fees and Verdict
- Tiger Brokers HK Review: Fees, Platform, and Verdict
- moomoo Australia Review
- HK IPO Beginner Tutorial: A Step-by-Step Guide
- VOO vs QQQ vs SCHD: Which US ETF for HK Investors?
Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice, a personal recommendation, or an offer to buy or sell any securities. Broker fee schedules, platform features, and regulatory conditions change frequently β always verify current terms directly with the broker before opening an account.
TradeSmart does not receive commissions from any of the brokers reviewed, except where affiliate links are disclosed (TradingView). Past fee structures are not guarantees of future terms. Investing in securities involves risk, including the potential loss of principal.
Fee data verified in March 2026.