We need a stock brokerage account to start investing in stocks, ETFs, REITs and even options. This enables us to buy listed securities, not just on the Singapore Exchange (SGX) but other global stock exchanges – mainly, the US and Hong Kong stock markets.
As there are many stock brokerages we can use, one of the major factors many of us compare is the commission fees that they charge.
Read Also: Step-By-Step Guide To Opening A Stock Brokerage Account In Singapore
Types Of Fees When Investing In SGX-Listed Stocks
For those investing in SGX-listed counters, there are typically four main types of fees and GST that we have to pay:
| No. | Types Of Fees | Fees | Charged By |
| 1 | CDP Clearing Fee | 0.0325% of your contract value | Central Depository (CDP) |
| 2 | SGX Trading Fee | 0.0075% of your contract value | Singapore Exchange (SGX) |
| 3 | SGX Settlement Fee | $0.35 or equivalent in foreign currency per contract | Singapore Exchange (SGX) |
| 4 | Brokerage Commission Fee (and other fees) | Differing | Stock Brokerages |
| 5 | GST | 9% on the relevant charges | Singapore Government |
The only cost component that may vary is the commission fees charged by the brokerage firm we use. It is also the largest cost component when we buy and sell stocks.
If we buy stocks listed on overseas exchanges, we may incur different fees associated with our trades.
Stock Brokerage Account Commission Fees Comparison
In Singapore, there are over 20 online stock brokerage accounts that we can use. With all of them vying for our business, brokerage commission fees that they charge can be highly competitive. Most stock brokerages charge commission fees within a relatively narrow range of 0.03% to 0.28% of our contract value. Commission fees for offline trades (if we make trades by calling our brokers) are usually higher than online trades. For many online brokerages, there may not even be an offline trading option.
Here is the list of major stock brokerages in Singapore, and the commission fees that they charge.
| Brokerages | Account Type | Trading Fees | Min. Commission Fees |
| CGS-CIMB Securities (iTrade) | Cash Account | Up to $50,000: 0.275% Above $50,000-$100,000: 0.22% Above $100,000: 0.18% | $25 |
| Pre-funded* | 0.18% | $18 | |
| Broker-assisted (offline) | Up to $50,000: 0.50% Above $50,000-$100,000: 0.40% Above $100,000: 0.25% | $40 | |
| Citibank Brokerage * | Pre-funded | Up to $50,000: 0.25% Above $50,000-$100,000: 0.20% Above $100,000: 0.18% | $28 |
| Broker-assisted (offline) | Up to $50,000: 0.50% Above $50,000-$100,000: 0.50% Above $100,000: 0.40% | $50 | |
| CMC Invest * | Pre-funded | 0.04% | $2 |
| DBS Vickers * | Cash Account | 0.18% | $27.25 |
| Pre-funded | 0.12% | $10.90 | |
| Broker-assisted (offline) | Up to $50,000: 0.375% Above $50,000-$100,000: 0.30% Above $100,000: 0.225% | $43.60 | |
| FSMOne * | Pre-funded | Flat $8.80 for stocks Flat $3.80 for ETFs | No min. |
| HSBC | Pre-funded | 0.15% | No min. |
| Broker-assisted (offline) | 0.40% | No min. | |
| Interactive Brokers (IBKR) | Pre-funded | 0.08% | $2.50 |
| KGI Securities | Cash Account | Below $50,000: 0.275% $50,000-$100,000: 0.22% Above $100,000: 0.18% | $25 |
| Pre-funded | 0.18% | $25 | |
| Broker-assisted (offline) | Below $50,000: 0.50% $50,000-$100,000: 0.40% Above $100,000: 0.25% | $40 | |
| LIM & TAN Securities * | Cash Account | Below $50,000: 0.28% $50,000-$100,000: 0.22% Above $100,000: 0.18% | $25 |
| Pre-funded | 0.12% | $15 | |
| Broker-assisted (offline) | Below $50,000: 0.50% $50,000-$100,000: 0.40% Above $100,000: 0.25% | $40 | |
| Long Bridge Securities* | Pre-funded | Platform fee: 0.03% (min. $0.99) | Free Lifetime |
| Maybank Securities | Cash Account | Below $50,000: 0.275% $50,000-$100,000: 0.22% Above $100,000: 0.18% | $25 |
| Pre-funded | 0.12% | $10 | |
| Broker-assisted (offline) | Below $50,000: 0.50% $50,000-$100,000: 0.40% Above $100,000: 0.25% | $40 | |
| moomoo | Pre-funded | Commission: | 1-Year Free Commission |
| OCBC Securities | Cash Account | Below $50,000: 0.275% $50,000-$100,000: 0.22% Above $100,000: 0.18% | $25 |
| Broker-assisted (offline) | Below $50,000: 0.50% $50,000-$100,000: 0.40% Above $100,000: 0.25% | $40 | |
| Phillip Securities (POEMS) | Cash Account | Below $50,000: 0.28% $50,000-$100,000: 0.22% Above $100,000: 0.18% | $25 |
| Pre-funded* | Below $30,000 (Starter): 0.08% $30,000-$249,999:(Premier) 0.07% Above $250,000 (Privilege): 0.06% | No min. | |
| Broker-assisted (offline) | Below $50,000: 0.50% $50,000-$100,000: 0.40% Above $100,000: 0.25% | $40 | |
| ProsperUs (by CGS-CIMB) * | Pre-funded | 0.06% | No min. |
| SAXO Capital Markets * | Pre-funded | Classic – 0.08% Platinum – 0.05% VIP – 0.03% | $3 |
| Standard Chartered | Pre-funded | 0.20% [Personal banking clients] | $10 |
| 0.18% [Priority banking clients] | No min | ||
| Syfe Trade* | Pre-funded | 0.06% | $1.98 |
| Tiger Brokers | Pre-funded | Commission: 0.10% (min. $4.99) + Platform fee: 0.12% (min. $5.00) | $4.99 |
| UOB Kay Hian | Cash Account | Below $50,000: 0.275% $50,000-$100,000: 0.22% Above $100,000: 0.20% | $25 |
| Pre-funded | 0.12% | $10 | |
| uSMART | Pre-funded | Commission: 0.02% + Platform fee: 0.03% | No min |
| Webull | Pre-funded | Commission: 0.025% (min. $0.80) + Platform fee: 0.025% (min. $0.80) | $1.60 |
Note: All prices are listed in SGD. Where applicable, fees are for only trading SGX-listed stocks. This means prices may vary for U.S.-listed stocks and Hong Kong-listed stocks, for example.
All cash accounts store your stocks within CDP. All pre-funded accounts store your stocks within a custodian account, except for DBS Vickers, which continues to store your stocks in CDP.
* Some things to note about the individual accounts:
– CGS-CIMB charges a $20 administrative fee per quarter for its custodian account. There is also an additional CDP Maintenance Fee of 0.25 bps per annum (min. $2).
– Citi charges a custodian fee of 0.0165% of your monthly average stockholding balance, payable every six months (inclusive of GST). The custodian fee for Singapore markets is waived for Citigold and Citigold Private Clients.
– CMC Invest offers 5 free trades per month for Singapore stocks for ‘Invest’ Tier. Its Platinum Tier and Diamond Tier have fixed monthly charges of $108 and $128 respectively, but incur lower brokerage commissions and more free trades per month.
– DBS Vickers charges a custodian fee of $2 per counter per month, up to a maximum of $150 per quarter. This fee is waived if there are at least 2 transactions per month or 6 transactions per quarter.
– LIM & Tan Securities charges a custodian fee of S$15 per month + GST or 0.005% pa of Market Value of Shares whichever is applicable.
– Long Bridge Securities is offering Lifetime free commissions, which will be issued as a coupon within 1 working day upon meeting the eligibility criteria. Additionally, you can enjoy $0 platform fees by depositing $2,000, which will entitle you to 3x$150 Platform Fee Coupon (up to $450) for Singapore stocks. Additionally, Long Bridge Securities is currently absorbing the SGX Settlement Instruction (SI) Fee of $0.70.
– Phillip Securities (POEMS) has three tiers for its Cash Upfront account – Starter, Premier, and Privilege – based on asset value. It charges a lower brokerage fees for higher tiers.
– Saxo has three tiers of plans – Classic, Platinum, and VIP – based on your deposit amount or trading volume. It does not charge a custodian fee of between 0.06% and 0.12% if you opt-in to Securities Lending.
– Phillip Securities charges a lower-tier commission based on the total asset value we have in our account ($0-$29,999: 0.08%; $30,000-$249,999: 0.07%; and $250,000 and above: 0.06%)
ProsperUs (by CGS-CIMB) is no longer accepting new account applications as the platform will be
decommissioned from 30 November 2025.
– Webull is currently offering new clients one year commission-free for the trading of Singapore shares.
– Depending on your tier, Syfe Trade offers a brokerage commission of 0.04% to 0.06%. You enjoy 2 free trades per month on its base Blue tier.
Pre-Funded Accounts
Many online brokerages have entered the Singapore market, offering primarily pre-funded-only stock brokerage services. Pre-funded accounts, also commonly termed cash collateralised accounts or cash upfront trading (CUT) accounts, require you to pre-pay for your investments in order to enjoy a lower commission fee.
As you can see in the table above, majority of the pre-funded accounts charge a lower brokerage trading fee as well as a lower minimum trading fee. You also have to note that majority of the pre-funded accounts will credit your stock holdings with their custodians rather than your own CDP account. This means potentially having to fork out a custodian fee as well as locking your trades with the stock brokerage firm.
CDP-Linked Accounts VS Custodian Accounts
Another consideration when investing in stocks is where they will ultimately be held – in your CDP account or a custodian account.
In Singapore, when you open your first brokerage account, you’re usually asked to open a CDP account as well. Many of you may overlook this account as you’re only dealing with your brokerage firms.
What actually happens when you buy and sell shares is that they are either kept in your CDP account or custodian account. The SGX manages investors’ CDP accounts, while individual stock brokerages manage their custodian accounts. When investing via pre-funded accounts, for its lower brokerage fee, your stocks will typically be kept in a custodian account. When investing in overseas-listed stocks, your holdings will also be kept in a custodian account.
You can only have one CDP account, but many custodian accounts with the individual brokerage houses.
Read Also: Custodian Account – What You Are Giving Up In Exchange For Lower Commission Charges
Stock brokerage accounts that credit your investments into your CDP accounts generally charge higher commission fees. Custodian accounts are able to offer a more cost-effective solution because of the following reasons:
– You can sell the investments in your custodian account with the same broker. This means you are obliged to be loyal to them, unless you pay a fee to transfer your shares out of the custodian account.
– You are more likely to continue future investments with the existing stock brokerage firm, especially if majority of your investments are in a custodian account managed by them. This way, you can also monitor your investments more conveniently, in one account. You may also be kept within the ecosystem, investing in other products.
– As your shares are held with the stock brokerage firm, they will have to handle transactions on your behalf. They may potentially earn additional fees from these transactions, if they happen, in the future.
This is why it’s important to understand the difference between the two accounts, and ensure to check if your stock investments with the brokerage account would be held in a custodian account or your own CDP account.
Choosing A Stock Brokerage House To Make Your Investments
Very often, new investors choose their stock brokerage accounts based on recommendations made by peers or their parents, or end up choosing the brokerage arm of the bank they already have an existing financial relationship with.
The “best” brokerage account doesn’t just offer the cheapest commission fees. Beyond just the commission fees that the stock brokerage firm charge, you should look at factors that provide added convenience and value to your investing journey.
These could include:
Access to overseas markets: Does your stock brokerage account give you access to major overseas markets that you wish to invest in?
Web/mobile layout: How user-friendly is the web or mobile app?
Charts provided: Are the charting tools comprehensive/ useful?
Technical Indicators: Does it have all the tools you require?
Broker assigned: Do you prefer having a dedicated broker that gives you timely market updates?
Speed of live information: Delays with information provided make a big difference especially when it comes to trading.
Investor education: Does your brokerage house provide educational materials, or seminars for its clients?
Access to analyst reports: Does the brokerage firm have a strong research team that will provide you high quality research reports on listed companies?
Finally, there are no limitations to setting up stock brokerage accounts with different brokerage houses. You should test-drive several stock brokerage accounts before settling on one that you intend to use as your primary account.
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