BEST TRADING PLATFORMS (UPDATED JANUARY 2024)

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What Are Trading Platforms?

Trading platforms are online, third-party platforms for individuals to assess financial markets and build their investment portfolios. Through the platform, users can open, close, and manage their market positions. From stocks to ETFs to forex, users can decide what they want to invest in to achieve their financial goals. Some factors to consider when choosing the right trading platform include fees involved, user-friendliness of the software, and international market access.

Compared to robo-advisors, trading platforms are more do-it-yourself (DIY) and require more discretion and research. It is imperative that users understand the risks and make their investment decisions carefully as trading involves more monitoring due to the manual aspect of it.

However, investing in trading platforms allows for more flexibility in rebalancing portfolios and there is a better chance to outperform the market compared to robo-advisors, after considering the commission and platform fees.

Best for beginners: moomoo & Tiger Brokers
Cheapest trading platform: moomoo & Tiger Brokers & Webull
Best for widest range of products: Interactive Brokers (IBKR)
For CPF/SRS investing: FSMOne and POEMS
Longest operational period in Singapore: POEMS

 

 

Platform and year launched in SingaporeMarket AccessCommissions FeePlatform Fees
moomoo (by FUTU)

Since 2021

Exchanges: US, Hong Kong, Singapore, China stocks

Products: Stocks, ETFs, REITs, Derivatives, Futures, Funds

SG stocks: 0.03% of transaction amount, min. S$0.99/order

US stocks: USD$0

HK stocks: 0.03% of investment amount, min. HK$3/order

China A-shares: 0.03% of transaction amount, min CNH$3/order

SG stocks: 0.03% of transaction amount, min. S$0.99/order

US stocks: USD$0.99/order

HK stocks: HK$15/order

China A-shares: CNH$15/order

Tiger Brokers

Since 2020

Exchanges: US, Hong Kong, Singapore, China, Australia stocks

Products: Stocks, ETFs, REITs, Options, Warrants, CBBCs, Futures

SG stocks: 0.03% of trade value, min S$0.99/order

US stocks: USD$0.005/share, min USD$0.99/order

HK Stocks: 0.03% of trade value, min HK$7/order

China A-shares: 0.03% of trade value, min CNH$7/order

AUS stocks: 0.03% of trade value, min AUS$2/order

SG stocks: 0.03% of trade value, minS$1/order

US stocks: US$0.005/share, min USD$1/order

HK Stocks: 0.03% of trade value, min HK$8/order

China A-shares: 0.03% of trade value, min CNH$8/order

AUS stocks: 0.03% of trade value, min AUD$6/order

FSMOne

Since 2000

Exchanges: US, Hong Kong, Singapore, China, Malaysia stocks

Products: Bonds, Funds, Stocks, ETFs

SG stocks: Flat S$8.80

US stocks: 0.08% or min USD$3.80

China A-shares: 0.08% or min CNH$40

MY stocks: 0.08% or min MYR$8.80

None
Interactive Brokers (IBKR)

Officially entered singapore in 2020 although have been well-known and active in singapore for many years before this

Exchanges: Present in 33 countries across North America, Europe, and Asia Pacific

Products: Stocks, ETFs, Options, Futures, FOPs, Contracts, Currencies, Metals, Bonds, Mutual Funds

SG stocks: 0.08% of trade value, min S$2.50/order

US stocks: USD$0.005/share, min USD$1 /order

HK stocks: 0.08% of trade value, min HK$18/Order

None
POEMS

Since 1996

Exchanges: Present in 21 countries across North America, Europe, and Asia Pacific

Products: Stocks, ETFs, Unit Trust, Bonds

Cash Plus AccountSG stocks: 0.08% of trade value

US stocks: USD$1.88 – USD$3.88

HK stocks: 0.05% – 0.08% of trade value, min HK$15 – HK$30

Cash Management Account: SG stocks: 0.18% – 0.28% of trade value, min S$25

US stocks: 0.30% of trade value, min USD$20

HK stocks: 0.25% of trade value, min HK$100

None
WeBull

Since 2021

Exchanges: Present in 2 countries, North America and Hong Kong

Products: Stocks, ETFs, Options

Stocks and ETFs: USD 0.025%*Total Trade Amount (Min. USD 0.50)

Options trading fee: USD0.55*No. of Contracts

Options regulatory fee: USD$0.01925*no. of contracts

Options clearing fee: USD$0.02* no. of contracts (max. USD$55/trade)

None

All information is taken from their official websites and is accurate as of January 2024

Cost of investing 10 shares of apple stock

Note: POEMS has a flat rate of 1.88 – 3.88 USD per order

*Assumption: 1 Share price at 197.96 USD 

An alternative to trading is passive investing

Robo investing can be an alternative or a form of diversification for your investment portfolio.

Robo investing

 

Read our review on trading platforms

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Should You Use Trading Platforms?

Being a self-directed investor, trading platforms definitely require a lot of expertise and patience. However, it is a good venue to trade a variety of investment products. Other than trading platforms, there are also other alternatives including robo advisor funds or investing through a financial advisor. While all of these methods have their pros and cons, it is good to follow a hybrid approach.

Method/FactorsTime & EffortMarket KnowledgeControl of portfolioCost
Trading PlatformsHighHighHighMedium
Robo-advisorsLowLowLowLow
Financial AdvisorLowLowLowHigh

Remember to ensure you have your bases covered with your emergency fund and insurance coverage in place first. Read more about the basics of personal finance.

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