Choosing a broker is one of the earliest decisions that can meaningfully shape your investing experience in Singapore—because it influences which markets you can access, what you pay in total fees, and how easily you can invest consistently over time.
This guide presents a practical framework to help you shortlist a broker that aligns with how you actually invest. By the end, you should be able to define your investing routine (i.e. how you fund, what you buy, how often) and select a broker that makes that month cost-efficient, operationally smooth, and repeatable.
Table Of Content
- Start With Your Investing Plan
- Safety First: Regulation, Licensing, And Asset Protection
- Choose Your Account Structure: CDP-Linked vs Custodian
- Compare Total Costs (Not Just Commission)
- Platform Fit: Features That Change Outcomes
- A 15-Minute Broker Shortlist Checklist
- Syfe Brokerage: A Simple Way To Invest Across Markets
- Quick Takeaways
- Conclusion
- Frequently Asked Questions (FAQs)
- Resources & Further Reading
Start With Your Investing Plan
When choosing a broker in Singapore, the most reliable way to avoid decision paralysis is to begin with a single sentence:
“I want to buy ____ (what), in ____ (which market), ____ (how often), for ____ (how long).”
That one line narrows your options more effectively, because brokers are designed to support different investor behaviours.
What you’re buying: Stocks, ETFs, REITs, Options
Start by listing the instruments you expect to use over the next 12 months (not what you may consider at some later date):
- ETFs for long-term investing (global equity ETFs, bond ETFs, UCITS ETFs)
- SGX stocks/REITs for local exposure or dividend income
- US/HK/global stocks for broader sector and geographic diversification
- Options, only if you understand the mechanics and potential risk
Unique insight: Many beginners overpay by choosing a platform described as “feature-rich,” but then using only the basic buy/sell. If your plan is primarily diversified ETF investing, the best brokerage account is often the one that keeps repeat contributions low-friction: straightforward funding, recurring buys, and simple reporting.
Where you’re investing: SGX vs US vs HK vs LSE
Market access is not only about availability. It is also about cost, workflow, and operational clarity.
- If you are SGX-first, aside from how your SGX holdings are held (CDP-linked vs custodian), also consider odd-lot trading capability alongside ETF and stock coverage which can affect how consistently you can invest.
- If you are US/HK-first, focus often shifts towards the ease of converting and holding foreign currency balances efficiently.
- If you intend to buy UCITS ETFs, you will want a broker that supports the relevant listings and currency flows cleanly.
How you’ll invest: DCA vs Ad-Hoc Trades
Be explicit about frequency:
- Monthly DCA (1–2 buys/month): prioritise recurring funding/buys (where available), sensible minimums, and smooth execution
- Occasional lump sums (a few trades/year): watch for platform/inactivity/custody fees that can dominate low activity
- Active trading (weekly/daily): platform stability, order types, and full fee schedules matter more
Important step: Defining your investing routine
Your investing routine represents how you fund, what you buy, how often – for example: deposit once, buy two ETFs, no trading. A compatible broker should be one that makes your investing routine cost-efficient and straightforward.
Safety First: Regulation, Licensing, And Asset Protection
Before fees and features, confirm the broker is legitimate and appropriately regulated for what it offers.
What “licensed” means in Singapore
MAS states that a company must hold a Capital Markets Services (CMS) licence to conduct activities regulated under the Securities and Futures Act (SFA). The most prudent approach is to verify the relevant entity and its permitted activities.
Check the MAS financial institutions directory
Use the MAS Financial Institutions Directory (FID) to verify the legal entity and see what regulated activities it is authorised to conduct.
- Search the broker’s legal entity name (not only the brand).
- Confirm the entity is regulated and which activities it is authorised to perform.
- If a platform markets investing services to Singapore residents but cannot be readily verified through official sources, treat this as a material red flag and conduct additional due diligence before funding an account.
Understand where your assets are held
Ask three questions:
- Where are my securities held? (CDP-linked, custodian/nominee, or other arrangement)
- Are client assets segregated from the broker’s own assets?
- What investor protection framework applies, if any?
If your access to US markets involves a SIPC-member broker-dealer, SIPC explains that protection is up to US$500,000, including US$250,000 for cash, and it is designed for missing assets in broker failure scenarios—not market losses.
This due diligence is essential, because low fees are not meaningful if the custody structure is unclear.
Choose Your Account Structure: CDP-Linked vs Custodian
For many Singapore investors, the most Singapore-specific part of choosing a broker in Singapore is how SGX-listed securities are held.
CDP-linked: Direct holding
A Central Depository (CDP) securities account is used to hold securities bought on the Singapore securities market, and it’s central to the CDP-linked model for SGX holdings.
Why investors choose CDP-linked brokers:
- You’re recorded in the central depository system for SGX holdings (direct holding)
- You can potentially switch between CDP-linked brokers without changing where the SGX shares are held (structure-dependent)
Trade-off: CDP-linked trading is often associated with higher minimum commissions for smaller trades, so it may be less cost-efficient for small, frequent DCA into SGX counters.
Custodian: Operational convenience (Often lower headline fees)
With a custodian (nominee) model, holdings are typically held in the broker’s name on your behalf. For SGX, some arrangements involve CDP sub-accounts administered through a securities broking firm rather than a personal CDP securities account.
Why investors choose custodian structures:
- Easier consolidation across multiple markets (SGX + US + HK in one place)
- Sometimes lower headline trading fees (although total cost remains the correct comparison)
- Often a smoother experience for recurring investing and multi-currency workflows
Trade-off: Portability and transfers can be more process-heavy (and sometimes fee-bearing), depending on the broker.
For a more detailed explanation of CDP vs custodian accounts, you may refer to our CDP vs Custodian: Singapore Investor Guide.
Compare Total Costs (Not Just Commission)
When people search brokerage fees in Singapore, they often compare only the advertised commission. In practice, commission is only one component of total cost.
SGX market fees still apply
For SGX cash equity trades, there are exchange/clearing-related charges that sit alongside broker commissions. SGX publishes key fee components such as the Trading Fee (e.g., 0.0075%) and Clearing Fee (e.g., 0.0325%) for securities, subject to SGX rules and updates.
Brokers often itemise common SGX components (including trading/clearing fees, and sometimes settlement-related charges) in their pricing schedules.
Practical takeaway: even when Broker A runs a commission promotion, underlying market fees may still apply. A sound decision should be based on a realistic trade example, not marketing headlines.
FX costs
If you invest globally from Singapore, FX spread and conversion fees can matter as much as (or more than) commission:
- Commission is usually a one-time line item per trade
- FX spread can apply when you convert SGD to USD (and again if you convert back)
- For monthly DCA, FX conversion can occur repeatedly
Custody, platform, and “small print” fees
Use this checklist when comparing hidden fees:
- Platform fee (separate from commission)
- Minimum commission (especially for small trades)
- Custody fees Singapore (monthly/quarterly)
- Inactivity fees
- Dividend handling fees (some brokers charge for processing certain actions)
- Corporate action fees
- Withdrawal fees (especially transfer-out per counter)
Platform Fit: Features That Change Outcomes
A broker can be inexpensive and still be unsuitable if the platform makes consistent investing difficult.
Order types and execution control
At minimum, a beginner-friendly platform should support:
- Limit orders (to control your buy/sell price)
- Market orders by value (lets you invest a smaller fixed dollar amount, via fractional/odd-lot trading, instead of buying a fixed number of shares)
- Clear visibility of estimated fees
If you plan to invest during market hours and benefit from intraday price movements, reliable order placement and execution matters more than advanced charting.
Unique insight: A well-designed platform reduces “panic clicks.” Clear confirmations, fee previews, and sensible defaults reduce avoidable mistakes.
Recurring buys and portfolio habits
If your strategy is long-term, consistency is a major advantage. Prioritise brokers that support:
- Straightforward SGD deposits and recurring funding
- Recurring buys / scheduled investments (where available)
- Fractional shares or odd-lot functionality (where relevant)
This is one reason many investors prefer platforms that make DCA a default behaviour rather than an administrative task.
Market access and product Coverage
Confirm:
- Supported exchanges (SGX, NYSE/Nasdaq, HKEX, LSE)
- Product coverage (stocks, ETFs, options)
- Whether the broker supports the ETF domicile/listing you prefer (relevant for UCITS ETF investors)
Research and education (Only if you will use it)
Depending on experience level, you may value:
- Watchlists, alerts, and earnings calendars
- Analyst research and market commentary
- In-platform education (guides, webinars)
A useful filter: if a tool does not change how you invest, it should not be a deciding factor.
Support quality when it matters
Broker support becomes most important when you are dealing with operational issues rather than routine investing—for example:
- a transfer is delayed,
- a dividend appears missing or incorrectly credited, or
- you need clarification on fees
A 15-Minute Broker Shortlist Checklist
This workflow keeps choosing a broker in Singapore practical and objective.
Step 1: Eliminate non-starters
- Verify regulatory status via MAS FID and check authorised activities
- Scan the MAS Investor Alert List for red flags
- Confirm required markets/products exist (SGX, US, HK, ETFs, etc.)
Step 2: Determine your must-haves (Choose 2–4)
- Recurring buy / DCA-friendly workflow
- Multi-currency handling and ease of conversion
- Reliable order types (limit orders, fee previews)
- Responsive support and clean reporting
Step 3: Score the final 2–3 brokers
Score each broker (1–5) on:
- Total cost for your investing routine
- Market access fit
- Product Coverage
- Platform usability, features and support
Select the strongest overall broker fit, not the most prominent promotion.
Syfe Brokerage: A Simple Way To Invest Across Markets
If your investing plan includes US/HK/SG markets or UCITS ETFs, and you prefer a single, app-based platform, Syfe Brokerage is one option to consider.
Syfe Brokerage is a MAS-regulated platform (CMS license No. CMS100837) that provides access to SGX as well as major overseas markets (US, HKEX and UCITS ETFs), with features intended to support consistent investing habits such as:
- Fractional Trading (for US-listed names), useful for building positions with smaller amounts
- Odd-lot Trading (for SGX-listed names) which allows you to buy and sell in quantities smaller than the standard board 100-lot, offering greater accessibility and control.
- Auto FX Conversion converts your SGD funding to USD/HKD at order time to complete the trade, no extra manual conversion step required.
- Auto-invest with eGIRO feature draws funds directly from your selected bank account so you won’t miss an investment, helping you stick to your DCA strategy with recurring buys.
Account protection
SGX-listed Holdings
Syfe Brokerage is designed around a custodian setup – the SGX-listed securities you invest in on Syfe Brokerage are held through a segregated custodian sub-account. In the unlikely event that Syfe or our CDP-approved depository agent ceases operations, your investment holdings will not be affected as they are held on trust for you. They will be returned to the investors or transferred to another agent. Syfe’s depository agent will ensure that all liabilities and obligations to all clients are fully discharged or provided for, and that proper arrangements have been put in place. In short, you remain the rightful owner of the shares that are in the CDP.
US-listed Holdings
Alpaca Securities LLC, a member of the Securities Investor Protection Corporation (SIPC), serves as the sub-custodian for your US-listed securities account at Syfe Brokerage. In the event that a SIPC member fails and is placed in liquidation under the Securities Investor Protection Act, SIPC protects the securities customers of its members up to $500,000 (including $250,000 for claims for cash). SIPC does not protect against any decline in the value of your securities
Quick Takeaways
- Choosing a broker in Singapore should begin with your plan: markets, products, frequency, and time horizon.
- Verify legitimacy of the broker early on using MAS Financial Institutions Directory (FID).
- Decide your SGX holding preference early: CDP-linked vs custodian/nominee can change portability and workflow.
- Compare total costs, not just commission— recurring fees can be significant over time.
- Prioritise platform features that support good habits: limit orders, smooth funding, and recurring investing tools.
- Use a shortlisting process: eliminate non-starters, select must-haves, and score two to three brokers against your investing routine.
Conclusion
Choosing a broker is not about identifying a single “best” platform. It is about selecting the best fit for how you invest. The most reliable way is to start with your plan (markets, products, frequency), then follow a disciplined sequence: verify legitimacy, decide your SGX holding structure (CDP-linked vs custodian where relevant), and compare total costs that reflect your actual behaviour.
Once you do this, the decision is typically clearer. A broker can look attractive in a fee table and still be unsuitable if funding is cumbersome, reporting is unclear, or transfers are difficult. Conversely, a broker that is simply “good” on paper can be the right choice if it supports consistency, keeps costs predictable, and remains workable as your portfolio grows.
A practical next step is to define your “default month,” shortlist two to three brokers that match it, and score them on total cost, usability, and future flexibility. Select the broker that makes disciplined habits easiest—because that is what most strongly supports long-term outcomes.
Frequently Asked Questions (FAQs)
1) How do I verify whether a broker is regulated in Singapore?
Use the MAS Financial Institutions Directory (FID) to search the broker’s legal entity and confirm the activities it is authorised to conduct.
2) What is the difference between a CDP-linked broker and a custodian broker?
CDP-linked brokers typically credit SGX holdings into a personal CDP account, while custodian brokers generally hold assets in a nominee structure on your behalf. Some SGX custody arrangements involve CDP sub-accounts administered by a broker rather than a personal CDP account.
3) How do I shortlist brokers if I’m comparing several options?
Start by defining your investing routine (how you fund your account, what you buy, and how often). Then shortlist 2–3 brokers that support that routine well, and compare them on total cost for your investing routine, market access, product coverage, and platform usability/features/support. The best fit is usually the broker that makes your investing process simplest to repeat consistently.
4) What features matter most for long-term investors?
For long-term investors, the most important features are the ones that make consistent investing easy: low-friction funding, transparent all-in costs, access to the stocks and ETFs you want, and practical capabilities like odd-lot or fractional trading to invest smaller amounts efficiently. A platform such as Syfe Brokerage is one example of a broker designed around these long-term investing workflows.
5) Do I need to choose the “perfect” broker from the start?
Not necessarily. Many investors begin with a broker that fits their current needs and refine their setup as their portfolio grows. The key is to avoid choices that create unnecessary friction later. If you select a broker that is well-regulated, cost-transparent, and operationally reliable, you can start investing confidently and adjust your brokerage setup if your strategy or markets change over time.
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