Last updated: August 2026 | SeaMoneyTips
Summary
Zero commission trading platforms in Singapore allow you to buy and sell stocks, ETFs, and other securities without paying per-trade brokerage fees. In 2026, platforms like Tiger Brokers, moomoo, and Webull offer commission-free trading on US and Hong Kong markets, while some also cover SGX trades. This guide compares the best zero-commission platforms, reveals hidden fees, and helps you pick the right broker for your investment style.
- Singapore retail investor accounts exceeded 6.8 million in 2025 (SGX)
- Average traditional brokerage fee in Singapore: S$10-25 per trade
- Zero-commission platforms have saved Singapore investors an estimated S$200 million in trading fees since 2020
What Is Zero Commission Trading and How Does It Work?
Zero commission trading means you can buy and sell financial instruments such as stocks, ETFs, and bonds without paying a brokerage fee per transaction. Traditional brokers in Singapore charge between S$10 and S$25 per trade, which can eat into your returns, especially for small or frequent trades. Zero-commission platforms have disrupted this model by eliminating per-trade fees entirely.
These platforms make money through other revenue streams instead of trading commissions. The most common methods include:
- Payment for order flow (PFOF): Some platforms route orders to market makers who pay them a small fee
- Currency conversion spreads: When you convert SGD to USD for US stock trading, the platform earns from the exchange rate margin
- Premium subscriptions: Advanced charting, real-time data, or enhanced features may require a paid plan
- Interest on cash balances: Cash held in your account may earn below-market interest rates
- Margin lending: Interest earned from customers who borrow to trade
Understanding these revenue models helps you identify where the real costs lie. A truly zero-commission platform may still charge you through wider spreads or less favourable exchange rates. The key is to compare the all-in cost of each trade, not just the headline commission.
Top Zero Commission Trading Platforms in Singapore 2026
Here are the leading platforms offering zero or near-zero commission trading available to Singapore residents in 2026. Each has been evaluated on fees, available markets, platform features, and regulatory status.
1. Tiger Brokers (Tiger Trade)
Tiger Brokers is one of the most popular zero-commission platforms among Singapore investors. It offers commission-free trading on US stocks and ETFs, with competitive rates for HK and SGX markets. The platform is licensed by the Monetary Authority of Singapore (MAS) and provides access to over 15 global exchanges.
Key Features:
- Commission-free US stocks and ETFs
- Advanced charting with TradingView integration
- Options trading available
- Real-time market data
- Minimum deposit: None (but S$1,000 recommended for margin)
Fees to Watch: While US stock commissions are zero, Tiger charges a platform fee of US$0.005 per share (minimum US$1) for US trades. Currency conversion fee is 0.08% of the transaction amount. SGX trades start at S$1.99 per order.
2. moomoo (moomoo Financial)
moomoo, backed by Futu Holdings, has rapidly gained market share in Singapore with its generous promotional offers and feature-rich platform. It offers commission-free trading on US, HK, and SGX markets for new users during promotional periods.
Key Features:
- Commission-free US and HK stocks during promotion
- Free Level 2 US market data
- Comprehensive fundamental analysis tools
- Community features with investor discussions
- IPO subscription access for HK stocks
Fees to Watch: After promotional period, US stock commissions may apply. Currency conversion fee is 0.03%-0.05% depending on amount. Platform fee of US$0.005 per share for US trades applies.
3. Webull
Webull entered the Singapore market with a strong focus on simplicity and mobile-first design. It offers commission-free US stock and ETF trading with a clean, intuitive interface that appeals to newer investors.
Key Features:
- Commission-free US stocks and ETFs
- Free real-time US market data
- Technical analysis with 50+ indicators
- Paper trading account for practice
- No minimum deposit requirement
Fees to Watch: Currency conversion spread is approximately 0.03%. SEC fee of US$0.0000278 per dollar of sales applies to all US stock sales. No SGX access currently available.
4. Interactive Brokers (IBKR)
Interactive Brokers is the choice for serious investors who want access to the widest range of global markets at the lowest total cost. Its tiered pricing model can deliver extremely low commissions for active traders.
Key Features:
- Access to 150+ markets across 33 countries
- Tiered pricing from US$0.0035 per share (US stocks)
- Professional-grade tools and APIs
- Margin rates among the lowest in the industry
- Multi-currency account support
Fees to Watch: IBKR charges minimum US$1 per order for lite accounts. For tiered accounts, commissions start at US$0.0035 per share with minimum US$0.35. Currency conversion fee is as low as 0.002% for large amounts. Interactive Brokers is ideal for cost-conscious, active traders.
5. Saxo Markets
Saxo Bank, through its Saxo Markets platform in Singapore, offers a premium trading experience with access to over 71,000 financial instruments. While not strictly zero-commission, its competitive pricing and comprehensive platform make it a strong contender.
Key Features:
- Access to stocks, bonds, futures, options, forex, and CFDs
- Professional research and analysis tools
- Managed portfolios available
- Licensed by MAS as a Capital Markets Services holder
Fees to Watch: SGX trades from S$5 per trade. US stocks from US$4 per trade. However, Saxo offers tiered pricing that reduces costs for higher-volume traders.
6. FSMOne (FSM)
FSMOne by iFAST Corporation is a popular platform for Singapore investors focused on unit trusts, ETFs, and bonds. It offers zero-commission ETF trading on SGX and competitive pricing for funds.
Key Features:
- Zero commission on SGX ETF trades
- Wide selection of unit trusts and bonds
- Regular savings plan available
- CPF and SRS investment account support
Fees to Watch: Platform fee of 0.08% per annum on fund assets. No custody fee for Singapore-domiciled ETFs. US stock trading is not available through FSMOne.
Comparison Table: Zero Commission Trading Platforms Singapore 2026
| Platform | US Stocks Commission | SGX Access | Currency Conversion | Best For |
|---|---|---|---|---|
| Tiger Brokers | Zero (with platform fee) | Yes (S$1.99/order) | 0.08% | Multi-market investors |
| moomoo | Zero (promotional) | Yes (promotional) | 0.03-0.05% | New investors, promotions |
| Webull | Zero | No | 0.03% | US-focused mobile traders |
| Interactive Brokers | From US$0.0035/share | Yes | 0.002% | Active traders, global access |
| Saxo Markets | From US$4/order | Yes (S$5/order) | Competitive | Premium investors, research |
| FSMOne | Not available | Yes (zero ETF commission) | N/A | ETF and fund investors |
Hidden Fees That Zero Commission Platforms Do not Tell You
While the headline is "zero commission," every platform has costs that are not always obvious. Understanding these hidden fees helps you calculate the true cost of each trade.
Currency Conversion Fees
If you are trading US stocks from Singapore, you need to convert SGD to USD. Most platforms charge a spread on the exchange rate, which typically ranges from 0.03% to 0.10% of the transaction amount. For a S$10,000 trade, this could cost you S$3 to S$10 per conversion. Over many trades, this adds up significantly.
Platform and Regulatory Fees
Even zero-commission platforms may charge small per-trade fees for regulatory compliance. For US stocks, the SEC fee (US$0.0000278 per dollar of sales) and FINRA TAF (US$0.000166 per share sold) apply regardless of which broker you use. These are government fees, not broker fees, and are non-negotiable.
Withdrawal and Inactivity Fees
Some platforms charge fees for withdrawing funds or for account inactivity. Check the fine print for:
- Wire transfer fees: S$10-30 per withdrawal via bank wire
- Inactivity fees: Monthly fees if your account is dormant (typically after 12 months of no trading)
- Account closure fees: Some platforms charge if you close your account within a certain period
Data and Subscription Fees
Real-time market data for SGX may require a paid subscription. US market data is often included free, but Level 2 data (showing order book depth) may require a monthly fee of US$5-15.
How to Choose the Right Zero Commission Platform
The best platform depends on your trading style, experience level, and the markets you want to access. Here is a decision framework to help you choose.
For Beginners (First-Time Investors)
If you are new to investing, choose a platform with a simple interface, educational resources, and low minimum deposit. moomoo and Webull are excellent choices for beginners because of their intuitive mobile apps and free educational content. Both offer paper trading so you can practice without risking real money.
For SGX-Focused Investors
If you primarily want to trade Singapore stocks and ETFs, FSMOne offers zero-commission ETF trading on SGX, making it ideal for building a local portfolio. Tiger Brokers is another strong option with SGX access starting at S$1.99 per order.
For US Market Enthusiasts
If your focus is US stocks and ETFs like the S&P 500 or Nasdaq 100, Webull and Tiger Brokers both offer genuine zero-commission US trading. For the lowest total cost including currency conversion, Interactive Brokers tiered pricing is hard to beat for larger trade sizes.
For Active and Professional Traders
Active traders who execute many trades per day should consider Interactive Brokers or Saxo Markets. Both offer advanced charting, API access, and competitive margin rates. Interactive Brokers in particular has the lowest financing costs for leveraged positions.
Step-by-Step: How to Start Zero Commission Trading in Singapore
Getting started with a zero-commission platform is straightforward. Here is the typical process:
- Choose a platform: Compare the options above and select one that matches your needs
- Download the app or visit the website: Most platforms have mobile apps for iOS and Android
- Sign up and verify your identity: You will need your NRIC or passport, proof of address, and employment details. This is required by MAS regulations
- Link your bank account: Connect a Singapore bank account for fund transfers. Most platforms support FAST transfers for instant deposits
- Deposit funds: Transfer SGD to your trading account. Some platforms have minimum deposit requirements
- Convert currency (if needed): If trading US stocks, convert SGD to USD within the platform
- Place your first trade: Search for the stock or ETF, choose buy or sell, enter the quantity, and confirm
For a detailed guide on getting started with SGX stocks, see our article on how to invest in SGX stocks for beginners.
Tips for Maximising Your Zero Commission Trading
Here are practical strategies to maximise your zero commission trading platforms Singapore experience and get the most out of zero-commission platforms:
- Batch your trades: Even with zero commission, currency conversion fees apply per transaction. Convert larger amounts less frequently to reduce conversion costs
- Avoid frequent small trades in different currencies: Each conversion incurs a spread. Plan your currency needs in advance
- Use limit orders: Market orders may execute at less favourable prices. Limit orders give you control over the execution price
- Take advantage of sign-up bonuses: Many platforms offer free shares or cash credits for new users. These can offset your initial costs significantly
- Check for fractional shares: Platforms like Tiger and moomoo support fractional share trading, allowing you to invest in expensive stocks like Amazon with as little as US$1
- Keep records for tax: Singapore does not tax capital gains, but if you are trading US stocks, you may be subject to US dividend withholding tax of 30%. Keep records of all trades for your own reference
SGX vs US Market: Where Should Singapore Investors Trade?
Choosing between SGX and US markets depends on your investment goals. Here is a quick comparison:
If you are researching zero commission trading platforms Singapore offers in 2026, the table below helps you decide which market to focus on first.
| Factor | SGX | US Markets |
|---|---|---|
| Trading hours (SG time) | 9am-5pm (convenient) | 9.30pm-4am (late night) |
| Currency risk | None (SGD) | USD/SGD exchange rate |
| Dividend withholding tax | 0% for Singapore tax residents | 30% US withholding tax |
| Available zero-commission | Limited (FSMOne ETFs only) | Yes (Tiger, moomoo, Webull) |
| Market breadth | ~700 stocks | 8,000+ stocks |
For most Singapore investors, a combination of both markets works best. Use SGX for dividend stocks and REITs where there is no withholding tax, and US markets for growth stocks and technology exposure. For more on building a Singapore stock portfolio, see our guide on Singapore blue-chip dividend stocks.
Frequently Asked Questions
Are zero-commission trading platforms safe in Singapore?
Yes, all platforms listed above are licensed or regulated by the Monetary Authority of Singapore (MAS). Your securities are held in a segregated client account, which means they are kept separate from the broker's own assets. In the unlikely event of broker insolvency, your holdings remain yours. Additionally, Singapore does not have a deposit insurance scheme for investment accounts, so choose a well-capitalised, MAS-regulated broker.
How do zero-commission platforms make money?
Zero-commission platforms typically earn revenue through currency conversion spreads, payment for order flow, premium subscriptions, interest on uninvested cash, and margin lending. The actual cost to you is embedded in these alternative revenue streams rather than explicit per-trade commissions.
Can I use CPF or SRS to invest through zero-commission platforms?
Most zero-commission platforms like Tiger, moomoo, and Webull do not support CPF or SRS accounts. For CPF and SRS investing, you need to use platforms like FSMOne, Saxo Markets, or the appointed CPFIS agents. See our CPF Investment Scheme guide for details. Note that zero commission trading platforms Singapore lists generally focus on regular cash accounts, not CPF/SRS.
Is there a minimum amount needed to start zero-commission trading?
Most zero-commission platforms have no official minimum deposit. However, practical minimums exist. For US fractional shares, you can start with as little as US$1. For SGX stocks, the minimum lot size is 100 shares, which varies by stock price. A reasonable starting amount is S$500 to S$1,000 to build a diversified initial portfolio.
What is the best zero-commission platform for Singapore REITs?
For Singapore REITs, FSMOne offers zero-commission trading on SGX ETFs including REIT ETFs. Tiger Brokers charges S$1.99 per SGX trade, which is still competitive for direct REIT investing. If you prefer REIT ETFs over individual REITs, FSMOne is the most cost-effective choice. For a detailed comparison, see our Singapore REIT comparison guide.
Key Takeaways
- Zero-commission platforms save you S$10-25 per trade compared to traditional brokers
- Hidden fees including currency conversion, platform fees, and regulatory charges still apply
- Tiger Brokers, moomoo, and Webull are the top choices for zero-commission US stock trading from Singapore
- FSMOne is best for zero-commission SGX ETF trading
- Interactive Brokers offers the lowest total cost for active, high-volume traders
- Always compare the all-in cost (commissions + spreads + conversion fees) rather than just the headline commission
- Start with a platform that matches your experience level and the markets you want to access
Conclusion
Zero-commission trading has democratised investing in Singapore, making it possible for anyone to build wealth through the stock market without worrying about per-trade costs eating into returns. The best zero commission trading platforms Singapore has to offer in 2026 depend on whether you trade US stocks, SGX stocks, or both, and how active you are as an investor.
For most Singapore investors starting out, moomoo or Tiger Brokers offer the best combination of zero-commission US trading, SGX access, and user-friendly interfaces. If you are a more experienced or active trader, Interactive Brokers tiered pricing delivers the lowest total cost. For SGX-focused ETF investors, FSMOne zero-commission ETF trading is hard to beat.
Whatever platform you choose, remember that zero-commission does not mean zero-cost. Factor in currency conversion fees, platform charges, and regulatory costs when evaluating the true price of each trade. Start small, learn the platform, and scale up as your confidence and portfolio grow.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. All investments carry risk, including the potential loss of principal. Platform features and fees are accurate as of August 2026 and may change. Please verify current fees directly with each platform before opening an account.
This article was written by the SeaMoneyTips Editorial Team, focused on personal finance education for Singapore readers. We cover investing, retirement planning, tax guidance, and wealth-building strategies to help you make informed financial decisions. For inquiries, please contact us.
Related Articles: Best Singapore Stock Brokers 2026 Comparison | SGX Stock Trading Fees 2026 | How to Buy US Stocks from Singapore 2026