Singapore is one of Asia’s leading financial hubs, offering its residents a diverse range of investment accounts to grow their wealth. With robust regulatory oversight, tax advantages, and access to global markets, Singaporean residents have ample opportunities to invest in various asset classes. Whether you’re saving for retirement, growing wealth, or diversifying your portfolio, choosing the right type of investment account is essential. This guide explores the main types of investment accounts available in Singapore and how they cater to different financial goals.
Our experts have tested and ranked Singapore’s best investing platforms and accounts that are regulated by MAS and hand-picked the best investment accounts based on:
- User feedback. We analysed over 30,000 votes and reviews in the prestigious Good Money Guide annual awards
- Unbiased, real-world testing. Our team tests each investing account provider with real money to ensure you have a seamless experience
- In-depth feature comparison. We thoroughly compare features, highlighting those that make a platform stand out
- Exclusive insights from the top. Our exclusive interviews with the investing company CEOs give you insider perspectives to help you make the best decisions.
Singaporean residents have access to a wide variety of investment accounts tailored to different financial needs and goals. From CPFIS and SRS accounts for retirement planning to brokerage accounts and robo-advisors for market investments, there is no shortage of options. Choosing the right account depends on your risk tolerance, time horizon, and financial objectives. For long-term wealth building, leveraging tax-advantaged accounts like CPFIS and SRS can be a powerful strategy. Meanwhile, those seeking flexibility and market access can explore brokerage accounts or robo-advisory platforms. Regardless of the account type, understanding the associated fees and risks is crucial to making informed investment decisions.
Interactive Brokers: Best Investing Platform for International Clients
$0
Annual Account Fee
0.05%
Dealing Commission
0.02%
FX Fees
Capital at risk
Interactive Brokers Singapore is unbeatable if you want low trading fees and global market access
Provider: Interactive Brokers Singapore
Verdict: Interactive Brokers (IBKR) Singapore Pte. Ltd. is a branch of the global brokerage firm Interactive Brokers Group. The company entered Singapore in 2020 and is regulated by the Monetary Authority of Singapore (MAS). It provides trading access to a wide array of financial products, including stocks, ETFs, bonds, and derivatives.
Is Interactive Brokers good for investing and trading in Singapore?
Market Access
Compared to other brokers in Singapore, Interactive Brokers offers broader access to global markets and financial instruments. Clients can trade stocks, ETFs, Warrants & Certificates, options, futures, currencies, bonds, CFDs, and mutual funds on 160 global markets. It also provides Forecast Contracts trading via ForecastEx.
The company enables trading in 28 currencies, alongside FX conversion services in the trading accounts. You can also earn an annualized interest rate of 3.83% on the USD cash balances, although this is subject to a minimum balance requirement.
Pricing
IBKR is known for its competitive pricing. For US markets, commissions on shares and ETFs are charged either on a per-share basis between US$0.0005 and US$0.35 for tired volume, or a fixed rate of US$0.005 per unit. As for Singapore markets, the commission charge will be based on trade value in SGD, ranging from 0.08% to 0.02% for tiered volume or a fixed rate of 0.08%.
Commission charges for options range from US$0.25 to US$0.65 per contract based on tiered volume, with a minimum charge of US$1. For futures, commission charges are range from US$0.1 and US$0.25 per contract, or a fixed US$0.25 per contract.
Account types
IBKR offers a variety of trading platforms in Singapore, tailored to clients’ trading experiences.
The Client Portal, a web-based platform integrated with TradingView charts, is well-suited to beginners and intermediate traders.
Trader Workstation (TWS) is a desktop application designed for more professional traders. The platform features a layout library, offering customised views for instrument categories and trading strategies. However, the platform’s complexity could be overwhelming for beginners.
For advanced users, the API platform enables automated trading through algorithmic strategies, more suitable for sophisticated traders.
Research & Education
IBKR provides extensive market analysis and client educational resources through IBKRCampus, an online hub for financial market knowledge. Particularly, the Traders’Academy offers a series of free online courses tailored to different skill levels . The in-house strategists and economists provide timely market news and analysis.
Customer Service
There are various ways to reach out to IBKR’s client services team, such as phone (24/5), email, or Chat Room. However, unlike some other countries with both toll-free and direct dial, Singapore has only one general customer service phone line in Singapore.
Pros
- Wide market access
- Excellent education resources
- Earning interest on cash balance
Cons
- Website interface can be overwhelming
- Minimum investment requirement applies
- Complex fee structure
- Pricing (5)
- Market Access (5)
- App & Platform (5)
- Customer Service (4)
- Research & Analysis (5)
Overall
4.8eToro: Excellent for Investing in Global Markets and Portfolios
£0
Annual Account Fee
£0
Dealing Commission
1.5% – 0.75%
FX Fees
Capital at risk
eToro's GIA lets you invest in US stocks with zero dealing and account fees
Account: eToro General Investment Account
Description: eToro’s GIA lets you invest in a huge range of US, UK & global shares & ETFs with no account fees. It also has a thriving community of investors you can follow, and you can copy their investments with eToro’s CopyTrader tool. Plus, there are some mainstream professionally managed portfolios to buy. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Is eToro good for long term investing?
eToro is a great GIA for investing in the long term if you’re interested in buying major US stocks and copying the portfolios of other successful traders. Jeppe Kirk Bonde, for instance, has historically produced market-beating returns for his 30,000 followers, and now has over $100m copying his portfolio (though past performance is no indication of future results). (Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.).
Pricing: No account fees or commission – great value and a low minimum account size of £10
Market Access: Access to the most popular global markets through a general investment account. There is limited access to smaller cap shares, but you can invest in crypto, which most other traditional investing accounts don’t let you do. Plus the copy trading feature lets you see what other investors hold in their portfolios and what they think about the,m which you can copy manually or automatically.
App & Platform: really easy to use, no complex order types but that’s not really what eToro is about it’s about discovery.
Customer Service: Quick responses from the live chat and email support and if you’re accuont is over $30k you get a personal account manager.
Research & Analysis: eToro have some really good social channels with educational vides, some excellent “how to” courses (which are free so no need to buy a trading course from a Youtuber. But the most unique thing is the social feed where investors chat about what they are investing in.
However, there are some things I believe eToro could improve for long-term investors from the UK.
The main issue is that the accounts are in USD, and you can’t invest through tax-free wrappers, or into a pension, and there’s limited access to bonds and funds.
eToro also used to absorb the stamp duty on UK shares. But now you have to pay the 0.5% UK stamp duty tax when investing in UK companies, so that tax break has gone.
I explain below why these are issues if you’re investing in the long term.
USD Account Balances
With eToro, your account balance has to be in USD. This is part of how it makes money (when it converts your GBP into USD) but it means that if you buy UK shares, then over time your profits can be eroded by differences in the GBP/USD exchange rate.
Granted this can also work in your favour, but you’re not trading FX – you’re investing. And if the exchange rate moves 5% and you have a £100,000 portfolio, that’s £5,000 lost.
No ISA or SIPP
With an ISA you can invest up to £20,000 a year and no pay tax on the profits. Unfortunately, eToro doesn’t have its own ISA. It does have a co-branded eToro ISA in partnership with Moneyfarm. But Moneyfarm is more of a digital-wealth manager, so you may as well just open a separate account with Moneyfarm – it will at least help you resist the temptation to speculate with your long-term investments.
With a SIPP, you’re investing for your pension and, as with an ISA, you don’t pay tax on your profits. But with eToro you can’t invest in a SIPP, so if you’re buying shares and aim to hold them until you retire, your tax bill at the end of it could be unnecessarily high.
No Funds, Corporate Bonds or Small-Caps
eToro is great at giving investors access to popular markets like US stocks, cryptocurrency and commodities, but its market access is pretty limited. You can’t invest in small-cap growth stocks in the UK, for example. And if you’re building a long-term portfolio, it should be diverse so you should add in some corporate bonds (fixed-income investments) and some funds that spread the risk and invest in lots of shares and bonds for you.
This is a shame, because eToro generally does give people what they want. However, it would be better if it focused a bit more on what people need.
On the positive side, eToro does let you invest in bonds through bond ETFs or fixed-income portfolios like YieldGrowth which contains a range of 13 bonds from Vanguard, iShares and SPDR.
What is eToro’s Platform Like to Use?
- Related guide: How to make money on eToro.
Pros
- Zero account fees
- Global access
- Easy to use
Cons
- USD-only accounts
- No ISA or SIPP
- High FX charges
- Pricing (5)
- Market Access (4)
- App & Platform (4.5)
- Customer Service (4.5)
- Research & Analysis (5)
Overall
4.6Saxo: Best Investing Platform for Experienced & Professional Investors
0.12
Annual Account Fee
0.08%
Dealing Commission
0.25%
FX Fees
Capital at risk
Saxo Singapore lets traders of all types access institutional grade trading platforms
Provider: Saxo Singapore
Verdict: Saxo Singapore is best suited for serious retail and professional traders who want institutional-grade tools, broad global access, and premium service, though some features remain reserved for high-net-worth clients. Saxo Markets Singapore is a subsidiary of Danish investment bank Saxo Bank, a global brokerage firm founded in 1992. The Singapore branch was established in 2006, serving as the APAC regional headquarter. The company is regulated by the Monetary Authority of Singapore (MAS).
Who are Saxo, and what do they do in Singapore?
Saxo positions itself as a leading capital markets service provider backed by its advanced financial technology. Its trading platform offers access to a wide range of asset classes, including stocks, ETFs, bonds, derivatives and more.
Market access
Compared to other brokers in Singapore, Saxo Markets offers broader market access, owing to its investment bank roots. Clients can trade across multiple asset classes, including stocks, ETFs, commodities, bonds, cryptocurrencies, bonds, and derivatives – such as options, forex, and CFDs, totalling more than 71,000 instruments.
Pricing
Saxo’s trading costs differ depending on account types- Classic, Platinum, and VIP accounts – the higher the account tier, the lower the fees. Spreads on major FX pairs can be as low as 0.4 pips for VIP accounts, compared to 0.6 pips for Classic accounts. Cash interests apply to the VIP accounts as well.
However, there is funding criteria to be qualified as a higher-tier account. If clients want to be in a higher tier account upon account open, a Platinum account requires funding of SGD 300,000, and SGD 1,500,000 for a VIP account. Alternatively, clients can also be upgraded based on trading volume, which accumulates points towards higher-tier status.
Platforms
There are three trading platforms available for retail clients – SaxoInvestor, SaxoTraderGO, and SaxoTraderPRO. The SaxoInvestor platform is a web platform with basic functionality.
The most popular platform is the SaxoTraderGO, suitable for all levels of clients. The platform offers access to all asset classes, with product categories on top. It is clean, user-friendly interface with a default dark theme. It offers comprehensive charting tools, news & analysis section, an in-built economic calendar, dedicated client education content and access to live webinars.
What is the SaxoTraderGo trading platform like?
For advanced traders, the SaxoTraderPro provides high-performance tools with in-depth market analysis features. This is particularly for full-time and professional traders who require fast execution, more real-time market data. The platform supports Algorithmic orders and allow editing orders on charts. It also offers one-click switching for options trading across FX and stocks.
SaxoTraderPro’s order ticket
Research & Education
Saxo Markets Singapore offers regular webinars featuring CFDs, FX, futures, commodities, ESG investing and more to clients. I have to say the educational support is among the most systematic and well-structured available in the brokerage industry.
Additionally, there are timely market news and analysis, a podcast series for “Money Matters,” and basics for an investor/trader, such as platform guide, margin and leverage, and risk management.
Customer Service
Client services are available 24/5 on its trading platforms through live chat, a phone call or messages. However, most common queries can be also resolved quickly using the search function within the platform, which offers self-help options.
No wealth management services
Saxo Singapore has discontinued its SaxoWealthCare and SaxoSelect wealth management products for clients in the country.
The bank and trading platform will no longer offer its SaxoWealthCare and SaxoSelect solutions in Singapore from 10 December onwards.
Following the discontinuation of the products, Saxo Singapore has also extended different alternatives to clients. These include both options within and outside of Saxo’s offerings.
“Saxo Singapore regularly reviews our product offering and has come to the difficult but necessary decision to discontinue our wealth management offering,” the statement added.
“In this transitional period, our top priority is to ensure clients receive the support they require.”
The update comes as Saxo Bank has reportedly attracted acquisition bids from investors and rival platforms, including Interactive Brokers.
Denmark-headquartered Saxo has seen interest from bidders such as Interactive Brokers Group, Bloomberg reported earlier this month.
Other parties interested in acquiring the firm include a consortium of Altor Equity Partners and Centerbridge Partners, which have submitted a non-binding bid.
On 2 October the bank rolled out its SaxoInvestor service for UK clients, providing access to more than 70,000 global instruments including stocks, ETFs, bonds and mutual funds.
Saxo also launched a US election trading hub in October, providing new clients access to commission-free trading of the most 100 popular US stocks.
Saxo Bank currently oversees around $120 billion of client assets globally, with its UK branch growing assets to around £2 billion last year.
Pros
- Broad market access backed by investment bank roots
- User-friendly and feature-rich platform
- Comprehensive education resources
Cons
- Higher trading cost for Classic trading accounts
- High funding or trading criteria for account upgrades
- Pricing (4.5)
- Market Access (5)
- App & Platform (5)
- Customer Service (4.5)
- Research & Analysis (4)
Overall
4.6Central Provident Fund Investment Scheme (CPFIS)
The CPF Investment Scheme (CPFIS) allows Singaporeans and Permanent Residents to invest a portion of their Central Provident Fund (CPF) savings in approved products to enhance their retirement savings. Under CPFIS, CPF Ordinary Account (OA) funds and Special Account (SA) funds can be used to invest in a range of instruments, including unit trusts, exchange-traded funds (ETFs), and bonds. While CPFIS offers the potential for higher returns compared to the default CPF interest rates, it comes with risks. Investors must evaluate their risk tolerance and long-term objectives before participating in CPFIS, as poorly chosen investments can lead to lower overall savings.
Supplementary Retirement Scheme (SRS)
The Supplementary Retirement Scheme (SRS) is a voluntary savings scheme that complements the CPF system. SRS contributions are eligible for tax relief, making it an attractive option for individuals looking to reduce their taxable income while investing for retirement. Funds in an SRS account can be invested in a variety of financial instruments, including stocks, ETFs, bonds, unit trusts, and even insurance-linked products. Withdrawals are subject to a 50% tax concession after the statutory retirement age, making SRS a tax-efficient way to grow long-term wealth. Unlike CPF savings, SRS contributions and investments are voluntary, providing flexibility for individuals with varying financial goals.
Regular Brokerage Accounts
Singaporeans can open regular brokerage accounts to invest directly in stocks, ETFs, bonds, and other securities. These accounts are provided by local and international brokerages, offering access to the Singapore Exchange (SGX) as well as global markets. Popular brokers in Singapore include DBS Vickers, OCBC Securities, Saxo Markets, and Tiger Brokers. Brokerage accounts offer flexibility, allowing investors to trade independently and choose their investments. However, fees such as commissions, custody fees, and currency conversion charges can add up, so comparing brokers’ pricing structures is crucial before opening an account.
Robo-Advisory Platforms
For those seeking a hands-off approach to investing, robo-advisory platforms are an excellent option. Platforms like StashAway, Syfe, and Endowus offer algorithm-driven investment portfolios tailored to individual risk profiles and financial goals. These platforms typically invest in ETFs and low-cost index funds, providing diversification and cost efficiency. Robo-advisors are particularly suited for beginner investors or those with limited time to manage their portfolios actively. While fees for robo-advisory services are lower than traditional financial advisors, they may still exceed those of direct investments in ETFs or stocks.
Savings and Investment-Linked Policies (ILPs)
Investment-linked policies (ILPs) combine insurance coverage with investment opportunities. A portion of the premiums is used for insurance, while the remainder is invested in sub-funds chosen by the policyholder. ILPs provide a dual benefit of protection and wealth accumulation, but they often come with higher fees compared to standalone investments. They are ideal for individuals seeking life coverage while growing their wealth over the long term. However, it is essential to understand the fee structures and the performance of the underlying funds before committing to an ILP.
Unit Trust Investment Accounts
Unit trusts, also known as mutual funds, are a popular choice for investors seeking professional fund management and diversification. By pooling money with other investors, unit trusts allow individuals to access a broader range of asset classes, including equities, bonds, and real estate. Unit trust investment accounts can be opened through banks, brokers, or fund management companies. While unit trusts provide the benefit of active management, they often come with higher management fees compared to passive investment vehicles like ETFs. For investors with a longer time horizon and moderate risk tolerance, unit trusts offer a balanced approach to portfolio growth.
Investment-Linked Savings Accounts (ILSA)
Investment-linked savings accounts provide a structured way to invest regularly while earning interest or returns. Offered by banks and financial institutions, these accounts often include options to invest in funds or structured products. They are suitable for individuals looking to automate their savings and gradually build their investment portfolio. However, returns may be lower compared to direct investments in higher-yield assets like stocks or ETFs.
