Invest today and enjoy tomorrow.
Whether you are a fresh university graduate or already established in the workforce, investing is one of the most important ways to safeguard your financial future. Investing with an online trading platform in Singapore allows you to take charge of your own financial security and grow your wealth, not to mention it also helps you plan ahead for retirement.
Thera are now many online trading platforms out there, and it can be overwhelming, especially for new investors wor beginner investors ho want to dip their toes into the trading world. We have simplified this introduction with our list of seven online trading platforms in Singapore, suitable for beginners.
As ever, when it comes to your finances, you still have to do your financial homework and work out which platform is best for your individual situation and appetite for risk.
Do be aware the information contained here is not intended to be a source of advice or credit analysis, with respect to the material presented, and the information does not constitute investment advice. If you have concerns or questions you should consult with a professional financial advisor familiar with your particular financial situation, before making decisions.
Plus500 is a global financial trading firm that provides online trading services in contracts for difference (CFDs), in more than 2500 financial instruments. The minimum funding for an account at Plus500 is only $100. On the topic of brokerage fees, there are relatively few fees and charges when using Plus500.
Singapore has joined the ranks of other major cities and licensed Plus500. In addition, Plus500 is listed on the London stock exchange. The app itself is also extremely user-friendly and offers 24/7 online and phone customer support.
Accessible at Plus500.
2. IQ Option
Founded in 2013 and regulated by Cyprus Securities and Exchange Commission, IQ Option is one of the world’s fastest growing online trading brands. The team behind IQ Option aims to create the best online trading platform and constantly updates the user interface to boost accessibility.
Currently, IQ Option has over 40 million members, and counting, and has expanded offerings to include CFDs on stocks, Exchange Traded Funds (ETFs) and Forex trading. You can begin trading with IQ Option with a minimum deposit of as low as $10. Each trading transaction currently has a brokerage fee leveraged at 0.01 to 0.5%.
Accessible at IQ Option.
For those more interested in Forex and CFD day trading, AvaTrade is an option. Founded in 2006, AvaTrade offers traders a variety of financial instruments, including commodities, bonds, crypto currencies, stocks and stock indexes — all covered by the platform’s CFD products. They are regulated by a range of regulatory offices, including the Financial Services Regulatory Authority of Ontario and British Virgin Islands Financial Services Commission.
In addition, the AvaTrade application is available on both iOS and Android operating systems. Minimum trade begins from $100, making this an accessible platform for beginners. Furthermore, AvaTrade does not charge for withdrawals or deposits, making their platform an option for traders with a small capital. A demo account can be opened to test the platform and interface before signing up.
Accessible at AvaTrade.
4. Interactive Brokers
If you’re looking for an affordable online trading platform, Interactive Brokers has a minimum commission of $0, so it’s designed to be both accessible and beginner-friendly.
Founded in 1977 and regulated by the USA Securities and Exchange Commission and the Financial Conduct Authority, this broker features a state-of-the-art technical analysis tool that’s considered by many to be at the forefront of trading technology.
You can invest globally in stocks, options, futures, currencies and bonds from a single integrated account. Interactive Brokers services over 135 markets, 33 countries and 23 currencies. And you can acess your market data at all hours of the day on their user-friendly online platform.
Accessible at Interactive Brokers.
5. Phillip Capital
With more than 45 years of experience in the financial industry, Phillip Capital currently operate in 15 different countries and boast over one million customers around the world, with Assets Under Management of more than UA$35 billion.
Phillip Capital’s long history extends to their wide range of services provided. From broking in securities, futures and foreign exchange, commodity trading to fund management, private equity and corporate finance — Phillip Capital does it all.
Accessible at Phillip Capital.
6. Saxo Markets
Saxo Markets is a popular online trading firm amongst experienced investors. Compared to the other brokerage firms on this list, Saxo Markets requires a higher minimum deposit of $3000. However, this higher fee equates to a more exclusive service.
A single Saxo account connects you to global stocks, ETFs, bonds, mutual funds and specially curated managed portfolios. Despite their high minimum deposit, there are no hidden fees at Saxo. The firm aims for transparency in their commission rates and spreads, so you stand to gain a clearer understanding of where your money is going.
Accessible at Saxo Markets.
7. TD Ameritrade
An American-based broker that offers a wide portfolio of financial services, TD Ameritrade was recently acquired by Charles Schwab. For beginner investors, The Charles Schwab Corporation is a multinational financial services company that is the third largest asset manager in the world.
With this recent acquisition, the portfolio, research tools and other features of TD Ameritrade have been enhanced by Schwab’s extensive knowledge base and educational assets. There isn’t any processing fee required to open up a TD Ameritrade account or to maintain one. However, there is a $2000 investing minimum to start using the account. This means that you can set up the account for free, but you’ll need to fund it with this minimum amount in order to be considered for margin and certain options privileges, requiredless of any promotional offers.
Accessible at TD Ameritrade.
By Sabrina Ng, August 2021 / Images from Unsplash