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There are dozens of trading platforms and investment apps available for Singaporeans to buy and sell stocks, ETFs, digital currencies and more. Many of these platforms now offer mobile apps, making it easier than ever to place a trade from anywhere.
But finding the best trading platform for you is about understanding what you want to trade, how often you intend to place a trade and what types of tools are most important.
To make it easier to compare, we’ve sourced a list of the top investment apps in Singapore in 2023 and highlighted some of their best (and not so great) features.
To find the top rated trading platform in Singapore we sourced a list of 30 stock trading apps and then ranked them by average user review scores. To be included in our list they must:
User ratings were taken from the App and Play Stores in November 2022 and both average ratings and the number of ratings were included in the scoring. For instance, a platform with an average user rating of 5/5 and thousands of reviews would get a higher score than a platform with the same rating but just a few user ratings.
Stocks and ETFs are listed on various stock exchanges around the world. To buy stocks from these exchanges, you’ll need a stock broker to act on your behalf. This is where trading platforms come in.
Trading platforms and apps let you enter buy or sell orders of stocks which are then executed by a broker.
It’s worth noting that stock brokers and trading platforms partner with different exchanges so the types of stocks you’ll be able to trade depend on which platform you choose to go with.
Some trading platforms partner with just 1 or 2 exchanges such as Wall Street’s NYSE or NASDAQ, while others like Interactive Brokers connect you to dozens.
Here in Singapore we have the aptly named Singapore Exchange (SGX), but there are many others around the world, including the New York (NYSE) and London (LSE) stock exchanges.
In Singapore, many trading apps let you trade Singaporean stocks on the SGX while others only offer US-listed stocks. Only a few global trading platforms offer stocks listed in other markets, but these include Interactive Brokers and Phillip Capital.
The first factor to consider when choosing a trading app is what types of assets you want to trade. Do you want to trade Singaporean stocks or are US stocks more important to you?
Some trading apps provide access to many different assets, including stocks, bonds, commodities, and foreign currencies. Others only offer one or two of these but might charge lower fees and have better features.
Before selecting an investment platform, consider the following:
The cost of investing in stocks can be very different depending on which exchange the stocks are listed in. For example, stocks listed in Singapore can be more expensive to trade than stocks listed in the United States, where greater competition has seen fees drop dramatically over the last few years.
Here are the main fees to look out for when buying and selling stocks through a platform:
There are many other types of fees you can be charged, such as an account closure fee, money transfer fees and even fees if you don’t place enough trades in any given month. Make sure to do your homework before signing up!
There are several risks associated with using trading platforms, including:
It is important to note that while these risks exist, they can be mitigated by using reputable trading platforms, keeping personal information secure, investing within your risk tolerance and regularly monitoring your account for any suspicious activity.
Be sure to carefully consider your investment goals, risk tolerance and trading strategy before using a trading platform.
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