Interactive Brokers is the broker most Singapore investors land on once they care about fees. Its appeal is blunt: trade Singapore shares at 0.08% (minimum SGD 2.50), US shares at USD 0.005 a share (minimum USD 1.00), convert currency at about 0.03%, and pay no platform fee or account minimum, all figures from IBKR Singapore's own pricing pages as of June 2026. It is regulated here by MAS (licence CMS100917), and US-held securities sit under SIPC cover up to USD 500,000. The catch is that it was built for people who already know what they are doing. This guide breaks down what you really pay across the GlobalTrader, IBKR Lite and IBKR Pro plans, where the small fees hide, how the free-withdrawal limit works, and the type of investor who is better off elsewhere.
Interactive Brokers (IBKR) is a US-founded brokerage listed on Nasdaq, running since 1978, that gives retail investors direct access to stocks, ETFs, options, futures, bonds and funds across more than 150 markets in dozens of countries. In Singapore it operates as Interactive Brokers Singapore Pte. Ltd., licensed and regulated by the Monetary Authority of Singapore under Capital Markets Services licence CMS100917.
Two things pull Singapore investors towards it. The first is reach: from one account you can buy SGX blue chips, US ETFs like the S&P 500 trackers, Hong Kong tech names and London-listed UCITS funds without opening separate accounts. The second is cost. Its commissions and its currency-conversion rate are among the lowest a retail investor can get here, which matters more than most beginners realise once you understand how fees compound. Our guide to starting investing in Singapore explains why a low-fee broker is the single biggest controllable lever on your long-run return.
The honest counterweight is that IBKR rewards investors who know what an order ticket, a base currency and a market-data subscription are. It is a custodian broker, not a CDP-linked one, so your SGX shares are held in IBKR's name on your behalf rather than registered to you directly. For most index-ETF investors that is fine; for someone who wants their Singapore shares in their own name with the Central Depository, it is a real difference worth understanding before you commit. The CDP glossary entry covers what direct ownership actually means.
The naming trips people up. GlobalTrader is the simplified mobile app aimed at newer investors; underneath, your account is still classified as either IBKR Lite or IBKR Pro, which is what sets your pricing. Pick the wrong one and you either overpay or lose access to features you wanted.
IBKR Lite is the commission-free tier for US-listed stocks and ETFs, available to Singapore retail investors with individual, joint or trust accounts. You pay no commission on those US trades, but IBKR routes your orders to earn payment for order flow, and real-time US market data is more limited. It suits a buy-and-hold investor dollar-cost averaging into a US ETF who does not care about microsecond execution.
IBKR Pro is the standard plan and what most serious Singapore investors end up on. It charges commissions (Fixed or Tiered, explained below), but gives better order routing aimed at price improvement, full market-data options, and the professional Trader Workstation platform. You can switch between Lite and Pro; IBKR processes your first three reclassifications daily, then later ones quarterly. For a beginner buying global ETFs monthly, Lite's commission-free US trading is appealing; for anyone trading SGX, HK or non-US markets, you are on Pro pricing anyway.
Here is what you pay on the trades a typical Singapore investor makes, taken from IBKR Singapore's GlobalTrader and stock-commission pages as of June 2026. Note that Goods and Services Tax (currently 9%) applies to eligible IBKR fees and commissions on top of the figures below.
Singapore stocks cost 0.08% of trade value with a minimum of SGD 2.50 per order on the GlobalTrader pricing. To put that in context, a SGD 2,000 SGX trade costs SGD 2.50 (the minimum bites), while a SGD 10,000 trade costs SGD 8. US stocks and ETFs are USD 0.005 per share with a minimum of USD 1.00 per order on Fixed pricing, so 100 shares of a USD 50 stock costs the USD 1.00 minimum. The IBKR Pro Tiered schedule starts even lower, from around USD 0.0005 per share for high-volume traders, and total stock commissions are capped at 0.5% of trade value, but Tiered adds exchange, clearing and regulatory pass-through fees that Fixed bundles in, so it only wins above meaningful volume.
Currency conversion is where IBKR quietly beats almost everyone. Converting SGD to USD (or any of around 29 supported currencies) inside the account costs roughly 0.03% of the converted amount, with a low minimum. A bank or a beginner-friendly broker can charge a spread of 0.5% to 1% or more on the same conversion, so on a SGD 10,000 conversion IBKR's roughly SGD 3 versus a bank's SGD 50 to SGD 100 is a large gap that repeats every time you fund the account. For US ETF investors this is often the bigger saving, ahead of the commission itself. See the expense ratio entry for the other recurring cost that quietly compounds.
| What you trade | Commission | Minimum per order |
|---|---|---|
| Singapore stocks / ETFs (SGX) | 0.08% of trade value | SGD 2.50 |
| US stocks / ETFs (Fixed) | USD 0.005 per share | USD 1.00 |
| US stocks / ETFs (IBKR Lite) | Commission-free | None |
| US options | USD 0.65 per contract (Fixed) | USD 1.00 |
| Currency conversion (FX) | ~0.03% of amount | Low (a few SGD) |
| Account / platform / inactivity fee | None | Not applicable |
IBKR's headline pricing is genuinely cheap, but a few mechanics catch out newcomers. The most common is withdrawals. IBKR allows two free withdrawal requests per calendar month; from the third onward in the same month, a fee applies (a wire transfer out, for example, carries a charge). For an investor who funds and withdraws once or twice a month this never bites, but frequent cash movements add up. Deposits work similarly: the first deposit each month is free, and subsequent deposits in the same month may pass through a portion of third-party fees.
Market data is the second surprise. Live SGX, US or HK price feeds are not all free; some real-time subscriptions carry a small monthly fee that is waived once your monthly commissions clear a threshold. A buy-and-hold investor can sit on delayed (free) data, but anyone watching prices intraday should budget for it. The platform itself, Trader Workstation, is powerful but has a steep learning curve, which is the real cost for a beginner.
Idle cash is a feature, not a fee, but worth knowing: IBKR pays interest on instantly available cash balances, advertised at up to USD 3.12% on uninvested USD cash as of June 2026 (tiered by balance and currency), while margin loans start at around USD 4.12%. That makes parking settlement cash less wasteful than at brokers that pay nothing, though it is not a substitute for a proper emergency fund in a high-interest savings account. Rates move with the rate cycle, so check the live figure before relying on it.
Most people choosing IBKR are also looking at moomoo, Tiger Brokers and the local bank brokerages (DBS Vickers, OCBC Securities, UOB Kay Hian, and POSB/FSMOne regular savings plans). The split is roughly: newer custodian brokers (IBKR, moomoo, Tiger) for low fees and overseas access, versus CDP-linked bank brokers for direct ownership of SGX shares in your own name.
Against moomoo and Tiger, IBKR's edge is breadth (far more markets and products), its market-leading FX rate, and a longer, listed-company track record. Their edge over IBKR is a friendlier app, frequent sign-up promotions (free shares, cash, fee waivers), and simpler pricing for a first-timer. If you only buy a US ETF once a month, the three are close on headline cost; IBKR pulls ahead as your account grows and you convert currency often.
Against the bank brokers and regular savings plans, IBKR is markedly cheaper per trade but does not give you CDP ownership, and it will not auto-deduct SGD 100 a month into an STI ETF the way a regular savings plan does. For pure dollar-cost averaging of small amounts, a CDP-linked broker or regular savings plan can be simpler. The active versus passive comparison is a useful reminder that the broker matters far less than keeping costs and behaviour in check.
| Broker type | Share ownership | Typical fee level | Best for |
|---|---|---|---|
| Interactive Brokers | Custodian (held in IBKR's name) | Very low; cheapest FX | Multi-market investors, frequent FX, larger accounts |
| moomoo / Tiger Brokers | Custodian | Low; promo-driven | Beginners wanting a simple app and sign-up perks |
| Bank brokers (DBS Vickers etc.) | CDP (your own name) | Higher per trade | Owning SGX blue chips directly |
| Regular savings plans (FSMOne, POSB) | Varies / custodian | Flat or % per buy | Auto monthly DCA from $100 |
IBKR Singapore is regulated by MAS, and like all licensed brokers here it must keep client assets segregated from the firm's own assets, so they are not available to the firm's creditors if it fails. That segregation is the first layer of protection and applies to your holdings as a customer.
On top of that, Interactive Brokers Singapore custodies certain securities positions with its US affiliate, Interactive Brokers LLC, which is a member of the US Securities Investor Protection Corporation (SIPC). SIPC covers eligible securities up to USD 500,000, including a USD 250,000 sub-limit for cash, if the US broker-dealer fails. IBKR LLC also carries an excess policy with Lloyd's of London underwriters that extends cover well beyond the SIPC limit. Note this protects against broker failure, not against your investments falling in value.
What you do not get is Singapore's deposit insurance: the SDIC scheme insures bank deposits up to SGD 100,000, but brokerage holdings are not bank deposits and are not SDIC-covered. The relevant safeguards are MAS segregation and SIPC, not SDIC. As with any investment, the largest risk by far is market risk on the assets themselves, which no protection scheme insures against.
IBKR is the right call if you invest across several markets, convert currency regularly, hold a growing balance where low percentage fees compound, and are comfortable with a more technical platform. For a Singapore investor systematically buying low-cost global ETFs in their own SGD-funded account, the combination of low commissions, the ~0.03% FX rate and no platform fee is hard to beat, and the savings widen as your portfolio grows.
It is the wrong call if you want SGX shares registered in your own CDP name, if you only invest tiny amounts where the per-order minimum hurts, or if you would rather a simple app that auto-invests SGD 100 a month without you placing orders. In those cases a CDP-linked bank broker, a regular savings plan, or a beginner app like moomoo or a robo-advisor fits better. Our robo-advisor versus DIY ETF comparison helps decide whether you want to place trades at all.
Before opening anything, get the order of operations right: an emergency fund and cleared high-interest debt come first, then a broker. Model what regular investing actually grows into with the compound interest calculator, and sense-check your overall position with the financial health check. The broker is a tool; the habit of investing consistently in low-cost funds is what builds wealth.
Opening is fully online and free. You will need your NRIC or passport, proof of address, your tax residency and Tax Identification Number, employment and basic financial details, and answers to a suitability questionnaire about your investing experience. There is no minimum deposit to open a standard cash account; a margin account requires a USD 100 minimum deposit, though beginners should avoid margin entirely.
After approval you fund the account, usually by transferring SGD from your Singapore bank (MAS-regulated brokers support local transfer methods), then convert to your trading currency in-app at the ~0.03% FX rate before buying foreign-currency assets. A common beginner mistake is buying a US ETF without converting first, which can trigger an automatic conversion at a less favourable point, so convert deliberately. Choose Lite or Pro based on the fee section above, and start with the GlobalTrader app if the full Trader Workstation feels overwhelming.
Keep your first trades small while you learn the order types, and remember that the cheapest broker still cannot save you from buying badly. Pair the account with a plain plan: a broad global ETF, funded monthly, left alone. The how to start investing guide walks through choosing the actual funds once your account is live.
Yes. Interactive Brokers Singapore is licensed and regulated by MAS (licence CMS100917) and must keep client assets segregated from its own. Securities held with its US affiliate are covered by SIPC up to USD 500,000, with extra Lloyd's of London cover. These protect against broker failure, not against your investments losing value, and brokerage holdings are not SDIC-insured.
As of June 2026, Singapore stocks cost 0.08% of trade value (minimum SGD 2.50), US stocks USD 0.005 per share (minimum USD 1.00, or commission-free on IBKR Lite), and currency conversion about 0.03%. There is no account minimum, platform fee or inactivity fee, though 9% GST applies to eligible fees and frequent withdrawals beyond two a month are charged.
There is no minimum deposit to open or maintain a standard IBKR cash account in Singapore, so you can fund it with any amount. A margin account requires a USD 100 minimum deposit, but beginners should avoid trading on margin, since borrowing to invest amplifies both gains and losses.
For most trades the three are close on headline commission, but IBKR usually wins on currency conversion at around 0.03% versus higher spreads elsewhere, and on breadth of markets. moomoo and Tiger often run sign-up promotions and have friendlier apps, so they can suit beginners, while IBKR's cost edge widens as your balance grows and you convert currency often.
No. IBKR is a custodian broker, so your SGX shares are held in IBKR's name on your behalf rather than registered to you with the Central Depository. If owning Singapore shares directly in your own CDP name matters to you, a CDP-linked bank broker such as DBS Vickers or OCBC Securities is the alternative, usually at a higher commission.
It depends. A beginner comfortable converting currency and placing their own orders gets excellent value buying global ETFs through IBKR. A beginner who wants a simple app that auto-invests a fixed monthly sum, or who only invests tiny amounts where the per-order minimum hurts, may prefer a regular savings plan or a beginner-friendly app first, then move to IBKR as their account grows.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.