Most lists of brokers in Singapore rank platforms by the commission on the sticker, then stop. That is the wrong number to optimise. If you are buying US stocks from Singapore in 2026, the commission is often the smallest of three costs: you also pay a currency conversion spread every time your Singdollars become US dollars, and the IRS quietly takes 30% of every dividend before it reaches your account. A broker that charges zero commission but a 0.5% FX mark-up can cost you more than one charging US$0.99 a trade. This guide ranks the real options on total cost, shows the tax most beginners miss, and matches a broker to how you actually invest.
A broker is just a regulated pipe between you and an exchange. In Singapore every name worth using here is licensed by the Monetary Authority of Singapore, so the differences that matter are cost, custody and the platform you have to live with. Four numbers decide your real cost on US stocks, and most comparison pages only show the first one.
Commission is the per-trade fee. For US shares the cheapest platforms now advertise zero commission and charge a small per-order platform fee instead, usually around US$0.99. Interactive Brokers stays a pure pay-per-share model and is the one to beat on raw price.
Currency conversion is the cost that hides. Your CPF and bank balances are in Singdollars; US stocks settle in US dollars. Every time you convert, the broker takes a spread off the mid-market rate. On a US$5,000 buy, a 0.5% spread is US$25, which dwarfs a US$0.99 platform fee. Brokers that let you hold a USD wallet and convert in one lump (rather than per trade) save the most. If you want to see how small recurring costs compound against you over a decade, run the numbers in the compound interest calculator.
This is the structural choice that splits the Singapore market, and it almost never applies to US stocks. The Central Depository (CDP) is operated by SGX and only holds securities listed on the Singapore exchange. When you buy an SGX stock through a CDP-linked broker, the shares sit in your own CDP account under your name. There is no CDP for US-listed shares, so every US stock you buy in Singapore is held in a custodian arrangement, where the broker holds the shares on your behalf in an omnibus account.
Custodian accounts are normal and used worldwide, but they carry counterparty risk: if the broker fails, recovering your shares depends on how well client assets were segregated. The protection that matters is regulatory. MAS requires licensed brokers to ring-fence client money and assets from their own. For a fuller walk-through of opening both account types and the trade-offs, see our guide on opening a CDP and brokerage account. If the term itself is new, the CDP glossary entry explains it in one screen.
The table below covers the platforms most Singapore investors shortlist for US shares. Commission and platform fees are the advertised US-stock rates as of June 2026; promotions and exact fees change often, so confirm on the provider's own fee schedule before you fund an account. All listed brokers are MAS-licensed.
| Broker | US-stock cost | Min. fee / order | Custody | Best for |
|---|---|---|---|---|
| Interactive Brokers | US$0.0035/share (Tiered) or US$0.005/share (Fixed) | US$0.35 (Tiered) / US$1 (Fixed) | Custodian | Lowest cost at scale, global access |
| moomoo SG | US$0 commission + platform fee | from US$0.99 | Custodian | Beginners wanting a slick app + data |
| Tiger Brokers | US$0 commission + platform fee | from US$0.99 | Custodian | Multi-market traders (HK, A-shares) |
| Webull SG | US$0 commission + platform fee | from US$0.90 | Custodian | Fractional shares, simple interface |
| Saxo | from 0.08% | from US$1 | Custodian | Wide product range, research |
| POEMS (Phillip) | from US$3.88 | US$3.88 | Custodian (SRS support) | SRS investing, local support |
| DBS Vickers | from 0.15% | varies | CDP-linked + custodian | Bank-integrated, SGX via CDP |
On raw price, Interactive Brokers wins for anyone buying more than a token amount. Its Tiered plan charges US$0.0035 per share with a US$0.35 minimum, capped at 1% of trade value; the Fixed plan is US$0.005 per share with a US$1 minimum. For small, frequent buys the zero-commission apps (moomoo, Tiger, Webull) are simpler and their per-order platform fee of roughly US$0.90 to US$0.99 is competitive, but IBKR's FX conversion at close to interbank rates is where it pulls ahead on total cost. We break down the full fee picture in our standalone Interactive Brokers Singapore review.
If you are starting out and plan to put in a few hundred dollars a month, the app-first brokers earn their keep on usability rather than the last cent of cost. moomoo and Webull both support fractional US shares, so you can buy part of a US$500 stock with US$50. Tiger suits anyone who also wants Hong Kong or China exposure in one login. For the wider question of how to begin at all, including robo-advisors as a hands-off alternative, read how to start investing in Singapore.
Currency conversion is the single most underrated line item for Singapore investors in US stocks. There are two ways brokers handle it. Some auto-convert your Singdollars to US dollars on every buy and sell, taking a spread each time. Others let you hold a multi-currency wallet, so you convert once in a larger block and trade in US dollars after that. The second approach is almost always cheaper if you trade regularly.
The spread is quoted as a mark-up over the mid-market rate. Interactive Brokers converts near interbank rates with a small flat fee, which is the cheapest in the market for sizeable conversions. App brokers vary, and some bundle a wider spread into their headline zero-commission offer. The lesson is the same one that runs through honest investing: a low sticker price can hide a higher all-in cost. The same trade-off shows up when you compare a robo-advisor against buying ETFs yourself.
Two US taxes apply to Singapore investors holding US-listed securities, and both surprise people. Neither is charged by your broker out of malice; they are US federal rules, and Singapore has no tax treaty with the US that would reduce them.
Dividend withholding tax is 30%. When a US-listed stock or fund pays a dividend, the US withholds 30% before it reaches you and remits it to the IRS. Because Singapore has no double-tax treaty with the US, you cannot reclaim it or offset it. Your broker will ask you to sign a W-8BEN form, which certifies you are a non-US person; without a treaty, signing it does not lower the 30% rate, it just confirms your status. A US$1,000 annual dividend becomes US$700 in hand.
US estate tax is the trap few discuss. US-listed shares, ETFs and bonds are US-situs assets. If a non-US person dies holding more than US$60,000 of them, the estate may owe US federal estate tax on the excess, with rates that climb steeply, and an executor must file Form 706-NA. That US$60,000 threshold has not moved in years and is far below the multi-million-dollar exemption US citizens enjoy. Many long-term investors sidestep both problems with Ireland-domiciled UCITS ETFs, which cut the effective dividend withholding to about 15% at the fund level and remove US estate tax exposure entirely. If you mainly want broad index exposure rather than individual US names, that route is worth weighing; our Singapore REIT and ETF guide covers how those funds work.
Skip the feature checklists and answer how you actually invest. The right broker falls out of three questions: how often you buy, how much you convert at a time, and whether you want individual US stocks or low-cost funds.
Once you have picked one, fund it with money you will not need for at least five years, and compare keeping cash in the market against a fixed deposit using the fixed deposit vs investing calculator before you commit a lump sum.
For meaningful trade sizes, Interactive Brokers is usually cheapest on total cost because it charges from US$0.0035 per share on its Tiered plan and converts currency near interbank rates. For small regular buys, zero-commission apps like moomoo, Tiger and Webull are competitive once you account for their per-order platform fee of roughly US$0.90 to US$0.99 as of June 2026.
Singapore does not tax capital gains, so selling US shares at a profit is not taxed here. The US, however, withholds 30% of every dividend before it reaches you, and because Singapore has no tax treaty with the US, you cannot reclaim it. US-listed assets above US$60,000 held at death may also face US estate tax, which is why some investors prefer Ireland-domiciled ETFs.
No. The Central Depository only holds securities listed on the Singapore exchange, so it cannot hold US-listed shares. Every US stock you buy in Singapore sits in a custodian account where the broker holds it on your behalf. MAS requires licensed brokers to segregate client assets from their own, which is the main protection in a custodian arrangement.
The W-8BEN is a US tax form that certifies you are not a US person, and your broker will ask you to sign it before you trade US-listed securities. For Singapore investors it confirms your foreign status but does not lower the 30% dividend withholding rate, because there is no US-Singapore tax treaty to claim a reduced rate under. You still need to complete it to trade.
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.