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Is E*TRADE available in Singapore? Alternatives in 2024!

Minho Investment Association| Updated April 3rd, 2024

You might already be familiar with E*TRADE, a well-established American discount broker known for its diverse financial offerings. 

E*TRADE provides an online platform for self-directed investors and traders to trade stocks, options, bonds, mutual funds, ETFs, and more. Additionally, E*TRADE offers automated investment portfolios and retirement accounts to cater to a wide range of financial needs, all while delivering a highly regarded mobile trading app for on-the-go investors.

Want to know if E*TRADE is available in Singapore and the alternatives available? We’ve got you covered!

Is E*TRADE available in Singapore?

E*TRADE is unavailable in Singapore, as it primarily focuses on the U.S. market, offering various investment services to U.S. residents and citizens.

We contacted customer support, and the response regarding the possibility of opening an account in Singapore was negative. Therefore, if you are a Singapore citizen, you will not be able to open an account with E*TRADE.

Is E*TRADE coming to Singapore?

As our team has confirmed, there don’t appear to be any expansion plans into other markets following Morgan Stanley’s acquisition at the end of 2020. 

E*TRADE Alternatives in Singapore

The good news is, in Singapore, there are lots of other options like E*TRADE that gives you similar or maybe even better stuff for investing, and they won’t cost you much or anything at all. Given that, here are our suggestions:

Interactive Brokers

With a history spanning more than 40 years, IBKR remains one of the most trustworthy brokers available and is unofficially the globe’s default broker, including in Singapore. Also, IBKR provides an easy-to-use mobile app called IBKR GlobalTrader.

Saxo Bank

Full-service broker who offers stocks, ETFs, bonds, derivatives, crypto, and other products. You can access 36 different markets overseas from Singapore using their powerful trading apps.

Plus500

Plus500 is a multi-asset online broker with commission-free CFDs in Indices, Forex, Commodities, Cryptocurrencies, Shares, Options, and ETFs.
Disclaimer: 82% of retail CFD accounts lose money.

Pepperstone

Pepperstone is a popular broker that offers several trading platforms like TradingView, MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader, which are well-suited for social trading and copy trading features, allowing users to automatically replicate the trades and strategies of successful traders.

 

#1 Interactive Brokers

Is E*TRADE available in Singapore? Alternatives in 2024! 1
Visit Interactive BrokersIs E*TRADE available in Singapore? Alternatives in 2024! 2

Interactive Brokers at a glance

Products availableStocks, futures, options, Forex, commodities, bonds, mutual funds, hedge funds, ETFs, CFDs
Minimum DepositSGD $0
Deposit MethodsBank transfer, wire transfer, cheque, electronic funds transfer (EFT), online bill pay
Fees and CommissionsLow fees but vary based on asset and order size

Interactive Brokers has proven to be one of the most reliable brokers in the market. The broker, licensed and regulated by the Monetary Authority of Singapore via the subsidiary Interactive Brokers Singapore Pte. Ltd. (License No. CMS100917), was founded in New York over 40 years ago and survived many financial crises, making it a well-established and trustworthy broker that is regulated by many top-tier regulators.

Due to its sophisticated and powerful tools, the wide range of products available for trading, and its low prices, Interactive Brokers normally attracts advanced traders. However, the mobile app IBKR GlobalTrader is user-friendly and more suitable for beginners, simplifying investments without losing the powerful tools for which the broker is famous.

Interactive Brokers offers attractive features such as low commissions on US stocks, a demo account for practicing investments, a wide range of tradable assets, and trading in SGD $. 

If you want to know more about this platform, please check our Interactive Brokers review!

#2 Saxo Bank

Saxo-logo
Visit Saxo BankIs E*TRADE available in Singapore? Alternatives in 2024! 2

62% of retail CFD accounts lose money.

Saxo Bank at a glance

Products availableStocks, Forex, ETFs, commodities, indices, options, bonds, and futures
Minimum DepositUSD $2000
Deposit methodsCredit/debit card, wire transfer, cheque
Fees and CommissionsClassic Acc: 0.08% (min. $1); Platinum Acc: 0.05% (min. $1); VIP Acc: 0.03% (min. $1)

Saxo Bank is a Danish bank founded in 1992 that operates in Singapore through the entity Saxo Capital Markets Pte Ltd, licensed and regulated by the Monetary Authority of Singapore (License No. 200601141M). 

It is undoubtedly one of the most reliable options for advanced traders and beginners since it provides safety, low spreads, and valuable tools within their PC version: SaxoBankPRO. Saxo also offers a stock trading app that is among the best in Singapore: SaxoTraderGO. These are comprehensive, customisable, and have attractive features for investors.

Saxo offers a range of trading platforms designed to meet the diverse needs of investors.

  • SaxoInvestor, their simple and fast investment platform, is ideal for beginners. It provides curated stock lists, trending investment themes, and easy access to various asset classes such as stocks, mutual funds, ETFs, bonds, and managed portfolios. You can conveniently manage your investments on your phone, tablet, or computer;
  • For more experienced traders, SaxoTraderGO is an award-winning platform with advanced features. It offers enhanced trade tickets, comprehensive charting tools, options chains, performance analysis, fundamental and technical analysis tools, and a detailed account overview. 
  • SaxoTraderPRO is a fully customisable, professional-grade platform with features like algorithmic orders, one-click trading, options chains, and advanced charting packages. You can fully customise the workspace across multiple screens and benefit from advanced workspace management and multi-channel linking between modules. 

We find that SaxoTraderGO will work best for most traders, while those who operate professionally or daily could do even better with SaxoTraderPRO. The former is an award-winning platform that blends the sophistication of desktop-based trading alongside a powerful mobile app for 24/7 coverage. 

Their pricing structure feels somewhat convoluted, with five possible options, but fortunately, they explain the key details well. The basic “Bronze” choice requires a minimum of SGD 3,000 and charges 0.08% (min. $1) for US stocks, while the “Diamond” choice provides the cheapest commission rate at 0.03% (min. $1) for US stocks.

If you want to learn more about the broker, check our Saxo Bank review!

#3 Plus500

Is E*TRADE available in Singapore? Alternatives in 2024! 4
Visit Plus500Is E*TRADE available in Singapore? Alternatives in 2024! 2

80% of retail CFD accounts lose money.

Plus500 at a glance

Products availableStocks (Plus500 Invest) and CFDs on Stocks, Indices, Commodities, Forex, ETFs, Options, Cryptocurrencies
Minimum DepositSGD$200
Deposit methodsBank transfer, credit/debit cards, PayPal, PayNow, ApplePay
Fees and Commissions$0.006 per share on US stocks and 0.045% on European stocks with a minimum of €2 per order on commissions (only on Plus500 Invest)

Plus500 is a broker based in Israel that was founded in 2008 and whose shares are traded on the London Stock Exchange. Regulated by top-tier authorities such as FCA and CySEC, the broker offers services in Singapore via the subsidiary Plus500SG Pte Ltd, licensed and regulated by the Monetary Authority of Singapore (License No. CMS100648).

The broker provides a mobile app named Plus500 and a web-based platform called WebTrader. Both are comprehensive and user-friendly, and you can test their features by opening a demo account.

Plus500 provides accessible customer support through a live chat feature available directly on their trading platform. You can open an account in multiple currencies, including SGD, USD, EUR, GBP, and several other major currencies. However, it’s important to note that they charge a 0.70% currency conversion fee.

On the downside, Plus500 provides very few research reports compared to other brokers. Additionally, if you don’t access your account for three consecutive months, a $10 (or equivalent, depending on your currency) monthly fee will be charged. 

The platforms have low costs and reliability, interesting features and products for beginners (demo account) and experienced traders, and good usability. As a downside, though, you will not have access to ETFs. If you want to learn more about Plus500, please check our full Plus500 review.

This information is NOT relevant to EU residents who are to be serviced by EU subsidiaries of the Plus500 Group, such as Plus500CY Ltd, authorized by CySEC (Reg. 250/14). Different regulatory requirements apply in Europe, such as leverage limitations and bonus restrictions.

#4 Pepperstone

Is E*TRADE available in Singapore? Alternatives in 2024! 6
Visit PepperstoneIs E*TRADE available in Singapore? Alternatives in 2024! 2

74-89% of retail CFD accounts lose money.

Pepperstone at a glance

Products availableCFDs on Stocks, ETFs, Forex, Indices, Commodities and Cryptocurrencies
Minimum DepositSGD$0
Deposit MethodsBank transfer, credit/debit cards, PayPal, Neteller, and Skrill, and more
Fees and Commissions$0.02 per side for US CFD shares; Between 0.07% and 0.20% per side for international CFD shares

Pepperstone was established in 2010 and currently serves more than 300,000 traders across the globe. It is an excellent choice for Singaporean traders seeking to utilise the popular MetaTrader while enjoying free deposits and withdrawals.

With Pepperstone’s range of trading platforms, you can access reliable technology, fast execution, and diverse tools to enhance your trading experience. Whether you prefer the popularity of MetaTrader 4 (MT4), the advanced functionality of MetaTrader 5 (MT5), the intuitive design of cTrader, or the integrated power of TradingView, Pepperstone has a platform to suit your trading needs. Here’s a brief description highlighting the main features of each platform.

  • MetaTrader 4 (MT4): It is the renowned Forex trading platform where you can customise the platform to match your trading style, create and execute expert advisors using MQL4, identify high probability trades with Autochartist, and utilize a wide range of 28 indicators and expert advisors with Smart Trader Tools;
  • MetaTrader 5 (MT5): The platform offers enhanced functionality, advanced features and easy coding with MQL5. It provides faster processing, 38 inbuilt indicators, 21 timeframes, and advanced customisation options;
  • cTrader: An intuitive and user-friendly trading platform designed to provide advanced features allowing you to control slippage and order fills. You can benefit from FIX API connectivity and coding in C# with cTrader Automate, and it offers powerful charting and extensive customisation options. TradingView is easily integrated with Pepperstone through cTrader, where you will get access to the web-based social network for traders. It enables interaction and facilitates the sharing of trading ideas among a large trading community.

Pepperstone allows account opening in multiple currencies, including SGD. In addition, you can benefit from significant leverage of up to 1:200, although it is essential to consider the potential risks associated with higher leverage.

Which platform should you choose?

Some factors you should know when choosing an online broker are the fees charged if it is regulated by top-tier institutions such as the MAS in Singapore and the range of products it allows you to trade, among others.

The best online broker in your specific case will depend on your profile, preference, and objectives. Explore the websites above and decide for yourself!

A reminder that the above should not be seen as investment advice and should be considered information only. Investors should do their own research and diligence about the best-suited services and opportunities for their risk, returns, and impact strategy.

Minho Investment Association
Contributor

The Minho Investment Association (MIA) is a junior initiative from the University of Minho (Portugal), which aims to promote financial literacy among young people.

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