Are you planning on relocating to Singapore in the near future? Here's a list of the top 3 brokerage firms in Singapore that provide the best services.
Let’s face it — The Wolf of Wall Street made stock trading look pretty cool. While yes, those guys were on the other side of the line, the message stuck with many viewers: stocks are a great way to earn money and gain the lifestyle of your dreams.
But what few filmgoing fans realize is that financial opportunities are just as fulsome overseas as they are in the United States. You may not know it yet, but there are tons of companies and brokerage firms throughout the world waiting for you to invest.
So what should you go for? Nasdaq? The Nikkei Index?
While those are good options, we’re here to encourage you to invest in Singapore stock trading. Singapore stock is one of the best ways someone from the U.S. can make money during these tough times.
However, when investing in overseas markets, it’s important not to go it alone. Finding yourself a great brokerage is the best way to navigate a market you’re not very familiar with.
But how do you get in touch with the overseas market?
This article will walk you through all you need to know about finding a Singapore brokerage.
What Are Brokerage Firms?
But before you get yourself tangled up overboard, make sure you understand what a brokerage is. The last thing you want is to find yourself on the wrong side of a company that you nothing about.
To put it in simple terms, a brokerage acts as a middleman (or a middle person, if we’re politically correct) between the investor (that’s you) and the companies. The brokerage should be paid by commission, based on the completion of your transactions.
Another way that brokerages can be paid is through a service fee after the transaction takes place. The key point here is that the brokerage gets paid after the transactions in every place. You should never trust a brokerage that asks for money upfront.
In the optimal free-market Jeff Besos/Elon Musk/Gary Vaynerchuck’s super capitalist society, everyone would have an equal amount of knowledge about the stock market and unlimited time to act on it. They’d be able to understand exactly when things were about to get hot and when they were about to drop; they would know when to invest and when to sell.
Unfortunately, that’s not the world we live in. A brokerage is populated by people who study market trends and will let you know what smart, sound investments are. It’s their job to open up the wardrobe to the Narnia of your investing world.
While you don’t technically need a brokerage to invest, they are beneficial. You can think of a brokerage firm as the busboy of a restaurant; other people could do their job, but it helps to have someone who specializes in clearing the tables and pouring the water.
Best Brokerage Firms in Singapore
If I haven’t offended every single brokerage firm in the world too much already, I’d like to move on to the best brokerage firms out there in Singapore. There are the best Singapore trading platforms out there for trading in Singapore stock.
CGS-CIMB has been providing top-quality service in several markets since 2005. They allow you to trade between many different assets, which gives you many options for making money. MAS protects your investment in Singapore, so you know that you won’t end up unjustly out of cash.
On top of this, they sport their very own trading network so that you can get acquainted with trading specifically through them. They provide more than 70 unique tools, and if you consider yourself financially crafty, you’re going to want to make use of that toolshed.
Their trading fees are around 0.18 percent.
As well as having one of those cool misspelled names that make them sound like a great mid-2000’s indie rock band, Revolut is a wonderful brokerage firm in Singapore. It’s been around since 2015, and in 2019 launched an option for commission-free stock trading.
Revolut also comes with a high degree of safety. It’s regulated by the US Securities and Exchange Commission, so if one of your fears is mistrusting a foreign market, you can rest assured that the U.S. is still checking it out for you.
Revolut renowned for its remarkable user-friendly reputation and spectacular search engine function.
Revolut’s trading fees are a little more involved and based specifically on whichever country you’re in. Check it out for yourself on their website to see if it’s right for you.
No, that isn’t poems as in the artform of assembling language that creates sculptures of meaning and endows words with the weight of the world, that’s POEMS as in the trading section of PhilipCapital, one of the best Singapore brokerages. (Too high brow?)
This brokerage’s main advantage is its diversity; it provides a sublimely broad range of asset collections and options for trading in markets well beyond Singapore.
POEMS has been around since 1975, so you can rest assured that this is one of the most well-respected brokerages out there.
And it doesn’t sacrifice quality for ease. POEMS is known as having one of the easiest interfaces to use, so you needn’t worry about getting lost in the corridors of the internet on your way to making your fortune.
Commissions generally start at around .8 percent.
Know Your Brokerage Firms
Everyone wants to be rich. You may want to be the Wolf of Wallstreet — but it may be more profitable to become the Snake of Singapore. Study the best brokerage firms in Singapore to make your fortune in a way that no one around you is.
Once you’ve taken into account what a brokerage is and considered CGS-CIMB, Revolut, and POEMS, you’re well on your way to gaining the fortune of your dreams. Go forth, my friend; you can do no wrong.
If you liked this article, check out Investing Money: Do’s and Dont’s.