This Saxo review for Singapore investors starts with the costs that matter most. As at November 2026, Saxo lists stock commissions from US$1 on US shares and from S$3 on SGX shares, a currency conversion charge of 0.25%, and a custody fee of 0.12% a year on non-SGX holdings unless you opt into securities lending. Saxo Capital Markets Pte. Ltd. holds a Capital Markets Services licence from MAS.
Investing can lose money. What you buy can fall in value, and you may get back less than you paid. We describe the platform. We do not recommend any security.
What Saxo Is
Saxo is part of a Denmark-based investment group and operates in Singapore through Saxo Capital Markets Pte. Ltd. It gives access to many stock exchanges across America, Europe and Asia-Pacific, with ETFs, bonds, funds, options, futures, leveraged forex and CFDs.
It sits in the same group as Interactive Brokers: a multi-market broker with a deeper platform than the phone-first apps. Singapore comparison sites promote it regularly, though less heavily than the four app brokers.
Saxo prices clients in three tiers: Classic, Platinum and VIP. Higher tiers pay lower commissions.
MAS Licence and How Your Assets Are Held
The MAS Financial Institutions Directory lists Saxo Capital Markets Pte. Ltd. as a Capital Markets Services licensee. The licence covers dealing in securities, collective investment schemes, exchange-traded and over-the-counter derivatives and leveraged foreign exchange, product financing and custodial services. It is also an exempt financial adviser for issuing research.
Saxo holds your securities in custody. SGX shares bought through Saxo are not held in a CDP account in your name.
One feature needs attention: securities lending. If you opt in, Saxo may lend your shares to other market participants, and in return it waives the custody fee. Lending adds a layer of counterparty risk. Read Saxo’s securities lending terms before choosing.
Investments are not SDIC-insured. That scheme covers eligible bank deposits.
Saxo Review of Singapore Fees (as at November 2026)
These figures come from Saxo’s Singapore rates and conditions pages.
| Item | Fee |
|---|---|
| US stocks and US-listed ETFs: commission | From US$1 |
| Singapore (SGX) stocks: commission | From S$3 |
| Hong Kong stocks: commission | From HK$15 |
| Currency conversion | Plus or minus 0.25% of the FX spot mid-price |
| Custody fee, opted into securities lending | 0% (all tiers) |
| Custody fee, opted out | 0.12% a year (Classic, Platinum); 0.06% (VIP) |
| Custody fee on SGX stocks and ETFs | None for Singapore residents |
| Inactivity fee | None |
| Online deposits and withdrawals | No Saxo fee; bank charges may apply |
| Transferring securities out | EUR 50 per security, max EUR 160 per request |
| Transferring securities in | No Saxo fee |
The custody fee is calculated daily on end-of-day values and charged monthly.
What we could not verify: the exact percentage commission for each tier, the assets needed to reach Platinum or VIP, and any minimum funding amount. The tier table on Saxo’s commission page did not load for us. The “from” figures above are the lowest listed, so treat them as a floor. Check the commission page for your tier before trading.
The short version: Saxo’s commissions start low, but a 0.25% conversion charge on every foreign trade is the cost to watch. On a US$2,000 purchase it is five times the minimum commission.
What a Year of Monthly Buying Costs
Our example: US$2,000 into a US-listed ETF and S$2,000 into an SGX-listed share each month for 12 months, from a Singapore-dollar account. This illustrates fees only and uses the lowest published commissions.
US order: commission of at least US$1. Currency conversion at 0.25% of US$2,000 is US$5. So each order costs at least US$6, or US$72 a year. US$60 of that is conversion.
Custody on the US holding: if you opt out of securities lending, 0.12% a year applies. On US$24,000 held for a full year, that is about US$29. In the first year, while the balance builds from US$2,000 to US$24,000, it is roughly US$16. If you opt in, the fee is nil.
SGX order: commission of at least S$3, so S$36 or more a year, before SGX fees and GST. No custody fee applies to SGX holdings for Singapore residents.
You can cut the conversion cost by holding a US-dollar sub-account and converting less often, but each conversion still carries the 0.25%. On US$24,000 a year, that is US$60 however you slice it.
Funding, CPF and SRS
You fund a Saxo account by bank transfer. Saxo says it charges nothing for online deposits and withdrawals.
We could not confirm from Saxo’s public pages whether CPF or SRS money can be invested through it. Ask Saxo directly if that is your plan. Our CPF Investment Scheme explainer and SRS guide explain the rules that apply at any provider.
Drawbacks and Alternatives
- Conversion at 0.25% adds up. For a regular buyer of foreign shares, it is a bigger cost than the commission.
- Custody fee or lending, pick one. To hold foreign shares for free, you must let Saxo lend them out.
- Tiered pricing favours larger accounts. A new, small account pays the Classic rate.
- Leveraged products are prominent. Saxo’s licence covers CFDs and leveraged forex, and its site promotes them. These products use borrowed exposure. Losses can be rapid and can exceed your deposit. They are not investments in the usual sense and are not needed to build long-term savings.
- Leaving costs money. Moving holdings to another broker costs EUR 50 per security.
Who Saxo does not suit
Saxo is a poor match for small monthly purchases of US shares, for anyone who wants SGX shares at CDP, and for people who would be tempted by leveraged products shown next to ordinary shares. If your priority is the lowest all-in cost on US ETFs, the published numbers at other brokers are lower.
Alternatives to compare
- Interactive Brokers lists a much lower conversion cost and no custody fee.
- Webull lists no commission or platform fee on US stocks.
- POEMS is a local multi-market broker with a CDP-linked account option.
- Syfe combines a simple brokerage with managed portfolios.
Our overview of the best investment platforms in Singapore and our US stock broker comparison put the figures side by side.
What To Do Next
- Look up Saxo Capital Markets in the MAS Financial Institutions Directory.
- On Saxo’s commission page, find the rate for your tier and market.
- Decide on securities lending with the terms in front of you.
- Estimate your yearly conversion cost at 0.25% of everything you plan to convert.
- See the effect of yearly costs over time with our compound interest calculator.
