Choosing a CDP-linked broker is less about finding the “best platform,” and more about choosing the right broker for your portfolio size, investing style, and ownership preferences.
When investing in Singapore stocks, one of the first decisions you make is not what stock to buy—but how your shares will be held.
For SGX-listed securities, investors typically choose between:
- CDP-linked brokerages → shares registered in your own name
- Custodian brokerages → broker holds shares on your behalf
Most brokerage comparisons stop at listing fees and features. But that misses the real question:
Which broker is actually best for your portfolio size and investing strategy?
This guide compares Singapore’s CDP-linked brokers using cost modelling, ownership structure, and investor use cases.
What Makes CDP Different (and Why It Matters)
A CDP-linked brokerage connects your trading account directly to your account with The Central Depository (Pte) Limited. When you buy SGX-listed shares, they are registered under your own name and deposited into your CDP account.
That means:
✓ You are the legal shareholder
✓ Dividends are credited directly to you
✓ You receive shareholder notices and corporate action entitlements directly
✓ Your shares are held independently of your broker
✓ You can buy through one broker and later sell through another
That final point is one of CDP’s strongest, but least discussed, advantages.
Example: Why CDP Gives You Flexibility
Suppose you buy S$20,000 worth of SGX shares through FSMOne because its commission is attractive.
Two years later, you decide to sell, but another broker offers lower sell-side fees or better execution. Because your shares sit in CDP, you may choose to sell through Moomoo or Phillip Securities instead.
Your custody remains constant. Your execution of buy and sell trade can change.
This flexibility does not typically exist in custodian-only accounts, where shares remain inside the broker’s nominee structure.
I wrote a separate article on CDP accounts with a step-by-step guide on how to open one.
Detailed Comparison of Brokerages
This comparison includes only brokers with full CDP-linked functionality, allowing investors to both buy shares directly into CDP and sell CDP-held shares through the same platform. Brokers offering only partial CDP access (such as sell-only functionality) are excluded for consistency.
Fees are benchmarked using standard cash accounts for fair comparison, as CDP-linked investing is primarily cash-settled, while margin accounts introduce financing costs that vary by broker.
Note: Rates as of April 26, 2026
Feature | FSMOne | Moomoo | DBS Vickers (Cash Upfront) | Phillip Securities (POEMS) (Cash Managment) | OCBC Securities | UOB Kay Hian |
Min Commission & Platform Fee (if any) | S$10 | S$9.98 effective (S$4.99 comm + S$4.99 platform) | S$10.90 | S$25 (online rate – Trade Value <S$50k) | Online: S$25 | S$25 |
Trading Fee | S$8.80 flat | 0.22% effective (0.10% comm + 0.12% platform) | 0.12% (Trade Value S$50k-S$100k) | Online Rates: 0.28% (Trade Value <S$50k) 0.22% (Trade Value S$50k-S$100k) 0.18% (Trade Value >S$100k) | Online Rates: 0.275% (Trade Value <S$50k) 0.22% (Trade Value S$50k-S$100k) 0.18% (Trade Value >S$100k) | 0.275% (Trade Value <S$50k) 0.22% (Trade Value S$50k-S$100k) 0.20% (Trade Value >S$100k) |
Dividend Fee | None | None | Standard CDP handling | ~1% (varies by structure) | Waived | Waived |
Corporate Action Fee | Variable | Waived | Standard handling | S$10 + expenses | Standard handling | S$30 + GST |
CDP Maturity | Established | Newest CDP entrant | Established | Established | Established | Established |
Best Strength | Fee simplicity | Modern UX | Banking integration | Full-service depth | Banking integration | Research depth |
Main Weakness | Basic UI | New CDP system | Higher cost | Complexity | Expensive | Expensive |
How Much You Actually Pay Across CDP Brokers at Different Trade Sizes
Every broker charges a fee when you buy SGX shares. The cheapest one depends on your trade size — plug in below to see exactly how much you'll pay with each one.
Quick start: pick your investing pattern
Toggle brokers to compare
Solid lines = low-cost CDP brokers · Dashed lines = bank-broker tier (S$25 minimum)
Rates verified April 2026 against official broker pages. CDP-linked buy rates shown (Tiger Brokers excluded — their CDP feature only allows selling existing CDP shares, not buying into CDP). Excludes regulatory fees common to all brokers (clearing 0.0325% + SGX trading 0.0075% + 9% GST). FSMOne charges S$3.80 flat for SGX ETFs only. Always check official broker pages before applying.
CDP vs Custodian: Which Should You Choose?
For most investors, this is not an either/or decision.
A practical setup is:
Use CDP for:
✓ long-term holdings
✓ ownership flexibility
Use custodian for:
✓ lowest cost investing
✓ active trading
✓ lower-cost global access
✓ fractional shares
Many experienced investors use both.
CDP becomes your long-term Singapore core portfolio, while custodian accounts become your global and active trading platform.
Final Thoughts:
The best CDP-linked broker depends less on brand and more on how much you invest, how often you trade, and what you value.
If your priority is:
- Lowest cost for most trades: FSMOne (flat S$8.80 regardless of trade size)
- Banking convenience: DBS Vickers Cash Upfront (best if you already bank with DBS)
- Modern app + global markets in one: Moomoo (you pay a premium for SGX, but the UX and US/HK access can justify it for active traders)
- Product breadth (bonds, unit trusts, CPF/SRS): FSMOne or POEMS Cash Management
- Research-driven SGX investing: UOB Kay Hian
The biggest advantage of CDP is simple: You own your shares and you keep flexibility over which broker you use.
That combination of ownership, portability, and optionality is what makes CDP-linked investing uniquely attractive in Singapore.
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