Commission-free trading and mobile-first platforms drive shift from traditional brokers, with retail e-brokerage market expanding at 11% CAGR.

The 20% Milestone: Digital-Only Platforms Reshape Singapore’s Retail Brokerage

Digital-only brokerage platforms captured over 20% of Singapore’s retail brokerage transaction volume in 2025, marking a definitive structural shift in the city-state’s securities intermediation landscape. The milestone, driven by the rapid onboarding of retail investors onto mobile-first, zero-commission platforms, signals that traditional incumbent brokers are losing their grip on a cohort that increasingly expects app-based, low-cost execution.

The significance extends beyond a single market. Retail accounts globally commanded a 62.78% share of the e-brokerage market in 2025, according to Mordor Intelligence, with that segment forecast to maintain an 11.05% compound annual growth rate through 2031. Singapore sits within the Asia-Pacific region, which accounts for approximately 20% of the global e-brokerage market, per Market Research Future. The Republic’s high internet penetration, strong culture of saving and investing, and supportive regulatory environment have made it a concentrated laboratory for this transition.

Share of Transaction Volume (%)Source: Orionmano Industries

Drivers: Commission-Free Models, Mobile Apps, and Robo-Advisors

Three interrelated factors are powering the displacement of traditional brokers in Singapore. First, zero-commission trading models have collapsed the cost barrier that historically limited retail participation. Platforms such as uSMART and Webull offer 0% commissions on U.S. stock trades, with Webull extending zero-commission on U.S. stocks permanently. Traditional fee structures—often bundled with minimum monthly charges, custody fees, or per-ticket minimums of SGD 10–25—are increasingly untenable against this pricing backdrop.

Second, mobile-first user interfaces are converting casual users into habitual traders. Gamified interfaces that incorporate social-trading feeds, fractional shares, and bite-sized educational modules generate high engagement metrics. According to Mordor Intelligence, these features convert small, frequent trades into habitual behaviour, attracting advertiser and product-partnership revenue that further subsidises platform economics.

Third, robo-advisors are pulling in a segment of savers who prefer automated portfolio management. Statista notes that Singapore’s digital investment market is experiencing significant growth driven by the rise of robo-advisors—algorithm-driven platforms that create and manage portfolios with minimal human intervention. This dovetails with Singapore’s high internet penetration and a tech-savvy population that has accelerated the adoption of digital investment platforms. The low-interest-rate environment (now moderating but historically sustained) has also pushed retail savers toward higher-yielding digital investment alternatives.

Key Players in Singapore’s Digital Brokerage Space

A handful of MAS-regulated digital brokers are driving the volume shift. uSMART Securities (Singapore) Pte. Ltd. launched in 2022 with a Capital Markets Services licence from the Monetary Authority of Singapore. Backed by Hong Kong-based Chow Tai Fook Enterprises, uSMART has positioned Singapore as its global headquarters. It offers zero commission on U.S. stock trades, low fees on options and CFDs, AI-driven trading tools, and high interest on idle cash. Its SG market commission is 0.02% with a 0.03% platform fee and no minimum fee.

Webull Securities (Singapore) Pte. Ltd. launched in 2022 and now holds full SGX trading and clearing memberships, positioning it as a full-service digital broker. Webull takes a two-pronged approach: permanent 0% commission on U.S. stocks and one year of free commission for SG stocks, after which the rate is 0.03% plus a 0.03% platform fee (minimum SGD 0.99). Webull’s willingness to absorb clearing and settlement costs illustrates the intensity of price competition.

Saxo Capital Markets Pte Ltd. continues to evolve its offering for the intermediate segment. In December 2025, Saxo launched enhanced margin financing accounts in Singapore, introducing tiered collateral rates for stocks and ETFs along with partial stop-outs to improve risk management. Saxo’s move shows that even hybrid platforms are upgrading functionality to defend wallet share against low-cost entrants.

The zero-commission models from platforms like Webull and uSMART are intensifying competitive pressure on traditional brokers. As GM Insights notes, pricing strategies that eliminate traditional brokerage fees have sparked widespread adoption, increased trading volumes, and reshaped the industry toward more inclusive, user-centric financial services.

Outlook: Sustained Growth and Platform Innovation

Forward-looking data supports continued expansion. The global e-brokerage market is projected to grow from USD 15.84 billion in 2025 to USD 43.38 billion by 2035, a 10.6% CAGR, according to Market Research Future. The retail e-brokerage segment specifically is forecast to maintain an 11.05% CAGR through 2031, per Mordor Intelligence, as mobile-centric platforms widen their reach across Asia-Pacific.

Platform innovation is accelerating alongside volume growth. In November 2025, MetaQuotes released MetaTrader 5 Build 5430, upgrading the charting graphics core to Blend2D. The update improves multi-asset trading charts with faster rendering, hardware acceleration, and consistent performance across devices—enhancements that directly benefit retail traders on digital-only platforms.

The integration of artificial intelligence and machine learning into e-brokerage platforms is further enhancing user experience and personalisation. AI-driven analytics, algorithmic trading tools, and personalised investment recommendations are becoming standard features, particularly among newer entrants like uSMART, which already markets AI-driven trading tools. As these capabilities deepen—and as smartphone penetration and digital literacy continue to rise in Singapore—digital-only brokers are well-positioned to capture additional share from incumbents.

The 20% threshold is unlikely to be the ceiling. With retail e-brokerage growing at a double-digit CAGR globally and Singapore acting as a regional hub for digital finance innovation, the balance of transaction volume will continue tilting toward platforms that can combine zero-commission economics with sophisticated, engaging user experiences.