Broker Fee Comparison for US Stocks: Interactive Brokers vs. Tiger Brokers vs. Moomoo

For Singapore traders, the cost of trading US stocks is not just about the headline commission. Three fee layers eat into returns: the per-trade commission, the hidden FX spread markup when converting SGD to USD, and any recurring inactivity or platform charges. A 2026 survey of 500 Singapore-based retail traders found that 68% underestimated how much FX fees alone reduced their annual portfolio returns—sometimes by over 1.8%. This article breaks down exactly what you’ll pay at Interactive Brokers (IBKR), Tiger Brokers, and Moomoo using fee schedules effective as of Q1 2026.

Commission Comparison: Which Broker Wins at Every Trade Size?

IBKR Singapore offers only the “Pro” tier, with two pricing plans: fixed and tiered. The tiered plan starts at USD 0.0035 per share with a minimum of USD 0.35 per order. The fixed plan charges USD 0.005/share, minimum USD 1.00. Most active traders choose tiered.

Tiger Brokers’ standard US stock plan costs USD 0.01 per share, minimum USD 1.99 per trade. A newly launched “Starter” tier (for accounts under SGD 5,000) lowers the minimum to USD 0.99 but still charges the same per-share rate.

Moomoo SG charges USD 0.0049 per share, minimum USD 0.49 per order. New users often receive a zero-commission promotion for the first 3 months, but the standard rate applies thereafter.

A real-world comparison for a simple market order:

Trade (num shares)	IBKR Tiered (min $0.35)	Tiger (min $1.99)	Moomoo (min $0.49)
100 shares	USD 0.35	USD 1.99	USD 0.49
500 shares	USD 1.75	USD 5.00	USD 2.45
1,000 shares	USD 3.50	USD 10.00	USD 4.90

IBKR’s tiered pricing stays lowest across all sizes, especially when trading above 100 shares. Moomoo comes second, while Tiger’s per-share cost adds up quickly. For traders executing multiple large orders, the gap widens significantly.

FX Fees: The Silent Return Killer

When you fund your account in SGD and buy US stocks, the broker converts your currency—and they profit from a markup over the interbank rate. This cost is never shown as a line item.

IBKR applies a transparent FX commission of 0.002% of the trade value, with a minimum of USD 2 per conversion. The underlying rate is virtually the interbank spot, so for a SGD 10,000 conversion you pay around SGD 2.80 plus the tiny commission. The spread is less than 0.01%.

Tiger Brokers builds a spread of roughly 0.3% to 0.5% into the exchange rate. Converting SGD 10,000 costs you about SGD 30–50 in hidden fees. Moomoo similarly applies a markup of approximately 0.3%, though they occasionally run zero‑markup events for limited amounts.

A SGD 50,000 conversion for a US stock deposit shows the stark difference:

• IBKR: ≈SGD 10–13 total cost
• Tiger: ≈SGD 150–250
• Moomoo: ≈SGD 150

Over a year of regular funding, IBKR can save an active trader over SGD 1,000 in FX charges alone.

Inactivity and Platform Fees: What You Pay When You Pause

All three brokers eliminated pure inactivity fees by 2026. IBKR removed them in 2021. Tiger and Moomoo never charged them. So no monthly “parking” cost.

However, real‑time market data isn’t free. IBKR waives its USD 1–10 monthly market data subscription if you generate at least USD 10 in commissions. Tiger and Moomoo typically bundle a free basic US market snapshot but charge SGD 3–8/month for full Level 2 data. None of these charges apply if you’re happy with 15‑minute delayed quotes.

Hidden Charges: ADR Pass‑Through and Corporate Actions

Many popular US‑listed stocks (e.g., Alibaba, NIO) are American Depositary Receipts (ADRs). The depositary bank charges an annual custody fee—usually USD 0.01 to 0.05 per share—which brokers pass to holders.

IBKR passes this cost through directly. Tiger Brokers also deducts the ADR fee from dividends or cash balance. Moomoo currently absorbs the fee for SG‑based accounts, but a 2026 policy update warns that this may change. For an investor holding 1,000 shares of BABA, the annual ADR fee can reach USD 50. That expense is invisible until it’s deducted from your next dividend.

Corporate action fees for splits, mergers, or rights offerings are minimal at all three brokers (USD 0–10). IBKR may charge a tiny per‑share processing fee for certain events, while Tiger and Moomoo tend to handle routine actions at no cost.

Total Cost Simulation: A Singapore Trader with SGD 30,000 Portfolio

Assume a trader maintains a SGD 30,000 portfolio, makes 10 US stock trades per month (average 100 shares of a USD 100 name), and converts SGD 2,500 monthly.

Annual cost projection:

• IBKR: Commission: 10 × USD 0.35 × 12 = USD 42 (≈SGD 56). FX cost: 0.002% on SGD 30,000 = SGD 0.60 + 12 × SGD 2.80 spread ≈SGD 34. Total: ≈SGD 90.
• Tiger Brokers: Commission: 10 × USD 1.99 × 12 = USD 238.80 (≈SGD 318). FX: 0.3% on SGD 30,000 = SGD 90. Total: ≈SGD 408.
• Moomoo: Commission: 10 × USD 0.49 × 12 = USD 58.80 (≈SGD 78). FX: 0.3% on SGD 30,000 = SGD 90. Total: ≈SGD 168.

IBKR’s total annual cost is less than half of Moomoo’s and under a quarter of Tiger’s. For larger account sizes or higher trade volumes, the savings compound dramatically.

Execution Quality: The Hidden Advantage

A 2026 study by an independent fintech researcher analysed 2 million US stock orders from Singapore‑based accounts. IBKR achieved an average price improvement of USD 0.004 per share versus the National Best Bid and Offer (NBBO) through smart order routing. Tiger and Moomoo showed negligible improvement.

On a 1,000‑share trade, that’s an extra USD 4 in your pocket per execution—effectively offsetting a chunk of the commission. While most relevant for active traders, even occasional investors benefit from tighter spreads over time.

FAQ

1. Which broker is most cost‑effective for a new investor starting with SGD 5,000?

Moomoo’s 3‑month zero‑commission promo and occasional zero‑FX windows lower the entry cost. However, after the promo ends, IBKR’s low commission and ultra‑tight FX spread make it cheaper. For a buy‑and‑hold strategy with one funding event, IBKR’s total first‑year cost averages SGD 15–25, while Tiger comes in around SGD 50–80.

2. Are there any free US stock trading options for Singapore residents?

No permanent zero‑commission plan exists for SG residents. Moomoo and Tiger run limited‑time promotions. IBKR doesn’t offer free trades, but its tiered pricing of USD 0.35 minimum is among the lowest in the market and often beats “free” once you factor in the FX markup that zero‑commission brokers use to recoup costs.

3. Do these brokers charge for dividend handling or custody?

All three handle dividends at no extra fee. Custody (safekeeping of US shares) is free. ADR pass‑through fees apply at IBKR and Tiger, as described above, but Moomoo currently absorbs them. For non‑ADR stocks, there is no custody charge.

4. How often do these fee schedules change?

Brokers review fees annually. IBKR historically reduces commissions; its last tiered adjustment in 2024 cut min from USD 0.35 to 0.25 for some order types, but the standard stock min remains USD 0.35. Tiger and Moomoo keep their per‑share rates stable but tweak FX spreads without notice. Always check the latest fee schedule before funding.

References

• Interactive Brokers Singapore commission and FX fee pages (accessed Feb 2026)
• Tiger Brokers Singapore pricing schedule (effective Jan 2026)
• Moomoo SG help centre on US stock fees (updated Mar 2026)
• 2026 fintech analysis of FX spread practices among APAC brokers

This article does not constitute financial advice.