9 Ways You Can Buy Tesla Stock In Singapore

Last updated on November 3rd, 2021

Tesla is one of the most well-known tech companies in the world.

If you are keen on buying a share of this company from Singapore, you’ll need to buy its stock that is listed on the Nasdaq.

Here are some brokerages you can consider if you want to buy this stock:

How to buy Tesla stock in Singapore

Here are 9 brokers you can buy Tesla stocks in Singapore:

1. Tiger Brokers
2. moomoo (powered by FUTU SG)
3. Saxo
4. Interactive Brokers
5. Standard Chartered Online Trading
6. FSMOne
7. POEMS
8. TD Ameritrade
9. Firstrade

This is a summary of each broker,

Platform	Minimum Fee Per Order	Additional Fees?
Tiger Brokers	1.99 USD	No
moomoo	1.99 USD	No
Saxo	4 USD	Yes
Interactive Brokers	0.35 USD	Yes
Standard Chartered	10 USD	No
FSMOne	8.80 USD	No
POEMS	3.88 – 20 USD	Yes
TD Ameritrade	None	No
Firstrade	None	Yes

and here is each broker explained in-depth:

Tiger Brokers

Tiger Brokers was launched in 2020, and they introduced low trading commissions for exchanges in 5 countries.

They provide one of the cheaper fees when you are looking to buy Tesla stocks.

Funding of account

When you want to fund your Tiger Brokers account, you can deposit 3 different currencies:

1. SGD
2. USD
3. HKD

You’ll need to indicate if you want to deposit your funds from a Singaporean bank account or overseas bank account.

If you have a DBS or POSB bank account, you can deposit SGD into Tiger Brokers via Direct Debit.

You’ll be able to deposit your funds much quicker this way!

Conversion of SGD to USD

The currency conversion from SGD to USD is pretty straightforward.

You will be shown the rates before you convert your funds to USD.

Buying Tesla stock on Tiger Brokers

When you are looking to buy Tesla stocks, you can search for the stock using the search bar.

You’ll be brought to the Tesla stock page, where you can tap on ‘Trade‘.

This brings you to the order page. You’ll need to enter the details of the order, such as:

1. The price that you want to buy the stock at
2. The number of units of the stock you’d like to buy

Once a seller has been found for your order, the stock will be credited to your account.

Fees

Here are the fees that Tiger Brokers charges for trading in the US markets:

Fee	Amount
Trading Fee	0.01 USD / Share Min 1.99 USD / Order
Currency Conversion Fees	None
Dividend Handling Fees	None
Custodian Fees	None
Inactivity Fees	None

The fees for Tiger Brokers is pretty reasonable at a minimum of USD $1.99 per order that you make.

Furthermore, they do not charge you any extra fees, which helps to reduce your costs.

Verdict

Tiger Brokers provides a very affordable way for you to start trading in the US markets.

If you are a beginner investor with only a small sum of money, you can consider using this broker for its low fees.

However, I personally feel that the platform makes it fun and easy to trade. This may make investing seem like a game, rather than something that you are investing for the long term.

I would like to caution you to do your own research, and only invest in stocks or ETFs that you are familiar with!

moomoo (powered by FUTU SG)

moomoo (powered by FUTU SG) is another low-cost broker that entered the Singapore market in 2021.

Here is a look into their features:

Funding of account

Similar to Tiger Brokers, you can fund your account using 2 methods:

1. FAST transfer
2. Direct debit with DBS / POSB bank accounts (SGD only)

You are able to deposit SGD, USD or HKD if you are sending funds over via bank transfer.

Conversion of SGD to USD

You are able to easily convert your SGD to USD to start trading in the US markets.

You will be able to see the exchange rate before you convert your SGD to USD.

Buying Tesla stock

You can look for Tesla stock by typing on the search bar,

and then selecting ‘Trade‘ on the Tesla stock page.

From there, you’ll need to enter some details, such as:

1. The price (in USD) that you’d like to buy the stock or ETF at
2. The number of units that you’d like to buy

Fees

Here are the fees that moomoo (powered by FUTU SG) charges:

Fee	Amount
Trade Commission	USD 0.0049 / share Min. USD 0.99 / order
Platform Fee	USD 0.005 / share Min. USD 1 / order
Custodian Fee	None
Currency Conversion Fee	None
Dividend Handling Fee	None
Withdrawal Fee	None

Whenever you’re making a trade, you’ll need to consider both the trade commission and the platform fee.

For each trade you make, the minimum that you’ll need to pay is USD 1.99 (when you factor in both fees).

Verdict

moomoo (powered by FUTU SG) is another low cost broker that makes it accessible for you to purchase Tesla stocks.

You can consider their attractive sign-up bonus which provides you with commission-free trades for 180 days.

Saxo

Saxo Markets is a subsidiary of Saxo Bank, and has been operating in Singapore ever since 2006.

Here is a summary of this brokerage account:

Funding of account

For Saxo, you can transfer your funds in a variety of ways. This includes:

1. FAST
2. PayNow
3. MEPS
4. Wire transfer

The easiest way to deposit your funds will be either via FAST or PayNow.

Conversion of SGD to USD

The conversion of SGD to USD can be done via 2 ways:

1. Converting SGD to USD when you are making the trade
2. Transferring SGD to your USD sub-account and then using that USD to trade

You may want to use the sub-account method, as you will pay lower currency conversion fees.

The fees that you pay depend on how you exchange your currency:

Type of Exchange	Fees
Cash Products	0.75%
Account Transfer	0.30%

You will pay a lower currency conversion fee when you are doing an account transfer from your SGD to USD sub-accounts.

Buying Tesla stock on Saxo

Saxo has 3 different interfaces which you can use:

1. SaxoInvestor
2. TraderGO
3. TraderPRO

If you are just beginning your investment journey into stocks, I would recommend using the SaxoInvestor platform.

You can click on the search bar at the top right hand corner to search for the Tesla.

Tesla will be shown as the top result. If you want to buy this stock from the Nasdaq, you’ll need to click on the ‘expand‘ arrow.

After selecting the stock you’d like to buy, you can click on ‘Buy‘ on that stock’s page.

You will need to select:

1. The price that you want to buy the stock at
2. The number of shares that you’d like to buy

You may want to take note that the price you see on Saxo is delayed by 15 minutes. You may want to look at the live prices before you decide on the price you want to pay for 1 Tesla stock.

Fees

Here are the fees that you’ll incur with Saxo:

Fee	Amount
Trade Commission	0.06% * trade value Min $4 USD
Custodian Fee	0.12%
Currency Conversion Fee	0.75% (Cash Product) 0.30% (Account Transfer)
Inactivity Fee	None
Dividend Handling Fee	None

Compared to Tiger Brokers or moomoo (powered by FUTU SG), Saxo has a complicated fee structure.

The minimum trade commission is higher compared to either broker. Moreover, you will incur extra fees like the custodian fee and currency conversion fee.

One thing you may want to take note of is that Saxo Markets does not charge you an inactivity fee. It is only Saxo Bank (the US version) that charges you this fee!

Verdict

Saxo may not be the best method to purchase Tesla stocks, due to its high fees.

For trading in the US markets, there are other brokers that offer better rates!

Interactive Brokers

Interactive Brokers is another online broker that gives you access to the US markets. Here are some of the things you need to know when you want to use this broker:

Funding of account

You are able to deposit your money via a variety of methods. This includes:

1. Wire transfer
2. US ACH
3. Check

The most common way would be to transfer your funds via wire transfer.

Conversion of SGD to USD

You are able to convert your currency on Interactive Broker’s platform to USD.

The charges for this conversion is rather low too.

Buying Tesla stock on Interactive Brokers

To buy Tesla stock, you’ll need to go to ‘Trade’,

and then search for the Tesla stock with ‘Quote‘.

Over here, you’ll need to search for the Tesla stock,

and this will bring you to the Tesla stock page. You will need to tap on ‘Buy‘,

and enter your order details here.

Fees

Here are the fees that you’ll incur when trading on Interactive Brokers:

Fee	Amount
Trade Commission (Tiered)	USD 0.0035 per share Min. USD 0.35
Trade Commission (Fixed)	USD 1 per order
Monthly Fee	USD $10 if AUM < $100k
Currency Conversion Fee	0.002% * trade value  Min. USD 2 per order
Dividend Handling Fee	None
Withdrawal Fee	1st withdrawal free SGD$15 for subsequent wire transfers

There are 2 pricing structures that you can use with Interactive Brokers:

Account Type	Definition
Tiered	Commission charged is based on your investment amount Clearing and exchange fees are separate from the commission
Fixed	A fixed commission is charged for all trades Clearing and exchange fees are included

Even though the tiered pricing seems cheaper, you’ll need to pay for the clearing and exchange fees.

Here are some of the other fees explained:

Interactive Brokers no longer has an inactivity fee

Previously, Interactive Brokers charged an inactivity fee if you did not pay USD$10 in commissions a month. However, this has now been abolished!

Since you do not pay this fee, it makes trading with Interactive Brokers really cheap. If you intend to dollar-cost average and only make one trade per month, this greatly reduces the costs you’ll incur!

Currency conversion fee

Interactive Brokers also allows you to convert your currency on their platform.

The pricing is slightly different from Saxo:

0.2 basis points (0.002%) * trade value, minimum of USD2 per order

Depending on the amount that you choose to invest, it could be slightly cheaper compared to Saxo.

Verdict

Interactive Brokers does provide a very decent trading platform. This is mainly due to its lower commissions.

The main problem is that the platform can be rather confusing if you are a beginner investor.

If you are willing to go through all of the hassle, you can consider trying out Interactive Brokers.

Standard Chartered Online Trading

Standard Chartered is one of the banks in Singapore that allows you to trade in the US markets.

Here’s what you need to know about this platform:

Funding of account

If you have a Standard Chartered online banking account, then things will be quite easy for you.

All you’ll need to do is to create a USD Securities Settlement Account.

After that, you can transfer your funds to this account.

Since Standard Chartered is a pre-funded platform, you’ll need to have funds in your Securities Settlement Account first before you can make a trade.

You will need around 15% of buffer in your Securities Settlement Account.

Conversion of SGD to USD

There are 2 ways that you can convert your SGD to USD:

1. Transfer directly to your Securities Settlement Account

You can use the ‘Transfer Between My Accounts‘ function. This allows you to transfer from your bank account to the Securities Settlement Account.

You can choose the amount of USD you wish to have in your Securities Settlement Account.

You will be shown the exchange rate as well as the equivalent amount you’ll exchange from SGD.

The spread can be pretty high from this trade!

For example, I was trading at a rate of 1 SGD = 0.7512 USD.

When I looked at the current rate on XE, it was 1 SGD = 0.754420 USD!

This FX spread will affect how much SGD you’ll need to convert into USD!

This method of exchanging your currency is very convenient. However, it may increase the costs that you incur!

2. Using the LiveFX platform

Another way that you can exchange your SGD to USD is using the LiveFX platform.

This works quite similar to a stock broker. However, you’re trading currencies instead of stocks!

You can place a buy order to convert your SGD to USD.

Don’t forget to choose your destination to be your USD Securities Settlement Account!

The spread is still quite high. However, you are able to trade and choose a price that you’d like to either buy or sell.

As such, you may be able to obtain a slightly more favourable exchange rate!

Buying Tesla stock on Standard Chartered

Once you have transferred USD to the Securities Settlement Account, you can start to buy the Tesla stock.

You can use the search function to find the Tesla stock.

If you want to buy a Tesla stock from Nasdaq, you’ll need to select the NMS ‘version’.

Similar to other platforms, you’ll need to enter details of the trade, such as:

1. The price that you want to buy the stock or ETF at
2. The number of units you want to buy

Fees

Here are the fees that you’ll need to pay when trading with Standard Chartered:

Fee	Amount
Trade Commission (Personal Banking)	0.25% * trade value Min. $10
Trade Commission (Priority Banking)	0.20% * trade value No Minimum
Currency Conversion Fees	None
Custody Fees	None

You will be charged 7% GST on every commission that you make. For example, you will be charged a minimum of USD $10.70 if you are just a personal banking client!

The fees are slightly higher compared to Tiger Brokers or moomoo (powered by FUTU SG).

Verdict

Standard Chartered is a pretty attractive option to trade in the US markets. However, the interface is pretty outdated, and the commissions are slightly higher.

Due to its higher trading fees but no monthly fee, it is suitable if you are looking at making lump sum investments.

It may be cheaper when you make a lump sum investment with Standard Chartered compared to Interactive Brokers.

FSMOne

FSMOne is one of the Singapore-based brokers that offers you access to the US markets.

Here’s what you need to know about this platform.

Funding of account

To start trading on FSMOne, you will need to transfer to your FSMOne Cash Account.

I previously transferred some money via FAST, and it was almost instant.

This was even though I deposited my funds at night!

Conversion of SGD to USD

To convert your SGD to USD, you’ll need to go to your Cash Account, and click on FX conversion at your USD account.

This will allow you to convert your SGD to USD.

Buying Tesla stock on FSMOne

You will need to go to ‘Stocks → Live Trading‘ and look for Tesla in the search bar.

You can select the stock that you want to buy on the search bar as well.

After clicking on ‘Buy‘ for the stock, you will be brought to the order page.

You can decide on:

1. The type of order you want to make
2. The price that you want to buy the stock at
3. The number of shares that you want to buy

Fees

Here are the fees that are charged by FSMOne:

Fee	Amount
Trade Commission	0.08% * trade value Min. USD 8.80
Currency Conversion Fees	None
Custody Fees	None

The commissions for FSMOne are quite high compared to Tiger Brokers!

Verdict

I personally find FSMOne’s user interface to be rather hard to navigate around. As such, you may need to take a while to get used to the interface.

The fees that FSMOne charges are rather high compared to the other platforms. However, if you want to use a broker that is well established in Singapore, FSMOne may be one that you can consider.

POEMS

POEMS is another Singapore broker that has been around since 1996.

Here’s how you can use this platform to buy Tesla stocks.

Funding of account

There are a few ways that you can deposit your funds into POEMS:

1. PayNow
2. FAST
3. eNETS
4. GIRO

If you want to use eNETS, the minimum amount that you need to deposit is $1000.

Don’t forget to add in your account number in the comments section when you are making the transfer!

Conversion of SGD to USD

If you want to convert your SGD to USD, you’ll have to opt in for the ‘Multi Currency Facility‘.

However, if you’ve created a POEMS account after 26 Oct 2020, you will be auto-enrolled into this feature.

When you want to settle your trade in USD, the auto-currency conversion process will be performed at 7.15pm.

Buying Tesla stock on POEMS

To buy a Tesla stock, you’ll need to go to the ‘Prices‘ or ‘Trade‘ bars, and then select NASDAQ.

Alternatively, you can use the search bar on the top right hand corner to select Tesla.

If you are looking to buy Tesla stocks, you should be selecting EQ (Equity) and not CFD (Contract for Differences)!

You’ll be brought to the order page, and you can enter the details of your order.

You’ll need to decide if you want to settle your trade in either USD or SGD.

Fees

POEMS has 2 different accounts that you can create:

1. Cash Plus
2. Cash Management

Here are the fees that you’ll need to pay for the account that you choose:

	Cash Plus	Cash Management
Commission	Up to USD 3.88 (until 31 Dec 2021) Up to USD 10.88 (after 31 Dec 2021)	0.3% * trade value Min. USD 20

If you are a frequent trader, Cash Plus seems to be the better option for you. You will receive a very preferential rate of USD 1.88 per trade, if you have a total of $250,000 worth of assets in POEMS.

You will also need to take note of other fees which include:

1. Custody fees (can be waived)
2. Dividend processing fee
3. Account maintenance fee (can be waived)

There are quite a few fees that you will be charged on POEMS. Furthermore, I feel that the fee structure can be very overwhelming if you are not familiar with these charges.

Verdict

POEMS has a rather complex fee structure that can be really confusing. Furthermore, the interface of the platform is rather outdated, compared to the newer brokerages.

You may want to consider trading on POEMS due to their trading promotion of USD 3.88 up until 31 Dec 2021.

TD Ameritrade

TD Ameritrade is one of the brokerages that offer commission-free trading for Singaporeans.

Here’s what you need to know about this platform.

Funding of account

You can fund your account on TD Ameritrade via a variety of ways:

1. DBS / POSB electronic transfer
2. Cheque
3. Wire transfer

If you choose to deposit SGD to TD Ameritrade, it will be automatically converted to USD. This will be subject to TD Ameritrade’s rates.

Buying Tesla stock on TD Ameritrade

You will need to use TD Ameritrade’s thinkorswim platform to trade in the US market.

This is a great platform to use, especially if you are a frequent trader.

Fees

Here are the fees that you’ll be charged when trading with TD Ameritrade:

Commission	Amount
US Stocks and ETFs	USD $0 per trade
OTC Stocks	USD $7.44

You will be able to buy a Tesla stock at zero commissions, which greatly reduces your fees!

Furthermore, there is no mention about any deposit or withdrawal fees. This makes TD Ameritrade extremely attractive.

Verdict

TD Ameritrade is one of the MAS-licensed brokers that does not charge trading commissions.

If you are a frequent trader, this would be the best platform to use!

However, there have been many complaints about the slow registration process. Some customers have waited a few months for their account to be opened.

If you’re willing to wait for your account to be opened, then this is one platform you should definitely consider.

Firstrade

Firstrade is another brokerage platform that charges zero commission fees.

However, you may want to note that Firstrade is not regulated by MAS!

Funding of account

When you want to fund your Firstrade account, one way you can do so is via wire transfer.

You are only able to wire USD to your account, so you may need to use services like DBS Remit to send the fees over.

One thing you may want to note is that you can’t use online money transfer services, like Wise or Revolut!

Fees

Here are the fees that Firstrade charges you:

Fee	Amount
Trading Commissions	USD $0
Withdrawal Fee	USD $35

You may also want to consider the fees you’ll incur when remitting the money over from your Singapore bank account.

Firstrade does not charge any fees when you make a trade. However, you will be charged USD $35 for each withdrawal you make.

As such, you may not want to only withdraw a small amount each time, as this will eat into your returns.

MAS regulation

Firstrade is the only brokerage platform listed here that is not licensed by the MAS. This may carry some risks as your interests may not be protected, should Firstrade close down.

Nevertheless, Firstrade is a member of FINRA/SIPC. This organisation will help to protect your rights in the event that Firstrade becomes insolvent.

Verdict

Firstrade is the only broker that is not regulated by MAS. However, it is very attractive with its zero-commission trading structure.

If you want zero commissions and aren’t willing to wait for TD Ameritrade, you may want to consider Firstrade instead.

However, I would advise you not to put all of your funds into this broker! In the unfortunate event that it closes down, you may not be able to recover all of your funds.

Things to note about Tesla stock

1 stock of Tesla would cost you around $1,000 USD.

Since the minimum number of units you can buy on the US markets is 1, you will need at least $1,000 USD to buy 1 stock!

Moreover, most platforms that offer access to the US markets do not allow trading of fractional shares, except for Interactive Brokers.

You’ll need to save up quite a bit before you can buy one Tesla stock!

Conclusion

There are quite a few brokerages you can use to buy a Tesla stock. These are the brokers that provide you with access to trade in the US markets.

However, you can’t use your SRS funds to buy these stocks!

The account that you ultimately choose may depend on these few considerations:

1. The fees that you pay for each trade
2. The additional fees you incur (e.g. currency exchange or custodial) when using that platform
3. The ease of transferring your money to the platform

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

moomoo Referral ($200 Stock Cash Coupon Bundle, AAPL Shares and Commission Free Trades for 180 Days)

If you are interested in signing up for a moomoo (powered by FUTU SG) account, you can use my referral link.

Here are some of the rewards you can receive (From 2 Oct 2021):

1. Commission-free trading for 180 days (SGX, HKEX and US markets)
2. $200 or $2,000 Stock Cash Coupon Bundle (First Deposit Reward)
3. Apple share and iPhone 13 (First Transfer-In Rewards)

To receive these bonuses, here are the steps you’ll need to do:

#1 Sign up for a Moomoo account

You’ll need to use my referral link to sign up for a moomoo (powered by FUTU SG) account.

Once you have successfully opened a FUTU SG Securities Account, you will receive:

1. 180 days unlimited commission-free trading for the US, HK & SG stock market (to be activated within 90 days)
2. Lvl 2 US stock Market Data
3. Lvl 1 SG stock Market Data
4. Lvl 1 China A-Shares Market Data

First Deposit Reward

You will be able to receive a Stock Cash Coupon Bundle, depending on the amount that you deposit for your very first deposit:

S$ 2,700 – S$ 199,999	$200 Stock Cash Coupon Bundle
≥ S$ 200,000	$2,000 Stock Cash Coupon Bundle

First Transfer-In Reward (US & HK stocks only)

If you transfer your US or HK stocks from another brokerage account to moomoo, you will be able to receive some rewards:

SGD 50,000 – SGD 99,999	1 Free Apple (AAPL) share
SGD 100,000 – SGD 199,999	2 Free Apple (AAPL) shares
≥ SGD 200,000**	1 iPhone 13 (256GB; first 50 sets) OR 3 Free Apple (AAPL) shares

To learn more, you can view more about this promotion on the FUTU SG website.

Tiger Brokers Referral (Free AAPL Share and 60 Commission-Free Trades)

If you sign up for a Tiger Brokers account using my referral link, you will be eligible for some rewards. You can view and claim your rewards by going to ‘Me → Promotions & Rewards‘.

Here are 3 bonuses that you can receive:

#1 Registration Reward

When you register for a Tiger Brokers Account, you will receive 500 Tiger Coins.

These Tiger Coins can be used to redeem a variety of rewards, such as:

1. Stock vouchers
2. Commission-free trades
3. Reuters videos

#2 Account Opening Reward

After successfully opening your account, you will receive 60 commission-free trades that you need to use within 180 days.

These commission free trades can be used for:

1. US stocks
2. HK stocks
3. Singapore stocks
4. Australia stocks

On top of that, you will receive 5 commission-free trades for futures within 30 days.

You will still need to pay the commission first. The commission should be refunded to you on the next working day.

#3 Funding Reward

If you fund at least $2,000 SGD into your Tiger Brokers account for your very first deposit, you will receive a free Apple (AAPL) share.

The shares will be added into your account within 10 working days.

On top of that, you will receive a stock voucher (SGD5) for SGX stocks only.

You can view the terms and conditions of this promotion on Tiger Brokers’ website.

POEMS Referral (Free US trades for 1 month)

If you are interested in signing up for a POEMS account, you can use my referral link. You will be able to receive free US trades for one month after you deposit SGD $3,000 into POEMS!

Here’s what you need to do:

1. Sign up for a POEMS Cash Plus Account
2. Deposit ≥ SGD $3,000 into your Cash Plus Account within 1 week of opening your account
3. Enjoy 1 month worth of free US trades

Saxo Referral (Earn $100-$250 in cash)

If you are interested in creating a Saxo trading account, you can take part in the referral program.

Here’s are the rewards that you can receive from this program:

Action	Reward
Fund ≥ SGD $3,000 and make ≥ 3 qualifying trades	SGD $100
Fund ≥ SGD $100,000 and make ≥ 3 qualifying trades	SGD $250

The 3 qualifying trades that you need to make have to be on margin products, such as:

1. CFDs
2. FX
3. Futures / Forwards
4. Options

The process is quite different from other referral programmes, so you can contact me for the next steps for the referral!

You can find out more about the referral program on Saxo’s website.

FSMOne Referral

If you would like to create an FSMOne account, you can enter my account number ‘P0381515‘ into the referral code field.

I will receive 1,000 reward points for referring you. Although you do not receive any benefits, I would appreciate your support!

Are you passionate about personal finance and want to earn some flexible income?