Investing · SRS · ETFs

Best SRS Investment Platform Singapore: FSM Global vs POEMS vs StashAway

Comparing FSM Global, POEMS and StashAway for investing your SRS in ETFs and unit trusts.

For Singapore investors who want to put their Supplementary Retirement Scheme (SRS) money into low-cost index funds, the choices have improved a lot.

Until recently, many of the popular Irish-domiciled UCITS ETFs, such as VWRA, CSPX and SPYL, were only listed overseas, mainly on the London Stock Exchange (LSE). That made them hard to buy through traditional SRS brokerage accounts, which generally support SGX-listed securities. StashAway ETF Explorer later opened up access to selected overseas UCITS ETFs using SRS.

Then on 13 October 2026, four Xtrackers Irish-domiciled UCITS ETFs began trading directly on SGX: XUS (S&P 500), XWR (MSCI World), XND (Nasdaq-100) and EUS (S&P 500 Equal Weight). All four trade in Singapore dollars and are SRS-eligible, according to SGX's announcement. That gives SRS investors another route into Irish-domiciled UCITS ETFs through local brokers.

So which platform should you use? In this article I compare three main options:

1. FSM Global
2. POEMS Cash Plus
3. StashAway ETF Explorer

I also look briefly at Endowus, which I previously used for my own SRS investments. Beyond fees, I cover the practical differences that can change your decision: cash prefunding, fractional investing, custody and execution control.

The Short Answer

The headline number to remember is the breakeven between POEMS and FSM for manual trades: S$3.80 ÷ 0.08% = S$4,750 per trade. Below that, POEMS is cheaper. Above it, FSM is cheaper.

Why the New SGX UCITS ETFs Matter for SRS

Traditional SRS brokerage investing focuses on SGX-listed securities. POEMS, for example, lets you buy eligible SGX-listed shares and ETFs with SRS money (POEMS SRS guide). That does not mean you can use a normal POEMS SRS brokerage trade to buy overseas-listed ETFs such as VWRA, CSPX, SPYL, SWRD or EIMI. Popular as they are with Singapore investors, they trade on overseas exchanges.

The new SGX listings help with that:

Sources: SGX launch announcement, 13 October 2026

These are existing Irish-domiciled UCITS funds cross-listed on SGX, not newly created Singapore feeder funds. So SRS investors can now hold certain Irish-domiciled UCITS ETFs in SGD through participating local brokers.

That said, I would not pick a fund just because a platform offers it. XWR tracks MSCI World, which excludes emerging markets, so it is not a direct substitute for an all-world ETF like VWRA. The exposure you want comes first.

FSM Global vs POEMS vs StashAway at a Glance

Sources: FSM Global fees, FSM RSP, POEMS Cash Plus, StashAway pricing

For manual ETF purchases, POEMS and FSM are both very competitive. StashAway's real advantage is access to overseas UCITS ETFs and a more automated experience. And there are differences beyond the brokerage fee that matter just as much, which I go through below.

POEMS Cash Plus: Best for Manual SGX ETF Trades

POEMS Cash Plus is one of the more attractive traditional brokerage options for investing SRS into SGX-listed ETFs. Current SGX brokerage rates:

Sources: POEMS Cash Plus pricing

All three tiers have no minimum commission. I use the Starter rate of 0.08% for most of this article, for a specific reason, but I also show the breakeven for the Premier and Privilege tiers further down.

POEMS states that shares settled with CPF or SRS funds are excluded when calculating Cash Plus TAV (POEMS FAQ). So building up S$100,000 of SRS ETFs through POEMS does not move your account to the cheaper Premier rate. Unless you separately hold enough qualifying assets in Cash Plus, your rate stays at 0.08%.

This is probably the biggest operational drawback of using POEMS Cash Plus for SRS ETFs. Even though the purchase is ultimately settled with SRS money, your Cash Plus account needs enough Available Cash before you can submit the buy order. POEMS says at least 50% of the expected trade value is needed as buying power, and the full amount for non-marginable counters (POEMS explainer).

So if I want to invest S$10,000 of SRS money into an ETF and the 50% requirement applies, I need about S$5,000 of my own cash sitting temporarily in Cash Plus. The ETF is still paid for with SRS money; the cash is only there as buying power until SRS settlement completes, after which it can be reused. For someone who wants to invest SRS without tying up any personal cash, that is a bit of a hassle.

This is another reason I would consider POEMS even without the new SGX ETFs. POEMS offers SRS-eligible passive unit trusts such as Amundi Prime USA and Amundi Index MSCI World, with 0% sales charge, 0% switching fee and 0% platform fee for online unit-trust investing (POEMS pricing). You still pay the fund's own expenses, but POEMS does not add a recurring platform fee on top. My own SRS is in Amundi Index MSCI World now, after I switched out of Amundi Prime USA earlier this year for broader diversification.

With POEMS I place my own ETF orders. I can check the bid and ask, look at available liquidity, decide when to buy and submit a limit order at my price. That matters most for newer or less liquid SGX ETFs. If the bid-ask spread is 0.20%, a S$20,000 purchase carries a S$40 gap between the quoted bid and ask. Your actual execution cost depends on the price you get, but it shows why spreads can matter more than a few dollars of brokerage. For a larger investment, I would rather have limit-order control.

FSM Global: Best for SRS ETF RSPs

FSM Global is the stand-out option if you want to automate SRS ETF purchases. Its ETF Regular Savings Plan (RSP) accepts SRS as a payment method for eligible SGX-listed ETFs (FSM SRS RSP guide), and the biggest draw is the fee: FSM has waived ETF RSP buy-order processing fees since 2021 and says it will continue to do so until further notice (FSM RSP page).

FSM supports RSP deduction dates on the 1st, 8th, 15th and 22nd of each month, so you can invest weekly, fortnightly or monthly. The buy order normally goes through on the next trading day after the deduction date, or the second trading day if the deduction date falls on a weekend or holiday. Make sure your SRS account has enough balance before the deduction date: if it does not, FSM converts the trade to a cash trade and deducts the RSP amount from your FSM cash account instead. Choosing an RSP date also does not let you control the exact execution price.

FSM supports fractional ETF investing through RSP for selected overseas markets, while SGX-listed ETFs follow different unit-allocation rules (FSM FAQ). For SRS, the more important restriction is that SRS can only fund eligible SGX-listed ETF RSPs. VWRA may be available on FSM for cash-funded investing, but you cannot buy it with SRS through an LSE RSP. For SGX ETF RSPs, a small amount may also be left uninvested, so do not assume every dollar is deployed. Fractional and odd-lot holdings can also have different selling and transfer-out procedures from normal board lots, so check FSM's FAQ before building a large position.

If you prefer to buy manually, FSM charges S$3.80 flat per SGX-listed ETF trade, listed as a permanent fee and separate from its S$8.80 SGX stock fee (FSM fees). FSM confirms the flat fee applies to SRS and CPFIS investments as well as cash (FSM flat-fee article). That brings us to the most useful calculation in this article.

POEMS vs FSM: The S$4,750 Breakeven

For manual SGX ETF purchases, POEMS Cash Plus Starter charges 0.08% of trade value and FSM charges S$3.80 flat. The breakeven is S$3.80 ÷ 0.08% = S$4,750. Below that, POEMS is cheaper. Above it, FSM is cheaper. This compares only the brokers' own fees on the same SGX ETF, before GST and exchange charges.

Sources: POEMS pricing, FSM fees

SRS holdings do not count towards Cash Plus TAV, but your other Cash Plus assets do. If you already hold S$30,000 or more in cash or investments in Cash Plus outside SRS, you pay a lower SGX rate on your SRS ETF trades too, and POEMS stays cheaper than FSM for larger trades:

So between S$4,750 and about S$6,333 per trade, the cheaper platform depends on your POEMS tier. For example, a S$5,000 trade costs S$3.50 at Premier (0.07%), and a S$6,000 trade costs S$3.60 at Privilege (0.06%), both below FSM's S$3.80. Above about S$6,333, FSM is cheaper whichever tier you are on. The rate is based on your previous day-end TAV, so check which tier you are on before placing a larger SRS trade.

If you invest S$1,000 at a time, POEMS' S$0.80 is hard to beat. If you put the full S$15,300 annual contribution in one go, FSM's S$3.80 flat fee is cheaper. But this is only the manual-trading comparison. If the ETF qualifies for FSM's 0% RSP, that is a different proposition altogether.

What About SGX Fees and GST?

The figures above are not the full transaction cost. A normal SGX ETF trade also carries exchange charges on top of the broker's fee:

Sources: POEMS Cash Plus, exchange fees and other charges

These are subject to GST. With 9% GST, trading and clearing works out to 0.04% × 1.09 = 0.0436%, and the S$0.35 settlement instruction fee becomes about S$0.38. Exactly what gets passed through can vary by broker and by how orders are handled, especially aggregated RSP orders, so check your contract note.

Putting it all together, here is what a few trades look like all-in, excluding bid-ask spread and fund expenses:

Brokerage S$0.80, or S$0.87 after GST. Add S$0.44 trading and clearing and S$0.38 settlement instruction. Total: about S$1.69. Still very cheap for a S$1,000 purchase.

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Brokerage S$8.00, or S$8.72 after GST. Add S$4.36 trading and clearing and S$0.38 settlement instruction. Total: about S$13.46.

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Processing fee S$3.80, or S$4.14 after GST. Add S$4.36 trading and clearing, plus about S$0.38 if the same settlement instruction charge is passed through. Total: about S$8.88.

StashAway ETF Explorer: Best for Overseas UCITS ETFs

StashAway ETF Explorer does something FSM and POEMS cannot: it lets you invest SRS money into selected overseas ETFs, including US-listed ETFs and UCITS ETFs listed on exchanges like the LSE (StashAway ETF Explorer for SRS). That matters if you specifically want overseas UCITS exposure. For example, if you want a global developed-plus-emerging-markets portfolio, you may prefer a suitable overseas UCITS ETF over an SGX-listed MSCI World ETF that leaves out emerging markets. Check the current ETF selection inside ETF Explorer before assuming a particular ticker is supported.

The standard fee is US$1 per buy or sell order. SGX-listed ETFs carry an extra 0.09% operation fee on the transaction value. There is no annual management fee for ETF Explorer (StashAway pricing). StashAway currently advertises free buy orders with SRS funds, subject to its terms, which removes the US$1 fee but not the 0.09% SGX operation fee.

On a S$15,300 SGX ETF investment, the operation fee is S$15,300 × 0.09% = S$13.77, plus US$1 if the buy fee is not waived. That compares with S$3.80 at FSM and S$12.24 at POEMS. The StashAway operation fee is not necessarily built the same way as a brokerage commission, so check its final fee breakdown rather than assuming every SGX charge is added again on top.

With ETF Explorer, you pick an ETF and fund it, and StashAway handles the execution. SRS contributions can be requested from your linked SRS bank. StashAway says SRS transfers take about three to four business days to arrive, after which orders follow each market's cut-off times (StashAway SRS timing).

The trade-off is that you have less control over the exact execution price than with a manual POEMS or FSM order. For a long-term DCA investor, that is usually fine. If you want to check the spread and use a limit order, it is less attractive.

Lump Sum vs Monthly: A Full S$15,300 Contribution

For Singapore Citizens and PRs, the annual SRS contribution cap is S$15,300 (S$35,700 for foreigners) (IRAS). Here is how investing that amount into one eligible SGX ETF compares.

These are the published broker or platform charges before GST and SGX charges. FSM's flat fee does very well here. But not everyone invests their SRS in one go.

Again, this excludes GST, SGX charges and execution costs. FSM's 0% RSP processing fee does not mean every other transaction charge is zero.

The bigger point: between POEMS and StashAway, the annual difference here is only S$1.53. That is not a reason to pick a long-term SRS platform. Even the gap to a 0% RSP is small in dollar terms. At these amounts I would pay more attention to which investments you can access, automation, custody and execution control.

Four Other Factors That Matter

POEMS Cash Plus needs available cash as buying power for SRS stock and ETF purchases, separate from the SRS money that settles the trade. For eligible POEMS unit trusts, I have personally checked that the same prefunding does not apply. FSM's SRS ETF RSP deducts directly from your linked SRS account, as long as the balance is there on the deduction date. StashAway requests the money directly from your SRS bank. If you want to avoid tying up cash, this is a real differentiator. Your SRS bank may also charge its own transaction fees, so check with DBS, OCBC or UOB.

Fractional investing lets you deploy an exact dollar amount without worrying about whole units. FSM supports it for certain overseas RSP markets, with different rules for SGX. POEMS manual SGX orders use whole units, so check the board lot size of the counter you are buying. For StashAway, confirm the mechanics for the specific ETF rather than assuming every security works the same way.

FSM Global holds securities through iFAST or its appointed custodian. POEMS Cash Plus is a custody-type account, though CPF and SRS trades have their own settlement arrangements. StashAway holds purchased securities through a custodian account with Saxo Capital Markets (StashAway security). For SRS, your SRS bank operator is also involved, so do not assume an SRS ETF sits in your personal CDP account just because it is SGX-listed. A custodian structure is not necessarily worse, but you should know where your assets are held and how to transfer or sell them.

This is the one most people overlook. With manual trades through POEMS or FSM, you choose when to submit the order and at what limit price. With an RSP or StashAway's automated process, the platform executes on its own schedule. On a S$10,000 trade, a 0.10% spread is S$10 and a 0.20% spread is S$20, which can be more than the difference in broker fees. This is especially relevant for the new SGX listings: the funds themselves are established, but the SGX counters are new, so watch their trading liquidity and spreads and use a limit order where it makes sense.

What About Endowus?

I previously used Endowus for my own SRS investing. It is still a reasonable option if you prefer a fund-based approach to managing ETF orders. But if you just want to buy and hold one passive unit trust, look closely at the platform cost. Endowus charges 0.30% p.a. for a single-fund, mid-to-long-term Fund Smart goal, including SRS, based on assets under advice (Endowus Fund Smart). POEMS charges 0% sales charge, 0% switching fee and 0% platform fee for online unit-trust investing.

Assume the same unit trust and share class is available on both, with no material difference in rebates or fund-level costs. You pay the same underlying fund expenses either way, but the platform layer is different:

These are illustrative annual fees before any GST. The gap grows with your SRS balance. For a simple single-fund DIY strategy, I would prefer POEMS if the same suitable fund is available there. Endowus can offer different share classes, trailer-fee rebates and portfolio services that may justify the fee for some investors, so check those before assuming two differently named share classes are identical. But if I am only buying and holding the same fund, I see little reason to add a recurring 0.30% platform fee.

My Practical Framework

I would start with FSM Global. Its 0% ETF RSP is very attractive when the SGX ETF I want is eligible, and I do not need to place an order every month. The trade-off is giving up control over the exact execution price.

I would compare POEMS Cash Plus and FSM. Below S$4,750 per trade, POEMS' 0.08% is cheaper. Above it, FSM's S$3.80 flat fee is cheaper, unless I already have enough non-SRS assets in Cash Plus for Premier (breakeven about S$5,429) or Privilege (about S$6,333). I would also weigh whether I want full execution control and whether I am fine with the POEMS cash prefunding.

I would choose POEMS. For funds like Amundi Prime USA or Amundi Index MSCI World, the zero platform fee is attractive, and in my experience the Cash Plus prefunding does not apply to unit-trust subscriptions. For investors who do not specifically need ETFs, this is a strong option, and it is what I use.

I would look at StashAway ETF Explorer. It gives SRS access to selected overseas UCITS ETFs that SGX-only SRS brokerage cannot, which can matter more than a small fee difference. I would just confirm the exact ETF I want is available.

Endowus is still an option. But if I only need one passive unit trust and POEMS offers the same suitable fund, I would favour POEMS on cost.

Do Not Over-Optimise a Few Dollars

One thing I would avoid is switching platforms repeatedly to save a few dollars. On a S$15,300 investment, POEMS costs about S$12.24 in brokerage and FSM costs S$3.80. The difference is S$8.44. That alone is not worth much inconvenience. And if the spread is noticeably wider on one platform or trading route, the execution difference can easily outweigh the brokerage saving.

Over a multi-decade SRS horizon, choosing the right investment and avoiding unnecessary recurring fees matters far more than saving the last few dollars on an occasional trade.

Final Thoughts

The new SGX-listed Irish-domiciled UCITS ETFs have made SRS investing more competitive. If you want to automate regular purchases of an eligible SGX ETF, FSM Global's 0% ETF RSP processing fee is hard to beat. For manual purchases, POEMS Cash Plus charges 0.08% with no minimum, and the breakeven against FSM's S$3.80 flat fee is S$4,750 per trade. SGX charges, GST and bid-ask spreads still apply on top.

Beyond the numbers, each platform has its own strengths. POEMS gives you limit-order control but needs temporary cash for SRS stock and ETF trades. FSM offers a convenient ETF RSP with less control over execution price. StashAway gives SRS access to overseas ETFs with a more automated workflow. And POEMS' zero-platform-fee unit trusts, including the Amundi index funds, are cheaper at the platform level than Endowus Fund Smart's 0.30% p.a. single-fund fee for the same fund.

Start with the investment you want to own. Then pick the platform with the best mix of cost, access, funding convenience and execution control. That matters much more than the lowest advertised brokerage fee.

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Disclosure: This article contains referral links to FSM Global (referral code P0352323), POEMS, StashAway, Endowus and Interactive Brokers. If you sign up or complete qualifying actions through these links, HoneyMoneySG may earn a commission at no extra cost to you. Each platform is operated in Singapore by an entity licensed or regulated by the Monetary Authority of Singapore; please verify current licensing status on each platform's own website. Interactive Brokers Singapore Pte. Ltd. is licensed and regulated by the Monetary Authority of Singapore (Licence No. CMS100917). All fees and illustrations are based on published pricing and stated assumptions as of October 2026. Actual charges may differ due to transaction rounding, GST treatment, statutory charges, promotional terms, platform-specific execution arrangements and market conditions. Underlying fund expenses, trading spreads, currency effects and investment returns are separate from the platform-fee calculations. Investment values can fall as well as rise. I am not a licensed financial adviser under Singapore's Financial Advisers Act. This article is for general information and educational purposes only, does not take into account your personal financial situation or objectives, and does not constitute financial, legal or tax advice or a recommendation to buy, sell or hold any product. Please do your own research, and consider seeking advice from a licensed financial adviser, before making any investment decision.