In this paper, four types of open service signals of BDS-3 satellite (B1I, B1C, B2a, and B3I) and B2I signals broadcasted by BDS-2 satellites were used in the time frequency transfer and positioning experiments with signal coexisting in BDS system, and the single frequency PPP (precise point positioning) method was used. Modified GRoup And PHase Ionospheric Correction (GRAPHIC) method was proposed and verified by the experiment. The results show that 18 selected stations can achieve decimeter-level positioning results with single frequency. Compared with the general observation method, the proposed modified GRAPHIC method improves the stability and precision of positioning and timing significantly, and the positioning accuracy of 5 frequency signals is increased 40.4%, 32.2%, 80.3%, 12.4%, and 10.3%, respectively. The frequency stability can reach the same accuracy as that of dual-frequency with BDS in the current state.