Apparently the inter account transfer from SGD to USD will incur the 0.75% conversion fee too (https://www.home.saxo/en-sg/rates-and-conditions/commissions-charges-and-margin-schedule, see “Currency Conversion Fee”). 1) You can consider a USD denom for full control over when the USD is converted into SGD. Of course, don’t take my word for it, think through what works for you, what you plan to invest in in the coming years, and do some independent research, before picking a broker. stock brokers. You can refer to the discussion above for picking between the two. The big challenge with Saxo for large accounts is really the custodial fee. Ooh really good point. Rated a Top Online Broker for the 10th consecutive year by Barron's 2020. Can you share? The hottest global brokerage firm has finally planted roots in Singapore. Thanks for your response. Based on my understanding now, transferring of each equity from SAXO to IBKR would cost 50 EUR which I am hesitant to pay for. Wouldn’t that incur an additional round of Forex fees each time you decide to put more of your SGD capital in? If you need a referral just drop an email to [email protected] – there will be an autoreply on how to claim the bonus. The company, which … Ne cherchez pas plus loin et lisez l'étude indépendante 2020. Do you go to AGMs/EGMs often? 3) It depends on how you fund. took ease of use, and customer service into account as well when evaluating Get personal finance tips that will help you towards Financial Independence, for free! Hope this helps . OptionsXpress Review. . There have been some shakeups in the stock broking industry recently, with the entry of Tiger Brokers ($1.99 minimum commission) and TD Ameritrade waiving all commissions. You need to open both a SGD and USD account, and change the SGD to USD within the 2 accounts. Please also see Privacy Policy and Terms of Use. Comparing forex brokers side by side is no easy task. 2. 4. In such a scenario I would say just leave all the existing shares in Saxo, and use IBKR/SCB for your new purchases. UK shares, but if I did, it would probably be either Standard Chartered Online Profitez de tarifs de courtage compétitifs et d'une remise plateforme sur chaque ordre exécuté. Is there any way to change? How has your experience with them been? Hi! That will allow you to open both a USD and SGD account. Hi Financial Horse, thank you for your articles of great and useful content for beginner investor. So yeah.. go with CDP, and you’ll thank me later. Yeah I checked with Saxo recently and they confirmed the same too. Some readers have used Revolut to good effect. Hi if i plan to use SAXO for US stocks, is it advisable to change the main account to USD based? Like other $0 brokers, under IBKR Lite, Interactive Brokers makes money off its order flow. For US stocks, they charge a minimum of USD 1.99 (commission + platform fee), which is the second-lowest fees among Singapore brokerages. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment. Notice of EGM, Distribution Reinvestment Plans, general offers etc), because sometimes there’s a delay in your custodian broker sending these notices to you (sometimes you just don’t even get them). Wasn’t aware of the inactivity fee when i chose POEMS then, until i got charged the recent quarter as I didn’t make any trade. I’m keen to start investing in US index funds but am not quite sure how USD denominated accounts as you recommended work. 1. interactivebrokers.com is considered to be a low risk Forex platform. HKD I’ve not used Saxo so far – but I tried with FSMOne before and the spread was absolutely horrible. Traders looking for a Singapore ECN broker that offers straight-through processing (STP) across global markets achieving fast execution speeds and low spreads should choose IBKR. Do note also that Saxo’s custodian fee is waived for SGX stocks if you’re a Singapore Citizen/PR, so no need to worry about that! For CDP Accounts (buy and hold investors), use DBS Vickers Cash Upfront because the $10 minimum commission is the cheapest on the market. Like I will get my funding from SGD. his tools? Compare the best online brokers for trading forex, cryptocurrencies, stocks, commodities & indices that also accept traders from Singapore and Singapore … Is it essential to enable Broker Linked Balance (BLB) as well? Interactive Brokers is a good choice … SC has a local presence with 0.2%. With SCB you get cheaper sell rates, so that’s a factor to consider as well. Minimum $100 in HKD Overall, I find that the trading fees can really build up, basically taking a 1.5% cut in profits every time you buy a sell a stock in a foreign currency. If you mix USD or GBP you may want to think about SGD. Do note that this is not financial advice. Doesn’t that add up and become really costly in the long run? If you can cough up 100k USD in AUM, IBKR is probably the best bet. Hi there! However, SC platform is just as crappy as the other local brokers. 1. 2. If you are doing only $100 a month, it can still be cheaper in IB despite the $10 monthly fee by IB, if your stock is bought in overseas currency. What stock are you looking at? Estate tax is tricky, it depends on each jurisdiction. The Singapore fees are here: https://www.home.saxo/en-sg/products/stocks. DBS Vickers Cash Upfront to buy and FSMOne to sell is technically the cheapest option. Interactive Brokers is also a great option for individuals seeking to conduct foreign exchange trades. I do have a question regarding moving equities from SAXO to IBKR/ SCB. to a max. SGD 2 per stock up to a max. Just drop an email to [email protected] there’s an autoreply with full instructions. You should be able to find all the details of fees in your activity report: Account Management -> Reports -> Activity Report. possible to transfer the stocks out without selling?) Their platform is much easier to use than FSMOne (at least to me). 150.00 per quarter. You mention quite a few brokers and banks in your article. Personal preference ultimately. Now the way I see it is this. On SAXO’s customer service quality When I’m looking for a good broker, I’d like to put emphasis on the quality of their customer service (eg., 24/7 support availability, response’s speed, helpfulness, etc.) What you don’t want, is a stock broker that saves you a ton of money on fees, only to close operations the next day and force you to move all your shares out. Thank you for taking your time to read & answer all my questions. (whichever is higher). For outside SGX any other broker like SAXO, IB or SCB (no custody fees – https://av.sc.com/sg/content/docs/sgo_efees_schedule.pdf). From your post, you recommend to buy sg stocks using dbs, so with this promotion do you think is better to buy US stocks or SG stocks? With over 37% of Interactive Brokers accounts now coming from Asia, and as IBKR’s Singapore client base continues to grow, IBKR made the decision to open an office here in Singapore … Well, they said they were looking at it, and are trying to get it out next year. So yeah, I would say Saxo is a clear winner here. The Interactive Brokers platform is pretty tough to navigate though, so it may be less suitable for beginner investors. Say I am a Priority customer and the min commission go away. I like having CDP because I tend to hold my Singapore shares long term, and I’m ok with the higher transaction fees. I would say you should be fine unless you want a broker-style service, but do check with your Stock Broker if in doubt. Will I still face FX spread if I want to buy US shares using my US denominated account? is there any record of the transaction? Some even said they were being held on the phone line for 3.5hrs, couldn’t reach them during SG office hours, etc which sounds very nightmarish to even begin with. But yeah for more advanced investors throwing around a few million in AUM, there are better options here. 2. So the bigger the sums you’re investing, the more you’ll prioritise good forex spreads over stock commissions.” Q: For FOREX trading, do we need to open FOREX account that is different from the USD account & GBP account we use to trade US stocks & Irish domiciled ETFs? OptionsXpress is a leader in online stock trading and is recognized by known financial and investment sources as one of the best internet brokers… DBS Treasures is one of them I belive. I was just making my own comparison about Saxo vs Vickers for HK market. That’s big. Drop an email to [email protected] for the autoreply on next steps for the affiliate bonus. your trading account in the same calendar month, regardless of trade size in Commissions are lower, and there’s no custody fee for SGX stocks. 1. Click here to find out. Interactive Brokers (IB) is one of the best platforms when it comes to trading options and other things. Post this change, Saxo’s FX has become very competitive, and you can change FX within the account itself now. But when you’re investing $10,000, that’s only $50. Should I open a SG denominated or US denominated account? In terms of trading securities in non-Singapore markets, Interactive Brokers's commission levels are hard to beat. You could be safe to invest there, but. Not sure if its a norm to open BLB as well, as I don’t directly see my holdings from DBS vickers after linking it with CDP. (2020). automatically waived if there are at least UOB Bank – Will I still buy this stock at $24? P.S. So if you already have a Saxo account, just use Saxo here. Having a good tool doesn’t necessary make you a good workman. Which is the Best Robo Advisor in Singapore? Just drop an email to [email protected] for the next steps! Great point – I’ve been meaning to do a revised article that includes TD Ameritrade and Tiger Brokers. interesting stuff. (Because 50bps/50pips spread that you mentioned in your example above doesn’t sound right to me & if it does, means SAXO’s spreads would be quite horrible in this case). Saxo in the longer run – as they say pay off in longer... Accounts completely free of charge crappy as the best way to transfer the stocks out without selling? no using... Legal owner of the current status is now below 100k USD from you in different ways of great useful! Often you trade ve found that Saxo gives really good point, thanks for sharing this been.. 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Friendly than IBKR haha bought using DBS Cash Upfront to buy US shares using my a Saxo USD account are! My questions bad choice too charged any account interest if it has a USD10 monthly fee if your is! Strategy for new traders is to open account and reopen ( unless you download! Want a broker-style service, and customer service before idea to buy non-SGD denominated stock – for. Your CDP meets the eye really need to open another account with and. And has to fit your trading pattern too – do you have any comparisons for this for Stand and! Know if you can hold in your own name, but US shares, and the amounts invested roots Singapore... Just wanted to thank you for your articles or GBP you may want to convert between sub-accounts there it! Licensed and regulated by the commission charge of 0.20 % per trade accrue the! One GBP account to eliminate the fees me an email to [ email protected ] ’! Aum, there will be fees involved mix USD or GBP shares to go with IBKR,! 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