. The change in the commission rate of Saxo has made it one of the more competitive platforms with min charges of S$5 and variable fees of 0.08% which is similar to Tiger and IB. Do you have any comparisons for this for Stand chart and IB? Welcome to FH! For foreign shares, there isn’t a huge difference between the two. First REIT’s 80% drop explained: Will I buy this REIT at $0.22? The workaround I’ve since found is to open a USD sub account and then convert your SGD into USD there (use the inter account transfer function) and then buy your stocks from there. Absolutely right, those fall under the UK (LSE Listing) category. Do also note that you can’t use DBS Vickers Cash Upfront on sell trades though, so the commission to sell is $25. 1. In 2017, he realized that he was falling into the trap of lifestyle inflation. Interactive brokers have announced that they received in-principal approval from Monetary Authority of Singapore (MAS) for a Capital Markets Service license in September. For example, I’m looking to leave POEMS because they don’t offer me a stop loss on my shares. currency (HKD 107 with 7% GST), 0.18% on trading Really depends on the broker in question. Not only that, but Interactive Brokers’ platform is far more complex than Saxo, which makes it less conducive for beginner investors. Aside from SGX stocks, Saxo Markets has implemented a fee structure for the purpose of ensuring a cost structure that reflects the client’s actual usage of the trading platforms. comprehensive guide to investing? All of these brokers are … It’s just about which is the lesser evil. I’ll try to do an update on the stock brokers article soon. Yes Saxo has no custodian fee for SGX stocks if you’re SGC/PR. Interactive Brokers is licensed by top-tier regulators, offers a wide range of products. 2. Am inclined to use Saxo/DBS Vickers going forward, and appreciate your advice on how I could proceed forward with my existing stocks in POEMS as I dont forsee myself making frequent trades every quarter and would likely have to incur the inactivity fee (e.g. 1) None that I am aware of – but do check with Saxo to confirm. You need to open both a SGD and USD account, and change the SGD to USD within the 2 accounts. two, I think Standard Chartered wins out marginally because of no custodian That would be hard to justify where these individuals are and they are spread all over every house here in SG. (Guide), Best Stock Broker for Singapore Investors, https://dollarsandsense.sg/singapore-stock-brokerage-house-comparison/, https://www.tigerbrokers.com.sg/market/sg-invitflow?account_display=standard&invite=N8RUAR&lang=en_US&skin=1&edition=fundamental&isInvitee=true&share=WhatsAPP, best stockbrokers in singapore review 2020, https://www.interactivebrokers.com.hk/en/index.php?f=1590&p=stocks2, https://www.home.saxo/rates-and-conditions/stocks/commissions, https://www.home.saxo/en-sg/products/stocks, https://av.sc.com/sg/content/docs/sgo_efees_schedule.pdf, https://financialhorse.com/how-to-buy-us-stocks-which-is-the-best-broker-to-buy-us-stocks-in-singapore/, https://www.home.saxo/-/media/documents/regional/en-sg/funding-instructions/credit-debit-card-payment-factsheet.pdf, https://www.home.saxo/rates-and-conditions/commissions-charges-and-margin-schedule#:~:text=An%20inactivity%20fee%20on%20the,consecutive%20months%20(180%20days), https://www.home.saxo/en-sg/campaigns/pr/2020-h2/saxo-markets-announces-suite-of-price-reductions-on-sgx-equities, https://www.home.saxo/en-sg/legal/funding-instructions/saxo-funding-instructions, Guide to Dividend Withholding Tax for Singapore Investors (Updated 2020), Best Stock Brokers for Singapore Investors (2018/2019 Guide), Top 5 Stocks / REITs on my watchlist to buy in 2020 – For Singapore Investors, Top 5 Dividend Yield Stocks in Singapore (2019). Drop an email to [email protected] for steps if you decide to go with Saxo, to get the referral bonus. In light of this – If you’re using it for USD shares, best to use a USD denominated account to avoid the forex fee on sale. Do you not incur these fees? That’s a good question. Don’t focus so much on transaction fees, focus more on what’s going on in financial markets. Commission: Saxo is 0.15% min 90 HKD. Money earned from an account opening bonus or referral program is no different from money earned from a stock trade, so it’s important not to neglect this factor too. just wondering why no mention about TD Ameritrade? Shouldn’t take more than a few weeks once you initiate the process. Interactive Brokers vs Saxo Bank. Like CMC Markets, City Index offers traders an extremely wide range of underlying assets. (b) six trades in Agreed! . I didn’t understand this part “DBS Cash Upfront has higher transaction fees when you sell, but you get the CDP service”, meaning I still have to open CDP account ?? Like other $0 brokers, under IBKR Lite, Interactive Brokers makes money off its order flow. . Is there any minimum investment amount for US ETFs, 2. As a new to intermediate investor, most of your funds will be split between the Singapore and US market, with a heavy tilt towards Singapore. Im new to stock investing or trading. Interactive Brokers (IBKR) used to be the holy grail of discount brokerages in Singapore back in 2015. Share your comments below! But their merger with Charles Schwab is making me think twice on funding my account for the time being. For SGX – main fee is the brokerage and SGX clearing fees. I am not using SAXO anymore. Thanks for your response. Thanks! Interactive Brokers Review for 2021; Get our best strategies and tips straight to your inbox. Is your article meant for SG citizens / PR? Looking for suitable investment platform. Have they opened it up to Singaporeans? interesting stuff. If you’re looking to get access to China A shares, Saxo is probably the best option out there right now. Minimum is 1 share, but usually you’ll want to invest a bit more because of transaction fees. Singaporeans). I agree with you. Like I will get my funding from SGD. ... Singapore and other countries. To top it off, Saxo’s support said HSBC will charge a fixed TT commission for non-SGD deposits. Profitez de tarifs de courtage compétitifs et d'une remise plateforme sur chaque ordre exécuté. Sure, added my thoughts below. I currently don’t hold still using a DBS, OCBC, UOB or POEMs account to buy US shares, it really is Can I check with people with IBKR account, do they tell you when they deduct for the monthly charge? If you fund with USD, then no FX spread from Saxo. How to sell from fsmone if I bought using dbs cash upfront? Hope this helps . Check out our A Singaporean Guide to Buying US Stocks With the Cheapest Brokerages! SGD 2 per counter per month, capped at SGD 150.00 per quarter. The lack of FAST for funding also makes it inconvenience for local trading. The USD account gives you more flexibility because you control the USD to SGD conversion timing (separate from stock transaction), and you have the option to fund in USD. . 3. Top 5 Singapore Stocks to buy (2019 edition), Top 5 High Yield REITs in Singapore to buy now (2019), Where would I invest $100,000 in Singapore right now? Won’t I still be hit by the commission charge of 0.20% per trade? Many great research tools. This is good if you’re a day trader – Interactive Brokers’ commissions are by far the lowest, plus the forex spread is quite good. For example Tiger Brokers does not have access to European / London Stock Exchanges, which are handy for Singapore investors because of superior withholding tax treatment for London ETFs. Doesn’t that make interactive brokers much more worth it? If Saxo has no custodian fee for SGX stocks if you’re a SGC/PR, would that mean your last summary chart should show Saxo for all tiers of SG Stocks for SGC/PR? Thanks for the clarification! I hope you can help to answer them all. This definitely helps. “https://secure.fundsupermart.com/fsm/advice-services/faq/230/”. . However, SC platform is just as crappy as the other local brokers. Also can you please clarify if all foreign (non-SG) stocks are held in custodian accounts irrespective of the broker/bank or there is a way to hold them in own name like SG stocks? Would like to trade the US stock. Do you go to AGMs/EGMs often? Can I check if SAXO has dividend handling fee for USA market? I’ve tried out IBKR and it was not so user friendly to me in terms of the user interface and charting, do you mind to share your experience with Saxo? I have been using TD and its flat fee is very attractive. Interactive Brokers Group has been active in Singapore for many years and is well-known among the investment community. 4. That’s a good trick, thanks for sharing this. Get personal finance tips that will help you towards Financial Independence, for free! 3) It depends on how you fund. InteractiveBrokers is a stock broker. Calculates up to 15 intraday trades. Interactive Broker is very cheap, with the lowest fee in the world (probably) and the widest range of products. 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. If you fund with SGD, then you will take Saxo’s spread. a Patron and get market and stock watch updates. Try calling any other broker you will have the same problem. I’ll need to check with IB on this as well. It’d be good to understand – and an interesting article FH – the features these brokers offer. Hi, I’m using Revolut to convert SGD to USD also, can you explain on how I can do it on SAXO? For Individuals. Could you please provide more information on what are the usual standard charges/fees (apart from brokerage fees) when you buy SGX stocks from any brokers ? Actually DBS Vickers Cash Upfront is good only if you want the shares to go into your CDP. https://www.interactivebrokers.com/en/index.php?f=4969. Yes, I will check with SAXO on this. Not sure how likely is that? Their fees seem to be quite lower than DBS Vickers. 2) Really depends on how you plan to fund your account, and what you plan to use it for (US shares vs non-US shares). Thanks! 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. Your account lets you play with Forex. I am not a SG Citizen/PR, hence I was thinking of going with DBSV Cash Upfront to save custody fees on atleast SGX stocks. In terms of trading securities in non-Singapore markets, Interactive Brokers's commission levels are hard to beat. Will i still be charged the forex spread if i opened a US account? There’s also a Singapore office if anything really goes wrong. 2) It includes cash – basically everything you have with SCB haha. For our 2021 annual forex broker review, we spent hundreds of hours assessing 27 forex and CFD brokerages to find the best forex broker.Let's compare Interactive Brokers vs Saxo Bank. Note: As at Nov 2020, Saxo has slashed its FX Spread from 0.75% to 0.3%. Yep I use Saxo and I like it. Here’s what the value proposition is like for investors, and read on for who should be hopping on the IBKR bandwagon. LVMH? The advantage is that because you’re the legal owner of the shares, the company knows who you are, and you get easy access to AGMs/EGMs, annual reports or circulars delivered to your home, timely receipt of other company notices etc. goes wrong and they need to place a call to Hong Kong to speak to the customer Financial Horse loves to hear from readers, and can be reached at [email protected]. 2. and simply can’t figure out how to make their stock trade… or when something Read more in our review here. Most of the time, it’s not worth the cost + hassle to transfer the shares, you can either (1) leave it there or (2) sell and transfer the funds to a new broker, and take the one-off hit. If you’re keen on opening a Saxo account, Financial Horse has partnered with Saxo for a special account opening bonus if you fund $3000 and make 1 stock trade. I would think so. This is absurd fee is a deal breaker. Picking the best stock broker for you is always important because every dollar of transaction cost saved, is effectively a dollar worth of investment returns. Might look into this as a future point to update the article. I’ve been at many AGMs where shareholders from a custodian service have huge trouble trying to get in, simply because the company didn’t have records of them being a legal shareholder. Nice article. automatically waived if there are at least So yeah, what you save on fees you lose on forex. Ltd. Is licensed and regulated by the Monetary Authority of Singapore (Licence No. Interactive Brokers is also a great option for individuals seeking to conduct foreign exchange trades. Whatever commissions you accrue offset the USD 10 fee. I was wondering if you have any thoughts regarding TD Ameritrade $0 commission and how it compares with this article for US stocks? You might want to do a review on them? Ooh interesting perspective. If you mix USD or GBP you may want to think about SGD. View More. Is this the case? > Please Note: Singapore residents having an existing account under Interactive Brokers LLC are not able to trade Singapore stocks. Just drop an email to [email protected] for the next steps. On account opening Q: If I want to trade US stocks & Irish domiciled ETFs, what type of account I should open with them? You make that back many times over on the low commissions and account opening bonus. Interactive Brokers Singapore Pte. Great article. Custody Fee There are 4 brokers that I would consider for US shares, and The Singapore fees are here: https://www.home.saxo/en-sg/products/stocks. The first is FX fees. Could I find out where you found the information for interactive brokers’ custodian fees for HK markets? Trading Fee: Minimum USD 25 or 0.18% of trading principal Interactive Brokers Singapore Forex review and ratings. If you don’t want to deal with all the hassle though, you can check out Standard Chartered instead. Standard Chartered (SC), Option Xpress and Interactive Brokers were the top 3 preferred options when I search for overseas brokers. I haven’t looked at them closely. Will my account be be charged any account interest if it has a positive net free equity above 15000USD. So wanted to update you but IB has released their IBKR Lite pricing plan whereby USA stocks and ETF trades are commission free and there are not more monthly account fees. Some readers have used Revolut to good effect. With Interactive Brokers you pay an annual fee of 10 USD a month ($120 a year) unless your AUM is more than US$100,000. , Actually if you’re throwing 27k around in one trade, and you plan to do it on a regular basis, there may be better options available. Registered Office: #40-02A, Asia Square Tower 1, 8 Marina View, Singapore … SGD 2 per stock up Saxo definitely works, but not sure whether it’s the most competitive. Remember to do that instead of buying direct from the SGD acc if you’re buying US stocks to avoid hefty conversion fees. can he transfer the stocks from IB to a local brokerage (or CDP)? I still have some shares with them, and the platform annoys me though. The other problem with both brokers is that they don’t have have access to many other jurisdictions. 2. If you need a referral just drop an email to [email protected] – there will be an autoreply on how to claim the bonus. It’s also tricky when you’re trying to receive company notices (eg. Post this change, Saxo’s FX has become very competitive, and you can change FX within the account itself now. IBKR will edge Saxo out very slightly based on my experience. If not you might want to speak to Saxo to understand why the rates are so bad, I’ve never paid a spread this big. They’re pretty close. Haha I had the same problem, mistakenly signed up for an SGD account by mistake. Do you have any info on this? Interactive Brokers is a good choice … Just drop an email to [email protected] for the next steps! Singapore Citizens, PRs, and Singapore Incorporated Entities are not charged a custody fee for accessing SGX stocks. For foreign investments (US and Hong Kong), I use Saxo Markets. Hi! If you convert some FX via your sub accounts you’ll be able to confirm the change. No point using my a saxo account to purchase anything. I can’t seem to find the same fees for Saxo but I’m going to assume they are the same and aren’t waived. just signed up for saxo, what is the referral bonus? For CDP Accounts (buy and hold investors), use DBS Vickers Cash Upfront because the $10 minimum commission is the cheapest on the market. Yup – Just use Revolut to transfer the USD into your saxo account! If you don’t need CDP service, you’re better off just buying (and selling) via Saxo directly. If so the custody fee shouldn’t be an issue for you? No. Can you elaborate this to show comparison between IBKR and SAXO etc? . IBKR Pro stock … would you be able to share the advantages of having CDP? Saxo has cheaper fees and no custodian fees for SGX stocks, so it’s pretty good as well, but of course no CDP – but it seems like CDP is not important for you. Thanks. Cheers! Registered Office: #40-02A, Asia Square Tower 1, 8 Marina View, Singapore 018960. I dont quite understand. Wouldn’t that incur an additional round of Forex fees each time you decide to put more of your SGD capital in? I believe you can, but there will be fees involved. What are your thought on DBS Treasures for trading US and SG stocks? Yes there is a spread on top of the interbank FX. Well, they said they were looking at it, and are trying to get it out next year. The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. 1. What stock are you looking at? time to switch to one of the above. Ooh really good point. Having a good tool doesn’t necessary make you a good workman. If you’re a new investor, I know all this is a lot to take in. Doesn’t that add up and become really costly in the long run? CMS100917). Say if i have about <$1K/month to invest consistently into LSE listed ETF (tax benefits) & SGX listed ETF over the long-term, which would be your preferred broker as a whole? At this tier, I really like Standard Chartered Online Trading. Hi, just would like to ask some qns since im a beginner to investing. Compare and read real user reviews on Online Brokerages in Singapore. Currently I continue to use DBS Vickers Cash Upfront for Sg shares – no plans to switch to IB SG, I’m just a huge sucker for the CDP system. Minimum $100 in HKD According to the “Currency conversion fee” section (https://www.home.saxo/en-sg/rates-and-conditions/commissions-charges-and-margin-schedule), funding your USD sub-account with your SGD main account will still incur the 0.75% conversion fee (likely baked into the conversion rate). If you have USD lying around you can technically transfer your USD in to avoid the spread. With Saxo you get USD4 commission per trade (which is truly great), an account opening bonus, and decent forex spreads. are, this is what is being charged by DBS Vickers for US shares. End of the day, how much you save over a few dollars is not going to do justice over your entire portfolio if or when your broker gives substiantial advice, looks after your portfolio and even calculate dividends / rights issuance and placements over the years which you as an investor might have missed out. 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. I want to be recognize as the legal owner of the stock under my name. Hi, have you gotten any change to take a look at IBSG, looks they recently started accepting account open, the account will be under IB Singapore. Wide range of products. 2) Good question, best to check with Saxo on this. You can download it from FSMOne’s website. I have the same thinking too! Ltd. to trade Singapore stocks. So in this review, I He is a firm believer in Einstein’s quote – “If you can’t explain it to six-year-old, you don’t understand it yourself.”. I am wondering, should I keep using my existing IB account which is under IB LLC, or open a IBSG account, and transfer my position into IBSG? In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment. DBS vickers currently have promotion of zero brokerage fees for the first 5 trades. Both IBKR and Saxo are quite competitive on forex spreads. Not that I know of. Thanks for this article, very useful. Not only does that cost money, it’s also annoying as hell to deal with. For beginner investors who are splitting their money between Singapore and US, Saxo is still a very viable option. Is this your company? But if you have say 10 or more counters, then it may not make sense to incur that charge. The STI plunged 34 points or 1.13% to 2,983 on Friday, as Singapore is mulling introducing new restrictions ahead of the Chinese New Year festival in February, amid growing virus clusters. Just drop an email to [email protected] there’s an autoreply with full instructions. You could be safe to invest there, but there are better choices available for trading Forex in Singapore. (whichever is higher). in local or foreign shares OR Saxo uses 0.12% a year which is good for smaller amounts. It really depends on the number of shares you have I think. Are you a Singapore Citizen/PR? What your view comparing SAXO and TD Ameritrade? I would say it really depends on what you value. Compare Singapore authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. The lower fees will pay off in the longer run. However I still have queries on below points. HKD 100 for shares trading in HKD. 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That 's where real user reviews on SeedlyReviews will help you find the best Online Brokerages! There is a comprehensive trading platform that gives you access to a reputable organization are good alternatives for! Kind of investor you are it after making a certain amount of trades out the Complete... Holy grail of discount Brokerages in Singapore ’ custodian fees for SGX stocks you need to decide for yourself is... Preferences & ease of use, and how they are calculated withdrawal & if yes, Cash!

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