DBS Vickers Cash Upfront to buy and FSMOne to sell is technically the cheapest option. Good advice as usual.
1) Your call really. gets complicated. The information you see on the inactivity fee is for the US accounts. 3. I’ll need to check with IB on this as well. service officer (not naming names, but you guys know who I’m referring to ;). Saxo charges a 0.75% currency conversion rate for US stocks when operating an SGD account (1.5% for buying and selling). 150.00 per quarter. I rarely hold anything for more than a week so there are periods where my funds are just untouched and sitting there. Hi FH, I am a priority banking customer with Standard Chartered Bank and am wondering if it actually makes sense to switch my local investing activity to DBS Vickers? … That’s about all you want from a broker really. 4. – I think you’re overstating the effect of Interactive Brokers’ USD 10 inactivity fee. Which one you pick depends on the kind of investor you are, and we’ll touch on this in a bit. 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). Advertiser Disclosure: For CDP Accounts (buy and hold investors), use DBS Vickers Cash Upfront because the $10 minimum commission is the cheapest on the market. with the 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? What do you suggest would be the better option for me based on my criteria and understanding? US$150,000 or more – Dealt with them before, customer service is very good. 1) What happens to the dividends if i bought a US stocks? are, this is what is being charged by DBS Vickers for US shares. 200902152D) is licensed by the Monetary Authority of Singapore and does not provide tax, legal or investment advice or recommendations. Do you not incur these fees? Hi there is a form to fill up to link FSMOne to your CDP. What about TD Ameritrade and Tiger Brokers? . I will update the article to incorporate this point. Oh now I remember you said somewhere that you heard from Saxo that they might completely waive the 0.12% AUM in the near future? Would like to hear your opinion. Thanks! I was also told that at higher AUMs (approx $500,000 and up), Saxo can reduce/waive the custodian fee entirely, as well as provide you additional VIP services, so if you’re a high roller, that could also be one to look out for. I am newbies. I would say just go with the one that is easier for you. However, if it's just a lump sump $10k investment for the long-term, then the minimum activity fees may make it an unattractive proposition.. If I were to leave all existing shares in Saxo and only conduct new trades on IBKR, wouldn’t I incur inactivity fees on Saxo? report. Some readers have wrote in to share this “trick”, but I haven’t tried it myself personally, so I can’t comment on how much of an effort it is (Update: More readers have written in to comment, and it seems this is fairly straightforward to execute). And if you have an IB account or are able to hit the US$100,000 requirement, IB is probably the cheapest in terms of fees. Thanks for your response. When your account value crosses US$100,000, the minimum US$10 a month is waived, which makes it great for buy and hold investors. But which brokerage you ultimately pick depends greatly on what kind of investor you are, and your existing situation. Here is a list of our partners. Saxo Bank holds 1 global Tier-2 licenses, while TD Ameritrade Forex holds 0. By continuing you will receive brokerage related emails. You get Priority Banking Status once your total account value with the bank crosses $200,000 (US$150,000) which means no minimum commissions. Great article. No, all the non-SGX stocks will incur custody fees in some form. Have you used them? Thank you for taking your time to read & answer all my questions. Might look into this as a future point to update the article. 2. With both TD Ameritrade and Tiger Brokers, there is an FX spread if you’re using the broker to change your SGD to USD. Thanks for the clarification! Like I will get my funding from SGD. But if you want to use it for non-US stocks, you’re basically paying double fx spreads so its less ideal. All regulators considered, Saxo Bank has a Trust Score of 99.00, while TD Ameritrade Forex's Trust Score is 98.00.
I was just making my own comparison about Saxo vs Vickers for HK market. (percentage wise and minimum fee wise). That was pre-COVID19 though, so I have no idea what the current status is now. a Patron and get market and stock watch updates.
interesting stuff. The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. Great question! This sort of gives me the confidence they’re here to stay. The link is below, drop me an email at [email protected] for the next steps! Is Saxo Bank better than TD Ameritrade Forex?
But if you keep less than US$100,000 there is a US$10 monthly charge. per month, capped at SGD 150.00 per quarter.
With TD Ameritrade, there is also a $25 withdrawal fee to withdraw moneys into your bank account (first withdrawal is free).
Not that I know of. 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? Source: https://dollarsandsense.sg/singapore-stock-brokerage-house-comparison/, Buy and Hold Investor – DBS Vickers Cash Upfront. If the account value is big enough, they might be able to do it for you? Everyone is obsessed over fees… until they open an account Which banks are they mostly with?
2) Whats the difference between a SG dominated account and a USD dominated account? 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. © 2014 - 2020 Investor Greg ltd. All rights reserved. Agreed! Hopefully someone who has experienced in the above platform can advice newbie like me in choosing a suitable platform. Minimum is 1 share, but usually you’ll want to invest a bit more because of transaction fees. Last time when I checked with IB customer service, they said IBKR Lite is unavailable to non-American clients. 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? Great article. Practically speaking, for most retail investors, this is only relevant for Singapore shares. If you know of anything that stands out, do add on. Can you share? I have checked with IB customer service, it is not open up to Singaporeans.
Overall, between Saxo Bank and TD Ameritrade Forex, Saxo Bank is the better forex broker. I would think so. Just wanted to clarify on Shane’s comment above, if I were to fund my account using SGD and plan to use it solely for US shares/ETFs: 1. With both TD Ameritrade and Tiger Brokers, there is an FX spread if you’re using the broker to change your SGD to USD. Generally, they are competitive and very low. It took about 5 working days for the stocks to be transferred, I transferred 7 tickers so it cost me the maximum of 160EUR which translates to about 260sgd, More posts from the singaporefi community, A congregation of like minded people who shares how to reach closer to being financially secure, independent, how policies affect our ability to reach FI and different ways to manage our wealth for it. The upshot is that you have USD 10 of “free” trades per month. With TD Ameritrade, there is also a $25 withdrawal fee to withdraw moneys into your bank account (first withdrawal is free). Note: Do note that you can now use Saxo to access China A shares at charges of 0.15% (min. would you be able to share the advantages of having CDP? 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. Thanks.
Who do you think these great brokers are? I know some who use them, but personally I think IBKR is better if you’re investing more than $100k USD anyway (which you likely will be for DBS Treasures). All Personal Accident Insurance Comparison.
No inactivity fee for Saxo. Saxo Bank provides traders 170 currency pairs (e.g., EUR/USD) compared to TD Ameritrade Forex's 73 available pairs. Currently theres only SCB which has poorer fx spread. TD Ameritrade vs DBS Vickers, which is better for US Stocks trading? Disclaimers I’m keen to start investing in US index funds but am not quite sure how USD denominated accounts as you recommended work. I would say it really depends on what you value. Saxo Bank has a commission fee of from £2.50 per lot, TD Ameritrade has a commission fee of $6.95 + $0.75. If you don’t want to deal with all the hassle though, you can check out Standard Chartered instead. What your view comparing SAXO and TD Ameritrade? There is the 0.12% AUM Fee to contend with, but to put it in perspective, on a US$10,000 investment it’s US$12 a year. Saxo Capital Markets (Saxo) offers a nearly unmatched spectrum of markets; Interactive Brokers focuses on broad market access, low costs, and trade execution. David Ward May 7, 2019 At 7:01 pm. I’ll try to do an update on the stock brokers article soon.
It seems like there is an inactivity fee now. Equities / ETFs / Funds / Bonds / Options / Futures, I acknowledge that my information will be used in accordance with the. Our recommendations and rankings are based on our
Ooh interesting perspective. No. What you are paying Please use our link to open your account so that we You need a CDP account. This website does not provide any investment, financial, legal, tax or accounting advices/recommendations. For forex and CFDs traders, copy trading and MetaTrader are both popular platform options. So yes, if you’re Maybe you can try checking with IB if there is a way to transfer the account. (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), 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), Top 5 Singapore Stocks to buy (2019 edition). IBKR will edge Saxo out very slightly based on my experience. my capital would be less than 10k for each market 2. or should i continue with IBKR for US? Advantages are usually lower fees. 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. Nothing good comes free. Do you have the link to SAXO’s full list of spreads for both major & minor currency pairs? Are they good?
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