Cheapest trading fee

[kenpachi82]

Which brokerage in Singapore offer cheapest trading fees for US stocks?
Currently using DBS Vickers, but quite xiong :(

[JiEx]

poems USD$20 if im not wrong.. i remember seeing 1 more @ USD$18 forget which 1

[kenpachi82]

poems USD$20 if im not wrong.. i remember seeing 1 more @ USD$18 forget which 1

thanks for the update!
keep it coming in if other bros can recommend any others, will be good info for pple who buy US stocks

[JiEx]

thanks for the update!
keep it coming in if other bros can recommend any others, will be good info for pple who buy US stocks

the cheapest i think are US firm.. do a search on google.. which can be a few dollar per trade only.. but require 10k deposit

[jowy85]

Citibank ebrokeage ? i am using its for sg market though, quite cheap. u can goggle n see more info for their us market

[kenpachi82]

Citibank ebrokeage ? i am using its for sg market though, quite cheap. u can goggle n see more info for their us market

US Market minimum charge USD40 :s31:

[kenpachi82]

the cheapest i think are US firm.. do a search on google.. which can be a few dollar per trade only.. but require 10k deposit

the deposit is a problem :(
the reason i use dbs vickers is because i don't need to have cash in the trading acct before i buy any shares, coz can debit from my dbs account at T+3 ..
most others need cash deposit i think..

[final1]

I have posted before on this. See my blog for more info. (Quite far back in the year i wrote on it i think)

For purchasing U.S stocks, US$15 is the cheapest brokerage commission you will find for local brokerages.

http://www.saxomarkets.com.sg/

When talking about buying foreign stocks, you have to be concerned not only about brokerage fee but also custody fees (POEMS is S$2.14 per month per foreign counter) and fees paid for corporate actions like dividends etc.
And also, how do they settle conversion of S$ to US$? Some brokerages are more favorable than others.

Saxo is free for these things.

You must deposit cash in the account before you can use it.

[kenpachi82]

thanks bro, i will check out ur blog :D
(i just realized we had exchanged several pm some time back, haha)

I have posted before on this. See my blog for more info. (Quite far back in the year i wrote on it i think)

For purchasing U.S stocks, US$15 is the cheapest brokerage commission you will find for local brokerages.

http://www.saxomarkets.com.sg/

When talking about buying foreign stocks, you have to be concerned not only about brokerage fee but also custody fees (POEMS is S$2.14 per month per foreign counter) and fees paid for corporate actions like dividends etc.
And also, how do they settle conversion of S$ to US$? Some brokerages are more favorable than others.

Saxo is free for these things.

You must deposit cash in the account before you can use it.

[djsadist]

US Market minimum charge USD40 :s31:

Bo la... USD 29. I'm using this now to trade US stocks.

http://www.citibank.com.sg/SGGCB/APPS/portal/loadPage.do?tabId=Citibank%20Online%20Promotions&path=/info/det/id_broke_faqs.htm#C1

However I'm thinking USD29 is also quite high... Feel like using POEMS. Now got promo, only USD15 brokerage fee till mid-oct...

[asdf7911hwz]

gd to use poems

[djsadist]

gd to use poems

Actually, not good to use poems for trading in US market ler... As I mentioned earlier, I use Citibank Brokerage for US trading, charges are straightforward.

Citibank Brokerage
----------------------
- Brokerage Fee USD29
- Custodian fees USD5 or 0.02% of average monthly stock holding balance

Yesterday I went to open POEMS account, after that then I realised that many many more charges than Citibank.

POEMS US Trading
--------------------
- Brokerage Fee 0.4% on the gross contract value OR US$20.00
- Dividend charges <S$100 S$1.07 OR >S$100 1% of Net Dividend, max. S$53.50
- Monthly custody charge S$2.14 per counter
- Corporate action charges S$10.70 (inclusive to GST) + Foreign broker fees if applicable - What is this man???
- Dunno their SGD to USD conversion charge also... POEMS CSO didn't ans me on this...

In the end, all POEMS charges eat into my profits man... Usually i hold my stocks from weeks to 6 months... So Citibank Brokerage seems more worth ler... Was looking at Bro Final1 recommendation, saxomarkets look good for my US trading... But can't find reviews on the platform so still hesitating...

[battledome64]

Actually, not good to use poems for trading in US market ler... As I mentioned earlier, I use Citibank Brokerage for US trading, charges are straightforward.

Citibank Brokerage
----------------------
- Brokerage Fee USD29
- Custodian fees USD5 or 0.02% of average monthly stock holding balance

Yesterday I went to open POEMS account, after that then I realised that many many charges.

POEMS US Trading
--------------------
- Brokerage Fee 0.4% on the gross contract value OR US$20.00
- Dividend charges <S$100 S$1.07 OR >S$100 1% of Net Dividend, max. S$53.50
- Monthly custody charge S$2.14 per counter
- Corporate action charges S$10.70 (inclusive to GST) + Foreign broker fees if applicable - What is this man???
- Dunno their SGD to USD conversion charge also... POEMS CSO didn't ans me on this...

In the end, all POEMS charges eat into my profits man... Usually i hold my stocks from weeks to 6 months... So Citibank Brokerage seems more worth ler... Was looking at Bro Final1 recommendation, saxomarkets look good for my US trading... But can't find reviews on the platform so still hesitating...

Bro u are not alone i use citibank too..its super ex..
But when I compare with others i dont feel its easy to transfer USD.
status quo feels better since if u change brokerage u need to incur USD $30 for each counter!

[djsadist]

Bro u are not alone i use citibank too..its super ex..
But when I compare with others i dont feel its easy to transfer USD.
status quo feels better since if u change brokerage u need to incur USD $30 for each counter!

Totally agree with what u said bro... The brokerage is linked to the saving account too... Fund transfer is immediate and two-factor authentication login... Feel more secure this way...

[final1]

I will provide u a review of Saxo then.
And, my review is:
Best local brokerage for trading foreign stocks (non-SGX) stocks in terms of commissions and fees. No "extra" charges like poems. In terms of the platform, there is nothing to complain. Why? If you are satisfied with a web-based trading platform, then you should have no complains with Saxo because it is a full-fledged trading program you install on your PC (like Microsoft office). Hence, it has more features than what you will find with other platforms u might have used.

I do not trade Singapore stocks with Saxo. I use poems for that.

You rightfully have said that commission charges eat into your profits. Time to do something about it.

[MikeDirnt78]

the best local brokerage for US stocks is DBS Vickers. No other fees besides trading comm. I am a long term investor therefore i prefer to use DBS Vickers to saxo or other online brokerages.

1) ease of funding. very convenient to transfer funds and withdraw funds!
2) no deposit required. your large deposit may be exposed to currency exchange risk. so you may save on fees but you may lose on capital depreciation. i prefer to hold my cash and pay when required than to put deposit early
3) sense of security. even though got SIPC, there will be hassles in future should these online brokerage go belly up or closing down of Singapore branch. you need to settle the transfer of shares, etc in future

if you are a US market trader, then its better to find cheaper alternatives. but if you are a long term investor, i dont mind a one time high fees for the above advantages

[final1]

the best local brokerage for US stocks is DBS Vickers. No other fees besides trading comm. I am a long term investor therefore i prefer to use DBS Vickers to saxo or other online brokerages.

1) ease of funding. very convenient to transfer funds and withdraw funds!
2) no deposit required. your large deposit may be exposed to currency exchange risk. so you may save on fees but you may lose on capital depreciation. i prefer to hold my cash and pay when required than to put deposit early
3) sense of security. even though got SIPC, there will be hassles in future should these online brokerage go belly up or closing down of Singapore branch. you need to settle the transfer of shares, etc in future

if you are a US market trader, then its better to find cheaper alternatives. but if you are a long term investor, i dont mind a one time high fees for the above advantages

I have not used DBS vickers but simply comparing DBS's US$29 commission versus Saxo's US$15 is what made me pick Saxo over DBS. Of course, i understand that other people will have their own set of circumstances and preferences. I would like all forumers to note that transaction costs eat up a significant percentage of returns to your portfolio. So please think carefully when you pick a brokerage to go with.

I also want to clarify that Saxo accounts can be opened in whatever currency you like. Hence, if u open in Singapore dollars, there is obviously no currency exchange risk from keeping your money in there. If you open in US dollars, then yes there is currency exchange risk. But you get the benefit of not being subject to daily exchange rate changes when you purchase or sell shares.

One other thing is that Saxo charges US$1 for live US prices (optional). If you do not subscribe for then you automatically get delayed data. I do not subsribe for it as i can simply open google finance for live prices in my internet browser or log into POEMS to see live prices. I then execute trades in Saxo to take advantage of the lower commission fees.

[djsadist]

I will provide u a review of Saxo then.
And, my review is:
Best local brokerage for trading foreign stocks (non-SGX) stocks in terms of commissions and fees. No "extra" charges like poems. In terms of the platform, there is nothing to complain. Why? If you are satisfied with a web-based trading platform, then you should have no complains with Saxo because it is a full-fledged trading program you install on your PC (like Microsoft office). Hence, it has more features than what you will find with other platforms u might have used.

I do not trade Singapore stocks with Saxo. I use poems for that.

You rightfully have said that commission charges eat into your profits. Time to do something about it.

Thanks for yr review bro final1... Most likely will try saxo for US trading... I will use your method, use POEMS to see live data and Saxo to trade... Good to go! One question, I have signed the W-8BEN form when i registered with POEMS. Do i still need to sign another one for Saxo registration?

[final1]

No it is not necessary. Saxo's custodian for US shares is Goldman Sachs. They do not use CDP.

[djsadist]

No it is not necessary. Saxo's custodian for US shares is Goldman Sachs. They do not use CDP.

Thanks bro final1... Anyway just read your writeup... Good stuff! Keep it up!

[zippo1979]

Poems is having a promotion currently. Charging USD15 minimum or 0.4%, whichever higher for US trades currently.

Will revert to USD20 minimum or 0.4% thereafter, which I feel is still pretty good. I personally like their online withdrawal method whereby they will help you drop cheque into a 3rd party local bank of your choice.

[MikeDirnt78]

I would like all forumers to note that transaction costs eat up a significant percentage of returns to your portfolio. So please think carefully when you pick a brokerage to go with.
its true if you are doing frequent trading. but by buying and hold for like 10 years or more, the fees become insignificant divided by the number of years.

in fact if you want to go for online brokers, saxo is not the cheapest. there are other brokerages which are even much MUCH cheaper

for our local brokerages, dont bother looking at brokerages other than DBS. they can offer cheap rate but need to pay custodian fees. custodian fees is recurring and is worst than one time payment

[zippo1979]

poems will waive custodian fee as long as you conduct at least 2 trades, any size and market and direction, a month.

[MikeDirnt78]

i dont like the strings attached. what if you dont have anything to buy for the whole month. going to force yourself to buy just to save custodian fees?

as i said if you are trader, you should be using some other cheaper online brokerages.

[MikeDirnt78]

just to name some online brokerages that are much cheaper than saxo are firstrade, etrade, interactive brokers, just2trade, etc. some are comm at < $10 USD

[djsadist]

poems will waive custodian fee as long as you conduct at least 2 trades, any size and market and direction, a month.

I didn't know abt this ler... Good stuff... Anyway, so many brokerages in Spore... Just stay with those that you are comfy with... Tried to apply Saxo, so much troublesome... Only accept cheque payment... Can't do fund transfer somemore... Only got one office in Samsung Hub... Think I just forget abt it... Just stick with POEMS and Citi Brokerage...

[final1]

Not related to foreign shares but i wanted to highlight that from now till end of the year, CIMB is having a $1 promotion for SGX brokerage (first 8 trades).

I just opened an account with them for this and the free market depth data access which is very useful for trading.

[RedSuns85]

just check on citibank website to open a brokerage account for local trading only

Min commission (per contract) S$22
SGD 50,000 and below 0.28%

I think is the cheapest of all right ? poems need 25 sg dollar for minimum.

[MikeDirnt78]

just check on citibank website to open a brokerage account for local trading only

Min commission (per contract) S$22
SGD 50,000 and below 0.28%

I think is the cheapest of all right ? poems need 25 sg dollar for minimum.
yes the lowest minimum fee for local brokerages. but have to sacrifice features when using citibank

[RedSuns85]

features like ?
For me, I am able to view live data feeds and some historical graph think good enough for me ..
for mid to long term investment too.

[quailmaster]

to open saxo account, need to get notary public to sign on the passport copy..how do u find a notary public?

[banej88]

to open saxo account, need to get notary public to sign on the passport copy..how do u find a notary public?

Go to any law firm with notary public under services provided. Can refer to here (http://www.eguide.com.sg/SG/SEARCH/Notary+Public/1) for some of their address

[final1]

I didnt require any special document like that when i opened my account.
Are u Singaporean?

[N5X]

yea same for me too...

[aircraft]

Hi All,

Anyone uses optionsxpress before for US trades ? I've just sign up for it. Fees are as below.


up to 1000 shares > 1000 shares
9+ Trades/Quarter $14.95 $0.015 / share
0-8 Trades/Quarter $16.95 $0.017 / share

[smallfry]

Optionsxpress is a good broker - way better than ANY local broker. I have accounts at Optionsxpress, Interactive Brokers and POEMS. POEMS is just plain crap, although it's probably the best among the worst (among local brokers). There is no limit order unless you pay for their Pro account, or simply just stay awake throughout the night. :) These advanced orders are standard with US brokers, and they offer MUCH lesser commissions.

In my opinion, if you want to trade US shares, use a US broker, which the main inconvenience is in the transferring of funds. When selecting an overseas broker, determine how much volume you will be trading. If it's low volume, then per-share commissions will make more sense to you. If it's high volume, a flat rate per trade (i.e. regardless of no. of shares) will definitely be more attractive. Do a Google search for discount brokers.

[aircraft]

I think I'll open 2 accounts. Optionxpress and Saxo as Saxo min fee is only $15 USD without GST. So for lower volume, it'll be cheaper to trade with Saxo. The only problem is that will need to maintain $$ in 2 accounts just for US trading.

Optionxpress's commission fee will be subjected to 7% GST anot ? Thanks

[pete98]

So basically, trading fee is more important if you trade frequently.

While custodian fee(recurring) is more important for those that plans to buy and hold.

There are other variations(per share trade fee/flat share trading fee) so just search around and picked one closers to your needs.

[savvyguy]

Optionsxpress is a good broker - way better than ANY local broker. I have accounts at Optionsxpress, Interactive Brokers and POEMS. POEMS is just plain crap, although it's probably the best among the worst (among local brokers). There is no limit order unless you pay for their Pro account, or simply just stay awake throughout the night. :) These advanced orders are standard with US brokers, and they offer MUCH lesser commissions.

In my opinion, if you want to trade US shares, use a US broker, which the main inconvenience is in the transferring of funds. When selecting an overseas broker, determine how much volume you will be trading. If it's low volume, then per-share commissions will make more sense to you. If it's high volume, a flat rate per trade (i.e. regardless of no. of shares) will definitely be more attractive. Do a Google search for discount brokers.

hmm, what are the methods of fund transfer to US brokerages? do we need to have a US bank acct or is it even possible to use local bank accounts and do ibanking?

other than that, are there any other disadvantages of using US brokerages? looking for short-term trades.. :o

[stayrealalive]

Hi, I am interested to trade in Nasdaq/NYSE
May I know which brokerage service u guys are using??
Scotrade seem to offer better commission than Etrade
Anyone knows?
Thanks a lot~