Etrade closing down SG services

GPGT.org

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yea... got the same notice too, until March 2016.

Looking for similar alternative...
 

Shiny Things

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Jialat leow!!

I swing trade US stock only.

Any other similar/alternative platform?

Any bros could advise

I say it all the time, but: Interactive. You can fund your account in SGD; you can trade a hell of a lot of other exchanges; the brokerage is lower (half a cent per share, or even less if you pick tiered pricing); and you can control your order routing instead of having all your orders sent to Citadel.

And to transfer the stock - you should be able to do an "ACATS transfer" to move your entire portfolio from ETrade to another shop. It's been a long time since I've done this, so I don't know the procedure, but the general idea is that you start the transfer at ETrade and you alert your new broker that there's an incoming batch of shares, and within two weeks the shares show up in your new account.
 

kjke1986

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Sad to see it close, was an easy platform to use.

For those using IB, how is the service like? Does the lack of a physical presence in Singapore make it difficult to contact them? Also, how do you transfer money over?

To the OP. If you are looking at buying US securities from brokers with a local presence, the best seems to be:
1) Thinkorswim. Right now they are having a promotion. "*Offer valid for individuals who respond to the offer and either open and fund a new Individual or Joint account or fund an existing Individual or Joint account with new assets by 31 December, 2015. To receive 25 commission-free online equity, ETF, or option trades, account must be funded with USD$3,500 or more by 31 December, 2015. Transfer fee rebate of up to $100 requires a USD$3,500 transfer from another brokerage firm by 31 December, 2015. Offer is not transferable and not valid for accounts that are on a reduced commission schedule, with internal transfers or with other offers. Qualified commission-free trades will only be applied to online equity, ETF or options orders will be limited to a maximum of 25 and must execute within 60 days of when account is awarded the free trades. All contract, exercise, and assignment fees still apply. Equity commission rates are $0.016 per share subject to a commission minimum of $5.35 and maximum of $10.65. Options commissions are the lesser of $3.15 per contract OR $1.61 per contract plus $10.65. Limit one offer per client. Please allow 3-5 business days for the free trades to be made available and for the qualified transfer fee rebate to post to the account. Account value of the qualifying account must remain equal to, or greater than, the value after the net deposit was made (minus any losses due to trading or market volatility or margin debit balances) for 12 months, or TD Ameritrade Asia may charge the account for the cost of the transfer fee rebate at its sole discretion. TD Ameritrade Asia reserves the right to restrict, amend, or revoke this offer at any time. (Offer Code: ASIA25). " (link)

2) Standard Chartered
 

highsulphur

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I'm affected. Just log on to IB and initiate acats full transfer from etrade. Etrade will receive the request and proceed with the transfer.
 

Shiny Things

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Sad to see it close, was an easy platform to use.

For those using IB, how is the service like? Does the lack of a physical presence in Singapore make it difficult to contact them? Also, how do you transfer money over?

1) Nope, IB's helpdesk is always on the ball; you just file a ticket through the website and they'll get on it. The only time you need to call them is if you need to bust a trade.

2) Money's easy - you can fund your IB account in SGD through a FAST transfer.
 

absoluthk

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what is the best way to minimize exchange loss and admin fee when switching platform? can i ask for a usd cheque and fund IB?
 

highsulphur

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what is the best way to minimize exchange loss and admin fee when switching platform? can i ask for a usd cheque and fund IB?

If you are closing due to they requesting, then just do a straight wire transfer as charges will be waived.
 

highsulphur

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I initiated the transfer from IB last Thurs night and by Monday the positions and cash were transferred EXCEPT for a $60 transfer fee which they promised repeatedly that they will waive. Super annoyed with this underhand move
 

kjke1986

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I initiated the transfer from IB last Thurs night and by Monday the positions and cash were transferred EXCEPT for a $60 transfer fee which they promised repeatedly that they will waive. Super annoyed with this underhand move

If it is so steep, wouldn't it be better to close your positions on Etrade and then move your money over to IB and then buy through IB?

Anyway how's the IB platform? Noob here so slightly concerned about not being able to use it. Any good tutorials you used to faimiliarize with the platform?
 

Shiny Things

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If it is so steep, wouldn't it be better to close your positions on Etrade and then move your money over to IB and then buy through IB?

The problem is that then you're out of the market for a week or so while you're waiting for the positions to transfer, and you're paying two sets of brokerage (which can add up to a decent chunk of cash).

Anyway how's the IB platform? Noob here so slightly concerned about not being able to use it. Any good tutorials you used to faimiliarize with the platform?

It's good. The learning curve is a bit steep but it's better than it used to be, and there are decent webinars on the IBKR website.
 

kjke1986

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I initiated the transfer from IB last Thurs night and by Monday the positions and cash were transferred EXCEPT for a $60 transfer fee which they promised repeatedly that they will waive. Super annoyed with this underhand move

"To make this transition as easy as possible, we will waive the transfer and wire fees charged by E*TRADE that are associated with account transfer and closure. Please read on for more information about these fee waivers and steps you must take to transfer and close your account(s). "

Their note to customers seems to suggest they will waive the transfer fees. Did you manage to get it back?
 

highsulphur

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"To make this transition as easy as possible, we will waive the transfer and wire fees charged by E*TRADE that are associated with account transfer and closure. Please read on for more information about these fee waivers and steps you must take to transfer and close your account(s). "

Their note to customers seems to suggest they will waive the transfer fees. Did you manage to get it back?

still trying to. the customer service is terrible.

anyone managed to transfer without any fuss?
 

kjke1986

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still trying to. the customer service is terrible.

anyone managed to transfer without any fuss?

I am going to make the transfer soon pending IB approving my application, would update it here. Called Etrade this afternoon, they said it should be free.
 

vblues

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For my case I asked my Phillips broker who sent me a form that I filled up and they sent it to E-trade. After that I called E-trade to inquire about the USD cash and they credited USD25 into my account (for wire transfer fee) after which I then did a wire transfer back to SG.
 
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