Standard Chartered - Only Online Trading in town with no minimum commission

[tkwei123]

its funny you dont believe what i told you.

eh... i'm just following one of da GOLDEN RULES here

 

[MikeDirnt78]

i just got my trading account activated. FYI there is a stop loss order feature in this account.

 

[MrAldc]

i just got my trading account activated. FYI there is a stop loss order feature in this account.

Thinking of opening an account too.
Is there additional fees for the stop loss feature or is it free?

 

[Sinkie]

although u had "bought" the shares, the shares will be credited/ delivered to SCB instead of CDP.

this means SCB is the custodian of the shares. usually shares bought on SGX are kept in CDP. shares bought from other markets are kept by the brokerage as custodian

you will not be involved with CDP.. all transactions only between u n SCB

now only wondering if the "shares" exists physically or its merely an open position

then who pay the clearing and trading fee?

 

[Sinkie]

still don't understand your first point.. do it mean when I sell, the potential buyers must be users of that bank, thus a much smaller market, than the entire market of CDP?

I only use one bank to buy and sell.. my portfolio is small..

everyone has their own cdp account, and all the brokerage houses account that you have will have access to that cdp account of yours.
whatever stock you buy/sell through brokerage house will goes to your CDP account which is accessible by all the brokerage houses that you have account with.

but if it is under custodian account with scb, means you can only buy or sell through the custodian account..

 

[Sinkie]

so if company offer dividends, is go to SCB or to us?

the dividend will go to SCB, which SCB will then deposit the dividend into your trust account or via cheque normally (this part im not sure, better check with scb)

but when you declare your dividend income during your tax reporting, i dont think you need to report these dividends since it is not under your name..

 

[Sinkie]

I know I'm going to sound terribly xenophobia but I dun trust foreign banks.

When I first graduated, my first credit card was actually with SCB. There customer service was quite terrible and they were very sticky on charges like late charge, interest charge, annual fee.

So in the end, I severed my relationship with them and never looked back. More or less same experience with Citibank. Bank of China was not a bad experience.

These was in the past and I'm sure their customer service has improved. But there is nothing that these foreign banks can offered me that the big 3 does not. And this will probably be through even when I become a HNWI.

So thanks but no thanks. Once bittern twice shy.

standarchart marketing promotion is always using low commission to first attract a base, then slowly normalised into market rate.

im not surprised if they decide to remove this minimun commission after 1 year like how they adjust their saver account interest rate after a certain period.

if there is no minimun commission + no custody fee, what will they earn from? what is the gimmick?

still prefer the citibank 0.15% cash upfront

 

[MikeDirnt78]

so many people still have reservations about this and that. what if SCB reverts back the fees, etc.

obviously they can do anything in future. but at the moment, its a no-brainer to act now (open an account since its free anyway) and think later. then make use of the good features available now. it can save you tons of $$$ in making smaller trade amounts.

my gut feeling is, the no minimum commission will be here to stay forever. the other brokerages will be forced to revise their rates down in order to retain market share. i mean why not, since there is no credit risk afterall, so bring down the rates!

 

[jowy85]

Hi i wanne ask in a layman term. if our shares bought from SCB , and SCB hold custody to it. So if SCB goes down under or bust, our stock will be gone too ?

 

[Sinkie]

Hi i wanne ask in a layman term. if our shares bought from SCB , and SCB hold custody to it. So if SCB goes down under or bust, our stock will be gone too ?

wrong information

edited

 

[steventay]

Yes, that is if it goes bust suddenly..

no. the stock still belong to u even the SCB bust cos it is under SCB custody and not SCB.

same go for citibank custody, kim eng custody, etc etc

all singapore brokerage coy if u buy foreign market shares it is under custody too...

 

[Sinkie]

no. the stock still belong to u even the SCB bust cos it is under SCB custody and not SCB.

same go for citibank custody, kim eng custody, etc etc

all singapore brokerage coy if u buy foreign market shares it is under custody too...

yes, you are right..

 

[steventay]

SCB online trading is very good for Dollar Cost Average

 

[chopra]

SCB cannot sell current holding held by CDP rite?

Anyone know what's the cost of transferring it from CDP to SCB?

 

[steventay]

SCB cannot sell current holding held by CDP rite?

Anyone know what's the cost of transferring it from CDP to SCB?

http://cdp.com.sg/fee/index.html

see Transfer of Securities

 

[chopra]

http://cdp.com.sg/fee/index.html

see Transfer of Securities

ok thank you.

 

[Panerex]

though cheap, i must say the interface is not user-friendly.

it is unlike platforms like POEMS which allows you to see live prices at a glance.

maybe monitor from platforms like POEMS, and only buy from SCB when required?

 

[MikeDirnt78]

though cheap, i must say the interface is not user-friendly.

it is unlike platforms like POEMS which allows you to see live prices at a glance.

maybe monitor from platforms like POEMS, and only buy from SCB when required?

yes you can do that.

its cheap so must give and take. cannot get everything for cheap. at least, it gives you a stop loss order. i havent try it though.

 

[NobleGrp]

If suay suay one day the online trading platform goes down, then the market also goes down and u kan chiong need to sell then how? cannot go other brokerage house sell also..

 

[imwarren]

http://www.singwealth.com/portal/in...nchart-raises-the-bar-and-lowers-trading-fees

an article on this latest SCB offer, btw for those whose accounts are already activated and ready to go... how many working days did it took?