reinphd
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Wah, platform can go down during trading hours.
Not the first time....
Wah, platform can go down during trading hours.
Anyone experienced this before??
I transferred $500 to my securities account... but right now I wanna execute a buy in, it says that my purchasing power is only $66.77..
Woah, never happened to me before and I traded hundreds of times, you sure it's the correct currency you transferred into?
Local one is SSA, don't have the FCY.
Also, scb online trading is down right?
yup.. very sure its the right one... in the account summary page, this amount is reflected there... even ytd when I was doing my GERN trades, out of the blue, USD 27 got blocked.. Have no idea why.. they are gonna get back to me by 6pm... Wanted to buy 2K shares in T4B at 0.250. zzzz
Some how I can use it!
Haha, update here when you figure out what's wrong then. I have never encounter this kind of situation whereby I just transferred new fund into SSA and cannot trade using the fund.
Btw, I see your counter cost $500, $0.25*2000, and you transferred in exactly $500, did you already have some $$ in the SSA? There are commissions you need to pay, try adding a few dollars more to cover the comms too. Perhaps that's the problem. I never transfer exact de. Comms is included when you trade.
So, I have sorted out how to get the transfer done at a cost effective manner after visiting SCB earlier in the morning and then calling DBS.
USD from DBS to SCB USD FCY SSA
1. Outward TT from DBS to SCB FCY SSA. DBS CSO confirms TT free.
2. SCB will then charge inward TT of SGD 10 equivalent.
USD from USD FCY SSA to DBS
1. Outward TT at 1/8% comms
2. DBS will then charge Inward TT at SGD 10 equivalent.
SCB SSA - don't accept cashier orders, only TTs or transfers to/from SCB savings/current accounts.
I remember on some thread, someone advised that you can direct TT USD into the US FCY SSA from DBS MCA. Thus, you can skip step 2 and 3. Just TT the USD back to DBS multicurrency account perhaps? Not sure how to do that though.
In fact, marc cheng on this thread, just the last 2 page describe this thing. He checked and it worked.
can someone please enlighten me what is the advantage and disadvantage of standard chartered's trading account? i know there's no commission is one advantage, but if that's the case, why do some people still want to trade using other brokers?
can someone please enlighten me what is the advantage and disadvantage of standard chartered's trading account? i know there's no commission is one advantage, but if that's the case, why do some people still want to trade using other brokers?
it's not that there is no commission... they charge 0.2% comm per trade with NO minimum comm. Other firms will charge a minimum comm of $20-$25 per trade.
So unless every trade you execute are in the thousands, you will be paying excess comm on your trade.
No minimun commission of $25 is apparently the only advantage of using Scb trading and no custodian fee.
Disadvantage is can't contra and must cash upfront, shares cannot go Cdp, can't sell when system down, one day later for dividend, very simple platform, no dedicated broker, can't do oddlot, no mobile app (unless desktop mode), must use Standchart bank account, no research report, weak financial and fundamental of Standchart bank, uncertainty of when no min comm promotion will end, no good till month order type, no stop loss order type, cannot short, free to transfer in shares but expensive to transfer out, no sophisticated tools provided, cannot go egm/agm, need to pass client profiling test every 3 years etc, huge usd Fx spread, cannot use credit card to make payment for shares, cannot apply for ipo, cannot sell early for right issues etc
No minimun commission of $25 is apparently the only advantage of using Scb trading and no custodian fee.
Disadvantage is can't contra and must cash upfront, shares cannot go Cdp, can't sell when system down, one day later for dividend, very simple platform, no dedicated broker, can't do oddlot, no mobile app (unless desktop mode), must use Standchart bank account, no research report, weak financial and fundamental of Standchart bank, uncertainty of when no min comm promotion will end, no good till month order type, no stop loss order type, cannot short, free to transfer in shares but expensive to transfer out, no sophisticated tools provided, cannot go egm/agm, need to pass client profiling test every 3 years etc, huge usd Fx spread, cannot use credit card to make payment for shares, cannot apply for ipo, cannot sell early for right issues etc
Haha, I see someone has a bone to pick.
hi all,
Looks like I have been given the wrong information by the SC staff that opened the Online Equities Trading platform for me.
On Sat, he mentioned that I can directly TT from another bank to the FCY SSA. However, when I called the SC online equities trading platform hotline, the CSO said that it's not possible. The only possible transfers to all SSAs are from SC's savings accounts. In this case, it means I need to open a USD FCY$aver with SC and transfer from there and there's a min balance of 2K USD required.
Another thing to note, the CSO recommends that I can transfer my USD to my local currency e$aver account and they will flip it back to USD. I told her off that you are making me lose more money because of the double spread. She just kept mum.
So I assume my idea of avoiding the min 2K USD balance is not possible then.
Apologies for providing a non-working method as stated in my earlier post.
I managed to look at the SC Investment Product Terms, page 44, Section 3, Terms 46 and it mentions that the cash from SSA can only be transferred to Operating Account, which is any current/cheque or saving accounts with SC.
So the CSO is correct.
Can we transfer SGD e$aver account to FCY SSA ? Or must we really open the min US$2k FCY$aver account?