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

[Wolfnet]

The catch, though, is that at IB you get what you pay for in terms of customer service, and it's really only aimed at professional traders.

I have been using Interactive Brokers for a while and their service has always been good. I always use the live chat function and all my queries have always been solved in a matter of minutes. Never had to call them. Not to mention IB has access to almost every market in the world so their helpdesk is always online except for sundays.

As for IB being aimed at professional traders, I do admit that the platform has ****loads of functionality which no one actually uses but other than that, the platform is still relatively easy to navigate and use if all you need is to execute trades and have watchlists. I have managed to teach my 65 year old dad how to execute simple forex trades within a day using the demo account .

If you don't know a bid from an offer, or a GTC from an IOK, or a market order from a limit order: don't go for IB.

I think any person who wants to trade should at least know the basic order types and time duration. I never really used any other order types except for market,limit,stop, GTC and GTD. Any person who knows these simple order types can definitely use IB.

But one problem with IB Platform is that their charting SUXXXX BIG TIME. You will definitely need to use a 3rd party software like Ninjatrader and connect it to the IB feed or for the case of SG stocks, use ChartNexus (delayed data).

Cheers

 

[kill83]

Hi everyone,

My Online trading account just opened and ready for trading.

QNS to ask:

Do I need to transfer some fund into my trading account first, if wanted to trade? Thanks

 

[IronMan123]

Hi everyone,

My Online trading account just opened and ready for trading.

QNS to ask:

Do I need to transfer some fund into my trading account first, if wanted to trade? Thanks

Your buying power is your cash held in your settlement a/c. Yes, u need to tranfer 1st.

 

[xd3vilx]

anyone facing problems to trade on SC platform today?

 

[Mancunian2]

anyone facing problems to trade on SC platform today?

looks like got problem,
my limit order to buy ECS don't seem to have entered the queue at all,

recieved sms saying order expired even though my bid was above today's low,
will have to email them when I get home later

 

[Mecisteus]

Today stanchart is down. Counter check your holdings.

 

[xd3vilx]

okay. so not just me. haha. my holdings are all screwed up. i have 30,000 more shares allocate to me and few hundred usd allocated to my account.

 

[chiamt02]

okay. so not just me. haha. my holdings are all screwed up. i have 30,000 more shares allocate to me and few hundred usd allocated to my account.

Anybody unable to sell shares? I could have sold at a high price but couldn't get the order out then stock dropped so much! Anybody had same problem? We should unite and get SCB to compensate!

 

[RaymondED]

I got extra shares allocated to me as well, try to sell but cannot hahaha. They better solve this by monday.

 

[Mecisteus]

Anybody unable to sell shares? I could have sold at a high price but couldn't get the order out then stock dropped so much! Anybody had same problem? We should unite and get SCB to compensate!

dont be naive lah. these kind of problems happen with all brokers. the only difference is stanchart dont have brokers to call. but you can probably call your RM to sell. who knows stanchart will implement phone brokers in future to handle such problems?

you should collect the compensation from those who plan to buy but were stop by the breakdown.

 

[Vincent_G]

dont be naive lah. these kind of problems happen with all brokers. the only difference is stanchart dont have brokers to call. but you can probably call your RM to sell. who knows stanchart will implement phone brokers in future to handle such problems?

you should collect the compensation from those who plan to buy but were stop by the breakdown.

Ya, it's down from morning till just before lunch time, I manage to queue to sell YZJ just before I go for lunch.. But, it's TOO LATE, as the price goes down so much till end of the day.. Very upset with Stanchart.. But this is the first time it happens, so I still hope that this is one time issue..

 

[sakuraji]

My orders got rejected and i cant transfer the money in settlement account back to xtrasaver. The failed msg said "OST TRAN AMOUNT EXCEEDED" but i dont have outstanding trade waiting for settlement. Anyone facing the same problem?

 

[heng_alvin]

Use scb only when u are not in a rush to buy or sell at certain price,contra thru scb is def a bad idea as timing is impt. This is not the first time that scb has cocked up if you have read the whole thread. But at least they seem to be able to solved all individuals complaints at the end of the day.

 

[digitalguy]

My orders got rejected and i cant transfer the money in settlement account back to xtrasaver. The failed msg said "OST TRAN AMOUNT EXCEEDED" but i dont have outstanding trade waiting for settlement. Anyone facing the same problem?

I also having same problem

 

[Shiny Things]

I have been using Interactive Brokers for a while and their service has always been good. I always use the live chat function and all my queries have always been solved in a matter of minutes. Never had to call them. Not to mention IB has access to almost every market in the world so their helpdesk is always online except for sundays.

As for IB being aimed at professional traders, I do admit that the platform has ****loads of functionality which no one actually uses but other than that, the platform is still relatively easy to navigate and use if all you need is to execute trades and have watchlists. I have managed to teach my 65 year old dad how to execute simple forex trades within a day using the demo account .

I totally missed this when you posted it - sorry!

But yeah - I've had no problems at all with IB's customer service either, I'm just warning people not to expect to have their hands held.

(And that "functionality that no-one actually uses" is totally the best thing about IB. Their Rebalance Portfolio tool is absolutely the best thing ever for buy-and-hold investors - you plug your target weights in, click one button, and TA-DA your portfolio's perfectly rebalanced and you don't have to worry about it for another six months.)

 

[Mancunian2]

looks like got problem,
my limit order to buy ECS don't seem to have entered the queue at all,

recieved sms saying order expired even though my bid was above today's low,
will have to email them when I get home later

this morning recieved sms saying my order was cancelled
no service guarantee one meh?

 

[lasnoblur]

Anybody unable to sell shares? I could have sold at a high price but couldn't get the order out then stock dropped so much! Anybody had same problem? We should unite and get SCB to compensate!

Pros and cons with SCB.

Read through the thread or learn more abt SCB before you even start trading with them.

 

[d5dude]

For SGX stocks, IB charges 0.12% with a $3 minimum; SC charges 0.18% with no minimum. Therefore IB's cheaper for ticket sizes above $1667.

For other exchanges it's about the same: the ASX is cheaper at Stanchart for less than $2700 ticket sizes; US stocks are a bit trickier to compare because IB charges per share, but for normal-priced stocks Stanchart is only cheaper below $300 notional.

The catch, though, is that at IB you get what you pay for in terms of customer service, and it's really only aimed at professional traders. If you don't know a bid from an offer, or a GTC from an IOK, or a market order from a limit order: don't go for IB.

You can't trade SGX stocks with IB if you are a Singapore resident, it doesnt have a full local license. Its fine if you are a foreigner though...

 

[d5dude]

SCB is just too unreliable, its not worth it unless you trade like only 1-2 times a year.

 

[h.y.o.m]

Hi Shiny Things,

Thank you for the information on IB. When you convert the USD into SGD, is the exchange rate good? I know the local banks rip us off when they do a currency conversion.