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

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limster

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i heard got 1 guy go and study MBA just to open stock account! :eek:


This guy managed to pass CAR even though he doesn't have a CDP account meaning he has never traded before. Waiting for him to share the secret:


hi all, i just went to open a scb online trading account, but i realized the relationship manager didnt help me open a cdp account. Is it an automatic opening or is it cos scb is using nominal account so cdp is not required?

thanks and sorry if this has been asked and answered..
 

Sinkie

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This guy managed to pass CAR even though he doesn't have a CDP account meaning he has never traded before. Waiting for him to share the secret:

3 years working experience or a degree/diploma in finance also can
 

mynazman

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Securities trading account shows in SGD only. Don't bother about it, it's just the value of your portfolio. You need the money to be transferred to your FCY accounts, before you can use it to buy stocks.



how do I transfer the money from the trading acc to the settlement account?
 

leonaheidern

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eh actually i smoke them too but never traded using scb

just put down 6 shares so i put singtel,ocbc,singpost,sbs,hyflux and smrt

i got the account opened in july 2014.
i actually have a poems account from 2012 but never traded at all till aug 2014.
 

Perisher

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how do I transfer the money from the trading acc to the settlement account?

Go to payments and transfer -> Funds Transfer Between Own Accounts
You will see 2 dropdown options
the first one is Account to be transferred from:
the second one is Account to be transferred to:

you can transfer from fcy or just securities settlement account back to your savings account.

Do not be mistaken by the 'SECURITIES TRADING ACCOUNT', that one is just a estimate of how much you have invested, you can't touch that non-existent account.

eh actually i smoke them too but never traded using scb

just put down 6 shares so i put singtel,ocbc,singpost,sbs,hyflux and smrt

i got the account opened in july 2014.
i actually have a poems account from 2012 but never traded at all till aug 2014.
Any reason why you don't wanna use scb?
 

leonaheidern

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Cause I got my cimb account approved eventually . Main reason is the shares being in the banks holding rather than the cdp that I don't like.


Cimb has cash trading too and the shares are in cdp so I am more comfortable with that.

Sent from Sony Z5 using GAGT
 

doody_

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Do not be mistaken by the 'SECURITIES TRADING ACCOUNT', that one is just a estimate of how much you have invested, you can't touch that non-existent account.

Yup, the securities trading account is useless and only shows the rough value of your portfolio.
 

Perisher

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Cause I got my cimb account approved eventually . Main reason is the shares being in the banks holding rather than the cdp that I don't like.


Cimb has cash trading too and the shares are in cdp so I am more comfortable with that.

Sent from Sony Z5 using GAGT

Well, it works out for me since I diversified a lot, so I saved a ton of fees on all those 100s of small trades. If I make big trades, will consider using my ocbc account.
 

MonoByte

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Have to go to the branch I think

you have to go down to the branch

U should have open it at the branch when u apply for online trading?
Btw, one shot open every market, don't just limit to US market, in case you wanna trade other market next time. It's all free.

oh man...now regret not opening on all on the spot. anyway I applied for equities trading online since I have scb account.
 

Gentleblade

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anyone using this to buy US shares?

actually quite bo hua right? cos other broker like etrade, thinkOrSwim, interactive brokers. has lower cost per trade? like $8 $10 per trade.

while SCB charges by %%%. so theres no higer limit..

anything im missing?
 

Perisher

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anyone using this to buy US shares?

actually quite bo hua right? cos other broker like etrade, thinkOrSwim, interactive brokers. has lower cost per trade? like $8 $10 per trade.

while SCB charges by %%%. so theres no higer limit..

anything im missing?

I think u misunderstood, SCB is cheaper than those you mentioned precisely cause it count by %, no minimum fees.

The others will charge more per trade after the minimum fees, depending on size too and no higher limit too. Minimum fees is just that, the minimum you have to pay to trade. Once your purchase price is big enough, over their min, they will charge you by % too.
 

greddy88

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U should have open it at the branch when u apply for online trading?
Btw, one shot open every market, don't just limit to US market, in case you wanna trade other market next time. It's all free.

Question.. When u open one, u don't need to open and maintain a USD account with minimum us$2k?
Thus was what I was told. Wanna confirm if the guy was bluffing me.
 

linxiaobei

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Question.. When u open one, u don't need to open and maintain a USD account with minimum us$2k?
Thus was what I was told. Wanna confirm if the guy was bluffing me.

You're opening the account from where? Singapore? Don't need minimum balance if you're using e$aver.
 

Perisher

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Question.. When u open one, u don't need to open and maintain a USD account with minimum us$2k?
Thus was what I was told. Wanna confirm if the guy was bluffing me.

No minimum. The guy either too lazy to serve you or is clueless.
Maybe he think you are opening multi-currency account? Did you tell him it's for trading?

Open a esaver account is correct, but your USD settlement account for TRADING is not subject to any fall below fee or maintenance fee.

Btw, if you are opening for one might as well open all the market, every single one of the FCY securities settlement account is free.

To be damn sure he is not confused, show him this site and tell him this is what you want to trade
https://www.sc.com/sg/ways-to-bank/online-trading.html
 
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linxiaobei

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Unless you specifically said that you wanted a USD savings account. Then of course that will fall under another category. Which most probably will need a minimum balance in that account.

Otherwise, you shouldn't need minimum balance for e$aver in SGD
 

linxiaobei

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No minimum. The guy either too lazy to serve you or is clueless.
Maybe he think you are opening multi-currency account? Did you tell him it's for trading?

Open a esaver account is correct, but your USD settlement account for TRADING is not subject to any fall below fee or maintenance fee.

Btw, if you are opening for one might as well open all the market, every single one of the FCY securities settlement account is free.

To be damn sure he is not confused, show him this site and tell him this is what you want to trade
https://www.sc.com/sg/ways-to-bank/online-trading.html

Yes, these information should be accurate.
 

Perisher

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haha, ya heard the ceo is replacing, hopefully no changes, business as usual for us here.
 

greddy88

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Thanks guys.
I think he was more interested to sell me Blackwater and what Eastspring unit trusts than doing what I originally asked for.

That's one of the reason I hate talking to so-called 'relationship' managers. Machiam like vultures waiting to cannibalize your accounts.
 
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