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

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martin

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For SC online trading, do we buy shares and then transfer money to the settlement account by the settlement date or do we need to have money in advance?

You must have enough funds in the settlement account first then you can buy.
 

mynazman

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Just open up this account, btw how do i fund it?? Can i transfer the money from my esaver to the settlement account? Will it convert from sgd to usd automatically ?? What the conversion rate like for scb from sgd to usd??
 

Campbellsoup

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For SC online trading, do we buy shares and then transfer money to the settlement account by the settlement date or do we need to have money in advance?

Money in advance. if there is no money inside the settlement account the order gets rejected.

more info, not sure if you're interested:

If say you are looking at stock A - 1600 (not filled, still in queue), and you got 2000 inside settlement account you can't buy another stock which is 500 (if you wanna queue this as well and see which gets filled first).

Just open up this account, btw how do i fund it?? Can i transfer the money from my esaver to the settlement account? Will it convert from sgd to usd automatically ?? What the conversion rate like for scb from sgd to usd??

transfer from esaver to settlement acc (SGD) or FCY settlement acc (mine default is in USD). Transfer during working hours to trade (fastest) by evening time that same day.

conversion rates not good from what i heard, have to check with them. :(
 

limster

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The SG - GBP conversion is not so bad.

Today, internet states S$2.04 can buy 1GBP
SCB conversion rate is S$2.08 to buy 1GBP.
(i rounded off the 3rd digit as i can't remember what it was...)

So for GBP their forex rate is about 2% above the internet interbank rate.

Compared to credit card where they change GBP into US$ then change it to S$ then charge you 5% extra....

I know SCB hasn't said anything yet, but after SGX changes lot size to 100, will there be people doing trades with 10 cent, 20 cent commission or something like that? This might cause SCB to set some sort of minimum commission.....
 

magnesium1

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The SG - GBP conversion is not so bad.

Today, internet states S$2.04 can buy 1GBP
SCB conversion rate is S$2.08 to buy 1GBP.
(i rounded off the 3rd digit as i can't remember what it was...)

So for GBP their forex rate is about 2% above the internet interbank rate.

Compared to credit card where they change GBP into US$ then change it to S$ then charge you 5% extra....

I know SCB hasn't said anything yet, but after SGX changes lot size to 100, will there be people doing trades with 10 cent, 20 cent commission or something like that? This might cause SCB to set some sort of minimum commission.....

already done that, I started SC Trading account with 100 shares of G3B - Nikko STI ETF...The total commission was like less than a dollar :)

Sent from GAGT Android App
 

spiritGate

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If I am new to trading, can I straight away go to SCB to apply for all the necessary account for trading? (no trading account also)
 

spiritGate

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as long as you are an adult, then there's nothing stopping u

hahaha yup tats true, but I concern about whether is there a need to go down to SGX to open a CDP account first before heading to SCB
 

appleorange_

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any difference between this and dbsv?

started this stocks thingy recently and bought a few lots here and there on dbsv.

other than no min. commission still got what other benefits huh?
 

linxiaobei

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hahaha yup tats true, but I concern about whether is there a need to go down to SGX to open a CDP account first before heading to SCB

Don't need as the shares are held under their own custodian accounts. But I went to create an account at CDP in case that I might need to transfer over next time or when I need to use other brokerages, I can just create account at the brokerage and start trading.
 

linxiaobei

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Which means that I can do down to SCB to open an account immediately? And wait for a few weeks for them to process? Thats convenient

Yes, but the downside will be that you can only trade using their account and nothing else. Unless you transfer your shares to be held under CDP and use other brokerage accounts to trade.
 

linxiaobei

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any difference between this and dbsv?

started this stocks thingy recently and bought a few lots here and there on dbsv.

other than no min. commission still got what other benefits huh?

The main thing is that there is no minimum commission no matter what you buy. You can get some shares at $20/lot and pay only the commission needed.
 

Asphodeli

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Which means that I can do down to SCB to open an account immediately? And wait for a few weeks for them to process? Thats convenient

Beware of the CAR/CKR (???), they may not allow you from opening if they think you're not suitable for this product

any difference between this and dbsv?

started this stocks thingy recently and bought a few lots here and there on dbsv.

other than no min. commission still got what other benefits huh?

Not much advantages except cheaper comms across all markets, including NYSE/NASDAQ. So for those who can take the risk, it's probably better to use StanChart for buying shares in overseas exchanges.
 

Asphodeli

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For SC online trading, do we buy shares and then transfer money to the settlement account by the settlement date or do we need to have money in advance?

Cash in advance. A little troublesome, and definitely not suitable for retail investors who require fast transactions, contra, or day-trade. Better for longists, dividend play

The SG - GBP conversion is not so bad.

Today, internet states S$2.04 can buy 1GBP
SCB conversion rate is S$2.08 to buy 1GBP.
(i rounded off the 3rd digit as i can't remember what it was...)

So for GBP their forex rate is about 2% above the internet interbank rate.

Compared to credit card where they change GBP into US$ then change it to S$ then charge you 5% extra....

I know SCB hasn't said anything yet, but after SGX changes lot size to 100, will there be people doing trades with 10 cent, 20 cent commission or something like that? This might cause SCB to set some sort of minimum commission.....

Doubtful. Their rate is already so low, if they didn't change the rate for so long, means they can afford this.

However, the 100-lot requirement may be a boon for them, as the other brokerages haven't adjusted their minimum comms (at this time of writing)...hehe ;)
 

spiritGate

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Don't need as the shares are held under their own custodian accounts. But I went to create an account at CDP in case that I might need to transfer over next time or when I need to use other brokerages, I can just create account at the brokerage and start trading.

Hmmmm, do I need to go down to SGX personally to create CDP account? if yes, do they open on Sat?

Beware of the CAR/CKR (???), they may not allow you from opening if they think you're not suitable for this product.

What do they based on?
 

Asphodeli

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Hmmmm, do I need to go down to SGX personally to create CDP account? if yes, do they open on Sat?



What do they based on?

Go down to SGX: No need, if u sign up at any of the brokerage firms (Maybank-KE, DBSV, POEMS, etc.) they will do for you. For custodians like StanChart, can ask but I don't think they will process for you.

CAR/CKR: Basically about how long you've been trading, have u traded in other investment products like unit trusts, futures, options, etc. If you have some experience in unit trusts, then I think they're alright; I brought a friend (just started working, little savings, zero investment knowledge) to open an account a while ago, but after doing the CAR/CKR the bank didn't allow him to open one. Oh well. Just apply lor, no harm.
 

spiritGate

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Go down to SGX: No need, if u sign up at any of the brokerage firms (Maybank-KE, DBSV, POEMS, etc.) they will do for you. For custodians like StanChart, can ask but I don't think they will process for you.

CAR/CKR: Basically about how long you've been trading, have u traded in other investment products like unit trusts, futures, options, etc. If you have some experience in unit trusts, then I think they're alright; I brought a friend (just started working, little savings, zero investment knowledge) to open an account a while ago, but after doing the CAR/CKR the bank didn't allow him to open one. Oh well. Just apply lor, no harm.

Oh ok! Thanks!

I saw DBSV, their min commission rate is SGD25! that is high right?
 
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