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

Status
Not open for further replies.

hyperbole

Master Member
Joined
Oct 10, 2004
Messages
3,487
Reaction score
2
hi people, i am completely new to this trading, and i want to start off with the scb online equity trading account, and i have a few questions, so thought of asking here:

1. i am opening a e-saver account first with scb, then will apply for the trading account..i guess this is ok. other accounts have very high min. deposit balance.

2. i think i dont fulfill the CAR requiremnts mentioned in the application form. what to do? i am right now preparing for the sgx online quiz..looks a bit tough..will this be enough to open the account.

3. i want to invest small amounts only per month like DCA...100 - 200 SGD. so is it ok that i wont have the stocks in my name?

4. i dont have a CDP or settlement account or anything like that. do i need to open any more account for scb equity trading?

thanks a lot..i am a bit new hence this questions, thanks...

1. You can open a dash account, don't need esaver.

2. They won't accept the sgx quiz results. Either you lie (they won't check) or you sign up with maybank ke or POSB invest saver and do 6 trades, then sign up for SCB.

3. The stocks will be under your name.

4. You don't need a cdp account if you trade through SCB
 

Asphodeli

Arch-Supremacy Member
Joined
Jul 8, 2001
Messages
16,767
Reaction score
38
I just got slapped with a straight $100 Brokerage Fee per security.

via Call Centre (Broker-assisted trades)

CRAZY.

what in the world did you do? it's not supposed to be a phone service btw. if you want extra features you gotta pay for it man...
 

keep_rolling

Junior Member
Joined
Oct 10, 2015
Messages
59
Reaction score
0
2. They won't accept the sgx quiz results. Either you lie (they won't check) or you sign up with maybank ke or POSB invest saver and do 6 trades, then sign up for SCB.

3. The stocks will be under your name.

4. You don't need a cdp account if you trade through SCB

2. i opened a posb invest saver, but 6 trades will take 6 months..too long....lets see..so now i will skip preparing for this sgx quiz.

3. since scb is the custodian, will the shares still be in my name. then what is the difference. sorry i dont understand this...can u please tell a bit more.

4. do i need any sort of settlement account or anything.

thanks for ur quick reply.
 

hyperbole

Master Member
Joined
Oct 10, 2004
Messages
3,487
Reaction score
2
2. i opened a posb invest saver, but 6 trades will take 6 months..too long....lets see..so now i will skip preparing for this sgx quiz.

3. since scb is the custodian, will the shares still be in my name. then what is the difference. sorry i dont understand this...can u please tell a bit more.

4. do i need any sort of settlement account or anything.

thanks for ur quick reply.

Cdp is unique to singapore only. Your foreign shares will also be under custodian accounts no matter which brokerage you choose. There's technically no difference except that you have to use SCB to sell the shares you bought, unless you choose to pay to transfer your shares to cdp or another brokerage.

SCB will create the settlement account for you to trade
 

keep_rolling

Junior Member
Joined
Oct 10, 2015
Messages
59
Reaction score
0
Cdp is unique to singapore only. Your foreign shares will also be under custodian accounts no matter which brokerage you choose. There's technically no difference except that you have to use SCB to sell the shares you bought, unless you choose to pay to transfer your shares to cdp or another brokerage.

SCB will create the settlement account for you to trade

okay thank u so much for clearing the confusion, and saving me from preparing for another test, haha..thanks a lot :):)
 

Average

High Supremacy Member
Joined
Apr 14, 2012
Messages
28,200
Reaction score
1
Regarding the CAR, just lie. But make sure u already know the fundamentals like min trade size, trading time, ex div, etc. Basically anything u should know to trade safe, that is the purpose of the assessment too.

Also request to open USD settlement account, free and allows u to trade USD dominated stocks. If u wanna open next time, need to go down branch again. For me, i didn't because nobody told me last time.

Sent from your next door using GAGT
 

keep_rolling

Junior Member
Joined
Oct 10, 2015
Messages
59
Reaction score
0
Regarding the CAR, just lie. But make sure u already know the fundamentals like min trade size, trading time, ex div, etc. Basically anything u should know to trade safe, that is the purpose of the assessment too.

Also request to open USD settlement account, free and allows u to trade USD dominated stocks. If u wanna open next time, need to go down branch again. For me, i didn't because nobody told me last time.

Thank u so much for ur suggestions. Will read a bit more then. I will open the usd settlement account also simultaneously. Thanks for sharing ur experience :)

Just want to buy some ETFs only rather than any particular stocks. Can I buy those Vanguard ETFs (US) from this trading account. Any advice.
 

Perisher

Great Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
66,191
Reaction score
1,609
Thank u so much for ur suggestions. Will read a bit more then. I will open the usd settlement account also simultaneously. Thanks for sharing ur experience :)

Just want to buy some ETFs only rather than any particular stocks. Can I buy those Vanguard ETFs (US) from this trading account. Any advice.

Yes. you can.
 

keep_rolling

Junior Member
Joined
Oct 10, 2015
Messages
59
Reaction score
0
btw i am planning to open a esaver account first with scb, then the online trading account.

so does the esaver savings account come with any atm or debit card, or does it have only internet banking. the site doesnt mention about any cards, that's why asking.
 

hyperbole

Master Member
Joined
Oct 10, 2004
Messages
3,487
Reaction score
2
btw i am planning to open a esaver account first with scb, then the online trading account.

so does the esaver savings account come with any atm or debit card, or does it have only internet banking. the site doesnt mention about any cards, that's why asking.

No card whatsoever. You can open both accounts at the same time
 

Perisher

Great Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
66,191
Reaction score
1,609
btw i am planning to open a esaver account first with scb, then the online trading account.

so does the esaver savings account come with any atm or debit card, or does it have only internet banking. the site doesnt mention about any cards, that's why asking.

Dash does have a atm card though, just saying.
 

keep_rolling

Junior Member
Joined
Oct 10, 2015
Messages
59
Reaction score
0
Dash does have a atm card though, just saying.

Thanks, the Dash Easy account looks great, but is it compulsory to use the mobile for sign up and other transactions. actually, i just don't want to use my mobile for any financial transactions. mobile makes it easy to spend my money fast...hahaha..

ya, i know, this may sound stupid...
 

hyperbole

Master Member
Joined
Oct 10, 2004
Messages
3,487
Reaction score
2
Thanks, the Dash Easy account looks great, but is it compulsory to use the mobile for sign up and other transactions. actually, i just don't want to use my mobile for any financial transactions. mobile makes it easy to spend my money fast...hahaha..

ya, i know, this may sound stupid...
You only need to sign up with a mobile number. You don't have to make any transactions using your phone
 

keep_rolling

Junior Member
Joined
Oct 10, 2015
Messages
59
Reaction score
0
You only need to sign up with a mobile number. You don't have to make any transactions using your phone

So, the Dash is also like the scb esaver account but with lots of extra features, right...and i can use the Dash account to open the scb trading account too. right?
 

hyperbole

Master Member
Joined
Oct 10, 2004
Messages
3,487
Reaction score
2
Yes, that's what we've been trying to tell you. Dash account has no minimum so you can open it together with your trading account.
 

fucitol

Junior Member
Joined
Dec 19, 2013
Messages
9
Reaction score
0
I really want to open a Standard Chartered account, but I'm not yet 21. What's the best way to buy small amounts of etf for someone who's 18 years old?
 
Status
Not open for further replies.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.
Top