If they impose standard flat commission charge like other brokers, then no point going thru them. Furthermore, stocks are inside their vault.....i much prefer to be in cdp. This is the risk i took when buying stocks thru them. The min commission is the dangling carrot....remove it....i will switch back using poems....
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Yep. Guess that's the risk most of us here are willing to take in order to save on some commission. But yes, if they were to price a minimum commission, I would still prefer it to be competitive as their platform doesn't really command that sort of premium.If they impose standard flat commission charge like other brokers, then no point going thru them. Furthermore, stocks are inside their vault.....i much prefer to be in cdp. This is the risk i took when buying stocks thru them. The min commission is the dangling carrot....remove it....i will switch back using poems....
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Hi guys, a few questions about the SCB online trading account here.
I just went down to the branch to create an account, but I was curious as to why he was asking if I had any DASH account, and was discouraging me to use that for trades.
So my question is, whats the difference between DASH and SCB online trading platform?
And also, I read somewhere that after the account is opened, I will receive a call on some "rights issue" thing, which IDK what it is all about.
Appreciate any replies, thank you!
I'm guessing they get some commission for opening new accounts. There's no reason why you can't use dash for trades. It's just an account to transfer funds to the settlement account.
The SCB guy opened esaver for me last time cos he says it's "better" to keep savings and trading funds separate. I let him cos esaver had no min last time.
Never received any calls on rights issues
I think you are still confused but it's pretty simple.
You only need to open 2 account.
Esaver or Dash
If you look at the above, you will see 4 accounts under 2 heading,
Under (B) Investments is the Securities Trading account which is just to tell you what's the total you have invested, it's not an actual account, more for reference only. You can ignore it. It's automatically created by default when you open a SCB online trading account.
Now for the meat.
Under (A) Accounts you have
1. Securities Settlement Account (SSA)
2. FCY Securities Settlement Account (FCY SSA)
Esaver or Dash account acts as a saving/current account. It also acts as a bridge for you to transfer funds to 1 and 2. You cannot direct transfer funds to 1 and 2 from other banks. No way no how. You need either Esaver or Dash to transfer funds to 1 and 2.
What is SSA?
1 and 2 SSA are accounts in different currencies for you to buy/sell stocks.
This is your trading account.
As you can tell from the picture, 1 is in SGD, 2 is in USD. You can open as many different currency account as you want and I encourage you to open all the available currencies, it doesn't cost a thing. Just tell the person you want to trade all the markets and need all the FCY SSA open. The person will be lazy sometimes because it's a lot of paperwork.
So once you open a Esaver/Dash and a Trading Account(SSA), you can start to trade. All you need to do is transfer $$ into either Esaver or Dash and then transfer $$ from Esaver/Dash into the SSA. Use the SSA to buy/sell.
You need to use the right currency to buy the stock.
In SGX, most stocks are denoted in SGD, some are in other currency like USD. Hong Kong Land Holdings is one, Dairy Farm is another.
You can also use the USD to buy US stocks!
I encourage you to open at least USD FCY SSA.
So that's about it, hope it's clearer with the picture.
Alright man, thanks a lot! That helped with everything!
And yes, the guy refused to open the other markets for me.
But given that I have not made 6 trades, I didn't dare to ask him to open all markets for me ahaha. Can I open those after the account has been approved?
Thank you once again!
I think SCB spread is still reasonable.
Perisher has calculated, for each US$10k its about $125 per direction, $250 both ways.
SCB spread is reasonable and SCB is recommend for those investing only S$1000 or less a month. But reasonable doesn't mean "best" or "cheapest", and that is where IBKR comes in for those investing $2k and up a month ($1k-$2k is borderline whether SCB/IBKR better)
Where else can you buy 1 share of IWDA, and the commission SCB collects is less than the contract note/envelope/postage, not to mention the costs they must pay exchange. SCB losing money already in this kind of trade.