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

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Snoops88

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1. The account in offer is a pre-paid account with no contra permitted;

2. The rate of 0.18% is only offered to accounts with $200K or more deposited with the Bank;

3. Shares under this account are kept under Standard Chartered Bank’s Nominees. Clients who subsequently wish to close the account or change brokers will incur transfer charges to transfer the shares to CDP.

4. The platform offered to this account is purely DIY online trading platform with no personalized services.
 
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blushing_guy

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first u need to have a saving account in SCB

e-Saver is FREE no need min
u have SCB SG Settlement acc


first u transfer fund from other bank to SCB e-Saver.

when the fund in the E-Saver, transfer it to the SCB SG Settlement acc if u want to buy SG Market.

the amt in the SCB Settlement acc is the purchasing power.

when u bid or queue any order, it will reduce the purchasing power.
Eg Settlement acc 50K
end of the day u bid 10K

the amt will deduct from the settlement Account T+3.

u can only transfer 40K back to E-Saver acc.

Amt in the settlement account do not earn interest i think.
Based on the FAQ, there are interests being paid out in your settlement account. Just only I do not know how much is the interests being paid to the account holders.
http://www.standardchartered.com.sg/personal-banking/investment/online-trading/en/faq.html
SCBSecuritiesFAQ.jpg
 

earthyblue

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The attractiveness of this SCB scheme is the NO MINIMUM COMMISSION.

- How they make money is where your money is to get you to dump your money into their bank so that funds which you did not use to purchase shares can be invested by them.

- The low entry barrier scoops up the mass market and also those who do a lot of intra day trading. Imagine the money these people can save on.

- SCB holds the shares, not CDP. You will need to buy and sell only through SCB.

Of course, there will be concerns by many because it looks too good to be true compared to the market standard.
However let's not forget, in foreign countries, this is already very common. And today we are not talking about ABC bank or XYZ bank. If its citibank rolling this out, I may have some concerns, but not Standard Chartered.

Their marketing campaign is weak but that's the irony. They got a lot of people interested with questions so that people actually go down to their bank branches to find out more. That is where this bank suddenly improves its network arm.

So eventually I must say, NO MIN COMMISSION might be an industry standard in time to come. Don't write it out.
 

addict951

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eh ask yall
how long does the trsf of funds from my esavers a/c to the settlement a/c take? It's not immediate one leh
 

blushing_guy

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eh ask yall
how long does the trsf of funds from my esavers a/c to the settlement a/c take? It's not immediate one leh
Hmm... I just did a internal transfer from my Xtrasaver account to my SECURITIES SETTLEMENT ACCOUNT and the funds transfer is immediate. So I think E-savers should be the same ba. :)
 

addict951

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Eh, ask yall somemore :o

Current promo 1st 2 trades free for everyone right?
Then just now I test test I click buy, but still come out showing comm 0.2% and sgx clearing fee 0.04%
So what? After you click liao, trade went thru then they return you back the comm for these 1st 2 trades?
 

addict951

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Hmm... I just did a internal transfer from my Xtrasaver account to my SECURITIES SETTLEMENT ACCOUNT and the funds transfer is immediate. So I think E-savers should be the same ba. :)

ya ya, thanks thanks
I transferred at about 7:30am just now
9am then i see the amount in the settlement a/c
 

blushing_guy

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Eh, ask yall somemore :o

Current promo 1st 2 trades free for everyone right?
Then just now I test test I click buy, but still come out showing comm 0.2% and sgx clearing fee 0.04%
So what? After you click liao, trade went thru then they return you back the comm for these 1st 2 trades?
I received a mail from SCB and yes, current promo for 1st 2 trades are free but only on the brokerage fees. I think we still need to pay for the comm 0.2% and sgx clearing fee 0.04% (anyone can confirm?).

By the way, the bank will refund the brokerage fees only after the promo period (after 15 July 2011). :)
 

addict951

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eh thanks thanks

one more thing
since the trading platform is part of the IB
then if u afk for too long then the IB auto logs out, then how?
boh bian, balek log in again? Quite mah fun hor? :o
 

kenneth27

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Can I leave the Saving Account with $0 balance. If I purchase online shares, I will use my OCBC account to pay for it.

I usually pay my DMG broker either from my DBS link saving account or my OCBC saving account.

Chances I know is Not for SCB. Think they also want me to deposit. Anyone can verify?
 

steventay

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Can I leave the Saving Account with $0 balance. If I purchase online shares, I will use my OCBC account to pay for it.

I usually pay my DMG broker either from my DBS link saving account or my OCBC saving account.

Chances I know is Not for SCB. Think they also want me to deposit. Anyone can verify?

pls keep at least $1 in E-saver will do..

for SCB trading only can pay from the settlement acc.
 

addict951

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eh ask yall
so say you tio the buy trade liao, then your trading securities will see the buy amount
no need to do anything, just let the securities settlement a/c auto pay for the buy trade right?
 

kenneth27

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eh ask yall
so say you tio the buy trade liao, then your trading securities will see the buy amount
no need to do anything, just let the securities settlement a/c auto pay for the buy trade right?

I doubt so. But I dunno.

Unless they want take on additional responsibility and an extra step. If they/their system kena deduct wrongly, ho seh liao. Another saga goes to newspaper...
 

addict951

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Can some1 confirm?

So just like the other conventional tradin portals, by 5:16 if my buy/sell queues din go thru i can leave them alone (they will auto terminate) no need to cancel these queues myself hor?
 

The_Davis

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The attractiveness of this SCB scheme is the NO MINIMUM COMMISSION.

- How they make money is where your money is to get you to dump your money into their bank so that funds which you did not use to purchase shares can be invested by them.

- The low entry barrier scoops up the mass market and also those who do a lot of intra day trading. Imagine the money these people can save on.

- SCB holds the shares, not CDP. You will need to buy and sell only through SCB.

Of course, there will be concerns by many because it looks too good to be true compared to the market standard.
However let's not forget, in foreign countries, this is already very common. And today we are not talking about ABC bank or XYZ bank. If its citibank rolling this out, I may have some concerns, but not Standard Chartered.

Their marketing campaign is weak but that's the irony. They got a lot of people interested with questions so that people actually go down to their bank branches to find out more. That is where this bank suddenly improves its network arm.

So eventually I must say, NO MIN COMMISSION might be an industry standard in time to come. Don't write it out.
this no minimum commision thing, is it a promotion or will it end on a certain date?
 

Panerex

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so must i transfer $ into the Securities account, before i can start purchasing the shares through the platform?
 
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