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Which broker do you use???
09-02-2015, 04:21 PM.
Post: #1
Which broker do you use???
Hi all
Would like to ask for some advice regarding which brokerage firms do you guys use.

I am currently using Philips online (POEMS) and the brokerage fee is 0.18-0.28% depending on the quantum involved.
I saw some online brokerages (not local) such as Interactive Brokers where the commissioin is claimed to be only 0.08%

Is this true?
Can I buy local stocks with these online brokerages, and does the stock I buy go into my CDP straight?
How about other corporate actions such as dividends and stock splits etc?

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10-02-2015, 05:18 PM.
Post: #2
RE: Which broker do you use???
standard chartered. the cheapest + no charges for holding your investments

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10-02-2015, 06:06 PM.
Post: #3
RE: Which broker do you use???
I use KE and POEMS.

Phillips has a very good network of overseas shares and very reasonable charge.
And they have a reliable counter-party to hold the overseas stocks.

Not the cheapest but 1 account for all overseas stocks...

(09-02-2015, 04:21 PM)GFG Wrote: Hi all
Would like to ask for some advice regarding which brokerage firms do you guys use.

I am currently using Philips online (POEMS) and the brokerage fee is 0.18-0.28% depending on the quantum involved.
I saw some online brokerages (not local) such as Interactive Brokers where the commissioin is claimed to be only 0.08%

Is this true?
Can I buy local stocks with these online brokerages, and does the stock I buy go into my CDP straight?
How about other corporate actions such as dividends and stock splits etc?

Find Reply
10-02-2015, 06:15 PM.
Post: #4
RE: Which broker do you use???
I am using CIMB.

I like it for the user interface, strong stock filter, and low commission. I get 0.2% for "$1 < x < $50,000".

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10-02-2015, 09:36 PM.
Post: #5
RE: Which broker do you use???
Thanks for the replies

Anyone has experience with the foreign brokers though?
Eg interactive brokers, think or swim, options express etc

Do they also transact equities? If so, anyone has experience with them?

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10-02-2015, 10:05 PM.
Post: #6
RE: Which broker do you use???
(10-02-2015, 09:42 PM)fat al Wrote:
(09-02-2015, 04:21 PM)GFG Wrote: ... Interactive Brokers ...
Can I buy local stocks with these online brokerages, and does the stock I buy go into my CDP straight?
How about other corporate actions such as dividends and stock splits etc?

Interactive brokers covers SGX.
https://www.interactivebrokers.com/en/?f...tity%3Dllc
It is a cash/margin account and by default not linked to your CDP account. You can of course manually transfer securities to and fro between CDP and IB.

From Iras, there appears to be no withholding tax issue.
https://www.iras.gov.sg/irasHome/page04....d_payments

Pardon me for being morbid, you may want to take into consideration inheritance/estate tax exposure. I recalled reading from this forum long time back that someone mitigate this by having joint account holders.
http://www.irs.gov/Individuals/Internati...ax-Returns
http://en.wikipedia.org/wiki/Estate_tax_...-residents

The commission for IB is only 0.08%? That's substantially below the 0.25-0.28% for local ones. I chanced upon it and am wondering why nobody seems to be using them instead of the local ones

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10-02-2015, 10:26 PM.
Post: #7
RE: Which broker do you use???
(10-02-2015, 10:05 PM)GFG Wrote:
(10-02-2015, 09:42 PM)fat al Wrote:
(09-02-2015, 04:21 PM)GFG Wrote: ... Interactive Brokers ...
Can I buy local stocks with these online brokerages, and does the stock I buy go into my CDP straight?
How about other corporate actions such as dividends and stock splits etc?

Interactive brokers covers SGX.
https://www.interactivebrokers.com/en/?f...tity%3Dllc
It is a cash/margin account and by default not linked to your CDP account. You can of course manually transfer securities to and fro between CDP and IB.

From Iras, there appears to be no withholding tax issue.
https://www.iras.gov.sg/irasHome/page04....d_payments

Pardon me for being morbid, you may want to take into consideration inheritance/estate tax exposure. I recalled reading from this forum long time back that someone mitigate this by having joint account holders.
http://www.irs.gov/Individuals/Internati...ax-Returns
http://en.wikipedia.org/wiki/Estate_tax_...-residents

The commission for IB is only 0.08%? That's substantially below the 0.25-0.28% for local ones. I chanced upon it and am wondering why nobody seems to be using them instead of the local ones

IIRC, Singaporeans can't trade SGX stocks through IB. Do let me know if the rule has changed as i will immediately head down to IB Tongue

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10-02-2015, 10:31 PM.
Post: #8
RE: Which broker do you use???
(10-02-2015, 10:26 PM)yawnyawn Wrote: IIRC, Singaporeans can't trade SGX stocks through IB. Do let me know if the rule has changed as i will immediately head down to IB Tongue

Thanks. I did not know about that.

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11-02-2015, 09:12 PM.
Post: #9
RE: Which broker do you use???
Saxo has a good range of markets and they are MAS regulated. POEMS would be my local choice.

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11-02-2015, 10:12 PM.
Post: #10
RE: Which broker do you use???
Saxo charges custodian fee. You may wish to read the following:
http://brontecapital.blogspot.sg/2015/01...-down.html

For Interactive Brokers, there is no custodian fee and commission is lowest. However, I wonder how to transfer SGD to IB in foreign currency? Is the exchange rate competitive? Any buddies with experience to share?

Btw, for Standard Chartered, say if you change USD cash at money changer and deposit with their brokerage account, they will levy some charges. So it may not be worth it.

(11-02-2015, 09:12 PM)mulyc Wrote: Saxo has a good range of markets and they are MAS regulated. POEMS would be my local choice.

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