Trading online..which is best ?

[KennyMGM]

Trading online US and Europe stocks from Singapore.
Any suggestions which broker is best ?
How about Interactive Brokers.?. Poems ?
Thanks

 

[Muthukali]

Trading online US and Europe stocks from Singapore.
Any suggestions which broker is best ?
How about Interactive Brokers.?. Poems ?
Thanks

saxo, ocbc, uob, dbs, poems..... etc.... Go scout around n get their demo first, try it out, end of the day, eventually u will find one that really suits u in term of orders execution.

 

[KennyMGM]

saxo, ocbc, uob, dbs, poems..... etc.... Go scout around n get their demo first, try it out, end of the day, eventually u will find one that really suits u in term of orders execution.

I am not so good in evaluating which is best out of the lot.
Which would you suggest ?
Thx

 

[silverfox@]

Sg stocks and US stocks a bit different in the sense that if you buy Sg stocks, CDP will keep it in their depository, while US stocks are kept by the respective brokerages you buy from (correct me if I am wrong)

So if you buy using Brokerage A, and Brokerage A collapse, you left with nothing. Choose those reliable ones.

 

[Ramseth]

Sg stocks and US stocks a bit different in the sense that if you buy Sg stocks, CDP will keep it in their depository, while US stocks are kept by the respective brokerages you buy from (correct me if I am wrong)

So if you buy using Brokerage A, and Brokerage A collapse, you left with nothing. Choose those reliable ones.

US couldn't set up a central depository because of the margin trading culture and the huge diverse markets there. For Singapore stocks, you can opt for your brokers to set up nominee CDP accounts to hold your stocks too, if your want your brokers to extend margin facilities. For cash trading and settlements, Singapore's CDP system is very efficient and convenient.

Because of its huge markets and foreign interests, US do have a depository for foreign shares, ADR. However, it's still the same trading and holding system, your brokers hold your stocks even if you're not exercising margins. In a practical sense, both local and foreign US stock trading are still as good as scripless, except the point pointed out by Silverfox, choose a reliable brokerage. If the brokerage holding your stocks go bust, you're in trouble.

 

[silverfox@]

Because of its huge markets and foreign interests, US do have a depository for foreign shares, ADR. However, it's still the same trading and holding system, your brokers hold your stocks even if you're not exercising margins. In a practical sense, both local and foreign US stock trading are still as good as scripless, except the point pointed out by Silverfox, choose a reliable brokerage. If the brokerage holding your stocks go bust, you're in trouble.

There are some online brokerages which have low comm, holding fees compared to reputed ones. Can save I think at least 20-30% .
But don't be tempted by this aspect.

Check up the brokerage standing and reputation. Can't guarantee a reputed brokerage will not go bust but the chances are much lower.

 

[n1etzche]

then be kiasu and use bny mellon, just like wat ur gabrament has done

Because of its huge markets and foreign interests, US do have a depository for foreign shares, ADR. However, it's still the same trading and holding system, your brokers hold your stocks even if you're not exercising margins. In a practical sense, both local and foreign US stock trading are still as good as scripless, except the point pointed out by Silverfox, choose a reliable brokerage. If the brokerage holding your stocks go bust, you're in trouble.

 

[Maximilian Chua-Heng]

I get worried whenever I see such threads, esp in a non-financial forum. :(

 

[Ramseth]

then be kiasu and use bny mellon, just like wat ur gabrament has done

In this day and age when Lehman Bros. and AIG could implode, it's hard to say. When I was in US, I dealt through Charles Schwab (San Francisco) for stocks and Lind-Waldock (Chicago) for derivatives. Small timer discount brokers then grown big and gigantic. No problem. But getting bigger means the so-called discount have been shrinking smaller and the commission bill getting bigger too.

 

[johnny333]

Trading online US .....
Thanks

If you want to trade US stocks, the cheapest way is to get a US trading account with Etrade . Trading costs is cheap a flat rate of US$10 per trade. There's no holding charge for holding US shares. The company will take care of dividens, share splits etc.

If you are living in Spore, you're not liable for any US taxes as long as you submit a W-8BEN form.


I think if you use local brokers like POEMs, you'll have to pay gst, holding fees, etc.

You can apply directly to the Etrade office in the US or through the Spore office.

 

[KennyMGM]

If you want to trade US stocks, the cheapest way is to get a US trading account with Etrade . Trading costs is cheap a flat rate of US$10 per trade. There's no holding charge for holding US shares. The company will take care of dividens, share splits etc.

If you are living in Spore, you're not liable for any US taxes as long as you submit a W-8BEN form.


I think if you use local brokers like POEMs, you'll have to pay gst, holding fees, etc.

You can apply directly to the Etrade office in the US or through the Spore office.

Bro, Thanks for the above info.

 

[jimmyfallon]

Why would you want to use singapore brokerages for US stocks? Interactive Brokers charges only $1 per trade.

 

[annexa]

Sorry to hijack but how can check can use CPF to buy that stock or not?

 

[johnny333]

Bro, Thanks for the above info.

FYI Sporeans cannot open an account with Ameritrade.

Don't know why but they won't accept people with a Spore address

When I get my dividen from my Malaysian shares, my Spore broker charges gst :( Avoid Spore brokers whenever you can. If you want to trade Malaysian shares use a Malaysian broker like Maybankl. No point paying Spores gst on foreign shares.

 

[jimmyfallon]

Don't know why but they won't accept people with a Spore address

TD AMeritrade is prohibited to do business here by MAS because of conflict of interest.

When I get my dividen from my Malaysian shares, my Spore broker charges gst :(

Sounds illegal to me. You might want to do your due diligence on that

 

[RealSingaporean]

Good service come with a reasonable price.
Cheap cannot be good, better check.
some overseas broker is big, but they may actually park your acc under a company set up in those BVI etc. good luck if u are trading big, if small amount no harm la, how much can u loss.

i alway let my broker made my money, with good reward they will service u better but ofcos still no sure win advice.

as long my capital is safe then i can concentrate on my trading. most singapore licensed broker is 99% safe la. MAS have good reputation of regulation on broker.

be careful of hidden cost when using oversea brokers.

 

[War Criminal]

etrade.

but i think you have to pay taxes, which is quite high. Like 20%, for dividend yields, etc.

 

[johnny333]

etrade.

but i think you have to pay taxes, which is quite high. Like 20%, for dividend yields, etc.

Taxes only apply if you are an american. I've never, ever had to pay any american taxes since I live in Spore. I've had an Etrade account for 10+ years. I just have to submit a W8BEN form every 2 to 3 years to the broker & they will keep it for the US tax authorities.


For those afraid of US brokers going bankrupt. Etrade sent me an email last year during the crisis to explain that they are insured. Can't remember up to how much each account is insured for . Something like up to US$600,000 . Can't remember the exact amount, can go & check with their Spore, HK or US office

 

[johnny333]

TD AMeritrade is prohibited to do business here by MAS because of conflict of interest.


Sounds illegal to me. You might want to do your due diligence on that

I have to wonder what conflict TD Ameritrade has with Spore. They have customers from other parts of Asia.

My broker is OCBC Securities which I think is aware of the gst laws(I think). I was thinking of opening an account in Malaysia & transfering my shares but I only hold one counter from the CLOB days & not an active trader.

 

[Ramseth]

Taxes only apply if you are an american. I've never, ever had to pay any american taxes since I live in Spore. I've had an Etrade account for 10+ years. I just have to submit a W8BEN form every 2 to 3 years to the broker & they will keep it for the US tax authorities.

I understand that W8 exempts you from capital gains tax but not from dividends withholding tax (30%). W9 (US citizens and residents) are exempted from withholding tax but they need to file all gains and losses (captital gains and dividends included) for their annual tax assessments.

For US citizens and residents, I don't think any non-US brokers and banks would accept their business as they don't want to go through W9.