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singapore brokerage, investing 

Still trying to wrap my head around the differences between online brokerages like moomoo, tigerbroker and traditional ones like UOB KayHian, Phillips etc.

Is there a tl;dr? If the commissions are so low, is there any reason not to go for online brokers?

singapore brokerage, investing 

@oxtyped connection to CDP accounts (for SG stocks at least) will determine who the eventual beneficial owner of the stocks is if the broker goes bankrupt. Fundsupermart uses CDP sub-accounts with share certificates issued in the name of the clients to avoid this issue.

There's a lot more complexity for non-SG stocks such as market making, leverage and short selling on different brokers.

singapore brokerage, investing 

@oxtyped also the types of products offered by different brokers differ. Some brokers don't actually offer US stocks spot but CFDs or other derivative instruments. Which means you can't move them to another brokerage, or they can choose when the moves will be executed, usually at price points unfavourable to their clients.

singapore brokerage, investing 

@oxtyped tl;dr:

my personal recommendation if you're going to go with a buy and hold investment is:

SG stocks
1. Fundsupermart (FSMOne)
2. Usmart

US stocks
1. TD Ameritrade (very long registration/approval process)
2. Interactive Brokers

Feel free to drop me a message or reply if you have specific questions.

singapore brokerage, investing 

@dashrandom thanks for sharing!

I've decided to go for IB for US stocks and stick to the established brokers for SG stocks. I definitely prefer to keep SG stocks in CDP.

On a side note, DBS Vickers buy commission is now just min $10. More than 50% discount from the other brokers.

singapore brokerage, investing 

@oxtyped then that's same min. comms as Fundsupermart haha. Fundsupermart you have the choice of linking your CDP or using their sub-accounts. Both are equally safe imo.

Usmart uses a sub-account of fundsupermart (i.e. they are FSM insti customer) so the ownership of shares in case of insolvency is not very clear.

One reason I can think of staying on Vickers is if you have a DBS multiplier account, then the purchases would count towards the Multiplier interest.

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