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Rahul Wadhwa
11 Sep 2020
Student Ambassador 2020/21 at Seedly
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Sharon
11 Sep 2020
Life Alchemist at School of Hard Knocks
It depends on where you want to invest.
If you want a one-stop solution with low costs (do note the $10 monthly account inactivity fee; they don't charge this for the 1st 3 months), it will be Interactive Broker that I'm using frequently.
If you only want to invest in the US market, then TD Ameritrade is a good one (though the approval process is painfully slow about 1.5 - 2 months)
If you want to invest in Singapore & Hong Kong markets, you can consider FSMOne. For me, I prefer to use DBS Vickers Cash Upfront to buy SG stocks in my name (CDP), while I use FSMOne to sell them (after linking to CDP).
Hope this helps!
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I use FSMOne. UX for their app is pretty easy to navigate around....
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Hi Danial,
As mentioned in the previous answers, it depends on which markets you would like to invest in.
If you would like to invest in global markets, I would recommend Interactive Brokers or SAXO, depending on how much you are willing to invest, your frequency of investment. (Interactive Brokers is much better if you are planning to invest ≥ USD100k due to the waiving of the inactivity fee and if you are planning to invest/trade frequently due to the lower comissions).
If you are planning to invest in US markets, TD would be a great choice due to their recent announcement of comission-free trades. However as Sharon mentioned, the opening can take a fair bit of time (I presume they are overwhelmed with the recent announcement), but in the meantime you can try out Tiger Brokers.
Your account will be opened within 15 mins, they have integration with MyInfo and they are licensed by MAS. They have access to the Chinese and Singapore markets too and the last time I spoke with their customer service they mentioned they are planning to bring LSE on board too although a timeline was not provided. Anyway, their app interface is amazing and their comissions are really competitive. You could open both Tiger and TD at the same time and get started with Tiger and once your TD is opened you can move your assets over.
For Singapore markets, as Sharon mentioned, I would reccomend DBS Vickers and FSMOne if you are planning to buy and hold and if you prefer your shares going into your CDP. If you are planning to trade frequently, Tiger Brokers is a good choice again due to their low comissions.