Can someone advise on fees of Interactive Brokers vs Syfe Trade, esp for currency conversion?
Seems that Syfe USD/SGD value is worse than IBKR by 0.003 but IBKR has 2 USD conversion fee plus GST. So for 1000SGD conversion to USD, Syfe costs 3 USD via spread while IBKR costs 2USD x 1.07= 2.14 USD. So assuming US stocks trade, monthly free trade on Syfe Trade, and min IBKR fee of 0.35 USD; 1000SGD investment costs 3 USD on Syfe Trade while it costs (2+0.35) x 1.07 = 2.51 USD on IBKR. If the amount is 10,000SGD, Syfe costs 30USD, while IBKR still costs 2.51 USD (assuming less than 100 shares trade). So either way IBKR costs less than Syfe Trade, and the bigger the amount the bigger the gap. Any comments, advice?
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I personally used syfe trade and bought some tesla before the dip sadly.. I would advise using whatever is more convenient, if price is a concern then IBKR seems cheaper in everything and you can consider using it! I personally feel as long as the company you are investing in has good fundamentals and you look long term, either of these fees will be negligible in the long run as these fees are already very cheap compared to buying through banks or other more pricey brokerages etc