Anonymous
Hi i am interested to buy and hold US stocks. Any recommendations for cheap brokerage? I saw saxo but there is a 3k min deposit. What does that mean? If i deposit 3.1k deposit i can only trade 100?
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The Growth Hunter
12 Apr 2020
Home-based Trader at https://t.me/the_growth_hunter
Like Jacob and Zachary, I use Interactive Brokers mainly because of the Pros below:
Pros:
1) Cheap commission from US$1.
2) Ability to buy fractional shares i.e 1 unit of share (especially useful for small portfolios).
3) Spot rates for FX as you change via the Forex on IBKR.
Cons:
1) Platform may be basic, not the best charting software if you chart.
2) Commissions to hit US$10/mth(i.e 10 trades if commission is US$1 each) else will be charged US$10 for that month. -- Not a problem in my opinion, commission on TD Ameritrade is US$10.65/position. That is US21.30 to buy and sell as compared to IBKR's US$2 to buy and sell. I would rather be able to exit cheap if my entry is wrong. Makes it easier psychologically.
3) Limited helpdesk, they are located in Australia and HK etc. Nearest phone call is to HK if unable to resolve via Live Chat. But given the low chance of requiring to call them and the ability to make cheap overseas call once in a blue moon, I'll take it since I already saved on the commissions.
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Zachary Teo
12 Apr 2020
Art Director at Ad Agency
Hey Anon! What you mentioned about SAXO is incorrect, if you deposit 3.1k you can actively trade the...
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TD Ameritrade (and probably Charles Schwab)
= 0.00 USD fees (on: commissions, quartely statements, account maintenance)
but acknowledge 30% tax on dividends