facebookI plan to buy US stocks, any recommendations for brokerages? Should I go for a local brokerage such as CIMB or SCB, or an overseas brokerage such as IB or Tiger Brokers? - Seedly

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J J

12 Jun 2020

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General Investing

I plan to buy US stocks, any recommendations for brokerages? Should I go for a local brokerage such as CIMB or SCB, or an overseas brokerage such as IB or Tiger Brokers?

What are the pros and cons?

Discussion (16)

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I would personally choose a broker that is more established. IB, CIMB and SCB have been around for a long time, and has huge customer base. Tiger and MooMoo are the new kids on the block, hence some might not feel so comfortable using their services. However, as long as the brokerage firm is licensed in Singapore by MAS, it should be considered safe. MAS is among one of the strictest regulators in the world.

Ibkr is the best for US investments ever since they waived the minimum fee of $10.

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Here's my referral link:

https://ibkr.com/referral/jin301

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IB is still the best, ful detailed discount broker... out of the rest i used

At this moment, I would recommend Tiger Brokers. Although not sure how much and what they charge in the future, now they are quite newly established in Singapore, there are a lot of promotions. For example, if one deposits/withdraws funds in SGD using FAST transfer, the fees are waived regardless the amount; also, they have currency exchange function in their APP and the fees are also waived. Their commission for US stock trading is as low as 1.99 USD/trade. If you participate in their referral promotion, you can get stack-up commission-free trading and L2 US market data. Pretty good for US stock traders. Also, recommend this exclusive code TIGERPROMO. I noticed that their customer service is really busy since SGX was just launched several days ago. I queued for a long time at the online CS chat. I heard that by using that code to register and send the code to their facebook private message, can get prior reply. Hope this helps!

SCB, IB and Saxo have been popular choices, while Tiger is a new entrant.

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