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What is the general flow when a person wants to purchase stocks. Could anyone share a step by step guide pls! Also what accounts do you need?
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Bjorn Ng
09 Dec 2019
Business Analyst at 10x Capital
Hey there! I can share with you some details, it might seem a little overwhelming, so bear with me! Let me know if you have any questions too :) I just answered a similar question too.
So as a start, you need a Central Depository Account (CDP). Think of this like your stocks account - whatever stocks you buy will be stored in your CDP account.
Then, you need a brokerage account. Think of this like your bank account debit card - you will use the brokerage account to buy/sell stocks. There are several brokerages out there you can pick from, but for your ease of reference on lowest fee, take a look at DBS Vickers Cash Upfront or Stand Chart Trading account (I am using both). Some slight difference on both though:
DBS Vickers: Upon purchase of stock, it will be stored in your CDP account (same as explained above)
Stand Chart Trading: Upon purchase of stock, it will be stored in your SC Custodian account. Seedly did a very good explaination of both here! https://blog.seedly.sg/cdp-vs-custodian-account/
Once completed above, viola! You are ready to invest :) If you want more information on account opening, check this link: https://forums.hardwarezone.com.sg/stocks-share... (I literally started from here too!!) One tip though, always invest ONLY in what you can afford to lose! Let me know if you need any help!โโโ
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Elijah Lee
30 Jun 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
To buy shares that are trading on SGX, you need to open a CDP account and a trading account with a b...
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Walk to a brokerage company such as DBS vickers, POEMS/Philips, Lim&Tan, KimEng, KayHian. Tell them I want to open a brokerage account and (CDP account if you don't have yet)
Complete the paperwork
Go home, wait for a few week. Meanwhile research about the stock you are interested in
When your brokerage is set up, Find the stocks you are looking for in the brokerage platform and buy