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Hi I just opened IBKR and executed my first trade but the commission fees doesn't look right.
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For Currency Conversion I bought USD $2,873. IBKR fee is 0.02% which means the commission should be 0.02% * 2873 = 0.5746. Since this is lower than the minimum USD $2, shouldn't my final commission fee be $2? Why is it $2.94
Even if it's shown in SGD, USD $2 = SGD $2.75 at the time of writing this.
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The fee when I bought VUAA also doesn't look right but I'd like to settle it one-by-one. Thanks for any comments!
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thefrugalstudent
Edited 14 Nov 2022
Founder at thefrugalstudent.com
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GST of 7% is applicable on all fees charged by brokerage platforms.
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2.75 * 1.07 = 2.94