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Interactive Broker vs SAXO vs TD Ameritrade, which is a better option for an estimated 10k SGD fund for Overseas Trading?
Hi,
I'm using Saxo SGD funded account to trade on US/HK stocks & Options. I started with Saxo because of the low trading fee. However, the 1.5% foreign exchange (0.75% per trade) to buy and sell a stock is taking a toll on my earnings ($150 for 10k worth of trades), excluding 4usd/stock trade and 3usd/option trade.
IB or TD seems like a good alternative choice. Should i stick with Saxo or should i consider changing to IB or TD. Is there anything i need to take note on trading with IB or TD?
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Nicholas Beh
08 Jun 2020
Student Ambassador 2020/21 at Seedly
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This article breaks it down. Quoting the article, "if you’re just starting out, then Saxo Markets would probably be the more practical choice for most investors."
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Have used IB and not TD, so I will speak about IB only.
IB will charge you 10 USD per month (minimum activity fee) if your total account value is below 100k USD. If you accrue 8 USD in commission in a month, then you will only have to pay the balance of 2 USD.
Currency exchange is done at the spot rate, 0.002%, minimum 2 USD. Inwards SGD fund transfers via GIRO/FAST are free. The $65 minimum 1% fee listed on their website is for cold hard cash deposits, which they do not accept. For withdrawals, first one every month is free, and $1 for subsequent SGD withdrawal via GIRO/FAST.
Commission schedule is available here. Generally, they are competitive and very low.
If you trade often IB will make sense. However, if it's just a lump sump $10k investment for the long-term, then the minimum activity fees may make it an unattractive proposition.