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Anonymous
Currently managing ~$50k in a MooMoo account and have the intention to add another $30k (lump sum) + monthly $2k additions - but wondering if it is risky to manage all funds through only 1 brokerage.
Investing plans include:
Is there any advice as to whether I should stick to 1 brokerage? If not, how do I decide how to split the funds across more than 1 brokerage?
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Generally it is safe to stick to one broker, especially those approved by MAS. You can consider multiple brokers if they provide you with benefits (cheaper access to other markets)
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Generally try to stick with 1 brokerage, unless you are doing daytrading and longterm investing, in which case it is better to keep both accounts seperate.
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$80k still considered a small amount in the market trading world.. As long as not over 250k in cash and 250k in equities, it should be safe since there's SIPC.
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The risk is locking yourself to one brokerage. If the brokerage decides to raise their trading fees,...
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Prefer local brokerage who helps to transfer to CDP either directly or through additional forms(for custodian with lower fees). Keep international broker separate who supports different markets with better fees and support.