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Nicholas Beh
14 Sep 2020
Student Ambassador 2020/21 at Seedly
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Interactive Brokers:
Pros: Live spot FX rates, low commission, minimum monthly commission waived if AUM greater than 100k USD
Cons: 10 USD minimum commission per month, desktop platform a nightmare to use
Saxo:
Pros: Nice platform
Cons: Expensive - 0.75% currency conversion fee, 0.12% p.a. custody fee, 8 GBP minimum commission for LSE
Standard Chartered:
Pros: No custody or minimum monthly fees, holdings count towards Priority AUM, no minimum commission if you are a Priority customer (AUM greater than 200k SGD)
Cons: FX spread of 0.3-0.7%, 10 USD minimum commission per transaction
You should decide which broker to go with depending on your investment amount and frequency. Generally, for most people, IBKR will be cheaper if investing monthly, and SCB will be cheaper if investing any less frequently.