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Anonymous

24 Feb 2021

General Investing

Which is better for buying US stock DBS Vickers or Standard Chartered?

I currently have Tiger Brokers for small US trades but my friend advised that it was better to go with a bank-supported brokerage as there is zero risk of the platform going out of business or encountering problems. I want flexibility for bigger lump sum trades or small amounts (~1k) to DCA. Is DBS is $18 minimum fee for US trades OR 0.15% whichever is higher, or are both fees combined in one transaction? SC has higher minimum %fee but no custodian fee. Which should I choose? Or any other banks?

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Your friend is ill advised, banks can go out of business too.

All brokers must hold your stock in separate custody account, separate from their business account. They cannot anyhow touch. For Tiger brokers, stocks are held by Interactive brokers, and ultimately Depository Trust Company.

https://www.tigerbrokers.com.sg/security-n-custody

In fact, I switch out from DBS vickers because fees are so high. Long list of charges. If you still want to use bank please use Standard chartered​​​

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