facebookWhich platform do you use to buy ARK ETFs? FSMOne is saying I don't have access to the ETF because its a special investment product? - Seedly

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Which platform do you use to buy ARK ETFs? FSMOne is saying I don't have access to the ETF because its a special investment product?

Hi guys, i wanted to buy ARKK today through FSMOne but was not able to make the transaction as it was considered a special investment product. May I know how i can go about purchasing ARKK? Is there any other platform which will let a new investor like me invest in ARKK?

Discussion (18)

What are your thoughts?

Jonathan Chia Guangrong

Jonathan Chia Guangrong

27 Nov 2020

Level 12Β·Cybersecurity Trainee at Bank in blue

TD Ameritrade. Zero comm for stock trades.

Account opening timeline is a pain now though from what I understand.

View 2 replies

Rahul Wadhwa

Rahul Wadhwa

27 Nov 2020

Level 8Β·Student Ambassador 2020/21 at Seedly

As Ming Huat mentioned, you need to pass the CKA/CAR requirements before you can purchase the mentioned ETF on FSMOne. As it is a US-Listed ETF, it is considered an SIP.

Unfortuantely, if you do not meet the CKA/CAR requirements, FSMOne will not accept the SGX SIP quiz results (when I checked about a month ago).

You'll have to call in the helpline and get clearance before you are allowed to purchase this ETF.

Nonetheless, do drop them a call and check again, the regulatory process may have changed!

If you find this troublesome, I would reccomend going with another broker that accepts the SGX SIP quiz results to purchase SIPs, like TD Ameritrade or Tiger Brokers.

View 3 replies

I personally bought ARKK from FSMOne, so I'm very sure it's allowed. I also did not possess any professional experience or education in finance.

You basically need to complete the CKA/CAR before you can buy any ETF, not just ARKK. I can't remember the exact process but I remember it's pretty fast, probably 15 minutes.

You can't escape this process, every legitimate broker will ask you to complete this. So just complete it and get it over with.

Only exceptions in FSMone are some ETFs that require you to call to order eg. ARKG. But basic requirements are the same.

IBKR

$0.35 per trade...

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