Brokerages for recommendation? Adopting a buy-and-hold strategy for long term (>3-5 years) for SG stocks and US stocks?
Currently holding SCB trading account and newly opened DBS Vickers account. Purchased a few SG stocks and a few US stocks via SCB previously. Planning to purchase more SG stocks and US stocks (probably also Irish domiciled stocks) for long term holding, not planning to do frequent trades.
Recently came across IBKR and not sure if it is worth to switch to it for purchasing of US and LSE stocks. Please kindly advise.
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Pang Zhe Liang
25 Apr 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
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Hi HY, I am personally using DBS Vickers and IBKR hence it should be quite similar with your strategy.
For US stocks, it is generally cheaper to be investing via an overseas brokerage account compared to the local ones such as those by the local banks. IBKR charges around USD$1 per trade, and they use spot rates for their FX. Hence both could help you save quite a bit.
That said, should your account holds less than USD$100k, IBKR charges USD$10 per month outstanding of any trading fees for the transations you make for the month. For example, for 3 trades it'll be $3 in trading fees. Overall you'll be charged an additional $10-$3=$7 for that month.
Some are detered by the USD$100k rule and hence resort to using Saxo or TD instead. You could also keep these as considerations.