Anonymous
Hi, I’m looking at buying IWDA/EIMI at less than 10k/y once a year. Chanced upon SCB/SAXO/IB. Do not have any holdings with any platforms at the moment. Any suggestions?
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Cedric Jamie Soh
25 Sep 2019
Director at Seniorcare.com.sg
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I will use Interactive Brokers to buy IWDA / EIMI for the long term because of the lowest fee in the world and the LOWEST forex rate in the world for brokers. Most people forgot how forex eats away their costs when they convert SGD into USD or other currency.
Interactive Broker is very cheap, with the lowest fee in the world (probably) and the widest range of products. They are known as mass-market stock brokers. If you are doing only $1000 a month, it can still be cheaper in IB despite the $10 monthly fee by IB, if your stock is bought in overseas currency. This is because IB's forex rate is hugely cheaper than Standard Chartered Bank or any other banks. You're saving quite a big difference on the forex.
Most stockbrokers or banks charge fees for stock dividends management and other crap fees. Interactive Brokers does not.