Asked by Anonymous
Asked on 04 Nov 2019
I have a CDP account linked with OCBC. I want to invest in the worldwide market and have around 60k to do so. Would it be wise to use Interactive Brokers, or what other brokers do you guys use? Thank you!
I would have both Interactive Brokers and Think or Swim.
Interactive brokers is the cheaper one but their user experience aint that great.
I often experience lags when i use and that isnt too pleasant when you want to do some quick trades.
Think or Swim(TOS) has a much better user interface and the prices there are live, so much faster than IB in this aspect.
Some people i know use TOS for viewing the live price and then buy on IB.
That may be an option you can consider.
Just my 2 cents. Hope it helps.
IB is good. but some feedback from users are it is difficult to use. of course, after some time of familiarizing the platform, users will get use to it.
personally i dont use IB. i use TD ameritrade(TOS) and Standard Chartered SG trading platform.
TD is only for US stocks and options. While SC will help you to trade worldwide. :)
For Singapore stocks, I will go with FSMOne. They charge the lowest and their platform is simple to use.
For USA and other markets, I like to keep it under one brokerage so my choice would be the same as the rest -- Interactive Brokers.
Hands down Interactive Brokers. They do charge a monthly activity of 10 USD, but if your commissions (including forex exchange) are more than 10 USD, they wouldn't charge you. If it's just slightly below 10 USD, they will charge you the difference, up to 10 USD.
It's a little messy in the beginning, but once you get the hang of it, it works like any other brokerage. Real time exchange rate and 1 free withdrawal every month, believe it's the best one out there thus far!
Top Contributor (Jan)
I use POEMS, with 23 markets, it's fairly decent.
Fees, while a factor, become less critical if your investment amount is significant. Don't buy a single US share worth US$25 and pay US$20 brokerage. Instead, buy US$5000, brokerage will still be US$20 (at least on POEMS) and that's a mere 0.4%.
I would also suggest you stick with interactive brokers mainly because its the best brokerage fee to an individual invester out there.
However, if you're concerned about minimums, I would say you can do saxo because if the volume is very low, it would still make sense to do it
If you are not a frequent day/swing trader, and planning to hold stocks long-term and rcvd dividends, SCB would be a consideration. No custodian fees and dividend handling charges
Interactive Brokers is indeed a good platform, due to low comission charges and a wide range of products
AMDtrade and Saxo are other good alternatives. I prefer Amtrade as they have one of the lowest comission out there.
Interactive brokers would be a good place to start as they offer access to many global markets. Avoid the local brokers as they charge an arm and leg in commissions.
Alternatively, you may wish to look at investing in a global Etf instead. There are a few indicated here for consideration: https://www.investopedia.com/articles/etfs-mutual-funds/071516/top-3-etfs-tracking-msci-world-index-urth-vt.asp
For the budget conscious, Saxo is another good choice, toss up between them and IB with the deciding factor on your portfolio size - at USD100k, IB fixed fees will be better but for below that, Saxo percentage based charges work out better.
Both offer access to lots of different markets including all the majors.