Standard Chartered Online Trading
S&P 500 Index
Asked by Anonymous
Asked on 12 Oct 2018
They informed me that I will need to open multiple accounts - a savings account in sgd, a usd account, a securities settlement account and a securities account. What is the purpose of each account and why so troublesome?
Need a normal saving account with bank, in SGD or any currency u prefer.
Yes securities and settlement account is for their brokerage. Cos the shares is kept by them.
This is how u buy from SCB.
First u transfer cash from saving account to settlement account for USD or GBP (cos u buying the ETF in that currency)
Then u go into brokerage to buy. It will deduct the cash from the settlement account.
Then u check the securities account can see your portfolio holdings after few days.
U can just need 1 sgd savings account, e.g. Esaver, and 1 securities settlement account per currency. U need to prefund the settlement account before you can place an order.