How many brokerage accounts do you have and why?

I'm thinking to open a IB and TD Ameritrade account to test them out because I can't seem to decide which one for investing in the US market. I read comments on both and still mulling over... Somemore, I already have 5 brokerage accounts (DBS Vickers, POEMS, FSMOne, CGS-CIMB & SAXO). Did you guys start out with so many when you first try your hands at investing?

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Stanley Lim

06 Jun 2020

I have a few brokerage accounts with SCB, FSMone, Kim Eng, Tiger Brokers. But I'm slowly trying to consolidate my positions with one broker for easier tracking. For me, I'll go with the broker that provides the lowest fees.

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Nigel Tan

06 Jun 2020

Executive Senior Financial Planner at Great Eastern Life

I'm using Philip securities as my main platform. "POEMS". There's an app specifically for monitoring your investments so There's no need to open A browser.

Their user interface is excellent compared to other platforms. I've tried lim & tan before but that was quite awhile back. Back then, they didn't have an app. And also the remisier kept recommending risky penny stocks that could not be explained well (eg. Rex Intl) so I eventually dropped it.

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Amanda

06 Jun 2020

I started off with only 2 accounts initially - FSMone and DBS Vickers

As I am investing quite a bit more in the US markets these days I decided to try out Tiger brokers and IBKR. Because FSMone charges are not that cheap if you trade frequently and their fx spread is not that great.

Personally, I dont really like IBKR as I find the platform pretty hard to navigate. So for now, I am using Tiger Brokers as it doesn't have any platform fees as well.

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Frankie Rappaport

06 Jun 2020

I have 3 (3 continents)

for Singapore you need at max 2 online brokers (f.ex POEMS and Standard Chartered)

TD Ameritrade is the top choice for the U.S. market, essentially no fees for anything (0.00 USD commission fees for U.S. ETFs and stocks since 10/2019).

Alternative: Charles Schwab with which TD Ameritrade is supposed to merge anyway in the second half of 2020 if given clearing by regulatory U.S. authorities.

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