facebookI am currently using Saxo as my platform to invest in the US Market. I heard FSMOne commission and fee are free for US Stock and the conversion from SGD to USD is better as well? Worth the switch? - Seedly
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Justus Ong

Asked on 14 Sep 2020

I am currently using Saxo as my platform to invest in the US Market. I heard FSMOne commission and fee are free for US Stock and the conversion from SGD to USD is better as well? Worth the switch?

Is it worth switching from my current platform to FSMOne?

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Hi Justus,

I think it depends on a couple of factors, like the amount of capital you are investing, how frequently you trade, and what instruments you trade.

Saxo has a platfrom fee of 0.12% whereas FSM does not. However, FSM has higher comission of 0.08% min USD8.8, and Saxo charges 0.06%, minUSD4 (Assuming you are in the classic tier). So, if you trade frequently, Saxo might be a better choice due to the lower comissions but if you buy and hold, FSM will be better as there are no platform fees.

If you trade derivatives like CFDs, then Saxo is the obvious choice as FSM does not offer these instruments.

And you're right, FSM's FX rates are better than Saxo's.

Like Wee Wen has mentioned, there are better alternatives to both, like TD or IBKR. Additionally, I would reccomend Tiger Brokers, their comissions are competitive at USD0.01/share, minUSD1.99. Downside is they haven't been around long enough, but if you DYODD, they're worth checking out!​​​

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Hello!

Since you invest in the US market, you might want to consider TD Ameritrade because they just launched their commission free platform in Singapore for the US Market. Another good option is Interactive Brokers with maximum commission per trade capped at USD1 and you're free to switch between a tiered commission or fixed commission structure as well. Both brokers have lower commission than Saxo to my knowledge so if you trade relatively often (thus incurring higher commission), it would be worth the switch in brokers in my opinion. Hope this helps!

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While it is true that FSMone has a better FX spread than SAXO, it is not true that FSMone has free c...

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