I just got my IBKR account approved. I searched all over the community / online and a bit confused considering that i had been using DBS Vickers to trade SGX stocks for few years. Any advice?
Question is:
1) I have yet to transfer funds to IBKR, or i transfer only SGD1 to test. What if i never do anything for next few months. How are they going to charge me for "inactive fees" or "minimum fees not met"
2) If I do trading daily, what do i need to declare to Singapore IRAs and how does IBKR bill me for taxes accured?
3) If say i buy just a little, say USD10K worth of APPL shares and hold it for 5 years with no further trade. What will be commissions and fees over the next 5 years be?
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Sharon
31 Jul 2020
Life Alchemist at School of Hard Knocks
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1) No inactivity fee for 1st 3 months. After that, they will start to charge USD 10/month.
https://www.interactivebrokers.com.sg/lib/cstoo...
2) I don't think there's any taxes for capital gain. Only US withholding tax for dividends. Not sure if there's any GST imposed. I haven't start buying US stocks via IB-SG yet.
3) USD 120/year x 5 years = USD 600. You need to add the min. USD 2.80 commission (since it's minimal, the actual commission you pay will be higher) + stock exchange clearing fees + SGD/USD exchange loss (but it's quite minimal). So far, these are the fees I know.