facebookI’ve read up on most of the brokerage firms but I am still confused and unsure of what to choose. What do u guys personally use or recommend? - Seedly

Anonymous

16 Jun 2020

General Investing

I’ve read up on most of the brokerage firms but I am still confused and unsure of what to choose. What do u guys personally use or recommend?

Discussion (4)

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Nicholas Beh

14 Jun 2020

Student Ambassador 2020/21 at Seedly

Hi, it's difficult to determine what brokerage firm is best for you without knowing about how you want to invest. Some things you might want to consider:

  • Commissions (cost per trade)

  • Fees (custody, currency conversion, dividend handling, corporate action)

  • Market availability

  • Trustworthiness

  • Ease of use

Personally I use Interactive Brokers, Tiger Brokers, DBS Vickers and FSMOne. Each has its own role:

  • Interactive Brokers: To DCA into Irish-domiciled LSE ETFs monthly, trade US stock

  • Tiger Brokers: To trade SGX shares (short to medium-term)

  • DBS Vickers: To buy SGX shares and deposit into CDP (for long-term holding)

  • FSMOne: To sell SGX shares from CDP

Remember - you need to find a broker that suits your needs. For example, Interactive Brokers would be a bad idea if you invest infrequently due to its 10 USD minimum monthly commission.

There are plenty of resources here on Seedly if you would like to find a comparisons between brokers.​​​

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Nicholas Tan Yi Da

14 Jun 2020

Engineering Systems and Design at SUTD

Well, one of the factors I will consider is the trading costs involved. To me, if you are looking to get local sgx stocks, I will recommend FSMone as it has very competitive fees compared to Philips or other brokers

Another factor i will consider is the ease of use of platform. For myself, my original account was philips but i switched to fsmone as i find the UI for philips abit clunky and difficult to use(ok lah, some people like cos it got lots of options/tools, but i find it too messy)

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