Anonymous
Anyone with experience care to share what counters I should consider? What would be the pros and cons of opening a BCIP?
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Bjorn Ng
16 Jan 2020
Business Analyst at 10x Capital
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Billy
16 Jan 2020
Development & Acquisitions Manager at Real Estate Private Equity
Since the replies till date are skewed more towards the first portion of your question, I shall answer the 2nd part:
Pros
You can apply the principle of Dollar Cost Averaging on blue chip stocks, something that isn't commonly offered (only Philips and OCBC)
Making investing more accessible to risk-averse investors
Cons
Stocks are not really designed for DCA, they are more for cherry-picking otherwise you'd find that your commission costs would erode a large part of your profit / long period of time taken to breakeven
$5 min. transaction fee (assuming you're above 30)
Limited counters to choose from
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Hey there! Kudos to you for kicking start on your journey!!
For OCBC BCIP, if I remember their fees are not cheap, about $5 min per counter. It would not be good for buying every month as my guess is your commissions will be a significant percentage of the amount you invest. The good thing is it 'forces' you to set aside a fixed amount into investments every month. The bad is that the fees as shared above and the limited counters available. You can consider to use POSB RSP as well, same idea, but much reasonable fees. Can use to buy STI ETF!