facebookWhich broker is recommended for quarterly DCA investing on Ireland-domiclied (US) ETFs on LSE? Did some research and these were the top 3 - Saxo, SCB and IBKR. What are the pros and cons of each? - Seedly

Anonymous

14 Sep 2020

General Investing

Which broker is recommended for quarterly DCA investing on Ireland-domiclied (US) ETFs on LSE? Did some research and these were the top 3 - Saxo, SCB and IBKR. What are the pros and cons of each?

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Nicholas Beh

14 Sep 2020

Student Ambassador 2020/21 at Seedly

Interactive Brokers:

  • Pros: Live spot FX rates, low commission, minimum monthly commission waived if AUM greater than 100k USD

  • Cons: 10 USD minimum commission per month, desktop platform a nightmare to use

Saxo:

  • Pros: Nice platform

  • Cons: Expensive - 0.75% currency conversion fee, 0.12% p.a. custody fee, 8 GBP minimum commission for LSE

Standard Chartered:

  • Pros: No custody or minimum monthly fees, holdings count towards Priority AUM, no minimum commission if you are a Priority customer (AUM greater than 200k SGD)

  • Cons: FX spread of 0.3-0.7%, 10 USD minimum commission per transaction

You should decide which broker to go with depending on your investment amount and frequency. Generally, for most people, IBKR will be cheaper if investing monthly, and SCB will be cheaper if investing any less frequently.

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