Which broker would you recommend for investing in the US stock market with low brokerage fees? What do you think about Etoro? - Seedly
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Anonymous

Asked on 13 May 2020

Which broker would you recommend for investing in the US stock market with low brokerage fees? What do you think about Etoro?

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Francis Lim
Level 3. Wonderkid
Answered on 11 Jun 2020

I have not used etoro before but heard only bad things about it.

In my experience, there are a few brokers that people recommend to trade US stocks in Singapore. They are IB, Saxo, SCB and more newly, Tiger Brokers.I will list the pros and cons of each broker:

IB - one of the most competitive commission and forex rates in the industry, but charges 10 USD in monthly minimum commission if total value of account is below 100k USD. No custody fees

Saxo - also has competitive commission rates. 0.75% spread on forex. 0.12% custody fee per annum.

SCB - for larger trades, higher commission compared to IB and Saxo. Approximately 0.4% spread on forex. stocks count towards SCB Priority qualification. Priority members get lower commission and no minimum commission. No custody fees

Tiger - Cheapest (for now) but also the newest. Coming from China, some might question their trustworthiness. However because they are new they have promotions to attract new users. There's another post on seedly where you can see the details of the promotion - https://seedly.sg/questions/anyone-has-a-tiger-brokers-referral-code

Do note if you are investing in Irish-domiciled US ETFs on LSE, Tiger does not offer that at the moment. This may be significant to you as withholding tax is 15% instead of 30%.

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Pat07
Level 3. Wonderkid
Answered on 10 Jun 2020

If am not mistaken you don't own the stocks in etoro.

I tried comparing several brokers and it seems that the cheapest right now is tiger broker. Not to mention their on going promotions.

Been using tiger for two to three weeks now. Commission is indeed cheap compared to other brokers. Good for those with small fund and just starting like me. Made multiple trades for several stocks and i paid in total the same fee i will pay for one trade for other brokers. Only cons is it is new. I asked them how safe it is and they said my investment is saved in a third party account. Just need to closely monitor if it is indeed a good broker for the long run.

You can try it and use my below referral, both of us will benefit.

https://www.tigerbrokers.com.sg/market/sg-invitflow?account_display=standard&isInvitee=true&lang=en_US&skin=1&edition=fundamental&invite=45XL9D

Promotion right now is we will earn up to 200 stock voucher (depending on the funding). Plus one free commission trade and level 2 US data.

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Shaun WQ Lim

11 Jun 2020

Etoro offers stock trading now on some exchanges. https://www.etoro.com/#
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Zachary Teo
Level 6. Master
Answered on 14 May 2020

Hey Anon! I am currently using Interactive Brokers. They have the lowest brokerage fees. However, they do charge a monthly USD10 for inactivity (read non-trading or buying for the month that doesn't exceed USD10).

This however, can be waived if you buy or trade stocks per month and the comission fees hit USD10. OR you deposited USD100K into the account.

As for Etoro, I personally find it to be gimmicky. No doubt there's the copy option, I think it is better to do your own DD

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