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Online Brokerages/Standard Chartered Online Trading
Online Brokerages/Standard Chartered Online Trading
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Summary

Standard Chartered Trading Review 2021

SCB Trading is an online brokerage and trading platform by Standard Chartered Bank. SCB Trading offers Cash Upfront Trading account at S$10 minimum commission, and fees of 0.18% to 0.20% depending on the amount invested.

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Standard Chartered Online Trading

$10

MINIMUM FEE

0.20%

TRADING FEES

Custodian

STOCK HOLDING TYPE

Standard Chartered Online Trading

$10

MINIMUM FEE

0.20%

TRADING FEES

Custodian

STOCK HOLDING TYPE

Reviews (43)

3.5

43 Reviews

5
9
4
19
3
5
2
3
1
7

Service Rating

Customer Support

3.2

User Experience

3.1
      Posted 11 May 2022

      Purchased

      Standard Chartered Online Trading

      great transaction fee at a low cost, however this is a custodian account and you do not own the shares that are bought using this account.

      0

      What are your thoughts?

      Posted 07 May 2022

      Purchased

      Standard Chartered Online Trading

      - I am a buy and hold, long term retail investor (non-priority client). - Viewing my holdings in a single location is important to me. - I have read through some of the previous reviews consolidated and added some of my own experiences to it. - I have been a customer of SC since 2014, I do hope they get better, cos the competition currently is getting stronger. Can’t be banking on their brand name, they need to add real value to customers. Trading fees/ commission rates: Why am I still a customer? * Non priority: - Terrible for frequent traders (recommend TD Ameritrade) as the fees (approx 10.70ish) are on the higher end relative to other discount brokers, and the updates for stock prices are not instantaneous (Use another platform TD Ameritrade for charting in real-time then use SC just to trade), not much trading analysis and charts offered (maybe it is for priority customers?). - Good for buy and hold, long term retail investor as the trading fees are bearable, least trading fees amongst banks coupled with NO custody fees on SG (Don’t have to open CDP account if you open an SC account) and foreign stocks. * Priority: - No minimum fees (hopefully can get here soon… the fees and the FX margin adds up) - Stock portfolio is included as part of your Total Relationship Balance for a priority account. Products Offered - Does not offer options (recommend TD Ameritrade) - I hope they would include it as part of their offering. - Wide range of stock markets (US, UK, France, Germany, Japan, Switzerland, Australia, … can read from their website). - I am not sure if there is a critical mass of Singaporeans who invest in Malaysian stocks? Maybe the older generation? But it would be good if SC can include the Bursa Malaysia markets too. Mobile app/ User interface/ UI/UX: Why am I still a customer? - Their online banking app has improved by leaps and bounds. Very all in 1 concept and they seem to be constantly improving. (Are they completing with DBS treasures?) they have also integrated SGFinDex seamlessly into their online banking platform. - My hope is that their drive for improvement spills over to their trading platform, the trading platform application could be better, growing obsolete day-by-day relative to the discount brokers offerings. - I have resorted to using the mobile app to place all my trade orders. The Face ID feature, really helps to access the SC trading app a lot quicker. Customer service: * Non priority: - Non priority: Inconsistent & unresponsive. But I think like every service is you are not priority calling the company is like just getting into maze of “press 1 for…, press 2 for…” the thought of it is already very time-consuming and troublesome. - I have seem text chat icon on my online banking before, I have used it once but found it relatively inconvenient as it redirected to safari, I think it works, but not as convenient as telegram or WhatsApp. I guess they are trying. Eg, Singtel has a WhatsApp chat if I am not wrong? I find that way more efficient. Like cmon I am talking about Singtel haha. * Priority: - I think they have an app to chat with their RM which I assume would be fast and efficient? But there are other reviews that beg to differ. Stock Splits - Because post stock split or spin off, the new average price is not reflected correctly. Eg: Capitaland, FCA—> ferrari—> Stellantis and NextEra? - Basically we need to do the changes ourselves, easier to do it from the SC website - But I don’t remember how to, I usually call than pray I get someone who knows how to help me… “press 1 for…, press 2 for…” PTSD. Corporate announcements - SC used to send these thick paper documents regarding companies that you have shares in. Now it is lesser, they send you an email. It is honestly a marked improvement. Could have been done earlier. - Calling in to tell a Sc representative: Option 1: Take Cash (USD), or Option 2: Take No action (default). Is a terrible concept. I usually just go with the default option. - I feel like they could just have it as a notification that comes up and customers can click option 1 or 2 and be done with it. I don’t think customers feel almighty calling the bank and telling the customer service officer “Option 1 Please Sir/Ma’am” Thank you. (It does not evoke wolf of Wall Street vibes, It just evokes “press 1 for…, press 2 for…” PTSD. Custody fees: Why am I still a customer? - As a buy and hold long term kind of retail investor (non-priority client) this is crucial. - SC also groups all of your transactions in 1 location on their mobile application, it gives a very DBS Treasure vibe (I assume and infer based on what I read, cos I am not a treasures customer). - I moved my US holdings to them after OptionXpress closed down after being acquired by Charles Swabb, and shortly after Charles Swabb wound up their business in Singapore. - I moved my OCBC BCIP holdings to SC as I closed the account and I wanted to consolidate my holdings in a single app. All in one vibe Why am I still a customer? - FX rate: Not the best, but I assume that SC's value proposition is that FX conversion is seamlessly connected to SC online banking and trading platform hence a better user experience for customers. - I don't like SC's restrictive policy of disallowing transfer of foreign currency into their foreign currency securities settlement account to be used to buy stocks. Basically the only way is to perform the FX transaction on SC banking app. Cannot transfer in USD from outside to your USD securities settlement account for trading. I guess they make some money from the FX that can only be done on their platform. - I like that I am able to move a percentage of money every month to the separate USD securities settlement account, thereby earmarking funds for investment. Dividends are also paid to the specific securities settlement account when they are declared. E.g. US company dividend is paid to USD securities settlement account, and SC has a record of it which is accessible. Suggested improvement express the monthly dividend received data as a bar chart. - No dividend handling charges.

      0

      What are your thoughts?

      Posted 24 Dec 2021

      Purchased

      Standard Chartered Online Trading

      Trading fees are on the higher side. Its mobile app is inevitably growing obsolete day-by-day while its customer service are inconsistent & unresponsive. Despite its apparent flaws, I still own a stock or two held under its custodian account.

      0

      What are your thoughts?

      Posted 01 Sep 2021

      Purchased

      Standard Chartered Online Trading

      No minimum fees if have a Priority account (which is not difficult to get). Have found customer service through both RM and general chat very fast and efficient. Still not the lowest fees around but reliable and I use for most foreign investments. Wouldn't recommend any of the banks for frequent trading due to the fees, but for long term investments the trading fees are less important and they seem to have the best fees of the banks with no custody fees on foreign stocks.

      0

      What are your thoughts?

      05 Jul 2021

      Purchased

      Standard Chartered Online Trading

      Terrible customer service. I once had a problem, email them via the app or something and got a reply in 1/2 months later. I kid you not. Terible FX rate. Great app, easy to use. The only good thing is theres no custodian fees.

      0

      What are your thoughts?

      21 Jun 2021

      Purchased

      Standard Chartered Online Trading

      Have used it since I first started investing. So far no issues with the app or web platform. However, no comparison to other platforms so far.

      0

      What are your thoughts?

      09 Nov 2020

      Purchased

      Standard Chartered Online Trading

      TL;DR: they have "Standard" in their name but actually bo standard. I'm leaving once my TD Ameritrade acc is set up. [Commission Rates] At a flat rate of 10.70 USD for buy AND sell, it's definitely competitive. Only because we have a lack of comms free trading platforms in SG and I don't like that Saxo charges a custodian fee as I'm a buy and hold long term kind of investor. [User Interface] Bad. When I try to navigate to the trading platform after logging into the banking platform, I get logged out 8/10 times. Frustrating. Incognito mode does nothing to help. You really just need to close your eyes and pray that it works. Then when you get to the platform, it looks ugly AF. Sigh. The app is decent. Sometimes I get so frustrated with the website I just place my orders via the app. At least I don't get logged out randomly. [Customer Service] Called them up 5 mins ago because post the AAPL stock split, the new average price is not reflected correctly. Called the 1800 number for online trading helpline, but was told by the CS agent that she's from personal banking and she can't help me. I was confused and asked if I called the right number and she said yes, but when the lines are overwhelmed, it will automatically get routed to the PB dept. Pros: you get to speak to an agent instead of holding forever. Cons: your problem can't be resolved. Asked for an email address in case I miss the call and there's no email address for us to send our queries too. I came here to write this review and found the solution to my problem, posted by another user. Guess self service is more efficient than getting them to solve my problem.

      1

      What are your thoughts?

      For those who are facing the same issues, I'm gonna copy and paste the solution posted by another user below so you don't need to scroll down.

      "Hi i called and asked need to manually change. so after logging in, scroll to the right of your securities page and press details. when at that page got 2 lists which indicate the pre and post stock split. Input the number 0 on the price than tick the box before saving."

      09 Oct 2020

      Purchased

      Standard Chartered Online Trading

      [Commission Rates] Pretty expensive, many other cheaper alternatives like Saxo or TD Ameritrade. [Products Offered] Limited, doesn't have options [User Interface] Not very nice interface, Other platforms offer much more without subscribing for premium access

      0

      What are your thoughts?

      08 Oct 2020

      Purchased

      Standard Chartered Online Trading

      The worst trading account ever. I lost around $7k and even more because of them. Didnt tell customer that to take a priority offer you need to have a residence address in that stock’s original country. Was waiting why I did not receive the stocks.. i prepared the money that i am supposed to use for other stocks if they are unable to process. Wasted both my time and money really. Plus, I am priority banking customer with dedicated RM that supposed to have ‘priority’ service. No one really told me what happened until I chased them. This kind of experience can be avoided if they were well trained and focusing on customer service. Did not have such basic knowledge and did not bother to learn and give complete explanation to customer. Not only this experience, i have multiple bad experiences trading with them. Have to bear the money and time loss and the regret in my life to really trust them. The worst trading experience. Just pls be careful when you are dealing with them.

      0

      What are your thoughts?

      20 Sep 2020

      Purchased

      Standard Chartered Online Trading

      Standard Chartered Trading that don’t admit they are of any wrong. Just my bad luck, a telephone call to Standard Chartered trading cause me to lose an upfront S$1,100 from an action of one of my US stock. I feedback, complaint & plead with Standard Chartered on many occasions including their social media but still the Securities department felt their new & inexperienced staff answering my call has no fault and I as a customer have to bear the full S$1,100 monetary loses from my call to them. Which means they are faultless. On 18 Aug 2020, I received a SMS on my phone with minimum details to call Standard Chartered Trading of a Corporate action event know as a Tender Offer for one of my US counter, Intel Corp. I called and a Client Care Executive called Ozzy attended to me. Having no prior knowledge to such Tender Offer and sms did not contain any link to the Corporate action, I asked Ozzy to explain to me. However just my luck I didn’t know he was new, he just read out some script of the Tender Offer memo which ring no bell to me. When I asked him to explain more to me, he couldn’t and just move to this tender offer option available to me which are Option 1: Take Cash (USD), or Option 2: Take No action (default). Frankly for other banks or Trading Securities when a client asked to explain more or something new to him/her, the client expect the call centre executive to be professional and ethical enough explain the matter or divert the call to a more experienced staff to handle the call. Unfortunately, Ozzy didn’t and just read from what’s available to him and didn’t bother to pass my question of what is a Tender offer to a more experienced colleague. Coincidentally, this US counter Intel Corp recently issued a cash dividend and I asked Ozzy later in the call if is related to the recent ex-dividend that I can take cash out or from. Ozzy didn’t corrected my mistake or misunderstanding, and I concluded my decision for Option 1: Take Cash (USD) with thinking of take cash from dividend issued to me. The result is having just barely brought the Intel stock for a month at US$51, this 3rd party mini tender offer that was unsolicited & offer $45.63 per share of 6.21% below market price I have accepted unknowingly thanks to a newbie talking my call. These are the pointers Standard Chartered Trading defended that they are faultless: • Theresa their team leader has reviewed the phone conversion and said Ozzy repeatedly informed me that this is a tender offer • Claimed he has requested me if I wish to amend my instruction can still do so by 24 August 2020 • I could have referred to more details on this tender offer from a letter sent to me on 17 August 2020 • Standard Chartered said they are working on an execution-only service and do not provide investment or other advice to their client. And they are not in a position to advise if any corporate action event, including but not limited to, tender offers, are favorable to their client or not. So you guys have been warned that even as you paid Standard Chartered Trading of trading fees and kept large amount of currency in the trading account, they are not obliged to advise what is the action, or advise you of the trap holes and potential monetary loses even if you called them to explain. If things go wrong like my case having a newbie took my call, the bank would just claim they have no fault as their client never do their homework and checking. [Customer Service]

      1

      What are your thoughts?

      I wish to update to whom of concern that the Bank has since contacted me and the matter has been resolved amicably : )

    Discussions (0)

      No Posts Found.

      Types of services Standard Chartered Trading provides

      • SCB Priority Banking customers do not require a minimum-transaction brokerage fees and no custody fees for all transactions
      • Competitive low brokerage fees from 0.18% for priority clients
      • ETF (Exchange Traded Funds) selector tool to help filter ETFs available for online trading.
      • Stock analysis tools to help analyse market movements and identify the market entry or exit points.
      • Profit and loss calculator to provide clarity on fees and charges on trading transactions
      • A Stop Loss order option, where it will automatically sell a security when it reaches your pre-determined price.
      • Multi-channel platform allows trading on any web-enabled devices, tablets, and mobile devices.

      Brokerage Fees and Charges of Standard Chartered Online Trading

      The fees and charges of Standard Chartered Trading are as follows:

      • Minimum Commission: S$10
      • Investment of S$50,000 and below: 0.20%
      • Investment of S$50,000 to S$100,000: 0.20%
      • Investment above S$100,000: 0.20%

      Apply for Standard Chartered Trading Account

      • Standard Chartered Trading: 1800 747 7000
      • Visit Standard Chartered Trading website for more details

      For more info, you can check out Seedly’s Ultimate Cheatsheet for Cheapest Stock Trading/ Brokerage House in Singapore!

      Contact us at [email protected]should you require any assistance or spot any inaccuracies.

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