US market Stocks | Interactive Brokers | Saxo Capital Markets (Classic Account) |
---|---|---|
Commission | 0.5% (min $1) | 0.01 USD/ Share (min. 3.99 USD) |
Minimum commission | 2.50 USD | 15 USD |
Minimum Holding Fee | Monthly minimum fee of $10 for accounts between $2000 and $100, 000 | 0 |
Platforms | Desktop - Trader Workstation Mobile App (2FA)Webtrader Platform |
SaxoTraderGO SaxoTraderPRO |
User Support | Hotlines dedicated to various regions, chat bot, FAQ
Personal experience: it is hard to get customer support, send emails, received no replies request for callback, received callback after 2 days Tried chat-bot, answers provided were weak and not so relevant. *Update: Hotline works but it is not toll-free, no Singapore hotline and I had to call Hong Kong hotline which is costly. As for the Live Chat function, I had to wait for some time before the next available agent was ready. Response from the agent was slow and the problem was not resolved by the time I ended my Live Chat. (Issue I encountered was Delayed Data not showing on my Trade Workstation |
Dedicated SG hotline from 0830 to 1730
Singapore office available. Personal experience: Dedicated account manager based in Singapore to assist with my queries. Follow up call to check on my interest in opening a trading account with them |
Firm Reputation | Since 1977
Cannot trade Singapore markets, probably to protect local brokerages' interest since they charge lower fees No impact as I am already using iOCBC to trade Singapore equities |
Fully licensed Danish Bank can trade in Singapore markets, but that's not what I'm looking for |
Required Minimum in account | 10, 000 USD (on website)
*Update: IB removed this requirement when I called to check (July 2018) require funding for account activation |
2000 USD |
Monthly Activity Charges | 10 USD monthly, cannot be waived unless- more than 100, 000 USD in Equity- generate more than 10 USD in commission and fees | 6 consecutive months of NO trading - 100 USD |
Cash Movement | 1 free withdrawl per month
Thereafter, - 10 USD for Wire transfer- 1 USD for GIRO |
No charges if request is submitted via Online
40 USD if done manually |
How to Fund the Account | Bank transfer | Bank Transfer - 1 to 5 days
Credit/ Debit Card - Immediate, Credit card charges of 0.5 - 2.5% Stock Transfer |
US Market Options | Interactive Broker | Saxo Capital Markets (Classic Account) |
Trading Fee | 0.70 USD/ Contract (min $1) | 6 USD (1 -250 Contracts)
3 USD (251 to 1000 Contracts)1.50 USD (1000 to 5000 Contracts) |
Fixed Rates for Infrequent traders
Tiered Rates for Active Traders |
No Minimum Fees for Contract Options | |
No Custody Fees for Contract Options | ||
Bought Options Daily Holding Fees Per Mil | Nil | Less than 30 Days - Nil |
More than 30 Days - 1.10 For Equities Options | ||
Forex Commissions | If Monthly traded amount is < USD 100 Mil then = USD 2 or 0.2 bp * Trade value | As per website, commission for 5 major currencies from as low as 0.4 pips, depending on initial funding and trading volume |
06 August 2018
Selecting a Brokerage - US Market
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