bumped!

at this time, may are interested to trade/invest in foreign equities.

if u like, u can read my experience and help from others esp rjb starting post #59.

IB's been good fun, go for it!

if u trade frequent or intraday with conventional brokerage fees, u lose in the end - to the brokers.

with low fees like IB, u can daytrade.

but there are rules too:

<USD25k in account, u can day trade only 3 times every 5 trading days.
>USD25k, u r free to trade anyway u want.

a year ago, no problem.

now, i hear bnm has been pushing banks to tighten up - rm falling, capital flight, money laundering cases, u know...

if bank priority customer, should be OK, i would think.

hi rjb,

like u know, i already have IB.

but like to know a bit more about this TDAA.

.. is registration and funds transfer much the same as IB, i.e. online submission of identity docs, then TT the funds?

.. what is min deposit?

.. what min deposit for unlimited intraday trade?

thanks.


p/s... since this is the ONLY thread to find decent foreign brokers info, is it possible u amend thread title so that it is easier for interested parties to find?

there are plenty of people here looking for brokers like IB and TDAA!

This post has been edited by AVFAN: Jun 28 2016, 05:49 PM

ok, thanks.

i will explore i further - my friends are interested.

not sure if i will go for it as i am happy enough with IB.

for IB, min deposit/holdings is $100k if u want fee waiver.

if not, min is $10k; $10pm charge but waived if trading charges can cover.

there is no escape for tax on dividends on any stock or etf, whether IB or any borker - it is a US tax law on all.

us residents even have to pay capital gains tax.

if u wish to avoid the $10 pm, only want to hold long term, u can always buy with local brokers. save that, save TT charges but pay much higher brokerage fee every time u buy or sell.



IB is a good one to have overall, esp for trading and regular buy/sell.

it is secure, efficient and cheaper than most if not all.

the thing is i am quite sure it is difficult to open with them now.

not becos they don't accept but more like local banks will not want to approve yr TT for the startup.

some people here already reported banks not approving some months ago.

given events last fri, it will be even more so.

but will have to read of a new experience by someone if he post it here soon.

remember RM is not an internationalized currency, traded only in Malaysia.
BNM still have a ton of rules on FX and money transfers.

go back 2 years, it was not a problem when i did mine.

what i remember... starting a year ago, some people reported banks rejecting them, BNM requires a form to be filled up and "investment" is not accepted. biz payment, education fees with doc backups should be OK, i would think. (dunno if "donation" will be approved. )

last fri, RM fell drastically. BNM imposed new rules.
what happens next, we don't know yet.
will have to see next week what FM/BNM do or don't do.

http://www.reuters.com/article/us-emerging...SKBN1360AZ?il=0
http://www.straitstimes.com/asia/se-asia/m...overnight-rates
http://www.bnm.gov.my/index.php?ch=en_pres...ac=3513&lang=en

This post has been edited by AVFAN: Nov 13 2016, 10:59 AM

What u hv suits u - u buy sgx as well as us equities, not huge sums, not trading much.

If u focus on usa, bigger sums and trade a lot, better get a foreign broker - much much cheaper in the long run.

Read the terms n conditions for tda n ib, check their websites.

Pay attention to min deposit, brokerages and min monthly charge.

If u hv too small an amount and not trade much, its not worth the trouble, better stick to what u hv.

When u hv, say usd25k to start with or want to trade foreign markets, then it is time.

Anyway, given last fri events, i would think its much harder now to tt money to foreign brokers for investment n stocks trading.

Will have to wait for the typhoon to blow over.

This post has been edited by AVFAN: Nov 13 2016, 05:38 PM

SPY (100% tied to S&P500) is the largest ETF in the world, listed in many other stock exchanges besides NYSE.

what u see in SGX now is the price traded in singapore and other open exchanges.

it is what is commonly called "futures":
http://www.investing.com/indices/indices-futures

currently, the futures are all up, but who knows what happens when NYSE opens tonight?

u can buy/sell in any exchange but u cannot buy in one exchange and sell in the other.

sorry, but i have no experience with any foreign broker except IB.

larger, more reputable brokers tend to pose less problems with funds in/out, i would think.

min 10k at all times.

if below, u will be asked to top up, failing which account will be closed.

IB, for this part of the world:

.. admin is done from Hong Kong.
.. funds transfer is with New York bank.

excellent point - newbies may not know this.

for local brokers handling FX, if u hv too few shares, reits or stocks, the fixed charges in processing can kill the dividend, become negative, a net charge to pay!

foreign brokers will not have that but tend to have monthly running charges and/or min deposits.

impt to understand the pros and cons of local vs foreign, fixed vs variable charges.

the choice is not always obvious - a matter of type of trades, frequency of trades and size of trades.

This post has been edited by AVFAN: Nov 18 2016, 01:38 PM

rm10k is too small, too costly for trading foreign stocks, using local or foreign brokers.

save up >usd10k first.

investing is not saving or fd, more so for foreign with Fx risks.
Not a matter of how many times u top up.
A matter of cost efficiency, i.e.bottomline.

There are other considerations... Real time data, late nights, approval by brokers n local banks for money transfer.

Frankly, if u hv not traded at bursa, best not to get to foreign. Very easy to lose it all.

Hold mid or long term, local brokers ok. Very bad for trading.

Trading, must use foreign brokers to make sense.

Of course, can use foreigj brokers formlong term too.

sure!

if u just want to buy and hold, don't bother with foreign brokers.

just sign up and buy thru local bank/brokers.

u may pay a bit more in brokerage but is only occasionally.

but u save all the hassle of registering, qualifying, TT, future money transfer back, etc.

BUT... as describe above, be sure u buy enough for one div stock or etf - becos every div processing will carry a min charge. so, if too little, u end up paying for the dividend!

boy... u have waded into this "open accounts in sg to do fx and foreign stocks".

search... there are several threads on this, heavily discussed.

U know what i mean...

U may not hv traded in bursa but u must hv traded as a "local" in sg or oz.

The poor guy.... only starting, jumping right into fx and foreign stocks... man.... can get killed easily.

And u hv others asking him to go to sg, do exotic stuff.

As one who has been thru losses, i understand the temptation to think one is so smart.




Not for u, for all., pls....

One's hard earned savings is blood sweat n tears.... may never make it back, will suffer.

Pls do not make it like eating nasi lemak or burgers.


Sorry for being grumpy... if u hv not seen the devil, u will not cry, so they say.

It takes a lot of work, time, patience and experience to make some profit from the desk.

If it is so easy, there will be no farmers or salespeople or politicians... all humans stocks n fx trading n do nothing else!