Depends on what you buy and how many shares you buy. It's 0.007 per share or USD1.5 if you are using whitelabels.
If you are using IB it's 0.0035 per share or mijimum USD0.35

Call their RM up and Tell them they want to transfer X amount , drop by office to sign the documents.

rich people just do bank wire... banker will set it up for them...

@Ramjade and @dwRK nice to know there is such option for the rich. i thought IBKR cater smaller investor

Btw off topic....after wacthing this https://www.theedgemarkets.com/content/news...ing-era-najib-0

I realised we should invest more overseas.....i have zero hope for our future recently

i have just visited IBKR HK website.....I notice their maximum per order is 1% brokerage for both tiered & fixed brokerage pricing......but our local broker brokerage is 0.40% does that means if big single order means local broker is much cheaper? (60% cheaper)

High net worth individuals won't even want to save by going through fintech.
Pretty sure they can just TT few millions using private banking as long disclose to BNM.

Actually HNWI couldn't be bothered about the extra charges. It's basically loose change to them.

normally no.

the max 1% calc is typically for penny stocks. ibkr charges per share/etf basis for US stocks..so if you bought 1mil units of crap...you won't be overpaying...ibkr put a max 1% limit how much you will pay...

ibkr calc both and charge the lowest

so maybe yes if you buy much penny stocks...

This post has been edited by dwRK: Jun 9 2020, 09:10 AM

IBKR
if i buy usd20,000 worth or 5,714,285 shares of usd0.0035 stocks my commission is usd0.35
if i buy usd20,000 worth or 10,000 shares of usd2.00 stocks my commission is also the same usd0.35

LOCAL BANK
if i buy usd20,000 worth or 5,714,285 shares of usd0.0035 stocks my commission is usd80.00
if i buy usd20,000 worth or 10,000 shares of usd2.00 stocks my commission is same usd80.00

if this is the case i think IBKR win's very big compare to what our super expensive local bank charges. if my calculation is correct, (correct me if i'm wrong)

BTW this calculation is TIERED basis (not FIXED)

This post has been edited by livina2011: Jun 9 2020, 09:11 AM

your ibkr calc is wrong...but conclusion is correct

I edited my earlier reply...pls check

This post has been edited by dwRK: Jun 9 2020, 09:22 AM

which part is wrong? IBKR $2.00 or $0.0035 stocks?

This post has been edited by livina2011: Jun 9 2020, 10:48 AM

after looking at their example i find the calculations is very complicated for both rate. But looks like FIXED commission is cheaper than TIERED (based on their sample).......am I correct??

IBKR calculate by number of stocks, not the value. So long story short, if you're buying penny stocks, better use local bank (with the condition you're buying at optimum value, i.e. USD6,250). If buying large cap stocks like AAPL, AMZN, use IBKR.

Say stock is USD0.1 per stock.
IBKR: 100,000 units = USD350 (Edit: Max charge 1% x 10,000 = USD100)
Local bank: 0.4% = USD40

Say stock is USD10 per stock.
IBKR: 1,000 units = USD3.5
Local bank: 0.4% = USD40


Edit: Note for future readers, for IBKR there is a 1% max cap, edited to reflect the correct info. Thanks for pointing out @dwRK

This post has been edited by Raymond_ACCA: Jun 9 2020, 05:10 PM

buy 1 mil stock, 1 cent each, so total value $10000

calc 1, 1000000 x $0.0035/share = $3500
calc 2, $10000 x 1% max = $100

you pay lowest of the two, so $100

local broker, $10000 x 0.4% = $40

hey bro thanks alot for clearing everything up......i failed my LCCI many years ago......i guess i'm not a qualified accountant......thanks again......finally

from your illustration, for penny stocks trader the cost seems EXTREMELY high......no wonder local doesn't allow penny stocks at all (not much profit for the bank i guess)

one downside is the risk........your money won't be in malaysia......if anything happen your money it will be in US jurisdictions.....inheritance problem, or if the US SEC deem you are terrorist, involve in money laundering, etc.....and block you from repatriating your money back to malaysia then many problem ahead (what i'm trying to say is it will be up to US SEC not BNM or SIDC) or cross border risk

This is the only risk i can think by using non local broker (so far)

This post has been edited by livina2011: Jun 9 2020, 11:36 AM

you beat me... lol

ibkr looks at both for US market... for most other markets they look at value only

ps: and so your penny stock fee is wrong

This post has been edited by dwRK: Jun 9 2020, 11:38 AM

so you mean @Raymond_ACCA below calculations is wrong?? should be correct i think 100,000 x $0.0035 mah....no??

"Say stock is USD0.1 per stock.
IBKR: 100,000 units = USD350"

This post has been edited by livina2011: Jun 9 2020, 12:12 PM

he forgot about the max 1% calc

see my example

This post has been edited by dwRK: Jun 9 2020, 03:23 PM

so you are saying for 1,000,000 unit of $0.01 the commission is usd$100 instead of $3,500? (i get what you mean the max is 1% of value or whichever is lower)

Based on usd10,000 value and 1,000 unit quantity
By quantity comm. is usd35.00
By value comm. is $100.00

IBKR will take the lowest which in this case is usd35.00

Hope I'm correct

lol....

you need to punch in 1000 units x $0.0035 again...

try to test me issit....

i need to lower the quantity to make my point.....lol

so my assumption is correct or wrong??

This post has been edited by livina2011: Jun 9 2020, 03:51 PM