withdraw - IBKR (convert SGD) -> IBKR(SGD) -> SG CIMB FastSaver(SGD) -> MY CIMB (MYR)To find out more
- this one rates not bad.
- alternative can use transferwise to bring money back. Usually my money is one way. I never bring any money back. No point lose money converting back to RM.

This post has been edited by Ramjade: Oct 30 2019, 09:19 PM

Malaysia banks i.e CIMB/MBB can buy US/HK/IND/THAI/SG stocks minimum brokerage is USD25 or 0.30%.(correction should be 0.40%) It is high if you use to scalp or day trade. No TT fees, No monthly charges or minimum trade requirement but price quotation is not live (it's delayed). You just buy USD to trade only 1 time conversion until you withdraw in ringgit. The downside is there is 0.5% spread not at spot. I think give and take charges should be neglible depending on your trading volume and strategy. What do you think? IBKR better or local bank better? How does Malaysian fund IBKR besides using your FAST method and TT?

This post has been edited by livina2011: Oct 31 2019, 12:56 AM

still too expensive! USD25 per trade vs USD 1.50. Especially if you want to average down your price over time.

but I suppose if you only trade once per year, then M'sian banks would save you the trouble.

USD1.50 per trade at any amount? if let say i buy USD100K one order still USD1.50??

does IBKR combine same day order and charge USD1.50 or treat as seperate order?? i.e USD1.50 x 5 order same day??

CIMB don't combine same day order so USD25 x 5 order = USD125 brokerage (ouch!)

if you trade USD6,500 on every order brokerage at 0.40% is still ok qua....i think (if below maybe not worth it)

This post has been edited by livina2011: Oct 31 2019, 10:28 PM

Wow. That is bloody expensive. When you exchange RM to your foreign currency. Check again of your broker allow in house conversion or must be deposited first.

If require deposit then check and see the final amount is next how much fees.

Last I checked most Malaysian brokers charged quarterly platform fees and dividend fees.
Still not good. 0.5% vs spot rate. You haven't factor in hidden charges by your broker. The exchange you see is already hiked up behind your back.

I will never use local brokers for foreign stocks.
IBKR wins. If you use the pure version is even cheaper at few cents per transaction.

That's the only way. TT Or go via SG route. Another way is fly to US, open a US bank account and fund it directly. Do a local transfer form US bank account into IBKR. Of course airticket and time not worth it for me when they are giving me spot rate and charge me only USD2.00/ conversion.

Depends you are using tradestation global or interactive broker.
Here is tradestation price.


I haven't try combining but should be possible as they are pretty advanced. If you somehow can get your hands on IBKR Lite, transaction is free of charge.

US Stocks, ETFs, ETPs and Warrants
USD 0.007 per Share
Minimum Per Order
USD 1.5

@Ramjade does that means if i buy 5,000 shares of $2.00 stocks my brokerage/commission will be $35.00?? if thats the case the rate is more or less 0.35% of value. Which i think is not much difference compare to CIMB rate 0.40%

When you exchange RM to your foreign currency. Check again of your broker allow in house conversion or must be deposited first.

If require deposit then check and see the final amount is next how much fees.

@Ramjade they have their daily buy/sell rate (not at spot). Yes they allow in house conversion but your USD will sit in your account until you trade and no interest given for USD balances. No other fee only that 0.50% spread when exchange to MYR.

Best you drop tradestation global/interactive broker a email. I don't even know how to answer your question. Scared give you wrong answer.

@Ramjade thanks will drop them an email.

alexkos

if EUR can, USD should work. This is for Tradestation global, ie IBKR UK?

so far i tested Tradestation global (GBP), and Captrader (EUR)

both using Instarem no prob

I'm using tradestation global now and trying to initiate a bank wire. What do you put under the Sending Institution? Instarem?

yes Instarem. try contact them for more precise wording.

after some investigations i find that trading stocks with local banks is much easier in terms of funding and other charges, your money in different jurisdiction and even commission is so much cheaper

example :
if you buy stock A 10,000 shares at $1.00 your commission in our local bank is 0.40% which equals to $10,000 × 0.40% = $40.00

but if you buy from IBKR the same as above it will cost you 10,000 shares x 0.005 cents (which is lowest commission offered by IBKR) = $50.00

however if you buy expensive stocks (which is smaller number of shares) i.e google at $1,200++ pershare, facebook at $190++ per share) with smaller number of shares then IBKR could be way cheaper. if stocks is around $1.00 range i think there won't be so much difference at all.

But bare in mind your money will be in US jurisdiction. if there's any bank run or government confiscation occurs (just an assumption) you may need to get a local lawyer to deal with US lawyer on these complicated fund repatriation problem. (which i'm not familiar with)

and also not taking account other charges which you may incur at IBKR i.e funding & withdrawal charges, maintenance and minimum requirement charges, etc....could be more idk

most importantly is your money will be in different jurisdiction and may have implication if you passed away suddenly (inheritance issue)

just look at recent 1MDB $1B of jlow funds. we need to get them from the US and it's very complicated and not easy as well.

also maybe if you are small trader or scalper i.e buying stocks in small quantity like $1,000 worth per order at one time and a few times a day then local bank may not be suitable at all because they will calculate order individually i.e buying $1,000 of stocks in 5 seperate order your commission will be hefty $25 × 5 = $125 for a $5,000 worth of stocks.

I hope anyone with personal experience can explain how would IBKR be better?? and mind you IBKR LITE which is commission free are only available to US citizen

I don't know where you get 0.005.
Commission is 0.0035
https://www.interactivebrokers.com/en/index...=1590&p=stocks2
10000 X 0.0035 = USD35.00

Also as you go higher. IB still cheaper.
Eg.
100,000 x 0.0035 = USD350.
100,000 x 0.004 = USD400

Don't think just because you are in Malaysia you are safe. US have very long arm. Just last year 2-3 maybank Kim eng account were ordered to be suspended on US orders. So in this case your money is not even safe even if you are not in US. Also keep in mind US stocks

What funding charges? If fund using local currency is free. Like our IBFT. One free withdrawal in a month. After that USD25/withdrawal. Converting will be done at real time forex rates at commision of only USD2.00 How much does your broker hike up the exchange rate behind your back? You can compare with xe.com and see how much you lose out. Interactive broker price will be cheaper than XE. Already checked myself before converting.

Check again. Email them for confirmation. Last time I check Malaysian brokers want to charge me quarterly platform fees, fees for my dividends for overseas stocks.

I don't know where you get 0.005.
Commission is 0.0035
https://www.interactivebrokers.com/en/index...=1590&p=stocks2
10000 X 0.0035 = USD35.00
Answer : i found it here : https://www.interactivebrokers.com/en/index...=1590&p=stocks1


What funding charges? If fund using local currency is free. Like our IBFT. One free withdrawal in a month. After that USD25/withdrawal.
Answer : i meant local bank TT charges to IBKR (quite abit if i recall correctly)

Converting will be done at real time forex rates at commision of only USD2.00 How much does your broker hike up the exchange rate behind your back? You can compare with xe.com and see how much you lose out. Interactive broker price will be cheaper than XE. Already checked myself before converting.
Answer : yes there is exchange loss i.e a 0.50% spread. No withdarwal fee. No monthly fee.

Don't think just because you are in Malaysia you are safe. US have very long arm. Just last year 2-3 maybank Kim eng account were ordered to be suspended on US orders. So in this case your money is not even safe even if you are not in US. Also keep in mind US stocks
Check again. Email them for confirmation.
Answer : you are right abt USA. But at least you're CIMB'S customer and they have their legal department to assist you. if you deal with IB you're on your own.

Last time I check Malaysian brokers want to charge me quarterly platform fees, fees for my dividends for overseas stocks.
Answer : yes dividend handling charges is quite high

There are 2 pricing structure available for IBKR's customers to choose from - Tiered and Fixed. For retail investors, Tiered is cheaper most of the time. There are exceptions, so do double check though - for markets like SGX and lower amounts Fixed is cheaper.

Members of FINRA (which IBKR LLC is) are regulated in a pretty air tight manner - in an unfortunate event of a FINRA broker collapses, either:
i. another broker takes over and it's business as usual for you (e.g. Bear Stearns takeover by JP Morgan back in 2008)
ii. or SIPC is invoked to liquidate your securities and you get market value back + FDIC is invoked and you get deposited cash back

Things kick in automatically for whichever outcome

Update: Apparently tiered for SGX is cheaper now compared to a year back

This post has been edited by roarus: Nov 2 2019, 07:03 PM

saw a post here that said maybank only allow funding over the counter cos BNM blocked IB is that true at this point of time?

There's been occasional reports here and there. If it turned up to be true not surprised.
Cause interactive broker is involve in forex. You can get spot rates from them. Since Malaysian govt is not happy if their citizen deal in forex trading, so make sense to block.

is there a reason that you never try USD?