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Trading US Stocks from MY, Trading Platform and Fund Transfer Fees
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TSmaxmahen87
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Jul 24 2020, 12:27 AM, updated 6y ago
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New Member
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Hi All.
So, i'll be returning home from US after 8 years working here. I have been actively trading stocks for the last 5 years and would like to continue to do so in Malaysia.
What will be the recommended platform to trade US stocks? I will slowly get into KLSE
Should I keep my funds in US bank or is it possible to trade from MY banks?
There are so many info out there regarding fees and exchange rate and I know I have to pay one or the other what would be the least in terms of fees?
Looking forward to your feedbacks.
Thanks and Best Regards, Max
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powerlinkers
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Jul 24 2020, 12:40 AM
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Keep your US banking accounts if you are not obliged to pay US taxes.
Open Interactive Brokers account and Transferwise accounts.
If you are dealing with funds of more than 1 million US dollars, open a savings account with Maybank Singapore(requires first time physical presence at a local Singapore branch).
Local banks do offer trading US shares and securities: unfortunately: they have a slow system(FOR US market), high fees, slow settlement, high margin requirement, no margin financing, high exchange fees (USD to ringgit and vice versa), inability to trade outside of regular trading hours.
Certain Malaysian local banks do not even offer night trading desks to solve technical issues and most financial issues cannot be resolved until Malaysian local trading hours commences(even if night trading desk is offered).
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