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 Local Brokerage Account for global trading

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TSthisisavatar P
post Jan 22 2021, 05:11 PM, updated 5y ago

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Does anyone have suggestions on local brokerage for a global trading account to buy shares from China, US, and Singapore? icon_question.gif
TSthisisavatar P
post Jan 23 2021, 08:07 PM

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QUOTE(Happy360 @ Jan 22 2021, 10:04 PM)
Use fsm one, tiger broker in sg for sg, hk and us share.

Do not incur forex loss as this was transact using each countries forex.  Rate is better.
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I am from Malaysia. sweat.gif
TSthisisavatar P
post Jan 23 2021, 08:40 PM

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QUOTE(maxmahen87 @ Jan 23 2021, 04:50 PM)
Local Brokerage will be expensive in terms of fees, commissions - better go for international brokers - I personally use Interactive Brokers to trade US stocks.
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But I will be an inactive investor, interactive broker may not be suitable for me?
TSthisisavatar P
post Jan 23 2021, 08:49 PM

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QUOTE(Happy360 @ Jan 23 2021, 08:23 PM)
Me too, I am malaysia...but I do trading via sg...

Bank ACC in sg and transact via broker there.
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for fsmone, how much do they charge for foreign share? what SG bank account r u using?
TSthisisavatar P
post Jan 24 2021, 10:18 PM

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QUOTE(Takudan @ Jan 23 2021, 08:59 PM)
Indeed IBKR's 10usd/month is too much for long term investors like you and me, hence Ramjade sifu's suggestion to use TradeStation. You basically get an IBKR account via TradeStation, then you use IBKR platform and all, with the only difference being the commission fee is about 1.5usd/trade compared to IBKR's cents.

The painful part with overseas account is the initial setup and wiring the money I guess. You need to look for the cheapest route all the route to maximise your investment. Summary:
1) SG bank account (some of our Malaysian banks offer easy account opening services online as long as you have CIMB MY, like CIMB SG). You will use this as your "entrance" to overseas.
2) Money transfer account e.g. TransferWise / Instarem / BigPay / ... You will survey each of their TNC* everytime you want to do transfer. By TNC: fee, rate, maximum transfer amount
3) TSG account (you will be redirected to IBKR page because indeed, you will be opening an IBKR account but under TSG)
4) Decent capital to start with. There's a fixed fee incurred every transfer, so imagine transferring RM100 (-RM8 fee), vs. RM10000 (-RM8 fee).

Example route to your overseas account:
CIMB MY -> TransferWise (RM to SGD) -> CIMB SG -> Local transfer to SG bank (details provided when you trigger a transfer in IBKR) -> SGD in IBKR -> buy USD in IBKR -> buy US stock IBKR, pay 1.5usd commission (TSG rate)
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Thank you for your detailed information
TSthisisavatar P
post Jan 24 2021, 10:18 PM

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QUOTE(Happy360 @ Jan 23 2021, 09:13 PM)
Fsm, based on country, u need to refer to their website...their forex conversion is quite competitive.
Fsm also great with sgx trade @ 0.1% brokerage fees.

Sometime I use transfer wise direct to my broker..
Sg bank acc, I hv maybank and cimb sg.  Great service.
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