QUOTE(whycanot323 @ Apr 23 2021, 04:52 PM)
Thanks Sifu-Sifu for reply my enquiry.
Okay, i accept the fact to have the custodian account now.
refer to your explanations i decided to :
Interactive Broker is dropped due to i also cannot pay usd10/month.
FSMone is dropped due to lousy at HK & US stocks.
MooMoo/Futu is dropped also , after made some readings at article, tiger has lower overall fee and have more features than it. (found an article comparing MooMoo VS Tiger)
My trading plan on overseas is for long term, plan to buy stock or top up only, might place for 2-5 years only sell. charging for inactivity cannot be accepted.
i now seeing Tiger and Trade Station Global suits my requirements as per your inputs....
so now my new question is....
1) sum up all handling fees comparison between the two , which will cheaper? lets says (less than rm10k per transaction)
2) who cover more trading things? more feature macam can buy options/futures/index (although i havent explore... now only know company stock)
3) who more user friendly?
4) top up money into account/ withdraw money from account? who faster? within day or more?
5) since you having so many accounts at differ platform: if you plan to buy lets say ABC company stocks at US this week, which platform will u use to buy it?sorry so many questions, because i only plan to open 1 of the many and futures all transactions will keep under the one acc/platform.... easier for clumsy me to manage...
I can't comment much on other platforms since I don't use them. Others will offer a better perspective.
I will share my experience on Tradestation Global. I was introduced to this by Ramjade (and others in the IBKR thread). I have been using TSG for more than a year now.
I only invest in SG shares at the moment. So for me the SG commissions and charges matter more, for your case, you may want to take a more holistic view if you want to get exposure in many markets. There is also the possibility of using different brokerages for different markets, I think Ram is using FSM SG for SG counters and TSG for US counters, last time I heard.
In terms of commissions comparison,
TSG:
https://www.tradestation-international.com/...ng-commissions/Moomoo:
https://support.futusg.com/en-us/topic118Tiger Brokers:
https://www.tigerbrokers.com.sg/commissions/fees/stocks_etf1. A few things to note about commissions:
The brokerage business is under intense competition especially in Singapore. New entrants like Moomoo and Tiger Brokers are undercutting existing players' market share (TSG, IBKR, POEMS, Saxo Bank etc.). Hence many will waive minimum commissions and charge low brokerage fees for now. You want to be careful as once they have enough market share they may raise the fees again.
This happened in HK's virtual bank space last year. When I opened Mox Bank account last year, virtually (no pun intended) all virtual banks in HK offer very high deposit rates of 1-2% p.a. to attract customer (for Mox, it's 1% p.a.), then after the customer base stabilized around end of 2020, the deposit rate was cut to 0.65% p.a. this year. Other virtual banks did the same too. So, be careful of this.
These days, firms are not just good at innovating technology, their business/marketing strategy has improved much more than that.
Beware of "platform fees" and charges such as custodian fees, dividend handling charges etc (if applicable). And also, when they claim to "waive" fees temporarily, always assume that that fee will be incurred in
future transactions. Free things won't last forever, (there is no such thing as free in this world), and you will top-up your investment some time later, not just invest today and watch your portfolio grow. Minimum fees are always needed to keep the brokerage firms survive to sustain costs. Don't be too naive to think that free AAPL shares will last forever. You want a brokerage firms that serve you well
for years to come, assuming that you are a long-term investor.
Of course commission is one thing, user experience is important too. If you find moomoo and Tiger good and easy to use, by all means go ahead. I don't discriminate cheap platforms, but be wary of their business strategy.
2. As for which platform cover more stuffs, IBKR/TSG covered many of them. Since you mainly focus on shares, you should be fine with either of the platforms. However things are different for derivative products.
IBKR/TSG offer the widest coverage so far. Moomoo only offers stocks/ETFs in US, SG and, HK, no derivative products are available for trading. Tiger brokers don't offer options for SGX.
3. Many users complained about the IBKR/TSG interface.
It is known to be the least user-friendly as it is geared towards professional settings (used by fund managers, traders etc.). Moomoo, Tiger and TD Ameritrade are retail investor-focused, hence their platform are much simpler for a beginner to understand. For those who use TSG, they will use IBKR's Trader Workstation software instead as TSG's platform is a bit complicated to use. For daily investment needs, IBKR's Trader Workstation software is more than enough. You just need to know a few functions and do some charting if you are interested. You don't have to use all of the software function.
4. For TSG/IBKR, deposit 11 p.m. yesterday, next morning before SG market open at 9 a.m., money already in. It usually appears within one hour to two after the fund is transferred out of your bank account. For first time transfer, expect some more time for verification, maybe an additional hour. For withdrawals, my experience is it's as fast as depositing the money. Take note that IBKR/TSG allow 1 free withdrawal per month only. Subsequent withdrawals will incur charges. Moomoo/Tiger don't have that yet, for now.
5. Not qualified to comment on this since I only have one foreign brokerage account.
Other things to note:
Customer service is also important. My experience with TSG/IBKR has been a pleasant one, although the secure messaging system locked me out of communication with IBKR when their messaging system is down, I managed to keep in touch with TSG throughout those days. TSG has quite a helpful team of customer service reps. And they response within one working day (my experience).
Hope that helps. Others feel free to correct me if I am wrong in any of the info above.
Fair disclosure: I am not a shareholder of Tencent, Futu, Tiger Brokers, IBKR or TSG and have no direct vested business interest with the companies. This post has been edited by TOS: Apr 24 2021, 09:46 AM