No, the transaction cost is different.

Cimbclicks's RM 8.88 does give the lowest transaction cost provided you understand the logic of their system. The transaction cost is per order you entered. For example, if you enter two orders (even at the same price), it is counted as two contracts and the RM 8.88 is applied twice. This feature also results another disadvantage in the calculation of stamp duty. If your contract value exceed 200K, the stamp duty is maximum RM 200. But, since you enter the order twice, the stamp duty is calculated twice. This feature is strange. I have other online brokers and they sum up the total transactions per day as one contract - regardless how many orders I entered and what prices I entered. For example, if you purchase Digi at 24.40 twice,

Contract value = (Price x Qty) + 8.88 Commission + Clearing fees (0.3% xprice x qty) + Stamp duty (price x qty/1000, up to max RM 200)
Order 1, 10,000 shares, contract value = 10,000x24.40 + 8.88 + 73.20 + 200 = 244,282.08
Order 2, 8,000 shares, contract value = 8,000x24.40 + 8.88 + 58.56 + 195 = 195,462.44
Total = 439,744.52

If you are using other online brokers, the contract is calculated as

Contract value = 18,000 x 24.40 + 0.1% Commission + Clearing fees RM 131.76 + Stamp duty RM 200
= 439970.96

So, if you buy in bulk, Cimbclicks will help to save the commission charge. Take the above as example, the saving is RM 226.44 despite the system's feature that takes each order as individual contract.

However, Cimbclicks has three major issues:

- The confusions between who to do what. CIMB investment bank and CIMB bank are two different enttites. You need to go here and there before everything is settled.
- The withdrawal of fund from the Cimbclick to the current account requires 2 working days.
- The credit limit - this is a big issue if you are a big time trader.

This post has been edited by ongss: Nov 19 2010, 10:58 AM