US stocks online brokerage or local?

[Lala81]

Anyone here using those non-SG based online brokerage for US stocks? Any positive or negative experience?

 

Eg. E*trade?

https://global.etrade.com/glp/sg/en/home

 

Or just using normal POEMS/DBSvickers/OCBC etc?

 

[Yattokame]

I always use US based online brokers. Much cheaper than the local middlemen. Been trading US market since my uni days around 1999 onwards.

 

I have used datek, ameritrade, etrade but now using Thinkorswim as they give me preferential rates. Etrade and TOS have local offices now so it makes things easier. Used to talk to US based ang mo and HK based offices.

 

Wiring money to and fro easy also; 1-2 days done. For this I open a USD acct to hold the cash and exchange out whenever rates are in my favour. Just make sure you fill up the W8BEN form properly. You can even bring your documents to TOS office at millenia and ask them to help you - thats why I prefer those with local offices.

 

The support given by TOS is wonderful so far - even have realtime chat helpline, which have really helped with my queries on the spot a couple of times.

 

Btw, look for a fren with an existing acct with them, let him be the introducer and he gets some perks when u fund your acct.

Edited August 15, 2013 by Yattokame

[Duckduck]

I always use US based online brokers. Much cheaper than the local middlemen. Been trading US market since my uni days around 1999 onwards.

 

I have used datek, ameritrade, etrade but now using Thinkorswim as they give me preferential rates. Etrade and TOS have local offices now so it makes things easier. Used to talk to US based ang mo and HK based offices.

 

Wiring money to and fro easy also; 1-2 days done. For this I open a USD acct to hold the cash and exchange out whenever rates are in my favour. Just make sure you fill up the W8BEN form properly. You can even bring your documents to TOS office at millenia and ask them to help you - thats why I prefer those with local offices.

 

The support given by TOS is wonderful so far - even have realtime chat helpline, which have really helped with my queries on the spot a couple of times.

 

i presume u never used MF global then? lol

[Yattokame]

i presume u never used MF global then? lol

 

Never lor heng ah hahaha....

Actually a couple of these US brokerages do not accept sgreans alien accts - I was told its because we're a hotbed for money laundering. I rem scottrade offered very good rates but sgreans cannot open an acct / there is no singaporean option in the choice.

[Duckduck]

Never lor heng ah hahaha....

Actually a couple of these US brokerages do not accept sgreans alien accts - I was told its because we're a hotbed for money laundering. I rem scottrade offered very good rates but sgreans cannot open an acct / there is no singaporean option in the choice.

 

i just opened a multi ccy acct at dbs n they gave me a info sheet abt $ laundering lol. NOW then they concerned ah? So much dirty $ already here lor

 

i use saxo n ig at d mo. Just long short indexes n ccys sometimes n to chart stocks lor

[Yattokame]

i just opened a multi ccy acct at dbs n they gave me a info sheet abt $ laundering lol. NOW then they concerned ah? So much dirty $ already here lor

 

i use saxo n ig at d mo. Just long short indexes n ccys sometimes n to chart stocks lor

 

actually it's a long time ago since US side is concerned - only lately then local banks start to look at it.

 

I'm not sure about saxo, but the TOS platform is really darn good to use. Very powerful. Sometimes I just look for youtube videos about technical trading and almost all of them use TOS platform to demonstrate.

[Lala81]

thanks. Looking thru the TOSsingapore website. Their FAQ at least more enlightening than e*trade which has basically no information other than commission rates.

 

Noob to this. If too troublesome, may just go via local brokerage. since i am not really trading. So need to open a USD account with a local bank?

[Yattokame]

thanks. Looking thru the TOSsingapore website. Their FAQ at least more enlightening than e*trade which has basically no information other than commission rates.

 

Noob to this. If too troublesome, may just go via local brokerage. since i am not really trading. So need to open a USD account with a local bank?

 

No need for usd acct.

 

Seriously, local brokerage damn expensive. They middleman mah.

[Duckduck]

actually it's a long time ago since US side is concerned - only lately then local banks start to look at it.

 

I'm not sure about saxo, but the TOS platform is really darn good to use. Very powerful. Sometimes I just look for youtube videos about technical trading and almost all of them use TOS platform to demonstrate.

 

every chartist have individual pref. as long got standard drawing tools n can get data as far back as possible can liao fo me.

[Duckduck]

thanks. Looking thru the TOSsingapore website. Their FAQ at least more enlightening than e*trade which has basically no information other than commission rates.

 

Noob to this. If too troublesome, may just go via local brokerage. since i am not really trading. So need to open a USD account with a local bank?

 

foreign broker just have to know got counterparty risks, if u can tahan, then its better coz local brokers platforms dam backwards lah but if good enuff for cash long only

[Felipe]

I always use US based online brokers. Much cheaper than the local middlemen. Been trading US market since my uni days around 1999 onwards.

 

I have used datek, ameritrade, etrade but now using Thinkorswim as they give me preferential rates. Etrade and TOS have local offices now so it makes things easier. Used to talk to US based ang mo and HK based offices.

 

Wiring money to and fro easy also; 1-2 days done. For this I open a USD acct to hold the cash and exchange out whenever rates are in my favour. Just make sure you fill up the W8BEN form properly. You can even bring your documents to TOS office at millenia and ask them to help you - thats why I prefer those with local offices.

 

The support given by TOS is wonderful so far - even have realtime chat helpline, which have really helped with my queries on the spot a couple of times.

 

Btw, look for a fren with an existing acct with them, let him be the introducer and he gets some perks when u fund your acct.

how do u wire money? let's say from DBS? can do online or must go down branch? so u open USD account through local bank too?

 

my TOS approved but haven't fund yet.

 

i use local brokerage so far. advantage is no need fund account but charges more ex. and also some restrictions for certain stocks. If wana go local, i suggest limtan. No stock restriction like UOB.

[Yattokame]

how do u wire money? let's say from DBS? can do online or must go down branch? so u open USD account through local bank too?

 

my TOS approved but haven't fund yet.

 

i use local brokerage so far. advantage is no need fund account but charges more ex. and also some restrictions for certain stocks. If wana go local, i suggest limtan. No stock restriction like UOB.

 

I usually just ask my RM (UOB) to wire.....or u can just go to the bank to sign some forms. I'm not sure about DBS though but there are wire instructions on the TOS website for you to follow. :) it tells you what details to fill into the TT form at the bank. :)

Edited August 15, 2013 by Yattokame

[Lala81]

I usually just ask my RM (UOB) to wire.....or u can just go to the bank to sign some forms. I'm not sure about DBS though but there are wire instructions on the TOS website for you to follow. :) it tells you what details to fill into the TT form at the bank. :)

 

Wow ok, quite inconvenient for me then. TT wire.

[Yattokame]

Wow ok, quite inconvenient for me then. TT wire.

 

Think u can do it online.

[Felipe]

Wow ok, quite inconvenient for me then. TT wire.

yea tats the key difference, convenience. im using TOS now cos im looking at options which our local ones don't do.

 

my suggestion is if yr just trading US stocks on a not too frequent basis, just stick to local ones. sell already also giro to your account. For TOS, u need to fill up online form to withdraw funds. and withdrawal is $20. so it's about the same as local.

[Icedbs]

I always use US based online brokers. Much cheaper than the local middlemen. Been trading US market since my uni days around 1999 onwards.

 

I have used datek, ameritrade, etrade but now using Thinkorswim as they give me preferential rates. Etrade and TOS have local offices now so it makes things easier. Used to talk to US based ang mo and HK based offices.

 

Wiring money to and fro easy also; 1-2 days done. For this I open a USD acct to hold the cash and exchange out whenever rates are in my favour. Just make sure you fill up the W8BEN form properly. You can even bring your documents to TOS office at millenia and ask them to help you - thats why I prefer those with local offices.

 

The support given by TOS is wonderful so far - even have realtime chat helpline, which have really helped with my queries on the spot a couple of times.

 

Btw, look for a fren with an existing acct with them, let him be the introducer and he gets some perks when u fund your acct.

 

Good for you, but I will never use any non-SG online broker for my US trades, despite lower commissions. 3 reasons

 

1) Hassle in sending payments. Cheques, TT, all take time to send and receive. Not to mention the extra remittance charges involved. For SG brokers, I can just use internet bank transfer or EPS

 

2) You need to park $$$ into your account first before you can trade. For SG online brokers, I can trade first, then pay them within 1 week. I do not have to park any $$$ into my brokerage account.

 

3) Because of (2) which requires you to park $$$ into the account first, what happen if suddenly that brokerage go bust? They are not regulated by MAS (unlike SG based brokers) and you will be left to fend on your own.

 

If I must go for a non-SG online broker, I will go for those with offices in Singapore. For example, optionsXpress. At least any problem, can go to their office to clear it up.

Edited August 15, 2013 by Icedbs

[Duckduck]

If I must go for a non-SG online broker, I will go for those with offices in Singapore. For example, optionsXpress. At least any problem, can go to their office to clear it up.

 

MFGlobal also had an SG office:

 

 

Edited August 15, 2013 by Duckduck

[Yattokame]

bo bian leh nowadays I trade US options. Local brokerages don't offer, IIRC. EVen if they do, I believe it's very expensive.

 

anyway the money in my trading acct is spare cash so I'm not concerned with liquidity. Withdrew it less than 5 times in the last 15 years.