US stocks online brokerage or local?

[Chrispie]

definitely US brokers.

 

I used Interactive brokers before, but since switched to Infinitybrokerage (i only trade futures). Depending on your trading vol, the comm can be very low.

[BoneStock]

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?

 

Yes, using interactive brokers

[Felipe]

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.

Wat if got millions? Then better withdraw!

 

Agree. No local ones do US options so lppl. Anyone know have? I don't mind slightly higher comm.

 

Btw, what happen to MF global?

[JustGoodTrades]

I have 2 US brokers, TOS (ThinkOrSwim) and IB (Interactive Brokers).

 

For TOS, I like their charting software so just fund a minimum of USD$3.5K to get the data

For IB, their rates are very very good. But software not so good. Minimum funding is USD$10K.

[Yattokame]

Wat if got millions? Then better withdraw!

 

Agree. No local ones do US options so lppl. Anyone know have? I don't mind slightly higher comm.

 

Btw, what happen to MF global?

 

errr..... cannot leh higher comm quite jialat for me.... my comm for options is about a few k a month even with the preferential rate.

 

What's IB rate like ah? If below US$1 per option contract I jump over.

 

actually TOS dont need to put minimum. just download and use can already.

[1fast1]

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.

 

Agree with this. When I tried things out with Interactive Brokers long ago, it was a very big hassle to bring money back - I needed to enlist the help of my Treasures personal manager etc. to shepherd me through the process.

 

Now, if I were to dabble in US equity options again, I'll probably go with OptionsXpress, because they have an office here. For normal US stocks, I just stick to my DBS Vickers account, since I haven't funded the OptionsXpress a/c. Too bad about the commissions.

Edited August 15, 2013 by Turboflat4

[1fast1]

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?

 

From my experience (which is more than 5 years old, so YMMV), E*trade, Scottrade and TD Ameritrade all made it difficult to open an a/c or just outright declined me because I was from Singapore. Something about the Patriot Act. Not sure if things have changed since.

 

Interactive Brokers made it easy to open an a/c but bringing back money was a big hassle, as per my previous post. Can't recall the exact details now, but I remember being very disgruntled about the whole thing.

[Peqasus]

Option express is good. But then again i never used any other brokerage so i cant conpare. Been using them.

Edited August 15, 2013 by Peqasus

[1fast1]

Option express is good. Been using them. Jus a note if u r new to option trading. Its highly leveraged.I use option to amplify the gains on stocks I hv bought. I never use it to enter into a stock.

 

Well, naked shorting a put is the most aggressive way to enter a long position on a stock. If the stock dips a little, you end up being assigned to buy the stock (but your purchase at the strike price is offset by the put premiums you've already made) - it's OK if you've already decided to buy the stock because it's a "keeper". If the stock rises, you've made money from the premiums and can just play the game again with a put of a higher strike price - if you think it's still a 'buy' at that price, that is.

Edited August 15, 2013 by Turboflat4

[Yattokame]

Hmmmmm apparently i have zero issues pulling money back with TOS leh. Super easy.

Fill up an online form, click submit, next day money in my UOB acct liao.

[Lala81]

thanks for all the experiences shared.

now i know a lot of people here have relationship managers at the banks hah

 

ok, since i'm those type who will just stick to conventional stock buying. will just go thru' POEMS for now.

 

[Duckduck]

thanks for all the experiences shared.

now i know a lot of people here have relationship managers at the banks hah

 

ok, since i'm those type who will just stick to conventional stock buying. will just go thru' POEMS for now.

 

tat is prob d best way to invest. trading is not investing altho many like to see it that way.

[Peqasus]

While its good to take in more advice but really, it's a journey. Dun stop learning and exploring. Option xpress works for me for a few reasons

1. Ability to trade options but not all stocks can trade in options

2. Relatively cheap per trade charges

3. Paper trade acct for testing some personal observation. It has saved me $$$ countless times on top of helping me track my own basket for certain industry

4. Ease of depo/withdrawal

 

If it helps, do read the comments following the article

http://help-your-money.blogspot.sg/2011/01...stocks.html?m=1

Edited August 15, 2013 by Peqasus

[Felipe]

Optionsxpress depo must TT?

[1fast1]

Optionsxpress depo must TT?

 

Don't take my word for it, since I haven't funded this a/c, but I think you can write them a crossed cheque and bring it to their office (in Chinatown, IIRC).

 

Ease of funding was never the issue, though. It's how easy it is to get back the money into your main bank a/c. With Vickers, it's as easy as leaving a phone instruction to GIRO the funds in. No fees whatsoever. But with other brokers (including OptionsXpress, I think), it isn't so easy. Pegasus should be able to advise you better as to how he brought his money back.

Edited August 15, 2013 by Turboflat4

[Yattokame]

tat is prob d best way to invest. trading is not investing altho many like to see it that way.

 

bingo :)

[Peqasus]

Just login to your accounts and withdraw. A cheque will be sent to your designated bank. Just ensuring your banking info is in order. No charges for withdrawal. But u will suffer a one time currency conversion la.

[1fast1]

Just login to your accounts and withdraw. A cheque will be sent to your designated bank. Just ensuring your banking info is in order. No charges for withdrawal. But u will suffer a one time currency conversion la.

 

That sounds good, thanks for clarifying.