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Online stock brokers in Singapore

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GSM8
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Online stock brokers in Singapore

Post by GSM8 » Tue, 12 Nov 2019 8:40 pm

Looking for experiences/suggestions/pros-cons for online stock brokers who will open trading accounts for US citizens living in Singapore, who do not have a US mailing address

Charles Schwab used to but now they are shutting shop and closing existing accounts. One alternative seems to be TD Ameritrade but their fees are relatively high ($10.95/trade) and only deal in US stocks. Saxo Markets and Interactive Brokers seem to open accounts for people living in Singapore and deal in US stocks as well as some other exchanges, but do not take on "US person" clients (as well as not citizens of North Korea, Sudan, Cuba, Iran, Syria).

Appreciate any experiences/suggestions/pros-cons for online stock brokers who will open trading accounts for US citizens living in Singapore. Thanks!

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PNGMK
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Re: Online stock brokers in Singapore

Post by PNGMK » Wed, 13 Nov 2019 11:35 am

Have you tried Vickers and the other local brokerages?
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

GSM8
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Re: Online stock brokers in Singapore

Post by GSM8 » Thu, 14 Nov 2019 10:22 pm

Thanks PNGMK. I'll check the local brokerages also. Not expecting they will though, because when I moved here 6 years ago, DBS, POSB, Stanchart refused to open even a bank account (teething uncertainly with FATCA probably) and only Citibank and OCBC did. I'll update this thread if things have changed.

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PNGMK
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Re: Online stock brokers in Singapore

Post by PNGMK » Fri, 15 Nov 2019 9:17 am

Ok I've an US friend here who day trades. I've reached out to her to see what platform she is on. It's a real shame you can't use SaXO as they have just adjusted prices downwards for VIP and premium customers.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

GSM8
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Re: Online stock brokers in Singapore

Post by GSM8 » Sat, 16 Nov 2019 12:06 am

PNGMK wrote:
Fri, 15 Nov 2019 9:17 am
Ok I've an US friend here who day trades. I've reached out to her to see what platform she is on.
Thanks PNGMK. Much appreciated.

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maneo
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Re: Online stock brokers in Singapore

Post by maneo » Sat, 16 Nov 2019 2:49 pm

GSM8 wrote:
Tue, 12 Nov 2019 8:40 pm
Looking for experiences/suggestions/pros-cons for online stock brokers who will open trading accounts for US citizens living in Singapore, who do not have a US mailing address

Charles Schwab used to but now they are shutting shop and closing existing accounts. One alternative seems to be TD Ameritrade but their fees are relatively high ($10.95/trade) and only deal in US stocks. Saxo Markets and Interactive Brokers seem to open accounts for people living in Singapore and deal in US stocks as well as some other exchanges, but do not take on "US person" clients (as well as not citizens of North Korea, Sudan, Cuba, Iran, Syria).

Appreciate any experiences/suggestions/pros-cons for online stock brokers who will open trading accounts for US citizens living in Singapore. Thanks!
Have you considered using a friend's address in the US to open your account?
No need to receive mail there -- just opt for electronic notifications & e-statements.

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Re: Online stock brokers in Singapore

Post by GSM8 » Mon, 18 Nov 2019 9:53 am

It might be a last resort if other options don't work. Strictly speaking its not legal and one needs the US address to maintain the account, not just open it
Last edited by GSM8 on Mon, 18 Nov 2019 10:03 am, edited 1 time in total.

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Re: Online stock brokers in Singapore

Post by GSM8 » Mon, 18 Nov 2019 9:55 am

maneo wrote:
Sat, 16 Nov 2019 2:49 pm
Have you considered using a friend's address in the US to open your account?
No need to receive mail there -- just opt for electronic notifications & e-statements.
It might be a last resort if other options don't work. Strictly speaking its not legal and one needs the US address to maintain the account, not just open it

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Re: Online stock brokers in Singapore

Post by maneo » Sat, 04 Jan 2020 1:05 pm

GSM8 wrote:
Mon, 18 Nov 2019 9:55 am
maneo wrote:
Sat, 16 Nov 2019 2:49 pm
Have you considered using a friend's address in the US to open your account?
No need to receive mail there -- just opt for electronic notifications & e-statements.
It might be a last resort if other options don't work. Strictly speaking its not legal and one needs the US address to maintain the account, not just open it
Am not sure what you are referring to as "maintenance."
I had an OptionsXpress account, which became a Schwab account for well over 10 years.
Just need to have a good friend that doesn't move around.

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PNGMK
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Re: Online stock brokers in Singapore

Post by PNGMK » Mon, 06 Jan 2020 10:38 am

My friend doesn't seem to have a problem. She uses a US address.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

GSM8
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Re: Online stock brokers in Singapore

Post by GSM8 » Wed, 01 Apr 2020 9:40 pm

Further to the conversation in this thread, 2 brokers that allow US citizens living in Singapore to open trading accounts are: TD Ameritrade (more user friendly interface but higher commissions); and Tastyworks (a bit complex to use,targeted at options traders, but lower commissions)

Both are registered with MAS and accept a Singapore address (as opposed to a few other brokers mentioned earlier in this thread which require a US address and strictly speaking don't support individual investors in Singapore)

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PNGMK
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Re: Online stock brokers in Singapore

Post by PNGMK » Thu, 02 Apr 2020 10:22 am

Thanks
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

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Re: Online stock brokers in Singapore

Post by Skibidi » Sat, 04 Nov 2023 9:48 pm

Try Maybank. One of the lowest fee around.

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malcontent
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Re: Online stock brokers in Singapore

Post by malcontent » Sat, 04 Nov 2023 11:46 pm

Skibidi wrote:
Sat, 04 Nov 2023 9:48 pm
Try Maybank. One of the lowest fee around.
It well established that Interactive Brokers offers the lowest fees here, and they are open to anyone, local, expat, US or non. The only other ones worth noting is FSM with some of the lowest “local” brokerage fees. Standard Chartered has the next lowest “non-local” brokerage fees.

But it depends what you are trying to do. Trading with SRS funds? Not all brokers handle that, Maybank is among the more competitive in that space. However, Maybank is not expat friendly in my experience. Malaysians might be an exception. For SRS trades, I use UOBKH, despite the slightly higher fees, the savings isn’t worth the bother - but then again, I just S27 and chill because I’m a US person who needs a RIC and not a PFIC.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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