Tuesday, April 29, 2014

SCB Online Equities Trading Shortfalls

Hi all,

As much as I like SCB for being the only bank / broker in Singapore to offer no minimum commissions on trades (as opposed to about $20-$35 with the other local brokers), I do find that they have some shortfalls.

1) Currency conversion is a rip-off, with around 1% conversion cost to buy, and again to sell
2) Preference shares cannot be traded
3) Retail bonds / SGS bonds cannot be traded as well (okay, not really their fault, this is fixed income after all)

It would be have been great if they could have also included preference shares as an offering, I think it would really mix things up.

Lastly, I am waiting for their response regarding the treatment of USD dividends from dual-currency ETFs. Hopefully they even know how to answer me!

All this considered, no minimum commission is a godsend. I've made 2 trades on SCB already, and I've paid less than $5 in commission while being able to say that I am a proud owner of some equities! Definitely the broker to go to if you are starting out small and only planning to trade on the SGX with just SGD!

2 comments:

  1. Thanks for post wonderful post on Trading Shortfalls ! I am beginner and was looking some good post on trading and got here. Many thanks to you!
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    ReplyDelete

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