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Reviewing all my Stock Brokers - Tiger, MooMoo, Interactive Brokers, SCB, DBS Vickers - YouTube
Channel: Chris @HoneyMoneySG
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are you trying to start your investment journey聽
but you have not started because you don't聽聽
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know which broker to choose from then聽
you have to watch this video because聽聽
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i will review all the stock brokers聽
that i have used previously and share聽聽
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my own personal experience to review聽
the pros and cons about each broker聽聽
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so that you can consider and consolidate聽
it for you so that you don't have to
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what's up guys is christopher from honey money聽
sg and in this channel we are all about building聽聽
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financial knowledge teach money saving hacks and聽
also help you lead a fulfilling quality of life so聽聽
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today let's go through all the brokers that i have聽
used before namely dbs weakest scb online trading聽聽
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interactive brokers tiger brokers and moomoo聽
brokers so i will compare all the brokers that聽聽
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i've used using three factors number one brokerage聽
rates are the commission's cheap and affordable聽聽
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and is it value for money for the value of service聽
that they provide number two the way they handle聽聽
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corporate actions so corporate actions like rights聽
issues preferential offers are they good enough to聽聽
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handle them and number three is the mobile app聽
user experience now as you all know we have all聽聽
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been trading using our mobile phones most of the聽
time because most of us are away from our laptops聽聽
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and computers so the user friendliness and the聽
user experience is very important on the mobile聽聽
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app i am not going to compare on the signup聽
processors because most of them have almost聽聽
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the same signup processors nowadays where you聽
can sign up for broker online and then it will聽聽
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be live by a few working days and i'm not going聽
to talk about the desktop softwares because most聽聽
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of us don't trade on our computers right now so聽
i'll exclude any desktop software that comes with聽聽
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the brokers number one let's start with my first聽
broker dbs weakest so dbs weakest is an online聽聽
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brokerage designed by the dbs bank of singapore聽
and it was the first broker that i signed up for聽聽
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because of the familiarity with dbs bank so here聽
is the brokerage rates for sgx the brokerage rate聽聽
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is at 0.12 with a minimum commission of 10 now聽
this is for the cash upfront trading so that means聽聽
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you need to have the cash available for trading聽
unlike other cdp brokers where you can prepare聽聽
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the cash three working days after you have placed聽
the trade so the good thing about bbs because cash聽聽
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up front trading is that the sjx stocks will all聽
go into the central depository also known as a cdp聽聽
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account the opposite of cdp will be a custodian聽
account where the bank will have a separate arm聽聽
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and trustee to deal with the shareholdings in聽
another account so for your cdp stock holdings聽聽
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you can all do your corporate actions via the atm聽
or the internet banking it also means that you can聽聽
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sell off your shares from any other brokers which聽
is supporting cdp trading also you get your first聽聽
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hand experience where you can attend your agm's聽
and class of vote for the shareholders meeting聽聽
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not only that if you use dbs because to invest聽
or trade you will also qualify for the investment聽聽
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category under the dbs multiplier account which聽
can help you earn higher interest rates also聽聽
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the dbs cash upfront trading can be linked to your聽
existing dbs banking account so you don't have to聽聽
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transfer funds from your banking account to your聽
trading account it will just be a direct link and聽聽
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a direct debit from the bank account now so far聽
the dbs because sounds really good right cheap聽聽
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brokerage and good service but the thing about the聽
mobile app of dbs weakest is that it's really pain聽聽
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in the butt to use the mobile app it has a poor聽
and old design lacks most of the time and it's聽聽
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not user friendly the design is also like what聽
we see in the 1990s with no improvement in the聽聽
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user interface i remember there was a time where聽
i tried to place a trade but because of the design聽聽
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being it so user unfriendly i actually missed the聽
trade by a few minutes and resulted in greater聽聽
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losses so a good mobile training app is more聽
important than you think especially in the essence聽聽
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of time also for the cash upfront trading although聽
the buyer has a mean commission of ten dollars聽聽
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the sale will have a mean commission of 25 dollars聽
so you will need another broker to actually cast聽聽
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out your sell trades such as fsm1 where you can聽
sell out your cdp shareholdings for as low as 10聽聽
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otherwise if you sell through the dbs weakest聽
app you will still be charged a minimum of 25聽聽
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and the last thing not so good about dbs聽
speakers is that it does not have a live聽聽
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prices at least for free so most of the prices聽
that you see on the app are mainly delayed and as聽聽
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of now i'm not using my dbs speakers app anymore聽
the second broker that i use is the standard聽聽
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chartered online trading now for brokerage聽
fees the standard chartered online trading聽聽
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actually charges 0.2 percent with a minimum聽
commission of 10 this is for the non-priority聽聽
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customers of the standard charter bank but if聽
you are a priority customer you can get to enjoy聽聽
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as low as 0.18 and no minimum commission similar聽
to dbs in order to enjoy such low rates you need聽聽
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to have cash funded at the online equity trading聽
account of scb and they have a relatively good for聽聽
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nila mobile trading app so it does all the simple聽
things that you need if you want to place a buy聽聽
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trade or sell trade you can all do it via the ad聽
also one more good thing about standard charter聽聽
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online trading is that the investments that you聽
hold under your standard chartered custody account聽聽
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will be qualified as assets under management聽
should you want to go for priority banking so聽聽
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the criteria for priority banking is to have 200聽
000 singapore dollars of assets under management聽聽
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and stock holdings under standard chartered can聽
be considered as eligible assets now the not so聽聽
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good thing about standard charter online trading聽
is that it is ultimately a custodian broker so聽聽
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what does the custodian broker mean for custodian聽
brokers the shares are held in trust of the bank聽聽
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or the nominee even though the clients are聽
the beneficial owners of this assets so in the聽聽
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unlikely event that the bank becomes insolvent聽
such securities held on trust are not subject聽聽
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to the claims of the bank's creditors so this聽
is because the securities are held on trust by聽聽
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the bank or its nominees as custodian and are kept聽
separate from the bank assets so you don't have to聽聽
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worry too much about custodian broker in singapore聽
or afraid of a bank run so unlike a cdp broker聽聽
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your corporate actions are all handled by standard聽
chartered bank which means you have a smaller time聽聽
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frame to make a decision for example rights issue聽
so i have done many rights issue through standard聽聽
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charter bank the process is the bank will send you聽
a letter and then you have to call their hotline聽聽
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and tell them what are the actions that you want聽
to take whether you want to subscribe to your聽聽
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entitled units whether you want to apply for ss聽
units and they have a relatively shorter timeline聽聽
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than cdp brokers and let's say if you're overseas聽
and unable to make the call because you're busy聽聽
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or you're out of reach you'll just miss your聽
opportunity to apply for access rights so that's聽聽
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quite dangerous but of course corporate actions聽
are free under standard chartered custodian bank聽聽
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so you save a little bit of corporate action fees聽
and another bad thing about standard charter bank聽聽
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is you need to actually transfer the cash from聽
your bank account to the trading account to聽聽
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actually fund your trade orders unlike dbs bank聽
where you can link directly to the bank account聽聽
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you actually have to do the manual transfer to it聽
so this takes up some time for example last time聽聽
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i have to transfer my main funds from dbs bank to聽
a standard charter bank account and then transfer聽聽
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the cash from my standard charter bank account to聽
my standard charter online trading account imagine聽聽
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the time and process it takes there are also no聽
free live prices on the standard chartered mobile聽聽
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trading app so you cannot monitor the live prices聽
but all you know i believe standard charter online聽聽
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trading app has helped me many times along the聽
years and i'm quite pleased with their service but聽聽
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until i use the next broker then i discover that聽
i don't have to use standard chartered trading聽聽
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app anymore which brings me to my third broker聽
interactive brokers interactive brokers have been聽聽
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relatively popular especially since 2020 because聽
of their cheap brokerage rates and how cheap are聽聽
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we talking about that would be 35 cents for us聽
trades 1.99 for london stock exchange trades聽聽
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and 250 singapore dollars for sgx trades now聽
that is if you are under the tiered commission聽聽
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program which i strongly recommend rather聽
than the fixed commission program so if you聽聽
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have interactive brokers highly recommend you to聽
switch to the tiered commission program and they聽聽
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have a relatively good mobile training app that聽
does most of the things that you need it to do聽聽
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for corporate actions such as rights issue聽
and preferential offer they can be done on聽聽
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the internet side of interactive brokers but聽
i haven't talked about the most attractive聽聽
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benefits of using interactive brokers that聽
is the sport fx conversion rate interactive聽聽
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brokers hands down have the best exchange rates聽
if you want to convert to foreign currency聽聽
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or foreign currency to local currency you can聽
see that interactive brokers actually offer聽聽
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as close as the google spot fx rate so that means聽
you incur very low foreign currency transaction聽聽
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fees when you're exchanging currency from usd聽
to sgd or sgd to usd not only that they also聽聽
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have a very affordable margin rate that means if聽
you do not have the cash to fund that investment聽聽
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indirectly brokers can lend you money at a rate of聽
1.6 percent now that's for ibkr us but if you're聽聽
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on ibkrsg that will be 2.6 percent of margin rate聽
which is still relatively attractive especially if聽聽
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you compare with other brokers which charging 4 to聽
5 per annum also most recently interactive brokers聽聽
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have actually removed the 10 monthly inactivity聽
fee so in the past they used to charge 10聽聽
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if your assets under management in interactive聽
brokers is less than 100k usd every month but now聽聽
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they don't charge these fees anymore that means聽
that you can essentially trade even if you have聽聽
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a portfolio below 100k usd and you will enjoy聽
that very attractive commission rates of course聽聽
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there's a bad thing about interactive brokers is聽
there is a learning curve in order to use the app聽聽
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and the internet side because there's too聽
many options to choose from especially聽聽
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when you compare to the more recent brokers such聽
as tiger brokers and mobile brokers interactive聽聽
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brokers is a step higher but all in all once聽
you have get used to the platform i believe聽聽
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it's relatively easy to navigate also there is聽
only one free cash withdrawal every month so for聽聽
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a subsequent withdrawal you will be charged a fee聽
and for interactive brokers there is also no free聽聽
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life prices as well so you cannot monitor the life聽
price of the stock at that time but interactive聽聽
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brokers is still my most used broker right now聽
because of the attractive rates that they offer聽聽
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and also the good fx conversion so if you want to聽
apply for interactive brokers i have a referral聽聽
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link down below i'll put it in the description as聽
well as the comments okay next up let's talk about聽聽
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tiger brokers most of you actually know about聽
tiger brokers when they offer the free apple share聽聽
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this year right in fact i started using tiger聽
brokers since 2020 when they just launched聽聽
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in singapore at that point in time last year聽
no other brokers actually offered free live聽聽
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prices and tiger is one of the first mobile broker聽
that actually does that so the brokerage fee of聽聽
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tiger is as follows they are charging 0.005 per聽
share or minimum 1.99 usd for u.s stocks and 0.08聽聽
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with no minimum commission for sgx stocks it聽
was the first mobile broker in 2020 to offer聽聽
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live prices for free and also come with affordable聽
brokerage rates not only that the user experience聽聽
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on the mobile trading app is insanely good聽
it's fast provides lots of information聽聽
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and company data and also relatively easy to use聽
for beginners that's why most of them jumped on聽聽
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tiger brokers last year when they launched and聽
this year is even more attractive to sign up for聽聽
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tiger brokers because they are offering one free聽
apple stock as well as some other stock vouchers聽聽
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but the bad thing about tiger brokers is that聽
for rights is used especially for singapore聽聽
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reads you are unable to apply for access you聽
can only apply up to the entitled units also聽聽
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it is slightly more expensive than interactive聽
brokers for us trades using 1.99 versus 35 cents聽聽
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in interactive brokers and tiger brokers does not聽
provide live data feed for cryptocurrency so if聽聽
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you want to trade the price of cryptocurrency聽
you can't find it in tiger brokers but i still聽聽
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use tiger brokers now daily for my live prices i聽
like to see what i stopped doing and you can use聽聽
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my reference to sign up for tiger brokers below聽
link in the description and the comments get聽聽
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your free apple stock right now okay and then the聽
last one i want to talk about is mobile brokers聽聽
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the newest kit in town most of you looking at聽
this video may already have a moomoo brokers聽聽
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account but let's talk about the brokerage rates聽
so moomoo is charging 0.054 dollars per share or聽聽
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minimum 1.99 usd for u.s stocks and 0.06 percent聽
or 2.49 or sgx stocks moomoo brokers is the most聽聽
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well-rounded brokerage that i can see offering聽
live prices they have fly prices for stocks聽聽
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etfs and even cryptocurrency so you can track your聽
cryptocurrency price there therium bitcoin cardano聽聽
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dolce coin everything and similar to tiger they聽
have a very good user experience for the mobile聽聽
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app you can see that everything is very organized聽
and you can have a lot of data coming from the app聽聽
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and they were the first brokerage in singapore聽
that offers so attractive gifts such as a free聽聽
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apple stock and then tiger follow it after but of聽
course moomoo brokers is also a bit more expensive聽聽
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than interactive brokers for us trades 1.99 versus聽
35 cents i think that's not a close fight but the聽聽
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good thing about moomoo is you can also get your聽
free apple stock so what's stopping you to sign up聽聽
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go and use my referral link and get your free聽
apple stock from there alright so summing up聽聽
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what is my most preferred broker to use my own聽
personal pick will be indirectly brokers because聽聽
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of the good commission rates the good fx rates聽
and a relatively good mobile app to do your trades聽聽
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from for tiger brokers and mobile brokers they are聽
good for signing up gifts as you can get your free聽聽
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apple stock from them and you can even do both of聽
them so you got two apple stocks so if you don't聽聽
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have any of the mobile trading apps that i listed聽
above go and sign up i leave all my referral links聽聽
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down there it is free you just need to fulfill a聽
few terms and conditions deposit money and they聽聽
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are legit i can vouch for that because i put my聽
own money where my mouth is as always so really聽聽
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if you have enjoyed this sharing that i have from聽
my own personal experience do give a like at the聽聽
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bottom of the video below and consider subscribing聽
to my channel for more investing related content聽聽
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my name is christopher this is honey money sg聽
steering young adults to financial independence
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