Singaporean Brokerages – A Comparison

By Paul on February 22nd, 2009

: Image by Getty Images via Daylife

In my last post, 7 points of consideration was given to pick the best brokerage for your own needs.

There are several brokerages that are very popular in Singapore today. Here’s my review on some of them with links to their website.

DBSVickers
Their DBS Clarity feature gives great news for stocks though navigation needs time to get used to. They even have forex trading on their platform, allowing traders to trade even after the market closes. This was the first brokerage I signed up an account with but did not use it after a while.
Lim&Tan
My star pick! I trade mostly with LimTan because they have an excellent rewards system that is affiliated to NTUC as well. Not only that, they have a customizable trading page which you can configure and a mobile platform for trading on the move. Not only that, there’s a great referral scheme. If you do want to sign up, comment below so I can let you know more of my details to put into the referral form. You need a referral form to enjoy additional benefits as well.
UOBKayHian
UOB KayHian is one of the stalwarts on the local scene. I have an account with them as a friend is a broker there. The good thing is that they can offer lower charges for trading and a longer settlement period. This depends on your relationship with the broker (and how much you trade).
KimEng
Phillips POEMS
I have always wanted to open an account with them because of good reviews and their strong presence. I believe they are one of the first few who launched the online trading platform, hence incurring lower charges and greater trading ability.
SaxoBank
I have an account with them before they broke into the Singapore marketing for stock trading. They are more famous for their forex support. Their trading platform is superior to most as well as they allow features like stop loss triggering. It’s amazing that they hold classes to teach others how to use their platform.
Citibank
A foreign bank and a new kid on the block. It’s a kid’s guess to figure that they support trading on the US market.

Do comment below if you have opinions on any of the brokerages above. Let me know if there are others worth mentioning that i have missed as well!

5 Responses to “Singaporean Brokerages – A Comparison”

SGDividends
27 February 2009 at 6:01 pm | Permalink

Hey,

Was looking through Saxobank…dont think they allow one to trade in Singapore equities right?

Seems like its more on CFDs and forex…

Can confirm?

Thanks
SGDividends

SGDividends’s last blog post..Financial Instituitions are Your Friends – Some ramblings about Structured Warrants
SGDividends
27 February 2009 at 6:20 pm | Permalink

Hi Paul,

Ok found out that they do allow Singapore Equities trading….

Can’t find any info on how we can pay for our trades through this platform…

Can we pay via credit card?

SGDividends

SGDividends’s last blog post..Financial Instituitions are Your Friends – Some ramblings about Structured Warrants
Paul
28 February 2009 at 11:44 am | Permalink

hi!

The Saxo account I opened in the past was really an exploration into Forex itself. Basically, to trade, you have to fund your account with at least $5,000. That was sometime back but I think it works the same for stocks as well. Settlements above $5,000, you would have to top up.

I really like their platform but it needs a bit of getting used to because of the complexity of it. And it is really geared towards traders. For me, i prefer to buy and hold for a slightly longer time frame than going in and out of the market every few days. Simply do not have the time (as well as the skills) to do so. I suspect it’s the same for you?

But if you are keen, go ahead and apply for a trial account and download their platform. No harm tinkering about right?

Did a little surfing for you too and found some FAQ that might be pertinent. Commission charges at 0.18%. I’m not too sure whether it is only one tier. If it is, it sure beats Singapore brokerages charges of 0.28% for at least a $50,000 trade.

http://www.saxomarkets.com.sg/Singapore/PaymentInstructions.aspx
SGDividends
28 February 2009 at 11:58 pm | Permalink

Thanks Paul..

Just for your information…DBSVickers is coming up with a $18 min trade instead of min $25..But the catch is that it is cash upfront…meaning you have to have the money to pay for the shares instead of the usual T+3 payment..

If you have a DBS Internet Account…notice a DBSV trading link on the left…

Thanks for the information…nope it doesnt allow credit card payments.. it seem =(

SGDividends

SGDividends’s last blog post..Financial Instituitions are Your Friends – Some ramblings about Structured Warrants
Paul
6 March 2009 at 11:33 pm | Permalink

Dang cool there! I never knew of that min trade thing for Vickers.

Cash upfront is ok for investors. I did a calculation before when i was playing around with trading -> $10,000 region just makes it to $25 (the minimum trade) in terms of commission for the usual T+3 if you use the percentage. With the $18 trade, it makes sense to trade at least $7k of stocks instead of $10k now. If you get wat i mean.

hmmm.. sounds like a good thing if contra is not used.