Which broker in Singapore is good for buying US stock?
I would suggest use, IBKR. They are very cheap & effective. The other broker I had suggest is Ameritrade, but they are expensive than IBKR, however you can get live data feed in their charting software. ToS is very good charting software. However IBKR saves you good amount of money in brokerages.
What ever you do, please avoid saxo. I know Evan has a partnership with them and several other local finance bloggers recommend them but they are ripping off people with astronomical fees. Investment moats recently posted a blog post detailing the high currency conversion charges, it ranges from 0.45% to 0.75% for every currency conversion depending on the membership level and for all products except for FX options. On top of that, you still have custody fee, GST and some other ancillary fees.
It is just daylight robbery with those fees
You can see the full post here : https://investmentmoats.com/money/saxo-markets-high-currency-conversion-fee/
Another great thing about IBKR is the access to global markets whereas the Singapore TD Ameritrade only has access to just the US market. One thing about IBKR which maybe a downside for some poeple is that IBKR charges a monthly inactivity fee of USD10 if your AUM is under USD100000 but the monthly inactivity fee can be offset by the trading fees. If you’re 25 and below, IBKR is almost a no brainier because the inactivity fee of USD10 is reduced to just USD3 until you are past the age limit. Overall, if you are able to trade several hundred dollars or more at least just once a month until you hit the USD100000 AUM treshold, it is totally worth to go with IBKR.
Last thing, please be aware that there’s 30% dividend withholding tax on US listed equities and up to 40% US estate tax will be levied on the rest of the assets above the $60,000 exemption if a non-US investor pass away while still holding on to the US domiciled assets.
For me, for US stocks, I use StandChart. But I should certainly check out IBKR.
I use Saxo for SGX stocks which works for me
There is a recent post from Seedly about this:
Check this out!