Changing my brokerage account

When opening a brokerage account, there are 2 options: custodian accounts or CDP accounts. For  stocks held in your CDP account, you legally own a share of the company. Hence, you would be invited to attend AGMs, and you will receive other forms of shareholder communication. As for custodian accounts, your brokerage firm will be the ones notifying you regarding any corporate actions.

If you have no interests in attending the company’s AGMs, custodian accounts are more likely to appeal to you. Custodian accounts typically charge a lower commission rate as compared to CDP accounts. Personally, I started off with a DBS Vickers Cash Upfront Account as DBS Vickers allowed me to open an account even though I was under 21 years old. However, I recently opened an account with Saxo Trading as it offered lower commision rates and easier access to equities from all over the world. The difference in commision rates is starker for US stocks as compared to SG stocks.

Commission for US stocks

Saxo commission
Source: https://www.home.saxo/en-sg/rates-and-conditions/equities-and-etfs/commissions

VS

DBS Vicker commission
Source: http://www.dbs.com.sg/en/pricing/fee-schedules/singapore-accounts

Commission for SG stocks

Saxo commission
Source: https://www.home.saxo/en-sg/rates-and-conditions/equities-and-etfs/commissions

VS

DBS commission
Source: http://www.dbs.com.sg/en/pricing/fee-schedules/singapore-accounts

In order to further entice new customers to open trading accounts with Saxo, it currently offers a referral bonus of $150 for the refered customer. However, there are a few terms and conditions that have to be fulfilled such as a minimum deposit of 3000 SGD and the execution of 3 margin trades (Forex and CFD). The process to opening a new Saxo account is fuss-free and relatively easy. Do approach me at nicholas_tanzs@hotmail if you are interested in seeking my help to refer you for a new Saxo trading account! Since I will receive $350 as a referral bonus as well, I am willing to share an additional $100 if you need me as a referer.

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