- Transfer Mutual Funds From One Broker To Another
- Making The Switch: New Impetus For Turning A Mutual Fund Into An Exchange Traded Fund
- Mutual Fund Redemption: Procedure For Mutual Fund Redemption
- How To Transfer Funds To A Self Directed Ira: Step By Step Guide
- How To Transfer Shares From One Demat Account To Another
Transfer Mutual Funds From One Broker To Another – TD Ameritrade’s global online brokerage was popular among Singaporean investors, especially those who were introduced to it through various investment coaches or trading course providers. However, investors got a shock last week when TD Ameritrade announced that its brokerage platform – Thinkorswim – will no longer serve retail investors in Singapore. If you are among those affected, here is what you can do.
TD Ameritrade Singapore has stated that you will need to either (i) continue to be an Authorized Investor with them, or (ii) take steps to close or transfer your account by the following deadlines:
Transfer Mutual Funds From One Broker To Another
First, even if you meet the MAS criteria and qualify as an Accredited Investor (AI), you will need to self-register with TD Ameritrade if you wish to continue using the TOS system. The good news is, your financial assets in different banks can be combined to achieve a higher net worth.
Making The Switch: New Impetus For Turning A Mutual Fund Into An Exchange Traded Fund
Are you registering as an accredited investor with TD Ameritrade? That’s a different matter entirely, as you’ll have to weigh the benefits and consequences to decide if it makes sense for you. Most importantly, as an Authorized Investor customer, you will no longer be subject to certain Singapore customer protection laws.
For those who do not qualify or do not wish to register as an AI, you will now need to transfer your property and switch to another agent.
For cash, you can simply request a wire transfer to withdraw money to your bank account.
Note that there is a US$75 fee for ACAT transfers from TD Ameritrade Singapore to other brokers, but the good news is that TD Ameritrade is waiving any transfer or electronic fees you incur this year.
Mutual Fund Redemption: Procedure For Mutual Fund Redemption
For all account transfers and/or electronic withdrawals. In other words, you have to do everything at the same time.
For non-ACAT transfer applications e.g. DTC or DRS, the process has longer processing time and excludes non-securities i.e. cash, options and fractional shares. During that period, you will not be able to trade some of your securities positions either, so to simplify things, go for (i) ACAT transfer, or (ii) liquidation and start fresh with another broker.
Which broker to choose depends a lot on the features and support you prioritize, or get value for. For example, if you insist on having all your Singapore stocks in your CDP account (like me), then you may prefer to pay more for a local bank brokerage or choose FSMOne or POEMS to handle your local investments. Perhaps you are an experienced investor who trades in the US, Australian and London markets, where you may already be on Interactive Brokers, POEMS or Saxo. Some people value investing only in brokerages that have a local presence (ie with local (Singaporean) employees and organize local events), so they prefer Moomoo SG or FSMOne.
When you started investing is also important, because the brokerage options available to you then would be different. Many of the big investors who started in the early 2000s may still have their banking brokerage (eg DBS Vickers, OCBC Securities or Standard Chartered) or would be on FSMOne, which was Singapore’s first discount-only brokerage at the time.
Mutual Funds 101: Benefits, Costs, Types & Features [for Newbies]
As a new investor, you may be tempted to look for the cheapest brokerage in Singapore. However, as someone who has been watching the scene change over the past decade, let me tell you why that’s not good: because brokerages have changed their fees over time.
If you choose your brokerage based solely on the cheapest fees, you could be setting yourself up for disappointment in the future when your broker adjusts their fees.
However, you should still compare so that you can clearly know the pros and cons of each brokerage – that will help you make a more informed decision about which account to open. My friend Kelvin helped work on a comparison chart across all low-cost brokerages in Singapore, which you can also watch in full on his Youtube channel here (support him with a like, or tip him here!)
I have drawn closer the factors that I recommend to consider, which may be different factors and the Pros and Cons of each brokerage:
Buy Mutual Funds Online, Track Mf Portfolio, Invest In Nfo
Again, which brokerage is best for you is a personal decision that you can only make because what you value may be different from mine. I only invest and trade in US, SG and HK markets, so features like access to Malaysian stocks (Saxo, ProsperUs) make no difference to me.
For example, these are the brokerage commission fees I would have to pay if I bought 40 shares of GOOG at each of the different brokers.
You can also read the reviews I’ve done here (in alphabetical order) to decide which one is best for you:
If you are starting today or looking for a new account to start over, here is my personal verdict on how I would rank the various cheap online brokerage platforms:
How To Transfer Funds To A Self Directed Ira: Step By Step Guide
I’ve written extensively about Moomoo SG’s offerings over the years, including the attractiveness of their money market funds for passive cash and how I use their software to analyze companies on the go. After the saga with Robinhood and the SEC over their controversial Order Flow Fee (PFOF), I questioned whether our zero commission brokers here are using the same practice, and was relieved when Moomoo SG said no here.
Thanks to the various events and investment conferences that Moomoo SG has held in Singapore, I have also gotten to know their team better and had the opportunity to ask them about their plans and commitment to the Singapore market, as well as how secure they are. it’s like discounted online brokerage.
Today, Moomoo SG has grown into one of Singapore’s best brokerage options and expanded into one of the most impressive brokerage apps I have on my phone.
Whether you are a retail investor affected by Thinkorswim’s closure, or are just thinking of switching to a recognized brokerage like Moomoo for your long-term needs, you can now take advantage of the ongoing Moomoo SG promotion and get up to S$1,000 in rewards when you transfer assets your eligibility from another agency.
Can I Transfer Stocks Between Brokerages?
If you are transferring from TD Ameritrade, you can also refer to this page for specific instructions on how to perform an ACATS/DTC transfer of your assets to Moomoo SG.
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Pros And Cons Of Dematerializing Mutual Fund Units
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