I have been using ThinkOrSwim.com as a discount broker on and off for the past 3 years. It enables me to option trade or trade in US stocks at a much cheaper price compare to Singapore brokers.
The commission I pay is around USD 5 per trade with the same downsides such as estate taxes and withholding taxes on dividends.
Recently Ameritrade acquired ThinkOrSwim but services have not suffered. It is to my surprise today that I received this mail:
Now this is somewhat of bittersweet to a Singapore investor because:
- Normally under Singapore regulation these US brokerage will not offer the cheap commission that we grew accustom to when we use them in US. Bad
- There are more restrictions to what we can trade. Bad
- You probably get to transfer much easier compare to if its based in US. Good.
- ThinkOrSwim iPad and Windows is probably ONE OF THE BEST trading clients out there. As a geek it is a dream because they just keep building and improving it. Good.
I am really interested to know how this will affect the commissions. Currently I am using this in conjunction with Saxo Trader. Saxo Trader have a high commission of USD 19 per trade. Much higher than ThinkOrSwim but still much lower than Singapore Brokers.