Which Brokerage to sign up for – Interactive Brokers, Saxo Capital Markets Comparison

Disclosure: Some of the links below are affiliate links, meaning, at no additional cost to you, I will earn a commission if you click through to make a purchase.

US Market Stocks Interactive Brokers (affiliate link)



Saxo Capital Markets (Classic Account)




Commission




0.5% (min $1)




0.01 USD/ Share (min. 3.99 USD)
Minimum commission 2.50 USD



15 USD




Minimum Holding Fee




Monthly minimum fee of $10 for accounts between $2000 and $100, 000
0
Platforms



Desktop – Trader Workstation
Mobile App (2FA)Webtrader Platform




SaxoTraderGO
SaxoTraderPRO
User Support



Hotlines dedicated to various regions, chat bot, FAQ
Personal experience: it is hard to get customer support, send emails, received no replies request for callback, received callback after 2 days
Tried chat-bot, answers provided were weak and not so relevant.
*Update: Hotline works but it is not toll-free, no Singapore hotline and I had to call Hong Kong hotline which is costly. As for the Live Chat function, I had to wait for some time before the next available agent was ready. Response from the agent was slow and the problem was not resolved by the time I ended my Live Chat. (Issue I encountered was Delayed Data not showing on my Trade Workstation




Dedicated SG hotline from 0830 to 1730
Singapore office available.
Personal experience: Dedicated account manager based in Singapore to assist with my queries.
Follow up call to check on my interest in opening a trading account with them




Firm Reputation




Since 1977
Cannot trade Singapore markets, probably to protect local brokerages’ interest since they charge lower fees
No impact as I am already using iOCBC to trade Singapore equities
Fully licensed Danish Bank can trade in Singapore markets, but that’s not what I’m looking for




Required Minimum in account




10, 000 USD (on website)
*Update: IB removed this requirement when I called to check (July 2018) require funding for account activation




2000 USD




Monthly Activity Charges




10 USD monthly, cannot be waived unless- more than 100, 000 USD in Equity- generate more than 10 USD in commission and fees
6 consecutive months of NO trading – 100 USD
Cash Movement



1 free withdrawal per month
Thereafter, – 10 USD for Wire transfer- 1 USD for GIRO




No charges if request is submitted via Online
40 USD if done manually




How to Fund the Account




Bank transfer
Bank Transfer – 1 to 5 days
Credit/ Debit Card – Immediate, Credit card charges of 0.5 – 2.5%
Stock Transfer





US Market Options
Interactive Broker



Saxo Capital Markets (Classic Account)
Trading Fee



0.70 USD/ Contract (minimum $1)





Fixed Rates for Infrequent traders
Tiered Rates for Active Traders





6 USD (1 -250 Contracts)

3 USD (251 to 1000 Contracts)

1.50 USD (1000 to 5000 Contracts)


No Minimum Fees for Contract Options

No Custody Fees for Contract Options
Bought Options Daily Holding Fees Per Million NA



Less than 30 Days – Nil
More than 30 Days – 1.10 For Equities Options
Forex Commissions



If Monthly traded amount is < USD 100 Mil then = USD 2 or 0.2 bp * Trade value




As per website, commission for 5 major currencies from as low as 0.4 pips, depending on initial funding and trading volume