Brokerage for International Stocks

[ghost_eclipse]

@elanshines Hmmm, thanks for that info. I’ll have a look into it )

 

[ghost_eclipse]

@elanshines I’ve had a look at Charles Schwab and the International Account does require a 25k deposit in order to get started however there is another account called the Global Account that you can open with no min deposit required. The issue lies in the fees where you are required to pay a brokerage fee and then on top of that, a 1% FX fee for deposits

 

[maskirovka]

@ghost_eclipse If you're gonna be buying decent size parcels, i would use Selfwealth, if you're just doing small amounts, I use Stake.

 

[ghost_eclipse]

@maskirovka Since I’m a uni student, my net worth isn’t really high so I am buying shares in between 1k - 5k. Is that considered decent sized parcels or small amounts?

 

[tiiira]

@ghost_eclipse Assuming you keep the money in USD and buy and sell a couple times, Stake will be better than Selfweath

 

[ghost_eclipse]

@tiiira I do really like Stake’s platform and UI however my main concern is the customer support which is almost non-existent and how long it takes to transfer money into the Stake platform.

 

[martina777]

@ghost_eclipse I only signed up for stake last so can’t comment on customer service but there UI really is great. Transfers take ~2 days standard or ~1 day express ($2 usd from memory, not sure if it’s a sliding cost)

 

[tiiira]

@ghost_eclipse Customer support has been fine for me - in the end how much are you actually going to need them?

 

[maskirovka]

@ghost_eclipse stake

 

[cuteness20]

@ghost_eclipse I see a lot of these posts and would love it if someone did a comprehensive review. You really need to take into account how often you plan on trading per month and what sort of volume you'll be trading. There will be some small investors who want to buy $10k worth of Apple or VTI and then sit on it for 10 years without adding more. Others will be trading $10k+ per month on a variety of stocks.

Some platforms are better for frequent, high volume traders because they have low/no brokerage, low FX spreads. However these might not be suitable for low-value one-off buy and hold investors because they charge an annual membership fee or monthly inactivity fees etc. $10/month inactivity fee would really hurt the $10k buy&hold for 10 years scenario above.

 

[ghost_eclipse]

@cuteness20 Thanks for the insight. I definitely agree with the post and also would love to see someone do a comprehensive review on all the brokerages too!

I would think that I fall into the category that is a mix of the two how ever I am definitely a small investor with a low capital as I am an 18 y/o uni student.

I would have liked to go with IG however as you mentioned above, it has inactivity fees of $50 if you don’t do 3+ trades per quarter so that would really hurt me.

I plan to buy a few stocks to keep long-term for 10+ years and at the same time, have a few trades here and there.

Currently, I have narrowed it down to Interactive Brokers and Stake but leaning a little towards Stake because as a new investor, Stake’s platform is a bit more user-friendly and easier for beginners whereas Interactive Brokers is quite daunting. Even the signup process was quite terrifying. IB seems to be much more tailored towards the experienced and wealthier traders so doesn’t quite suit my needs.

Although I’m still planning to give both a shot and see how it goes, I think Stake just might be the winner for me )

 

[jlegette78]

@ghost_eclipse Why don’t you set up an account with your shortlist, drop some money in each one, place a few trades and then make your decision?

Or just go with your gut and make a decision.

No issues with due diligence - you’ve done more than most people - but sometimes you have to back yourself.

Kinda like investing....

 

[ghost_eclipse]

@jlegette78 Really appreciate the advice )

Realised that I have been spending way too much time dwelling on research which brokerage to use when it could be spent on researching stocks so I will be dropping some money in each to see how it goes )

 

[growingheart]

@ghost_eclipse Selfwealth?

 

[ghost_eclipse]

@growingheart I have looked into SelfWealth however the platform seems to be a bit clunky and there is a brokerage fee on top of the 0.6% FX fee so it’s quite expensive and can be comparable against the Big 4 Banks.

 

[angeltigerr39]

@ghost_eclipse I haven't had any problem withdrawing money from IG. Having said that, from memory with IG for international stocks you will be buying/selling CFDs, rather than the underlying stock, which may not be what you are looking for.

 

[ghost_eclipse]

@angeltigerr39 Ok thanks for that, will have a look into it. I am looking to own the share myself rather than trading CFDs so that might be a bit of a problem.