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Suggestion for bank/broker for invest and hold strategy

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  1. #11

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    Quote Originally Posted by Elegiaque:
    Sorry, I'm speaking as a very ignorant layperson with little understanding of finance vocabulary. But I have been searching for this, too, and I think a good option is Schwab International. No commission fees for ETFs; it's US based (so HK can't freeze it ), provides the tax forms for US citizens; has a local HK account that you can transfer money into (I think minimal transfer fees per month, good exchange rate if transferring to USD).

    Minimum balance is around $200,000 HKD, though ($25,000USD). For me this is a downside.

    Interested to know if anyone else has experience or feedback on the Schwab International account. I'm curious to better understand if this platforms allow you to buy non-US products...

    And unlike retail banks, they seem to have good customer service available to answer questions...
    TD Ameritrade got bought by Schwab recently and offers the same pricing structure but with no minimums.

  2. #12

    Going back to the OP, how about if I accumulate units through Scwab/TD Ameritrade for 2-3 years (as per my original plan) and later for the safety sake, move it to HSBC to continue to hold it for long term.

    Also if transfer is not straight forward and given HSBC current fee structure, we could simply sell everything from broker account and buy all at once from HSBC by paying one-time US$18 per order. Account management/custodian fee is anyways being waived since a2014 (and hopefully will continue in future).


  3. #13

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    Best brokerage platform to start trading

    I wanted to open an account with Trading 212, unfortunately there is a queue and won't accept new client. I am a new in investing and would start with limited funds to get the grasp of it around 10K $HK. Therefore less fees the better.
    What is the best/ cheapest platform's alternative? They all seems more expensive than Trading 212!!

    - futu
    - aqumon
    - interactive brokers
    - Sofi

    Thx

    Last edited by giudi; 09-02-2021 at 10:54 AM.
    muzzdang likes this.

  4. #14

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    Where do you guys find these weird-arse "platforms" from? Trading 212?!?

    Not saying anything about their quality - might be the best and cheapest in the world, but where / how did you discover them?

    Considering they're not registered in HK what makes them attractive? Cheapness or Bestness?

    Trading 212 UK Ltd. is registered in England and Wales (Register number 8590005), with a registered address 107 Cheapside, London EC2V 6DN. Trading 212 UK Ltd. is authorised and regulated by the Financial Conduct Authority (Register number 609146).

    Trading 212 Ltd. is registered in Bulgaria (Register number 201659500). Trading 212 Ltd. is authorised and regulated by the Financial Supervision Commission (Register number RG-03-0237).

  5. #15

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    Quote Originally Posted by shri:
    Where do you guys find these weird-arse "platforms" from? Trading 212?!?

    Not saying anything about their quality - might be the best and cheapest in the world, but where / how did you discover them?

    Considering they're not registered in HK what makes them attractive? Cheapness or Bestness?
    Its a well known platform in the UK. Trying to replicate robinhood. Wasn't aware they were allowing non UK residents to open accounts.
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  6. #16

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    Too many points of failure going to offshore brokerages when you're risk averse in my opinion.


  7. #17

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    Quote Originally Posted by giudi:
    I wanted to open an account with Trading 212, unfortunately there is a queue and won't accept new client. I am a new in investing and would start with limited funds to get the grasp of it around 10K $HK. Therefore less fees the better.
    What is the best/ cheapest platform's alternative? They all seems more expensive than Trading 212!!

    - futu
    - aqumon
    - interactive brokers
    - Sofi

    Thx
    Sofi is ok, but very basic trading functions, though they are introducing fractional shares soon
    giudi likes this.

  8. #18

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    My broker was relating to me a story of his client.. the client, reasonably rich (~10m USD ?), has the hack of opening brokerage accounts in countries that he wants to trade in. So there's this Australia account that he has and put in money holding aussie stocks.

    But suddenly he realized his shares are going missing and money are being siphoned out from his account. And for the fact that he can't go over there to file police report, etc.. the brokerage is totally ignoring his protest and simply told him it was his instruction in selling the shares and transferring the money out. Shutting down any possible investigation.

    Well, it might not happen to anyone here. And take it with a pinch of salt if its solely a marketing ploy by my broker (incidentally a good friend of 30years since school time). But it is still a risk in times like this when traveling and face to face confrontation is no longer possible.

    TheRoadAhead likes this.