Standard Chartered Bank has recently introduced an online trading facility for its banking customers.
The commission rates are competitive, starting at 0.2% with no minimum commission.
However, in comparing this with a normal security trading account, you will need to take note of two key differences.
One is that you will need to fund the account before you can buy any shares. This is very similar to the Dbs cash upfront trading facility which operates on the same concept and charges a commission of 0.18% (min $18).
The other key difference is that the shares will not be held in cdp under your own name but held as a sub-account under Standard Chartered Bank’s name. What this means is that you will not be able to sell shares that you bought here using your other trading accounts. Similarly, you will not be able to use this account to sell the shares you bought using other accounts.