Q&ACategory: Dividend StocksWhich platform you use to buy/sell share? Moomoo or IBKR?
Thomas Tay asked 1 month ago
From the personal finance module, you recommed to sign up for Moomoo platform. However, one of your YouTube you recommend to use IBKR.  May I know, which platform you are using now to buy/sell share? Does Moomoo or IBKR hold your share or CDP holding our share for companies listed in SGX if we buy those companies? I am using iOCBC to buy local shares and all the shares are held at my CDP account. Does Moomoo or IBKR hold my share if I use their platform?
1 Answers
Rusmin Ang Staff answered 1 month ago

Hi Thomas

Both Moo Moo and IBKR are lower in term of fees. You can also consider FSMOne. They are in similar category. IBKR has a lot of market access and if you are looking to invest in Europe, then they will stand out. For Malaysia market, FSMOne has access to it. So it really depends on your preferred markets. These brokers own the shares via custodian account and that's why they can offer lower fees.

If you are looking to own shares via CDP account, you might to have trade with transitional brokers like CIMB, Maybank, DBS, OCBC and give them clear instruction that you want to hold those shares in the CDP. The fees are generally higher but you can sell them via any brokers in the future. MooMoo recently introduce CDP linked account for their clients and you can check with them whether you can own shares in your own CDP if you buy through them.

Rusmin Ang Staff replied 1 month ago

This article might be useful for you

https://fifthperson.com/how-to-open-a-brokerage-account-in-singapore/