4 Simple Ways to Get Yourself Started in Trading in Singapore
- SHB
- Nov 2, 2019
- 2 min read
Updated: Nov 3, 2019
This post is dedicated to any Singaporean who wish to step foot into the trading world. The above infographic that i had crafted summarize the contents i am going to write here, so here it goes!
Local Bank Account
You will need definitely need to have a savings account at any of the local banks in Singapore in order to open your trading account. This is to facilitate your payment procedures.
Below are the links for the 4 major banks in Singapore to start opening your account if you have not done so.
CDP Account
Before we start, applicant must be at least 18 years old and must not be un-discharged bankrupt. There are 3 ways to open a CDP account.
Firstly, you could go into SGX website to do online applications and submissions. The step-by-step procedures and the required documents can be found directly in SGX website, i will link the exact page here. Alternatively, you could bring/mail the documents directly to SGX to open your account.
The Central Depository
#01-19/20 The Metropolis
9 N Buona Vista Dr
Singapore 138588
The second way is also through SGX website which is by signing up with your "My Info" account. There is still a need to prepare a set of softcopy documents, less tedious than 1st method. The exact official page i will link it here for all the steps.
The third way will be opening a CDP account through a brokerage firm when you are applying for a brokerage account. The list of local brokerage firms will be mentioned in the next segment of this post.
Brokerage Account
Brokerage account also require applicant to be at least 18 years old and not an un-discharged bankrupt. There are quite a number of brokerage firms to choose from when opening your brokerage account.
Since there are quite a number of options to choose from, below i had compiled a few brokerage firms in Singapore which i think for beginners, is easier to access and the trust in those companies.
DBS Vickers
UOB Kay Hian
OCBC Securities
SAXO Markets Singapore
Standard Chartered
Citibank
Finally i will recommend you guys to ask them questions first, be it email or going to the office, find out as much as you need like the brokerage fees, the commission fees, etc.
And a sum of Money
The last important thing before you make your money work for you through investing in stock market is having a sum of money set aside for it. In stock market, without money, you can't grow money so better work hard and save up from your primary income source first.
Be discipline on your money management but do not be too hard on yourself so that you can stay happy and at the same time saved up adequate money to invest.
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