iFast Financial Stock-dealing Services

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Post By limster

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07-08-2017, 07:55 PM

 
#1

Shepherd Boy

Junior Member
 

Join Date: Jul 2017
Posts: 46

iFast Financial Stock-dealing Services

http://www.straitstimes.com/business…smone-platform

Front End Charges:

Name of Exchange: Singapore (SGX) and Hong Kong (HKEX)
(for each buy/sell order): 0.12% min SGD 10 and 0.12% min HKD 50
Custody Fee for Stocks: No
Corporate Action: Waived*
Dividend Handling Fee: Waived*
Share Transfers: Waived*

(*Waived till further notice, please refer to FAQ for details.)
https://secure.fundsupermart.com/fsm…es/faq/2/2195/

Cost-saving platform, i highly recommend!

__________________
The LORD is my shepherd; I have all that I need.
Last edited by Shepherd Boy; 07-08-2017 at 07:59 PM..

 

07-08-2017, 08:05 PM

 
#2

numbers

Senior Member
 

Join Date: Oct 2006
Posts: 695

i dont like this part

(*Waived till further notice, please refer to FAQ for details.)

means once enough customers use them as custody, they can impose the fees. Then those not happy have to pay even more to transfer out the shares.

 

07-08-2017, 10:01 PM

 
#3

limster

Supremacy Member
 

Join Date: Oct 2000
Posts: 5,532

Isn’t it misleading to say there is no custody fee but instead charge platform fee of HK-listed ETFs?

This page clearly shows the platform fee for ETFs (hopefully only HK ETFs and not local ETFs) at 0.0875% per quarter or 0.35% per year.

Note that 0.35% is higher than the expense ratio of many ETFs.

https://secure.fundsupermart.com/fsm…cing-structure

 

08-08-2017, 10:34 AM

 
#4

Shepherd Boy

Junior Member
 

Join Date: Jul 2017
Posts: 46

limster wrote:

Isn’t it misleading to say there is no custody fee but instead charge platform fee of HK-listed ETFs?

This page clearly shows the platform fee for ETFs (hopefully only HK ETFs and not local ETFs) at 0.0875% per quarter or 0.35% per year.

Note that 0.35% is higher than the expense ratio of many ETFs.

https://secure.fundsupermart.com/fsm…cing-structure

Platform fee is actually a very “enterprising” way of their business model to earn money from investors.
It’s like this, think in terms of house rental. They charge you a “rental fee” as long you are “on board” using their platform to trade.

__________________
The LORD is my shepherd; I have all that I need.

 

08-08-2017, 01:54 PM

 
#5

limster

Supremacy Member
 

Join Date: Oct 2000
Posts: 5,532

Shepherd Boy wrote:

Platform fee is actually a very “enterprising” way of their business model to earn money from investors.
It’s like this, think in terms of house rental. They charge you a “rental fee” as long you are “on board” using their platform to trade.

Telling people there is no custody fee and keeping quiet about platform fee seems to resemble the sales pitches of some insurance agents who do not disclose all the charges . And when u point out the fees they change the subject or talk about how great the fees are.

I have nothing against iFast as their charges are clearly displayed. I am using their services for cpf unit trust as there is no platform fee for cpf

Shepherd Boy likes this.
Last edited by limster; 08-08-2017 at 01:58 PM..

 

08-08-2017, 02:10 PM

 
#6

Shepherd Boy

Junior Member
 

Join Date: Jul 2017
Posts: 46

limster wrote:

I have nothing against iFast as their charges are clearly displayed. I am using their services for cpf unit trust as there is no platform fee for cpf

Just to take note, there is no platform fee for cpf investment if you are using non-wrap account. There will still be a platform fee under the wrap account, cash or cpf investment.

__________________
The LORD is my shepherd; I have all that I need.

 

08-08-2017, 02:59 PM

 
#7

anfielder

Master Member
 

Join Date: Sep 2005
Posts: 4,427

limster wrote:

Isn’t it misleading to say there is no custody fee but instead charge platform fee of HK-listed ETFs?

This page clearly shows the platform fee for ETFs (hopefully only HK ETFs and not local ETFs) at 0.0875% per quarter or 0.35% per year.

Note that 0.35% is higher than the expense ratio of many ETFs.

https://secure.fundsupermart.com/fsm…cing-structure

I don’t think there’s any difference between HK and SG ETFs when it comes to platform fees.

Like what they did with UTs, they’re hoping to hook people in with low upfront charges and then bleed them with recurring fees

 

08-08-2017, 03:12 PM

 
#8

Shepherd Boy

Junior Member
 

Join Date: Jul 2017
Posts: 46

anfielder wrote:

I don’t think there’s any difference between HK and SG ETFs when it comes to platform fees.

Like what they did with UTs, they’re hoping to hook people in with low upfront charges and then bleed them with recurring fees

No difference for etf.
But there is no platform fee for stocks investment.

For UT, there will be lesser “recurring fees” if you open a non-wrap account instead of wrap account.

__________________
The LORD is my shepherd; I have all that I need.

 

09-08-2017, 12:40 AM

 
#9

Shiny Things

Supremacy Member
 

Join Date: Dec 2009
Posts: 6,557

Shepherd Boy wrote:

http://www.straitstimes.com/business…smone-platform

Front End Charges:

Name of Exchange: Singapore (SGX) and Hong Kong (HKEX)
(for each buy/sell order): 0.12% min SGD 10 and 0.12% min HKD 50

That’s still worse than Stanchart, no? Same minimum, plus that 0.35% platform fee on ETFs… yikes!

 

09-08-2017, 12:49 PM

 
#10

Shepherd Boy

Junior Member
 

Join Date: Jul 2017
Posts: 46

Shiny Things wrote:

That’s still worse than Stanchart, no? Same minimum, plus that 0.35% platform fee on ETFs… yikes!

Stanchart is 0.2%, min $10 or for Priority Banking Clients (like you! ^^) is 0.18% no minimum. Whereas iFast is 0.12% min SGD 10 and 0.12% min HKD 50. Actually not much difference.

https://www.sc.com/sg/investment/online-trading/#self4

For etf, iFast charges 0.08% min SGD 10 but the platform fee in which they “reluctantly” charge you for 0.0875% per quarter is what i called in gamble term: “Show Hand”.

__________________
The LORD is my shepherd; I have all that I need.

 

10-08-2017, 01:59 AM

 
#11

Shiny Things

Supremacy Member
 

Join Date: Dec 2009
Posts: 6,557

Shepherd Boy wrote:

Stanchart is 0.2%, min $10 or for Priority Banking Clients (like you! ^^) is 0.18% no minimum. Whereas iFast is 0.12% min SGD 10 and 0.12% min HKD 50. Actually not much difference.

https://www.sc.com/sg/investment/online-trading/#self4

For etf, iFast charges 0.08% min SGD 10 but the platform fee in which they “reluctantly” charge you for 0.0875% per quarter is what i called in gamble term: “Show Hand”.

I still don’t think the math works. That platform fee on ETFs is a killer.

So let’s say I buy $1,000 a month of ETFs through Stanchart or iFast. Each month, I’ll be paying $10 in brokerage fees, assuming I do one trade a month. (You aren’t going to lift off the minimum fee at either brokerage until you do at least $5,500 per trade.) So the brokerage costs for ETFs are the same at Stanchart and iFast

But at the end of two years, even assuming prices don’t move, I’ve paid nearly a hundred dollars in platform fees to iFast that I wouldn’t have paid at Stanchart. And the costs get worse as your account balance gets bigger – at the end of five years, it’s over $500 in platform fees that I wouldn’t have paid at Stanchart.

Frankly, that platform fee feels like iFast trying to penalise its users for using ETFs instead of unit trusts. It’s the opposite of customer-friendly; it’s customer-hostile.

 

10-08-2017, 03:37 PM

 
#12

Shepherd Boy

Junior Member
 

Join Date: Jul 2017
Posts: 46

Shiny Things wrote:

I still don’t think the math works. That platform fee on ETFs is a killer.

Frankly, that platform fee feels like iFast trying to penalise its users for using ETFs instead of unit trusts. It’s the opposite of customer-friendly; it’s customer-hostile.

Actually there is no platform fee for shares trading, so i would still think it’s a cost-saving platform for stocks investors.

As for etf or UT and even bonds investors, the platform fee is really the “extra” killer.
As i said before, the platform fee is like a house rental. They charge you a “rental fee” as long you are “on board” using their platform to trade, except for shares trading.

__________________
The LORD is my shepherd; I have all that I need.

 

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