OCBC Securities: The Definitive Information to OCBC’s Funding Platform (iOCBC), Cash Information

OCBC Securities is a trusted broker that offers a diverse selection of investment vehicles, but its high fees could be a deal breaker for some.

OCBC Bank is a well-known brand among Singaporeans due to its long history and good balance sheet.

Unsurprisingly, its investment brokerage arm, OCBC Securities (also known as iOCBC), is also attracting great interest from local investors and retail clients making their first investments.

But how is OCBC Securities holding up in the age of digital brokers and online trading? Is OCBC’s traditional banking background an asset or a liability?

Overview of OCBC Securities

Product overview:
What To Invest In: Stocks, Bonds, ETFs, Leveraged Metal, Forex, and Futures
Minimum Balance Required: $ 1,000 deposit required to start trading for users 18-20 years old
Deposit Fees: None
Withdrawal Fees: None
Withdrawal Limits: None
Commission: SG trades: minimum commission of at least 25 USD per trade, US trades: minimum commission of at least 20 USD (26.50 S $) per trade
Inactivity Fee: None
License: Authorized by the Monetary Authority of Singapore (MAS)

Why should you trade with OCBC Securities (iOCBC)?

1: Solid track record of trustworthiness

The most compelling reason to choose iOCBC as your trading broker is the solid track record of the OCBC brand.

As one of the most traditional banks in Singapore, OCBC has no flaw in its name (although that goes without saying for us in Singapore).

Hence, traders and investors who value trustworthiness or newbies looking for a safe haven to start their trading endeavors should find iOCBC as an attractive option.

2: Structured accounts for different trading needs

iOCBC offers a range of account types that meet different trading needs. These range from simple, no-frills cash trading accounts to those that offer leverage features.

This feature will likely be appreciated by inexperienced investors as they can stick to learning the ropes with their basic trading accounts. When they’re ready to try advanced but risky tactics like short selling, they can do so by opening another account that allows it.

ALSO READ: OCBC Securities Draws “Come In” After Lying to CAD, Testified Against John Soh, Quah Su-Ling

3: Targeted selection of instruments

You probably won’t find anything in iOCBC’s inventory, but that doesn’t mean the choice is limited too.

The brokerage offers a focused but diverse selection of instruments and markets, ranging from classics like stocks, bonds and ETFs to leveraged trades on metals, forex and futures.

There’s plenty here to pique the interest of newbies and veterans alike.

4: Constant supply of market news and learning tools

iOCBC maintains an established library of educational resources that is neatly organized around two goals: to help investors stay up to date on market news and to learn and improve trading skills.

While by no means extensive (at least when compared to some other brokerage houses that have news coverage from news agencies), there is a good selection of stock highlights, market updates, and economic reports.

In addition, there are webinars and events that focus on expanding your skills and knowledge.

Who is iOCBC best for?

If you value trustworthiness or want to try investing under the OCBC banner, you will likely find that iOCBC is a good fit for you.

The selection of instruments and markets on offer is diverse enough to pique your interest, especially if you are a beginner.

In the meantime, the carefully designed trading accounts will come in handy in helping budding traders hone their investment skills rather than opening Pandora’s Box all at once, which is confusing (and perhaps just as disastrous!) For those new to trading. can be.

ALSO READ: The Best Broker Accounts To Start Your Singapore Investment Journey

What fees or charges should you watch out for?

A primary concern for any investor is the level of fees as they can sometimes severely affect your returns. iOCBC has high minimum trading commissions – likely a holdover from its traditional banking roots.

Each trade will cost you a minimum of $ 25 in fees. That’s exorbitant considering how some leading online brokers are offering $ 0 worth of deals!

To mitigate the effects of these high fees, try to consolidate your trades so that you make fewer trades with higher volumes. Lower trading frequency helps keep your costs down while you spend more per trade to reduce the portion of the fees, which makes it more worthwhile.

And if you are between 18 and 20 years old, you must deposit at least S $ 1,000 to start trading.

What promotions are there for iOCBC?

There are a number of ongoing promotions that traders can take advantage of, from fee waivers to stock alerts and reports.

However, these are not universal. They only apply to certain types of trading accounts.

Click here for the latest list of promotions.

ALSO READ: The Ultimate Cheat Sheet: Cheapest Stock Trading / Brokerage Houses in Singapore (2021)

How do you open and fund your iOCBC account?

Opening your iOCBC account

Follow these steps to open your account:

1. Go to the OCBC Securities Accounts page
2. Take a look at the choices available
3. Click on “More information” for the account you want.
4. Read the information displayed, then click the “Apply Now” button
5. Apply in person at an OCBC branch
6. Make sure you bring the following documents with you

• Singaporeans – NRIC and Passport
• Foreigners – Valid passport and Singapore Residence Pass (e.g. S-Pass)

Financing your iOCBC account

You can fund your account using one of the following methods.

Comparison at a glance: iOCBC compared to other popular brokers

This article was first published on SingSaver.com.sg.