CFA Society Singapore
SINGAPORE (Apr 16): iFAST Corp’s FSMOne.com, is offering a $10 flat fee to all investors trading SGX-listed stocks and exchange-traded funds (ETFs) on its platform, from Monday till May 31.
The flat fee excludes Central Depository (CDP) clearing fees and SGX trading fees, and does not include prevailing GST charges.
For non-SGD transactions on SGX-listed stocks and ETFs, the following minimum charges will apply: USD 10, AUD 10, EUR 10, GBP 10, CNY 50, HKD 50, JPY 800.
Since June 2017, FSMOne.com has been offering the commission rates of 0.12% and 0.08% for the trading of stocks and ETFs listed on the SGX, respectively.
Only its Gold and Diamond clients who have assets starting from $200,000 are able to trade on the platform with a permanent $10 flat fee.
For US stocks and ETFs, the platform offers a commission rate of 0.08% with a minimum fee of US$8.80, and a commission rate of 0.12% and 0.08% on HKEX stocks and ETFs, respectively, with a minimum fee of HK$50.
In a Monday announcement, FSMOne highlights that its limited-time flat fee offer is a rare concept in Singapore, given how commission rates in the city state tend to be high as investors pay fees on stocks and ETFs that are subject to a percentage commission rate and minimum rate.
Assuming a commission rate of 0.12%, an investor who invests $100,000 on a SGX-listed stock would have to pay an upfront commission fee amounting to $120. However, with FSMOne.com’s flat $10 fee, the same investor would only pay $10 per trade.
Paul Wong, General Manager at FSMOne.com, says the flat fee campaign will allow investors’ investments to go higher while allowing them to save on their trading costs.
“In volatile market conditions especially, investors who want to look for good bargains in the market can do so at even more competitive rates at FSMOne.com. We want to make it easier for investors to invest profitably and one way to do so is to buy low when opportunities present themselves in the market,” says Wong.
For more information, visit www.FSMOne.com
As at 11.52am, shares in iFAST are trading 1 cent lower at 89 cents.