Broker 美国证卷商

越来越多人开始投资美股，可是他们用本地的Broker。本地Broker 除了commission 高（一单$25美元），最大的坏处是不利于长期投资者。这个情况那么久以来，还没改善。

1.  股息Dividend service charge ($8 per payment)

美股多数一年派4次股息（有些12次），每次派息，本地Broker 扣$8。最终股息白白被“吃”了。

2.  没有企业活动通知(corporate action notice)

如收购，分拆，本地Broker 没有通知/email投资者。也没有voting right /proxy 。没有邀请出席或网上聆听季报/年报AGM。

3.  Withholding tax 税务

没有Form 1042-S，不能申请退税。

担心钱拿不回

投资者不敢用海外Broker，主要担心钱拿不回。Ali和朋友用了TD很多年了，有些还十年以上。TD是正牌Broker，不是scam。我们把钱提出来，不是问题。

在证卷商竞争白热化，很多小型Broker 面临合拼/被收购，如OptionExpress, OptionHouse 纷纷被收购了。

TD ameritrade 是其中一家大型证卷商。以下是10家美国大型证卷商(by AUM, asset under managed) 

Barron做出证卷商比较：

Barron’s 2017 Best Online Broker Ranking

https://www.barrons.com/articles/barrons-2017-best-online-broker-ranking-1489811850
（如果不能阅读，请用google search，然后才click link）

不是每家证卷商接受大马用户。据知Fidelity, Merrill Edge, Etrade, Firstrade, Scottrade,
都不接受大马用户。
能接受大马用户如TD Ameritrade Singapore, Charles Schwab, Interactive Brokers, 其他等等。
不同Broker有对不同类型投资者市场。Ali个人认识是 TD Ameritrade 低门槛开户，提供高质素交易平台。Schwab门槛高最低开户$25,000美元，commission fee $4.95，提供full service ，而且个股完整基本面报告。IB (interactive brokers) 最低开户$10,000，低佣金（适合高频交易，高杠杆投资者），低息融资，支援多国股票，每样服务分开收费。也能比特币期货交易。

交易平台
TD的交易平台是即使报价(real time streaming)，看到叫价跳动level 2，有交易气氛。下单容易，user friendly 。
Schwab平台最优化，干净，有关资讯实用。即使报价real time，唯一缺点无streaming，要手动refresh 。没有level 2。
IB平台较复杂，新手不容易使用。很多增值服务收费，免费版quote delayed streaming

三年前，Ali介绍过TD Ameritrade (US)，连线 http://aliinvest.blogspot.my/2015/05/td-ameritrade.html

后来TD Ameritrade 不再接受大马和新加坡用户，我们可以把户头转去TD Ameritrade Singapore （ 前身是thinkorswim，并购后转名）。TD Ameritrade Singapore 和US 有点不同。

1.  commission fee $10.50, ($9.95 Malaysian)

2.  No free commission ETF

3.  No web base trade platform

4.  Min deposit $3500 to get rebate up to $100 and referral reward $88

Ali个人的建议（本人推荐收取利益，意见可能存有偏见，投资者根据自己的投资需要而选择）

TD Ameritrade Singapore （适合新户，门槛低）

Charles Schwab International （适合大户，开户$25,000）

Interactive Brokers （适合高频交易和高杠杆投资者）

有意开户的读者，可以联络Ali做推荐人

请填写google form

https://forms.gle/Cu9GgQzeBrQz5KUj6

证卷商特点如下：（详情以官方网页为准）

TD Ameritrade Singapore 
www.tdameritrade.com.sg

• Product: Stock, ETF, Option, Future
• Commission flat rate USD$10.65 per trade (Singaporean), $9.95 per trade (Malaysian)
• No monthly maintenance fee
• Different from TD Ameritrade (US based)
• No free commission ETF
• Transfer fee rebate up to $100.
• Referral reward $88, for deposit more than $3500.
• Deposit more than $25,000, get 25 free trades. $50,000 get 50 free trades. $100,000 get 100 free trades.
• Accept USD or SGD cheque local bank
• Wire withdraw fee : $25. Waive for net asset more than $100,000
• No support ATM debit card
• Stock withdraw fee : $25 (partial), $75 (full)
• OTC stock: commission + ADR fee $15
• Branch setup in Singapore, local administration support
• Desktop trade platform : Thinkorswim
• Mobile trade platform : Thinkorswim App
• Web trade platform : Not available
• Stock quote : Real time streaming, Level 2 market depth
• Auto dividend withholding tax refund** for certain ETF, REIT, BDC
• Free DRIP (Dividend Reinvestment), support fractional share

Charles Schwab International
http://international.schwab.com

• Product: Stocks, ETF, Options, futures, bonds
• Min initial deposit USD$25,000
• Commission flat rate USD$4.95 per trade
• No monthly maintenance fee
• 200+ commission free ETF
• No referral reward. (referral may get free trade instead of cash reward)
• Support US cheque deposit (routing number is provided)
• Support Paypal deposit (no extra charge)
• Wire withdraw fee : $25. With $100,000–$499,999 in Household Balances, three free online domestic wire transfers per quarter; with $500,000 or more in Household Balances, or 36 or more stock or option trades per year in Accounts, three free domestic wire transfers per quarter.
• Support ATM debit card convenient cash withdraw (Unlimited ATM fee rebates)
• Stock withdraw fee : $25 (partial), $50 (full)
• Desktop trade platform : StreetSmart Edge (Real time streaming)
• Mobile trade platform : Schwab App (Real time no streaming, No Level 2)
• Web trade platform : Schwab web trade
• OTC stock: commission + ADR fee $50
• Fixed Income: US Treasury ($0), Corporate Bond $1 per bond ($10 min/$250 max)
• Free DRIP (Dividend Reinvestment), only for stock not ETF

Interactive Brokers
www.interactivebrokers.com

• Product: Stocks, Options, futures, forex, bonds, ETFs, CFD
• Min initial deposit USD$10,000
• Lowest commission: (Fixed) $0.005 per share (min $1)
• Monthly maintenance fee :$10 (Std $10 - commission)
• 34+ commission free ETF
• Access 120 market, 26 countries, 20 currency
• Cash Withdraw : Free one withdraw per month. $10 (wire), $1 (ACH). SGD$15 (wire).
• Desktop trade platform : TWS
• Mobile trade platform : TWS App
• Web trade platform : TWS
• Standard Delayed, streaming, Level 2 market depth.
• For Real time streaming data fee USD 10.00 Base + USD 0.01 per Snapshot
• Fixed Income: US Treasury ($0), Corporate Bond $1 per bond ($10 min/$250 max)
• Low interest financing margin facilities for leveraging investment
• No Free DRIP (Dividend reinvestment) and not support fractional share

每家证卷商有各长处适合不同需求的客户：
长期投资Best Long term investing: TD Ameritrade, Fidelity, Schwab
新手投资Best Novices: TD Ameritrade, Fidelity
高频交易Best frequent trader: Interactive Brokers, TradeStation, LightSpeed Trading
投资知识Best Investor education: Schwab, Fidelity, Schwab