OCBC Securities – A Beginner’s Guide to OCBC’s Investment Platform
Picking a brokerage to invest with is more like trying to find the cheapest laundry detergent in the supermarket’s bargain bin than shopping for a style-defining pair of shoes. Unless you’re looking for that one special person to manage your millions, you probably just need something that does the job without charging exorbitant fees.
If you’re looking for a brokerage to invest in, OCBC Securities is a decent contender. Its online platform is iOCBC and it also has a mobile app called iOCBC TradeMobile.
There are a few other brokerages in the market such as DBS Vickers, UOB Kay Hian and Philips Securities’ POEMS. Will OCBC Securities fit your needs?
How does OCBC Securities work?
At the most basic level, OCBC Securities is a brokerage that enables you to trade certain types of securities and equities like stocks.
However, unlike the prehistoric days when people would call their brokers on the phone to effect a trade, most trading these days takes place online.
When you sign up for a basic account with OCBC Securities, you can trade the following:
- Exchange Traded Funds (ETFs)
- Real Estate Investment Trusts (REITs)
- American Depository Receipts (ADRs)
You can also trade forex if you open a forex account, or futures such as metals and commodities with a futures account.
OCBC Securities’ online trading platform for stocks is called iOCBC. You just log in with your User ID and password, and you can then buy and sell stocks on your computer. You can:
- Effect secure trades
- Receive trade alerts
- Create customised watch lists
- Monitor stock movements
- Chart securities and view in-depth price movements with trading tools
- Calculate entry and exit profitability using their trade calculator
- Read research reports and economic/market information
- Trade on your smartphone with iOCBC TradeMobile
OCBC Securities commission & fees
If you’ve been comparing prices amongst the different brokerages, you’ll find that the fees charged by OCBC Securities are average. While not the absolute cheapest in the land, they’re similar to what’s being charged by most of the other major brokerages.
As with all brokerages, OCBC Securities will collect a trading fee each time you complete a trade. Here are the fees for stocks in SGD:
|Trade amount (in S$)||Commission fees|
|Up to $50,000||0.275%|
|$50,000 to $100,000||0.22%|
There is also a minimum trading fee of $25 per trade.
You will also have to pay the following fees, which all traders regardless of brokerage must pay:
|Clearing fee imposed by CDP||0.0325%|
|SGX trading fee||0.0075%|
OCBC Securities promotions
Most of OCBC Securities’ current promotions will only apply to you if you’re trading something other than plain vanilla Singapore stocks.
Right now, they’re dangling the following carrot at gold investors. Receive trade rebates when you (a) accumulate a certain amount of money in your account when trading gold, (b) make 10 more gold trades than in the previous quarter or (c) retain your account status from a previous quarter.
How to open an OCBC Securities trading account
If you’re a Singaporean or PR, you can open an OCBC Securities account by just turning up in person at their office (address below) with your NRIC. For foreigners, bring your passport instead (it must have 6 months’ validity).
Alternatively, you can fill in this OCBC Securities account application form and mail it with a copy of your NRIC/passport and one of the following documents:
- Phone bill
- Bank statement
- Income tax statement
- CPF statement
- CDP statement
You need to deposit at least $1,000 to begin trading.
OCBC Securities address & contact
OCBC Securities address:
18 Church Street #01-00
OCBC Centre South
OCBC Securities contact: 1800 338 8688
Have you ever traded with OCBC Securities? Share your reviews in the comments.