DBS Vickers Online Trading Review: How Does it Compare?
DBS Vickers Online Trading Review: How Does it Compare?
ValueChampion Rating 
Pros
- Great investing platform from a traditional bank
- Young investors program
Cons
- Not the lowest fees in the market
- Only access to 7 markets
DBS Vickers is an online trading platform from DBS Bank that gives individuals access to several international markets. Though it does not have the most competitive rates, those looking to invest with a specific type of account might find DBS' online trading platform a preferred choice.
| Summary of DBS Vickers Online Brokerage |
|---|
| Five different accounts to choose from |
| Average commission rates and fees |
| Seven international markets to trade on |
| Promotions:
|
Table of Contents
- What Makes DBS Vickers Stand Out to Investors
- Investment Opportunities at DBS Vickers
- DBS Vickers Fees
- DBS Vickers Investor Eligibility Requirements
What Makes DBS Vickers Stand Out to Investors
From now until 31 March 2022, DBS Vickers is collaborating with SGX to provide customers with a comprehensive suite of investment tools to help you in your investments. Information provided include list of transactions in real-time sorted by transaction price, a record of all transactions made and levels of Bid and Ask prices.
From now until 31 March 2022, you can also get cash rebate with every online trade you make with DBS Vickers.
| Number of Trades Per Month* | Cash Rebate | Prerequisite |
|---|---|---|
| 1st to 12th trade | $20 for every three trades | Download and log in to our upgraded DBS Vickers app |
| 13th to 30th trade | $30 for every 3 trades | |
| 31st trade and onwards | $50 for every 3 trades | |
| *Trade count will reset every calendar month. Monthly maximum cash rebate of S$500. | ||
For the average investor, DBS Vickers isn't the best option due to its average fees and low market access. For instance, while its fees are standard for traditional banks, it is possible to find cheaper commissions and lower minimum fees with some online brokers. However, DBS Vickers offers a number of accounts that can be useful for specific types of investors, such as young investors and those looking to invest using their CPF/SRS funds.
While DBS gives customers access to 7 international markets, other firms like Saxo Markets grant access to 36 different markets across the world. Furthermore, DBS' interest rates range from 0.18%-0.22%, falling short of offering the more competitive 0.08% that other online brokers provide. Even their minimum charge of S$25 per trade is more expensive than alternatives, who charge between S$0-S$10. So to those looking for either the cheapest rates or a plethora of international markets, DBS might not be the best choice for you.
The list below includes the types of stock available to trade with DBS. The commission fees for all range from 0.18%-0.28% per trade, depending on the initial amount you put into your trading account. For a more detailed description of the fees, check out the fees section.
- Common Stock
- Exchange-traded funds
- Real estate investment funds (REITs)|
- Preference shares
- Structured warrants (SWs)
- Fixed income securities
- Callable bull bear contracts
- Daily leverage certificates
- American/Global Depository Receipts
Investment Opportunities at DBS Vickers
DBS has several different account options for both new and experienced investors. Be aware that some of these accounts require you to have a DBS bank account, making it less convenient for those who may not already have a relationship with the bank.
- Cash Account: This standard account allows you to trade securities in different markets. You can link your DBS/POSB account to quickly receive trade settlements, and take advantage of the FX conversion service to facilitate trade settlement with foreign currencies.
- Cash Upfront Account: This prefunded account allows you to trade via iBanking at 0.12% commission rate for Singapore and lower commission rates for international trades. This account is ideal for those who have enough resources to keep money in the account and who want the cheapest DBS trading rates.
- Young Investor Account: This account is specifically designed for 18-20 year olds interested in investing. Besides access to real time data, they offer seminars and an online SGX Academy to assist with trade decisions.
- Investing with CPF Funds: This account allows DBS customers to invest with your CPF savings account, potentially giving you higher returns than normal interest earned from savings.
- Supplementary Retirement Scheme: Investing with SPF Funds: This account is ideal for those with a DBS account who want to save for retirement and reduce income tax. Customers can invest in a diversified portfolio of Singapore listed shares, unit trusts, ETFs and Singapore Government securities.
DBS Vickers Fees
Once you choose an account, you must decide how much you would like to keep in it prior to investing. The table below illustrates the three different segments you can choose from and how that will influence the charges you will incur.
| Input | Minimum Commission Fee | Minimum Charge |
|---|---|---|
| S$50,000 and below | 0.28% | S$25 |
| S$50,000-S$100,000 | 0.22% | S$25 |
| S$100,000 or more | 0.18% | S$25 |
| International Markets | Commission Fee % | Min. Charge |
|---|---|---|
| United States | 0.18% | USD 25 |
| Hong Kong | 0.18% | HKD 100 |
| Japan | 0.35% | JPY3,000 |
| United Kingdom | 0.35% | GBP 25 |
| Australia | 0.35% | AUD 30 |
International market fees from DBS are on the higher-end of average compared to other brokerages. For example, to trade in the US, DBS charges both a minimum of USD $25 at 0.18% commission, whereas Saxo Markets charges only USD 1-4 at 0.02-0.06%. Investors looking to get the cheapest rates for their preferred international market should read our picks for the cheapest online brokerages.
DBS Vickers Investor Eligibility Requirements
You can apply for a DBS trading account with or without a DBS bank account online or with the Digibank app on your mobile device. Alternatively, you can apply in-person or via a mail-in application to the bank. You only need to submit a DBS Trading Application Form, available on their website, and your NRIC. Upon a successful application outcome, you can transfer funds from your bank account or paypal to begin trading immediately.
So for investors looking to invest in retirement savings or open a young investor account, DBS could be a good option for you. However, if you are prefer to trade with lower fees or more enticing platform features, check out our top choices for the best online trading platforms in Singapore.
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Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.