iOCBC Trading Platform Review: How Do They Stack Up?
iOCBC Trading Platform Review: How Do They Stack Up?
ValueChampion Rating 
Pros
- 26 international markets
- Advanced trading tools and data management software
- Diverse product offering
Cons
- High SGX and international trading fees
- No online application
iOCBC Trading Platform is an online trading platform from OCBC Securities that give individuals access to 26 international markets. Though it does not have the most competitive rates, those looking to invest with a specific type of account or those who already bank with OCBC may find this online trading platform a preferred choice.
| Summary of iOCBC Online Brokerage |
|---|
| Six different accounts to choose from |
| Below average commission rates and fees |
| 26 international markets and 31 global exchanges to trade on |
| Promotions: - |
Table of Contents
- What Makes iOCBC Stand Out to Investors
- Investment Opportunities at iOCBC
- iOCBC Fees
- iOCBC Investor Eligibility Requirements
What Makes iOCBC Stand Out to Investors
For the average investor, iOCBC isn't the best option due to its higher fees and the absence of an online account application. However, iOCBC offers a number of accounts that can be useful for specific types of investors, such as young investors, and those interested in futures and forex accounts. More experienced investors may also be attracted to iOCBC's Pro Trading Platform, which offers top-tier drawing tools, indicators, overlay charts, and more to support market analysis and data management.
That being said, new investors looking to only trade in SGX, HK, or US markets, will find online brokerages in Singapore with commission fees as low as 0.08% and significantly lower minimum fees per trade. With commission fees ranging from 0.18%-0.275%, iOCBC falls short of what their competitors offer.
The list below includes the types of stock available to trade with iOCBC. 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)|
- Bonds
- Structured warrants (SWs)
- Fixed income securities
- Equity-linked notes
- Daily leverage certificates
- Leveraged Forex and Precious Metals
- Leveraged Futures
Investment Opportunities at iOCBC
iOCBC has several different account options for both new and experienced investors. Additionally, investors can upgrade their basic trading account and leveraged forex account to a pro account that gives access to advanced drawing tools, widgets, and data management tools. Be aware that some of these accounts require you to meet specific requirements to trade specified investment products (SIP)..
- Basic Trading Account: This standard account allows you to trade securities in different markets. An initial deposit of S$1,000 is required to commence trading for those between the age 18-20 years old. Otherwise, no funds are needed upfront to trade up to your assigned limit. This account comes with an assigned trading representative to assist you with your questions and other account needs.
- Young Investor Programme (YIP): This programme is available to new customers opening either a basic trading account, share financing account, or share borrowing account. YIP is a special 2-year programme to help new investors, aged 18 to 29,begin their trading journey with access to seminars, exclusive rebates, and investment guides.
- Leveraged Futures Accounts: This account is only available to qualified traders that will give access to a wide range of futures. To qualify, an investor must either meet the education qualifications, investment experience, or work experience outlined here. Once approved, you will be able to trade various futures for stock indices, currencies, commodities, metals, and bonds. Unlike the basic trading account, leveraged futures accounts have initial deposit requirements of S$10,000 for Singapores and Singapore permanent residents.
- Leveraged Forex Account: This forex account gives access to trade over 40 currency pairs including spot gold and spot silver. When compared to large international brokers, iOCBC may offer lower leverage and wider spreads, they are competitively priced in Singapore. Interested investors must pass their customer knowledge assessment (CKA) to begin trading.
iOCBC 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 | 0.275% | 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 | 0.30% | USD 20 |
| Hong Kong | 0.25% | HKD 150 |
| Japan | 0.75% | JPY3,000 |
| EU | 1% | EUR 60/ USD 65/ NOK 610/ CHF 65/ DKK450/ SEK635 or equivalent |
International market fees from iOCBC are significantly higher compared to other brokerages. For example, to trade in the US, iOCBC charges a minimum of USD $20 at 0.30% 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.
iOCBC Investor Eligibility Requirements
You can apply for a iOCBC trading account with or without a iOCBC bank account. However, you cannot apply online, and must visit a local branch to open an account. For Singaporeans and Permanent Residents, you must provide your NRIC number and Passport. Foreigners must bring a valid passport and their Singapore Residence Pass. Additionally, you must bring either a bank statement from a Monetary Authority of Singapore (MAS) licensed bank, your latest CPF statement, or Latest notice of tax assessment from IRAS.
Experienced investors looking for advanced trading tools and access to many international markets may find iOCBC as a trusted trading platform. However, if you prefer to trade with lower fees or simplified and intuitive 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.