Step 1
Step 1 of the CDP application Setting up your CDP (Central Deposit) account with SGX is the first step before you can begin trading or dealing in shares in Singapore (Singapore Exchange Limited). The MAS oversees the CDP, which is used to hold the shares you possess (Monetary Authority of Singapore). Visit the SGX website, select “Securities,” “Retail Investor,” then “Apply for CDP Securities Account” and “Online Application” to create either a single or joint account. If you are a Singaporean or Permanent Resident, SingPass MyInfo will enable you to apply swiftly. You can submit your application using the same application online and have your relevant documentation scanned and submitted even if you don’t live in Singapore. But before starting you should check the Saxo bank review.
Step 2
Custodian
Custodian accounts are available from Saxo Singapore with annual custody costs of 0.12%. In other words, the shares you purchase would not be in your own CDP account; rather, Saxo Singapore will hold them. You can start a transfer from the SaxoTraderGO, SaxoTraderPRO, or Saxo Investment trading platforms if you want to transfer your shares to your individual CDP account. There is an exit cost of €50 per ISIN, up to a maximum of €160 per transfer request.
Simply scroll up, pick on the Saxo account of your choosing, and follow the on-screen instructions to submit an application for your initial Saxo account. Alternately, click “Open Account” on the Saxo Singapore website. But if you’re a Singaporean or Permanent Resident, you can complete the application using SingPass MyInfo. If you don’t live in Singapore, choose “Sign up without MyInfo” and follow the instructions to complete an online form. It could take up to two business days to complete the account verification procedure. When your application is accepted, Saxo will send you an email with your SaxoID, login details, and payment information.
Step 3
Fund
To begin trading after receiving your email of verification, you must fund your account. You can promptly and for no cost fund your account with PayNow or FAST. Do check your payment details are linked with the payment information provided in the verification email. The minimum funding requirements for the Saxo Regular Savings Plan are S$2,000, the minimum funding requirements for SaxoTraderGO and SaxoTraderPRO are S$3,000, and the Saxo Investor has no minimum funding requirements.
Step 4
Studying a trade
The Saxo Singapore website has a ton of videos and step-by-step guidelines to assist you get started after you have your initial Saxo Singapore account prepared. For a set of beginner’s guides, go to the Saxo Singapore website, open its drop-down menu, and choose “Support.” You will be able to view tutorial videos on trading platforms like Saxo Investor, read up on the fundamentals, historical data, and current news of your chosen financial instrument, practise trading using a free demo account, and learn how to execute trades. Once you have a firm grasp of the fundamentals, go to “Inspiration” to read the most recent market news.
Step 5
Your first business
Open the Saxo trading and select the financial product, such as stocks, that you wish to purchase. After that, you can choose from options like SG or US stocks. Click here SG Stocks if you want to trade stocks on the SGX. A list of stocks will then emerge. For what you’re looking for, such as CapitalLand Ltd, StarHub Ltd, Mapletree, and more, scroll down or use the finder button. When you click on your preferred stock, a new page with much more information will emerge. Choose “Buy,” complete the trade ticket’s fields, and then finalize the deal.
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