mokong
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Join date : 2008-10-26
Posts : 69
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 Subject: How to choose an online stock broker  Mon Nov 10, 2008 12:27 am |
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How to choose an online stock broker
Posted under Investing, OFW, stock market
stock trading
I find it remarkable that quite a number of INQUIRER.net readers are raring to invest in local stocks considering that those in more advanced markets are still stumped by subprime worries. From the kind of emails and queries I receive, the gung-ho attitude is not borne of ignorance but of a desire to be part of the action in the capital markets and a hope that owning stocks will make retirement so much better. From what you tell me, I can sense that the “prestige” of playing with stocks is a big part of the equation too.
Perhaps some of you are thinking of investing your Christmas windfalls instead of spending them. Or for OFWs, investing will hasten the days for your final homecoming. Investing in equities is a personal choice, and one that might work for some and not for others. To begin, the first thing that you have to do is get a broker. The Philippine Stock Exchange requires investors to be represented by a broker before they can own or sell stocks.
For many who are not in the country physically, setting up an account and making phone calls made to brokers can be quite expensive. Online brokerage accounts have become convenient ways of investing in the stock market because communications via email lessen the cost. Secure websites that display personal accounts add to the attractiveness of this option.
Ideally, beginners should start with a traditional broker account, says the Philippine Stock Exchange. I was surprised to find that even at P5,000, nowadays, one can already open an account with a brokerage. Just don’t expect the broker to be calling you up when he has a hot tip on his plate.
For those whose only option to go online, make sure you get an online brokerage that’s duly registered with the PSE, that don’t charge very steep rates, has secure platforms (you don’t want a hacker getting your account details), has good customer service, and has good track record. Here is a list of accredited online brokers and their websites.
AB CAPITAL SECURITIES, INC. - http://www.abcapitalonline.com/
ACCORD CAPITAL EQUITIES CORPORATION - http://www.philstocks.ph/
BPI SECURITIES CORPORATION - http://www.bpitrade.com/
CITISECURITIES, INC. - http://www.citiseconline.com/
F. YAP SECURITIES, INC. - http://www.2tradeasia.com/
FIRST METRO SECURITIES BROKERAGE CORPORATION - https://www.firstmetrosec.com.ph
RCBC SECURITIES, INC. - http://www.rcbcsec.com/ |
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mokong
Age :
Join date : 2008-10-26
Posts : 69
Location :
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| Subject: Re: How to choose an online stock broker Mon Nov 17, 2008 6:25 am |
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The fees associated with the buying and selling of stocks were as follows:
BUY:
Commission - 0.25% of Gross Amount or Php 20 whichever is higher
VAT (Value Added Tax) - 12% of Commission
SCCP Fee - 0.012% of Gross Amount
PSE Fee - 0.011% of Gross Amount
SELL:
Commission - 0.25% of Gross Amount or Php 20 whichever is higher
VAT (Value Added Tax) - 12% of Commission
SCCP Fee - 0.012% of Gross Amount
PSE Fee - 0.011% of Gross Amount
Sales Tax - 0.5% of Gross Amount |
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