I hope to put something out here so that some of you could help one of our readers. One of our readers signed up for Saxo Markets Online upon the glowing recommendation from some financial bloggers. He wishes to use the account to trade overseas market and thus there is a need to convert his home currency (SGD) to USD or GBP. For Saxo, there is a currency conversion cost. At Saxo’s Commissions, Charges and Margin Schedule, they explained about this currency conversion cost. From my understanding, each conversion will cost you 0.75%. This feels like a service fee, and I am not sure on top of this fee, the firm earns a bid-offer spread from the conversion. For reference, you can compare against Standard Chartered Online Banking’s LiveFX spread, which I talked about here and here. They are not the best but they do not seem to come...