Initiate a position transfer on IBKR
The first step is to initiate a position transfer on IBKR using Transfer Positions....FSM One (review) is a great platform to dollar cost average into their regular savings plans (RSPs) with a transaction cost of just $1+.
However, some of you might want to consolidate your positions into a single broker, for example, Interactive Brokers where monthly minimum commissions can be waived if you have a minimum of US$100K in account balance.
A good time to consolidate is also once you have amassed a large position through your regular dollar cost averaging on FSM (e.g. dollar cost average VT on FSM then switch to VWRA on IBKR).
In this guide, I’ll show you how easy it is to transfer to IBKR SG (note: IBKR US accounts are not eligible to trade SGX-listed securities).
p/s: IBKR is my favourite brokerage due to its low cost. Read about it here.
