TD Ameritrade announced that it will stop serving retail investors in Singapore from December 2023. We find out how this will impact you as a customer and what you need to do.
What happened?
After the shock closure of Moneyowl a few weeks ago, trading platform TD Ameritrade announced on 28 September that it will stop serving retail investors in Singapore from December 2023.
Instead, it will focus on serving accredited investors only, a market that the company believes has been “under-served historically in Singapore”.
Source: Screenshot from TD Ameritrade
This came as a surprise to many as TD Ameritrade’s thinkorswim trading platform is relatively popular amongst retail investors in Singapore, offering a wide suite of trading tools and insights on its platform.
As recent as in July 2020, TD Ameritade started offering zero commission trading on online stock, ETF and option trades for Singapore investors....