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Trading of US stocks using POEMS

Hi Andrew, Thanks for sharing. 1) Can you explain the 50 basis point exchange rate charges with an example? 2) Where can i open a USD bank account that is cheapest? 3) Regarding the $2.50 per counter per month script holding charge, does it mean that if a have AIG and GOOG, every month they will deduct $5 from me? Is it in USD$ or SG$ for the charges?

 

If you have a POEMS account already, you probably need them to activate the US trade for you.

You will need to fill up the W-8EN Withholding Tax Wavier Form. There is capital gain TAX in USA for Citizen and alien residing in US for 6months or more.  W-8EN is a decalration that you are neither of the above.

W-8EN expire every 3 years. Need to sign up again (Mine was disable recently, luckily.....heee)POEMS will suspend US trade on expiry date.  Do take note. 

POEMS charges 50 basis point on the exchange rate from SGD to USD and vice visa.  It is best you have a USD bank account (Optional).

Contra is allowed. Shorting is NOT allowed.

All entities you hold invite a $2.50 per counter per month script holding charge. (May have revised)

You do get dividend and subject to admin fee of S$5(I guess....please check, never bought a stock that pay div).  Dividend is taxable. (too insignificant, anyway, never wait long enough to get it).

POEMS offer realtime NYSE, NASDAQ, AMEX.

The min. trade lots is 1 share. There is no min. step amount for trade (like 0.5cts for SGX).  No maximum Q bids. Example BUY GOOG $479.8796 1 share. Curent bid for example is 535.50

I think it is publish on POEMS website......

 

darylwj      ( Date: 26-Sep-2008 12:50) Posted: To add on to the questions below: Are we entitled to the dividend if we hold the US shares? And are the dividend taxable if we are entitled to it? And how is the tax struture like? You feedback is very much appreciated. Thanks! zhenxian      ( Date: 26-Sep-2008 12:34) Posted: Hi, Can anyone advise/share on trading in US stock market? What is thing i need to take note of when trading in the US stock market? Thanks for sharing. :)

 

To add on to the questions below:

Are we entitled to the dividend if we hold the US shares?

And are the dividend taxable if we are entitled to it? And how is the tax struture like?

You feedback is very much appreciated. Thanks!

zhenxian      ( Date: 26-Sep-2008 12:34) Posted: Hi, Can anyone advise/share on trading in US stock market? What is thing i need to take note of when trading in the US stock market? Thanks for sharing. :)

 

Hi,

Can anyone advise/share on trading in US stock market?

What is thing i need to take note of when trading in the US stock market?

Thanks for sharing. :)