I have actually saved up a sum of money which I do not really need to use in the short term. I want to invest in the stock market.
How do I do so ?
Firstly, we need to open a CDP account which will take stock of all the shares you hold. You can do that concurrently with the opening of a trading account with your preferred securities member as listed in the sgx website.
For POEMs or Phillips the advantage is that they have many outlets all over the island so it is very easy to register an account with them. Just have to pop in and the friendly staff will be glad to assist you with the opening of an account.
I have used POEMS and UOBKayHian and I prefer POEMS because of their functionality which highlights the stocks you bought giving dividends when the date is near. UOBKayHian has a more cleaner and modern interface but lacking in functionality which I personally like in POEMS.
You may have your own preferred trading platform which is fine because they all serve similar purpose which is to allow you to buy and sell shares or stocks or bonds, etf, funds etc. In fact you can open more than 1 trading account though its quite rare to need to use more than 1.
The login ID for the trading account is given and you cannot change it so if you have multiple accounts may be difficult to remember all the IDs.
Bring your :* Identification card (for citizens and permanent residents)* Passports (for non-Singaporeans) & Malaysian IC for Malaysians* Work and re-entry permits (for foreigners working in Singapore)* Bank account number* CPF investment account number (if applicable)* CDP account number (if applicable)
You should be 21 yrs of age and above to be eligible to open an account. ( if you are too young but have cash to spare just use your parents’ or guardian’s account first )
Have fun trading !
Also please check out this video created by 2 students of Andrew Hallam, author of the millionaire teacher, on how to start investing in Singapore by opening an account with POEMS or Fund Supermart.