Chapter 3 · Brokers, fees and settlement
Choosing a broker
Commission is set by regulation, so brokers compete on everything else.
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Because SEBON sets the commission scale, brokers cannot meaningfully undercut each other on the headline rate. That is good news: it means you should choose on service rather than price.
What actually differs
- Whether their systems stay up. On a heavy trading day, this is the only thing that matters.
- How quickly funds move in and out of your account.
- Whether someone answers the phone when a trade goes wrong.
- Branch access, if you would rather deal with a person.
- Whether they also act as your depository participant, which reduces the number of institutions you deal with.
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