Transferring all my FSMOne Holdings to Tiger Brokers

I have been having issues with FSMOne, namely, the slow processing times. People tell me it is because I used the Cash Sweep account, so things move much slower there.

Some of the pain points for me for why I switch. 

• Previously, when I was using the cash sweep account and the normal account, everything was the same and it has the benefits of slightly better interest. However, when the processing times became much longer, I got no notifications about it. I use multiple brokerage accounts, one for SGX, one for US, one for HKEx etc. So the speed of being able to shift funds around is paramount to me. Having a mix of T+2 for settlement, T+2 for getting funds out of the Cash Sweep account and T+1 for conversion back to SGD is kinda insanely slow in this era.
  
• For some reason, after disabling the Cash Sweep account, people tell me they get instant FX conversions for funds, I do somewhat get it, but after conversion, I cannot use the funds right away (I converted before 5pm) to buy securities in another market, I will get an error saying that the funds are locked up, pending conversion and I would be able to only use it the next day.
• Even more annoyingly, no matter what I did (clearing browser cache and cookies), the site would randomly crash on me, especially trying to get to the cash I want to transfer/convert.
• Charting software on FSMOne is provided by TradingView which I feel is fine, but the features are much lesser than what I would have gotten with a free TradingView account.
• Queuing orders, at least for HKEx for me, cannot be placed outside of specific hours (very limited here) and I have to keep re-queuing those orders every day, there are no GTM or GTD orders.
  

All these are on top of having more expensive commissions (which I gather because they are executing themselves instead of selling order flow like Tiger and IBKR, but in terms of the end user, I don't feel a difference in transactions unfortunately) and the requirement of live snaps (that must be redeemed) to refresh prices, else they are delayed.

Tiger has none of the above issues and the following perks.

• DBS Direct Debiting for fast funding
• Access to Chinese and Australian markets
• Access to Options and Margin accounts
  
• Better reward system and referrals
• Linkage to TradingView for orders
  

That being said, Tiger can give a little more rewards to existing users, like Moomoo (but Moomoo has lesser market access and the Shopee-like interface is infuriating. Granted Moomoo is getting a lot of funding, so might explain the rewards).  

I wish Tiger Brokers will have trade confirmation statements and a more intuitive monthly statements (like TD Ameritrade). 

Also, hopefully in the future, there will be a web browser based platform and a Linux desktop application (like Interactive Brokers and TD Ameritrade).

Another irony was just 1 week after I begin the transfer, Interactive Brokers, announced the removal of the account maintenance fees. I will review again if I ever require access to LSE or TSE I guess.

So how long did the transfer take?

On FSMOne, I started the transfer on end June and only received notification in mid July that they received the application. The transfer completed one week later after that. It totals to about 3 weeks for me.

So how do you make the transfer?

1. Go into the Tiger App or website to initiate the transfer by logging in.

2. Select Transfer Stock In and they will ask you to choose which exchange your shares are in.

3. Fill in the details. For FSMOne, the company is iFast Financial.

4. Enter all the holdings you wish to transfer, press next and confirm that you have entered everything right.

5. Tiger will give you details to inform your broker (which in my case is FSMOne).

6. Obtain the transfer form from FSMOne here: https://secure.fundsupermart.com/fsm/articleFiles/webarticles/4277/SG/Letter_of_Intent_Transfers.pdf and fill the details.

7. Email FSMOne with the form to request for transfer at clienthelp@fundsupermart.com

8. You will receive emails for the transfer applications.

Some notes:

• Tiger Brokers do not accept HK shares below 1 HKD for some reason
• Transferring out of FSMOne is Free! No incoming fees on Tiger's side too.
  

Conclusion

I have explained my rationale and the ins and outs of the transfer process.

 

That being said, FSMOne is still one of the most cost effective ways to sell your CDP shares and I will continue to use them for solely that purpose.

 

If you are keen on opening a Tiger Broker account, you can use my referral code: QOFEKG. Alternatively, use the link here: https://www.tigerbrokers.com.sg/activity/forapp/invitflow-intl/signup.html?template=invite202011&lang=en_US&invite=QOFEKG

 

The current promotion would be 5 commission free trades, SGD 88 stock vouchers, scratch vouchers to get 10 Netflix shares and supposedly a free Apple Share too (if you deposit SGD 2000)

 

That's all for this post. 

 

Thank you for reading.