TD Ameritrade will stop serving retail investors in Singapore from December onwards.
At the close of US markets on Dec 1, non-accredited investor accounts from the brokerage will be restricted. No new trade orders or deposits will be accepted. However, investors may still place liquidating orders to close their positions.
There will also be changes to the capabilities of non-accredited investor accounts from Oct 1. All non-accredited investor accounts will also need to be closed on Dec 31.
In line with the closing of retail accounts, all non-accredited investor accounts will be charged a monthly maintenance fee of US$50 ($68.50) from Oct 27 onwards. The charges will be based on the cash balances held at the close of business (US time) on the 27th day or on the last preceding business day of the month.
Accounts with cash balances totalling less than US$50 will be charged an amount to reduce their cash balance to US$0.
“TD Ameritrade Singapore has made a strategic decision to focus on meeting the needs of accredited investors. We are committed to serving this unique market and providing these sophisticated local investors with access to the US markets, an offer that will grow even more powerful once TD Ameritrade’s best-in-class thinkorswim trading platform is married with Charles Schwab’s breadth of wealth management capabilities in 2024,” says a TD Ameritrade Singapore spokesperson.
