Saxo - features, costs, restrictions..

Fund the account with SGD10k (premium acct 100k). You can leave money there without trading. Your money sits in the trustee bank account at HSBC.

No commission except small-ticket fees (like USD10). Saxo earns bid/ask spread.

For my purpose, pnl currency would be USD, not SGD. It's costly (0.5%) to physically convert to SGD and take out. To take out USD, just give a wire instruction. Saxo absorbs wire fee.

You can hit Saxo bid, and earn the premium upfront. If exercised, your USD account would show the effect of cash-settlement -- no physical settlement (conversion to SGD).

* Simple scenario -- my call expires worthless. I keep the premium.
* Complicated scenario -- my call is exercised. My USD account shows a loss. I can convert to SGD with 0.5% conversion fee.

You can choose not to unlock the live acct until you wish to trade, while you access your trial account.

--first trade
10k 1.24 1M