Alternative to IB / more user-friendly

Cortana · October 16, 2019, 8:15am

Dear community

I would love to invest in US ETFs (I hope that this will be still possible in 2020 and later), but IB just turns me off completely. It looks so complicated and it’s not user-friendly at all.

I’m ready to pay some fees, as long as it’s below 250CHF/year (inclunding everything, CHF->USD FX and transfer fees if there are any). As long as I get a good platform (ideally a great app for Android) and a easy and cheap way to transfer my money monthly to my brokage account.

So what are to possibilities for Swiss people? Schwab looks really interesting.

Looking forward to get some feedback.

Mr_Zack · October 16, 2019, 8:23am

How about TDAmeritrade? Great Mobile App and also now have no commission fees.

wapiti · October 16, 2019, 9:00am

Is it possible to open an account as a swiss resident ? Last time, I checked it was not possible

javier · October 16, 2019, 10:04am

I don’t know where you got that information.

I opened my account with them (TD) like 5 years ago being a Swiss resident.

It involved sending them some documents through the post.

wapiti · October 16, 2019, 10:49am

ok good to know. Do they have a swiss iban? How do you transfer money?
EDIT: I checked my email and the issue in 2017 was not to open an account by to transfer CHF without huge fees. Has this change?

Cortana · October 16, 2019, 11:15am

How do you transfer money? Schwab is offering an account in Switzerland.

Do they support transfers from Revolut?

Mr_Zack · October 16, 2019, 11:26am

https://www.tdameritrade.com/funding-and-transfers.page?

Wire Transfer:

If your bank is located outside the United States

First National Bank of Omaha

16th & Dodge Streets

Omaha, NE 68102

ABA # 104000016

Swift Code / BIC: FNBOUS44XXX (If your bank requires it)

For credit to:

TD Ameritrade Clearing, Inc.

A/C # 16424641

*For benefit of:

Your nine-digit TD Ameritrade account number

Your name

Your address

*Required for timely and accurate processing of your wire request.

dbu · October 16, 2019, 11:27am

What exactly do you find user-unfriendly?
You can stick to using the mobile (or web) app, and it’s quite good and user-friendly - on Android too.
I don’t remember last time I opened the (ugly and intimidating) black interface - be it web or desktop.
I use the web portal or my phone app to check status, do some visual portfolio analysis, get reports and buy.

I think the fear of IB being complex is irrational and not a good enough argument to use something else with much higher fees.
Or people are just not aware of the alternative interfaces.

3 easy steps (which can all be done in both mobile or the nice web app):

Create a fund transfer request in account management
When the funds arrive, make a sell order on CHF.USD pair
Buy whatever you want in USD

Cortana · October 16, 2019, 12:24pm

I was terrified of this black interface from 1980. It looked so complicated. I like Degiro because the app is very easy and fast.

From which account are you transfering money? I’m currently with UBS. Revolut isn’t accepted, right?

wapiti · October 16, 2019, 12:34pm

Transfering money from CH to US is really costly and I suppose you can transfer only USD ?

cruzandmore · October 16, 2019, 1:39pm

You still have the Mobile Application that is User friendly. You can use that one.

dbu · October 16, 2019, 2:20pm

I do agree on that one.
However there is absolutely no need to ever open that one.
Web app (use the default “Portal login”, not “WebTrader login”) as well as mobile app look and feel good to me, and are easy to navigate.

I am sending my CHF from UBS, you get an IBAN to use once you create a fund transfer request, and it costs nothing (next-day ---- transfer).

Cortana · October 16, 2019, 3:11pm

Where is the receiving account located? Do they provide a Swiss IBAN?

ma0 · October 16, 2019, 5:17pm

Check the forum. IB does provide a Swiss IBAN.
Also note that there are 4 ways to trade:

“Big scary app”
WebTrader (web app)
Android/iPhone app
Web Portal (where you can request the funds). On the top right you could trade. I believe.

Cortana · October 16, 2019, 5:22pm

Maybe I should really try it. Doesn’t sound thaaaat bad.

San_Francisco · October 16, 2019, 5:27pm

Just to clarify, SEPA transfers are only available in EUR, not Swiss Francs (unless you‘re sending EUR from your CHF account - though the bank will probably convert at a non-optimal rate).

dbu · October 16, 2019, 6:10pm

Sorry, a mistake in my wording then - it might not be SEPA but the next-day transfer itself is free (because they give you a swiss IBAN to send to) in CHF too!

Cortana · October 16, 2019, 6:19pm

Sounds good.

Any news on if US ETFs will be available for Swiss residents in the future? Schwab closed that option for the EU last month.

nabalzbhf · October 16, 2019, 6:47pm

Schwab said it was a mistake and CH resident are not affected. Probably wait and see, they definitely won’t be forced to remove them from trading, but they could still decide to do it (but the fact e.g. Schwab figured out that CH is different from EU regulation is a good sign).

Tino · October 16, 2019, 7:30pm

I’ve been a long time IB client and…well…lots of problems with tax numbers, interface slow…etc…etc…watchlists,

Now, I checked and TD has everything free (except the withdraws: 25 USD) but the interface is nicer, there is realtime for free, no fees… a real bank, old and good reputation… I’m thinking about changing from IB to TD so… I tried to open an account yesterday!!!
Just… the process is not really… let’s say friendly. You have to print everything and send to US by ordinary mail.

Once the process is finished, I’ll come back to tell you the results. Also, there is a bonus of 600 USD if you put 250k or more there!!! There is a loooottt of money!!!