Yes, segregation is also of course required in the US. And thereâs the SIPC insurance, a concept most countries donât have
No, under brokerâs - in the electronic records in the computers of a central depository like DTCC or SIX, and then broker has its own electronic records that youâre the ultimate owner, thatâs how it works
Unless youâre rich enough to afford to buy yourself a small bank and deal with a CSD directlyâŠ
(Or another alternative for cash strapped and truly paranoid is DTCâs Direct Registration System)
Eggzactly
Well, I personally consider the forex (0.5+% savings) and lack of stamp duty (0.15%, times 2 for when you sell) to be also quite big advantages of IB. Letâs say you want to be investing 100k every year - youâre looking at spending 800+ Fr in these two charges alone at swiss brokers. On top of already draconian broker fees
Eh, donât get your hopes up. The bank would tell you to move the stocks over to them for custody and probably bill you around 0.3-0.4% for safekeeping. You can loan the money also from IB on margin.
Yes, exchanges rates are pretty much universally marked up by 0.5-2% or even more at the banks. Youâre getting robbed when you exchange currency without even knowing it.
IB gives you access to fair interbank rates for a very modest commission. For some people I know this alone is worth it to pay 120 Fr/year for an account at IB.
Perfectly legal, itâs what the law pretty much explicitly says - only domestic brokers have to pay it.
I think thatâs where the combination with corner bank could be an advantage for CT. You can already deposit gold on corner bank and use it as collateral for ct. I imagine you can work out a deal with corner trader and corner bank for mortgages and pledging etf
has anyone done a USD transfer from IB to CT? IIUC 1 cash transfer on IB per month is free - so the question would be, how much would it still cost for âin-betweenâ banks and on the CT-incoming sideâŠ
Being interested in a cheap swiss online-brokerage, i started inquiring about CT. Obviously, the whole CornĂšr Banc financial soundness shebang sounds quite enticing.
As far as I understood though, CT does NOT have too much to do with CB when it comes to the relevant aspects of online broking. Not only has CT whitelabelled the Saxo platform (which really is a good thing!), but ALL transactions seem to run through Saxo. After reading their Terms, I even come to the conclusion that the bank account you open there is NOT with CB, but with Saxo (even though they donât mention Saxo by name) and that your assets are held in the name of Saxo and NOT CT/CB.
I am not saying that this would result in a total no-go, not at all (theyâre cheaper than Saxo - for now at least; Saxo is still a bank in CH; saxo is still a reputable international broker). But one should inquire about the real background of CT and not get blinded by how it is advertized as a part of CB, when in effect it doesnât seem to be.
If someone has information to the contrary and can shed some light on this issue, iâd be glad to hear/read it!
Do I understand CornerTrade website right? If I buy and Hold and do no trade for 2 consecutive quarters I will be charged an Inactivity fee of 35 CHF/Quarter.
Thanks for this! I didnât know it. I stopped trading on CT some time ago, just kept my current holdings. I will have to rethink what I do with this account.
I got the notification today in my inbox. Not too happy about that as I have some funds there from my early beginnings⊠Is the answer all-in on IB? Or transfer the stocks to PostFinance and live with the 90 CHF/a depot costs? Meh
Just got a call today from Cornertrade. Correct, they recently implemented a 35 CHF/Quarter fee for passive investors. If you âtradeâ once each second quarter you have the Depot for free the full year.
Trade 0 times in 1 year: total costs 140 CHF
Trade 1 time per year, costs 70 CHF
Trade 2 times per year in separate quarters: costs 0 CHF
until they change their mind again and charge you anywayâŠ
At Swissquote I am currently at 16.61 CHF / Quarter. Total 66.44 CHF/Year. I was considering Cornertrade to avoid the Swissquote fee but now if I trade once a year I will be worst off⊠need to thinkâŠ
I also got the email from CT today. Indeed, 140 CHF per year if you make no trades. I also only keep some securities I bought before I switched to IB. So Iâm also considering abandoning CT.
I received the bad news too. Are there any disadvantage to trade CH-based ETF on IB? Is it even cheaper than on CT? I am also considering to sell everything and move it to the other ETFs on IB.
Yes it is! I have not executed but only simulated a trade with IB and VWRL.SW so I canât exactly say how much cheaper it is. But I expect a combination of -0.15% and a cheaper fixed costs. Has anyone tried?
You donât have to! I have moved funds from CT to IB in the past without selling for no cost. Just ask for a âSecurities Transfer IN/OUTâ form and fill it out as below. Additionally, let IB know that the funds are coming so they can accept the transfer from their side. Worked like a charm.
Iâm going to move my securities to Postfinance. The CHF 90 is quite high, but at least some trades are included in this yearly fee. Furthermore, I will be able to save the CHF 60 yearly fee for my private account.
Iâve seen that Postfinance has some kind of âSponsored tradesâ offer with lower fees for certain products. Vanguard is also listed as "Sponsored partner (Link Postfinance). Does anyone know what this is about?
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