I am new in the forum
I recently opened an account in DEGIRO and so far I am happy with it except for this “Custody” profile here. By reading this and other sites, it seems you can have either a “Normal” profile and a “Custody” profile, but there’s nowhere in the site how to verify if you have the “Custody” profile, neither how to change to it.
DEGIRO currently just says I have the “Basic Account” and I can change either to the “Active Account” or the “Trader Account” but there’s no mention whatsoever to any “Custody Account”.
why don’t you bother degiro support with this?
this isn’t really a support forum for such minor technical/ux issues
Briefly looked at their website anyway (regretting my lost time already…)
https://www.degiro.ch/preise/ makes this dichotomy:
- Eine vollständige Übersicht über die Preise für die Profile Basic, Active und Trader von DEGIRO finden Sie im Preisverzeichnis.
/ Eine vollständige Übersicht über die Preise für das Profil Custody von DEGIRO finden Sie im Preisverzeichnis Custody.
So we can infer from this you didn’t sign up for a custody account
Just noticed this option is only offered when you’re registering for the first time to DEGIRO, not when you’re already there. I suppose I will need to close my account and open it again
Or use this chance to open an account at IB instead, it’s cheaper, pardon sounding like a promoter for them
IB also won’t let you downgrade from margin to non-margin account, so pay attention at registration. But you can open a second account if you really must…
Thanks, for now money is in DEGIRO and I plan to open other in Saxo Bank and will try also IB. In my case it will be non-margin as I don’t want to ask for any loan to anybody.
That’s not really a valid business reason to avoid margin accounts. Extra functionality doesn’t hurt if you don’t use it.
On other hand, if you don’t agree with degiro’s practice of loaning out your shares in their margin accounts, or easily scared by the term “rehypothecation”, that’s a different matter of course
I would not, saxo is like the autistic and more expensive version of ct if you need a swiss broker.
@hedgehog, could you please elaborate on this? I was under the impression from @_MP’s blog post that Degiro is the cheaper of the two.
can you elaborate on this?
this review of Saxo Bank seems pretty good https://brokerchooser.com/broker-reviews/saxo-bank-review
CT uses the interface of Saxo (which I is pretty sweet imho) and is just generally cheaper and better from what I heard (though still nowhere near IB).
I was at Saxo for a while but they are super expensive and the custody fees are not very transparent.
The customer support was very nice until I asked about the unexplained fees, then they suddenly went dark.
What CT stands for?
Can you give me an example on when/where they were super expensive? They have usually pretty good reviews from what I have seen so far.
CornerTrader, which is the least bad Swiss broker according to this forum.
Keep in mind you are looking at the review of the Danish version of Saxo, not she Swiss one.
The expensive part was pretty much everything, the transaction, the currency conversion and the custody fees.
Former Saxo bank client here as well.
Pro : The user interface is really nice. So nice that Corner Trader use it in a white labeling arrangement.
Cons : Several :
- High Transaction fees
- High 0.5% fee on each currency conversion (ex : you want to buy VT (USD) with your CHF, saxo will charge you 0.5% for the currency conversion
-The investable securities horizon is not as broad as other brokers
-their behavior during crisis times : for instance, in 2015 during the CHF peg removal, Saxo chose retroactively to execute client orders not at the price that they asked for, but at the price that suited Saxo. No need to say that clients suffered losses because of that.