Regarding Schwab USA for Swiss people: thanks for the confirmation, I think the same but I’ve been mislead by the redirection to the UK by “discovery” of my swiss IP address.
Regarding Mifid, I was specifically referring to PRIIP regulation for retail investors or people who are not classified as “professional”, that is the requirement for fund providers to provide to non professional investors a PRIIP KID as of 1 January 2020. This seems also to apply to swiss investors (see here and here). Quoting @thepoorswiss: “In 2018, the Swiss government voted two new laws: Financial Services Act (FinSA) and Financial Institutions Act (FinIA). Once again, I am not going to go into details of these laws. They are more or less a copy of the European laws for Swiss investors. They also enforce each fund to offer a Key Investor Documented (KID) to all Swiss investors. So, they cause exactly the same issue to Swiss investors that PRIIPS caused to European investors.”
The Swiss laws are not a direct copy of the EU laws (they are less strict). Ok, you may need to grab a lawyer to explain this in detail…
Swiss laws don’t apply to non-Swiss brokers.
Schwab are ignoring mifid for their EU clients despite having that UK office, you can’t seriously suggest they’re going to suddenly care about Swiss laws.
I honestly hope IB and other non CH brokers (like Schwab) will continue to offer us those products…
The topic has been broadly discussed here. If you have further infos your contributions will be surely appreciated as this “risk” concerns many forum members.
What you say is true… for US law. For everyone else, you’re wrong and you need to spend some time learning about how international law works. If what you claim were true, all brokers would have to charge Swiss stamp duty
I don’t have the link anymore, but someone I know showed me a page where FINMA explained that FinSA only applies to persons and brokerages located in Switzerland.
There was some guy on the MMM forum, look for recent EU related threads.
CT didn’t but in a private email an employee wrote me they are going to apply it this year. When I asked how much would it be, no more answer, very unprofessional, so CT is not an option for me anymore.
It’s possible to compare the fees with different scenarios under this link https://www.moneyland.ch/en/onlineTrading/index
Obviously, it would depend how much money you have under custody.
But in top, you have most of the time:
Cornertrade - no custody fees
Postfinance - flat 90 CHF/year
Tradedirect - Custody fees: 0.025%, min. CHF 10, max. CHF 25 per quarter.
I am using 2fa with corner trader. Recently I changed my phone, so I had to change the credential. I could not do it myself, the option to change it yourself is gone. So I had to call them, then they resetted the 2fa and I could provide the new credential. So this loophole is kind of mended. But of course anyone could call and pretend to be me, so its still not perfect.
My biggest problem with CT is their lack of professionalism. You can see that they are very small. You have issue with 2fa? Bad luck, the guy responsible for this is not in the office today, try tomorrow (seriously, true story bro). It seems to me like the majority of their RMs are Russian, which is strange for a Swiss company.
Anyone got more details as to how much custody or account fee CornerTrader are going to introduce this year? Would be good to know what amount they will have and whether it’s
a minimum/prepaid fee like PostFinance or Interactive Brokers
or a percentage model like Swissquote, Strateo, Tradedirect
(actually Stateo have also an ‘account maintenance fee’ of 50 CHF/year if not enough trades executed)
PS: regarding IB alternative: etrade seem to offer the relevant vanguard etfs even commission free (see here) - ok they gotta have shitty money transfer fees (sth like 25$?), but no account/custody fee. what’s the catch? (the estate tax!)
Edit: maybe the catch is that they only accept US residents…
one more thought re IB alternative: degiro. I assume some of you are already using it. I at first considered it a total no-go, so sad, as for the custody model (which is the only one that makes sense for me) they were charging 1 EUR + 3% for dividends. That essentially means round about 0.1% additional cost. That’s outragous!
Now, what if you just stick to accumulating ETFs on degiro (custody model). Wouldnt that actually be a mustachian solution?
Another one re degiro: does anyone know if you pay Swiss Stamp Duty with them? They’re dutch but for swiss you open an account with degiro.ch and have to transfer CHF if I got that right…
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