It‘s just Saxo. You could never trade them there. Nothing has changed legislation wise.
Well I have moved to IBKR anyway and have VOO there, but no, up until this morning I did not see the KID warning for these specific ETFs on my watchlist. I did see them in various places before. Maybe they just made the warning explicit, when before you had to click on trade and then get an error.
I think that‘s it. In their advertisements on instagram etc., they make it seem like you can buy us etfs, and maybe lots of people asked support all the time.
Pretty stupid of them, but they just wont get business with me, if they think they must apply EU law to Switzerland.
I did check on this. One can buy US ETFs if they sign the form to be a professional client. Otherwise No.
And it seems to be Professional client one should have either specific work experience, education or have made multiple large transactions (10,000 CHF) per quarter for the 12 month period.And disposable assets of 500K.
Saxo Bank, the Rolex AD of brokers. Buy expensive stuff you might need, before we let you buy the stuff you actually want.
These are the MiFID criteria, which apply to EU/EEA but not Switzerland. Swiss law (FIDLEG) has slightly different criteria to be classified as professsional client (but that classification isn’t needed for execution-only). So much for Saxo Bank Switzerland being a Swiss bank.
I opened a secondary account at Saxo just for the fun of it.
When trying to place an order on SIX for an ETF for around 10k it states commissions of 15 CHF.
Even for the lowest tier accounts they announced 0.08%? That’s 8 CHF according to my calculator. Am I missing something?
Do they support proper MFA or just by SMS? I’m not an expert but feel more comfortable with a physical device like IB provides.
I use google Authenticator for code generation with Saxo. You could also configure faceID recognition with the App.
I believe they show both buying and selling commissions . Latter is only applicable at time of sale. Same for stamp duties