Swissquote forgot to ask me about this form and sent the extra 15% to the Yankees instead of the Swiss. Do yourself a favor and open a ticket.
I just opened an account with Saxo, as they have eliminated custody fees, and will transfer some ETFs from IBKR.
Through this link, youâll supposedly receive the eTax document for free:
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The owners of Saxo are trying to sell them for over a year now; most promising talks are with Safra Sarasin.
Personally speaking, I avoid having accounts with financial institutions who are being sold.
But fee related Saxo is more interesting than Swissquote, indeed. But at what price?
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Potentially they lure cuetomers now and the new owner raises prices âŠ
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As far as I read Saxo is considered a systematic important institution in Denmark.
I think their owners want to sell their stake because of the ownership structure & maybe they want to do something else. But I donât think itâs because of profitability issues
Quite possibly.
On the other hand: I only have 1 position with Saxo (World ETF). If it gets expensive, I can simply transfer it to another broker. But at the moment itâs (probably?) the cheapest broker with a FINMA licence. So for me itâs a good way to diversify my broker choice, 50% IBKR and 50% Saxo. Going to Swissquote or others and paying hundreds of francs because Saxo might become more expensive in the future would also be crazy (The Poor Swiss has a great pricing comparison).
Note that Saxo only waived the custody fee in Switzerland. In the rest of Europe it can get waived if you enable stock lending, but otherwise and in the rest of the world it is 15 basis points, unless you trade a lot.
I am a bit puzzled with this as it is not like there is a ton of low cost competition in Switzerland âŠ
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Why pay this much? PF is 72 CHF per year max. (You can continue buying with IB and transfer once in a while)
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Maybe they want to take market share away from Swissquote in CH
If you compare SWQ & Saxo, for larger transactions, ETF leaders trading fee at SWQ is not very different versus 0.08% (min 3) fees at Saxo.
So if they remove the custody fees, they become a very compelling Finma approved brokerage.
If they keep custody fees, then perhaps clients of SWQ donât have enough incentive to jump the ship.
Saxo have higher assets versus SWQ but I wouldnât be surprised if in Switzerland, SWQ is bigger than Saxo. To break into clients of SWQ, Saxo needs to offer better costs.
Agreed, Iâm just like it is not like the rest of the world doesnât have a lot of competition either, with brokers like Degiro, Tradegate in the EU and lots of near âfreeâ brokers in the US.