After having read nearly all posts on this topic, I am even more insecure about the broker selection than before. I started by opening a Swissquote depot and bought some ETFs there. As the quarterly fee is pretty high (min 15.- per quarter), I started to look for alternatives. I opened a basic and a custody account on Degiro and it seems pretty good to me and has a good price-performance ratio.
The only reason I currently stay with Swissquote is the fact, that Swissquote is located in Switzerland. I do not know why, but I currently feel uncomfortable holding my shares and etfs with a foreign broker. I just read a long post regarding the risk of losing shares on different brokers in this forum.
If I understand it right, the most of you would recommend IB (or if the invested amount is unter CHF 100’000 Degiro). Is there really no disadvantage in using a foreign broker like IB or Degiro over a Swiss one?
The things I am most scared of are:
- Losing money in case of bankruptcy of the foreign broker
- Losing money due to government regulations or restrictions (for example if Switzerland does not cooperate like the EU would like it to)
- Having troubles in filling out the tax forms (missing the opportunity to order a tax overview like on Swissquote)
- Getting lower dividends due to US regulations or as the broker only forwards part of it
Could any of you help me with my fears? I really would like to move to IB or Degiro once my fears are eliminated.
Thank you so much.