This law has existed forever Registrierung von Prepaid-SIM-Karten , but they introduced new penalties for non-compliance last year.
And this year is the first time those penalties were used because some shop in Geneva didn’t ID people correctly:
(The law is stupid, because EU companies often allow cheap roaming in Switzerland, and no ID is needed in many EU countries… but I guess this does at least catch the stupid criminals, and many criminals happen to be stupid.)
I think we talk past each other. It’s very clear and no secret that CT use Saxo underneath. That’s clear.
My question was: why do you think CornerTrader pays 0.12% custody to Saxo
I have already given you the answer to that, you even quoted it.
Also, it seems quite logic. They use all of Saxo’s infrastructure, so how should they be cheaper. I wouldn’t be surprised if CT will start charging for custody in the near future, but that’s just my opinion.
No you have not written from where do you know that they pay 0.12%.
It would be a terrible deal if CT charges customers no custody fee but they have to pay Saxo 0.12% in order to use their platform. To me it would be logical that they pay a fixed price, regardless of the AUM. How would they be cheaper? Different business model. By cutting cost. On marketing, on staff. Wouldn’t be the first case. For example you have Yallo, which uses Sunrise network, but is cheaper than Sunrise. Or Lyca Mobile, which uses Swisscom, also cheaper.
I somehow knew the telecom comparison would come up. The 2 fields are totally different because of the regulatory environment which tries to enable competition in the telecom industry and helps new entrants. Saxo is not a (former) monopolist, they just seem to have an excellent white label solution and infrastructure.
Also, as far as I remember, they are NOT charging negative interest rates on investors’ cash balances (you should know/be able to confirm/infirm?). As opposed to Saxo.
I don’t see that big of an issue here. In order to enter a market as quickly as possible they are prepared to sacrifice profits. Obviously, some people might leave once there will be adjustments to the fee structure. But most won’t.
I find it funny that they told you. Maybe I should call Apple and ask them how big is their profit margin on iPhones 
. Well, if they would introduce 0.12% custody fee, then I would probably transfer my ETF to PostFinance.
Ok fair enough. Still, we dont know what exactly you asked and what they responded. Might make a difference
Mind you they already “said” that they might introduce an inactivity fee… But I haven’t seen anything official yet.
If I understand correctly you still became customer of CT after you made this horrible experience with Saxo. Is there any reason to believe that this would not have happened with CT given the fact CT is based on Saxo software (and possibly even run by Saxo)?
You are right. I didn’t know until the last minute that Saxo was under CT…
Now, seeing about some fees and interests applied I can bet that Saxo in behind CT for the 95% of operations. CT just put the “Swiss” name, 2 or 3 office around Switzerland for having contact with the clients and the pure bank structure. All the trades, CFD, etc… are Saxo.
Is for that and other things explained in my review of CT that I quit them yesterday 
I got a mail today from CT that they are now migrating to TOTP/Google Authenticator/Microsoft Authenticator.
Yes, me too. Good thing they switch to a more popular solution
How is this working in 2022? I read the Q&A and opened demo account but couldn’t find any mention on multi factor authenticiation.
TOTP/OATH is still used and works fine. I had to request 2FA via internal messaging (or maybe phone call) and got the necessary information to setup Google Authenticator. By default no 2FA was setup, though. I don’t know whether 2FA is the default these days.
The mobile app myCornèr does not ask for 2FA. It’s only checked in the web interface. If I remember correctly, a special authentication code was required to setup the myCornèr app, though, in addition to user ID and password.
This might be of interest:
As jay wrote, asking them to enable it in the chat works as well. They’ll then tell you to log out and back in. During login you’ll see the QR code for the authenticator app.
Still not the default.
They’ve been very quick to activate it upon my request but for a broker dealing with decent chunks of wealth, this feels very unprofessional given the state of the art of online security nowadays.