New online broker entrant

gamblor101

Looks like a Dutch company is setting up shop in Ireland soon

http://www.irishtimes.com/business/personal-finance/trade-irish-stocks-for-little-more-than-2-1.2242776

Anyone have any experience with them in the other countries they operate?

RobertKK

They look very cheap, and their website shows no minimum balance and a broad market of assets to invest in.

Will keep an eye on them.

Tugboats

The Irish will buy the market top:cool:

Axel Lamp

http://www.degiro.ie

Heard them on Newstalk Business Breakfast this morning.

The fees are very, very low in comparison to the Irish based brokers. So it begs the question; What's the catch? or is there one?

Tugboats

Axel Lamp wrote: »

http://www.degiro.ie

Heard them on Newstalk Business Breakfast this morning.

The fees are very, very low in comparison to the Irish based brokers. So it begs the question; What's the catch? or is there one?

Irish brokers have been a rip off for years probably the most expensive out there. This does look good but I cant say I know much about them

Jack Skellington

Wow thanks for posting this, sounds too good to be true but these guys could actually make euro cost averaging very affordable.

RobertKK

This is like Ryanair taking on Aer Lingus, when it costs hundreds to fly to London from Dublin.

daheff

are there any account maintenance fees? or minimum trading? etc?

RobertKK

daheff wrote: »

are there any account maintenance fees? or minimum trading? etc?

No, from what I can see.

https://www.degiro.ie/data/pdf/ie/IE_Feeschedule.pdf

Sonnenblumen

RobertKK wrote: »

This is like Ryanair taking on Aer Lingus, when it costs hundreds to fly to London from Dublin.

It still cost hundreds to fly to London with Ryanair and Aer Lingus.

Sonnenblumen

Tugboats wrote: »

Irish brokers have been a rip off for years probably the most expensive out there. This does look good but I cant say I know much about them

Not everyone buys at the bottom of the barrel, buying on price only isn't the only criteria.

Tugboats

Sonnenblumen wrote: »

Not everyone buys at the bottom of the barrel, buying on price only isn't the only criteria.

What are the benefits/advantages of using the top of barrel Irish brokers?

Jack Skellington

RobertKK wrote: »

No, from what I can see.

https://www.degiro.ie/data/pdf/ie/IE_Feeschedule.pdf

Sent them a quick email about this, they wrote back saying there are no maintenance or quaterly fees but there is an annual E2.50 charge on every exchange you trade in, sounds good to me but I'll still read up on them a bit more.

daheff

Jack Skellington wrote: »

Sent them a quick email about this, they wrote back saying there are no maintenance or quaterly fees but there is an annual E2.50 charge on every exchange you trade in, sounds good to me but I'll still read up on them a bit more.

2.50- per exchange seems like a very random fee??

I could understand a per account fee...but per exchange traded? AFAIK they dont have a per client fee with the exchanges, so this would be very much a 'ryanair baggage' fee in my eyes.


Having said that...they are still all lot cheaper than others out there

topper_harley2

Jack Skellington wrote: »

Sent them a quick email about this, they wrote back saying there are no maintenance or quaterly fees but there is an annual E2.50 charge on every exchange you trade in, sounds good to me but I'll still read up on them a bit more.

Is that E2.50 each time you trade on the exchange e.g. say I only trade on Euronext Amsterdam but do so once a month (euro cost averaging)....is the annual exchange charge E2.5 or 12 x E2.50 = E30?

irishgeo

Not too good a review here.

its a tad old though.

http://www.amsterdamtrader.com/2014/10/9-things-i-hate-about-degiro.html

Sonnenblumen

Tugboats wrote: »

What are the benefits/advantages of using the top of barrel Irish brokers?

DYOR :P

Jack Skellington

topper_harley2 wrote: »

Is that E2.50 each time you trade on the exchange e.g. say I only trade on Euronext Amsterdam but do so once a month (euro cost averaging)....is the annual exchange charge E2.5 or 12 x E2.50 = E30?

Well the wording they used would have you think e.g. if you traded on one exchange all year you'd be charged E2.50 but I'll send them another quick email just to be sure.

Bubbaclaus

Anyone using them yet? Is the trading platform user friendly? Can you easily track your investments etc?

Amirani

Seems promising, will keep an eye on it.

topper_harley2

Signed up yesterday and transferred in some cash. Account isnt fully activated yet, as cash hasnt hit it yet

Amirani

topper_harley2 wrote: »

Signed up yesterday and transferred in some cash. Account isnt fully activated yet, as cash hasnt hit it yet

Let us know how it goes!

Jack Skellington

topper_harley2 wrote: »

Signed up yesterday and transferred in some cash. Account isnt fully activated yet, as cash hasnt hit it yet

Cool well they got back to me anyway and said the E2.50 charge is a one off.

wallym

Hi Guys, Looking for a an online broker that covers US and European shares and etf's - Noticed your discussion about Degiro and did a quick search for reviews ...google amsterdametrader degiro and see what he hates about them.

Would post the link but I'm not allowed :-(
Anyone have experience of TD Direct Investing?

Cheers,
Wally...

Frogdog

That link has already been posted in this thread Wally.

murphyebass

Very low charges. I'm thinking of opening an account here as my brokers fees are quite a bit higher.

Any feedback on them yet? Are they legit?

robp

Some bloggers have mentioned that Degiro lends out customer's stocks. One blogger mentioned that the customer is not protected if it goes belly up. is this correct or out of date? Are these risks substantial or are they very unlikely events?

topper_harley2

robp wrote: »

Some bloggers have mentioned that Degiro lends out customer's stocks. One blogger mentioned that the customer is not protected if it goes belly up. is this correct or out of date? Are these risks substantial or are they very unlikely events?

https://www.degiro.ie/about-degiro/safe-and-reliable.html

When creating account, you can specify you dont want them to lend out stocks to 3rd party - there are two types of account. A lending out one and a non-lending one. Both have slightly different fees (read, slightly higher for non-lending).

Bought first ETF yesterday, going grand so far.

murphyebass

topper_harley2 wrote: »

https://www.degiro.ie/about-degiro/safe-and-reliable.html

When creating account, you can specify you dont want them to lend out stocks to 3rd party - there are two types of account. A lending out one and a non-lending one. Both have slightly different fees (read, slightly higher for non-lending).

Bought first ETF yesterday, going grand so far.

Yeah I'd heard something about the lending which I didn't like the idea of so nice to know there's a non lending version.

So yeah i'll set up an account then when I get a chance later on hopefully

TheFin

Best fees I've seen so far. Theyre advertising on CNBC also (Sky channel 505)

Blue Steel

Good enough to invest lots of money with them?

TheFin

From their website: "DEGIRO has been a reliable partner for professional investors in the Netherlands for a number of years. We already process billions in transactions every year via our in-house infrastructure. Our technology is fully compliant with regulatory banking standards. DEGIRO operates under the regulatory supervision of De Nederlandsche Bank (DNB) and the Financial Markets Authority (AFM). However, in contrast to a traditional banking environment, at DEGIRO you do not have to worry about our creditworthiness. All client funds are safely segregated and held within a separate legal entity in the form of a security giro system and a separate custody company."

topper_harley2

IMO it'll be like Rabo, everyone sceptical initially then in five or whatever years they'll be accepted as an Irish thing..

dinneenp

TheFin wrote: »

All client funds are safely segregated and held within a separate legal entity in the form of a security giro system and a separate custody company."

If this is the case then what's the different between the lending and non-lending accounts?
Just checked their site and the differences are:
Standard (lending)
Trade in turbos, speeders and sprinters
Free real time rates (No monthly costs)
Trade in derivatives (options/turbos)

Custody
No trade in turbos, speeders and sprinters
No free real-time rates ( EUR 5 per month)
No trade in derivatives (options/turbos)


With Lending, DEGIRO has the right to ‘borrow’ Securities held by Beleggersgiro from Beleggersgiro, for example for the delivery obligation for a client’s short sale transaction. The risk of lending shares is hedged because collateral is always required. This collateral is always at least 104% of the value of the borrowed shares. If the character of the collateral differs from the securities borrowed, the collateral is even higher. If, for example, Dutch government bonds serve as collateral for borrowed shares, as much as 120% of the value of the borrowed shares will be required. This is in order to be able to absorb any price fluctuations.

As soon as the collateral falls below the minimum, a top-up will be required. If this does not take place in good time, positions will be liquidated. Any loss will be recovered from the borrower. Should the borrower be unable to meet its obligations, any loss is fully covered by DEGIRO. If this loss exceeds DEGIRO’s resources, it will be borne proportionately by the owners of the shares. However, the risk that this will happen is exceptionally small, and in view of the collateral, the possibility of recovery, DEGIRO’s guarantee and the proportional allocation, the percentage of the value of the shares will probably be extremely small. In our view, this is a negligible and acceptable risk.

In the case of use by third parties, the prime brokers that DEGIRO uses (currently ABN AMRO, KAS Bank and Morgan Stanley) have rights of pledge to the Securities that they hold for Beleggersgiro and may use those Securities. Naturally, they must return the Securities immediately in the case of, for example, a sale transaction by a customer. ‘Use by third parties’ means that if a prime broker unfortunately goes into mandatory liquidation, a shortfall could arise in Beleggersgiro. By working only with sound parties and by reaching good contractual agreements, DEGIRO keeps this risk as small as possible.

DutchyIRL

wallym wrote: »

Hi Guys, Looking for a an online broker that covers US and European shares and etf's - Noticed your discussion about Degiro and did a quick search for reviews ...google amsterdametrader degiro and see what he hates about them.

Would post the link but I'm not allowed :-(
Anyone have experience of TD Direct Investing?

Cheers,
Wally...

I have experience using TD Direct Investing.... AVOID!

I recently had a complaint against TD upheld by the The UK Financial Ombudsman Service which forced TD to offer me compensation. The complaint specifically related to my Irish TD account and an completely incorrect Euro balance. The UK Financial Conduct Authority are also investigating the issue. FYI The FCA only get involved in very serious issues affecting multiple customers.

One More Toy

How long did it take to get set up with them? Its nearly two days now for me and no access yet

plasmin

One More Toy wrote: »

How long did it take to get set up with them? Its nearly two days now for me and no access yet

Aa soon as money appears in your account, it's ready to go.

One More Toy

cais wrote: »

Aa soon as money appears in your account, it's ready to go.

Just got through there now, not all that impressed

Can you find the ETF IWDA on the platform?

topper_harley2

One More Toy wrote: »

Just got through there now, not all that impressed

Can you find the ETF IWDA on the platform?

Yeah Ive bought IWDA on DEgiro already

One More Toy

topper_harley2 wrote: »

Yeah Ive bought IWDA on DEgiro already

Maybe Im an idiot but i cannot find it for the life of me

One More Toy

One More Toy wrote: »

Maybe Im an idiot but i cannot find it for the life of me

Found it, no idea why it wasnt coming up earlier!

Blue Steel

I was in the process of opening an account with degiro but they are asking for my PPS number, and it is a required field.

Is this legal?

manonboard

I've been using them about 2-3 months now, about 20 trades.
The US trades have worked fine.
Their reporting of their fees are a bit lousy but its quite cheaper so ill live with that just fine for now.

I am however running into a frequent problem with BKIR share.


"From trading system: rejected order because price (3520) does not match ticksize (25)"

I'm trying to sell for €0.352 yet it keeps rejecting amounts after the 0.35 precision. Even though on their system, it reports prices like that.
I emailed and got a response suggesting i try various combinations like 00.3520 or 00.352
etc but its not working. At a moment like this in the market, its really a pain because things can change so fast.

Its been a grand platform other than that and the reporting of fees for me.

manonboard

manonboard wrote: »

I've been using them about 2-3 months now, about 20 trades.
The US trades have worked fine.
Their reporting of their fees are a bit lousy but its quite cheaper so ill live with that just fine for now.

I am however running into a frequent problem with BKIR share.


"From trading system: rejected order because price (3520) does not match ticksize (25)"

I'm trying to sell for €0.352 yet it keeps rejecting amounts after the 0.35 precision. Even though on their system, it reports prices like that.
I emailed and got a response suggesting i try various combinations like 00.3520 or 00.352
etc but its not working. At a moment like this in the market, its really a pain because things can change so fast.

Its been a grand platform other than that and the reporting of fees for me.

ahh!! progress perhaps!
According to http://www.investopedia.com/terms/t/tick-size.asp
the ticksize is not the amount of digits that the price is denominated in, but the "The minimum price movement of a trading instrument. The price movements of different trading instruments varies."

So i took the "25" from the ticksize in the error message and changed 0.3520 to 0.3525 and it worked! the sale is in.. of course.. now the share price is too low as that was 20 mins ago, so ill break even rather than making a small profit..

Good to know though. Seems silly. bkir can only be sold in 0.0025 increments? instead of 0.001? very strange

Zascar

Just discovered these guys - very interested to try it - the low rates make it a no brainer. Can anyone comment on what the site is like to use or are there screenshots etc?

One More Toy

Zascar wrote: »

Just discovered these guys - very interested to try it - the low rates make it a no brainer. Can anyone comment on what the site is like to use or are there screenshots etc?

Its grand, fine for the basics, no real frills, took a while to get used to the menus but that would always be the case

Frogdog

Opened up an account over the last week - very easy to do so. No problems placing my orders, everything went smoothly.

Prezatch

I've also started using, transferred my old portfolio for 10 euro per position. Took quite a while but customer service was good

One More Toy

JoeyD wrote: »

I've also started using, transferred my old portfolio for 10 euro per position. Took quite a while but customer service was good

Saw that too, i decided against transferring, transfers in/out of IG are free on their side; might wait and see if Degiro drop the price to compete

Prezatch

Do you guys have an overall P&L screen? There seems to be just the main portfolio screen which lists your positions and day movement. I don't see gains since inception anywhere

One More Toy

JoeyD wrote: »

Do you guys have an overall P&L screen? There seems to be just the main portfolio screen which lists your positions and day movement. I don't see gains since inception anywhere

Theres a dropdown box beside day difference that you can change to Total Difference