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New online broker entrant

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  • Registered Users Posts: 46 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."


  • Registered Users Posts: 537 ✭✭✭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..


  • Registered Users Posts: 8,099 ✭✭✭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.


  • Registered Users Posts: 2 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.


  • Registered Users Posts: 3,760 ✭✭✭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


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  • Registered Users Posts: 201 ✭✭plasmin


    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.


  • Registered Users Posts: 3,760 ✭✭✭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?


  • Registered Users Posts: 537 ✭✭✭topper_harley2


    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


  • Registered Users Posts: 3,760 ✭✭✭One More Toy


    Yeah Ive bought IWDA on DEgiro already

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


  • Registered Users Posts: 3,760 ✭✭✭One More Toy


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

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


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  • Registered Users Posts: 64 ✭✭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?


  • Registered Users Posts: 1,102 ✭✭✭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.


  • Registered Users Posts: 1,102 ✭✭✭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


  • Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,778 Mod ✭✭✭✭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?


  • Registered Users Posts: 3,760 ✭✭✭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


  • Registered Users Posts: 983 ✭✭✭Frogdog


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


  • Registered Users Posts: 952 ✭✭✭Prezatch


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


  • Registered Users Posts: 3,760 ✭✭✭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


  • Registered Users Posts: 952 ✭✭✭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


  • Registered Users Posts: 3,760 ✭✭✭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


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  • Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,778 Mod ✭✭✭✭Zascar


    Just transferred some money so will be up and running soon - how long does it take to see funds in your account? I sent from AIB


  • Posts: 0 [Deleted User]


    Anybody know where they keep your shares?
    Like are they in nominee accounts or with third parties? is it possible to use Crest or similar?


  • Registered Users Posts: 2,029 ✭✭✭Sabre Man


    Zascar wrote: »
    Just transferred some money so will be up and running soon - how long does it take to see funds in your account? I sent from AIB

    I think it depends on how fast your bank transfers the money. It took me 2-3 days I think (from BoI).


  • Registered Users Posts: 952 ✭✭✭Prezatch


    Anybody know where they keep your shares?
    Like are they in nominee accounts or with third parties? is it possible to use Crest or similar?

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


  • Registered Users Posts: 63 ✭✭liamjames1


    I am also thinking of moving to DeGiro.

    Having a very annoying day with Goodbody.

    Anyone else having technical issues with them? Two trades cancelled without my consent. Now I want to cancel a pending trade to increase my limit but can’t and cant place new trade as saying insufficient funds.

    Crazy when you think of the premium they are charging compared to these guys.


  • Registered Users Posts: 6,465 ✭✭✭Brussels Sprout


    This probably isn't a DeGiro issue but why are there so many shares listed on the ISEQ that have no trading info in the grid?

    For example, Dragon Oil PLC or Irish Residenial Properties REIT PLC


  • Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,778 Mod ✭✭✭✭Zascar


    I'm all set up and and just made my first trade. Seems pretty good so far. Basic enough but more than enough for what I need. Support seems good I got emails back very quickly and got someone on the phone yesterday... I found this article which gives them some slack but they are definitely developing the site further - and I see from an email from them this morning they have added "Trade Confirmation Emails" which is good. I do wish they had a proper mobile website or app though...

    EDIT: They do have a mobile site: https://m.degiro.nl/TraderMobile/main/portfolio - but for some reason when I have them both open side by side I'm getting different figures


  • Registered Users Posts: 33,722 ✭✭✭✭RobertKK


    Blue Steel wrote: »
    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?


    Every broker requires your PPS numbers.


  • Registered Users Posts: 983 ✭✭✭Frogdog


    Zascar wrote: »
    I see from an email from them this morning they have added "Trade Confirmation Emails" which is good.

    I got that email from them myself and want to receive trade confirmation emails, but from looking around in my account tonight I can't see where that function is.

    Anyone have any idea? :confused:


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  • Registered Users Posts: 2,029 ✭✭✭Sabre Man


    Click the Change Settings icon just to the right of Logged in as XXX.

    Click the Settings tab.

    Click the Trade Settings tab, and then click Active.


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