Stock brokers

freddie1970

Can anyone tell me what are the best (most cost effective ) and easy to use stock brokers in Ireland ..I'm looking to opening an account and putting away money every month and every so often buying some shares ..

Sabre Man

Probably DeGiro.ie

freddie1970

Yes I have been looking it up ...they are the cheapest ..but there was some complaining about them

Frogdog

I've an account with Degiro and have experienced no problems with them. I think they're the best out there - easy to set up, easy to use and the cheapest fees out there that I know of.

Cute Hoor

Frogdog wrote: »

I've an account with Degiro and have experienced no problems with them. I think they're the best out there - easy to set up, easy to use and the cheapest fees out there that I know of.

I'm looking at the Degiro fee schedule and I find it confusing. As an example, can you tell me please what their fees would be for buying 40,000 BOI shares for €10,240 (€0.256 per share), and how it is calculated

Sabre Man

Cute Hoor wrote: »

I'm looking at the Degiro fee schedule and I find it confusing. As an example, can you tell me please what their fees would be for buying 40,000 BOI shares for €10,240 (€0.256 per share), and how it is calculated

The fees are listed here:
https://www.degiro.ie/data/pdf/ie/IE_Feeschedule.pdf

€2.00 + 0.04%
and
For certain products a tax is levied on these exchanges which is not included in the prices quoted.

I haven't bought any Irish shares myself, so perhaps someone else can shed some light on this tax, or you can send them an e-mail.

Presuming no tax:
4% of €10,240 is €409.6, so you would be paying €2.00 + €409.6 since there doesn't seem to be a maximum limit for Ireland.

How much would this trade cost with other brokers?

Cute Hoor

Sabre Man wrote: »

The fees are listed here:
https://www.degiro.ie/data/pdf/ie/IE_Feeschedule.pdf

€2.00 + 0.04%
and
For certain products a tax is levied on these exchanges which is not included in the prices quoted.

I haven't bought any Irish shares myself, so perhaps someone else can shed some light on this tax, or you can send them an e-mail.

Presuming no tax:
4% of €10,240 is €409.6, so you would be paying €2.00 + €409.6 since there doesn't seem to be a maximum limit for Ireland.

How much would this trade cost with other brokers?

Thanks Sabre Man. I think your figures may be wrong in that you are using 0.4% as opposed to 0.04%.

Again presuming no tax issues:
.04% is €40.96 + €2, giving €42.96
I'm assuming this is the correct interpretation of their charges.

Interactive Brokers charge .01%, meaning this transaction would cost €10.24 in fees. However IB charge a monthly inactivity fee (if the net liquidation value of your account is <$100k) of $10, unless you have trades in that month that generate commissions >$10.

freddie1970

Will set up an account with delgiro ...I'm hoping to put away about 1000 month for the next 10 + years ...I would love to retire early and travel but I think I have left it too late ...I'm in my 40's now...but the thought of slaving away until 68 terrifies me..

Frogdog

A lot of lads here have to go back to school!

0.04% is 0.04 of 1%. So a €10,000 trade would be €4 + €2 = €6

Sabre Man

Frogdog wrote: »

A lot of lads here gave to go back to school!

0.04% is 0.04 of 1%. So a €10,000 trade would be €4 + €2 = €6

That sounds more reasonable

freddie1970

If I open an account with degiro and start to buy ETFs ..would I be able to put in a stop loss order

Cute Hoor

Frogdog wrote: »

A lot of lads here have to go back to school!

0.04% is 0.04 of 1%. So a €10,000 trade would be €4 + €2 = €6

Oops! That is a good rate, presumably the best available?

Sabre Man

freddie1970 wrote: »

If I open an account with degiro and start to buy ETFs ..would I be able to put in a stop loss order

Yes, the options are:
market order
stop limit
stop loss
limit order

thomasm

freddie1970 wrote: »

Will set up an account with delgiro ...I'm hoping to put away about 1000 month for the next 10 + years ...I would love to retire early and travel but I think I have left it too late ...I'm in my 40's now...but the thought of slaving away until 68 terrifies me..

Is there a way to set up a Degiro or other low cost platform trading account through a pension vehicle. It would seem a big opportunity lost not to take advantage of the tax breaks on the money going in and out and the tax free growth.

topper_harley2

thomasm wrote: »

Is there a way to set up a Degiro or other low cost platform trading account through a pension vehicle. It would seem a big opportunity lost not to take advantage of the tax breaks on the money going in and out and the tax free growth.

Davy Select allows self directed PRSA if thats what you mean. Not sure how low cost though! I'd say about 1% anyway for charges.

freddie1970

Wouldn't you not just be penalised with withdrawing it before retirement age

thomasm

Earlier you said you were in late 40s and looking to invest for 10 years plus. You can access a PRSA at age 60 I believe

freddie1970

thomasm wrote: »

Earlier you said you were in late 40s and looking to invest for 10 years plus. You can access a PRSA at age 60 I believe

Mid 40's

freddie1970

freddie1970 wrote: »

Mid 40's

Is it worth buying ETF shares in Ireland I know they are probably the best and safest way to enter the stock market ..or is the Irish tax system to penal for them..may just buying a few blue chips shares would be better ?

thomasm

Irish Domiciled ETFs subject to gross roll up(41% tax on encashment) where non Irish subject to CGT at 33%. No ability to offset losses on gross roll up or use annual CGT allowance of €1,270 that you can with non domiciled ones.

freddie1970

Why bother with that rate of tax ...it's crazy

topper_harley2

I had started buying UCIT ETFs last year but gave up due to tax. I plan on buying US domiciled ETFs instead soon.

freddie1970

If u get on average a healthy 7 -8% annual increase on EFFs over a number of years ....but you pay either 42% or 33% cgt..
Surely that brings it down close to a banks interest rate ...

topper_harley2

With non-UCIT ETFs (and similarly shares) you only pay that once (on sale), so you get compounding. DIRT is every year until you die.

freddie1970

So it's like property you only pay cgt when you cash in the shares

topper_harley2

Yeah exactly.

freddie1970

Is there a big difference between ETF and index linked funds...from an Irish investors point of view

For ever odd

topper_harley2 wrote: »

I had started buying UCIT ETFs last year but gave up due to tax. I plan on buying US domiciled ETFs instead soon.

Hi topper,

Did you ever look into a spreadbetter provider as an alternative for buying ETF's? I don't know if it is viable, with the rollovers over X amount of years, it would be spread commission for entry and exit....and any gains tax free.

topper_harley2

For ever odd wrote: »

Hi topper,

Did you ever look into a spreadbetter provider as an alternative for buying ETF's? I don't know if it is viable, with the rollovers over X amount of years, it would be spread commission for entry and exit....and any gains tax free.

I don't see how this would work. I'd still be buying an ETF so it would attract the tax. I don't think it matters that you buy the fund using spread betting provider. I don't know much about spread betting to be honest.

newacc2015

freddie1970 wrote: »

If u get on average a healthy 7 -8% annual increase on EFFs over a number of years ....but you pay either 42% or 33% cgt..
Surely that brings it down close to a banks interest rate ...

AFAIK if you buy American ETFs, you could buy and sell them yearly to take advantage of the €1270 CGT annual allowance. So if you brought €10k of ETFs, that increased 10% pa. You could buy and sell them annually to take capitalise the gain using the €1,270 CGT allowance. There is no annual allowance for savings or Irish based ETF.

stamjoe

Just be careful on degiro.ie they still have "engineers" for over a month now trying to sort my current and new shares incorrect pricing on the LSE. Often off by a few 100 percent. Meaning limit orders can't be set so can only use market orders. Loads of other issues as well. I'm looking for a similar alternative.

newacc2015

stamjoe wrote: »

Just be careful on degiro.ie they still have "engineers" for over a month now trying to sort my current and new shares incorrect pricing on the LSE. Often off by a few 100 percent. Meaning limit orders can't be set so can only use market orders. Loads of other issues as well. I'm looking for a similar alternative.

I brought shares on a limit order yesterday with no issues on the ISE

stamjoe

That's good but it's specific scenarios. The portfolio prices don't update and have incorrect prices so if the market price of the share is 150% higher then the portfolio price then you can't commit a limit order as that scenario activates a rule. This is the case for many in the office a colleague next to me has the same issue of prices being 60+-% off actual market price. The portfolio prices are quite random often too high or too low.

Sabre Man

I had a couple of US shares not update at all during the day for a few days but the issue seems to have been sorted out.

Sabre Man

The day result for SCHD is displayed wrongly today. It looks like it is down 99%. Price and value are correct though.