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Ninety Nine available now..kind of

  • 17-07-2019 9:26am
    #1
    Registered Users Posts: 14,544 ✭✭✭✭ Supercell


    So I was all excited,Ninety Nine a Robinhood'esque app finally available here in Ireland when I received an email entitled "Wait Is Over" this morning.
    It's only paper trading ..
    However it shows that there is movement on this finally albeit small.

    I really don't like the Degiro app, to say its basic is an understatement. It also irritates me that they filter the likes of Lockheed Martin yet at the same time sell S&P 500 ETF's that include it, talk about talking out of two sides of their mouth.
    Why stop at weapons, why not include sin stocks too?, they destroy lives too!

    /ranty mac rant for the morning.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



Comments

  • Registered Users Posts: 480 ✭✭ FernandoTorres


    Supercell wrote: »
    So I was all excited,Ninety Nine a Robinhood'esque app finally available here in Ireland when I received an email entitled "Wait Is Over" this morning.
    It's only paper trading ..
    However it shows that there is movement on this finally albeit small.

    I really don't like the Degiro app, to say its basic is an understatement. It also irritates me that they filter the likes of Lockheed Martin yet at the same time sell S&P 500 ETF's that include it, talk about talking out of two sides of their mouth.
    Why stop at weapons, why not include sin stocks too?, they destroy lives too!

    /ranty mac rant for the morning.


    I live in Australia and recently signed up for "Stake". It lets you invest in the US markets with unlimited free brokerage. The way they make money is by charging a fee on the exchange rate but for me it works out a lot cheaper as I invest in 8 ETFs and rebalance every year. It's an excellent app. Anyway I noticed the other day that they said they allow international investors so might be an option for some of you in Ireland. It's in their FAQ's.


    https://stake.com.au/


  • Registered Users Posts: 1,788 ✭✭✭ Cute Hoor


    I just signed up with them (Ninety Nine), I see Ireland is ranked number 10 with 214 users, if we all sign up with them and move Ireland up the ladder does it mean it becomes available in Ireland sooner


  • Registered Users Posts: 14,544 ✭✭✭✭ Supercell


    I live in Australia and recently signed up for "Stake". It lets you invest in the US markets with unlimited free brokerage. The way they make money is by charging a fee on the exchange rate but for me it works out a lot cheaper as I invest in 8 ETFs and rebalance every year. It's an excellent app. Anyway I noticed the other day that they said they allow international investors so might be an option for some of you in Ireland. It's in their FAQ's.


    https://stake.com.au/

    Thats really interesting thanks, I like their website.
    Ireland isn't in their excluded list so have emailed them with a request to join, lets see where it goes from here.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 14,544 ✭✭✭✭ Supercell


    I got a polite reply back from Stake saying that they are not yet available in Europe but will add me to a waiting list and will email me when ever that is.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Moderators, Business & Finance Moderators Posts: 7,836 Mod ✭✭✭✭ Jim2007


    Supercell wrote: »
    So I was all excited,Ninety Nine a Robinhood'esque app finally available here in Ireland when I received an email entitled "Wait Is Over" this morning.
    It's only paper trading ..
    However it shows that there is movement on this finally albeit small.

    I really don't like the Degiro app, to say its basic is an understatement. It also irritates me that they filter the likes of Lockheed Martin yet at the same time sell S&P 500 ETF's that include it, talk about talking out of two sides of their mouth.
    Why stop at weapons, why not include sin stocks too?, they destroy lives too!

    /ranty mac rant for the morning.

    Their site sounds like the typical FinTech BS, we're going to make money by magic....

    Except you don't make money by magic, you make it in fees. The entire industry is on a race to the bottom and that means squeezing costs to the minimum, which means if the others can't do it for free neither will Ninety Nine! Which means one of two things will happen, fees will gradually be introduced or they will fail leaving you to deal with the mess.

    I would be very careful about leaving a lot of cash with any of them, until we see how it pans out.


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  • Registered Users Posts: 1,788 ✭✭✭ Cute Hoor


    Jim2007 wrote: »
    Their site sounds like the typical FinTech BS, we're going to make money by magic....

    Except you don't make money by magic, you make it in fees. The entire industry is on a race to the bottom and that means squeezing costs to the minimum, which means if the others can't do it for free neither will Ninety Nine! Which means one of two things will happen, fees will gradually be introduced or they will fail leaving you to deal with the mess.

    I would be very careful about leaving a lot of cash with any of them, until we see how it pans out.

    I'm not sure that they are claiming they are going to make money by magic, they seem reasonably forthcoming about how they are going to make it - "You have to make money somehow. How will ninety nine make money?
    We make money from the same sources traditional financial institutions do, like, for example, interest, lending, currency exchange, and additional optional services.

    Additionally, you’ll be able to choose between two account types, basic and premium, which will have a monthly subscription, so you can enjoy a range of exclusive benefits we will share shortly." - this is hardly magic.
    Jim2007 wrote: »
    which means if the others can't do it for free neither will Ninety Nine! Which means one of two things will happen, fees will gradually be introduced or they will fail leaving you to deal with the mess.

    Firstrade is an example of an online broker that are doing it for free, for over a year maybe more now, they haven't failed (maybe they will) and they have existed as a company for 35 years, before that they charged $3.95 per transaction, not a ball breaking charge but they obviously feel that they can cut them to $0.

    "Firstrade is an established investment firm that FINRA’s BrokerCheck confirms is in compliance with regulatory requirements. It also is an SIPC member, which means investors are insured against losses that might occur if Firstrade experiences financial trouble and can’t repay invested funds."

    I presume there are other non-fee charging brokers out there as well.

    Ninety Nine may very well of course eventually introduce fees for the basic account, but again this is just another hill of beans, if the fees are too high or indeed if you don't like the broker you can easily move to another broker.


  • Moderators, Business & Finance Moderators Posts: 7,836 Mod ✭✭✭✭ Jim2007


    Cute Hoor wrote: »
    We make money from the same sources traditional financial institutions do, like, for example, interest, lending, currency exchange, and additional optional services.

    Except that they are not offering any of those service nor are they licensed to do so. And getting those licenses and meeting all the requirements is when you really start to add costs. For instance if you want to over banking services across the EU you will somehow need to meet the ECB requirements for redundant data centers....
    Cute Hoor wrote: »
    Additionally, you’ll be able to choose between two account types, basic and premium, which will have a monthly subscription, so you can enjoy a range of exclusive benefits we will share shortly." - this is hardly magic.

    And once you are on the hook and time get hard you'll find that features start to move to the premium accounts, this is an old playbook.
    Cute Hoor wrote: »
    Firstrade is an example of an online broker that are doing it for free, for over a year maybe more now

    A year or two is meaningless because it is to finance for a short period, just as free banking was. In the long run you can't make money by giving the product away. And just like banking it will at some point come to an end, so enjoy it while you can.


  • Registered Users Posts: 117 ✭✭ ScottCapper


    Stick with Degiro. Basics is always key


  • Registered Users Posts: 1,788 ✭✭✭ Cute Hoor


    Jim2007 wrote: »
    A year or two is meaningless because it is to finance for a short period, just as free banking was. In the long run you can't make money by giving the product away. And just like banking it will at some point come to an end, so enjoy it while you can.

    Appreciate that the year or two is a very short period and time will tell whether they can sustain it or not. But they are a reputable company, in business for 35 years, the worst case scenario is probably that they return to the $3.95 per transaction charge which isn't exorbitant. In the meantime I will just enjoy their transaction feeless trading.

    I'm not sure about the link with free banking, I've had uninterrupted free banking for the last 7 years (with the same bank) and for various prolonged periods prior to that. I presume free banking is still available if you seek it out.


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