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Using DeGiro

tod1982

Hi All,

Quick question on using DeGiro when buying a share.

I have always used Goodbody in the past but due to the lower costs have decided to open an account with DeGiro. I am a long term investor and any stock I have bought I have owned for a number of years.

I was looking at buying a company's shares on DeGiro, to hold long term but am getting confused with type and order duration.
To buy these shares at the current market price and have them added to my portfolio what should i select for a) type and b) duration

Thanks

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Shedite27

Quick ones

1. On the Market page, it shows me a bunch of markets, but not the big ones. Any way to show S&P etc on that page?

2. While I realise the basic account doesn't allow trade futures, is there anywhere to see future prices?

inisfree0504

I'm quite confused about something that happened today and just wondering if there's something I'm missing.

I sold a US stock today and had set the currency exchange to manual. The profits went straight into the US money market fund. I had wanted to withdraw them straight away but it says I have insufficient funds to do this. (I've not had this issue withdrawing from EUR MMF). It also says they are 'available to trade' but when I tried to make a limit order (just to see if it would work), a message popped up saying it exceeds my spending limit and seems to think I've made a market order.

Is this just all a glitch? Is there normally just a period of delay? Or what am I missing?

Thanks!

Bubbaclaus

Shedite27 wrote: »

Quick ones

1. On the Market page, it shows me a bunch of markets, but not the big ones. Any way to show S&P etc on that page?

S&P index is there - called USA 500. Dow is USA 30.

Taylor365

inisfree0504 wrote: »

I'm quite confused about something that happened today and just wondering if there's something I'm missing.

I sold a US stock today and had set the currency exchange to manual. The profits went straight into the US money market fund. I had wanted to withdraw them straight away but it says I have insufficient funds to do this. (I've not had this issue withdrawing from EUR MMF). It also says they are 'available to trade' but when I tried to make a limit order (just to see if it would work), a message popped up saying it exceeds my spending limit and seems to think I've made a market order.

Is this just all a glitch? Is there normally just a period of delay? Or what am I missing?

Thanks!

Make sure your not setting an order for the exact amount, needs a bit of room for maneuver.

Also make sure the MMF hasn't swallowed a few cents already from your 'available to trade'. I've had this happen even though i've ordered a withdrawal as soon as i sold.

inisfree0504

Taylor365 wrote: »

Make sure your not setting an order for the exact amount, needs a bit of room for maneuver.

Also make sure the MMF hasn't swallowed a few cents already from your 'available to trade'. I've had this happen even though i've ordered a withdrawal as soon as i sold.

It has actually eaten up a more than a few cents which is why I am so eager to get the money out! If I try to withdraw even €1 or make an order for one share I get the same messages.

Withdraw = "You don't have sufficient money on your account."

Limit Order for one share at 13.62 = "This order exceeds your spending limit. The worst possible execution value (incl. fees) is 13.139 EUR and the free space is 0.1416 EUR. When placing a market order the platform takes sudden price changes into account when calculating a worst case execution scenario. In this case, please reduce size or place a limit order."

I find this really bizarre as I am not making a market order.

Could it be something to do with the currency issues? I'm very confused.

AlmightyCushion

inisfree0504 wrote: »

It has actually eaten up a more than a few cents which is why I am so eager to get the money out! If I try to withdraw even €1 or make an order for one share I get the same messages.

Withdraw = "You don't have sufficient money on your account."

Limit Order for one share at 13.62 = "This order exceeds your spending limit. The worst possible execution value (incl. fees) is 13.139 EUR and the free space is 0.1416 EUR. When placing a market order the platform takes sudden price changes into account when calculating a worst case execution scenario. In this case, please reduce size or place a limit order."

I find this really bizarre as I am not making a market order.

Could it be something to do with the currency issues? I'm very confused.

I think you have to wait for your USD MMF to convert to Euro. It can take a day or two.

inisfree0504

AlmightyCushion wrote: »

I think you have to wait for your USD MMF to convert to Euro. It can take a day or two.

Ah ok, that makes sense. It seems quite unfair though that there is nothing you can do while watching it lose value.

Taylor365

inisfree0504 wrote: »

Ah ok, that makes sense. It seems quite unfair though that there is nothing you can do while watching it lose value.

If you're holding less than €2500, it is being compensated. Just somewhere else on degiro! :pac:

inisfree0504

Taylor365 wrote: »

If you're holding less than €2500, it is being compensated. Just somewhere else on degiro! :pac:

Unfortunately, if I'm reading this right, they don't compensate the US one at all:

https://www.degiro.ie/about-degiro/cashfunds.html:

"Compensation will only be given for the first €2,500 in MMF holdings and only for the Morgan Stanley EUR Liquidity Fund."

Taylor365

inisfree0504 wrote: »

Unfortunately, if I'm reading this right, they don't compensate the US one at all:

https://www.degiro.ie/about-degiro/cashfunds.html:

"Compensation will only be given for the first €2,500 in MMF holdings and only for the Morgan Stanley EUR Liquidity Fund."

Ah, i hold EUR MMF!

AlmightyCushion

Taylor365 wrote: »

Ah, i hold EUR MMF!

So does he but when he sold his US stock they put the value in the USD MMF.

@inisfree0504 - it sure does suck that you are losing value through no fault of your own.

Taylor365

AlmightyCushion wrote: »

So does he but when he sold his US stock they put the value in the USD MMF.

@inisfree0504 - it sure does suck that you are losing value through no fault of your own.

Because he set it not to auto exchange.

AlmightyCushion

Taylor365 wrote: »

Because he set it not to auto exchange.

I thought even if you do set it to auto exchange it takes time to convert but I might be wrong. I've definitely had it with dividends that don't convert straight away. Sometimes it was later that day or the next day.

p to the e

Quick question. I haven't deposited into my account in a while. When I last deposited the IBAN was "IE19DABA95197990005118" but when I tried depositing it bounced back. Is this still the account to deposit to?

Uncle Mclovin

p to the e wrote: »

Quick question. I haven't deposited into my account in a while. When I last deposited the IBAN was "IE19DABA95197990005118" but when I tried depositing it bounced back. Is this still the account to deposit to?

It's changed.

IBAN is NL37DEUT0319825019

You can see it when you click on deposit.

p to the e

Uncle Mclovin wrote: »

It's changed.

IBAN is NL37DEUT0319825019

You can see it when you click on deposit.

Thanks.

outonawing

liamjames1 wrote: »

How long did the registration take. They are 4 days now and still haven’t approved my ID

Looks like they are not taking new clients at present, judging by an email I received yesterday:

"Temporary limit on new registrations
The significant increase in client registrations and the reorganisation of departments and processes to mitigate COVID-19 risks for our employees, have limited our capacity. To focus on our core task of helping existing clients with their trading activities and relating questions, we have decided to create a waiting list for new registrations."

Fol20

Hey guys can anyone explain how your balance in eur mmf and balance work.

Lets say Balance is 10
Portfolio is 7
Available to trade is 2
Eur MFF is 1

Does this mean you have a total of 9 or 10.

I know MMF is used as a insurance type scheme to cover your money but right now id prefer to have whatever money in there as being available to trade. When i login to the desktop vs phone app i also see different values in EUR MMF which makes this more confusing for me. I suspect its my portfolio plus available to trade but just want to make sure.

Shedite27

Fol20 wrote: »

Hey guys can anyone explain how your balance in eur mmf and balance work.

Lets say Balance is 10
Portfolio is 7
Available to trade is 2
Eur MFF is 1

Does this mean you have a total of 9 or 10.

I know MMF is used as a insurance type scheme to cover your money but right now id prefer to have whatever money in there as being available to trade. When i login to the desktop vs phone app i also see different values in EUR MMF which makes this more confusing for me. I suspect its my portfolio plus available to trade but just want to make sure.

Balance is the total amount you have.

Portfolio + Available = Balance

Your Available money is kept in a fund by Degiro that has a negative rate, so that can lose a few cent here and there. Degiro compensates the loses on your first €2500 deposit so at the start that will be different from Available. Eventually they should look the same (teh available reducing unfortunately). It's degiro's way of encouraging you to use your deposit to buy shares rather than having it sitting in the app.

The difference on App and Desktop is just a timing thing I reckon.

RiseAbove4

Can someone give me the short version of the convoluted email they recently sent customers? I’m a newly signed up member

Are there new restrictions?

Fol20

Shedite27 wrote: »

Balance is the total amount you have.

Portfolio + Available = Balance

Your Available money is kept in a fund by Degiro that has a negative rate, so that can lose a few cent here and there. Degiro compensates the loses on your first €2500 deposit so at the start that will be different from Available. Eventually they should look the same (teh available reducing unfortunately). It's degiro's way of encouraging you to use your deposit to buy shares rather than having it sitting in the app.

The difference on App and Desktop is just a timing thing I reckon.

Thanks. Yea I saw a few hundred of a difference between eur mmf,available to trade and balance and was wondering why it didn’t update live.

eggerb

Could anyone please share their strategy with me for holding cash over €5,500 on Degiro? I sold some US stocks and left the currency handling at manual for USD meaning the proceeds went into the Morgan Stanley USD Money Market Fund (MMF). I already had some cash in the EUR MMF. With the benefit of hindsight and the drop in the dollar after the Federal Reserve $2 trillion stimulus package and era of unlimited QE, it would have been better if manual wasn't on and it went into the EUR MMF. Anyhow, that is, what it is, unless I transfer it out of the USD MMF and take the negative return on the EUR MMF. That'd be a lot less than the FX losses at the moment. Anyhow, back to where I started.... What are people's strategy on holding cash and avoiding the situation where Degiro returns it to your account?

Don't read too much into their description of "substantial"

We noticed that you have a substantial amount invested in one of the Money Market Funds. This is because unused money on your account is automatically invested into a Money Market Fund (MMF) via a standing order. Amounts in MMF holdings are not (fully) compensated for negative returns. The return for most of these MMF’s is negative at the moment.

This situation is most likely not ideal for you, and neither for DEGIRO. Your investments in MMF’s are costing you money through negative returns. Next to this DEGIRO is bound by certain regulations with regards to these MMF’s.

To resolve this, amounts above €5500 that are invested in the Morgan Stanley EUR MMF will soon be returned to your bank account. In case you are invested in the FundShare EUR MMF, amounts above €1500 will be returned. This return will be one-off, but we may do this again in the near future if we are required to. Of course, if you wish to prevent this return, you can invest your money in other products of your choice.

We hope that we have informed you sufficiently.

Note: Investing involves risks. You can lose (a part of) your deposit. We advise you to only invest in financial products that match your knowledge and experience.

Kind regards,

DEGIRO

eggerb

The third paragraph could be read to mean that it's only the EUR MMF affected. That's not the case as it's the money in the USD MMF that triggered the "We will return money to your bank account" email to me. The opening paragraph doesn't single out any particular MMF. Thanks.

RedRochey

I got the same email and only have the EUR MMF.

So any cash holding above €5500 will be returned to me?

I'm thinking of putting it in some cash fund like the Lyxor Smart Overnight Return fund, thoughts on this?

eggerb

StockTwat29 wrote: »

I got the same email and only have the EUR MMF.

So any cash holding above €5500 will be returned to me?

I'm thinking of putting it in some cash fund like the Lyxor Smart Overnight Return fund, thoughts on this?

Yes, anything above 5.5k. So, on 3k, you'll incur negative returns as up to 2.5 will ve compensated by Degiro.

Hadn't come across that fund. In Euro, there would be a negative return also. Haven't read up on Degiro's ETF charges. Unless, it's one of their free ETFs, I'm assuming you'd be paying some tyoe of charge.

eggerb

Had a look at Degiro's list of free ETFs. That overnight one doesn't seem to be there. FR0010510800 LYXOR ETF EUR CASH is one of the Lyxor's Eur Cash ETFs. The terms applying to trading it as free one-way would be as follows:

Every calendar month, the first trade executed in an ETF of the "Free ETF Selection" is free of charge
regardless of size and direction as long as it does not lead to a short position. The following trades
made in that same instrument during the same calendar month will also be free as long as:
• the trade is in the same direction (i.e. buy/sell) as the first trade made that month in that instrument
and
• the order value is greater than 1000 EUR (or USD)
As soon as an opposite trade is executed in the same instrument within the same calendar month, the
rule no longer applies to that instrument and regular fees will be charged.
Please note that some ETFs may be listed on multiple exchanges and that it is only the exchange listed
below which is commission free. It is the client’s responsibility to ensure that the ETF is listed on the
correct exchange to benefit from the commission free trading.

If its not free, the commission is € 2.00 + 0.03%

RedRochey

Even with the commission I'd prefer investing in that then messing around with transfers in and out od Degiro

eggerb

Yeah, I think so too. I just checked how long it was the last time from the "We will return money to your bank account" email to the withdrawal from my account. It was 3.5 business days. Notified on a Tues @ 13:54 and it was withdrawn the following Monday @ 08:51. It looks to be a manual process.

RiseAbove4

Anyone else get this email?

Anyone want to give me the short version of it?

I’ve just signed up. How does it impact use of Degiro?

“On behalf of the entire DEGIRO team, we hope that you and your loved ones are healthy and well. COVID-19 is having an immense impact on people’s lives on a global scale.

Like the vast majority of businesses, we too are impacted by COVID-19. It is our responsibility to ensure that business runs smoothly, protecting your interests, while also protecting the well-being of our employees. Even though we are making our best efforts to limit disruptions in our services, there have been a few changes/implications which we kindly ask you to take into account:

Long queues for phone calls and e-mails
Markets across the world have been heavily affected. Extreme volatility has led to trading sessions being halted, bans on short selling in different European countries, lower stock prices, etc. Due to these market conditions, we see a big increase in client onboarding and a tremendous amount of questions for our Service Desk.

Because of this, our Service Desk´s response times are longer than usual. We are working as hard as possible to minimise these waiting times and appreciate your patience and understanding. If you would like to contact our Service Desk at this point, please first see if you can find an answer in our FAQ. If this is not the case, we kindly ask you to send us an e-mail instead of calling. Please do not send us several e-mails about the same topic/question. Our Service Desk will give priority to answering questions about payments and order executions.

Temporary limit on new registrations
The significant increase in client registrations and the reorganisation of departments and processes to mitigate COVID-19 risks for our employees, have limited our capacity. To focus on our core task of helping existing clients with their trading activities and relating questions, we have decided to create a waiting list for new registrations.

Suspension of all (new) portfolio transfers
Additionally, we have decided to suspend all new requests for portfolio transfers. We want to make sure there are no lengthy delays in the portfolio transfer process which would also pose a risk for the client in today’s volatile markets.

Delay in the US subscription introduction
Last year, we promised a new US subscription model to trade US stocks for $2.50 a month without transaction costs. Unfortunately, we now have to delay the introduction of this offer. As soon as there is an update, we will inform you.

In case there are more developments or changes, we will update you accordingly.

We will work as hard as ever to provide you with a reliable investment platform and service. Thank you again for your patience and understanding when contacting our Service Desk”

sk8board

Yep. I assume we all got it.

Perhaps most interesting part is that they have had to stop accepting new registrations - lots of people who hadn’t an account previously, smelling value it seems