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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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AlmightyCushion

Jim2007 wrote: »

It certainly does not. There is not need to use an irrevocable power of attorney to achieve this, so why use one? And if you disagree with them, how would you go about them continuing to take an action you dispute in such circumstance.

From the post you quoted.

"I grant an irrevocable power of attorney to DEGIRO to debit the Cash Account with flatex Bank AG for the purposes of securities transactions, custody and administration of my DEGIRO account, including compensations for DEGIRO"

They can currently do that with the money sitting in my MMF and they need to be able to do that so that I can buy shares etc with them.

AlmightyCushion

Jim2007 wrote: »

If the cash is sitting in an account under their control they don't need a power of attorney.....

This is the first time I have heard of a broker needing an unrecoverable power of attorney to do what other agents and banks do under their standard T & C....

If the account is in your name, surely they can't touch the money without something like this. I can give you the log in details to my bank account but that doesn't mean I am giving you authority to take out money from it.

Jim2007

AlmightyCushion wrote: »

If the account is in your name, surely they can't touch the money without something like this. I can give you the log in details to my bank account but that doesn't mean I am giving you authority to take out money from it.

The something like this would be a specific revokable power of attorney.....

AlmightyCushion

Jim2007 wrote: »

The something like this would be a specific revokable power of attorney.....

Ok but it's still no different to what they can currently do with the funds in MMF. I can't revoke their ability to use funds in the MMF.

Jim2007

AlmightyCushion wrote: »

Ok but it's still no different to what they can currently do with the funds in MMF. I can't revoke their ability to use funds in the MMF.

Just because they have done it in the past, does not mean you should just sign up once again.

I originally asked the OP, what are the provision for the power of attorney be voided. If you have signed one, how do get out of it? How about if you don't agree with them and they just take the cash of out your account, what is your recourse?

[Deleted User]

Assume everyone got the Degiro buyout email... saying they are looking into extending trading hours etc.

AlmightyCushion

Jim2007 wrote: »

Just because they have done it in the past, does not mean you should just sign up once again.

I originally asked the OP, what are the provision for the power of attorney be voided. If you have signed one, how do get out of it? How about if you don't agree with them and they just take the cash of out your account, what is your recourse?

They can do all that currently with the money in your MMF.

Shedite27

Deleted User wrote: »

Assume everyone got the Degiro buyout email... saying they are looking into extending trading hours etc.

That'd be good, far too many times I decide what I want to sell/buy, then 30 seconds after opening bell it's out of my range.

Jim2007

AlmightyCushion wrote: »

They can do all that currently with the money in your MMF.

I know, you said that already, but this was the bit I was expecting an answer to:

If you have signed one, how do get out of it? How about if you don't agree with them and they just take the cash of out your account, what is your recourse?

AlmightyCushion

Jim2007 wrote: »

I know, you said that already, but this was the bit I was expecting an answer to:

Those same questions could be asked about the money in your MMF. If you don't agree with them and they take money out of your MMF, what recourse do you have? Practically, what has changed in that regards?

[Deleted User]

Sigh... I've taken an investor test, passed, ticked the Share product, and Degiro still telling me I can't trade shares. Anybody else having this problem?

[Deleted User]

Well, this is fcuking ridiculous.

I couldn't trade in my portfolio shares. They are changing the profile of Custody accounts so that they cannot trade in "complex" shares. Complex shares includes IAG for crying out loud. British Airways basically.

I now have to open up a basic trading account (which they can short sell) from scratch. The last time I tried to open an account it took over a month with them. I can sell my positions in those shares, but I cannot buy more. And without warning. The share I'm interested in I wanted to buy more of and it's volatile, and now god knows when that'll be possible. Sorry for the rant.

This all sounds very scammy!

Shedite27

[Deleted User] wrote: »

Well, this is fcuking ridiculous.

I couldn't trade in my portfolio shares. They are changing the profile of Custody accounts so that they cannot trade in "complex" shares. Complex shares includes IAG for crying out loud. British Airways basically.

I now have to open up a basic trading account (which they can short sell) from scratch. The last time I tried to open an account it took over a month with them. I can sell my positions in those shares, but I cannot buy more. And without warning. The share I'm interested in I wanted to buy more of and it's volatile, and now god knows when that'll be possible. Sorry for the rant.

This all sounds very scammy!

FWIW there’s no backlog in opening accounts now, setup a new one a week ago and it was instant

heffo500

[Deleted User] wrote: »

Well, this is fcuking ridiculous.

I couldn't trade in my portfolio shares. They are changing the profile of Custody accounts so that they cannot trade in "complex" shares. Complex shares includes IAG for crying out loud. British Airways basically.

I now have to open up a basic trading account (which they can short sell) from scratch. The last time I tried to open an account it took over a month with them. I can sell my positions in those shares, but I cannot buy more. And without warning. The share I'm interested in I wanted to buy more of and it's volatile, and now god knows when that'll be possible. Sorry for the rant.

This all sounds very scammy!

Where did you find out about this?

[Deleted User]

Shedite27 wrote: »

FWIW there’s no backlog in opening accounts now, setup a new one a week ago and it was instant

I've been told to wait up to 10 days for ID to be approved! :eek:

[Deleted User]

heffo500 wrote: »

Where did you find out about this?

I couldn't figure out why I couldn't trade the shares I wanted. I eventually phoned them and they told me. Not all shares affected, but IAG, come on!

heffo500

Deleted User wrote: »

I couldn't figure out why I couldn't trade the shares I wanted. I eventually phoned them and they told me. Not all shares affected, but IAG, come on!

I see they have rolled back on this on the back of investor feedback?

[Deleted User]

heffo500 wrote: »

I see they have rolled back on this on the back of investor feedback?

So it seems, but I only found out by checking if I could find the shares. What did you hear can I ask?

I imagine many will have been caught out in their purchase strategies. Especially as it seemed random discrimination.

I'll be buying shares at a higher price than previously available.

heffo500

Deleted User wrote: »

So it seems, but I only found out by checking if I could find the shares. What did you hear can I ask?

I imagine many will have been caught out in their purchase strategies. Especially as it seemed random discrimination.

I'll be buying shares at a higher price than previously available.

I got a message in the Degiro App.

[Deleted User]

heffo500 wrote: »

I got a message in the Degiro App.

Hah! I didnt and I was affected. Back trading again.

p to the e

In the Portfolio window is the column "+/-€" showing crazy results for anyone else?

dotsman

p to the e wrote: »

In the Portfolio window is the column "+/-€" showing crazy results for anyone else?

Yeah, I've long since stopped trusting those figures. Years ago, it could be explained by currency fluctuations, but over the past few months, I have seen ridiculous values in those fields.

Not too worried about it as the overall value of the portfolio is always correct, but it is annoying and confusing that these figures seem to just go crazy from time to time.

Shedite27

dotsman wrote: »

Yeah, I've long since stopped trusting those figures. Years ago, it could be explained by currency fluctuations, but over the past few months, I have seen ridiculous values in those fields.

Not too worried about it as the overall value of the portfolio is always correct, but it is annoying and confusing that these figures seem to just go crazy from time to time.

I imported my positions to YAhoo Finance, far more accurate and better info

ShareShare

dotsman wrote: »

Yeah, I've long since stopped trusting those figures. Years ago, it could be explained by currency fluctuations, but over the past few months, I have seen ridiculous values in those fields.

Not too worried about it as the overall value of the portfolio is always correct, but it is annoying and confusing that these figures seem to just go crazy from time to time.

I've been with degiro years and spend alot of that time confused. Over time i learned how they are calculating little bits. So although they are usually correct.. the meaning of them is usually obscure and non intuitive.

for example,
On the mobile app, portfolio section, when it says Price * qty
it says down (3.40%).. but it has green +227.88. The stock is down 3.40% today.. not my shares in it.. but green number applies to my shares.. So it looks like i am up even if the stock is down.. Thats because i bought at a dip

Another oddity i believe is, this daily +227.88 from todays purchase DOES include transaction costs + london financial tax.
If i press on the QTY, and it shows me the totals screen with the BEP number..
My green number changed to +320.. This DOES NOT include the london tax but still has the transaction fees.... so as a total.. its pretty stupid not to include the taxes i was charged to buy it.
And now the percentage is now ONLY about my shares, and not about the stock today.

I find odd things like this in many numbers

rugbyman

Chinese Whospers

I am at the position you were at on 3.8..20 at 15.00

did test, products page, blue box

you posted you were back on yesterday 5.8.20
when did it come right, did you do anything

Thanks

[Deleted User]

rugbyman wrote: »

Chinese Whospers

I am at the position you were at on 3.8..20 at 15.00

did test, products page, blue box

you posted you were back on yesterday 5.8.20
when did it come right, did you do anything

Thanks

Sorry to hear that. I had emailed/phoned them, withdrew liquid funds. Not sure if any of that made a difference as per another user I eventually got an email saying they reversed that decision. But you still needed to take at least two tests. The second one of which wasn't available for some time.

rugbyman

thanks for info. i did a test ,most questions were on ETFs ,of which I knew little. I scored 10/15, and it said I passed . i did the products settings page , got a blue slider on one section Share, trading

I dont see anything about doing a second test.

I send an e mail and got a standard, we are very busy reply

Thank you

rugbyman

Thanks again Chinese Whospers, no further on this morning ,so did another test,passed it,.... no better , rang contact number, got immediate answer, guy there sorted me , I had to go into second paragraph of "products settings" and get another thingy to turn blue,

bought then

Hope others may benefit from this, it seems a strange process
GLA

kegblag

I've switched from having my cash in that fund to the bank account. Happy to have an IBAN to transfer to directly.

However I like to use N26 to fund it, my main account is BOI and transfers from there tended to take 1-2 days to arrive. Long enough to get me worried each time. N26 transfers show up within a couple hours.
But on switching to the bank account for cash option, it then says you can only fund it with your primary bank account - which was BOI. So I swapped my primary to being N26.
Now I've got an email saying since my residence and bank aren't in the same country my W8-BEN is no longer valid.

Is the W8-BEN mainly relating to dividends? If so I might leave it until I buy a dividend paying US share.

For same day transfers from Irish banks which bank would people recommend?

(Can't get around this by switching the primary as needed to BOI or N26 - since they limit the switch to just 3 times a year - and I've two left I guess.)

Nemeses2050

How long is it taking for money to reach your Degiro/Flatex account? previously it took few hours