New online broker entrant

are there any account maintenance fees? or minimum trading? etc?

RobertKK wrote: »

This is like Ryanair taking on Aer Lingus, when it costs hundreds to fly to London from Dublin.

It still cost hundreds to fly to London with Ryanair and Aer Lingus.

Jack Skellington wrote: »

Sent them a quick email about this, they wrote back saying there are no maintenance or quaterly fees but there is an annual E2.50 charge on every exchange you trade in, sounds good to me but I'll still read up on them a bit more.

2.50- per exchange seems like a very random fee??

I could understand a per account fee...but per exchange traded? AFAIK they dont have a per client fee with the exchanges, so this would be very much a 'ryanair baggage' fee in my eyes.


Having said that...they are still all lot cheaper than others out there

Not too good a review here.

its a tad old though.

http://www.amsterdamtrader.com/2014/10/9-things-i-hate-about-degiro.html

Very low charges. I'm thinking of opening an account here as my brokers fees are quite a bit higher.

Any feedback on them yet? Are they legit?

robp wrote: »

Some bloggers have mentioned that Degiro lends out customer's stocks. One blogger mentioned that the customer is not protected if it goes belly up. is this correct or out of date? Are these risks substantial or are they very unlikely events?

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

When creating account, you can specify you dont want them to lend out stocks to 3rd party - there are two types of account. A lending out one and a non-lending one. Both have slightly different fees (read, slightly higher for non-lending).

Bought first ETF yesterday, going grand so far.

Best fees I've seen so far. Theyre advertising on CNBC also (Sky channel 505)

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."

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.

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

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

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