New online broker entrant

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.

How long did it take to get set up with them? Its nearly two days now for me and no access yet

cais wrote: »

Aa soon as money appears in your account, it's ready to go.

Just got through there now, not all that impressed

Can you find the ETF IWDA on the platform?

topper_harley2 wrote: »

Yeah Ive bought IWDA on DEgiro already

Maybe Im an idiot but i cannot find it for the life of me

I was in the process of opening an account with degiro but they are asking for my PPS number, and it is a required field.

Is this legal?

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

Zascar wrote: »

Just discovered these guys - very interested to try it - the low rates make it a no brainer. Can anyone comment on what the site is like to use or are there screenshots etc?

Its grand, fine for the basics, no real frills, took a while to get used to the menus but that would always be the case

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

Zascar wrote: »

Just transferred some money so will be up and running soon - how long does it take to see funds in your account? I sent from AIB

I think it depends on how fast your bank transfers the money. It took me 2-3 days I think (from BoI).

I am also thinking of moving to DeGiro.

Having a very annoying day with Goodbody.

Anyone else having technical issues with them? Two trades cancelled without my consent. Now I want to cancel a pending trade to increase my limit but can’t and cant place new trade as saying insufficient funds.

Crazy when you think of the premium they are charging compared to these guys.

Zascar wrote: »

I see from an email from them this morning they have added "Trade Confirmation Emails" which is good.

I got that email from them myself and want to receive trade confirmation emails, but from looking around in my account tonight I can't see where that function is.

Anyone have any idea?