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  #21  
Old 08.03.2017, 20:52
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Re: DEGIRO stock broker: any thought?

Best thread since forever!

Would you mind asking them if they can get the actual share certificate please?
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  #22  
Old 20.03.2017, 00:16
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Re: DEGIRO stock broker: any thought?

degiro is really awesome. I've been using with (along with postfinance and swissquote) and couldn't be happier.

I guess the only thing is that they only take the US witholding tax (15%) and NOT the swiss one on dividends for example (like swissquote/postfinance) so I think it's up to the individual users to fill out their tax declaration properly
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  #23  
Old 20.03.2017, 00:32
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Re: DEGIRO stock broker: any thought?

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I guess the only thing is that they only take the US witholding tax (15%) and NOT the swiss one on dividends for example (like swissquote/postfinance
It's determined mainly by the stock or fund's domicile, rather than your broker choice. If you buy swiss stocks and ETFs with degiro, degiro will sure as hell withhold swiss 35% too, that you can claim back in exactly the same way on your tax declaration as with a swiss broker. With US stocks the normal withholding rate is 30%, it can be reduced to 15% if you file W-8BEN with the broker and the broker did its homework with IRS properly (not all do apparently...). Some countries don't withhold anything at all - GB, and IE also isn't supposed to withhold for swiss residents, but I've seen some contradicting reports.
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  #24  
Old 12.04.2017, 07:06
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Re: DEGIRO stock broker: any thought?

I've just signed up for an account with Degiro.

To make an initial top-up, it suggested a thing called "Sofort", which I've not used before. According to some help text, this can be used for a maximum of 250 CHF.

So I clicked along and was taken to https://www.sofort.com/payment/multipay/go/login. This asked me to sign something with my card and enter the one-time code. Oh no, my mistake, it actually asked for my Credit Suisse online banking username and password.

There is some entity actually asking customers for their online banking credentials, that is not the bank's own online banking web site. This is bad. Very bad.

Whoever is responsible for this needs to be hanged. If necessary, Switzerland should bring back hanging. Or, if they never had hanging in the first place, Switzerland should introduce, for the first time, hanging.
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  #25  
Old 12.04.2017, 07:43
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Re: DEGIRO stock broker: any thought?

Yes that's a really crazy German thing. Nothing to do with degiro, except for the fact they accept payments through it. Like many thousands other German shops. Have you tried a normal SEPA?
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  #26  
Old 12.04.2017, 07:51
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Re: DEGIRO stock broker: any thought?

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Yes that's a really crazy German thing. Nothing to do with degiro, except for the fact they accept payments through it. Like many thousands other German shops. Have you tried a normal SEPA?
Sure; I've sent it it and expect it to clear tomorrow, tho Degiro say it can be 2 days before they credit the account.

Switzerland should extradite the Germans responsible for this, and then hang them. Or possibly there could be a reconvention of the Nuremberg trials.
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  #27  
Old 12.04.2017, 08:44
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Re: DEGIRO stock broker: any thought?

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This user groans at armed_neutrality for this post: roegner
You're right: strictly speaking, I should have used an apostrophe when shortening "though" to "tho'".
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Old 12.04.2017, 18:54
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Re: DEGIRO stock broker: any thought?

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You're right: strictly speaking, I should have used an apostrophe when shortening "though" to "tho'".
I think you'll find that the groan was for the double "it".
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  #29  
Old 16.04.2017, 04:35
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Re: DEGIRO stock broker: any thought?

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Switzerland should extradite the Germans responsible for this, and then hang them. Or possibly there could be a reconvention of the Nuremberg trials.
In case it wasn't clear, "this" was the sofort thing where users are asked to enter their online banking credentials into a site that's not their bank's.

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Sure; I've sent it it and expect it to clear tomorrow, tho Degiro say it can be 2 days before they credit the account.
Three complete business days have elapsed, plus Saturday, and my they have apparently not credited my account with the initial amount.

It doesn't let me past the first page when I log in. Just says that "Transfer funds" is in "Tasks still outstanding".

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  #30  
Old 16.04.2017, 06:11
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Re: DEGIRO stock broker: any thought?

I count 1 business day. Friday was a holiday, Monday too, and banks don't work on weekends
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  #31  
Old 16.04.2017, 07:12
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Re: DEGIRO stock broker: any thought?

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I count 1 business day. Friday was a holiday, Monday too, and banks don't work on weekends
So 2 full business days: Wednesday and Thursday. Fair enough, I forgot Friday was a holiday. So I should expect it to clear on Tuesday, during which the number of full business days remains 2.
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  #32  
Old 16.05.2017, 22:49
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Re: DEGIRO stock broker: any thought?

How's Degiro working for you after a while now?

I am interested in buying a few accumulating ETFs every month on a buy-and-forget mode and Degiro seems a good candidate.

Any tips about the type of account to open, what to be aware of, any hidden fees I should be careful about?
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  #33  
Old 12.09.2017, 22:17
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Re: DEGIRO stock broker: any thought?

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One thing however to keep in mind is that they have two distinct pricing models: normal and custody accounts, the former are a bit more shady. Signing up for a normal account authorizes them to borrow your shares from you (to short stocks).
What are the risks associated with the normal account and the fact that DEGIO can borrow shares from customers accounts? Thanks.
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  #34  
Old 13.09.2017, 22:10
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Re: DEGIRO stock broker: any thought?

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What are the risks associated with the normal account and the fact that DEGIO can borrow shares from customers accounts? Thanks.
Their hedge fund makes a horribly wrong bet, goes broke and you'll never get your shares back from them ever again. Normally the borrower has to post a collateral for such a contingency, but it all stays within degiro organizations anyway. Loaning money to myself from myself essentially, doesn't sound very serious and obviously a conflict of interests here. Both hedge fund and degiro go broke at the same time and you lose the money
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  #35  
Old 13.09.2017, 22:24
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Re: DEGIRO stock broker: any thought?

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Their hedge fund makes a horribly wrong bet, goes broke and you'll never get your shares back from them ever again. Normally the borrower has to post a collateral for such a contingency, but it all stays within degiro organizations anyway. Loaning money to myself from myself essentially, doesn't sound very serious and obviously a conflict of interests here. Both hedge fund and degiro go broke at the same time and you lose the money
Thank you, ivank.

Here is what they sent me in response to the question:
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For example, if one client wishes to take a short position, shares can be loaned from other client(s) that hold a long position.

Please note that shares are pooled so that as few as possible would ever be lent from one single client.

More information can be found in our investment services information here:

https://www.degiro.co.uk/data/pdf/uk...t_Services.pdf
The document contains this explanation regarding lending:
Quote:
Securities Lending
Under the Investment Services Agreement, DEGIRO has contracted the right to use Securities that SPV holds for the clients of DEGIRO. This may be, for example, in order to be able to settle (i.e. to deliver Securities for receipt of payment) an Uncovered Sell Transaction (a transaction in which a client sells Securities that this client does not hold). DEGIRO then uses Securities that
SPV holds for Client A in order to be able to settle the Uncovered Sell Transaction of Client B. In this way, DEGIRO is able to provide the service Debit Securities.
When DEGIRO Lends Securities, SPV will not have enough Securities of the relevant type from that time on. However, the risk that this shortfall will lead to damage for the client is very small.
- Firstly, DEGIRO (and not the borrowing party) is always SPV’s ‘counter party’ and therefore guarantees the timely return of the Lent Securities with its own equity.
- Furthermore, DEGIRO requires security from the borrowing party. If the borrowing party is a client of DEGIRO, the borrowing party provides security with the right of pledge that DEGIRO has on the Balance of that client and the borrowed Securities are included in the continual risk monitoring of DEGIRO. In other cases, the borrowing party must provide security by transferring money or Securities to SPV, which SPV may use in the event of the failure of the borrowing party to buy back the Lent Securities in the market.

Damage for a client whose Securities are Lent therefore arises only at the moment when both the borrowing party and DEGIRO are no longer able to meet their obligations (i.e. are bankrupt) and the value of the security has fallen or the value of the Lent Securities has risen. The amount of the
damage is limited to the difference in value between the Lent Securities and the security provided by the borrower.

Securities that are held under Profile Custody will not be Lent by DEGIRO.
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  #36  
Old 18.09.2017, 11:08
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Re: DEGIRO stock broker: any thought?

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Thank you, ivank.

Here is what they sent me in response to the question:


The document contains this explanation regarding lending:
So if you are planning to hold ETF on the long term, you could choose the custody account (vs. the 'normal' account where they can borrow your stocks) and you will pay the same fees, right? The main difference between the 2 accounts is the fee for dividends (thanks @ivank for pointing it out), which you wouldn't have to pay for an ETF.

For those using Degiro, which account did you open, the custody or the one where they can borrow your stocks?
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  #37  
Old 20.09.2017, 20:31
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Re: DEGIRO stock broker: any thought?

Having looked at DeGiro, they offer very limited range of non-European (i.e. US) options trading.

Can anyone suggest a broker with a wider selection of US options and easy funding and withdrawal facility? TD Ameritrade offers good service, but to transfer money to a non-US bank is a real hassle with completing paper forms + paying $25 per transfer.

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  #38  
Old 21.09.2017, 08:33
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Re: DEGIRO stock broker: any thought?

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Having looked at DeGiro, they offer very limited range of non-European (i.e. US) options trading.

Can anyone suggest a broker with a wider selection of US options and easy funding and withdrawal facility? TD Ameritrade offers good service, but to transfer money to a non-US bank is a real hassle with completing paper forms + paying $25 per transfer.

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Interactive Brokers?
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  #39  
Old 21.09.2017, 08:38
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Re: DEGIRO stock broker: any thought?

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Interactive Brokers?
How funding and withdrawal works with them? Do you have to do it through a US bank?

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  #40  
Old 21.09.2017, 08:44
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Re: DEGIRO stock broker: any thought?

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How funding and withdrawal works with them? Do you have to do it through a US bank?

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Wires from any bank account with your name on it. IB doesn't charge you anything to move money in or out. Only your bank may charge you for the wires.

If you have a US or Canadian bank account there is a direct link between IB account and bank account therefore it is easier to transfer money.
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