Author Topic: SaxoBank  (Read 335 times)

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Offline Trish

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SaxoBank
« on: 15/05/2019, 03:02:34 PM »
I have been looking at changing from NabTrade to SaxoBank but a bit overwhelmed by all the details on their website.  Would love someone to comment on their current experiences using Saxo for both US market and the ASX.  Looks like there are additional costs for data on top of the commissions.  What is the feeling re using the custody vs Chess for the ASX?  Do they do dividend crediting for ASX stocks.  I'm interested in using Saxo for ETFs and equities, not CFDs or FX etc.  I am also not really clear what they charge for ETFs - they quote 0.01c per share with a min amount.  For example if I bought 1000 IJH would that cost $10?   Seems very cheap vs NabTrade.

Would appreciate any thoughts or a better alternative even.  It is for a SMSF with a corporate trustee.

Offline PeterM

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Re: SaxoBank
« Reply #1 on: 15/05/2019, 03:20:30 PM »
Hi Trish
I can only comment in ASX - been using SAXO since the beginning as recommended by Sharewealth and members.  I find it an easy platform to use - and now they have a Mobile app. But having the Mobile app now makes me a little concerned about the authentication - as it is just simple userid/password - 2 factor authentication would be better (in saying that my Bank does not have that either) 
For the amounts I trade - on ASX it is $7.69 incl GST.
also see https://www.home.saxo/en-au/rates-and-conditions/equities-and-etfs/commissions
You could always ring them as I'm sure they could explain it to.

Offline Trish

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Re: SaxoBank
« Reply #2 on: 16/05/2019, 09:50:52 AM »
Thanks Peter.  I phoned Saxobank and got a lot of information as you suggested. Certainly looks like they are a lot cheaper than Nabtrade even if I didnt get the data fees refunded.  I didnt think to ask how they deal with franking credits if you chose to use the custody method for ASX stocks.  Does anyone know how this works?  (Just in case Labour doesnt get to keep them!)

Look forward to a few more people adding their thoughts.

Offline Paul Borrett

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Re: SaxoBank
« Reply #3 on: 14/08/2019, 07:52:00 PM »
How does SaxoBank treat Market Buy orders during market closed / pre-market open periods?  I've been using ANZ Share Investing (prob. not for much longer) which won't accept any "at market" orders when the market is closed so a "limit price" order is required.

Offline Gary Stone

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Re: SaxoBank
« Reply #4 on: 14/08/2019, 10:28:59 PM »
Paul,

They treat them like a Market on Open order, i.e. you'll get filled with the open price.

Sometimes it might be slightly off the open price.

Word of warning, don't place Market orders out of market hours on ETFs on the ASX.

Regards
Gary
On the journey

Offline Paul Borrett

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Re: SaxoBank
« Reply #5 on: 15/08/2019, 09:59:21 AM »
Thanks Gary for your quick response. 

Can I suggest that your "word of wording" be included in the ASX related investment plan templates and daily process checklists with a note on the "why".

As a more general comment, at some stage I'd like to give some feedback after recently going through the online courses, software manuals and getting up to speed with Beyond Charts & Trademaster. 

In general there is an opportunity to improve the presentation of the material and software such that it is consistently aligned to the investment process cycle, which in turn is structured like a typical PDCA cycle.  Don't get me wrong...the material content is great.   

Cheers, Paul

Offline Gary Stone

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Re: SaxoBank
« Reply #6 on: 15/08/2019, 11:05:42 AM »
Paul,

Thank you for your feedback.

We do have material from iShares on executing ETF orders with the ETF 'market makers', which we have shared before. Dave McCulloch, who is our Lead Educator, will post this in the Education Centre. Been trying to find a place where it fits.

Dave and I would love to hear your feedback. Always looking for 'fresh eyes' to help us see what our offering looks like from the outside looking in, rather than from the inside looking out. Dave will contact you to arrange a time.

Regards
Gary

On the journey